Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Shares

Common

Stock

42.8%

Value

Communications

Services  2.7%

16,266

Alphabet,

Inc.,

Class

A

$

3,318,589

111,744

Alphabet,

Inc.,

Class

C

22,974,566

6,799

AMC

Networks,

Inc.

a

65,474

4,016

Bandwidth,

Inc.

a

71,364

92,901

Cargurus,

Inc.

a

3,641,719

190

Charter

Communications,

Inc.

a

65,643

26,353

Cogent

Communications

Holdings

1,985,435

83,487

Comcast

Corporation

2,810,172

26,296

E.W.

Scripps

Company

a

49,436

338

Electronic

Arts,

Inc.

41,544

2,171

Entravision

Communications

Corporation

4,668

10,786

Globalstar,

Inc.

a

16,503

11,853

iHeartMedia,

Inc.

a

26,314

2,348

Integral

Ad

Science

Holding

Corporation

a

24,677

8,165

Iridium

Communications,

Inc.

234,744

3,217

Liberty

Global,

Ltd.,

Class

A

a

37,028

6,359

Liberty

Latin

America,

Ltd.,

Class

A

a

39,299

1,145

Liberty

Media

Corporation-Liberty

Live

Group

a

84,261

12,701

Lumen

Technologies,

Inc.

a

62,743

7,688

Magnite,

Inc.

a

132,234

38,416

Meta

Platforms,

Inc.

26,475,539

2,797

Netflix,

Inc.

a

2,731,998

6,262

New

York

Times

Company

340,027

22,854

News

Corporation,

Class

A

642,654

1,098

Omnicom

Group,

Inc.

95,295

44,582

Pinterest,

Inc.

a

1,469,423

22,660

QuinStreet,

Inc.

a

536,136

1,362

Sinclair,

Inc.

19,953

6,461

Sirius

XM

Holdings,

Inc.

155,129

1,880

TechTarget,

Inc.

a

32,016

4,331

Telephone

and

Data

Systems,

Inc.

153,101

2,965

TKO

Group

Holdings,

Inc.

a

460,198

16,855

Trade

Desk,

Inc.

a

2,000,351

135,991

Verizon

Communications,

Inc.

5,356,685

145,811

Warner

Brothers

Discovery,

Inc.

a

1,522,267

Total

77,677,185

Consumer

Discretionary  5.2%

114

Adient

plc

a

1,987

29,929

Advance

Auto

Parts,

Inc.

1,451,557

117,805

Amazon.com,

Inc.

a

27,999,892

15,510

American

Axle

&

Manufacturing

Holdings,

Inc.

a

81,117

7,604

American

Eagle

Outfitters,

Inc.

122,729

29,095

Aptiv

plc

a

1,816,110

2,135

Autoliv,

Inc.

206,369

10,081

Bath

&

Body

Works,

Inc.

379,146

24,911

Best

Buy

Company,

Inc.

2,138,858

488

Booking

Holdings,

Inc.

2,311,929

15,866

Boot

Barn

Holdings,

Inc.

a

2,552,046

7,166

BorgWarner,

Inc.

228,595

1,458

Bright

Horizons

Family

Solutions,

Inc.

a

178,751

19,745

Brunswick

Corporation

1,331,603

291

CarMax,

Inc.

a

24,921

709

Carvana

Company

a

175,463

160

Cavco

Industries,

Inc.

a

81,382

54,656

Champion

Homes,

Inc.

a

5,046,388

10,818

Chewy,

Inc.

a

421,686

67,507

Chipotle

Mexican

Grill,

Inc.

a

3,939,033

27,506

Columbia

Sportswear

Company

2,428,780

Shares

Common

Stock  42.8%

Value

Consumer

Discretionary  5.2%

-

continued

33,201

Cooper-Standard

Holdings,

Inc.

a

$

511,959

4,904

Coursera,

Inc.

a

37,810

7,078

Crocs,

Inc.

a

722,451

14,335

D.R.

Horton,

Inc.

2,034,137

10,185

Dana,

Inc.

162,349

469

Darden

Restaurants,

Inc.

91,568

16,285

Deckers

Outdoor

Corporation

a

2,888,308

20,688

DoorDash,

Inc.

a

3,906,515

765

Dorman

Products,

Inc.

a

100,429

40,032

eBay,

Inc.

2,701,359

1,505

Etsy,

Inc.

a

82,640

13,157

Expedia

Group,

Inc.

a

2,249,189

497

Five

Below,

Inc.

a

46,609

3,797

Fox

Factory

Holding

Corporation

a

103,734

415

Frontdoor,

Inc.

a

24,850

1,309

GameStop

Corporation

a

35,212

12,229

Gap,

Inc.

294,352

9,108

Garmin,

Ltd.

1,965,962

21,465

Gentex

Corporation

556,373

4,332

Goodyear

Tire

&

Rubber

Company

a

38,425

12,683

Grand

Canyon

Education,

Inc.

a

2,227,642

5,348

Group

1

Automotive,

Inc.

2,441,309

16,988

Hanesbrands,

Inc.

a

137,943

2,436

Hasbro,

Inc.

140,898

13,861

Hilton

Worldwide

Holdings,

Inc.

3,549,386

16,294

Home

Depot,

Inc.

6,712,802

5,598

Installed

Building

Products,

Inc.

1,113,106

4,598

Latham

Group,

Inc.

a

33,565

12,970

Laureate

Education,

Inc.

a

242,798

10,472

La-Z-Boy,

Inc.

494,278

755

Lear

Corporation

71,038

2,191

Leggett

&

Platt,

Inc.

23,137

5,013

LKQ

Corporation

187,436

14,096

Lowe's

Companies,

Inc.

3,665,524

8,944

Lululemon

Athletica,

Inc.

a

3,704,605

3,739

Mattel,

Inc.

a

69,695

3,692

McDonald's

Corporation

1,065,880

14,142

Modine

Manufacturing

Company

a

1,434,706

2,513

Mohawk

Industries,

Inc.

a

307,340

26,649

NIKE,

Inc.

2,049,308

447

NVR,

Inc.

a

3,583,232

313

OneSpaWorld

Holdings,

Ltd.

6,686

1,840

O'Reilly

Automotive,

Inc.

a

2,381,733

15,206

Patrick

Industries,

Inc.

1,477,111

519

Planet

Fitness,

Inc.

a

56,135

3,988

Pool

Corporation

1,372,869

21,097

PUMA

SE

662,027

61,203

Qurate

Retail,

Inc.

21,611

398

Ralph

Lauren

Corporation

99,381

2,439

Revolve

Group,

Inc.

a

77,024

16,628

Ross

Stores,

Inc.

2,503,512

4,186

Service

Corporation

International/

US

327,010

43,981

SharkNinja,

Inc.

a

4,917,516

10,560

Solid

Power,

Inc.

a

14,678

106,704

Sony

Group

Corporation

ADR

2,348,555

2,222

Stitch

Fix,

Inc.

a

10,466

46,784

Stoneridge,

Inc.

a

241,873

900

Strategic

Education,

Inc.

88,407

4,754

Tapestry,

Inc.

346,757

29,688

Tesla,

Inc.

a

12,011,765

15,075

Texas

Roadhouse,

Inc.

2,730,083

276

TopBuild

Corporation

a

94,580

3,033

Travel

+

Leisure

Company

164,874

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Shares

Common

Stock  42.8%

Value

Consumer

Discretionary  5.2%

-

continued

450

Ulta

Beauty,

Inc.

a

$

185,468

522

Vail

Resorts,

Inc.

88,803

2,001

Valvoline,

Inc.

a

74,257

11,234

VF

Corporation

291,747

1,048

Visteon

Corporation

a

88,095

4,084

Wingstop,

Inc.

1,216,624

65,774

Wyndham

Hotels

&

Resorts,

Inc.

6,907,585

52,901

Yum

China

Holding,

Inc.

2,446,671

Total

147,982,104

Consumer

Staples  1.7%

11,512

Altria

Group,

Inc.

601,272

3,658

BellRing

Brands,

Inc.

a

282,946

24,355

BJ's

Wholesale

Club

Holdings,

Inc.

a

2,412,363

7,300

Casey's

General

Stores,

Inc.

3,078,921

6,110

Celsius

Holdings,

Inc.

a

152,628

6,368

Colgate-Palmolive

Company

552,106

558

Costco

Wholesale

Corporation

546,773

276,656

Coty,

Inc.

a

2,027,888

25,568

e.l.f.

Beauty,

Inc.

a

2,554,499

30,232

J

&

J

Snack

Foods

Corporation

4,148,737

16,267

J.M.

Smucker

Company

1,738,780

25,031

John

B.

Sanfilippo

&

Son,

Inc.

1,810,742

144,442

Kenvue,

Inc.

3,075,170

2,389

Keurig

Dr

Pepper,

Inc.

76,687

962

Kimberly-Clark

Corporation

125,031

28,538

Lamb

Weston

Holdings,

Inc.

1,710,568

10,784

Lancaster

Colony

Corporation

1,819,692

1,115

Maplebear,

Inc.

a

53,832

5,172

McCormick

&

Company,

Inc.

399,434

59,229

Philip

Morris

International,

Inc.

7,711,616

4,791

Procter

&

Gamble

Company

795,258

61,874

Sysco

Corporation

4,511,852

16,669

Turning

Point

Brands,

Inc.

1,062,482

15,046

Tyson

Foods,

Inc.

849,949

2,209

US

Foods

Holding

Corporation

a

156,684

21,846

Vita

Coco

Company,

Inc.

a

817,914

56,669

Walmart,

Inc.

5,562,629

Total

48,636,453

Energy  1.7%

4,701

Antero

Midstream

Corporation

75,404

11,718

Antero

Resources

Corporation

a

437,316

26,964

Archrock,

Inc.

757,419

41,830

Baker

Hughes

Company

1,931,709

13,255

Berry

Corporation

57,792

3,817

Cactus,

Inc.

227,913

48,546

ConocoPhillips

4,797,801

883

Coterra

Energy,

Inc.

24,477

5,177

Crescent

Energy

Company

77,966

118,068

Devon

Energy

Corporation

4,026,119

1,088

DT

Midstream,

Inc.

109,975

126,287

Enterprise

Products

Partners,

LP

4,123,271

15,350

EOG

Resources,

Inc.

1,930,876

2,289

EQT

Corporation

117,014

40,822

Expand

Energy

Corporation

4,147,515

82,156

Exxon

Mobil

Corporation

8,776,725

3,397

Gulfport

Energy

Corporation

a

606,398

63,078

Halliburton

Company

1,641,290

13,263

Hess

Midstream,

LP

537,284

23,712

Kinder

Morgan,

Inc.

651,606

2,297

Kodiak

Gas

Services,

Inc.

107,454

28,909

Kosmos

Energy,

Ltd.

a

91,931

12,804

Marathon

Petroleum

Corporation

1,865,671

Shares

Common

Stock  42.8%

Value

Energy  1.7%

-

continued

53,804

Matador

Resources

Company

$

3,120,632

513

Natural

Gas

Services

Group,

Inc.

a

13,425

41,365

Noble

Corporation

plc

1,325,748

5,441

Oceaneering

International,

Inc.

a

135,209

10,268

Ovintiv,

Inc.

433,515

2,313

Par

Pacific

Holdings,

Inc.

a

38,673

1,718

Phillips

66

202,501

9,184

Schlumberger

NV

369,931

23,525

Shell

plc

ADR

1,549,121

5,178

Sitio

Royalties

Corporation

104,285

3,750

SM

Energy

Company

142,350

3,120

Solaris

Energy

Infrastructure,

Inc.

85,145

3,138

Talos

Energy,

Inc.

a

31,129

178

Targa

Resources

Corporation

35,030

114,699

TechnipFMC

plc

3,446,705

3,075

Vital

Energy,

Inc.

a

98,092

9,255

Williams

Companies,

Inc.

513,005

Total

48,765,422

Financials  6.7%

2,644

1st

Source

Corporation

165,832

700

Affirm

Holdings,

Inc.

a

42,749

15,018

Allstate

Corporation

2,888,412

67,028

Ally

Financial,

Inc.

2,612,081

8,789

Amalgamated

Financial

Corporation

307,088

6,594

American

Express

Company

2,093,265

32,597

American

International

Group,

Inc.

2,401,095

6,272

Ameriprise

Financial,

Inc.

3,407,954

2,291

Ameris

Bancorp

150,404

714

AMERISAFE,

Inc.

35,714

7,235

Annaly

Capital

Management,

Inc.

147,666

18,128

Arch

Capital

Group,

Ltd.

1,687,173

296

Arrow

Financial

Corporation

7,877

3,810

Arthur

J.

Gallagher

&

Company

1,149,934

3,643

Artisan

Partners

Asset

Management,

Inc.

162,806

15,882

Associated

Banc-Corp

399,273

1,072

Assurant,

Inc.

230,684

1,337

Assured

Guaranty,

Ltd.

126,480

743

Atlantic

Union

Bankshares

Corporation

28,063

78,961

AvidXchange

Holdings,

Inc.

a

836,987

512

Axis

Capital

Holdings,

Ltd.

46,602

1,542

Axos

Financial,

Inc.

a

107,832

47

BancFirst

Corporation

5,597

178,066

Bank

of

America

Corporation

8,244,456

134

Bank

of

Hawaii

Corporation

9,984

533

Bank

of

Marin

Bancorp

13,469

30,713

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

1,126,860

38,400

Bank

of

New

York

Mellon

Corporation

3,299,712

1,232

Bank

OZK

62,573

1,431

BankFinancial

Corporation

19,290

3,009

BankUnited,

Inc.

123,700

2,159

Bar

Harbor

Bankshares

68,397

3,148

BCB

Bancorp,

Inc.

34,093

4,693

Berkshire

Hathaway,

Inc.

a

2,199,468

4,429

Berkshire

Hills

Bancorp,

Inc.

130,257

2,412

Block,

Inc.

a

219,058

19,519

Blue

Owl

Capital,

Inc.

507,689

187

BOK

Financial

Corporation

20,649

71,477

Bridgewater

Bancshares,

Inc.

a

1,009,255

2,214

Brighthouse

Financial,

Inc.

a

136,626

6,637

Brookline

Bancorp,

Inc.

81,171

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

Shares

Common

Stock  42.8%

Value

Financials  6.7%

-

continued

7,807

Brown

&

Brown,

Inc.

$

817,081

418

Burke

&

Herbert

Financial

Services

Corporation

26,882

2,390

Business

First

Bancshares,

Inc.

64,506

980

Byline

Bancorp,

Inc.

28,753

2,692

Cadence

Bank

94,758

187

Camden

National

Corporation

8,482

167

Capital

City

Bank

Group,

Inc.

6,161

18,192

Capital

One

Financial

Corporation

3,705,892

11,043

Capitol

Federal

Financial,

Inc.

65,706

5,739

Carlyle

Group,

Inc.

322,302

446

Cathay

General

Bancorp

21,181

8,989

Cboe

Global

Markets,

Inc.

1,836,722

80,164

Charles

Schwab

Corporation

6,631,166

4,511

Chimera

Investment

Corporation

67,169

230

ChoiceOne

Financial

Services,

Inc.

7,707

12,454

Chubb,

Ltd.

3,385,994

1,305

Cincinnati

Financial

Corporation

178,850

4,550

Citigroup,

Inc.

370,506

1,553

Citizens

Financial

Group,

Inc.

73,876

2,495

CNB

Financial

Corporation

63,123

3,806

CNO

Financial

Group,

Inc.

152,012

174

Coinbase

Global,

Inc.

a

50,691

2,766

Columbia

Banking

System,

Inc.

77,171

2,154

Comerica,

Inc.

145,007

2,033

Commerce

Bancshares,

Inc.

135,804

333

Community

Financial

System,

Inc.

21,821

5,388

Community

Trust

Bancorp,

Inc.

288,312

1,150

ConnectOne

Bancorp,

Inc.

29,141

974

Cullen/Frost

Bankers,

Inc.

135,776

1,667

Customers

Bancorp,

Inc.

a

94,986

455

CVB

Financial

Corporation

9,482

196

Diamond

Hill

Investment

Group,

Inc.

29,408

16,513

Discover

Financial

Services

3,320,599

9,232

Donnelley

Financial

Solutions,

Inc.

a

612,728

1,972

Eagle

Bancorp,

Inc.

51,686

2,865

East

West

Bancorp,

Inc.

295,009

1,073

Eastern

Bankshares,

Inc.

19,700

5,823

Ellington

Credit

Company

38,199

633

Employers

Holdings,

Inc.

31,118

1,522

Enact

Holdings,

Inc.

51,413

1,317

Enova

International,

Inc.

a

147,925

2,018

Enterprise

Financial

Services

Corporation

120,757

312

Equitable

Holdings,

Inc.

16,979

1,618

Equity

Bancshares,

Inc.

70,545

1,597

Essent

Group,

Ltd.

93,025

97,987

F.N.B.

Corporation

1,537,416

1,425

FactSet

Research

Systems,

Inc.

676,034

9,308

Federal

Agricultural

Mortgage

Corporation

1,840,936

12,849

Federated

Hermes,

Inc.

511,005

3,717

Fidelity

National

Information

Services,

Inc.

302,824

2,714

Fifth

Third

Bancorp

120,257

3,012

Financial

Institutions,

Inc.

79,426

509

First

American

Financial

Corporation

32,179

15,429

First

Bancorp/Puerto

Rico

320,306

3,535

First

Bancshares,

Inc.

135,567

12,223

First

Busey

Corporation

296,774

393

First

Business

Financial

Services,

Inc.

20,302

1,283

First

Citizens

BancShares,

Inc./NC

2,828,617

3,498

First

Financial

Bancorp

98,014

Shares

Common

Stock  42.8%

Value

Financials  6.7%

-

continued

1,372

First

Financial

Bankshares,

Inc.

$

51,121

1,389

First

Financial

Corporation

66,936

762

First

Hawaiian,

Inc.

21,046

10,182

First

Horizon

Corporation

222,884

1,438

First

Internet

Bancorp

46,836

380

First

Interstate

BancSystem,

Inc.

12,521

2,478

First

Merchants

Corporation

110,122

4,130

First

Mid-Illinois

Bancshares,

Inc.

156,651

10,656

Fiserv,

Inc.

a

2,302,122

1,338

Flagstar

Financial,

Inc.

15,829

3,448

Flushing

Financial

Corporation

48,100

977

Flywire

Corporation

a

18,885

17,364

Fulton

Financial

Corporation

353,184

58,185

Glacier

Bancorp,

Inc.

2,890,049

2,732

Great

Southern

Bancorp,

Inc.

160,614

5,926

Hamilton

Lane,

Inc.

943,301

2,707

Hancock

Whitney

Corporation

161,716

4,401

Hanmi

Financial

Corporation

105,712

745

Hanover

Insurance

Group,

Inc.

114,052

2,476

Hartford

Financial

Services

Group,

Inc.

276,198

272

HBT

Financial,

Inc.

6,615

1,615

Heartland

Financial

USA,

Inc.

104,442

1,546

Heritage

Commerce

Corporation

14,981

2,337

Home

BancShares,

Inc.

70,554

4,299

Hometrust

Bancshares,

Inc.

158,074

6,658

Hope

Bancorp,

Inc.

77,632

324

Horace

Mann

Educators

Corporation

12,516

5,248

Horizon

Bancorp,

Inc.

88,114

26,346

Houlihan

Lokey,

Inc.

4,787,595

5,376

Huntington

Bancshares,

Inc./OH

92,467

100

Independent

Bank

Corporation/MA

6,716

1,605

Independent

Bank

Corporation/MI

58,422

319

Interactive

Brokers

Group,

Inc.

69,363

38,097

Intercontinental

Exchange,

Inc.

6,089,044

8,693

Invesco,

Ltd.

167,166

376

Investar

Holding

Corporation

7,170

41,099

J.P.

Morgan

Chase

&

Company

10,985,763

14,325

Jack

Henry

&

Associates,

Inc.

2,493,839

13,934

Janus

Henderson

Group

plc

626,055

8,315

Kearny

Financial

Corporation/MD

57,373

214,385

KeyCorp

3,854,642

15,943

Kinsale

Capital

Group,

Inc.

7,045,849

1,093

LendingTree,

Inc.

a

49,108

210

Loews

Corporation

17,945

710

M&T

Bank

Corporation

142,880

1,189

MarketAxess

Holdings,

Inc.

262,329

5,693

Marsh

&

McLennan

Companies,

Inc.

1,234,698

5,025

Mastercard,

Inc.

2,791,036

2,554

Mercantile

Bank

Corporation

124,661

36,856

MetLife,

Inc.

3,188,413

781

Metropolitan

Bank

Holding

Corporation

a

50,086

49,098

MGIC

Investment

Corporation

1,253,963

1,470

Mid

Penn

Bancorp,

Inc.

44,276

4,052

Midland

States

Bancorp,

Inc.

78,042

7,158

MidWestOne

Financial

Group,

Inc.

226,408

678

Morningstar,

Inc.

222,818

4,734

Mr.

Cooper

Group,

Inc.

a

491,437

4,194

MSCI,

Inc.

2,502,853

53,382

Nasdaq,

Inc.

4,395,474

54

Nelnet,

Inc.

5,949

379

Nicolet

Bankshares,

Inc.

42,497

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Shares

Common

Stock  42.8%

Value

Financials  6.7%

-

continued

17,467

NMI

Holdings,

Inc.

a

$

674,576

216

Northeast

Community

Bancorp,

Inc.

5,357

30,369

Northern

Trust

Corporation

3,410,135

4,163

Northfield

Bancorp,

Inc.

48,582

136

Northrim

BanCorp,

Inc.

11,578

6,749

Northwest

Bancshares,

Inc.

89,154

16,904

OceanFirst

Financial

Corporation

303,596

8,049

OFG

Bancorp

343,773

4,746

Old

National

Bancorp

113,192

3,177

Old

Republic

International

Corporation

116,215

9,611

Old

Second

Bancorp,

Inc.

180,591

5,088

OneMain

Holdings,

Inc.

282,588

1,877

Orrstown

Financial

Services,

Inc.

68,210

654

Palomar

Holdings,

Inc.

a

70,547

60

Park

National

Corporation

10,183

1,050

Paymentus

Holdings,

Inc.

a

33,558

26,490

PayPal

Holdings,

Inc.

a

2,346,484

1,196

PCB

Bancorp

23,071

2,897

Peoples

Bancorp,

Inc./OH

94,587

1,311

Pinnacle

Financial

Partners,

Inc.

163,573

543

PNC

Financial

Services

Group,

Inc.

109,116

4,988

Popular,

Inc.

513,465

1,210

Principal

Financial

Group,

Inc.

99,765

8,176

Progressive

Corporation

2,014,893

21,562

Prosperity

Bancshares,

Inc.

1,724,960

7,963

Provident

Financial

Services,

Inc.

147,873

1,655

Prudential

Financial,

Inc.

199,858

39,836

Radian

Group,

Inc.

1,355,221

3,352

Regions

Financial

Corporation

82,593

352

Reinsurance

Group

of

America,

Inc.

80,207

2,767

Renasant

Corporation

107,581

6,537

Rithm

Capital

Corporation

75,241

41,528

RLI

Corporation

3,046,079

26,417

Robinhood

Markets,

Inc.

a

1,372,363

2,252

S&P

Global,

Inc.

1,174,215

11,816

SEI

Investments

Company

1,023,029

589

ServisFirst

Bancshares,

Inc.

53,405

2,006

Shore

Bancshares,

Inc.

32,798

542

Sierra

Bancorp

16,336

476

Simmons

First

National

Corporation

10,815

503

Southern

Missouri

Bancorp,

Inc.

29,768

1,147

Southside

Bancshares,

Inc.

36,050

1,701

SouthState

Corporation

179,609

645

Stellar

Bancorp,

Inc.

18,318

4,170

StepStone

Group,

Inc.

267,214

495

Stifel

Financial

Corporation

57,346

4,208

Synovus

Financial

Corporation

237,415

343

Texas

Capital

Bancshares,

Inc.

a

27,080

5,919

TPG

RE

Finance

Trust,

Inc.

49,779

30,153

TPG,

Inc.

2,027,789

37,034

Tradeweb

Markets,

Inc.

4,699,615

44,604

Triumph

Financial,

Inc.

a

3,437,184

7,073

Truist

Financial

Corporation

336,816

2,244

TrustCo

Bank

Corporation

NY

72,167

9,727

Trustmark

Corporation

364,763

1,917

U.S.

Bancorp

91,594

536

UMB

Financial

Corporation

63,194

1,669

United

Bankshares,

Inc.

64,257

1,003

United

Community

Banks,

Inc.

33,270

564

Unity

Bancorp,

Inc.

27,269

Shares

Common

Stock  42.8%

Value

Financials  6.7%

-

continued

2,333

Univest

Financial

Corporation

$

70,900

4,483

Unum

Group

341,829

3,852

Valley

National

Bancorp

39,599

2,949

Veritex

Holdings,

Inc.

79,033

292

Virtu

Financial,

Inc.

11,698

21,283

Visa,

Inc.

7,274,529

1,859

WaFd,

Inc.

55,175

295

Walker

&

Dunlop,

Inc.

28,341

2,975

Webster

Financial

Corporation

179,214

129,417

Wells

Fargo

&

Company

10,198,060

2,534

WesBanco,

Inc.

88,791

2,517

Westamerica

Bancorporation

130,280

46,060

Western

Alliance

Bancorp

4,047,292

28,193

Western

Union

Company

290,952

253

Willis

Towers

Watson

plc

83,380

1,053

Wintrust

Financial

Corporation

137,743

326

WSFS

Financial

Corporation

18,256

33,999

Zions

Bancorp

NA

1,967,182

Total

189,833,301

Health

Care  5.0%

17,625

Abbott

Laboratories

2,254,766

573

AbbVie,

Inc.

105,375

1,987

ACELYRIN,

Inc.

a

3,914

604

ADMA

Biologics,

Inc.

a

9,755

21,177

Agilent

Technologies,

Inc.

3,208,739

1,303

Agios

Pharmaceuticals,

Inc.

a

44,810

3,417

Align

Technology,

Inc.

a

748,699

10,328

Amgen,

Inc.

2,947,818

4,147

Amicus

Therapeutics,

Inc.

a

39,728

1,216

Anika

Therapeutics,

Inc.

a

20,745

2,880

Argenx

SE

ADR

a

1,886,774

323

Arvinas,

Inc.

a

5,688

765

Astria

Therapeutics,

Inc.

a

6,013

74,775

Avantor,

Inc.

a

1,665,987

930

Biogen,

Inc.

a

133,855

5,173

Bio-Techne

Corporation

380,474

24,732

Boston

Scientific

Corporation

a

2,531,568

512

Bruker

Corporation

29,773

7,125

Cabaletta

Bio,

Inc.

a

17,029

4,323

CareDx,

Inc.

a

100,726

20,502

Caribou

Biosciences,

Inc.

a

29,318

6,257

Cencora,

Inc.

1,590,592

3,287

Centene

Corporation

a

210,467

8,380

Certara,

Inc.

a

119,247

368

Charles

River

Laboratories

International,

Inc.

a

60,632

2,381

Chemed

Corporation

1,338,122

8,537

Cigna

Group

2,511,671

41,128

Concentra

Group

Holdings

Parent,

Inc.

958,694

5,386

Cooper

Companies,

Inc.

a

520,018

2,883

CryoPort,

Inc.

a

21,738

23,468

Danaher

Corporation

5,227,262

2,789

Definitive

Healthcare

Corporation

a

13,555

5,073

Denali

Therapeutics,

Inc.

a

118,201

11,908

Dentsply

Sirona,

Inc.

235,302

21,958

Dexcom,

Inc.

a

1,906,613

1,492

Doximity,

Inc.

a

88,177

4,565

Editas

Medicine,

Inc.

a

5,980

13,911

Edwards

Lifesciences

Corporation

a

1,007,852

17,568

Elanco

Animal

Health,

Inc.

a

211,343

10,701

Eli

Lilly

&

Company

8,679,367

6,411

Enanta

Pharmaceuticals,

Inc.

a

32,760

39,856

Encompass

Health

Corporation

3,956,505

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

5

Shares

Common

Stock  42.8%

Value

Health

Care  5.0%

-

continued

12,416

Exact

Sciences

Corporation

a

$

695,917

433

Exelixis,

Inc.

a

14,354

6,677

Fate

Therapeutics,

Inc.

a

8,680

4,182

Fortrea

Holdings,

Inc.

a

70,299

37,643

Gilead

Sciences,

Inc.

3,658,900

43,483

Globus

Medical,

Inc.

a

4,031,744

6,615

GoodRx

Holdings,

Inc.

a

31,554

41,218

Haemonetics

Corporation

a

2,846,103

21,957

HealthEquity,

Inc.

a

2,424,492

4,295

Humana,

Inc.

1,259,423

8,054

IDEXX

Laboratories,

Inc.

a

3,399,191

261

Illumina,

Inc.

a

34,645

1,728

Incyte

Corporation

a

128,149

8,200

Inspire

Medical

Systems,

Inc.

a

1,586,700

2,256

Insulet

Corporation

a

628,025

3,159

Integra

LifeSciences

Holdings

Corporation

a

82,450

4,814

Intellia

Therapeutics,

Inc.

a

49,680

5,755

Intuitive

Surgical,

Inc.

a

3,291,169

1,347

IQVIA

Holding,

Inc.

a

271,232

3,671

iTeos

Therapeutics,

Inc.

a

27,679

40,476

Johnson

&

Johnson

6,158,423

2,149

Kura

Oncology,

Inc.

a

16,999

11,027

Labcorp

Holdings,

Inc.

2,754,545

62

Ligand

Pharmaceuticals,

Inc.

a

7,226

3,011

Medpace

Holdings,

Inc.

a

1,051,291

37,587

Medtronic

plc

3,413,651

41,625

Merck

&

Company,

Inc.

4,113,383

1,358

Mettler-Toledo

International,

Inc.

a

1,852,910

2,012

Myriad

Genetics,

Inc.

a

25,492

11,898

Natera,

Inc.

a

2,104,994

9,009

Neurocrine

Biosciences,

Inc.

a

1,367,746

7,739

Nkarta,

Inc.

a

18,109

1,139

Novocure,

Ltd.

a

27,928

15,278

Penumbra,

Inc.

a

4,078,768

405

Phibro

Animal

Health

Corporation

8,833

944

Prestige

Consumer

Healthcare,

Inc.

a

72,471

76,647

Progyny,

Inc.

a

1,775,911

2,887

Prothena

Corporation

plc

a

41,082

457

PTC

Therapeutics,

Inc.

a

20,967

4,073

QIAGEN

NV

181,819

889

Quest

Diagnostics,

Inc.

144,996

2,335

Regeneron

Pharmaceuticals,

Inc.

a

1,571,408

12,437

Relay

Therapeutics,

Inc.

a

55,593

27,780

Repligen

Corporation

a

4,617,314

48

Revvity,

Inc.

6,054

4,002

Rocket

Pharmaceuticals,

Inc.

a

42,981

40,814

Royalty

Pharma

plc

1,288,906

33,981

RxSight,

Inc.

a

1,150,936

61,059

Sanofi

SA

ADR

3,317,946

6,892

Sarepta

Therapeutics,

Inc.

a

783,758

77,942

scPharmaceuticals,

Inc.

a

258,767

3,847

STERIS

plc

848,841

106,251

Stevanato

Group

SPA

2,381,085

3,247

Stryker

Corporation

1,270,519

16,809

Sutro

Biopharma,

Inc.

a

32,273

974

Teleflex,

Inc.

175,554

1,708

Tenet

Healthcare

Corporation

a

240,640

3,966

Thermo

Fisher

Scientific,

Inc.

2,370,677

58,568

Twist

Bioscience

Corporation

a

3,067,206

2,420

United

Therapeutics

Corporation

a

849,831

15,778

UnitedHealth

Group,

Inc.

8,559,407

512

Veeva

Systems,

Inc.

a

119,429

21,095

Vericel

Corporation

a

1,234,901

Shares

Common

Stock  42.8%

Value

Health

Care  5.0%

-

continued

4,449

Vertex

Pharmaceuticals,

Inc.

a

$

2,054,014

5,645

Viatris,

Inc.

63,676

82,667

Viemed

Healthcare,

Inc.

a

677,043

2,366

Waters

Corporation

a

983,026

2,183

Waystar

Holding

Corporation

a

87,735

4,238

West

Pharmaceutical

Services,

Inc.

1,447,489

5,158

Xencor,

Inc.

a

94,288

2,288

Xenon

Pharmaceuticals,

Inc.

a

91,474

5,280

Zentalis

Pharmaceuticals,

Inc.

a

9,187

28,754

Zimmer

Biomet

Holdings,

Inc.

3,147,988

13,857

Zoetis,

Inc.

2,368,161

Total

144,031,689

Industrials  6.1%

3,512

A.O.

Smith

Corporation

236,358

2,405

AAR

Corporation

a

162,963

9,392

Advanced

Drainage

Systems,

Inc.

1,135,587

14,205

AECOM

1,497,775

41,888

Air

Lease

Corporation

1,935,226

737

Alaska

Air

Group,

Inc.

a

53,985

1,840

Allison

Transmission

Holdings,

Inc.

216,274

52,987

Amentum

Holdings,

Inc.

a

1,111,137

11,854

AMETEK,

Inc.

2,187,774

839

Applied

Industrial

Technologies,

Inc.

218,165

1,614

Arcosa,

Inc.

163,498

106

Argan,

Inc.

14,501

6,055

Armstrong

World

Industries,

Inc.

914,366

4,580

Array

Technologies,

Inc.

a

33,571

21,269

Atmus

Filtration

Technologies,

Inc.

889,470

7,208

Automatic

Data

Processing,

Inc.

2,184,096

1,819

Axon

Enterprise,

Inc.

a

1,186,315

6,493

AZEK

Company,

Inc.

a

332,636

107,070

Badger

Infrastructure

Solutions,

Ltd.

2,910,011

43,256

Barrett

Business

Services,

Inc.

1,874,283

9,487

Beacon

Roofing

Supply,

Inc.

a

1,122,692

1,201

Bloom

Energy

Corporation

a,b

28,320

8,678

Brady

Corporation

646,424

36,865

BWX

Technologies,

Inc.

4,163,164

9

CACI

International,

Inc.

a

3,476

7,744

Casella

Waste

Systems,

Inc.

a

832,790

10,622

Caterpillar,

Inc.

3,945,436

42,711

CECO

Environmental

Corporation

a

1,209,576

6,708

Clean

Harbors,

Inc.

a

1,562,964

255,658

CNH

Industrial

NV

3,292,875

954

CSG

Systems

International,

Inc.

56,086

180

CSW

Industrials,

Inc.

59,366

147,504

CSX

Corporation

4,848,456

558

Cummins,

Inc.

198,788

1,636

Curtiss-Wright

Corporation

567,594

29,161

Dayforce,

Inc.

a

2,062,849

58,614

Delta

Air

Lines,

Inc.

3,942,964

2,317

DNOW,

Inc.

a

34,477

29

Dover

Corporation

5,907

3,322

EMCOR

Group,

Inc.

1,488,455

2,272

Energy

Recovery,

Inc.

a

32,580

52,946

Enerpac

Tool

Group

Corporation

2,392,630

97

ESCO

Technologies,

Inc.

12,876

106,999

ExlService

Holdings,

Inc.

a

5,377,770

8,797

Expeditors

International

of

Washington,

Inc.

999,163

78,006

Fastenal

Company

5,713,159

12,085

Ferguson

Enterprises,

Inc.

2,188,835

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

6

Shares

Common

Stock  42.8%

Value

Industrials  6.1%

-

continued

82,068

Flowserve

Corporation

$

5,139,098

3,639

Fortive

Corporation

295,960

3,755

Frontier

Group

Holdings,

Inc.

a

31,655

63,192

Gates

Industrial

Corporation

plc

a

1,307,442

11,273

General

Dynamics

Corporation

2,896,936

13,552

Graco,

Inc.

1,140,672

11,654

Great

Lakes

Dredge

&

Dock

Corporation

a

128,077

674

Griffon

Corporation

51,069

66,598

Helios

Technologies,

Inc.

2,970,937

432

Herc

Holdings,

Inc.

88,111

21,182

Hexcel

Corporation

1,381,066

17,857

Honeywell

International,

Inc.

3,994,968

40,152

Howmet

Aerospace,

Inc.

5,082,440

6,019

Hudson

Technologies,

Inc.

a

34,910

94

Huron

Consulting

Group,

Inc.

a

11,917

1,553

IDEX

Corporation

348,353

5,600

IES

Holdings,

Inc.

a

1,239,168

13,223

Ingersoll

Rand,

Inc.

1,240,317

3,186

ITT

Corporation

481,150

18,040

Jacobs

Solutions,

Inc.

2,527,945

24,511

JB

Hunt

Transport

Services,

Inc.

4,196,773

2,463

Kirby

Corporation

a

268,836

33,456

Knight-Swift

Transportation

Holdings,

Inc.

1,910,003

38,263

Korn

Ferry

2,706,342

3,664

Kratos

Defense

&

Security

Solutions,

Inc.

a

122,268

13,091

L3Harris

Technologies,

Inc.

2,775,423

13,410

Landstar

System,

Inc.

2,208,091

8,557

Leidos

Holdings,

Inc.

1,215,351

5,217

Lincoln

Electric

Holdings,

Inc.

1,037,035

248

Lindsay

Corporation

33,279

1,504

ManpowerGroup,

Inc.

90,571

5,207

Masco

Corporation

412,811

183,326

Masterbrand,

Inc.

a

3,175,206

377

McGrath

RentCorp

46,247

13,362

Miller

Industries,

Inc.

881,491

14,578

Moog,

Inc.

2,648,239

18,475

Mueller

Water

Products,

Inc.

424,925

23,213

nVent

Electric

plc

1,510,934

26,385

Old

Dominion

Freight

Line,

Inc.

4,897,320

1,784

Otis

Worldwide

Corporation

170,229

3,722

Owens

Corning,

Inc.

686,895

1,831

PACCAR,

Inc.

203,021

2,290

Parker-Hannifin

Corporation

1,619,145

1,025

Paylocity

Holding

Corporation

a

210,658

10,239

Pentair

plc

1,061,580

5,254

Quanta

Services,

Inc.

1,616,183

8,636

Regal

Rexnord

Corporation

1,370,792

854

Republic

Services,

Inc.

185,207

26,216

Robert

Half,

Inc.

1,698,535

9,965

Rockwell

Automation,

Inc.

2,774,555

393

Rush

Enterprises,

Inc.

23,875

558

Ryder

System,

Inc.

88,951

4,553

Saia,

Inc.

a

2,185,941

55,399

Schneider

National,

Inc.

1,648,120

16,323

Shoals

Technologies

Group,

Inc.

a

78,024

2,582

SkyWest,

Inc.

a

312,215

33,104

Southwest

Airlines

Company

1,016,624

1,303

SS&C

Technologies

Holdings,

Inc.

105,478

4,391

Stanley

Black

&

Decker,

Inc.

386,715

46,339

Timken

Company

3,719,632

7,765

Trane

Technologies

plc

2,816,754

164

TransDigm

Group,

Inc.

221,948

Shares

Common

Stock  42.8%

Value

Industrials  6.1%

-

continued

16,025

TransUnion

$

1,590,481

56,198

Uber

Technologies,

Inc.

a

3,756,836

18,438

UFP

Industries,

Inc.

2,132,355

1,018

UL

Solutions,

Inc.

54,880

970

Union

Pacific

Corporation

240,356

18,467

United

Airlines

Holdings,

Inc.

a

1,954,547

21,566

United

Parcel

Service,

Inc.

2,463,484

2,976

United

Rentals,

Inc.

2,255,987

7,570

Verisk

Analytics,

Inc.

2,175,921

3,636

Verra

Mobility

Corporation

a

95,954

848

Wabtec

Corporation

176,316

10,015

Waste

Connections,

Inc.

1,840,457

1,675

Waste

Management,

Inc.

368,936

2,675

Watsco,

Inc.

1,280,228

58,553

WNS

Holdings,

Ltd.

a

3,586,371

Total

175,175,185

Information

Technology  9.3%

937

Adobe,

Inc.

a

409,891

20,152

Advanced

Micro

Devices,

Inc.

a

2,336,624

12,716

Agilysys,

Inc.

a

1,147,238

1,569

Ambarella,

Inc.

a

120,374

73,456

Amphenol

Corporation

5,199,216

135,225

Apple,

Inc.

31,913,100

16,044

Applied

Materials,

Inc.

2,893,535

28,532

Arista

Networks,

Inc.

a

3,287,742

24,216

ASGN,

Inc.

a

2,136,093

439

Astera

Labs,

Inc.

a

44,523

744

Atlassian

Corporation

a

228,244

11,754

Autodesk,

Inc.

a

3,659,490

2,624

BILL

Holdings,

Inc.

a

253,925

44,740

Broadcom,

Inc.

9,899,620

11,499

CDW

Corporation

2,289,911

1,945

Cerence,

Inc.

a

24,235

30,939

Ciena

Corporation

a

2,696,024

98,890

Cisco

Systems,

Inc.

5,992,734

3,436

Clearwater

Analytics

Holdings,

Inc.

a

96,758

1,277

Coherent

Corporation

a

115,556

62,456

Cohu,

Inc.

a

1,430,867

1,363

CommVault

Systems,

Inc.

a

217,071

475

Consensus

Cloud

Solutions,

Inc.

a

13,452

2,651

Credo

Technology

Group

Holding,

Ltd.

a

185,623

3,990

CrowdStrike

Holdings,

Inc.

a

1,588,299

8,405

CyberArk

Software,

Ltd.

a

3,118,087

8,774

Datadog,

Inc.

a

1,252,138

9,146

Descartes

Systems

Group,

Inc.

a

1,059,381

28,557

DocuSign,

Inc.

a

2,762,319

3,956

Dolby

Laboratories,

Inc.

331,236

27,703

Dynatrace

Holdings,

LLC

a

1,599,848

861

Elastic

NV

a

96,931

1,692

Enphase

Energy,

Inc.

a

105,378

1,185

F5,

Inc.

a

352,253

13,209

Fabrinet

a

2,855,918

784

Fair

Isaac

Corporation

a

1,468,871

642

FARO

Technologies,

Inc.

a

20,364

222

First

Solar,

Inc.

a

37,189

7,752

Flex,

Ltd.

a

322,871

18,787

Fortinet,

Inc.

a

1,895,233

14,581

Freshworks,

Inc.

a

271,207

3,143

Gartner,

Inc.

a

1,706,115

46,861

Gitlab,

Inc.

a

3,409,606

6,213

Globant

SA

a

1,325,357

22,729

Guidewire

Software,

Inc.

a

4,801,956

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

7

Shares

Common

Stock  42.8%

Value

Information

Technology  9.3%

-

continued

3,063

HubSpot,

Inc.

a

$

2,387,700

7,965

Impinj,

Inc.

a

1,010,679

30,561

International

Business

Machines

Corporation

7,814,448

816

IPG

Photonics

Corporation

a

59,837

1,314

Itron,

Inc.

a

141,071

113,511

JFrog,

Ltd.

a

3,945,642

2,782

Keysight

Technologies,

Inc.

a

496,170

43,181

Lattice

Semiconductor

Corporation

a

2,462,181

12,020

Littelfuse,

Inc.

2,865,087

260

MACOM

Technology

Solutions

Holdings,

Inc.

a

34,385

14,359

Marvell

Technology,

Inc.

1,620,557

82,006

Microsoft

Corporation

34,037,410

599

MicroStrategy,

Inc.

a

200,539

551

Mirion

Technologies,

Inc.

a

8,728

9,708

MongoDB,

Inc.

a

2,653,391

49

Monolithic

Power

Systems,

Inc.

31,231

4,677

Motorola

Solutions,

Inc.

2,194,682

3,470

Napco

Security

Technologies,

Inc.

127,349

1,158

nCino,

Inc.

a

39,384

6,676

NetApp,

Inc.

815,140

255,931

NVIDIA

Corporation

30,729,635

1,393

Okta,

Inc.

a

131,248

2,506

Olo,

Inc.

a

18,494

18,695

ON

Semiconductor

Corporation

a

978,496

17,245

Onto

Innovation,

Inc.

a

3,531,086

3,984

Oracle

Corporation

677,519

7,399

Palantir

Technologies,

Inc.

a

610,344

29,708

PDF

Solutions,

Inc.

a

827,665

26,666

Pegasystems,

Inc.

2,887,661

6,627

Plexus

Corporation

a

939,112

377

Procore

Technologies,

Inc.

a

29,994

10,191

PTC,

Inc.

a

1,971,755

3,476

Q2

Holdings,

Inc.

a

330,811

18,761

Qorvo,

Inc.

a

1,556,788

45,101

QUALCOMM,

Inc.

7,799,316

19,181

Salesforce,

Inc.

6,554,148

89,367

Samsung

Electronics

Company,

Ltd.

3,191,628

6,898

ServiceNow,

Inc.

a

7,024,785

11,061

Silicon

Laboratories,

Inc.

a

1,499,761

3,105

SolarWinds

Corporation

46,202

302

Super

Micro

Computer,

Inc.

a

8,613

16,313

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

3,414,637

24,806

TD

SYNNEX

Corporation

3,535,103

2,516

TE

Connectivity

plc

372,293

1,167

Teledyne

Technologies,

Inc.

a

596,722

2,013

Tenable

Holdings,

Inc.

a

86,740

80,908

Trimble,

Inc.

a

6,064,864

135,539

TTM

Technologies,

Inc.

a

3,332,904

3,027

Tyler

Technologies,

Inc.

a

1,821,164

943

Unity

Software,

Inc.

a

20,935

5,165

Universal

Display

Corporation

774,337

67,577

Varonis

Systems,

Inc.

a

3,065,293

5,583

VeriSign,

Inc.

a

1,200,345

548

Vontier

Corporation

21,125

11,830

Workiva,

Inc.

a

1,161,943

962

Xerox

Holdings

Corporation

8,215

Total

266,739,695

Shares

Common

Stock  42.8%

Value

Materials  1.5%

9,074

Albemarle

Corporation

b

$

763,940

1,522

Alcoa

Corporation

53,757

2,057

Allegheny

Technologies,

Inc.

a

117,434

1,472

AptarGroup,

Inc.

231,325

4,162

Aspen

Aerogels,

Inc.

a

48,654

5,040

Avient

Corporation

216,216

24,394

Axalta

Coating

Systems,

Ltd.

a

876,720

852

Balchem

Corporation

136,286

13,216

Ball

Corporation

736,131

7,399

Celanese

Corporation

525,625

38,260

CF

Industries

Holdings,

Inc.

3,527,955

12,066

Chemours

Company

229,133

80,541

Constellium

SE

a

799,772

37,644

Corteva,

Inc.

2,457,024

23,305

DuPont

de

Nemours,

Inc.

1,789,824

774

Eagle

Materials,

Inc.

198,717

27,704

Eastman

Chemical

Company

2,760,704

14,008

Ecolab,

Inc.

3,504,661

11,474

Element

Solutions,

Inc.

296,144

9,000

FMC

Corporation

502,020

21,599

Greif,

Inc.

1,322,291

18,954

Hecla

Mining

Company

107,659

1,394

Huntsman

Corporation

23,461

30,295

Ingevity

Corporation

a

1,373,878

1,385

Innospec,

Inc.

156,990

256

International

Flavors

&

Fragrances,

Inc.

22,295

98,418

Ivanhoe

Mines,

Ltd.

a

1,057,078

1,993

Kaiser

Aluminum

Corporation

139,510

1,647

Knife

River

Corporation

a

170,596

1,496

Koppers

Holdings,

Inc.

44,521

5,086

Linde

plc

2,268,966

357

LyondellBasell

Industries

NV

27,025

3,639

Magnera

Corporation

a

67,904

2,585

Martin

Marietta

Materials,

Inc.

1,406,550

2,061

Minerals

Technologies,

Inc.

158,058

11,599

Mosaic

Company

323,496

24,932

Nucor

Corporation

3,202,017

2,822

O-I

Glass,

Inc.

a

33,695

56,471

Olin

Corporation

1,654,036

1,585

Orion

SA

22,111

2,624

Packaging

Corporation

of

America

558,020

1,187

PPG

Industries,

Inc.

136,956

1,849

Radius

Recycling,

Inc.

22,206

827

Ranpak

Holdings

Corporation

a

6,054

4,111

Royal

Gold,

Inc.

574,800

9,135

RPM

International,

Inc.

1,156,491

3,021

Sealed

Air

Corporation

105,221

2,194

Sensient

Technologies

Corporation

165,669

3,908

Sonoco

Products

Company

186,177

18,651

Steel

Dynamics,

Inc.

2,391,058

837

Stepan

Company

53,057

8,683

Trinseo

plc

35,948

206,027

Tronox

Holdings

plc

2,115,897

2,388

United

States

Lime

&

Minerals,

Inc.

264,065

4,867

United

States

Steel

Corporation

179,349

1,928

Vulcan

Materials

Company

528,561

21,743

West

Fraser

Timber

Company,

Ltd.

1,886,858

Total

43,720,566

Real

Estate  1.5%

28,622

Agree

Realty

Corporation

2,077,099

8,534

Alexandria

Real

Estate

Equities,

Inc.

830,785

1,446

Alpine

Income

Property

Trust,

Inc.

24,380

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

8

Shares

Common

Stock  42.8%

Value

Real

Estate  1.5%

-

continued

2,197

American

Assets

Trust,

Inc.

$

53,343

5,809

AvalonBay

Communities,

Inc.

1,286,752

12,571

Brixmor

Property

Group,

Inc.

327,600

23,564

Broadstone

Net

Lease,

Inc.

370,897

29,178

CBRE

Group,

Inc.

a

4,223,224

10,629

Chatham

Lodging

Trust

92,897

15,635

Compass,

Inc.

a

113,354

19,375

CoStar

Group,

Inc.

a

1,484,125

29,005

Crown

Castle,

Inc.

2,589,566

7,633

CTO

Realty

Growth,

Inc.

149,836

8,466

Curbline

Properties

Corporation

207,163

123,681

Cushman

and

Wakefield

plc

a

1,705,561

13,699

Douglas

Elliman,

Inc.

a

24,384

431

EastGroup

Properties,

Inc.

73,106

9,905

EPR

Properties

456,620

1,355

Equinix,

Inc.

1,238,009

92,718

Essential

Properties

Realty

Trust,

Inc.

2,976,248

859

Essex

Property

Trust,

Inc.

244,446

5,153

Extra

Space

Storage,

Inc.

793,562

13,986

First

Industrial

Realty

Trust,

Inc.

746,713

4,430

Getty

Realty

Corporation

137,374

10,725

Global

Net

Lease,

Inc.

77,113

130,678

Healthcare

Realty

Trust,

Inc.

2,188,857

2,517

Host

Hotels

&

Resorts,

Inc.

42,059

1,805

Howard

Hughes

Holdings,

Inc.

a

137,848

7,804

Independence

Realty

Trust,

Inc.

149,915

16,973

Industrial

Logistics

Properties

Trust

67,383

2,592

Innovative

Industrial

Properties,

Inc.

185,795

11,018

InvenTrust

Properties

Corporation

327,675

2,896

Invitation

Homes,

Inc.

90,210

2,094

Medical

Properties

Trust,

Inc.

9,821

79,907

National

Storage

Affiliates

Trust

2,968,545

16,820

NetSTREIT

Corporation

243,554

53,880

Outfront

Media,

Inc.

991,392

2,068

Park

Hotels

&

Resorts,

Inc.

27,897

18,206

Pebblebrook

Hotel

Trust

239,045

1,089

RE/MAX

Holdings,

Inc.

a

10,868

8,825

Rexford

Industrial

Realty,

Inc.

358,825

94,735

RLJ

Lodging

Trust

923,666

1,325

RMR

Group,

Inc.

24,738

861

Ryman

Hospitality

Properties

90,267

138,314

Sabra

Health

Care

REIT,

Inc.

2,311,227

1,966

Safehold,

Inc.

31,869

10,147

SBA

Communications

Corporation

2,004,641

6,413

Sila

Realty

Trust,

Inc.

159,427

32,805

STAG

Industrial,

Inc.

1,121,275

23,690

Tanger,

Inc.

777,506

39,153

Terreno

Realty

Corporation

2,561,389

83,114

Uniti

Group,

Inc.

452,971

217

Universal

Health

Realty

Income

Trust

8,472

7,882

Zillow

Group,

Inc.,

Class

A

a

624,254

12,424

Zillow

Group,

Inc.,

Class

C

a

1,021,501

Total

42,457,049

Utilities  1.4%

67,051

AES

Corporation

737,561

24,452

Alliant

Energy

Corporation

1,439,734

430

American

States

Water

Company

32,035

5,049

American

Water

Works

Company,

Inc.

629,307

330

Artesian

Resources

Corporation

10,230

4,214

Black

Hills

Corporation

247,488

Shares

Common

Stock  42.8%

Value

Utilities  1.4%

-

continued

5,617

Brookfield

Infrastructure

Corporation

$

234,341

3,091

California

Water

Service

Group

139,991

45,343

CenterPoint

Energy,

Inc.

1,476,822

14,442

Clearway

Energy,

Inc.,

Class

A

354,262

20,405

Clearway

Energy,

Inc.,

Class

C

529,102

11,030

Constellation

Energy

Corporation

3,308,779

40,047

Duke

Energy

Corporation

4,484,864

1,296

Edison

International

69,984

64,474

Entergy

Corporation

5,227,552

7,181

Essential

Utilities,

Inc.

254,782

4,505

Eversource

Energy

259,848

18,777

Hawaiian

Electric

Industries,

Inc.

a

171,622

39,337

NiSource,

Inc.

1,467,270

12,058

Northwestern

Energy

Group,

Inc.

650,047

24,960

Portland

General

Electric

Company

1,026,854

37,643

Public

Service

Enterprise

Group,

Inc.

3,144,696

16,230

Spire,

Inc.

1,151,681

139,393

UGI

Corporation

4,283,547

29,816

Vistra

Energy

Corporation

5,009,982

25,054

Xcel

Energy,

Inc.

1,683,629

54,112

XPLR

Infrastructure,

LP

570,341

Total

38,596,351

Total

Common

Stock

(cost

$925,996,848)

1,223,615,000

Shares

Registered

Investment

Companies  

37.8%

Value

U.S.

Affiliated  

37.3%  

5,510,827

Thrivent

Core

Emerging

Markets

Equity

Fund

51,746,666

8,943,952

Thrivent

Core

International

Equity

Fund

95,610,846

173,605

Thrivent

Core

Low

Volatility

Equity

Fund

1,998,190

6,218,086

Thrivent

Core

Mid

Cap

Value

Fund

69,207,297

3,041,993

Thrivent

Core

Small

Cap

Value

Fund

33,340,241

2,369,353

Thrivent

Global

Stock

Fund,

Class

S

66,199,733

15,443,011

Thrivent

International

Allocation

Fund,

Class

S

166,166,799

11,027,606

Thrivent

Large

Cap

Growth

Fund,

Class

S

245,695,067

4,426,153

Thrivent

Large

Cap

Value

Fund,

Class

S

134,510,775

3,696,978

Thrivent

Mid

Cap

Stock

Fund,

Class

S

138,710,626

1,896,571

Thrivent

Small

Cap

Stock

Fund,

Class

S

62,150,636

Total

1,065,336,876

U.S.

Unaffiliated  

0.5%  

2,196

Invesco

QQQ

Trust

Series

1

1,146,949

10,441

iShares

U.S.

Regional

Banks

ETF

554,835

15,702

SPDR

S&P

500

ETF

Trust

9,449,778

19,771

SPDR

S&P

Biotech

ETF

1,832,178

1,735

SPDR

S&P

Oil

&

Gas

Exploration

ETF

232,767

4,558

SPDR

S&P

Regional

Banking

ETF

292,441

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

9

Shares

Registered

Investment

Companies  37.8%

Value

U.S.

Unaffiliated  

0.5%  -

continued

8,949

SPDR

S&P

Software

&

Services

ETF

$

1,739,328

Total

15,248,276

Total

Registered

Investment

Companies

(cost

$755,974,298)

1,080,585,152

Principal

Amount

Long-Term

Fixed

Income

3.9%

Value

Commercial

Mortgage-Backed

Securities  <0.1%

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

$

175,000

5.180%, 

3/25/2029,

Ser.

K520,

Class

A2

c

178,171

Total

178,171

Mortgage-Backed

Securities  2.1%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

555,964

2.000%, 

5/1/2051

439,597

862,915

2.500%, 

5/1/2051

711,525

776,168

3.500%, 

5/1/2052

689,896

597,470

4.000%, 

5/1/2052

549,507

182,530

5.000%, 

7/1/2053

177,389

1,390,947

5.500%, 

7/1/2053

1,384,005

850,002

5.000%, 

8/1/2053

828,331

1,906,413

5.500%, 

9/1/2053

1,904,029

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

170,199

2.500%, 

7/1/2030

162,200

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

503,481

3.000%, 

8/1/2038

470,732

642,626

3.500%, 

5/1/2040

598,157

436,692

2.500%, 

4/1/2042

373,625

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

789,667

3.000%, 

1/1/2052

677,885

197,184

2.000%, 

2/1/2051

155,957

113,799

2.000%, 

2/1/2051

90,006

641,227

2.500%, 

2/1/2051

529,733

502,248

2.500%, 

2/1/2051

409,971

1,318,686

2.000%, 

3/1/2051

1,034,100

1,704,499

4.000%, 

3/1/2051

1,577,243

267,068

2.000%, 

3/1/2052

210,787

858,332

3.000%, 

3/1/2052

732,128

502,179

3.000%, 

4/1/2051

430,950

539,388

3.000%, 

5/1/2050

465,035

234,294

2.000%, 

5/1/2051

184,249

409,513

3.000%, 

5/1/2051

354,944

1,116,287

2.000%, 

6/1/2050

878,141

346,180

3.000%, 

6/1/2050

302,138

410,050

4.000%, 

6/1/2052

375,740

140,182

5.000%, 

6/1/2053

136,365

692,459

2.500%, 

7/1/2051

575,825

528,766

3.500%, 

7/1/2051

473,051

1,127,360

4.000%, 

7/1/2052

1,033,033

Principal

Amount

Long-Term

Fixed

Income  3.9%

Value

Mortgage-Backed

Securities  2.1%

-

continued

$

577,233

3.500%, 

8/1/2050

$

517,688

786,862

3.500%, 

8/1/2052

697,623

3,408,377

4.500%, 

8/1/2052

3,211,944

1,140,157

5.000%, 

8/1/2053

1,109,114

1,172,588

6.000%, 

8/1/2054

1,201,137

198,821

3.500%, 

9/1/2052

177,480

387,166

3.500%, 

9/1/2052

345,546

905,672

5.000%, 

9/1/2052

877,679

1,039,841

4.500%, 

9/1/2053

983,690

2,839,859

4.500%, 

9/1/2053

2,679,510

1,014,505

4.000%, 

10/1/2052

929,723

228,319

2.000%, 

11/1/2051

180,322

292,717

3.500%, 

11/1/2052

262,050

962,626

2.000%, 

12/1/2050

756,816

813,806

2.500%, 

12/1/2051

670,371

1,144,634

4.500%, 

12/1/2052

1,083,942

9,725,000

5.500%, 

2/1/2041

d

9,603,954

3,000,000

5.000%, 

2/1/2042

d

2,896,767

6,000,000

6.000%, 

2/1/2042

d

6,040,766

4,900,000

3.000%, 

2/1/2048

d

4,166,651

250,000

3.500%, 

2/1/2049

d

221,191

2,925,000

4.500%, 

2/1/2049

d

2,752,471

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

459,020

2.500%, 

3/1/2062

363,694

309,314

3.500%, 

7/1/2061

268,814

513,277

4.000%, 

12/1/2061

465,877

Total

61,381,094

U.S.

Government

&

Agencies  1.8%

U.S.

Treasury

Bonds

2,000,000

1.625%, 

11/15/2050

1,044,063

3,850,000

4.000%, 

11/15/2052

3,351,606

190,000

5.250%, 

11/15/2028

196,234

3,240,000

1.375%, 

11/15/2040

2,015,888

2,291,000

2.500%, 

5/15/2046

1,566,382

U.S.

Treasury

Notes

1,000,000

5.000%, 

9/30/2025

1,004,406

540,000

2.625%, 

1/31/2026

531,473

4,295,000

2.500%, 

2/28/2026

4,217,195

5,700,000

4.625%, 

2/28/2026

5,721,286

2,400,000

4.500%, 

3/31/2026

2,406,750

1,900,000

4.375%, 

7/31/2026

1,904,230

1,490,000

2.250%, 

11/15/2027

1,413,055

200,000

0.750%, 

1/31/2028

180,563

900,000

3.500%, 

1/31/2028

881,543

2,400,000

3.625%, 

3/31/2028

2,355,937

4,500,000

2.875%, 

5/15/2028

4,309,805

3,000,000

4.125%, 

7/31/2028

2,985,586

3,700,000

4.375%, 

8/31/2028

3,710,406

2,400,000

4.125%, 

3/31/2029

2,382,187

125,000

0.875%, 

11/15/2030

102,837

70,000

1.375%, 

11/15/2031

57,498

4,800,000

2.875%, 

5/15/2032

4,330,125

4,000,000

3.375%, 

5/15/2033

3,689,375

Total

50,358,430

Total

Long-Term

Fixed

Income

(cost

$116,661,004)

111,917,695

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

10

Shares

Private

Equity

Funds

1.6%

Value

Secondary  1.6%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,a,e

$

8,165,560

1

ASF

IX,

LP

*,a,e

2,929,036

1

ASF

VIII

Sidecar

(Cayman),

LP

*,a,e

2,641,115

1

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,a,e

4,060,533

1

LCP

X

(Offshore),

LP

*,a,e

16,882,090

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,a,e

11,019,770

Total

45,698,104

Total

Private

Equity

Funds

(cost

$36,587,385)

45,698,104

Shares

Collateral

Held

for

Securities

Loaned

<0.1%

Value

61,400

Thrivent

Cash

Management

Trust

61,400

Total

Collateral

Held

for

Securities

Loaned

(cost

$61,400)

61,400

Shares

or

Principal

Amount

Short-Term

Investments

15.6%

Value

Federal

Home

Loan

Bank

Discount

Notes

18,400,000

4.317%,

2/5/2025

f,g

18,389,254

15,000,000

4.232%,

2/10/2025

f

14,982,479

7,300,000

4.334%,

2/12/2025

f,g

7,289,768

9,800,000

4.395%,

2/14/2025

f,g

9,783,974

200,000

4.335%,

2/19/2025

f,g

199,556

1,500,000

4.230%,

2/26/2025

f,g

1,495,445

8,200,000

4.230%,

3/7/2025

f,g

8,166,517

100,000

4.224%,

3/19/2025

f,g

99,452

500,000

4.215%,

4/11/2025

f,g

495,917

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

800,000

4.235%,

2/6/2025

f,g

799,439

Federal

National

Mortgage

Association

Discount

Notes

300,000

4.195%,

4/9/2025

f,g

297,620

100,000

4.195%,

4/10/2025

f,g

99,195

100,000

4.190%,

4/11/2025

f,g

99,183

1,200,000

4.175%,

4/24/2025

f,g

1,188,380

Thrivent

Core

Short-Term

Reserve

Fund

27,553,773

4.630%

275,537,730

U.S.

Treasury

Bills

25,000,000

4.255%,

2/4/2025

f

24,997,076

25,000,000

4.262%,

2/11/2025

f

24,976,417

15,000,000

4.261%,

2/13/2025

f

14,982,299

15,000,000

4.241%,

2/18/2025

f,h

14,973,453

270,000

4.397%,

2/20/2025

f,h

269,458

25,000,000

4.253%,

3/4/2025

f

24,914,356

820,000

4.227%,

3/11/2025

f,h

816,531

260,000

4.176%,

3/18/2025

f

258,687

Total

Short-Term

Investments

(cost

$445,028,444)

445,112,186

Total

Investments

(cost

$2,280,309,379)

101.7%

$2,906,989,537

Other

Assets

and

Liabilities,

Net

(1.7%)

(47,719,720)

Total

Net

Assets

100.0%

$2,859,269,817

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

f

The

interest

rate

shown

reflects

the

yield.

g

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

h

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Aggressive

Allocation

Fund

as

of

January

31,

2025

was

$45,698,104

or

1.60%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

January

31,

2025.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

6,288,000

ASF

IX,

LP 

3/18/2024

2,146,609

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

2,282,721

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

3,024,000

LCP

X

(Offshore),

LP 

10/25/2023

13,486,055

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

9,360,000

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Aggressive

Allocation

Fund

as

of

January

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

59,614

Total

lending

$59,614

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$61,400

Net

amounts

due

to

counterparty

$1,786

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

11

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

12

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Aggressive

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

77,677,185

77,677,185

–

–

Consumer

Discretionary

147,982,104

147,320,077

662,027

–

Consumer

Staples

48,636,453

48,636,453

–

–

Energy

48,765,422

48,765,422

–

–

Financials

189,833,301

189,833,301

–

–

Health

Care

144,031,689

144,031,689

–

–

Industrials

175,175,185

172,265,174

2,910,011

–

Information

Technology

266,739,695

263,548,067

3,191,628

–

Materials

43,720,566

42,663,488

1,057,078

–

Real

Estate

42,457,049

42,457,049

–

–

Utilities

38,596,351

38,596,351

–

–

Registered

Investment

Companies

U.S.

Affiliated

813,433,636

813,433,636

–

–

U.S.

Unaffiliated

15,248,276

15,248,276

–

–

Long-Term

Fixed

Income

Commercial

Mortgage-Backed

Securities

178,171

–

178,171

–

Mortgage-Backed

Securities

61,381,094

–

61,381,094

–

U.S.

Government

&

Agencies

50,358,430

–

50,358,430

–

Private

Equity

Funds

Secondary

45,698,104

–

–

45,698,104

Short-Term

Investments

169,574,456

–

169,574,456

–

Subtotal

Investments

in

Securities

$2,379,487,167

$2,044,476,168

$289,312,895

$45,698,104

Other

Investments  *

Total

Affiliated

Short-Term

Investments

275,537,730

U.S.

Affiliated

Registered

Investment

Cos.

251,903,240

Collateral

Held

for

Securities

Loaned

61,400

Subtotal

Other

Investments

$527,502,370

Total

Investments

at

Value

$2,906,989,537

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Aggressive

Allocation

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

6,699,273

6,699,273

–

–

Total

Asset

Derivatives

$6,699,273

$6,699,273

$–

$–

Liability

Derivatives

Futures

Contracts

7,210,423

5,987,152

1,223,271

–

Total

Return

Swaps

962,107

–

962,107

–

Total

Liability

Derivatives

$8,172,530

$5,987,152

$2,185,378

$–

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

13

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Aggressive

Allocation as

discussed

in

the

Notes

to

Financial

Statements.

*

Change

in

net

unrealized

appreciation/(depreciation)

on

investments.

   %

Net

realized

gains/(losses)

on

investments.

   #

Transferred

from

Level

2

to

Level

3

because

of

a

lack

of

observable

market

data,

resulting

from

a

decrease

in

market

activity

for

the

securities.

   @

Transferred

from

Level

3

to

Level

2

because

observable

market

data

became

available

for

the

securities.

**

The

reporting

entity's Private

Equity

Funds

-

Secondary Level

3

securities

are fair

valued using

the

adjusted

reported

Net

Asset

Value

(NAV)

of

the

investment,

adjusted

for

subsequent

investment

activity

and

market

movement

using

inputs

determined

by

the policies

and

procedures

of

the

reporting

entity. 

Inputs

used

in

valuation

include index

returns

that

are

adjusted based

on

a

regression

analysis

of

similar

types

of

assets

over

time. 

Significant

changes

in

the

inputs

in

isolation

could result

in

a

significantly

lower

or

higher

fair

value

measurement.

Investments

in

Securities 

Beginning

Value

10/31/2024

Realized

Gain/

(Loss)%

Change

in

Unrealized

Appreciation/

(Depreciation)

*

Purchases

Sales

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value

1/31/2025

Private

Equity

Funds

 Secondary

$34,190,335

$- 

($2,593,487)

$14,101,256

$- 

$-

$- 

$45,698,104

Total 

$34,190,335

$-  

($2,593,487)

$14,101,256

$- 

$-

$-

$45,698,104

 Investments

in

Securities

Ending

Value

 1/31/2025

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$45,698,104

Adjusted

reported

investment

of

net

asset

value  

Fair

Value

adjustment

**

N/A

Total 

$45,698,104

The

following

table

presents

Aggressive

Allocation

Fund's

futures

contracts

held

as

of

January

31,

2025.

Investments

and/or

cash

totaling

$35,114,165

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

43

March

2025

$

8,835,605

$

6,270

CBOT

5-Yr.

U.S.

Treasury

Note

65

March

2025

6,939,861

(

24,470)

CME

E-mini

Russell

2000

Index

6

March

2025

710,576

(

21,956)

CME

E-mini

S&P

500

Index

1,906

March

2025

584,125,767

(

5,916,842)

CME

E-mini

S&P

Mid-Cap

400

Index

1

March

2025

331,722

(

6,722)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

4

March

2025

491,037

(

17,162)

ICE

mini

MSCI

EAFE

Index

354

March

2025

41,602,278

355,572

Total

Futures

Long

Contracts

$

643,036,846

(

$

5,625,310)

CME

E-mini

Russell

2000

Index

(262)

March

2025

(

$

31,330,920)

$

1,261,180

CME

E-mini

S&P

Mid-Cap

400

Index

(529)

March

2025

(

176,003,022)

4,078,022

CME

Euro

Foreign

Exchange

Currency

(185)

March

2025

(

24,449,423)

406,360

Eurex

Euro

STOXX

50

Index

(441)

March

2025

(

22,891,164)

(

1,223,271)

ICE

US

mini

MSCI

Emerging

Markets

Index

(411)

March

2025

(

22,980,430)

572,710

Ultra

10-Yr.

U.S.

Treasury

Note

(13)

March

2025

(

1,467,034)

19,159

Total

Futures

Short

Contracts

(

$

279,121,993)

$5,114,160

Total

Futures

Contracts

$

363,914,853

($511,150)

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

14

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Aggressive

Allocation

Fund's

total

return

swap

contracts

held

as

of

January

31,

2025.

Investments

totaling

$847,694

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

7,698,607

(

$

962,107)

$

–

(

$

962,107)

Total

Return

Swaps

(

$

962,107)

$

–

($962,107)

#

Payment

made

on

Termination

Date

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Aggressive

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$52,340

$1,632

$–

$51,747

5,511

1.8%

Core

International

Equity

79,414

17,155

–

95,611

8,944

3.3

Core

Low

Volatility

Equity

1,941

150

–

1,998

174

0.1

Core

Mid

Cap

Value

66,841

6,040

–

69,207

6,218

2.4

Core

Small

Cap

Value

31,468

3,794

–

33,340

3,042

1.2

Global

Stock,

Class

S

63,364

7,214

–

66,200

2,369

2.3

International

Allocation,

Class

S

163,638

4,739

–

166,167

15,443

5.8

Large

Cap

Growth,

Class

S

228,497

13,898

–

245,695

11,028

8.6

Large

Cap

Value,

Class

S

129,498

10,712

–

134,511

4,426

4.7

Mid

Cap

Stock,

Class

S

132,949

5,445

10

138,711

3,697

4.9

Small

Cap

Stock,

Class

S

60,634

1,119

–

62,151

1,897

2.2

Total

U.S.

Affiliated

Registered

Investment

Companies

1,010,584

1,065,338

37.3

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

372,189

108,858

205,509

275,538

27,554

9.6

Total

Affiliated

Short-Term

Investments

372,189

275,538

9.6

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

2,861

28,991

31,791

61

61

<0.1

Total

Collateral

Held

for

Securities

Loaned

2,861

61

<0.1

Total

Value

$1,385,634

$1,340,937

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

15

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

($2,225)

$–

$1,632

Core

International

Equity

–

(958)

–

3,121

Core

Low

Volatility

Equity

Fund

–

(93)

72

78

Core

Mid

Cap

Value

–

(3,674)

4,750

1,290

Core

Small

Cap

Value

–

(1,922)

3,253

541

Global

Stock,

Class

S

–

(4,378)

6,013

1,200

International

Allocation,

Class

S

–

(2,210)

–

4,739

Large

Cap

Growth,

Class

S

–

3,300

13,644

253

Large

Cap

Value,

Class

S

–

(5,699)

8,682

2,030

Mid

Cap

Stock,

Class

S

(0)

327

4,756

689

Small

Cap

Stock,

Class

S

–

398

799

320

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

–

–

–

4,526

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$20,419

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

($0)

($17,134)

$41,969

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

16

Principal

Amount

Long-Term

Fixed

Income

46.7%

Value

Asset-Backed

Securities  5.6%

Affirm

Asset

Securitization

Trust

$

225,000

6.820%, 

9/15/2028,

Ser.

2023-B,

Class

A

a

$

227,720

29,599

7.110%, 

11/15/2028,

Ser.

2023-X1,

Class

A

a

29,642

250,000

5.610%, 

2/15/2029,

Ser.

2024-A,

Class

A

a

251,859

AGL

CLO

13,

Ltd.

350,000

6.205%, 

(TSFR3M

+

1.912%),

10/20/2034,

Ser.

2021-13A,

Class

B

a,b

350,789

Anchorage

Capital

CLO

16,

Ltd.

775,000

6.955%, 

(TSFR3M

+

2.662%),

1/19/2035,

Ser.

2020-16A,

Class

CR

a,b

775,000

Anchorage

Capital

CLO

20,

Ltd.

250,000

7.493%, 

(TSFR3M

+

3.200%),

1/20/2035,

Ser.

2021-20A,

Class

DR

a,b

251,975

Anchorage

Capital

CLO

21,

Ltd.

250,000

6.193%, 

(TSFR3M

+

1.900%),

10/20/2034,

Ser.

2021-21A,

Class

CR

a,b

250,750

Balboa

Bay

Loan

Funding,

Ltd.

750,000

6.043%, 

(TSFR3M

+

1.750%),

10/20/2035,

Ser.

2020-1A,

Class

BRR

a,b

750,409

Ballyrock

CLO,

Ltd.

550,000

6.105%, 

(TSFR3M

+

1.812%),

10/20/2031,

Ser.

2020-2A,

Class

A2R

a,b

550,909

Barings

Loan

Partners

CLO,

Ltd.

2

500,000

5.947%, 

(TSFR3M

+

1.650%),

1/20/2034,

Ser.

LP-

2A,

Class

CR

a,b,c

500,000

Business

Jet

Securities,

LLC

179,321

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

174,997

422,199

6.197%, 

5/15/2039,

Ser.

2024-1A,

Class

A

a

429,178

337,898

5.364%, 

9/15/2039,

Ser.

2024-2A,

Class

A

a

334,275

CarVal

CLO

I,

Ltd.

275,000

6.158%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

a,b

275,676

CarVal

CLO

III,

Ltd.

400,000

5.432%, 

(TSFR3M

+

1.400%),

7/20/2032,

Ser.

2019-2A,

Class

BR2

a,b

400,465

CarVal

CLO,

Ltd.

300,000

7.993%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

a,b

301,730

Cascade

Funding

Mortgage

Trust,

LLC

176,539

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,b

174,788

College

Avenue

Student

Loans,

LLC

52,622

6.075%, 

(TSFR1M

+

1.764%),

11/26/2046,

Ser.

2017-A,

Class

A1

a,b

53,083

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Asset-Backed

Securities  5.6%

-

continued

Elmwood

CLO

28,

Ltd.

$

400,000

6.203%, 

(TSFR3M

+

1.900%),

4/17/2037,

Ser.

2024-4A,

Class

B

a,b

$

402,016

FirstKey

Homes

Trust

650,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

634,172

GMAC

Mortgage

Corporation

Loan

Trust

10,201

4.925%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,d

5,167

Hertz

Vehicle

Financing

III,

LLC

475,000

6.120%, 

1/25/2029,

Ser.

2024-1A,

Class

B

a

478,652

Hotwire

Funding,

LLC

425,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

430,482

HTAP

Issuer

Trust

288,550

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

283,663

Huntington

Bank

Auto

Credit-

Linked

Notes

315,711

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

317,624

Madison

Park

Funding

LVIII,

Ltd.

250,000

6.250%, 

(TSFR3M

+

1.950%),

4/25/2037,

Ser.

2024-58A,

Class

B

a,b

252,621

Madison

Park

Funding

XVIII,

Ltd.

650,000

6.455%, 

(TSFR3M

+

2.162%),

10/21/2030,

Ser.

2015-18A,

Class

CRR

a,b

651,441

MetroNet

Infrastructure

Issuer,

LLC

400,000

6.230%, 

4/20/2054,

Ser.

2024-1A,

Class

A2

a

408,100

MFA

Trust

390,045

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

e

391,429

Neuberger

Berman

CLO,

Ltd.

350,000

7.564%, 

(TSFR3M

+

3.262%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

a,b

351,083

Pagaya

AI

Debt

Grantor

Trust

269,724

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

270,602

425,000

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

424,741

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

160,431

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

161,936

Pagaya

AI

Debt

Trust

8,336

7.556%, 

7/15/2030,

Ser.

2023-1,

Class

A

a

8,343

Palmer

Square

Loan

Funding,

Ltd.

750,000

6.852%, 

(TSFR3M

+

2.550%),

10/15/2032,

Ser.

2024-1A,

Class

C

a,b

754,162

250,000

6.150%, 

(TSFR3M

+

1.700%),

1/15/2033,

Ser.

2024-2A,

Class

B

a,b

250,141

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

17

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Asset-Backed

Securities  5.6%

-

continued

Pretium

Mortgage

Credit

Partners,

LLC

$

425,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

a,e

$

410,410

198,588

7.021%, 

2/25/2054,

Ser.

2024-NPL2,

Class

A1

a,e

199,402

287,760

7.143%, 

3/25/2054,

Ser.

2024-RN1,

Class

A1

a,e

288,920

370,910

7.520%, 

4/27/2054,

Ser.

2024-NPL3,

Class

A1

a,e

374,754

255,477

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

a,e

251,547

480,179

6.996%, 

7/25/2054,

Ser.

2024-NPL4,

Class

A1

a,e

482,350

233,038

5.487%, 

10/25/2051,

Ser.

2021-NPL5,

Class

A1

a,e

232,986

Progress

Residential

Trust

550,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

a

533,414

RCO

VII

Mortgage,

LLC

279,075

7.021%, 

1/25/2029,

Ser.

2024-1,

Class

A1

a,e

279,935

RR

8,

Ltd.

425,000

6.002%, 

(TSFR3M

+

1.700%),

7/15/2037,

Ser.

2020-8A,

Class

A2R

a,b

426,895

Sculptor

CLO

XXVIII,

Ltd.

500,000

6.247%, 

(TSFR3M

+

1.950%),

1/20/2035,

Ser.

28A,

Class

CR

a,b,c

500,000

425,000

6.955%, 

(TSFR3M

+

2.662%),

1/20/2035,

Ser.

28A,

Class

C

a,b

425,000

Signal

Peak

CLO

1,

Ltd.

300,000

6.295%, 

(TSFR3M

+

1.950%),

4/17/2034,

Ser.

2014-1A,

Class

CR4

a,b

300,190

Silver

Point

CLO

2,

Ltd.

500,000

6.993%, 

(TSFR3M

+

2.700%),

4/20/2035,

Ser.

2023-2A,

Class

A2

a,b

501,836

Stanwich

Mortgage

Loan

Company,

LLC

29,905

6.235%, 

10/16/2026,

Ser.

2021-NPB1,

Class

A1

a

29,956

Symphony

CLO

XX,

Ltd.

500,000

7.308%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

501,920

TCW

CLO,

Ltd.

450,000

6.330%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b

449,982

Tricon

Residential

Trust

250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

250,531

Uniti

Fiber

Abs

Issuer,

LLC

500,000

5.877%, 

4/20/2055,

Ser.

2025-1A,

Class

A2

a,c,f

503,184

Unlock

HEA

Trust

310,904

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

307,564

272,818

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

269,684

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Asset-Backed

Securities  5.6%

-

continued

$

392,339

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

$

381,470

Upstart

Securitization

Trust

67,631

6.770%, 

6/20/2033,

Ser.

2023-2,

Class

A

a

67,850

VERDE

CLO,

Ltd.

500,000

7.502%, 

(TSFR3M

+

3.200%),

4/15/2032,

Ser.

2019-1A,

Class

DRR

a,b

507,449

Vericrest

Opportunity

Loan

Transferee

184,374

8.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

a

184,247

210,992

8.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

a

210,864

365,799

4.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a,e

362,229

209,262

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a,e

207,278

103,591

5.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

a,e

103,643

312,286

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a,e

307,385

252,271

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,e

241,023

Whitebox

CLO

I,

Ltd.

150,000

6.297%, 

(TSFR3M

+

2.000%),

7/24/2036,

Ser.

2019-1A,

Class

CRR

a,b

150,299

Whitebox

CLO

IV,

Ltd.

500,000

6.893%, 

(TSFR3M

+

2.600%),

4/20/2036,

Ser.

2023-4A,

Class

B

a,b

503,022

Wind

River

CLO,

Ltd.

175,000

6.555%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

175,312

Total

23,482,151

Basic

Materials  0.5%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

41,000

8.625%, 

6/15/2029

a

43,299

ATI,

Inc.

56,000

7.250%, 

8/15/2030

58,021

Avient

Corporation

21,000

6.250%, 

11/1/2031

a

20,959

Cascades,

Inc./Cascades

USA,

Inc.

53,000

5.125%, 

1/15/2026

a,g

52,541

Cerdia

Finanz

GmbH

47,000

9.375%, 

10/3/2031

a

49,082

Chemours

Company

66,000

5.750%, 

11/15/2028

a

62,617

Cleveland-Cliffs,

Inc.

31,000

5.875%, 

6/1/2027

31,040

75,000

4.625%, 

3/1/2029

a

69,891

32,000

6.875%, 

11/1/2029

a

32,099

28,000

4.875%, 

3/1/2031

a

25,361

19,000

7.375%, 

5/1/2033

a

18,895

28,000

6.250%, 

10/1/2040

24,075

Consolidated

Energy

Finance

SA

161,000

5.625%, 

10/15/2028

a

143,290

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Basic

Materials  0.5%

-

continued

Ecolab,

Inc.

$

51,000

2.125%, 

2/1/2032

$

42,501

First

Quantum

Minerals,

Ltd.

34,000

6.875%, 

10/15/2027

a

33,949

FMC

Corporation

41,000

5.150%, 

5/18/2026

41,152

FMG

Resources

August

2006,

Pty.

Ltd.

28,000

5.875%, 

4/15/2030

a

27,682

Glencore

Funding,

LLC

57,000

4.000%, 

3/27/2027

a

56,074

Hecla

Mining

Company

30,000

7.250%, 

2/15/2028

30,422

Hudbay

Minerals,

Inc.

47,000

4.500%, 

4/1/2026

a

46,482

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

32,000

9.000%, 

7/1/2028

a

32,285

INEOS

Finance

plc

84,000

7.500%, 

4/15/2029

a

85,660

International

Flavors

&

Fragrances,

Inc.

68,000

1.230%, 

10/1/2025

a

66,346

Magnera

Corporation

62,000

7.250%, 

11/15/2031

a

61,148

Mercer

International,

Inc.

32,000

5.125%, 

2/1/2029

28,386

Methanex

Corporation

41,000

5.125%, 

10/15/2027

40,357

27,000

5.250%, 

12/15/2029

26,292

Methanex

US

Operations,

Inc.

25,000

6.250%, 

3/15/2032

a

24,952

Mineral

Resources,

Ltd.

44,000

9.250%, 

10/1/2028

a

46,536

17,000

8.500%, 

5/1/2030

a

17,588

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

58,000

5.350%, 

3/15/2034

58,042

Novelis

Corporation

12,000

3.250%, 

11/15/2026

a

11,595

29,000

4.750%, 

1/30/2030

a

27,248

25,000

3.875%, 

8/15/2031

a

21,899

Nutrien,

Ltd.

77,000

4.000%, 

12/15/2026

75,966

Peabody

Energy

Corporation,

Convertible

115,000

3.250%, 

3/1/2028

134,033

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

56,000

5.375%, 

11/1/2026

a

55,559

Sherwin-Williams

Company

40,000

4.800%, 

9/1/2031

39,483

Smurfit

Kappa

Treasury,

ULC

60,000

5.777%, 

4/3/2054

a

59,043

SNF

Group

SACA

65,000

3.375%, 

3/15/2030

a

57,228

SunCoke

Energy,

Inc.

67,000

4.875%, 

6/30/2029

a

61,772

Taseko

Mines,

Ltd.

56,000

8.250%, 

5/1/2030

a

57,326

Tronox,

Inc.

28,000

4.625%, 

3/15/2029

a

25,358

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Basic

Materials  0.5%

-

continued

Westlake

Corporation

$

37,000

3.600%, 

8/15/2026

$

36,324

Total

2,059,858

Capital

Goods  1.2%

Advanced

Drainage

Systems,

Inc.

57,000

6.375%, 

6/15/2030

a

57,530

AECOM

29,000

5.125%, 

3/15/2027

28,838

Amsted

Industries,

Inc.

37,000

5.625%, 

7/1/2027

a

36,751

35,000

4.625%, 

5/15/2030

a

32,880

Array

Technologies,

Inc.,

Convertible

149,000

1.000%, 

12/1/2028

g

115,475

Boeing

Company

39,000

6.858%, 

5/1/2054

41,849

118,000

5.930%, 

5/1/2060

110,139

136,000

2.196%, 

2/4/2026

132,490

56,000

3.250%, 

3/1/2028

52,983

18,000

5.150%, 

5/1/2030

17,886

20,000

6.528%, 

5/1/2034

21,129

Bombardier,

Inc.

55,000

6.000%, 

2/15/2028

a

54,888

50,000

7.250%, 

7/1/2031

a

51,629

79,000

7.000%, 

6/1/2032

a,g

80,557

Builders

FirstSource,

Inc.

35,000

5.000%, 

3/1/2030

a

33,515

Camelot

Return

Merger

Sub,

Inc.

42,000

8.750%, 

8/1/2028

a

41,253

Canpack

SA/Canpack

US,

LLC

83,000

3.875%, 

11/15/2029

a

74,987

Carrier

Global

Corporation

76,000

2.722%, 

2/15/2030

68,197

Chart

Industries,

Inc.

66,000

7.500%, 

1/1/2030

a

68,952

Clean

Harbors,

Inc.

55,000

6.375%, 

2/1/2031

a

55,792

Clydesdale

Acquisition

Holdings,

Inc.

9,000

6.625%, 

4/15/2029

a

9,088

Crown

Cork

&

Seal

Company,

Inc.

35,000

7.375%, 

12/15/2026

36,184

Deere

&

Company

43,000

5.700%, 

1/19/2055

44,072

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

86,000

6.625%, 

12/15/2030

a

86,987

ESAB

Corporation

52,000

6.250%, 

4/15/2029

a

52,700

Fluor

Corporation,

Convertible

129,000

1.125%, 

8/15/2029

g

160,334

GFL

Environmental,

Inc.

89,000

4.000%, 

8/1/2028

a

84,734

94,000

3.500%, 

9/1/2028

a

88,608

Greenbrier

Companies,

Inc.,

Convertible

85,000

2.875%, 

4/15/2028

109,523

H&E

Equipment

Services,

Inc.

87,000

3.875%, 

12/15/2028

a

86,843

Herc

Holdings,

Inc.

18,000

5.500%, 

7/15/2027

a

17,931

46,000

6.625%, 

6/15/2029

a

47,013

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Capital

Goods  1.2%

-

continued

Honeywell

International,

Inc.

$

78,000

5.250%, 

3/1/2054

$

73,168

Howmet

Aerospace,

Inc.

63,000

6.750%, 

1/15/2028

66,372

Huntington

Ingalls

Industries,

Inc.

56,000

4.200%, 

5/1/2030

53,235

Ingersoll

Rand,

Inc.

65,000

5.176%, 

6/15/2029

65,612

20,000

5.700%, 

8/14/2033

20,465

JBT

Marel

Corporation,

Convertible

96,000

0.250%, 

5/15/2026

98,678

John

Deere

Capital

Corporation

74,000

4.400%, 

9/8/2031

71,911

41,000

3.900%, 

6/7/2032

38,150

21,000

5.150%, 

9/8/2033

21,177

L3Harris

Technologies,

Inc.

42,000

5.400%, 

1/15/2027

42,547

Lockheed

Martin

Corporation

53,000

5.200%, 

2/15/2064

48,564

Martin

Marietta

Materials,

Inc.

30,000

5.150%, 

12/1/2034

29,417

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

17,000

6.750%, 

4/1/2032

a

17,205

MIWD

Holdco

II,

LLC

24,000

5.500%, 

2/1/2030

a

22,846

Mueller

Water

Products,

Inc.

47,000

4.000%, 

6/15/2029

a

43,881

Nesco

Holdings

II,

Inc.

70,000

5.500%, 

4/15/2029

a

66,162

New

Enterprise

Stone

and

Lime

Company,

Inc.

82,000

5.250%, 

7/15/2028

a

80,051

Northrop

Grumman

Corporation

77,000

5.200%, 

6/1/2054

71,211

20,000

4.700%, 

3/15/2033

19,401

OI

European

Group

BV

57,000

4.750%, 

2/15/2030

a

51,795

Otis

Worldwide

Corporation

64,000

2.056%, 

4/5/2025

63,755

Owens-Brockway

Glass

Container,

Inc.

45,000

6.625%, 

5/13/2027

a

45,148

23,000

7.375%, 

6/1/2032

a

22,091

Parker-Hannifin

Corporation

28,000

4.250%, 

9/15/2027

27,736

Patrick

Industries,

Inc.,

Convertible

58,000

1.750%, 

12/1/2028

89,740

Quikrete

Holdings,

Inc.

96,000

6.375%, 

3/1/2032

a,c

96,239

Republic

Services,

Inc.

42,000

5.000%, 

12/15/2033

41,284

Resideo

Funding,

Inc.

58,000

6.500%, 

7/15/2032

a

58,526

Reworld

Holding

Corporation

25,000

4.875%, 

12/1/2029

a

23,282

Roller

Bearing

Company

of

America,

Inc.

64,000

4.375%, 

10/15/2029

a

60,200

RTX

Corporation

60,000

5.750%, 

1/15/2029

62,026

162,000

4.500%, 

6/1/2042

140,839

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Capital

Goods  1.2%

-

continued

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

$

44,000

6.125%, 

2/1/2028

a

$

44,399

Smyrna

Ready

Mix

Concrete,

LLC

77,000

8.875%, 

11/15/2031

a

82,086

Spirit

AeroSystems,

Inc.

25,000

3.850%, 

6/15/2026

24,565

31,000

4.600%, 

6/15/2028

29,886

15,000

9.750%, 

11/15/2030

a

16,595

SRM

Escrow

Issuer,

LLC

24,000

6.000%, 

11/1/2028

a

23,793

Standard

Building

Solutions,

Inc.

27,000

6.500%, 

8/15/2032

a

27,268

Standard

Industries,

Inc./NY

28,000

4.750%, 

1/15/2028

a

27,241

28,000

3.375%, 

1/15/2031

a

24,511

Textron,

Inc.

56,000

3.650%, 

3/15/2027

54,666

TopBuild

Corporation

17,000

4.125%, 

2/15/2032

a

15,207

Trane

Technologies

Financing,

Ltd.

64,000

5.100%, 

6/13/2034

63,506

TransDigm,

Inc.

24,000

6.750%, 

8/15/2028

a

24,425

93,000

7.125%, 

12/1/2031

a

96,034

78,000

6.625%, 

3/1/2032

a

79,332

64,000

6.000%, 

1/15/2033

a

63,153

Trivium

Packaging

Finance

41,000

5.500%, 

8/15/2026

a

40,795

United

Rentals

North

America,

Inc.

70,000

4.875%, 

1/15/2028

69,032

85,000

4.000%, 

7/15/2030

78,691

Veralto

Corporation

38,000

5.350%, 

9/18/2028

38,621

Waste

Connections,

Inc.

20,000

3.200%, 

6/1/2032

17,602

Waste

Pro

USA,

Inc.

55,000

7.000%, 

2/1/2033

a

55,612

WESCO

Distribution,

Inc.

24,000

7.250%, 

6/15/2028

a

24,455

28,000

6.375%, 

3/15/2029

a

28,524

19,000

6.625%, 

3/15/2032

a

19,426

Total

4,803,876

Collateralized

Mortgage

Obligations  5.4%

A&D

Mortgage

Trust

194,464

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,e

196,860

432,143

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

a,e

435,989

388,633

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

386,642

ACRA

Trust

394,154

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,e

393,115

Banc

of

America

Alternative

Loan

Trust

225,750

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

196,873

Banc

of

America

Mortgage

Securities

Trust

20,692

5.775%, 

9/25/2035,

Ser.

2005-H,

Class

2A1

b

18,087

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Collateralized

Mortgage

Obligations  5.4%

-

continued

$

53,223

6.404%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

$

49,950

CAFL

Issuer,

LLC

420,297

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a,e

417,621

CHL

Mortgage

Pass-Through

Trust

24,624

6.744%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

23,812

153,452

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

66,109

CHNGE

Mortgage

Trust

187,439

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

177,376

233,787

5.000%, 

5/25/2067,

Ser.

2022-3,

Class

A1

a,b

230,707

234,984

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,e

236,529

366,767

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,e

365,479

220,646

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,e

223,186

381,232

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

a,e

379,951

CIM

Trust

385,259

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

a,e

387,942

Citigroup

Mortgage

Loan

Trust,

Inc.

82,966

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

80,068

137,304

5.251%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

121,714

COLT

Mortgage

Loan

Trust

311,016

6.328%, 

12/25/2068,

Ser.

2024-INV1,

Class

A2

a,e

313,213

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

223,422

5.190%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

181,595

CSMC

Trust

253,892

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,b

253,736

196,933

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

165,724

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

110,600

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

98,076

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

679,437

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

658,157

356,016

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

281,633

400,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

386,967

74,958

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

h

1,392

214,155

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

h

17,609

182,993

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

h

7,563

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Collateralized

Mortgage

Obligations  5.4%

-

continued

Federal

Home

Loan

Mortgage

Corporation

STRIPS

$

317,118

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

h

$

30,628

Federal

National

Mortgage

Association

-

REMIC

450,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

411,693

328,017

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

321,827

116,384

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

h

2,476

92,983

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

h

1,890

90,925

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

h

1,092

279,923

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

h

6,897

217,028

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

h

5,029

79,276

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

h

1,799

184,588

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

h

3,917

149,627

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

h

3,471

132,857

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

h

3,584

46,647

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

h

350

205,975

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

h

15,509

Flagstar

Mortgage

Trust

132,510

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

117,014

GCAT

Trust

632,615

6.500%, 

1/25/2054,

Ser.

2024-INV1,

Class

2A2

a,b

643,457

272,913

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

250,415

551,708

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

551,601

GMAC

Mortgage

Corporation

Loan

Trust

91,916

3.863%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

78,249

GMACM

Mortgage

Loan

Trust

46,250

3.666%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

39,861

GS

Mortgage-Backed

Securities

Trust

538,534

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

536,346

Home

RE,

Ltd.

350,000

8.951%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

363,102

275,563

7.851%, 

(SOFR30A

+

3.500%),

10/25/2034,

Ser.

2022-1,

Class

M1B

a,b

277,170

IndyMac

INDA

Mortgage

Loan

Trust

466,144

3.809%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

362,446

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Collateralized

Mortgage

Obligations  5.4%

-

continued

J.P.

Morgan

Alternative

Loan

Trust

$

57,997

4.975%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

b

$

43,412

J.P.

Morgan

Mortgage

Trust

183,113

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

154,928

447,967

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

440,808

68,941

5.373%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

48,847

LHOME

Mortgage

Trust

350,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,e

355,302

300,000

7.017%, 

1/25/2029,

Ser.

2024-RTL1,

Class

A1

a,e

303,370

500,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,e

507,026

200,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,e

202,650

500,000

5.921%, 

7/25/2039,

Ser.

2024-RTL4,

Class

A1

a,e

501,968

Merrill

Lynch

Alternative

Note

Asset

Trust

248,085

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

85,134

MFA

Trust

250,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,e

251,631

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

522,772

4.885%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

457,630

NYMT

Loan

Trust

250,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,e

252,713

300,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,e

302,489

PMT

Loan

Trust

300,000

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

a,b

301,359

Pretium

Mortgage

Credit

Partners,

LLC

150,000

8.956%, 

10/25/2054,

Ser.

2024-NPL7,

Class

A2

a,e

150,105

PRKCM

Trust

340,966

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

343,299

279,876

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,e

285,545

PRPM,

LLC

297,934

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,e

289,380

300,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,e

277,171

261,570

7.026%, 

3/25/2029,

Ser.

2024-2,

Class

A1

a,e

263,248

468,544

5.689%, 

9/25/2029,

Ser.

2024-5,

Class

A1

a,e

467,045

485,847

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,e

486,305

300,000

8.835%, 

12/25/2029,

Ser.

2024-7,

Class

A2

a,e

300,007

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Collateralized

Mortgage

Obligations  5.4%

-

continued

Radnor

Re,

Ltd.

$

550,000

7.251%, 

(SOFR30A

+

2.900%),

9/25/2034,

Ser.

2024-1,

Class

M1B

a,b

$

555,556

Residential

Accredit

Loans,

Inc.

Trust

72,217

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

62,138

58,767

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

45,369

Residential

Asset

Securitization

Trust

85,168

4.971%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

80,148

Residential

Funding

Mortgage

Security

I

Trust

137,231

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

107,549

Roc

Mortgage

Trust

127,631

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

127,631

400,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,e

397,996

Saluda

Grade

Alternative

Mortgage

Trust

300,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

a,e

303,025

650,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,e

655,051

Structured

Adjustable

Rate

Mortgage

Loan

Trust

45,742

5.166%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

38,750

Toorak

Mortgage

Trust

400,000

7.333%, 

2/25/2031,

Ser.

2024-1,

Class

A1

a,e

403,420

Triangle

Re,

Ltd.

382,460

7.751%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

388,057

TVC

Mortgage

Trust

300,000

8.250%, 

11/25/2027,

Ser.

2023-RTL1,

Class

A1

a,e

302,821

550,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,e

547,631

Verus

Securitization

Trust

233,971

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

206,487

467,460

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

a,e

469,482

Total

22,545,981

Commercial

Mortgage-Backed

Securities  0.4%

BANK

2018-BNK12

600,000

4.342%, 

5/15/2061,

Ser.

2018-BN12,

Class

AS

b

575,076

BBCMS

Mortgage

Trust

2,238,486

1.152%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,h

157,123

Silver

Hill

Trust

19,790

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,b

19,347

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Commercial

Mortgage-Backed

Securities  0.4%

-

continued

Velocity

Commercial

Capital

Loan

Trust

$

266,065

6.550%, 

1/25/2054,

Ser.

2024-1,

Class

A

a,b

$

268,381

271,692

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

274,347

310,567

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

a,b

317,557

Total

1,611,831

Communications

Services  1.4%

AMC

Networks,

Inc.

14,000

10.250%, 

1/15/2029

a

14,945

American

Tower

Corporation

75,000

4.400%, 

2/15/2026

74,665

40,000

1.450%, 

9/15/2026

37,957

62,000

5.500%, 

3/15/2028

63,045

40,000

5.800%, 

11/15/2028

41,148

56,000

3.800%, 

8/15/2029

53,098

36,000

5.000%, 

1/31/2030

35,832

AppLovin

Corporation

58,000

5.500%, 

12/1/2034

57,756

AT&T,

Inc.

64,000

5.700%, 

3/1/2057

61,388

198,000

3.550%, 

9/15/2055

132,895

118,000

4.300%, 

2/15/2030

114,542

40,000

5.400%, 

2/15/2034

40,210

Bell

Telephone

Company

of

Canada

39,000

5.100%, 

5/11/2033

37,924

Cable

One,

Inc.,

Convertible

54,000

1.125%, 

3/15/2028

g

44,518

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

195,000

5.125%, 

5/1/2027

a

191,398

12,000

5.000%, 

2/1/2028

a

11,681

46,000

5.375%, 

6/1/2029

a

44,457

56,000

4.250%, 

2/1/2031

a

49,679

203,000

4.750%, 

2/1/2032

a

180,639

57,000

4.250%, 

1/15/2034

a,g

46,567

CenterPoint

Energy,

Inc.,

Convertible

3,211

3.369%, 

9/15/2029

130,559

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

142,000

4.200%, 

3/15/2028

137,778

56,000

5.050%, 

3/30/2029

55,063

63,000

6.550%, 

6/1/2034

64,436

Clear

Channel

Outdoor

Holdings,

Inc.

65,000

7.875%, 

4/1/2030

a

67,265

Clear

Channel

Worldwide

Holdings,

Inc.

48,000

5.125%, 

8/15/2027

a

46,758

Comcast

Corporation

117,000

5.650%, 

6/1/2054

112,406

138,000

3.400%, 

4/1/2030

128,384

Crown

Castle,

Inc.

62,000

2.900%, 

3/15/2027

59,656

24,000

4.900%, 

9/1/2029

23,856

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Communications

Services  1.4%

-

continued

Deluxe

Corporation

$

57,000

8.125%, 

9/15/2029

a

$

58,625

Deutsche

Telekom

International

Finance

BV

132,000

8.750%, 

6/15/2030

153,622

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

163,000

5.875%, 

8/15/2027

a

161,417

FiberCop

SPA

66,000

6.000%, 

9/30/2034

a

63,286

Frontier

Communications

Holdings,

LLC

86,000

5.875%, 

10/15/2027

a

86,025

GCI,

LLC

70,000

4.750%, 

10/15/2028

a

66,040

Gray

Media,

Inc.

25,000

10.500%, 

7/15/2029

a

26,171

Iliad

Holding

SASU

74,000

8.500%, 

4/15/2031

a

79,464

40,000

7.000%, 

4/15/2032

a

40,558

Intelsat

Jackson

Holdings

SA

72,000

6.500%, 

3/15/2030

a

65,047

Lamar

Media

Corporation

38,000

3.625%, 

1/15/2031

33,935

LCPR

Senior

Secured

Financing

DAC

112,000

6.750%, 

10/15/2027

a

102,501

Level

3

Financing,

Inc.

13,000

3.625%, 

1/15/2029

a

10,010

27,212

10.500%, 

4/15/2029

a

30,481

27,212

11.000%, 

11/15/2029

a

30,850

34,000

10.500%, 

5/15/2030

a

37,050

McGraw-Hill

Education,

Inc.

83,000

5.750%, 

8/1/2028

a

81,696

Meta

Platforms,

Inc.

73,000

5.550%, 

8/15/2064

70,906

41,000

3.850%, 

8/15/2032

38,184

70,000

4.750%, 

8/15/2034

68,332

Nexstar

Media,

Inc.

34,000

5.625%, 

7/15/2027

a

33,534

38,000

4.750%, 

11/1/2028

a

35,832

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

7,000

4.625%, 

3/15/2030

a,g

6,507

Paramount

Global

99,000

6.375%, 

3/30/2062

b

96,503

Playtika

Holding

Corporation

55,000

4.250%, 

3/15/2029

a

50,726

Rogers

Communications,

Inc.

45,000

5.250%, 

3/15/2082

a,b

44,083

59,000

5.000%, 

2/15/2029

58,692

96,000

5.300%, 

2/15/2034

93,116

Sinclair

Television

Group,

Inc.

12,000

8.125%, 

2/15/2033

a,c

12,067

Sirius

XM

Radio,

LLC

125,000

5.000%, 

8/1/2027

a

122,745

40,000

4.000%, 

7/15/2028

a

37,404

Sprint

Capital

Corporation

124,000

6.875%, 

11/15/2028

131,555

60,000

8.750%, 

3/15/2032

71,683

Take-Two

Interactive

Software,

Inc.

51,000

5.600%, 

6/12/2034

51,296

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Communications

Services  1.4%

-

continued

TEGNA,

Inc.

$

87,000

4.625%, 

3/15/2028

$

83,328

T-Mobile

USA,

Inc.

39,000

5.500%, 

1/15/2055

36,917

72,000

5.250%, 

6/15/2055

65,552

75,000

3.375%, 

4/15/2029

70,269

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

84,000

4.750%, 

4/15/2028

a

79,782

30,000

6.500%, 

2/15/2029

a

27,369

Univision

Communications,

Inc.

11,000

8.000%, 

8/15/2028

a

11,245

92,000

4.500%, 

5/1/2029

a

83,779

42,000

7.375%, 

6/30/2030

a

41,440

25,000

8.500%, 

7/31/2031

a

25,110

Verizon

Communications,

Inc.

45,000

5.500%, 

2/23/2054

43,142

56,000

3.150%, 

3/22/2030

51,416

93,000

2.355%, 

3/15/2032

77,365

70,000

4.780%, 

2/15/2035

a

66,744

Viasat,

Inc.

25,000

5.625%, 

4/15/2027

a,g

24,281

Virgin

Media

Finance

plc

33,000

5.000%, 

7/15/2030

a

28,736

Virgin

Media

Secured

Finance

plc

71,000

5.500%, 

5/15/2029

a

67,980

VMED

O2

UK

Financing

I

plc

33,000

4.750%, 

7/15/2031

a

28,994

29,000

7.750%, 

4/15/2032

a

29,396

Vodafone

Group

plc

42,000

5.125%, 

6/4/2081

b

32,430

37,000

5.875%, 

6/28/2064

35,563

69,000

7.000%, 

4/4/2079

b

71,805

VZ

Secured

Financing

BV

89,000

5.000%, 

1/15/2032

a

79,521

Warnermedia

Holdings,

Inc.

139,000

4.054%, 

3/15/2029

130,493

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

33,000

8.250%, 

10/1/2031

a

34,156

Zegona

Finance

plc

29,000

8.625%, 

7/15/2029

a

30,957

Ziggo

Bond

Company

BV

33,000

5.125%, 

2/28/2030

a

30,012

Ziggo

BV

30,000

4.875%, 

1/15/2030

a

28,102

Total

5,726,332

Consumer

Cyclical  2.0%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

39,000

4.375%, 

1/15/2028

a

37,508

60,000

5.625%, 

9/15/2029

a

59,745

Adient

Global

Holdings,

Ltd.

16,000

8.250%, 

4/15/2031

a,g

16,594

26,000

7.500%, 

2/15/2033

a

26,347

Alimentation

Couche-Tard,

Inc.

64,000

5.617%, 

2/12/2054

a

60,633

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Consumer

Cyclical  2.0%

-

continued

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

$

93,000

4.625%, 

6/1/2028

a

$

88,785

45,000

4.625%, 

6/1/2028

a

42,904

Allison

Transmission,

Inc.

19,000

3.750%, 

1/30/2031

a

16,955

Amazon.com,

Inc.

32,000

1.500%, 

6/3/2030

27,254

American

Axle

&

Manufacturing,

Inc.

78,000

5.000%, 

10/1/2029

g

71,557

American

Honda

Finance

Corporation

85,000

5.050%, 

7/10/2031

84,741

60,000

4.900%, 

1/10/2034

57,899

Anywhere

Real

Estate

Group,

LLC/Anywhere

Co-Issuer

Corporation

15,000

7.000%, 

4/15/2030

a,g

13,762

Arko

Corporation

40,000

5.125%, 

11/15/2029

a

36,905

Asbury

Automotive

Group,

Inc.

47,000

5.000%, 

2/15/2032

a

43,976

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

40,000

4.625%, 

8/1/2029

a

37,042

31,000

4.625%, 

4/1/2030

a

28,550

Aston

Martin

Capital

Holdings,

Ltd.

43,000

10.000%, 

3/31/2029

a

42,676

Bath

&

Body

Works,

Inc.

20,000

6.950%, 

3/1/2033

20,315

Beazer

Homes

USA,

Inc.

47,000

7.500%, 

3/15/2031

a

47,391

Belron

UK

Finance

plc

20,000

5.750%, 

10/15/2029

a

19,820

Best

Buy

Company,

Inc.

37,000

1.950%, 

10/1/2030

31,351

Booking

Holdings,

Inc.,

Convertible

61,000

0.750%, 

5/1/2025

153,675

Boyd

Gaming

Corporation

65,000

4.750%, 

6/15/2031

a

60,643

Boyne

USA,

Inc.

45,000

4.750%, 

5/15/2029

a

42,777

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

42,000

4.875%, 

2/15/2030

a

38,422

Burlington

Stores,

Inc.,

Convertible

42,000

2.250%, 

4/15/2025

54,327

61,000

1.250%, 

12/15/2027

91,012

Caesars

Entertainment,

Inc.

108,000

4.625%, 

10/15/2029

a

101,959

33,000

6.500%, 

2/15/2032

a

33,411

27,000

6.000%, 

10/15/2032

a,g

26,259

Carnival

Corporation

79,000

7.625%, 

3/1/2026

a

79,137

110,000

5.750%, 

3/1/2027

a

110,230

66,000

4.000%, 

8/1/2028

a

62,992

16,000

6.000%, 

5/1/2029

a

16,031

Carnival

Corporation,

Convertible

137,000

5.750%, 

12/1/2027

300,852

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Consumer

Cyclical  2.0%

-

continued

Carvana

Company

$

9,454

0.000%,PIK

12.000%,

12/1/2028

a,i

$

10,184

Cedar

Fair,

LP/Canada's

Wonderland

Company/Magnum

Management

Corporation/

Millennium

Operations,

LLC

14,000

5.375%, 

4/15/2027

13,939

65,000

5.250%, 

7/15/2029

62,675

Churchill

Downs,

Inc.

40,000

4.750%, 

1/15/2028

a

38,976

34,000

6.750%, 

5/1/2031

a

34,577

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

33,000

6.750%, 

5/15/2028

a

33,618

51,000

6.750%, 

2/15/2030

a

51,800

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

20,000

0.625%, 

6/15/2026

g

19,100

Crocs,

Inc.

28,000

4.250%, 

3/15/2029

a

26,041

Cushman

&

Wakefield

US

Borrower,

LLC

14,000

6.750%, 

5/15/2028

a

14,116

Dana,

Inc.

27,000

5.625%, 

6/15/2028

26,818

40,000

4.500%, 

2/15/2032

g

37,674

eG

Global

Finance

plc

14,000

12.000%, 

11/30/2028

a

15,695

Expedia

Group,

Inc.

65,000

3.250%, 

2/15/2030

59,970

Expedia

Group,

Inc.,

Convertible

82,000

Zero

Coupon, 

2/15/2026

80,230

Ford

Motor

Company,

Convertible

147,000

Zero

Coupon, 

3/15/2026

143,325

Ford

Motor

Credit

Company,

LLC

71,000

2.900%, 

2/10/2029

63,938

67,000

7.122%, 

11/7/2033

70,079

Forestar

Group,

Inc.

28,000

3.850%, 

5/15/2026

a

27,352

Gap,

Inc.

20,000

3.625%, 

10/1/2029

a

18,193

42,000

3.875%, 

10/1/2031

a

36,836

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

40,000

7.750%, 

5/31/2032

a

40,753

General

Motors

Financial

Company,

Inc.

139,000

2.900%, 

2/26/2025

138,815

29,000

2.750%, 

6/20/2025

28,777

64,000

5.800%, 

6/23/2028

65,381

47,000

5.800%, 

1/7/2029

47,871

75,000

4.900%, 

10/6/2029

73,768

27,000

5.750%, 

2/8/2031

27,376

90,000

5.950%, 

4/4/2034

90,258

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

27,000

8.750%, 

1/15/2032

a

23,888

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

27,000

3.500%, 

3/1/2029

a

24,956

Goodyear

Tire

&

Rubber

Company

27,000

4.875%, 

3/15/2027

26,482

25,000

5.000%, 

7/15/2029

23,323

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Consumer

Cyclical  2.0%

-

continued

Hanesbrands,

Inc.

$

31,000

4.875%, 

5/15/2026

a

$

30,754

10,000

9.000%, 

2/15/2031

a,g

10,685

Harley-Davidson

Financial

Services,

Inc.

59,000

5.950%, 

6/11/2029

a

59,396

Hilton

Domestic

Operating

Company,

Inc.

83,000

4.875%, 

1/15/2030

80,383

14,000

4.000%, 

5/1/2031

a

12,762

80,000

3.625%, 

2/15/2032

a

70,343

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

97,000

5.000%, 

6/1/2029

a

92,408

Home

Depot,

Inc.

36,000

5.300%, 

6/25/2054

34,248

36,000

5.400%, 

6/25/2064

34,433

61,000

3.250%, 

4/15/2032

54,629

Hyundai

Capital

America

56,000

3.000%, 

2/10/2027

a

53,968

39,000

6.500%, 

1/16/2029

a

40,816

International

Game

Technology

plc

67,000

5.250%, 

1/15/2029

a

65,929

Jacobs

Entertainment,

Inc.

35,000

6.750%, 

2/15/2029

a

34,387

Jaguar

Land

Rover

Automotive

plc

33,000

5.500%, 

7/15/2029

a

32,462

K

Hovnanian

Enterprises,

Inc.

22,000

11.750%, 

9/30/2029

a

23,916

KB

Home

55,000

4.800%, 

11/15/2029

52,746

36,000

4.000%, 

6/15/2031

32,241

L

Brands,

Inc.

135,000

6.625%, 

10/1/2030

a

137,450

35,000

6.875%, 

11/1/2035

36,117

Las

Vegas

Sands

Corporation

40,000

5.900%, 

6/1/2027

40,544

Life

Time,

Inc.

35,000

6.000%, 

11/15/2031

a

35,006

Light

&

Wonder

International,

Inc.

17,000

7.250%, 

11/15/2029

a

17,537

Live

Nation

Entertainment,

Inc.

30,000

4.750%, 

10/15/2027

a

29,404

Live

Nation

Entertainment,

Inc.,

Convertible

113,000

3.125%, 

1/15/2029

g

167,308

116,000

2.875%, 

1/15/2030

a

120,756

Lowe's

Companies,

Inc.

93,000

4.500%, 

4/15/2030

91,510

Macy's

Retail

Holdings,

LLC

26,000

5.875%, 

4/1/2029

a,g

25,470

27,000

6.125%, 

3/15/2032

a,g

25,535

Marriott

International,

Inc./MD

42,000

4.900%, 

4/15/2029

41,978

57,000

4.625%, 

6/15/2030

55,891

Marriott

Vacations

Worldwide

Corporation,

Convertible

67,000

Zero

Coupon, 

1/15/2026

64,112

160,000

3.250%, 

12/15/2027

149,680

Match

Group

Holdings

II,

LLC

26,000

4.125%, 

8/1/2030

a

23,486

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Consumer

Cyclical  2.0%

-

continued

Mattamy

Group

Corporation

$

51,000

5.250%, 

12/15/2027

a

$

49,966

McDonald's

Corporation

39,000

4.950%, 

8/14/2033

38,725

Melco

Resorts

Finance,

Ltd.

75,000

5.375%, 

12/4/2029

a

69,132

70,000

7.625%, 

4/17/2032

a

69,880

Meritage

Homes

Corporation,

Convertible

58,000

1.750%, 

5/15/2028

a

58,116

Michaels

Companies,

Inc.

40,000

5.250%, 

5/1/2028

a

31,106

NCL

Corporation,

Ltd.

5,000

5.875%, 

3/15/2026

a

5,018

73,000

5.875%, 

2/15/2027

a

73,335

54,000

6.750%, 

2/1/2032

a

54,843

Nordstrom,

Inc.

38,000

4.250%, 

8/1/2031

g

33,513

PENN

Entertainment,

Inc.

70,000

4.125%, 

7/1/2029

a,g

63,766

PetSmart,

Inc./PetSmart

Finance

Corporation

82,000

4.750%, 

2/15/2028

a

78,590

25,000

7.750%, 

2/15/2029

a

24,919

Phinia,

Inc.

36,000

6.625%, 

10/15/2032

a

36,074

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

32,000

5.750%, 

4/15/2026

a

32,077

QVC,

Inc.

17,000

6.875%, 

4/15/2029

a

14,175

Rakuten

Group,

Inc.

41,000

11.250%, 

2/15/2027

a

44,814

47,000

9.750%, 

4/15/2029

a

51,333

Raven

Acquisition

Holdings,

LLC

25,000

6.875%, 

11/15/2031

a

24,942

Royal

Caribbean

Cruises,

Ltd.

123,000

4.250%, 

7/1/2026

a

121,310

17,000

5.625%, 

9/30/2031

a

16,874

S&S

Holdings,

LLC

46,000

8.375%, 

10/1/2031

a

46,159

Saks

Global

Enterprises,

LLC

59,000

11.000%, 

12/15/2029

a

56,499

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

20,000

6.625%, 

3/1/2030

a

19,473

SeaWorld

Parks

and

Entertainment,

Inc.

65,000

5.250%, 

8/15/2029

a

62,817

Service

Corporation

International/

US

27,000

3.375%, 

8/15/2030

23,961

38,000

5.750%, 

10/15/2032

37,339

Six

Flags

Entertainment

Corporation

14,000

7.250%, 

5/15/2031

a

14,422

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc.

14,000

6.625%, 

5/1/2032

a

14,303

Six

Flags

Theme

Parks,

Inc.

13,000

7.000%, 

7/1/2025

a,g

13,020

Sonic

Automotive,

Inc.

35,000

4.875%, 

11/15/2031

a

32,279

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Consumer

Cyclical  2.0%

-

continued

Staples,

Inc.

$

57,000

10.750%, 

9/1/2029

a

$

55,863

Station

Casinos,

LLC

47,000

4.625%, 

12/1/2031

a

42,666

Tenneco,

Inc.

52,000

8.000%, 

11/17/2028

a

49,636

Toyota

Motor

Credit

Corporation

39,000

5.550%, 

11/20/2030

40,314

39,000

4.800%, 

1/5/2034

37,942

80,000

5.350%, 

1/9/2035

80,419

Tractor

Supply

Company

40,000

5.250%, 

5/15/2033

39,950

Uber

Technologies,

Inc.

51,000

5.350%, 

9/15/2054

47,159

60,000

4.800%, 

9/15/2034

57,448

Uber

Technologies,

Inc.,

Convertible

80,000

Zero

Coupon, 

12/15/2025

83,227

132,000

0.875%, 

12/1/2028

153,120

Vail

Resorts,

Inc.,

Convertible

83,000

Zero

Coupon, 

1/1/2026

79,058

VICI

Properties,

LP/VICI

Note

Company,

Inc.

140,000

5.750%, 

2/1/2027

a

141,304

Victoria's

Secret

&

Company

73,000

4.625%, 

7/15/2029

a,g

67,063

Viking

Cruises,

Ltd.

139,000

5.875%, 

9/15/2027

a

138,741

Volkswagen

Group

of

America

Finance,

LLC

14,000

3.350%, 

5/13/2025

a

13,944

Walgreens

Boots

Alliance,

Inc.

48,000

3.200%, 

4/15/2030

39,864

WASH

Multifamily

Acquisition,

Inc.

42,000

5.750%, 

4/15/2026

a

41,977

Wyndham

Hotels

&

Resorts,

Inc.

47,000

4.375%, 

8/15/2028

a

45,157

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

65,000

7.125%, 

2/15/2031

a

67,966

Yum!

Brands,

Inc.

74,000

4.750%, 

1/15/2030

a

71,042

ZF

North

America

Capital,

Inc.

47,000

7.125%, 

4/14/2030

a

46,999

25,000

6.750%, 

4/23/2030

a

24,565

Total

8,237,715

Consumer

Non-Cyclical  2.0%

1375209

B.C.,

Ltd.

27,000

9.000%, 

1/30/2028

a

27,039

AbbVie,

Inc.

98,000

5.500%, 

3/15/2064

94,171

112,000

4.500%, 

5/14/2035

105,310

59,000

5.350%, 

3/15/2044

57,765

Acadia

Healthcare

Company,

Inc.

37,000

5.000%, 

4/15/2029

a

35,183

AdaptHealth,

LLC

118,000

4.625%, 

8/1/2029

a

108,463

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

88,000

4.625%, 

1/15/2027

a

86,434

91,000

3.500%, 

3/15/2029

a

83,714

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Consumer

Non-Cyclical  2.0%

-

continued

Altria

Group,

Inc.

$

39,000

6.200%, 

11/1/2028

$

40,594

Amgen,

Inc.

57,000

5.150%, 

3/2/2028

57,644

Anheuser-Busch

InBev

Worldwide,

Inc.

117,000

5.000%, 

6/15/2034

115,366

ANI

Pharmaceuticals,

Inc.,

Convertible

69,000

2.250%, 

9/1/2029

a

71,335

AstraZeneca

Finance,

LLC

87,000

1.750%, 

5/28/2028

79,364

58,000

5.000%, 

2/26/2034

57,412

BAT

Capital

Corporation

44,000

6.343%, 

8/2/2030

46,472

40,000

7.750%, 

10/19/2032

45,387

Bausch

+

Lomb

Corporation

16,000

8.375%, 

10/1/2028

a

16,751

Bausch

Health

Companies,

Inc.

53,000

5.500%, 

11/1/2025

a

52,006

56,000

4.875%, 

6/1/2028

a,g

45,368

30,000

11.000%, 

9/30/2028

a

27,979

Becton,

Dickinson

and

Company

44,000

4.693%, 

2/13/2028

43,937

56,000

2.823%, 

5/20/2030

50,307

BellRing

Brands,

Inc.

48,000

7.000%, 

3/15/2030

a

49,755

BioMarin

Pharmaceutical,

Inc.,

Convertible

107,000

1.250%, 

5/15/2027

98,746

Bio-Rad

Laboratories,

Inc.

62,000

3.300%, 

3/15/2027

60,139

Bristol-Myers

Squibb

Company

78,000

5.550%, 

2/22/2054

75,718

39,000

5.750%, 

2/1/2031

40,721

19,000

5.900%, 

11/15/2033

19,976

Bunge,

Ltd.

Finance

Corporation

21,000

4.650%, 

9/17/2034

19,896

Campbell's

Company

124,000

5.400%, 

3/21/2034

123,545

Cargill,

Inc.

84,000

2.125%, 

11/10/2031

a

70,361

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

22,000

9.500%, 

10/15/2029

a

21,912

Cencora,

Inc.

44,000

5.150%, 

2/15/2035

42,976

Central

Garden

&

Pet

Company

33,000

4.125%, 

10/15/2030

30,003

Champ

Acquisition

Corporation

20,000

8.375%, 

12/1/2031

a

20,829

Charles

River

Laboratories

International,

Inc.

33,000

4.000%, 

3/15/2031

a

29,666

Chefs'

Warehouse,

Inc.,

Convertible

104,000

2.375%, 

12/15/2028

141,303

CHS/Community

Health

Systems,

Inc.

63,000

5.625%, 

3/15/2027

a

61,170

22,000

8.000%, 

12/15/2027

a

21,859

36,000

4.750%, 

2/15/2031

a

29,377

40,000

10.875%, 

1/15/2032

a

41,199

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Consumer

Non-Cyclical  2.0%

-

continued

Cigna

Group

$

39,000

5.600%, 

2/15/2054

$

36,568

49,000

2.400%, 

3/15/2030

43,170

Coca-Cola

Company

39,000

5.300%, 

5/13/2054

37,585

Concentra

Escrow

Issuer

Corporation

24,000

6.875%, 

7/15/2032

a

24,817

Constellation

Brands,

Inc.

39,000

4.800%, 

1/15/2029

38,760

75,000

3.150%, 

8/1/2029

69,290

27,000

4.900%, 

5/1/2033

25,942

CVS

Health

Corporation

41,000

7.000%, 

3/10/2055

b

41,413

78,000

6.050%, 

6/1/2054

74,285

31,000

6.750%, 

12/10/2054

b

30,649

43,000

5.000%, 

2/20/2026

43,076

30,000

4.300%, 

3/25/2028

29,293

117,000

4.780%, 

3/25/2038

102,767

125,000

6.000%, 

6/1/2044

119,948

DaVita,

Inc.

28,000

3.750%, 

2/15/2031

a

24,640

43,000

6.875%, 

9/1/2032

a

43,604

Diageo

Capital

plc

42,000

2.000%, 

4/29/2030

36,492

70,000

5.625%, 

10/5/2033

71,927

Edgewell

Personal

Care

Company

50,000

5.500%, 

6/1/2028

a

49,297

Eli

Lilly

&

Company

78,000

5.000%, 

2/9/2054

71,685

80,000

4.700%, 

2/27/2033

78,679

Embecta

Corporation

29,000

5.000%, 

2/15/2030

a

26,965

21,000

6.750%, 

2/15/2030

a

20,057

Encompass

Health

Corporation

38,000

4.500%, 

2/1/2028

37,094

Endo

Finance

Holdings,

Inc.

27,000

8.500%, 

4/15/2031

a,g

28,881

Energizer

Holdings,

Inc.

40,000

4.750%, 

6/15/2028

a

38,420

24,000

4.375%, 

3/31/2029

a

22,438

Envista

Holdings

Corporation,

Convertible

8,000

2.375%, 

6/1/2025

g

8,640

53,000

1.750%, 

8/15/2028

47,965

Fortrea

Holdings,

Inc.

10,000

7.500%, 

7/1/2030

a,g

10,039

GE

HealthCare

Technologies,

Inc.

58,000

6.377%, 

11/22/2052

62,307

General

Mills,

Inc.

16,000

4.950%, 

3/29/2033

15,648

Gilead

Sciences,

Inc.

44,000

5.250%, 

10/15/2033

44,246

Grifols

SA

29,000

4.750%, 

10/15/2028

a

26,828

HCA,

Inc.

35,000

5.950%, 

9/15/2054

33,491

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

51,000

7.875%, 

9/1/2025

a

50,973

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

28,000

4.875%, 

6/1/2029

a

18,932

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Consumer

Non-Cyclical  2.0%

-

continued

Insulet

Corporation,

Convertible

$

212,000

0.375%, 

9/1/2026

$

280,792

Integer

Holdings

Corporation,

Convertible

114,000

2.125%, 

2/15/2028

193,914

Jazz

Investments

I,

Ltd.,

Convertible

154,000

2.000%, 

6/15/2026

157,465

130,000

3.125%, 

9/15/2030

a

140,725

Jazz

Securities

DAC

21,000

4.375%, 

1/15/2029

a

20,004

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

105,000

2.500%, 

1/15/2027

100,069

47,000

3.625%, 

1/15/2032

41,585

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

75,000

5.950%, 

4/20/2035

a

76,000

Johnson

&

Johnson

78,000

5.250%, 

6/1/2054

76,508

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

49,000

9.000%, 

2/15/2029

a

50,929

Keurig

Dr

Pepper,

Inc.

69,000

3.200%, 

5/1/2030

63,216

76,000

5.300%, 

3/15/2034

75,943

Kraft

Heinz

Foods

Company

41,000

6.750%, 

3/15/2032

44,513

Kroger

Company

37,000

4.500%, 

1/15/2029

36,587

Lamb

Weston

Holdings,

Inc.

26,000

4.375%, 

1/31/2032

a

23,656

LifePoint

Health,

Inc.

53,000

9.875%, 

8/15/2030

a

56,540

33,000

11.000%, 

10/15/2030

a

36,487

19,000

10.000%, 

6/1/2032

a

18,522

Mattel,

Inc.

122,000

3.375%, 

4/1/2026

a

119,692

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

29,000

6.250%, 

4/1/2029

a

29,468

Medtronic

Global

Holdings

SCA

41,000

4.500%, 

3/30/2033

39,476

Mozart

Debt

Merger

Sub,

Inc.

92,000

3.875%, 

4/1/2029

a

85,846

56,000

5.250%, 

10/1/2029

a

54,260

MPH

Acquisition

Holdings,

LLC

14,559

5.750%, 

12/31/2030

a

11,647

7,603

11.500%, 

12/31/2030

a

6,539

Newell

Brands,

Inc.

28,000

6.375%, 

9/15/2027

28,502

28,000

6.625%, 

9/15/2029

g

28,723

15,000

6.375%, 

5/15/2030

15,187

Novartis

Capital

Corporation

91,000

4.700%, 

9/18/2054

80,676

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

39,000

4.125%, 

4/30/2028

a

36,991

90,000

5.125%, 

4/30/2031

a

81,471

Owens

&

Minor,

Inc.

49,000

6.625%, 

4/1/2030

a,g

47,183

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Consumer

Non-Cyclical  2.0%

-

continued

PepsiCo,

Inc.

$

74,000

5.250%, 

7/17/2054

$

70,892

Performance

Food

Group,

Inc.

41,000

4.250%, 

8/1/2029

a

38,547

Perrigo

Finance

Unlimited

Company

46,000

4.900%, 

6/15/2030

43,374

22,000

6.125%, 

9/30/2032

21,574

Philip

Morris

International,

Inc.

80,000

4.875%, 

2/15/2028

80,422

40,000

5.625%, 

11/17/2029

41,266

39,000

5.125%, 

2/13/2031

39,199

40,000

5.750%, 

11/17/2032

41,248

59,000

5.250%, 

2/13/2034

58,562

34,000

4.900%, 

11/1/2034

32,798

Post

Holdings,

Inc.

41,000

4.625%, 

4/15/2030

a

38,138

51,000

4.500%, 

9/15/2031

a

46,114

33,000

6.250%, 

10/15/2034

a

32,158

Post

Holdings,

Inc.,

Convertible

207,000

2.500%, 

8/15/2027

231,322

Radiology

Partners,

Inc.

20,000

7.775%, 

1/31/2029

a

19,819

Roche

Holdings,

Inc.

57,000

5.218%, 

3/8/2054

a

54,370

59,000

2.076%, 

12/13/2031

a

49,310

Royalty

Pharma

plc

87,000

1.200%, 

9/2/2025

85,188

53,000

5.150%, 

9/2/2029

52,964

Select

Medical

Corporation

25,000

6.250%, 

12/1/2032

a

24,560

Simmons

Foods,

Inc.

71,000

4.625%, 

3/1/2029

a

66,170

Sotera

Health

Holdings,

LLC

29,000

7.375%, 

6/1/2031

a

29,528

Spectrum

Brands,

Inc.

6,000

3.875%, 

3/15/2031

a

5,136

Spectrum

Brands,

Inc.,

Convertible

120,000

3.375%, 

6/1/2029

a

117,300

Star

Parent,

Inc.

26,000

9.000%, 

10/1/2030

a

27,360

Stryker

Corporation

53,000

5.200%, 

2/10/2035

c

52,643

Surgery

Center

Holdings,

Inc.

24,000

7.250%, 

4/15/2032

a

23,940

Sysco

Corporation

37,000

5.950%, 

4/1/2030

38,474

Takeda

Pharmaceutical

Company,

Ltd.

102,000

5.650%, 

7/5/2054

98,751

87,000

5.000%, 

11/26/2028

87,505

Tenet

Healthcare

Corporation

142,000

5.125%, 

11/1/2027

140,459

40,000

4.375%, 

1/15/2030

37,422

67,000

6.750%, 

5/15/2031

68,566

Teva

Pharmaceutical

Finance

Netherlands

III

BV

33,000

3.150%, 

10/1/2026

31,976

Unilever

Capital

Corporation

50,000

5.000%, 

12/8/2033

49,988

US

Acute

Care

Solutions,

LLC

52,000

9.750%, 

5/15/2029

a

52,879

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Consumer

Non-Cyclical  2.0%

-

continued

Varex

Imaging

Corporation,

Convertible

$

79,000

4.000%, 

6/1/2025

$

78,919

Viterra

Finance

BV

80,000

3.200%, 

4/21/2031

a

70,159

Winnebago

Industries,

Inc.,

Convertible

56,000

3.250%, 

1/15/2030

a

51,240

Wyeth,

LLC

98,000

6.500%, 

2/1/2034

106,928

Zoetis,

Inc.

63,000

5.600%, 

11/16/2032

64,983

Total

8,495,230

Energy  1.5%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

22,000

7.500%, 

10/1/2029

a

22,563

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

56,000

5.375%, 

6/15/2029

a

54,749

APA

Corporation

59,000

4.375%, 

10/15/2028

a

57,245

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

30,000

6.250%, 

4/1/2028

a

30,148

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

56,000

8.250%, 

12/31/2028

a

57,153

28,000

5.875%, 

6/30/2029

a

27,551

Baytex

Energy

Corporation

55,000

8.500%, 

4/30/2030

a

56,664

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

45,000

7.000%, 

7/15/2029

a

46,225

BP

Capital

Markets

America,

Inc.

55,000

4.812%, 

2/13/2033

53,302

50,000

5.227%, 

11/17/2034

49,345

BP

Capital

Markets

plc

50,000

4.875%, 

3/22/2030

b,j

48,152

55,000

6.450%, 

12/1/2033

b,j

56,158

Buckeye

Partners,

LP

38,000

4.500%, 

3/1/2028

a

36,592

31,000

6.875%, 

7/1/2029

a

31,737

California

Resources

Corporation

34,000

8.250%, 

6/15/2029

a

34,955

Cheniere

Energy

Partners,

LP

38,000

4.500%, 

10/1/2029

36,842

39,000

3.250%, 

1/31/2032

33,835

62,000

5.950%, 

6/30/2033

63,352

Cheniere

Energy,

Inc.

34,000

5.650%, 

4/15/2034

33,989

Civitas

Resources,

Inc.

38,000

8.375%, 

7/1/2028

a

39,743

72,000

8.750%, 

7/1/2031

a

75,936

CNX

Resources

Corporation

33,000

6.000%, 

1/15/2029

a

32,706

CNX

Resources

Corporation,

Convertible

76,000

2.250%, 

5/1/2026

162,982

Columbia

Pipelines

Holding

Company,

LLC

42,000

6.055%, 

8/15/2026

a

42,591

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Energy  1.5%

-

continued

$

79,000

6.042%, 

8/15/2028

a

$

81,181

Comstock

Resources,

Inc.

54,000

6.750%, 

3/1/2029

a

53,026

38,000

5.875%, 

1/15/2030

a

35,964

ConocoPhillips

Company

78,000

4.850%, 

1/15/2032

76,674

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

49,000

5.500%, 

6/15/2031

a

47,248

Crescent

Energy

Finance,

LLC

83,000

7.625%, 

4/1/2032

a

83,575

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

61,000

8.625%, 

3/15/2029

a

63,977

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

22,000

8.500%, 

10/1/2030

a

22,931

Diamondback

Energy,

Inc.

92,000

5.750%, 

4/18/2054

86,381

DT

Midstream,

Inc.

44,000

4.125%, 

6/15/2029

a

41,598

Eastern

Energy

Gas

Holdings,

LLC

108,000

5.800%, 

1/15/2035

109,814

Enbridge,

Inc.

55,000

7.375%, 

1/15/2083

b

56,089

52,000

7.625%, 

1/15/2083

b

54,499

59,000

5.950%, 

4/5/2054

58,050

20,000

5.700%, 

3/8/2033

20,263

Enerflex,

Ltd.

19,000

9.000%, 

10/15/2027

a

19,723

Energy

Transfer,

LP

40,000

5.950%, 

5/15/2054

38,486

100,000

8.000%, 

5/15/2054

b

105,541

39,000

6.050%, 

9/1/2054

38,004

47,000

6.750%, 

5/15/2025

b,j

46,839

39,000

4.400%, 

3/15/2027

38,694

17,000

7.125%, 

5/15/2030

b,j

17,241

40,000

6.400%, 

12/1/2030

42,223

Enterprise

Products

Operating,

LLC

51,000

5.550%, 

2/16/2055

49,040

38,000

4.150%, 

10/16/2028

37,235

EQM

Midstream

Partners,

LP

68,000

4.750%, 

1/15/2031

a

64,742

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

45,000

8.875%, 

4/15/2030

46,649

68,000

7.875%, 

5/15/2032

68,114

Harvest

Midstream

I,

LP

66,000

7.500%, 

9/1/2028

a

67,502

Hess

Midstream

Operations,

LP

61,000

4.250%, 

2/15/2030

a

57,059

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

70,000

5.750%, 

2/1/2029

a

68,036

27,000

6.000%, 

4/15/2030

a

26,181

53,000

6.250%, 

4/15/2032

a

50,333

Howard

Midstream

Energy

Partners,

LLC

79,000

7.375%, 

7/15/2032

a

82,126

ITT

Holdings,

LLC

50,000

6.500%, 

8/1/2029

a

46,730

Kinder

Morgan,

Inc.

72,000

5.950%, 

8/1/2054

70,002

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

29

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Energy  1.5%

-

continued

Kodiak

Gas

Services,

LLC

$

33,000

7.250%, 

2/15/2029

a

$

33,967

Laredo

Petroleum,

Inc.

48,000

7.750%, 

7/31/2029

a,g

48,172

MEG

Energy

Corporation

38,000

5.875%, 

2/1/2029

a

37,416

MPLX,

LP

94,000

1.750%, 

3/1/2026

91,047

19,000

5.000%, 

3/1/2033

18,343

55,000

5.500%, 

6/1/2034

54,333

Nabors

Industries,

Inc.

27,000

7.375%, 

5/15/2027

a

27,197

69,000

9.125%, 

1/31/2030

a

71,622

National

Fuel

Gas

Company

82,000

5.500%, 

1/15/2026

82,405

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

22,000

8.125%, 

2/15/2029

a

22,575

33,000

8.375%, 

2/15/2032

a

33,947

Noble

Finance

II,

LLC

27,000

8.000%, 

4/15/2030

a

27,471

Northern

Oil

and

Gas,

Inc.

56,000

8.750%, 

6/15/2031

a

58,721

Northern

Oil

and

Gas,

Inc.,

Convertible

110,000

3.625%, 

4/15/2029

126,390

NuStar

Logistics,

LP

54,000

6.375%, 

10/1/2030

54,994

Occidental

Petroleum

Corporation

25,000

5.000%, 

8/1/2027

25,018

78,000

8.875%, 

7/15/2030

89,234

ONEOK,

Inc.

74,000

5.700%, 

11/1/2054

68,744

39,000

5.650%, 

11/1/2028

39,852

50,000

4.750%, 

10/15/2031

48,375

Ovintiv,

Inc.

46,000

5.650%, 

5/15/2028

46,748

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

43,000

6.000%, 

2/15/2028

42,379

Permian

Resources

Operating,

LLC

59,000

6.250%, 

2/1/2033

a

59,143

Permian

Resources

Operating,

LLC,

Convertible

38,000

3.250%, 

4/1/2028

97,354

Pioneer

Natural

Resources

Company

56,000

1.900%, 

8/15/2030

47,906

Prairie

Acquiror,

LP

45,000

9.000%, 

8/1/2029

a

46,537

Precision

Drilling

Corporation

29,000

6.875%, 

1/15/2029

a

29,251

Range

Resources

Corporation

45,000

4.750%, 

2/15/2030

a

42,797

Rockies

Express

Pipeline,

LLC

69,000

4.950%, 

7/15/2029

a

66,150

Saturn

Oil

&

Gas,

Inc.

34,000

9.625%, 

6/15/2029

a

33,937

Schlumberger

Holdings

Corporation

24,000

4.300%, 

5/1/2029

a

23,431

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Energy  1.5%

-

continued

SM

Energy

Company

$

30,000

6.500%, 

7/15/2028

$

30,033

19,000

7.000%, 

8/1/2032

a

18,973

South

Bow

USA

Infrastructure

Holdings,

LLC

20,000

5.584%, 

10/1/2034

a

19,450

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

27,000

5.875%, 

3/1/2027

26,876

Suncor

Energy,

Inc.

39,000

7.150%, 

2/1/2032

42,243

Sunoco,

LP

82,000

7.000%, 

5/1/2029

a

84,756

Sunoco,

LP/Sunoco

Finance

Corporation

44,000

5.875%, 

3/15/2028

44,042

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

52,000

5.500%, 

1/15/2028

a

50,866

41,000

7.375%, 

2/15/2029

a

41,733

Talos

Production,

Inc.

29,000

9.000%, 

2/1/2029

a

30,158

Targa

Resources

Partners,

LP

102,000

4.875%, 

2/1/2031

98,840

TGNR

Intermediate

Holdings,

LLC

59,000

5.500%, 

10/15/2029

a

56,025

TotalEnergies

Capital

SA

117,000

5.488%, 

4/5/2054

111,287

TransCanada

Trust

100,000

5.875%, 

8/15/2076

b

98,540

Transocean

Titan

Financing,

Ltd.

54,000

8.375%, 

2/1/2028

a

55,342

Transocean,

Inc.

75,650

8.750%, 

2/15/2030

a

78,900

UGI

Corporation,

Convertible

58,000

5.000%, 

6/1/2028

a

70,035

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

47,000

7.125%, 

3/15/2029

a

48,096

Valaris,

Ltd.

56,000

8.375%, 

4/30/2030

a

57,509

Venture

Global

Calcasieu

Pass,

LLC

35,000

3.875%, 

8/15/2029

a

32,376

35,000

4.125%, 

8/15/2031

a

31,642

Venture

Global

LNG,

Inc.

101,000

8.125%, 

6/1/2028

a

105,550

44,000

9.000%, 

9/30/2029

a,b,j

45,851

114,000

8.375%, 

6/1/2031

a

119,981

48,000

9.875%, 

2/1/2032

a

52,840

Viridien

SA

14,000

8.750%, 

4/1/2027

a

14,151

Williams

Companies,

Inc.

69,000

4.900%, 

3/15/2029

68,697

37,000

2.600%, 

3/15/2031

31,945

35,000

5.600%, 

3/15/2035

35,130

Total

6,353,608

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

30

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Financials  5.0%

Acrisure,

LLC/Acrisure

Finance,

Inc.

$

19,000

4.250%, 

2/15/2029

a

$

17,976

28,000

7.500%, 

11/6/2030

a

28,949

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

40,000

6.950%, 

3/10/2055

b

41,006

54,000

6.500%, 

7/15/2025

54,340

103,000

3.000%, 

10/29/2028

95,955

Agree,

LP

38,000

5.625%, 

6/15/2034

38,202

Air

Lease

Corporation

29,000

2.300%, 

2/1/2025

29,000

17,000

3.375%, 

7/1/2025

16,895

77,000

4.650%, 

6/15/2026

b,j

75,135

46,000

3.125%, 

12/1/2030

41,096

Aircastle,

Ltd.

50,000

5.250%, 

6/15/2026

a,b,j

49,321

46,000

2.850%, 

1/26/2028

a

42,987

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

27,000

4.250%, 

10/15/2027

a

26,123

55,000

6.750%, 

4/15/2028

a

55,581

40,000

7.000%, 

1/15/2031

a

40,701

Ally

Financial,

Inc.

86,000

4.700%, 

5/15/2026

b,j

82,460

112,000

8.000%, 

11/1/2031

125,660

42,000

6.700%, 

2/14/2033

43,185

American

Express

Company

50,000

3.550%, 

9/15/2026

b,j

48,204

American

International

Group,

Inc.

79,000

5.125%, 

3/27/2033

78,277

AmWINS

Group,

Inc.

22,000

6.375%, 

2/15/2029

a

22,255

66,000

4.875%, 

6/30/2029

a

62,862

Aon

North

America,

Inc.

78,000

5.750%, 

3/1/2054

76,551

Apollo

Debt

Solutions

BDC

60,000

6.700%, 

7/29/2031

a

62,026

Arbor

Realty

Trust,

Inc.,

Convertible

8,000

7.500%, 

8/1/2025

8,020

Ares

Capital

Corporation

15,000

4.250%, 

3/1/2025

14,989

100,000

2.150%, 

7/15/2026

95,989

47,000

5.875%, 

3/1/2029

47,585

Ares

Strategic

Income

Fund

39,000

5.600%, 

2/15/2030

a

38,523

Arthur

J.

Gallagher

&

Company

59,000

5.750%, 

7/15/2054

57,744

27,000

5.000%, 

2/15/2032

26,528

Assurant,

Inc.

62,000

6.100%, 

2/27/2026

62,514

Aviation

Capital

Group,

LLC

42,000

4.875%, 

10/1/2025

a

41,971

Avolon

Holdings

Funding,

Ltd.

85,000

4.250%, 

4/15/2026

a

84,118

79,000

5.750%, 

3/1/2029

a

79,987

Azorra

Finance,

Ltd.

63,000

7.750%, 

4/15/2030

a

63,758

Banco

Santander

SA

22,000

4.750%, 

11/12/2026

b,g,j

21,070

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Financials  5.0%

-

continued

Bank

of

America

Corporation

$

51,000

6.100%, 

3/17/2025

b,j

$

50,934

146,000

1.197%, 

10/24/2026

b

142,322

70,000

6.125%, 

4/27/2027

b,j

70,779

60,000

1.734%, 

7/22/2027

b

57,415

80,000

4.376%, 

4/27/2028

b

79,224

112,000

3.593%, 

7/21/2028

b

108,708

32,000

4.948%, 

7/22/2028

b

32,100

70,000

5.819%, 

9/15/2029

b

71,942

180,000

3.974%, 

2/7/2030

b

173,207

91,000

5.162%, 

1/24/2031

b

91,282

135,000

2.687%, 

4/22/2032

b

117,132

59,000

2.572%, 

10/20/2032

b

50,193

82,000

2.972%, 

2/4/2033

b

70,915

59,000

5.468%, 

1/23/2035

b

59,141

149,000

5.425%, 

8/15/2035

b

145,226

40,000

3.846%, 

3/8/2037

b

35,554

Bank

of

Montreal

62,000

5.203%, 

2/1/2028

62,681

40,000

3.088%, 

1/10/2037

b

33,255

Bank

of

New

York

Mellon

Corporation

39,000

6.317%, 

10/25/2029

b

40,977

67,000

4.596%, 

7/26/2030

b

66,185

39,000

6.474%, 

10/25/2034

b

42,124

Bank

of

Nova

Scotia

36,000

4.900%, 

6/4/2025

b,j

35,888

Barclays

plc

45,000

6.125%, 

12/15/2025

b,j

45,106

35,000

2.852%, 

5/7/2026

b

34,807

85,000

5.501%, 

8/9/2028

b

85,954

57,000

4.972%, 

5/16/2029

b

56,791

50,000

6.224%, 

5/9/2034

b

51,715

40,000

7.119%, 

6/27/2034

b

42,784

BlackRock

Funding,

Inc.

39,000

5.250%, 

3/14/2054

36,938

Blackstone

Mortgage

Trust,

Inc.,

Convertible

13,000

5.500%, 

3/15/2027

12,545

Blackstone

Private

Credit

Fund

50,000

5.600%, 

11/22/2029

a

49,428

Blue

Owl

Capital

Corporation

II

38,000

8.450%, 

11/15/2026

39,766

Blue

Owl

Credit

Income

Corporation

61,000

4.700%, 

2/8/2027

60,317

Blue

Owl

Technology

Finance

Corporation

19,000

4.750%, 

12/15/2025

a

18,849

56,000

3.750%, 

6/17/2026

a

54,346

90,000

6.100%, 

3/15/2028

a

90,319

Blue

Owl

Technology

Finance

Corporation

II

20,000

6.750%, 

4/4/2029

20,300

BNP

Paribas

SA

57,000

3.132%, 

1/20/2033

a,b

49,057

Brixmor

Operating

Partnership,

LP

78,000

2.250%, 

4/1/2028

71,634

Burford

Capital

Global

Finance,

LLC

64,000

9.250%, 

7/1/2031

a

68,564

Capital

One

Financial

Corporation

30,000

3.950%, 

9/1/2026

b,j

28,937

62,000

3.273%, 

3/1/2030

b

57,582

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

31

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Financials  5.0%

-

continued

Centene

Corporation

$

163,000

3.000%, 

10/15/2030

$

141,136

Charles

Schwab

Corporation

104,000

5.375%, 

6/1/2025

b,j

103,560

83,000

0.900%, 

3/11/2026

79,747

94,000

4.000%, 

6/1/2026

b,j

91,733

56,000

2.000%, 

3/20/2028

51,623

39,000

6.136%, 

8/24/2034

b

40,988

Citadel,

LP

60,000

6.375%, 

1/23/2032

a

61,016

Citigroup,

Inc.

47,000

4.000%, 

12/10/2025

b,j

46,326

95,000

3.875%, 

2/18/2026

b,j

93,023

132,000

1.122%, 

1/28/2027

b

127,346

145,000

1.462%, 

6/9/2027

b

138,687

81,000

3.070%, 

2/24/2028

b

78,192

26,000

7.375%, 

5/15/2028

b,g,j

26,984

54,000

7.625%, 

11/15/2028

b,j

56,568

150,000

4.075%, 

4/23/2029

b

146,365

34,000

7.125%, 

8/15/2029

b,j

34,890

39,000

6.174%, 

5/25/2034

b

39,747

45,000

7.000%, 

8/15/2034

b,j

46,890

69,000

6.020%, 

1/24/2036

b

69,272

Citizens

Financial

Group,

Inc.

55,000

4.000%, 

10/6/2026

b,j

52,503

32,000

5.718%, 

7/23/2032

b

32,293

CNA

Financial

Corporation

78,000

5.125%, 

2/15/2034

76,279

Coinbase

Global,

Inc.,

Convertible

121,000

0.500%, 

6/1/2026

134,310

127,000

0.250%, 

4/1/2030

a

148,082

Comerica,

Inc.

36,000

5.625%, 

7/1/2025

b,j

35,879

21,000

5.982%, 

1/30/2030

b

21,206

Commonwealth

Bank

of

Australia

45,000

2.688%, 

3/11/2031

a

38,546

Constellation

Insurance,

Inc.

17,000

6.800%, 

1/24/2030

a

16,728

Cooperatieve

Rabobank

UA

29,000

1.339%, 

6/24/2026

a,b

28,603

COPT

Defense

Properties,

LP

78,000

2.250%, 

3/15/2026

75,734

COPT

Defense

Properties,

LP,

Convertible

25,000

5.250%, 

9/15/2028

a

28,138

Corebridge

Financial,

Inc.

63,000

6.375%, 

9/15/2054

b

62,292

39,000

6.875%, 

12/15/2052

b

40,108

41,000

6.050%, 

9/15/2033

42,359

47,000

5.750%, 

1/15/2034

47,808

Cousins

Properties,

LP

15,000

5.375%, 

2/15/2032

14,784

Credit

Acceptance

Corporation

51,000

9.250%, 

12/15/2028

a

54,344

Credit

Agricole

SA

37,000

3.250%, 

1/14/2030

a

33,635

Credit

Suisse

Group

AG

26,000

7.250%, 

N/A

*,k

2,210

36,000

7.500%, 

N/A

*,k

3,060

Dai-ichi

Life

Insurance

Company,

Ltd.

60,000

6.200%, 

1/16/2035

a,b,j

60,831

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Financials  5.0%

-

continued

Deutsche

Bank

AG/New

York,

NY

$

127,000

2.129%, 

11/24/2026

b

$

124,188

66,000

2.311%, 

11/16/2027

b

62,931

56,000

6.819%, 

11/20/2029

b

58,983

61,000

3.742%, 

1/7/2033

b

52,588

Digital

Realty

Trust,

LP,

Convertible

92,000

1.875%, 

11/15/2029

a

92,874

Discover

Bank

75,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

76,000

Discover

Financial

Services

20,000

6.700%, 

11/29/2032

21,385

Diversified

Healthcare

Trust

32,000

Zero

Coupon, 

1/15/2026

a

30,441

Drawbridge

Special

Opportunities

Fund,

LP

90,000

3.875%, 

2/15/2026

a

87,927

Elevance

Health,

Inc.

78,000

5.650%, 

6/15/2054

74,546

123,000

2.550%, 

3/15/2031

106,679

Encore

Capital

Group,

Inc.,

Convertible

82,000

4.000%, 

3/15/2029

84,829

Extra

Space

Storage,

LP

38,000

5.900%, 

1/15/2031

39,313

40,000

2.400%, 

10/15/2031

33,475

Fairfax

Financial

Holdings,

Ltd.

59,000

6.350%, 

3/22/2054

60,306

Federal

Realty

OP,

LP,

Convertible

25,000

3.250%, 

1/15/2029

a

25,388

Fifth

Third

Bancorp

52,000

4.500%, 

9/30/2025

b,j

51,310

41,000

4.772%, 

7/28/2030

b

40,329

Fifth

Third

Bank

NA

101,000

3.850%, 

3/15/2026

99,872

FirstCash,

Inc.

69,000

5.625%, 

1/1/2030

a

67,536

Fortress

Transportation

and

Infrastructure

Investors,

LLC

29,000

5.500%, 

5/1/2028

a

28,346

63,000

7.000%, 

5/1/2031

a

63,849

40,000

7.000%, 

6/15/2032

a

40,552

25,000

5.875%, 

4/15/2033

a

23,919

Freedom

Mortgage

Corporation

22,000

7.625%, 

5/1/2026

a

22,116

Freedom

Mortgage

Holdings,

LLC

65,000

9.250%, 

2/1/2029

a

67,844

28,000

9.125%, 

5/15/2031

a

28,980

FS

KKR

Capital

Corporation

40,000

3.400%, 

1/15/2026

39,378

38,000

2.625%, 

1/15/2027

36,097

GGAM

Finance,

Ltd.

22,000

7.750%, 

5/15/2026

a

22,345

28,000

8.000%, 

6/15/2028

a

29,533

66,000

5.875%, 

3/15/2030

a

65,341

Global

Aircraft

Leasing

Company,

Ltd.

72,000

8.750%, 

9/1/2027

a

73,961

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

82,000

3.750%, 

12/15/2027

a

76,215

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

32

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Financials  5.0%

-

continued

goeasy,

Ltd.

$

44,000

9.250%, 

12/1/2028

a

$

46,988

29,000

7.625%, 

7/1/2029

a

29,975

18,000

6.875%, 

5/15/2030

a

18,275

Goldman

Sachs

BDC,

Inc.

35,000

6.375%, 

3/11/2027

35,747

Goldman

Sachs

Group,

Inc.

40,000

7.379%, 

(H15T

5Y

+

3.623%),

8/10/2025

b,j

40,245

43,000

0.855%, 

2/12/2026

b

42,958

48,000

3.650%, 

8/10/2026

b,j

46,137

50,000

4.125%, 

11/10/2026

b,j

48,320

97,000

1.948%, 

10/21/2027

b

92,375

40,000

2.640%, 

2/24/2028

b

38,270

166,000

3.615%, 

3/15/2028

b

161,894

81,000

4.482%, 

8/23/2028

b

80,282

75,000

3.814%, 

4/23/2029

b

72,493

37,000

3.800%, 

3/15/2030

34,917

37,000

2.615%, 

4/22/2032

b

31,766

38,000

2.383%, 

7/21/2032

b

32,033

31,000

6.125%, 

11/10/2034

b,j

30,280

73,000

5.330%, 

7/23/2035

b

71,823

110,000

5.016%, 

10/23/2035

b

105,681

Hartford

Financial

Services

Group,

Inc.

37,000

2.800%, 

8/19/2029

33,879

23,000

6.910%, 

(TSFR3M

+

2.387%),

2/12/2047

a,b

21,420

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

9,000

Zero

Coupon, 

5/1/2025

a

9,765

32,000

3.750%, 

8/15/2028

a

38,032

HSBC

Holdings

plc

35,000

1.645%, 

4/18/2026

b

34,774

105,000

4.583%, 

6/19/2029

b

103,181

45,000

2.804%, 

5/24/2032

b

38,647

HUB

International,

Ltd.

79,000

7.250%, 

6/15/2030

a

81,684

Huntington

Bancshares,

Inc./OH

31,000

4.450%, 

10/15/2027

b,j

29,786

93,000

5.709%, 

2/2/2035

b

93,075

61,000

6.141%, 

11/18/2039

b

61,246

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

17,000

6.250%, 

5/15/2026

16,976

112,000

5.250%, 

5/15/2027

108,555

ING

Groep

NV

76,000

1.726%, 

4/1/2027

b

73,350

54,000

6.083%, 

9/11/2027

b

55,013

Intercontinental

Exchange,

Inc.

61,000

4.350%, 

6/15/2029

59,882

Intesa

Sanpaolo

SPA

34,000

4.198%, 

6/1/2032

a,b

30,174

Invitation

Homes

Operating

Partnership,

LP

65,000

2.000%, 

8/15/2031

53,262

J.P.

Morgan

Chase

&

Company

69,000

4.600%, 

2/1/2025

b,j

69,000

42,000

4.000%, 

4/1/2025

b,j

41,862

55,000

3.650%, 

6/1/2026

b,j

53,598

162,000

1.045%, 

11/19/2026

b

157,381

76,000

1.578%, 

4/22/2027

b

73,195

112,000

4.005%, 

4/23/2029

b

109,173

38,000

2.069%, 

6/1/2029

b

34,748

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Financials  5.0%

-

continued

$

31,000

6.500%, 

4/1/2030

b,c,j

$

31,344

149,000

4.493%, 

3/24/2031

b

145,642

40,000

2.963%, 

1/25/2033

b

34,782

42,000

4.912%, 

7/25/2033

b

41,174

40,000

5.717%, 

9/14/2033

b

40,757

37,000

5.350%, 

6/1/2034

b

37,098

35,000

6.254%, 

10/23/2034

b

37,086

20,000

5.336%, 

1/23/2035

b

19,953

69,000

5.766%, 

4/22/2035

b

70,772

42,000

5.502%, 

1/24/2036

b

42,249

65,000

5.534%, 

11/29/2045

b

63,834

Jane

Street

Group/JSG

Finance,

Inc.

45,000

4.500%, 

11/15/2029

a

42,493

15,000

7.125%, 

4/30/2031

a

15,503

25,000

6.125%, 

11/1/2032

a

24,879

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

23,000

5.000%, 

8/15/2028

a

21,779

37,000

6.625%, 

10/15/2031

a

37,174

Jefferson

Capital

Holdings,

LLC

22,000

6.000%, 

8/15/2026

a

21,953

55,000

9.500%, 

2/15/2029

a

58,777

KeyBank

NA/Cleveland,

OH

56,000

3.900%, 

4/13/2029

53,017

75,000

5.000%, 

1/26/2033

72,383

Kilroy

Realty,

LP

59,000

4.250%, 

8/15/2029

55,538

28,000

6.250%, 

1/15/2036

27,588

Kite

Realty

Group,

LP,

Convertible

5,000

0.750%, 

4/1/2027

a

5,123

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

28,000

4.250%, 

2/1/2027

a

27,239

74,000

4.750%, 

6/15/2029

a

70,392

Liberty

Mutual

Group,

Inc.

15,000

4.125%, 

12/15/2051

a,b

14,349

Lincoln

National

Corporation

40,000

7.105%, 

(TSFR3M

+

2.619%),

2/18/2025

b

33,608

Lloyds

Banking

Group

plc

127,000

1.627%, 

5/11/2027

b

121,942

M&T

Bank

Corporation

82,000

3.500%, 

9/1/2026

b,j

77,280

Macquarie

Airfinance

Holdings,

Ltd.

15,000

6.400%, 

3/26/2029

a

15,457

40,000

5.150%, 

3/17/2030

a

39,348

14,000

6.500%, 

3/26/2031

a

14,511

Macquarie

Group,

Ltd.

76,000

1.629%, 

9/23/2027

a,b

72,141

Marsh

&

McLennan

Companies,

Inc.

41,000

2.375%, 

12/15/2031

34,591

MetLife,

Inc.

37,000

3.850%, 

9/15/2025

b,j

36,647

40,000

5.875%, 

3/15/2028

b,j

39,890

51,000

6.400%, 

12/15/2036

52,087

Metropolitan

Life

Global

Funding

I

71,000

2.950%, 

4/9/2030

a

64,438

Mid-America

Apartments,

LP

74,000

4.200%, 

6/15/2028

72,591

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

33

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Financials  5.0%

-

continued

Mitsubishi

UFJ

Financial

Group,

Inc.

$

78,000

1.538%, 

7/20/2027

b

$

74,479

Mizuho

Financial

Group,

Inc.

99,000

1.554%, 

7/9/2027

b

94,566

82,000

2.564%, 

9/13/2031

69,084

40,000

5.748%, 

7/6/2034

b

40,938

Molina

Healthcare,

Inc.

22,000

4.375%, 

6/15/2028

a

21,147

29,000

6.250%, 

1/15/2033

a

28,792

Morgan

Stanley

49,000

5.516%, 

11/19/2055

b

47,435

35,000

2.630%, 

2/18/2026

b

34,968

20,000

2.188%, 

4/28/2026

b

19,877

126,000

0.985%, 

12/10/2026

b

121,988

76,000

1.593%, 

5/4/2027

b

73,088

80,000

1.512%, 

7/20/2027

b

76,316

27,000

5.123%, 

2/1/2029

b

27,156

238,000

3.622%, 

4/1/2031

b

222,179

40,000

2.943%, 

1/21/2033

b

34,484

41,000

4.889%, 

7/20/2033

b

39,794

40,000

5.250%, 

4/21/2034

b

39,514

14,000

5.424%, 

7/21/2034

b

14,000

32,000

5.831%, 

4/19/2035

b

32,732

32,000

5.587%, 

1/18/2036

b

32,279

85,000

2.484%, 

9/16/2036

b

69,866

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

33,000

8.500%, 

2/15/2032

a,c

33,512

Nasdaq,

Inc.

42,000

5.350%, 

6/28/2028

42,685

Nationstar

Mortgage

Holdings,

Inc.

14,000

5.500%, 

8/15/2028

a

13,745

44,000

5.125%, 

12/15/2030

a

41,565

NatWest

Group

plc

37,000

4.892%, 

5/18/2029

b

36,763

95,000

6.475%, 

6/1/2034

b

97,870

Navient

Corporation

16,000

5.000%, 

3/15/2027

15,722

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

18,000

4.500%, 

9/30/2028

a

16,825

New

Mountain

Finance

Corporation,

Convertible

13,000

7.500%, 

10/15/2025

13,163

New

York

Life

Global

Funding

37,000

4.550%, 

1/28/2033

a

35,471

39,000

5.000%, 

1/9/2034

a

38,432

Nippon

Life

Insurance

Company

135,000

5.950%, 

4/16/2054

a,b

136,097

NNN

REIT,

Inc.

37,000

2.500%, 

4/15/2030

32,539

Nomura

Holdings,

Inc.

58,000

2.172%, 

7/14/2028

52,702

68,000

5.783%, 

7/3/2034

68,898

Omega

Healthcare

Investors,

Inc.

39,000

4.750%, 

1/15/2028

38,731

OneMain

Finance

Corporation

105,000

3.500%, 

1/15/2027

101,021

127,000

3.875%, 

9/15/2028

118,633

Panther

Escrow

Issuer,

LLC

78,000

7.125%, 

6/1/2031

a

79,877

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Financials  5.0%

-

continued

Park

Intermediate

Holdings,

LLC

$

78,000

4.875%, 

5/15/2029

a

$

74,517

Pebblebrook

Hotel

Trust,

Convertible

270,000

1.750%, 

12/15/2026

251,802

PNC

Bank

NA

37,000

2.700%, 

10/22/2029

33,387

PNC

Financial

Services

Group,

Inc.

42,000

6.200%, 

9/15/2027

b,j

42,363

42,000

5.582%, 

6/12/2029

b

42,893

52,000

6.250%, 

3/15/2030

b,j

52,231

39,000

6.875%, 

10/20/2034

b

42,732

PRA

Group,

Inc.

42,000

8.375%, 

2/1/2028

a

43,267

Prologis

Targeted

US

Logistics

Fund,

LP

57,000

5.250%, 

4/1/2029

a

57,580

37,000

5.250%, 

1/15/2035

a

36,205

Prologis,

LP

47,000

5.250%, 

3/15/2054

44,086

Provident

Financing

Trust

I

36,000

7.405%, 

3/15/2038

37,963

Prudential

Financial,

Inc.

40,000

5.125%, 

3/1/2052

b

37,712

39,000

6.750%, 

3/1/2053

b

40,412

98,000

6.500%, 

3/15/2054

b

99,575

36,000

3.700%, 

10/1/2050

b

32,081

Realty

Income

Corporation

83,000

3.200%, 

1/15/2027

80,626

56,000

3.950%, 

8/15/2027

55,106

Redwood

Trust,

Inc.,

Convertible

12,000

7.750%, 

6/15/2027

11,784

Regency

Centers,

LP

60,000

5.250%, 

1/15/2034

59,312

Regions

Financial

Corporation

41,000

2.250%, 

5/18/2025

40,715

52,000

5.750%, 

6/15/2025

b,g,j

51,927

Reinsurance

Group

of

America,

Inc.

43,000

6.000%, 

9/15/2033

44,228

77,000

5.750%, 

9/15/2034

77,580

Rexford

Industrial

Realty,

LP,

Convertible

36,000

4.375%, 

3/15/2027

a,g

35,730

53,000

4.125%, 

3/15/2029

a

51,993

RGA

Global

Funding

36,000

5.500%, 

1/11/2031

a

36,427

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

14,000

4.750%, 

10/15/2027

13,711

28,000

4.500%, 

2/15/2029

a

26,700

RLJ

Lodging

Trust,

LP

26,000

4.000%, 

9/15/2029

a

23,868

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

55,000

3.625%, 

3/1/2029

a

50,272

42,000

3.875%, 

3/1/2031

a

37,115

40,000

4.000%, 

10/15/2033

a

33,821

Ryan

Specialty,

LLC

15,000

4.375%, 

2/1/2030

a

14,153

50,000

5.875%, 

8/1/2032

a

49,544

Santander

Holdings

USA,

Inc.

75,000

3.450%, 

6/2/2025

74,633

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

34

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Financials  5.0%

-

continued

$

41,000

2.490%, 

1/6/2028

b

$

39,071

Santander

UK

Group

Holdings

plc

79,000

1.673%, 

6/14/2027

b

75,447

Service

Properties

Trust

25,000

5.500%, 

12/15/2027

24,063

39,000

8.375%, 

6/15/2029

38,977

18,000

8.625%, 

11/15/2031

a

19,114

Simon

Property

Group,

LP

78,000

2.650%, 

7/15/2030

69,557

39,000

6.250%, 

1/15/2034

41,390

Sixth

Street

Lending

Partners

52,000

6.125%, 

7/15/2030

a

52,298

SLM

Corporation

30,000

4.200%, 

10/29/2025

29,939

7,000

6.500%, 

1/31/2030

7,066

Societe

Generale

SA

35,000

1.488%, 

12/14/2026

a,b

33,945

25,000

10.000%, 

11/14/2028

a,b,j

27,229

Standard

Chartered

plc

59,000

2.608%, 

1/12/2028

a,b

56,339

Starwood

Property

Trust,

Inc.,

Convertible

69,000

6.750%, 

7/15/2027

72,554

State

Street

Corporation

27,000

6.700%, 

3/15/2029

b,j

27,529

41,000

4.421%, 

5/13/2033

b

39,037

Sumitomo

Life

Insurance

Company

90,000

3.375%, 

4/15/2081

a,b

79,374

Sumitomo

Mitsui

Financial

Group,

Inc.

59,000

2.174%, 

1/14/2027

56,267

75,000

5.716%, 

9/14/2028

76,979

56,000

2.142%, 

9/23/2030

47,575

55,000

5.766%, 

1/13/2033

56,573

Summit

Hotel

Properties,

Inc.,

Convertible

105,000

1.500%, 

2/15/2026

101,063

Synchrony

Financial

28,000

5.935%, 

8/2/2030

b

28,366

28,000

7.250%, 

2/2/2033

29,300

Synovus

Bank

40,000

5.625%, 

2/15/2028

40,303

Toronto-Dominion

Bank

33,000

8.125%, 

10/31/2082

b

34,481

61,000

5.523%, 

7/17/2028

62,268

41,000

4.456%, 

6/8/2032

38,939

30,000

5.146%, 

9/10/2034

b

29,345

Truist

Bank

36,000

2.250%, 

3/11/2030

31,197

Truist

Financial

Corporation

80,000

6.047%, 

6/8/2027

b

81,241

38,000

1.887%, 

6/7/2029

b

34,364

90,000

5.100%, 

3/1/2030

b,j

86,535

68,000

5.153%, 

8/5/2032

b

67,458

55,000

5.711%, 

1/24/2035

b

55,547

U.S.

Bancorp

67,000

4.548%, 

7/22/2028

b

66,592

22,000

5.836%, 

6/12/2034

b

22,486

55,000

5.678%, 

1/23/2035

b

55,539

UBS

Group

AG

60,000

4.875%, 

2/12/2027

a,b,j

58,252

82,000

3.869%, 

1/12/2029

a,b

79,470

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Financials  5.0%

-

continued

UniCredit

SPA

$

28,000

5.861%, 

6/19/2032

a,b

$

28,013

United

Wholesale

Mortgage,

LLC

75,000

5.500%, 

4/15/2029

a

72,715

UnitedHealth

Group,

Inc.

117,000

5.375%, 

4/15/2054

109,504

83,000

4.200%, 

5/15/2032

78,465

USB

Realty

Corporation

48,000

5.711%, 

(TSFR3M

+

1.409%),

1/15/2027

a,b,j

38,488

UWM

Holdings,

LLC

25,000

6.625%, 

2/1/2030

a

25,051

Ventas

Realty,

LP,

Convertible

64,000

3.750%, 

6/1/2026

73,952

Vornado

Realty,

LP

20,000

3.400%, 

6/1/2031

g

17,180

Wells

Fargo

&

Company

67,000

3.900%, 

3/15/2026

b,j

65,828

84,000

2.188%, 

4/30/2026

b

83,466

41,000

3.526%, 

3/24/2028

b

39,867

88,000

3.584%, 

5/22/2028

b

85,495

67,000

4.808%, 

7/25/2028

b

66,847

56,000

7.625%, 

9/15/2028

b,g,j

59,570

152,000

4.478%, 

4/4/2031

b

147,644

28,000

5.389%, 

4/24/2034

b

27,778

28,000

5.557%, 

7/25/2034

b

28,088

36,000

6.491%, 

10/23/2034

b

38,378

158,000

5.499%, 

1/23/2035

b

157,955

Welltower

OP,

LLC,

Convertible

134,000

2.750%, 

5/15/2028

a

194,702

Westpac

Banking

Corporation

56,000

4.110%, 

7/24/2034

b

52,882

Willis

North

America,

Inc.

39,000

5.900%, 

3/5/2054

38,258

74,000

4.500%, 

9/15/2028

72,878

XHR,

LP

38,000

4.875%, 

6/1/2029

a

36,107

13,000

6.625%, 

5/15/2030

a

13,140

Total

20,965,497

Foreign

Government  <0.1%

NBN

Company,

Ltd.

73,000

2.625%, 

5/5/2031

a

63,427

Saudi

Arabian

Oil

Company

57,000

5.750%, 

7/17/2054

a

53,295

Teine

Energy,

Ltd.

40,000

6.875%, 

4/15/2029

a

38,757

Total

155,479

Mortgage-Backed

Securities  12.2%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

226,912

2.000%, 

1/1/2052

179,417

1,797,739

2.500%, 

5/1/2051

1,482,344

1,205,103

3.500%, 

5/1/2052

1,071,154

1,009,518

4.000%, 

5/1/2052

928,478

1,200,137

5.000%, 

7/1/2053

1,166,332

750,670

5.500%, 

7/1/2053

746,924

201,316

5.000%, 

8/1/2053

196,184

381,283

5.500%, 

9/1/2053

380,806

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

35

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Mortgage-Backed

Securities  12.2%

-

continued

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

$

940,573

2.500%, 

7/1/2030

$

896,366

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

1,004,564

3.500%, 

5/1/2040

935,049

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,446,041

3.000%, 

1/1/2052

2,099,791

358,517

2.000%, 

2/1/2051

283,557

227,599

2.000%, 

2/1/2051

180,013

1,186,270

2.500%, 

2/1/2051

980,006

1,363,245

2.500%, 

2/1/2051

1,112,777

2,454,221

2.000%, 

3/1/2051

1,924,575

1,193,149

4.000%, 

3/1/2051

1,104,070

2,574,995

3.000%, 

3/1/2052

2,196,385

1,702,368

2.000%, 

4/1/2051

1,328,602

1,580,933

3.000%, 

4/1/2051

1,356,695

1,637,428

3.000%, 

5/1/2050

1,411,714

429,539

2.000%, 

5/1/2051

337,791

799,526

3.000%, 

5/1/2051

692,985

851,025

3.000%, 

6/1/2050

742,755

345,306

4.000%, 

6/1/2052

316,412

373,819

5.000%, 

6/1/2053

363,641

1,986,264

2.500%, 

7/1/2051

1,651,707

802,941

3.500%, 

7/1/2051

718,336

978,463

4.000%, 

7/1/2052

896,595

952,457

2.500%, 

8/1/2050

791,107

1,597,012

3.500%, 

8/1/2050

1,432,271

1,851,441

3.500%, 

8/1/2052

1,641,466

1,122,270

4.500%, 

8/1/2052

1,057,591

250,835

5.000%, 

8/1/2053

244,005

530,191

3.500%, 

9/1/2052

473,279

1,263,384

3.500%, 

9/1/2052

1,127,572

205,834

5.000%, 

9/1/2052

199,473

271,263

4.500%, 

9/1/2053

256,615

870,279

4.500%, 

9/1/2053

821,140

1,677,038

4.000%, 

10/1/2052

1,536,890

418,584

2.000%, 

11/1/2051

330,590

698,018

3.500%, 

11/1/2052

624,889

1,711,335

2.000%, 

12/1/2050

1,345,451

3,264,328

4.500%, 

12/1/2052

3,091,242

3,750,000

5.500%, 

2/1/2041

c

3,703,324

25,000

5.000%, 

2/1/2042

c

24,140

1,000,000

6.000%, 

2/1/2042

c

1,006,794

250,000

3.500%, 

2/1/2049

c

221,191

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

2,273,240

2.500%, 

3/1/2062

1,801,149

850,614

3.500%, 

7/1/2061

739,240

868,623

4.000%, 

12/1/2061

788,407

Total

50,939,287

Technology  1.7%

Accenture

Capital,

Inc.

58,000

4.500%, 

10/4/2034

55,190

Adobe,

Inc.

108,000

5.300%, 

1/17/2035

109,210

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Technology  1.7%

-

continued

Advanced

Micro

Devices,

Inc.

$

41,000

3.924%, 

6/1/2032

g

$

38,246

Akamai

Technologies,

Inc.,

Convertible

84,000

0.125%, 

5/1/2025

91,140

97,000

0.375%, 

9/1/2027

99,861

89,000

1.125%, 

2/15/2029

89,044

Analog

Devices,

Inc.

20,000

2.100%, 

10/1/2031

16,877

Apple,

Inc.

197,000

3.750%, 

9/12/2047

154,980

Automatic

Data

Processing,

Inc.

78,000

4.450%, 

9/9/2034

74,515

Block,

Inc.

107,000

6.500%, 

5/15/2032

a

109,366

Block,

Inc.,

Convertible

193,000

0.250%, 

11/1/2027

168,199

Boost

Newco

Borrower,

LLC

69,000

7.500%, 

1/15/2031

a

72,235

Broadcom,

Inc.

41,000

4.000%, 

4/15/2029

a

39,566

37,000

4.800%, 

10/15/2034

35,428

Cadence

Design

Systems,

Inc.

26,000

4.700%, 

9/10/2034

24,951

Central

Parent,

Inc./CDK

Global,

Inc.

25,000

7.250%, 

6/15/2029

a

23,745

Cisco

Systems,

Inc.

78,000

5.350%, 

2/26/2064

74,681

Clarivate

Science

Holdings

Corporation

30,000

3.875%, 

7/1/2028

a

28,266

Cloud

Software

Group,

Inc.

149,000

6.500%, 

3/31/2029

a

146,465

Consensus

Cloud

Solutions,

Inc.

14,000

6.000%, 

10/15/2026

a

13,900

CoreLogic,

Inc.

17,000

4.500%, 

5/1/2028

a

15,917

CSG

Systems

International,

Inc.,

Convertible

98,000

3.875%, 

9/15/2028

103,378

Dayforce,

Inc.,

Convertible

218,000

0.250%, 

3/15/2026

210,152

Dell

International,

LLC/EMC

Corporation

28,000

5.300%, 

10/1/2029

28,280

Dell,

Inc.

52,000

6.500%, 

4/15/2038

54,169

Diebold

Nixdorf,

Inc.

63,000

7.750%, 

3/31/2030

a

65,217

Euronet

Worldwide,

Inc.,

Convertible

77,000

0.750%, 

3/15/2049

76,576

Fiserv,

Inc.

76,000

5.350%, 

3/15/2031

77,034

20,000

5.600%, 

3/2/2033

20,263

76,000

5.450%, 

3/15/2034

75,942

60,000

5.150%, 

8/12/2034

58,688

Gen

Digital,

Inc.

2,000

6.750%, 

9/30/2027

a

2,033

33,000

7.125%, 

9/30/2030

a,g

33,951

Global

Payments,

Inc.

47,000

5.950%, 

8/15/2052

45,504

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

36

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Technology  1.7%

-

continued

$

18,000

2.650%, 

2/15/2025

$

17,977

63,000

4.950%, 

8/15/2027

63,155

37,000

3.200%, 

8/15/2029

34,112

Global

Payments,

Inc.,

Convertible

148,000

1.500%, 

3/1/2031

a

144,892

Hewlett

Packard

Enterprise

Company

50,000

4.850%, 

10/15/2031

49,412

IBM

International

Capital

Private,

Ltd.

58,000

5.300%, 

2/5/2054

53,353

II-VI,

Inc.

26,000

5.000%, 

12/15/2029

a

25,021

InterDigital,

Inc.,

Convertible

103,000

3.500%, 

6/1/2027

244,819

Iron

Mountain,

Inc.

56,000

5.000%, 

7/15/2028

a

54,558

85,000

4.875%, 

9/15/2029

a

81,485

60,000

4.500%, 

2/15/2031

a

55,212

Jabil,

Inc.

40,000

5.450%, 

2/1/2029

40,416

Marvell

Technology,

Inc.

37,000

2.950%, 

4/15/2031

32,590

Mastercard,

Inc.

41,000

2.000%, 

11/18/2031

34,288

47,000

4.875%, 

5/9/2034

46,375

Microchip

Technology,

Inc.

24,000

5.050%, 

3/15/2029

23,960

Microchip

Technology,

Inc.,

Convertible

95,000

0.750%, 

6/1/2030

a

88,150

MKS

Instruments,

Inc.,

Convertible

268,000

1.250%, 

6/1/2030

a

271,954

Moody's

Corporation

40,000

4.250%, 

8/8/2032

37,923

NCR

Atleos

Corporation

22,000

9.500%, 

4/1/2029

a

23,970

NCR

Voyix

Corporation

42,000

5.000%, 

10/1/2028

a

40,477

26,000

5.125%, 

4/15/2029

a

24,798

Neptune

Bidco

US,

Inc.

95,000

9.290%, 

4/15/2029

a

80,985

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

14,000

2.700%, 

5/1/2025

13,929

37,000

4.300%, 

6/18/2029

35,970

ON

Semiconductor

Corporation,

Convertible

113,000

Zero

Coupon, 

5/1/2027

132,505

124,000

0.500%, 

3/1/2029

111,403

Open

Text

Corporation

76,000

3.875%, 

12/1/2029

a

69,688

Open

Text

Holdings,

Inc.

70,000

4.125%, 

2/15/2030

a

64,187

Oracle

Corporation

72,000

5.375%, 

9/27/2054

65,807

138,000

6.900%, 

11/9/2052

153,081

33,000

6.150%, 

11/9/2029

34,595

130,000

2.950%, 

4/1/2030

117,797

63,000

6.250%, 

11/9/2032

66,576

PayPal

Holdings,

Inc.

78,000

5.500%, 

6/1/2054

75,785

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Technology  1.7%

-

continued

Pitney

Bowes,

Inc.

$

14,000

6.875%, 

3/15/2027

a

$

14,058

Progress

Software

Corporation,

Convertible

40,000

1.000%, 

4/15/2026

44,480

30,000

3.500%, 

3/1/2030

a

32,850

RingCentral,

Inc.

54,000

8.500%, 

8/15/2030

a

57,327

Rocket

Software,

Inc.

34,000

9.000%, 

11/28/2028

a

35,218

S&P

Global,

Inc.

41,000

2.900%, 

3/1/2032

35,809

Salesforce.com,

Inc.

123,000

1.950%, 

7/15/2031

103,861

Seagate

HDD

Cayman

49,760

9.625%, 

12/1/2032

56,565

Semtech

Corporation,

Convertible

77,000

1.625%, 

11/1/2027

145,702

Sensata

Technologies,

Inc.

42,000

4.375%, 

2/15/2030

a

38,894

16,000

3.750%, 

2/15/2031

a

14,120

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

20,000

4.625%, 

11/1/2026

a

19,784

SS&C

Technologies,

Inc.

54,000

5.500%, 

9/30/2027

a

53,859

13,000

6.500%, 

6/1/2032

a

13,213

Synaptics,

Inc.,

Convertible

103,000

0.750%, 

12/1/2031

a

111,552

Texas

Instruments,

Inc.

39,000

5.150%, 

2/8/2054

36,434

UKG,

Inc.

29,000

6.875%, 

2/1/2031

a

29,608

Verint

Systems,

Inc.,

Convertible

61,000

0.250%, 

4/15/2026

57,493

Verisk

Analytics,

Inc.

135,000

5.250%, 

6/5/2034

133,521

Viavi

Solutions,

Inc.

49,000

3.750%, 

10/1/2029

a

44,579

Viavi

Solutions,

Inc.,

Convertible

78,000

1.625%, 

3/15/2026

85,605

Vishay

Intertechnology,

Inc.,

Convertible

151,000

2.250%, 

9/15/2030

136,051

VMware,

LLC

80,000

1.400%, 

8/15/2026

76,059

104,000

4.700%, 

5/15/2030

101,971

54,000

2.200%, 

8/15/2031

45,042

Western

Digital

Corporation,

Convertible

189,000

3.000%, 

11/15/2028

265,989

Xerox

Holdings

Corporation

7,000

5.000%, 

8/15/2025

a

6,968

110,000

5.500%, 

8/15/2028

a

93,782

Xerox

Holdings

Corporation,

Convertible

126,000

3.750%, 

3/15/2030

a

94,062

Xilinx,

Inc.

26,000

2.375%, 

6/1/2030

23,005

Ziff

Davis,

Inc.,

Convertible

3,000

1.750%, 

11/1/2026

2,809

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

37

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Technology  1.7%

-

continued

$

60,000

3.625%, 

3/1/2028

a

$

58,350

Total

6,912,794

Transportation  0.3%

Air

Canada

51,000

3.875%, 

8/15/2026

a

49,711

Air

Transport

Services

Group,

Inc.,

Convertible

80,000

3.875%, 

8/15/2029

79,480

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

92,917

5.500%, 

4/20/2026

a

92,864

27,253

5.750%, 

4/20/2029

a

27,186

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

34,000

5.375%, 

3/1/2029

a,g

32,422

Burlington

Northern

Santa

Fe,

LLC

39,000

5.500%, 

3/15/2055

38,275

Canadian

Pacific

Railway

Company

48,000

1.750%, 

12/2/2026

45,560

DCLI

Bidco,

LLC

23,000

7.750%, 

11/15/2029

a

23,652

Delta

Air

Lines,

Inc.

82,000

4.375%, 

4/19/2028

80,461

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

20,271

4.500%, 

10/20/2025

a

20,179

ERAC

USA

Finance,

LLC

79,000

5.200%, 

10/30/2034

a

78,139

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

45,000

9.875%, 

9/20/2031

a

47,572

Mileage

Plus

Holdings,

LLC

56,499

6.500%, 

6/20/2027

a

56,998

Norfolk

Southern

Corporation

58,000

4.450%, 

3/1/2033

55,386

OneSky

Flight,

LLC

62,000

8.875%, 

12/15/2029

a

63,513

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

30,000

1.200%, 

11/15/2025

a

29,158

51,000

5.750%, 

5/24/2026

a

51,532

39,000

1.700%, 

6/15/2026

a

37,373

Rand

Parent,

LLC

64,000

8.500%, 

2/15/2030

a,g

66,367

RXO,

Inc.

57,000

7.500%, 

11/15/2027

a

58,425

Ryder

System,

Inc.

46,000

2.850%, 

3/1/2027

44,220

Southwest

Airlines

Company

36,000

5.125%, 

6/15/2027

36,215

Southwest

Airlines

Company,

Convertible

119,000

1.250%, 

5/1/2025

118,822

Stena

International

SA

44,000

7.250%, 

1/15/2031

a

44,958

United

Airlines,

Inc.

51,000

4.375%, 

4/15/2026

a

50,263

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

17,000

7.875%, 

5/1/2027

a

17,007

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Transportation  0.3%

-

continued

$

25,000

6.375%, 

2/1/2030

a,g

$

22,911

Total

1,368,649

U.S.

Government

&

Agencies  5.9%

U.S.

Treasury

Bonds

200,000

4.250%, 

2/15/2054

182,156

2,900,000

4.750%, 

11/15/2053

2,866,016

1,490,000

3.250%, 

5/15/2042

1,216,212

4,470,000

3.375%, 

8/15/2042

3,704,687

U.S.

Treasury

Notes

1,300,000

4.250%, 

12/31/2025

1,299,888

1,990,000

0.500%, 

2/28/2026

1,912,499

2,500,000

3.500%, 

9/30/2026

2,471,875

590,000

0.500%, 

4/30/2027

543,676

1,580,000

1.125%, 

2/29/2028

1,439,652

3,500,000

4.125%, 

7/31/2028

3,483,184

2,500,000

3.500%, 

9/30/2029

2,412,988

870,000

1.375%, 

11/15/2031

714,623

1,000,000

4.125%, 

11/15/2032

977,930

543,000

3.375%, 

5/15/2033

500,833

800,000

4.000%, 

2/15/2034

768,625

Total

24,494,844

Utilities  1.6%

AES

Corporation

30,000

7.600%, 

1/15/2055

b

30,542

73,000

3.950%, 

7/15/2030

a

67,532

Algonquin

Power

&

Utilities

Corporation

103,000

4.750%, 

1/18/2082

b

98,296

Alliant

Energy

Corporation,

Convertible

55,000

3.875%, 

3/15/2026

56,494

Alpha

Generation,

LLC

22,000

6.750%, 

10/15/2032

a

22,244

Ameren

Corporation

46,000

1.750%, 

3/15/2028

41,767

American

Electric

Power

Company,

Inc.

50,000

6.950%, 

12/15/2054

b

51,041

38,000

2.300%, 

3/1/2030

33,175

American

Water

Capital

Corporation

57,000

5.450%, 

3/1/2054

53,988

American

Water

Capital

Corporation,

Convertible

83,000

3.625%, 

6/15/2026

82,054

Arizona

Public

Service

Company

39,000

5.550%, 

8/1/2033

39,085

Atmos

Energy

Corporation

36,000

5.000%, 

12/15/2054

32,167

Calpine

Corporation

52,000

4.500%, 

2/15/2028

a

50,452

CenterPoint

Energy,

Inc.

29,000

7.000%, 

2/15/2055

b

29,580

17,000

6.700%, 

5/15/2055

b

16,906

57,000

1.450%, 

6/1/2026

54,634

57,000

2.650%, 

6/1/2031

49,207

CenterPoint

Energy,

Inc.,

Convertible

92,000

4.250%, 

8/15/2026

94,806

CMS

Energy

Corporation,

Convertible

69,000

3.375%, 

5/1/2028

71,242

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

38

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Utilities  1.6%

-

continued

Consolidated

Edison

Company

of

New

York,

Inc.

$

117,000

5.700%, 

5/15/2054

$

115,129

Constellation

Energy

Generation,

LLC

59,000

5.750%, 

3/15/2054

56,609

40,000

5.800%, 

3/1/2033

40,787

Dominion

Energy,

Inc.

47,000

6.875%, 

2/1/2055

b

48,995

47,000

7.000%, 

6/1/2054

b

49,712

46,000

3.375%, 

4/1/2030

42,358

DTE

Energy

Company

36,000

4.875%, 

6/1/2028

35,973

Duke

Energy

Carolinas,

LLC

119,000

5.400%, 

1/15/2054

113,337

Duke

Energy

Corporation

49,000

3.250%, 

1/15/2082

b

46,269

54,000

5.800%, 

6/15/2054

52,305

32,000

6.450%, 

9/1/2054

b

32,098

96,000

2.450%, 

6/1/2030

84,448

40,000

4.500%, 

8/15/2032

38,086

43,000

5.750%, 

9/15/2033

44,098

Duke

Energy

Corporation,

Convertible

132,000

4.125%, 

4/15/2026

137,016

Duke

Energy

Ohio,

Inc.

39,000

5.550%, 

3/15/2054

37,456

Edison

International

27,000

7.875%, 

6/15/2054

b

25,199

52,000

4.950%, 

4/15/2025

51,921

44,000

5.000%, 

12/15/2026

b,j

39,469

Enel

Finance

International

NV

80,000

1.625%, 

7/12/2026

a

76,462

Entergy

Corporation

38,000

1.900%, 

6/15/2028

34,452

Entergy

Louisiana,

LLC

60,000

5.800%, 

3/15/2055

59,318

Evergy,

Inc.,

Convertible

91,000

4.500%, 

12/15/2027

100,980

Eversource

Energy

91,000

4.600%, 

7/1/2027

90,567

Exelon

Corporation

154,000

5.600%, 

3/15/2053

146,884

38,000

4.050%, 

4/15/2030

36,296

Fells

Point

Funding

Trust

100,000

3.046%, 

1/31/2027

a

96,271

FirstEnergy

Corporation,

Convertible

122,000

4.000%, 

5/1/2026

122,671

Georgia

Power

Company

25,000

4.950%, 

5/17/2033

24,456

ITC

Holdings

Corporation

40,000

4.950%, 

9/22/2027

a

40,031

Jersey

Central

Power

&

Light

Company

81,000

2.750%, 

3/1/2032

a

69,005

Lightning

Power,

LLC

46,000

7.250%, 

8/15/2032

a

47,512

MidAmerican

Energy

Company

158,000

5.300%, 

2/1/2055

148,321

National

Rural

Utilities

Cooperative

Finance

Corporation

39,000

4.850%, 

2/7/2029

39,015

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Utilities  1.6%

-

continued

NextEra

Energy

Capital

Holdings,

Inc.

$

73,000

5.900%, 

3/15/2055

$

72,612

39,000

3.800%, 

3/15/2082

b

37,261

67,000

6.750%, 

6/15/2054

b

68,538

39,000

6.051%, 

3/1/2025

39,037

38,000

2.250%, 

6/1/2030

33,027

40,000

5.300%, 

3/15/2032

39,924

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

64,000

3.000%, 

3/1/2027

a

73,824

NextEra

Energy

Operating

Partners,

LP

83,000

3.875%, 

10/15/2026

a

79,479

NiSource,

Inc.

17,000

6.375%, 

3/31/2055

b

16,867

32,000

6.950%, 

11/30/2054

b

32,633

37,000

2.950%, 

9/1/2029

33,981

Northern

States

Power

Company/

MN

39,000

5.400%, 

3/15/2054

37,368

NRG

Energy,

Inc.

48,000

2.000%, 

12/2/2025

a

46,832

41,000

10.250%, 

3/15/2028

a,b,j

45,466

24,000

3.375%, 

2/15/2029

a

21,954

30,000

5.250%, 

6/15/2029

a

29,225

20,000

6.000%, 

2/1/2033

a

19,541

20,000

6.250%, 

11/1/2034

a

19,707

NRG

Energy,

Inc.,

Convertible

56,000

2.750%, 

6/1/2048

139,614

Oncor

Electric

Delivery

Company,

LLC

51,000

5.550%, 

6/15/2054

49,223

Pacific

Gas

and

Electric

Company

39,000

6.750%, 

1/15/2053

40,332

76,000

5.550%, 

5/15/2029

75,746

80,000

6.950%, 

3/15/2034

85,050

PG&E

Corporation

44,000

7.375%, 

3/15/2055

b

42,750

38,000

5.000%, 

7/1/2028

36,616

PG&E

Corporation,

Convertible

261,000

4.250%, 

12/1/2027

a

265,563

Pinnacle

West

Capital

Corporation,

Convertible

47,000

4.750%, 

6/15/2027

a

49,797

PPL

Capital

Funding,

Inc.

59,000

5.250%, 

9/1/2034

57,959

PPL

Capital

Funding,

Inc.,

Convertible

81,000

2.875%, 

3/15/2028

85,900

Public

Service

Enterprise

Group,

Inc.

40,000

5.875%, 

10/15/2028

41,331

37,000

1.600%, 

8/15/2030

30,893

San

Diego

Gas

&

Electric

Company

39,000

5.550%, 

4/15/2054

37,002

Sempra

31,000

6.550%, 

4/1/2055

b

30,254

31,000

6.625%, 

4/1/2055

b

30,586

31,000

6.400%, 

10/1/2054

b

29,860

31,000

6.875%, 

10/1/2054

b

30,935

31,000

4.875%, 

10/15/2025

b,j

30,677

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

39

Principal

Amount

Long-Term

Fixed

Income  46.7%

Value

Utilities  1.6%

-

continued

Southern

California

Edison

Company

$

77,000

5.450%, 

6/1/2031

$

76,638

Southern

Company

50,000

5.700%, 

10/15/2032

51,301

85,000

4.850%, 

3/15/2035

80,768

29,000

4.000%, 

1/15/2051

b

28,561

90,000

3.750%, 

9/15/2051

b

87,386

Southern

Company,

Convertible

154,000

3.875%, 

12/15/2025

162,470

82,000

4.500%, 

6/15/2027

a

86,182

Talen

Energy

Supply,

LLC

54,000

8.625%, 

6/1/2030

a

57,602

TerraForm

Power

Operating,

LLC

120,000

5.000%, 

1/31/2028

a

115,632

TXNM

Energy,

Inc.,

Convertible

123,000

5.750%, 

6/1/2054

a

140,491

Virginia

Electric

and

Power

Company

54,000

5.350%, 

1/15/2054

50,328

Vistra

Corporation

28,000

8.000%, 

10/15/2026

a,b,j

28,707

69,000

7.000%, 

12/15/2026

a,b,j

69,231

Vistra

Operations

Company,

LLC

142,000

5.000%, 

7/31/2027

a

139,986

WEC

Energy

Group,

Inc.,

Convertible

65,000

4.375%, 

6/1/2027

a

70,883

69,000

4.375%, 

6/1/2029

a

76,280

Xcel

Energy,

Inc.

45,000

4.000%, 

6/15/2028

43,607

60,000

4.600%, 

6/1/2032

57,220

XPLR

Infrastructure,

LP,

Convertible

194,000

Zero

Coupon, 

11/15/2025

a

184,106

36,000

2.500%, 

6/15/2026

a

34,068

Total

6,777,529

Total

Long-Term

Fixed

Income

(cost

$199,432,064)

194,930,661

Shares

Common

Stock

32.6%

Value

Communications

Services  2.3%

2,624

Alphabet,

Inc.,

Class

A

535,348

15,978

Alphabet,

Inc.,

Class

C

3,285,077

3,820

Cogent

Communications

Holdings

287,799

11,350

Comcast

Corporation

382,041

103

Liberty

Media

Corporation-Liberty

Formula

One

Group

l

9,857

5,593

Meta

Platforms,

Inc.

3,854,584

452

Netflix,

Inc.

l

441,495

1,155

News

Corporation,

Class

A

32,479

15

Tripadvisor,

Inc.

l

263

18,865

Verizon

Communications,

Inc.

743,092

19,490

Warner

Brothers

Discovery,

Inc.

l

203,476

Total

9,775,511

Consumer

Discretionary  4.0%

4,358

Advance

Auto

Parts,

Inc.

211,363

17,471

Amazon.com,

Inc.

l

4,152,507

3,419

Aptiv

plc

l

213,414

3,562

Best

Buy

Company,

Inc.

305,833

67

Booking

Holdings,

Inc.

317,416

1,127

Boot

Barn

Holdings,

Inc.

l

181,278

Shares

Common

Stock  32.6%

Value

Consumer

Discretionary  4.0%

-

continued

2,872

Brunswick

Corporation

$

193,688

5,562

Champion

Homes,

Inc.

l

513,539

6,228

Chipotle

Mexican

Grill,

Inc.

l

363,404

3,872

Columbia

Sportswear

Company

341,898

4,821

Cooper-Standard

Holdings,

Inc.

l

74,340

21

Cracker

Barrel

Old

Country

Store,

Inc.

1,365

1,508

Crocs,

Inc.

l

153,921

1,949

D.R.

Horton,

Inc.

276,563

1,557

Deckers

Outdoor

Corporation

l

276,149

1,559

DoorDash,

Inc.

l

294,386

5,148

eBay,

Inc.

347,387

1,881

Expedia

Group,

Inc.

l

321,557

1,940

Garmin,

Ltd.

418,749

939

Grand

Canyon

Education,

Inc.

l

164,926

335

Group

1

Automotive,

Inc.

152,924

980

Hilton

Worldwide

Holdings,

Inc.

250,949

2,395

Home

Depot,

Inc.

986,692

1,525

La-Z-Boy,

Inc.

71,980

1,916

Lowe's

Companies,

Inc.

498,237

990

Lululemon

Athletica,

Inc.

l

410,058

595

McDonald's

Corporation

171,776

724

Modine

Manufacturing

Company

l

73,450

3,791

NIKE,

Inc.

291,528

66

NVR,

Inc.

l

529,068

296

O'Reilly

Automotive,

Inc.

l

383,148

3,066

PUMA

SE

96,212

75

Ross

Stores,

Inc.

11,292

2,712

SharkNinja,

Inc.

l

303,229

14,507

Sony

Group

Corporation

ADR

319,299

2,931

Stoneridge,

Inc.

l

15,153

4,461

Tesla,

Inc.

l

1,804,921

1,208

Texas

Roadhouse,

Inc.

218,769

4,778

Wyndham

Hotels

&

Resorts,

Inc.

501,786

7,192

Yum

China

Holding,

Inc.

332,630

Total

16,546,784

Consumer

Staples  1.4%

1,852

Altria

Group,

Inc.

96,730

3,002

BJ's

Wholesale

Club

Holdings,

Inc.

l

297,348

734

Casey's

General

Stores,

Inc.

309,579

1,027

Colgate-Palmolive

Company

89,041

90

Costco

Wholesale

Corporation

88,189

37,612

Coty,

Inc.

l

275,696

1,162

e.l.f.

Beauty,

Inc.

l

116,096

1,280

J

&

J

Snack

Foods

Corporation

175,655

2,212

J.M.

Smucker

Company

236,441

3,634

John

B.

Sanfilippo

&

Son,

Inc.

262,884

18,161

Kenvue,

Inc.

386,648

434

Keurig

Dr

Pepper,

Inc.

13,931

3,880

Lamb

Weston

Holdings,

Inc.

232,567

1,205

Lancaster

Colony

Corporation

203,332

8,442

Philip

Morris

International,

Inc.

1,099,148

774

Procter

&

Gamble

Company

128,476

7,773

Sysco

Corporation

566,807

2,420

Turning

Point

Brands,

Inc.

154,251

3,015

Tyson

Foods,

Inc.

170,317

8,583

Walmart,

Inc.

842,507

Total

5,745,643

Energy  1.4%

745

Archrock,

Inc.

20,927

3,603

Baker

Hughes

Company

166,386

6,675

ConocoPhillips

659,690

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

40

Shares

Common

Stock  32.6%

Value

Energy  1.4%

-

continued

17,978

Devon

Energy

Corporation

$

613,050

17,169

Enterprise

Products

Partners,

LP

560,568

2,473

EOG

Resources,

Inc.

311,079

7,666

Expand

Energy

Corporation

778,866

11,605

Exxon

Mobil

Corporation

1,239,762

7,910

Halliburton

Company

205,818

337

Hess

Midstream,

LP

13,652

668

Kinder

Morgan,

Inc.

18,357

1,741

Marathon

Petroleum

Corporation

253,681

3,503

Matador

Resources

Company

203,174

5,583

Noble

Corporation

plc

178,935

1,479

Schlumberger

NV

59,574

3,198

Shell

plc

ADR

210,588

5,296

TechnipFMC

plc

159,145

1,326

Williams

Companies,

Inc.

73,500

Total

5,726,752

Financials  5.1%

84

1st

Source

Corporation

5,268

1,735

Allstate

Corporation

333,693

12,121

Ally

Financial,

Inc.

472,355

897

Amalgamated

Financial

Corporation

31,341

955

American

Express

Company

303,165

4,432

American

International

Group,

Inc.

326,461

1,090

Ameriprise

Financial,

Inc.

592,262

3,866

Arch

Capital

Group,

Ltd.

359,809

1,346

Associated

Banc-Corp

33,838

24,775

Bank

of

America

Corporation

1,147,082

97

Bank

of

Marin

Bancorp

2,451

4,452

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

163,344

4,627

Bank

of

New

York

Mellon

Corporation

397,598

755

Berkshire

Hathaway,

Inc.

l

353,846

10,362

Bridgewater

Bancshares,

Inc.

l

146,311

2,473

Capital

One

Financial

Corporation

503,775

1,121

Cboe

Global

Markets,

Inc.

229,054

11,561

Charles

Schwab

Corporation

956,326

1,693

Chubb,

Ltd.

460,293

734

Citigroup,

Inc.

59,770

527

Community

Trust

Bancorp,

Inc.

28,200

2,055

Discover

Financial

Services

413,240

1,345

Donnelley

Financial

Solutions,

Inc.

l

89,268

1,061

Ellington

Credit

Company

6,960

276

Enact

Holdings,

Inc.

9,323

58

Enterprise

Financial

Services

Corporation

3,471

13,585

F.N.B.

Corporation

213,149

151

FactSet

Research

Systems,

Inc.

71,636

1,354

Federal

Agricultural

Mortgage

Corporation

267,794

192

Financial

Institutions,

Inc.

5,063

1,074

First

Bancorp/Puerto

Rico

22,296

1,050

First

Busey

Corporation

25,494

168

First

Citizens

BancShares,

Inc./NC

370,388

134

First

Mid-Illinois

Bancshares,

Inc.

5,083

733

Fiserv,

Inc.

l

158,357

1,562

Fulton

Financial

Corporation

31,771

5,152

Glacier

Bancorp,

Inc.

255,900

414

Great

Southern

Bancorp,

Inc.

24,339

512

Hanmi

Financial

Corporation

12,298

439

Hometrust

Bancshares,

Inc.

16,142

1,659

Houlihan

Lokey,

Inc.

301,473

66

Independent

Bank

Corporation/MI

2,402

5,737

Intercontinental

Exchange,

Inc.

916,945

Shares

Common

Stock  32.6%

Value

Financials  5.1%

-

continued

5,888

J.P.

Morgan

Chase

&

Company

$

1,573,862

29,184

KeyCorp

524,728

1,675

Kinsale

Capital

Group,

Inc.

740,250

34

Loews

Corporation

2,905

774

Marsh

&

McLennan

Companies,

Inc.

167,865

812

Mastercard,

Inc.

451,009

5,011

MetLife,

Inc.

433,502

888

MidWestOne

Financial

Group,

Inc.

28,087

563

MSCI,

Inc.

335,982

6,981

Nasdaq,

Inc.

574,816

3,066

Northern

Trust

Corporation

344,281

1,652

OceanFirst

Financial

Corporation

29,670

745

OFG

Bancorp

31,819

545

Old

Second

Bancorp,

Inc.

10,241

3,742

PayPal

Holdings,

Inc.

l

331,466

88

PNC

Financial

Services

Group,

Inc.

17,684

323

Popular,

Inc.

33,250

1,316

Progressive

Corporation

324,315

2,925

Prosperity

Bancshares,

Inc.

234,000

7,092

Radian

Group,

Inc.

241,270

4,576

RLI

Corporation

335,650

1,175

Robinhood

Markets,

Inc.

l

61,041

363

S&P

Global,

Inc.

189,272

498

SEI

Investments

Company

43,117

2,763

Tradeweb

Markets,

Inc.

350,625

3,035

Triumph

Financial,

Inc.

l

233,877

1,141

Truist

Financial

Corporation

54,334

13

TrustCo

Bank

Corporation

NY

418

962

Trustmark

Corporation

36,075

309

U.S.

Bancorp

14,764

3,082

Visa,

Inc.

1,053,428

17,839

Wells

Fargo

&

Company

1,405,713

6,239

Western

Alliance

Bancorp

548,221

5,799

Zions

Bancorp

NA

335,530

Total

21,222,101

Health

Care  3.7%

2,839

Abbott

Laboratories

363,193

93

AbbVie,

Inc.

17,103

2,999

Agilent

Technologies,

Inc.

454,409

727

Align

Technology,

Inc.

l

159,293

1,454

Amgen,

Inc.

415,001

10,166

Avantor,

Inc.

l

226,498

3,989

Boston

Scientific

Corporation

l

408,314

345

Chemed

Corporation

193,890

1,161

Cigna

Group

341,578

5,995

Concentra

Group

Holdings

Parent,

Inc.

139,743

3,587

Danaher

Corporation

798,968

2,966

Edwards

Lifesciences

Corporation

l

214,887

1,607

Eli

Lilly

&

Company

1,303,406

2,023

Encompass

Health

Corporation

200,823

5,118

Gilead

Sciences,

Inc.

497,470

3,725

Haemonetics

Corporation

l

257,211

915

Humana,

Inc.

268,305

616

IDEXX

Laboratories,

Inc.

l

259,983

264

Insulet

Corporation

l

73,492

812

Intuitive

Surgical,

Inc.

l

464,367

5,556

Johnson

&

Johnson

845,345

1,471

Labcorp

Holdings,

Inc.

367,456

433

Medpace

Holdings,

Inc.

l

151,182

6,058

Medtronic

plc

550,188

5,659

Merck

&

Company,

Inc.

559,222

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

41

Shares

Common

Stock  32.6%

Value

Health

Care  3.7%

-

continued

168

Mettler-Toledo

International,

Inc.

l

$

229,226

1,921

Neurocrine

Biosciences,

Inc.

l

291,646

981

Penumbra,

Inc.

l

261,898

13,204

Progyny,

Inc.

l

305,937

331

Regeneron

Pharmaceuticals,

Inc.

l

222,756

1,440

Repligen

Corporation

l

239,342

8,301

Sanofi

SA

ADR

451,076

1,469

Sarepta

Therapeutics,

Inc.

l

167,055

7,789

Stevanato

Group

SPA

174,552

522

Stryker

Corporation

204,253

633

Thermo

Fisher

Scientific,

Inc.

378,376

4,249

Twist

Bioscience

Corporation

l

222,520

517

United

Therapeutics

Corporation

l

181,555

2,209

UnitedHealth

Group,

Inc.

1,198,360

717

Vertex

Pharmaceuticals,

Inc.

l

331,025

11,984

Viemed

Healthcare,

Inc.

l

98,149

504

Waters

Corporation

l

209,402

3,909

Zimmer

Biomet

Holdings,

Inc.

427,957

1,967

Zoetis,

Inc.

336,160

Total

15,462,572

Industrials  4.2%

610

AECOM

64,318

6,091

Air

Lease

Corporation

281,404

7,204

Amentum

Holdings,

Inc.

l

151,068

1,502

AMETEK,

Inc.

277,209

287

Armstrong

World

Industries,

Inc.

43,340

1,161

Automatic

Data

Processing,

Inc.

351,795

388

Axon

Enterprise,

Inc.

l

253,046

11,261

Badger

Infrastructure

Solutions,

Ltd.

306,058

6,286

Barrett

Business

Services,

Inc.

272,372

223

Brady

Corporation

16,611

1,605

BWX

Technologies,

Inc.

181,253

1,483

Caterpillar,

Inc.

550,846

34,757

CNH

Industrial

NV

447,670

21,939

CSX

Corporation

721,135

4,139

Dayforce,

Inc.

l

292,793

7,969

Delta

Air

Lines,

Inc.

536,075

1,511

Enerpac

Tool

Group

Corporation

68,282

3,952

ExlService

Holdings,

Inc.

l

198,628

1,873

Expeditors

International

of

Washington,

Inc.

212,735

9,566

Fastenal

Company

700,614

1,597

Ferguson

Enterprises,

Inc.

289,249

7,112

Flowserve

Corporation

445,353

1,533

General

Dynamics

Corporation

393,950

205

Graco,

Inc.

17,255

443

Great

Lakes

Dredge

&

Dock

Corporation

l

4,869

5,572

Helios

Technologies,

Inc.

248,567

2,880

Hexcel

Corporation

187,776

2,428

Honeywell

International,

Inc.

543,192

3,006

Howmet

Aerospace,

Inc.

380,499

489

IES

Holdings,

Inc.

l

108,206

1,796

Ingersoll

Rand,

Inc.

168,465

2,453

Jacobs

Solutions,

Inc.

343,739

3,308

JB

Hunt

Transport

Services,

Inc.

566,396

4,850

Knight-Swift

Transportation

Holdings,

Inc.

276,886

2,785

Korn

Ferry

196,983

1,780

L3Harris

Technologies,

Inc.

377,378

1,006

Landstar

System,

Inc.

165,648

1,832

Leidos

Holdings,

Inc.

260,199

1,108

Lincoln

Electric

Holdings,

Inc.

220,248

Shares

Common

Stock  32.6%

Value

Industrials  4.2%

-

continued

820

Masco

Corporation

$

65,010

15,024

Masterbrand,

Inc.

l

260,216

1,937

Miller

Industries,

Inc.

127,784

1,179

Moog,

Inc.

214,177

3,067

Old

Dominion

Freight

Line,

Inc.

569,266

600

Owens

Corning,

Inc.

110,730

266

Parker-Hannifin

Corporation

188,075

1,121

Quanta

Services,

Inc.

344,831

3,800

Robert

Half,

Inc.

246,202

1,270

Rockwell

Automation,

Inc.

353,606

8,031

Schneider

National,

Inc.

238,922

7,088

Southwest

Airlines

Company

217,672

7,094

Timken

Company

569,435

1,057

Trane

Technologies

plc

383,427

8,195

Uber

Technologies,

Inc.

l

547,836

1,826

UFP

Industries,

Inc.

211,177

156

Union

Pacific

Corporation

38,655

2,310

United

Airlines

Holdings,

Inc.

l

244,490

2,932

United

Parcel

Service,

Inc.

334,922

635

United

Rentals,

Inc.

481,368

1,043

Verisk

Analytics,

Inc.

299,800

270

Waste

Management,

Inc.

59,470

4,118

WNS

Holdings,

Ltd.

l

252,228

Total

17,481,409

Information

Technology  7.4%

151

Adobe,

Inc.

l

66,055

2,870

Advanced

Micro

Devices,

Inc.

l

332,776

6,842

Amphenol

Corporation

484,277

20,412

Apple,

Inc.

4,817,232

2,281

Applied

Materials,

Inc.

411,378

2,073

Arista

Networks,

Inc.

l

238,872

1,650

ASGN,

Inc.

l

145,546

1,843

Autodesk,

Inc.

l

573,800

6,784

Broadcom,

Inc.

1,501,096

1,569

CDW

Corporation

312,451

5,391

Ciena

Corporation

l

469,772

13,444

Cisco

Systems,

Inc.

814,706

9,066

Cohu,

Inc.

l

207,702

48

Credo

Technology

Group

Holding,

Ltd.

l

3,361

1,870

Datadog,

Inc.

l

266,868

6,083

DocuSign,

Inc.

l

588,409

1,095

Fabrinet

l

236,750

2,680

Fortinet,

Inc.

l

270,358

1,647

Freshworks,

Inc.

l

30,634

495

Guidewire

Software,

Inc.

l

104,579

4,234

International

Business

Machines

Corporation

1,082,634

5,325

JFrog,

Ltd.

l

185,097

864

Littelfuse,

Inc.

205,943

102

Marvell

Technology,

Inc.

11,512

12,142

Microsoft

Corporation

5,039,658

769

MongoDB,

Inc.

l

210,183

624

Motorola

Solutions,

Inc.

292,812

422

NetApp,

Inc.

51,526

38,242

NVIDIA

Corporation

4,591,717

4,003

ON

Semiconductor

Corporation

l

209,517

753

Onto

Innovation,

Inc.

l

154,184

643

Oracle

Corporation

109,348

1,053

Palantir

Technologies,

Inc.

l

86,862

2,098

Pegasystems,

Inc.

227,192

963

Plexus

Corporation

l

136,467

4,017

Qorvo,

Inc.

l

333,331

6,246

QUALCOMM,

Inc.

1,080,121

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

42

Shares

Common

Stock  32.6%

Value

Information

Technology  7.4%

-

continued

32

RingCentral,

Inc.

l

$

1,114

2,839

Salesforce,

Inc.

970,086

12,150

Samsung

Electronics

Company,

Ltd.

433,922

1,021

ServiceNow,

Inc.

l

1,039,766

2,218

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

464,272

3,266

TD

SYNNEX

Corporation

465,438

8,416

Trimble,

Inc.

l

630,863

14,175

TTM

Technologies,

Inc.

l

348,563

751

Universal

Display

Corporation

112,590

6,725

Varonis

Systems,

Inc.

l

305,046

531

VeriSign,

Inc.

l

114,165

Total

30,770,551

Materials  1.1%

1,828

Albemarle

Corporation

g

153,899

2,817

Ball

Corporation

156,907

1,576

Celanese

Corporation

111,959

5,201

CF

Industries

Holdings,

Inc.

479,584

4,440

Corteva,

Inc.

289,799

2,291

DuPont

de

Nemours,

Inc.

175,949

11

Eagle

Materials,

Inc.

2,824

3,344

Eastman

Chemical

Company

333,230

2,259

Ecolab,

Inc.

565,179

3,024

Greif,

Inc.

185,129

4,103

Ingevity

Corporation

l

186,071

14,268

Ivanhoe

Mines,

Ltd.

l

153,248

820

Linde

plc

365,818

3,390

Nucor

Corporation

435,378

4,966

Olin

Corporation

145,454

3,796

Steel

Dynamics,

Inc.

486,647

22,576

Tronox

Holdings

plc

231,856

348

United

States

Lime

&

Minerals,

Inc.

38,482

1,515

United

States

Steel

Corporation

55,828

3,152

West

Fraser

Timber

Company,

Ltd.

273,531

Total

4,826,772

Real

Estate  0.9%

3,167

Agree

Realty

Corporation

229,829

769

Alexandria

Real

Estate

Equities,

Inc.

74,862

790

AvalonBay

Communities,

Inc.

174,993

1,132

Broadstone

Net

Lease,

Inc.

17,818

2,058

CBRE

Group,

Inc.

l

297,875

3,943

Crown

Castle,

Inc.

352,031

17,931

Cushman

and

Wakefield

plc

l

247,268

194

Equinix,

Inc.

177,250

10,304

Essential

Properties

Realty

Trust,

Inc.

330,758

1,102

Extra

Space

Storage,

Inc.

169,708

2,984

First

Industrial

Realty

Trust,

Inc.

159,316

17,766

Healthcare

Realty

Trust,

Inc.

297,580

289

Innovative

Industrial

Properties,

Inc.

20,716

211

Kite

Realty

Group

Trust

4,885

7,983

National

Storage

Affiliates

Trust

296,568

2,065

Outfront

Media,

Inc.

37,996

4,329

RLJ

Lodging

Trust

42,208

9,315

Sabra

Health

Care

REIT,

Inc.

155,654

2,163

SBA

Communications

Corporation

427,322

821

STAG

Industrial,

Inc.

28,062

1,172

Tanger,

Inc.

38,465

3,673

Terreno

Realty

Corporation

240,288

Shares

Common

Stock  32.6%

Value

Real

Estate  0.9%

-

continued

5,521

Uniti

Group,

Inc.

$

30,089

825

Zillow

Group,

Inc.,

Class

C

l

67,832

Total

3,919,373

Utilities  1.1%

5,219

Alliant

Energy

Corporation

307,295

212

Black

Hills

Corporation

12,451

457

Brookfield

Infrastructure

Corporation

19,066

328

California

Water

Service

Group

14,855

9,674

CenterPoint

Energy,

Inc.

315,082

760

Clearway

Energy,

Inc.,

Class

C

19,707

1,499

Constellation

Energy

Corporation

449,670

5,445

Duke

Energy

Corporation

609,786

8,766

Entergy

Corporation

710,747

8,395

NiSource,

Inc.

313,133

1,754

Northwestern

Energy

Group,

Inc.

94,558

3,631

Portland

General

Electric

Company

149,379

5,117

Public

Service

Enterprise

Group,

Inc.

427,474

2,361

Spire,

Inc.

167,537

14,314

UGI

Corporation

439,869

3,233

Vistra

Energy

Corporation

543,241

3,338

Xcel

Energy,

Inc.

224,314

1,454

XPLR

Infrastructure,

LP

15,325

Total

4,833,489

Total

Common

Stock

(cost

$91,264,021)

136,310,957

Shares

Registered

Investment

Companies  

12.0%

Value

U.S.

Affiliated  

11.4%  

2,504,641

Thrivent

Core

Emerging

Markets

Debt

Fund

20,613,197

2,533,130

Thrivent

Core

International

Equity

Fund

27,079,163

Total

47,692,360

U.S.

Unaffiliated  

0.6%  

3,692

abrdn

Asia-Pacific

Income

Fund,

Inc.

57,189

11,089

abrdn

Income

Credit

Strategies

Fund

67,643

3,072

abrdn

Total

Dynamic

Dividend

Fund

26,665

7,016

AllianceBernstein

Global

High

Income

Fund,

Inc.

76,685

10,265

Allspring

Income

Opportunities

Fund

72,471

2,061

BlackRock

Capital

Allocation

Term

Trust

31,842

1,273

BlackRock

Core

Bond

Trust

13,456

6,950

BlackRock

Corporate

High

Yield

Fund,

Inc.

68,805

8,140

BlackRock

Credit

Allocation

Income

Trust

87,912

713

BlackRock

Debt

Strategies

Fund,

Inc.

7,665

1,075

BlackRock

Enhanced

Equity

Dividend

Trust

9,449

6,759

BlackRock

Enhanced

Global

Dividend

Trust

76,241

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

43

Shares

Registered

Investment

Companies  12.0%

Value

U.S.

Unaffiliated  

0.6%  -

continued

3,775

BlackRock

Enhanced

International

Dividend

Trust

$

20,876

220

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

2,891

2,353

BlackRock

Income

Trust,

Inc.

27,342

4,902

BlackRock

Multi-Sector

Income

Trust

72,402

6,079

Blackstone

Strategic

Credit

2027

Term

Fund

75,805

4,131

Cornerstone

Strategic

Investment

Fund,

Inc.

g

36,849

7,017

Eaton

Vance

Limited

Duration

Income

Fund

71,643

3,191

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

27,092

12,000

Invesco

Senior

Loan

ETF

252,600

1,403

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

g

150,766

2,723

iShares

Preferred

and

Income

Securities

ETF

g

86,619

12,898

Nuveen

Credit

Strategies

Income

Fund

72,100

5,463

Nuveen

Preferred

Income

Opportunities

Fund

43,485

6,530

PGIM

Global

High

Yield

Fund,

Inc.

84,694

5,942

PGIM

High

Yield

Bond

Fund,

Inc.

82,178

2,292

Pimco

Dynamic

Income

Fund

44,327

4,260

PIMCO

High

Income

Fund

21,044

4,507

PIMCO

Income

Strategy

Fund

II

33,848

1,769

SPDR

S&P

Biotech

ETF

g

163,933

667

Tri-Continental

Corporation

21,798

3,634

Vanguard

Short-Term

Corporate

Bond

ETF

285,160

5,584

Virtus

Convertible

&

Income

Fund

20,270

5,085

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

66,359

1,168

Virtus

Equity

&

Convertible

Income

Fund

29,095

11,333

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

61,765

1,331

Western

Asset

Diversified

Income

Fund

19,992

17,387

Western

Asset

High

Income

Opportunity

Fund,

Inc.

69,200

Total

2,540,156

Total

Registered

Investment

Companies

(cost

$49,778,198)

50,232,516

Shares

Preferred

Stock

0.9%

Value

Basic

Materials  <0.1%

3,372

Albemarle

Corporation,

Convertible,

7.250%

136,633

Total

136,633

Capital

Goods  0.1%

5,345

Boeing

Company,

Convertible,

6.000%

320,647

Total

320,647

Communications

Services  0.1%

7,175

AT&T,

Inc.,

4.750%

j

138,334

Shares

Preferred

Stock  0.9%

Value

Communications

Services  0.1%

-

continued

3,000

Telephone

and

Data

Systems,

Inc.,

6.000%

j

$

58,200

Total

196,534

Financials  0.6%

2,475

AEGON

Funding

Company,

LLC,

5.100%

50,985

5,200

Allstate

Corporation,

5.100%

j

116,532

2,258

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

201,143

2,378

Ares

Management

Corporation,

Convertible,

6.750%

144,321

1,550

Athene

Holding,

Ltd.,

5.625%

j

31,930

4,100

Bank

of

America

Corporation,

4.250%

j

74,743

3,175

Bank

of

America

Corporation,

4.375%

j

60,198

1,575

Bank

of

America

Corporation,

4.750%

j

32,335

3,175

Bank

of

America

Corporation,

5.000%

j

68,516

200

Bank

of

America

Corporation,

Convertible,

7.250%

j

244,800

775

Capital

One

Financial

Corporation,

4.800%

j

14,802

3,050

Capital

One

Financial

Corporation,

5.000%

j

61,213

775

Charles

Schwab

Corporation,

4.450%

j

15,314

550

Citizens

Financial

Group,

Inc.,

7.375%

j

14,641

1,250

Corebridge

Financial,

Inc.,

6.375%

30,800

2,875

Equitable

Holdings,

Inc.,

5.250%

j

61,554

1,550

Fifth

Third

Bancorp,

4.950%

j

34,782

1,550

Huntington

Bancshares,

Inc./OH,

4.500%

j

27,931

3,100

J.P.

Morgan

Chase

&

Company,

4.200%

j

57,071

3,175

J.P.

Morgan

Chase

&

Company,

4.625%

j

64,040

3,350

J.P.

Morgan

Chase

&

Company,

4.750%

j

69,948

775

KeyCorp,

5.650%

j

16,817

3,150

KeyCorp,

6.200%

b,j

76,954

775

MetLife,

Inc.,

4.750%

j

16,259

2,600

Morgan

Stanley,

4.250%

j

47,944

2,290

Morgan

Stanley,

5.850%

b,j

55,807

2,800

Morgan

Stanley,

7.125%

b,j

71,484

2,875

Public

Storage,

4.125%

j

50,197

1,125

Public

Storage,

4.625%

j

21,870

300

Public

Storage,

4.700%

j

5,907

1,550

Regions

Financial

Corporation,

4.450%

j

27,823

775

Regions

Financial

Corporation,

5.700%

b,j

19,173

725

Synovus

Financial

Corporation,

8.397%

b,j

18,727

1,550

Truist

Financial

Corporation,

4.750%

j

31,853

2,650

U.S.

Bancorp,

4.000%

j

46,296

3,450

Wells

Fargo

&

Company,

4.250%

j

62,618

3,175

Wells

Fargo

&

Company,

4.375%

j

59,595

1,550

Wells

Fargo

&

Company,

4.700%

j

30,985

2,350

Wells

Fargo

&

Company,

4.750%

j

47,517

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

44

Shares

Preferred

Stock  0.9%

Value

Financials  0.6%

-

continued

251

Wells

Fargo

&

Company,

Convertible,

7.500%

j

$

298,414

Total

2,483,839

Technology  <0.1%

2,422

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

148,057

Total

148,057

Utilities  0.1%

4,150

CMS

Energy

Corporation,

4.200%

j

75,489

1,688

NextEra

Energy,

Inc.,

Convertible,

6.926%

70,018

2,357

NextEra

Energy,

Inc.,

Convertible,

7.299%

114,927

2,750

Southern

Company,

4.950%

57,090

Total

317,524

Total

Preferred

Stock

(cost

$3,866,413)

3,603,234

Shares

Collateral

Held

for

Securities

Loaned

0.5%

Value

2,125,613

Thrivent

Cash

Management

Trust

2,125,613

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,125,613)

2,125,613

Shares

or

Principal

Amount

Short-Term

Investments

9.1%

Value

Federal

Home

Loan

Bank

Discount

Notes

800,000

4.420%,

2/5/2025

m,n

799,533

5,000,000

4.235%,

2/10/2025

m

4,994,160

1,300,000

4.420%,

2/12/2025

m,n

1,298,178

100,000

4.230%,

2/26/2025

m,n

99,696

400,000

4.230%,

3/7/2025

m,n

398,366

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

100,000

4.235%,

2/6/2025

m,n

99,930

Thrivent

Core

Short-Term

Reserve

Fund

2,537,678

4.630%

25,376,776

U.S.

Treasury

Bills

5,000,000

4.240%,

2/18/2025

m

4,991,151

100,000

4.206%,

3/27/2025

m,o

99,389

Total

Short-Term

Investments

(cost

$38,147,837)

38,157,179

Total

Investments

(cost

$384,614,146)

101.8%

$425,360,160

Other

Assets

and

Liabilities,

Net

(1.8%)

(7,382,908)

Total

Net

Assets

100.0%

$417,977,252

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,

2025,

the

value

of

these

investments

was

$69,594,363

or

16.7%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

d

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

e

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

January

31,

2025.

f

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

g

All

or

a

portion

of

the

security

is

on

loan.

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

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,

2025.

j

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

k

Defaulted

security.  Interest

is

not

being

accrued.

l

Non-income

producing

security.

m

The

interest

rate

shown

reflects

the

yield.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Balanced

Income

Plus

Fund

as

of

January

31,

2025

was

$5,270

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

January

31,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

11/30/2018

$

38,508

Credit

Suisse

Group

AG 

5/17/2021

28,823

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

45

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,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

1,627,127

Common

Stock

431,455

Total

lending

$2,058,582

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,125,613

Net

amounts

due

to

counterparty

$67,031

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

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.

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

Reference

Rate

Index:

H15T

5Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

5

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

46

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Balanced

Income

Plus

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

23,482,151

–

22,978,967

503,184

Basic

Materials

2,059,858

–

2,059,858

–

Capital

Goods

4,803,876

–

4,803,876

–

Collateralized

Mortgage

Obligations

22,545,981

–

22,545,981

–

Commercial

Mortgage-Backed

Securities

1,611,831

–

1,611,831

–

Communications

Services

5,726,332

–

5,726,332

–

Consumer

Cyclical

8,237,715

–

8,237,715

–

Consumer

Non-Cyclical

8,495,230

–

8,495,230

–

Energy

6,353,608

–

6,353,608

–

Financials

20,965,497

–

20,965,497

–

Foreign

Government

155,479

–

155,479

–

Mortgage-Backed

Securities

50,939,287

–

50,939,287

–

Technology

6,912,794

–

6,912,794

–

Transportation

1,368,649

–

1,368,649

–

U.S.

Government

&

Agencies

24,494,844

–

24,494,844

–

Utilities

6,777,529

–

6,777,529

–

Common

Stock

Communications

Services

9,775,511

9,775,511

–

–

Consumer

Discretionary

16,546,784

16,450,572

96,212

–

Consumer

Staples

5,745,643

5,745,643

–

–

Energy

5,726,752

5,726,752

–

–

Financials

21,222,101

21,222,101

–

–

Health

Care

15,462,572

15,462,572

–

–

Industrials

17,481,409

17,175,351

306,058

–

Information

Technology

30,770,551

30,336,629

433,922

–

Materials

4,826,772

4,673,524

153,248

–

Real

Estate

3,919,373

3,919,373

–

–

Utilities

4,833,489

4,833,489

–

–

Preferred

Stock

Basic

Materials

136,633

136,633

–

–

Capital

Goods

320,647

320,647

–

–

Communications

Services

196,534

196,534

–

–

Financials

2,483,839

2,483,839

–

–

Technology

148,057

148,057

–

–

Utilities

317,524

317,524

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

2,540,156

2,540,156

–

–

Short-Term

Investments

12,780,403

–

12,780,403

–

Subtotal

Investments

in

Securities

$350,165,411

$141,464,907

$208,197,320

$503,184

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

47,692,360

Affiliated

Short-Term

Investments

25,376,776

Collateral

Held

for

Securities

Loaned

2,125,613

Subtotal

Other

Investments

$75,194,749

Total

Investments

at

Value

$425,360,160

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

47

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Balanced

Income

Plus

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

826,277

826,277

–

–

Total

Asset

Derivatives

$826,277

$826,277

$–

$–

Liability

Derivatives

Futures

Contracts

819,161

586,157

233,004

–

Total

Return

Swaps

50,048

–

50,048

–

Credit

Default

Swaps

14,586

–

14,586

–

Total

Liability

Derivatives

$883,795

$586,157

$297,638

$–

The

following

table

presents

Balanced

Income

Plus

Fund's

futures

contracts

held

as

of

January

31,

2025.

Investments

and/or

cash

totaling

$2,761,204

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

20

March

2025

$

2,196,612

(

$

19,737)

CBOT

2-Yr.

U.S.

Treasury

Note

108

March

2025

22,191,752

15,748

CBOT

5-Yr.

U.S.

Treasury

Note

59

March

2025

6,300,208

(

23,160)

CBOT

U.S.

Long

Bond

11

March

2025

1,281,272

(

28,303)

CME

E-mini

S&P

500

Index

56

March

2025

17,160,725

(

172,425)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

57

March

2025

6,997,272

(

244,553)

ICE

mini

MSCI

EAFE

Index

68

March

2025

7,991,398

68,302

ICE

US

mini

MSCI

Emerging

Markets

Index

78

March

2025

4,350,539

(

97,979)

Total

Futures

Long

Contracts

$

68,469,778

(

$

502,107)

CME

E-mini

Russell

2000

Index

(92)

March

2025

(

$

10,913,701)

$

354,861

CME

E-mini

S&P

Mid-Cap

400

Index

(40)

March

2025

(

13,310,551)

310,551

CME

Euro

Foreign

Exchange

Currency

(35)

March

2025

(

4,625,503)

76,815

Eurex

Euro

STOXX

50

Index

(84)

March

2025

(

4,360,222)

(

233,004)

Total

Futures

Short

Contracts

(

$

33,209,977)

$509,223

Total

Futures

Contracts

$

35,259,801

$7,116

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

48

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Balanced

Income

Plus

Fund's

credit

default

swap

contracts

held

as

of

January

31,

2025.

Investments

totaling

$99,389

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

43,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2029

$

915,000

$

–

(

$

14,586)

(

$

14,586)

Total

Credit

Default

Swaps

$–

($14,586)

($14,586)

1

As

the

buyer

of

protection,

Balanced

Income

Plus

Fund

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Balanced

Income

Plus

Fund

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Balanced

Income

Plus

Fund

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

following

table

presents

Balanced

Income

Plus

Fund's

total

return

swap

contracts

held

as

of

January

31,

2025.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

400,478

(

$

50,048)

$

–

(

$

50,048)

Total

Return

Swaps

(

$

50,048)

$

–

($50,048)

#

Payment

made

on

Termination

Date

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

49

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Balanced

Income

Plus

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$20,834

$340

$590

$20,613

2,505

4.9%

Core

International

Equity

28,555

885

2,005

27,079

2,533

6.5

Total

U.S.

Affiliated

Registered

Investment

Companies

49,389

47,692

11.4

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

29,170

35,041

38,834

25,377

2,538

6.1

Total

Affiliated

Short-Term

Investments

29,170

25,377

6.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

4,833

10,261

12,968

2,126

2,126

0.5

Total

Collateral

Held

for

Securities

Loaned

4,833

2,126

0.5

Total

Value

$83,392

$75,195

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($115)

$144

$–

$341

Core

International

Equity

219

(575)

–

885

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

–

–

–

395

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$1,621

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

9

Total

Affiliated

Income

from

Securities

Loaned,

Net

$9

Total

$104

($431)

$–

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

50

Shares

Common

Stock

75.5%

Value

Communications

Services  5.4%

184,806

Alphabet,

Inc.,

Class

C

$

37,996,114

8,134

AMC

Networks,

Inc.

a

78,330

548,297

Auto

Trader

Group

plc

b

5,340,314

4,811

Bandwidth,

Inc.

a

85,492

1,066

CAR

Group,

Ltd.

26,564

60,202

Cargurus,

Inc.

a

2,359,918

236

Charter

Communications,

Inc.

a

81,536

125,425

Comcast

Corporation

4,221,806

47,174

Deutsche

Telekom

AG

1,582,636

31,489

E.W.

Scripps

Company

a

59,199

421

Electronic

Arts,

Inc.

51,745

2,607

Entravision

Communications

Corporation

5,605

10,700

Fuji

Media

Holdings,

Inc.

150,922

12,860

Globalstar,

Inc.

a

19,676

112,000

HKT

Trust

and

HKT,

Ltd.

137,702

14,188

iHeartMedia,

Inc.

a

31,497

33,873

Imax

Corporation

a

797,709

2,812

Integral

Ad

Science

Holding

Corporation

a

29,554

10,235

Ipsos

SA

484,308

9,883

Iridium

Communications,

Inc.

284,136

45,700

KDDI

Corporation

1,522,541

3,851

Liberty

Global,

Ltd.,

Class

A

a

44,325

7,620

Liberty

Latin

America,

Ltd.,

Class

A

a

47,092

1,373

Liberty

Media

Corporation-Liberty

Live

Group

a

101,039

15,177

Lumen

Technologies,

Inc.

a

74,974

9,199

Magnite,

Inc.

a

158,223

52,634

Meta

Platforms,

Inc.

36,274,300

198,290

MFE-MediaForEurope

NV

644,857

59,634

MONY

Group

plc

143,443

7,645

New

York

Times

Company

415,124

19,542

News

Corporation,

Class

A

549,521

13,600

Nintendo

Company,

Ltd.

892,224

3,449,900

Nippon

Telegraph

and

Telephone

Corporation

3,396,257

1,437

Omnicom

Group,

Inc.

124,717

35,690

Pinterest,

Inc.

a

1,176,342

12,052

QuinStreet,

Inc.

a

285,150

14,467

Rightmove

plc

119,048

2,523

Scout24

SE

b

245,341

1,627

Sinclair,

Inc.

23,836

7,867

Sirius

XM

Holdings,

Inc.

188,887

19,300

SoftBank

Group

Corporation

1,179,841

752

Spotify

Technology

SA

a

412,510

6,500

TBS

Holdings,

Inc.

176,843

2,251

TechTarget,

Inc.

a

38,335

5,080

Telephone

and

Data

Systems,

Inc.

179,578

427,642

Telstra

Corporation,

Ltd.

1,044,043

3,638

TKO

Group

Holdings,

Inc.

a

564,654

14,753

Trade

Desk,

Inc.

a

1,750,886

53,500

TV

Asahi

Holdings

Corporation

845,788

193,608

Verizon

Communications,

Inc.

7,626,219

246,513

Warner

Brothers

Discovery,

Inc.

a

2,573,596

Total

116,644,297

Consumer

Discretionary  9.8%

23,088

Adidas

AG

6,087,367

137

Adient

plc

a

2,388

153,648

Amazon.com,

Inc.

a

36,519,057

18,639

American

Axle

&

Manufacturing

Holdings,

Inc.

a

97,482

9,229

American

Eagle

Outfitters,

Inc.

148,956

Shares

Common

Stock  75.5%

Value

Consumer

Discretionary  9.8%

-

continued

42,701

Aptiv

plc

a

$

2,665,396

36,180

Aristocrat

Leisure,

Ltd.

1,682,360

2,551

Autoliv,

Inc.

246,580

12,202

Bath

&

Body

Works,

Inc.

458,917

49,041

Best

Buy

Company,

Inc.

4,210,660

734

Booking

Holdings,

Inc.

3,477,369

4,303

Boot

Barn

Holdings,

Inc.

a

692,138

8,931

BorgWarner,

Inc.

284,899

9,997

Breville

Group,

Ltd.

235,489

1,748

Bright

Horizons

Family

Solutions,

Inc.

a

214,305

349

CarMax,

Inc.

a

29,888

857

Carvana

Company

a

212,090

192

Cavco

Industries,

Inc.

a

97,659

16,228

Champion

Homes,

Inc.

a

1,498,331

9,617

Cheesecake

Factory,

Inc.

539,995

13,137

Chewy,

Inc.

a

512,080

104,928

Chipotle

Mexican

Grill,

Inc.

a

6,122,549

28,928

Columbia

Sportswear

Company

2,554,342

63,910

Compagnie

Generale

des

Etablissements

Michelin

SCA

2,222,596

213,881

Compass

Group

plc

7,369,109

5,874

Coursera,

Inc.

a

45,289

26,692

D.R.

Horton,

Inc.

3,787,595

12,199

Dana,

Inc.

194,452

585

Darden

Restaurants,

Inc.

114,215

6,652

Deckers

Outdoor

Corporation

a

1,179,799

29,575

DoorDash,

Inc.

a

5,584,647

916

Dorman

Products,

Inc.

a

120,252

75,897

eBay,

Inc.

5,121,530

1,803

Etsy,

Inc.

a

99,003

25,904

Expedia

Group,

Inc.

a

4,428,289

2,500

Fast

Retailing

Company,

Ltd.

823,393

16,800

Ferrari

NV

7,207,768

619

Five

Below,

Inc.

a

58,050

4,548

Fox

Factory

Holding

Corporation

a

124,251

497

Frontdoor,

Inc.

a

29,760

1,630

GameStop

Corporation

a

43,847

14,750

Gap,

Inc.

355,032

26,074

Gentex

Corporation

675,838

11,216

Gildan

Activewear,

Inc.

578,858

5,194

Goodyear

Tire

&

Rubber

Company

a

46,071

4,328

Grand

Canyon

Education,

Inc.

a

760,170

1,611

Group

1

Automotive,

Inc.

735,405

20,377

Hanesbrands,

Inc.

a

165,461

2,919

Hasbro,

Inc.

168,835

23,600

Heiwa

Corporation

354,684

877

Hermes

International

SCA

2,466,698

7,501

Hilton

Worldwide

Holdings,

Inc.

1,920,781

23,547

Home

Depot,

Inc.

9,700,893

296,000

Honda

Motor

Company,

Ltd.

2,801,686

18,492

Industria

de

Diseno

Textil

SA

1,003,755

2,979

Installed

Building

Products,

Inc.

592,344

20,250

InterContinental

Hotels

Group

plc

2,700,152

15,934

JB

Hi-Fi,

Ltd.

994,146

5,494

Latham

Group,

Inc.

a

40,106

15,464

Laureate

Education,

Inc.

a

289,486

6,457

Lear

Corporation

607,539

2,623

Leggett

&

Platt,

Inc.

27,699

6,082

LKQ

Corporation

227,406

63,146

Lottery

Corporation,

Ltd.

196,311

21,177

Lowe's

Companies,

Inc.

5,506,867

3,426

Lululemon

Athletica,

Inc.

a

1,419,049

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

51

Shares

Common

Stock  75.5%

Value

Consumer

Discretionary  9.8%

-

continued

3,438

LVMH

Moet

Hennessy

Louis

Vuitton

SE

$

2,514,565

4,479

Mattel,

Inc.

a

83,489

4,879

Modine

Manufacturing

Company

a

494,975

3,012

Mohawk

Industries,

Inc.

a

368,368

32,962

Next

plc

4,051,333

52,264

NIKE,

Inc.

4,019,102

110

NVR,

Inc.

a

881,780

375

OneSpaWorld

Holdings,

Ltd.

8,010

12,550

Pandora

AS

2,401,046

8,086

Patrick

Industries,

Inc.

785,474

131,356

Pirelli

&

C.

SPA

b

790,444

622

Planet

Fitness,

Inc.

a

67,275

3,277

Pool

Corporation

1,128,107

73,284

Qurate

Retail,

Inc.

25,877

480

Ralph

Lauren

Corporation

119,856

2,916

Revolve

Group,

Inc.

a

92,087

14,669

Ross

Stores,

Inc.

2,208,565

11,600

Sankyo

Company,

Ltd.

155,543

101,700

Sekisui

House,

Ltd.

c

2,337,369

5,165

Service

Corporation

International/

US

403,490

17,862

SharkNinja,

Inc.

a

1,997,150

17,217

Six

Flags

Entertainment

Corporation

759,098

12,648

Solid

Power,

Inc.

a

17,581

232,200

Sony

Group

Corporation

5,124,501

160,304

Sony

Group

Corporation

ADR

3,528,291

89,869

Stellantis

NV

1,199,919

2,660

Stitch

Fix,

Inc.

a

12,529

19,385

Stoneridge,

Inc.

a

100,220

1,078

Strategic

Education,

Inc.

105,892

14,661

Tapestry,

Inc.

1,069,373

33,311

Tesla,

Inc.

a

13,477,631

3,581

Texas

Roadhouse,

Inc.

648,519

330

TopBuild

Corporation

a

113,084

240,900

Toyota

Motor

Corporation

4,569,758

3,626

Travel

+

Leisure

Company

197,109

561

Ulta

Beauty,

Inc.

a

231,216

626

Vail

Resorts,

Inc.

106,495

2,399

Valvoline,

Inc.

a

89,027

13,441

VF

Corporation

349,063

1,255

Visteon

Corporation

a

105,495

13,881

Wesfarmers,

Ltd.

653,857

2,173

Wingstop,

Inc.

647,337

54,310

Wyndham

Hotels

&

Resorts,

Inc.

5,703,636

57,700

Yamada

Holdings

Company,

Ltd.

169,419

177,000

Yue

Yuen

Industrial

Holdings,

Ltd.

377,217

97,119

Yum

China

Holding,

Inc.

4,491,754

Total

210,261,340

Consumer

Staples  3.4%

15,241

AAK

AB

442,975

4,000

Ain

Holdings,

Inc.

120,696

13,600

Arcs

Company,

Ltd.

236,323

4,372

BellRing

Brands,

Inc.

a

338,174

6,062

BJ's

Wholesale

Club

Holdings,

Inc.

a

600,441

9,736

British

American

Tobacco

plc

386,284

3,382

Casey's

General

Stores,

Inc.

1,426,426

7,465

Celsius

Holdings,

Inc.

a

186,476

50,778

Coles

Group,

Ltd.

612,078

415,629

Coty,

Inc.

a

3,046,561

35,240

Danone

SA

2,468,380

11,859

e.l.f.

Beauty,

Inc.

a

1,184,833

Shares

Common

Stock  75.5%

Value

Consumer

Staples  3.4%

-

continued

113,289

Imperial

Brands

plc

$

3,820,957

18,560

J

&

J

Snack

Foods

Corporation

2,546,989

31,297

J.M.

Smucker

Company

3,345,336

117,800

Japan

Tobacco,

Inc.

3,001,053

214,210

Kenvue,

Inc.

4,560,531

1,199

Kimberly-Clark

Corporation

155,834

215,823

Koninklijke

Ahold

Delhaize

NV

7,648,232

51,566

Lamb

Weston

Holdings,

Inc.

3,090,866

1,316

Lancaster

Colony

Corporation

222,062

1,389

Maplebear,

Inc.

a

67,061

6,441

McCormick

&

Company,

Inc.

497,438

25,166

Nestle

SA

2,137,616

65,674

Philip

Morris

International,

Inc.

8,550,755

101,471

Sysco

Corporation

7,399,265

1,571,101

Tesco

plc

7,230,795

1,206

Tyson

Foods,

Inc.

68,127

7,500

Unilever

plc

429,576

2,649

US

Foods

Holding

Corporation

a

187,894

11,617

Vita

Coco

Company,

Inc.

a

434,940

57,434

Walmart,

Inc.

5,637,721

147,500

WH

Group,

Ltd.

b

115,064

Total

72,197,759

Energy  3.1%

5,630

Antero

Midstream

Corporation

90,305

14,367

Antero

Resources

Corporation

a

536,176

27,013

Archrock,

Inc.

758,795

24,317

Baker

Hughes

Company

1,122,959

15,804

Berry

Corporation

68,905

4,574

Cactus,

Inc.

273,113

78,260

ConocoPhillips

7,734,436

30,694

Coterra

Energy,

Inc.

850,838

6,172

Crescent

Energy

Company

92,950

136,411

Devon

Energy

Corporation

4,651,615

1,325

DT

Midstream,

Inc.

133,931

390,700

Eneos

Holdings,

Inc.

1,964,173

210,961

Enterprise

Products

Partners,

LP

6,887,877

2,850

EQT

Corporation

145,692

8,481

Expand

Energy

Corporation

861,670

97,788

Exxon

Mobil

Corporation

10,446,692

1,804

Gulfport

Energy

Corporation

a

322,032

93,511

Halliburton

Company

2,433,156

13,668

Hess

Midstream,

LP

553,691

24,372

Kinder

Morgan,

Inc.

669,743

2,733

Kodiak

Gas

Services,

Inc.

127,850

14,118

Koninklijke

Vopak

NV

648,027

34,467

Kosmos

Energy,

Ltd.

a

109,605

19,237

Marathon

Petroleum

Corporation

2,803,023

19,938

Matador

Resources

Company

1,156,404

615

Natural

Gas

Services

Group,

Inc.

a

16,095

23,207

Noble

Corporation

plc

743,784

6,487

Oceaneering

International,

Inc.

a

161,202

12,683

Ovintiv,

Inc.

535,476

2,764

Par

Pacific

Holdings,

Inc.

a

46,214

2,140

Phillips

66

252,242

13,436

SBM

Offshore

NV

251,013

435,559

Shell

plc

14,301,413

35,342

Shell

plc

ADR

2,327,271

6,187

Sitio

Royalties

Corporation

124,606

4,481

SM

Energy

Company

170,099

3,740

Solaris

Energy

Infrastructure,

Inc.

102,065

3,741

Talos

Energy,

Inc.

a

37,111

222

Targa

Resources

Corporation

43,690

61,404

TechnipFMC

plc

1,845,190

3,667

Vital

Energy,

Inc.

a

116,977

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

52

Shares

Common

Stock  75.5%

Value

Energy  3.1%

-

continued

1,283

Williams

Companies,

Inc.

$

71,117

9,032

Woodside

Energy

Group,

Ltd.

137,655

Total

66,726,878

Financials  13.2%

2,650

1st

Source

Corporation

166,208

33,876

AB

Industrivarden,

Class

A

1,202,792

872

Affirm

Holdings,

Inc.

a

53,253

73,911

AGNC

Investment

Corporation

736,893

161,914

AIB

Group

plc

952,085

27,049

Allianz

SE

8,819,751

23,832

Allstate

Corporation

4,583,609

3,910

Amalgamated

Financial

Corporation

136,615

13,069

American

Express

Company

4,148,754

48,971

American

International

Group,

Inc.

3,607,204

6,894

Ameriprise

Financial,

Inc.

3,745,924

2,745

Ameris

Bancorp

180,209

940

AMERISAFE,

Inc.

47,019

8,678

Annaly

Capital

Management,

Inc.

177,118

354

Arrow

Financial

Corporation

9,420

3,037

Arthur

J.

Gallagher

&

Company

916,627

4,363

Artisan

Partners

Asset

Management,

Inc.

194,982

9,065

Associated

Banc-Corp

227,894

1,284

Assurant,

Inc.

276,304

1,606

Assured

Guaranty,

Ltd.

151,928

890

Atlantic

Union

Bankshares

Corporation

33,615

104,538

Australia

and

New

Zealand

Banking

Group,

Ltd.

1,974,056

42,039

AvidXchange

Holdings,

Inc.

a

445,613

614

Axis

Capital

Holdings,

Ltd.

55,886

1,847

Axos

Financial,

Inc.

a

129,161

688,504

Banca

Monte

dei

Paschi

di

Siena

SPA

4,411,389

56

BancFirst

Corporation

6,668

433,140

Banco

Bilbao

Vizcaya

Argentaria

SA

4,931,271

507,695

Banco

Santander

SA

2,601,682

8,821

Bank

Hapoalim

BM

113,162

70,272

Bank

Leumi

Le-Israel

BM

879,449

236,370

Bank

of

America

Corporation

10,943,931

161

Bank

of

Hawaii

Corporation

11,996

56,572

Bank

of

New

York

Mellon

Corporation

4,861,232

1,473

Bank

OZK

74,814

1,717

BankFinancial

Corporation

23,145

3,588

BankUnited,

Inc.

147,503

2,374

Bar

Harbor

Bankshares

75,208

149,597

Barclays

plc

548,270

3,227

BCB

Bancorp,

Inc.

34,948

5,497

Berkshire

Hills

Bancorp,

Inc.

161,667

3,008

Block,

Inc.

a

273,187

23,391

Blue

Owl

Capital,

Inc.

608,400

72,286

BNP

Paribas

SA

4,937,826

223

BOK

Financial

Corporation

24,624

2,653

Brighthouse

Financial,

Inc.

a

163,717

7,931

Brookline

Bancorp,

Inc.

96,996

9,729

Brown

&

Brown,

Inc.

1,018,237

499

Burke

&

Herbert

Financial

Services

Corporation

32,091

3,092

Business

First

Bancshares,

Inc.

83,453

1,173

Byline

Bancorp,

Inc.

34,416

3,224

Cadence

Bank

113,485

Shares

Common

Stock  75.5%

Value

Financials  13.2%

-

continued

224

Camden

National

Corporation

$

10,161

200

Capital

City

Bank

Group,

Inc.

7,378

31,431

Capital

One

Financial

Corporation

6,402,809

13,166

Capitol

Federal

Financial,

Inc.

78,338

23,954

Carlyle

Group,

Inc.

1,345,257

532

Cathay

General

Bancorp

25,265

2,535

Cboe

Global

Markets,

Inc.

517,977

89,235

Charles

Schwab

Corporation

7,381,519

5,403

Chimera

Investment

Corporation

80,451

275

ChoiceOne

Financial

Services,

Inc.

9,215

18,710

Chubb,

Ltd.

5,086,875

1,626

Cincinnati

Financial

Corporation

222,843

1,934

Citizens

Financial

Group,

Inc.

92,000

3,262

CNB

Financial

Corporation

82,529

4,529

CNO

Financial

Group,

Inc.

180,888

217

Coinbase

Global,

Inc.

a

63,219

3,305

Columbia

Banking

System,

Inc.

92,209

2,573

Comerica,

Inc.

173,214

2,425

Commerce

Bancshares,

Inc.

161,990

42,836

Commonwealth

Bank

of

Australia

4,227,160

397

Community

Financial

System,

Inc.

26,015

2,588

Community

Trust

Bancorp,

Inc.

138,484

1,377

ConnectOne

Bancorp,

Inc.

34,893

394,327

Credit

Agricole

SA

5,936,343

1,163

Cullen/Frost

Bankers,

Inc.

162,122

2,075

Customers

Bancorp,

Inc.

a

118,233

545

CVB

Financial

Corporation

11,358

11,900

Dai-ichi

Mutual

Life

Insurance

Company,

Ltd.

324,932

240,400

Daiwa

Securities

Group,

Inc.

1,740,294

140,450

DBS

Group

Holdings,

Ltd.

4,597,199

58,782

Deutsche

Bank

AG

1,150,528

34,023

Deutsche

Boerse

AG

8,404,956

234

Diamond

Hill

Investment

Group,

Inc.

35,109

24,494

Discover

Financial

Services

4,925,498

151,354

DNB

Bank

ASA

3,214,862

2,361

Eagle

Bancorp,

Inc.

61,882

3,441

East

West

Bancorp,

Inc.

354,320

1,280

Eastern

Bankshares,

Inc.

23,501

758

Employers

Holdings,

Inc.

37,263

1,576

Enova

International,

Inc.

a

177,016

2,107

Enterprise

Financial

Services

Corporation

126,083

16,523

Equitable

Holdings,

Inc.

899,182

1,938

Equity

Bancshares,

Inc.

84,497

1,909

Essent

Group,

Ltd.

111,199

1,356

Euronext

NV

b

157,495

5,115

F.N.B.

Corporation

80,254

608

FactSet

Research

Systems,

Inc.

288,441

15,398

Federated

Hermes,

Inc.

612,378

4,630

Fidelity

National

Information

Services,

Inc.

377,206

3,380

Fifth

Third

Bancorp

149,768

2,338

Financial

Institutions,

Inc.

61,653

610

First

American

Financial

Corporation

38,564

10,914

First

Bancorp/Puerto

Rico

226,575

4,408

First

Bancshares,

Inc.

169,047

6,931

First

Busey

Corporation

168,285

470

First

Business

Financial

Services,

Inc.

24,280

1,915

First

Citizens

BancShares,

Inc./NC

4,221,981

4,180

First

Financial

Bancorp

117,124

1,472

First

Financial

Bankshares,

Inc.

54,847

1,638

First

Financial

Corporation

78,935

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

53

Shares

Common

Stock  75.5%

Value

Financials  13.2%

-

continued

914

First

Hawaiian,

Inc.

$

25,245

11,932

First

Horizon

Corporation

261,191

1,722

First

Internet

Bancorp

56,086

455

First

Interstate

BancSystem,

Inc.

14,992

3,120

First

Merchants

Corporation

138,653

4,134

First

Mid-Illinois

Bancshares,

Inc.

156,803

4,874

Fiserv,

Inc.

a

1,052,979

1,602

Flagstar

Financial,

Inc.

18,952

4,130

Flushing

Financial

Corporation

57,613

1,165

Flywire

Corporation

a

22,519

9,188

Fulton

Financial

Corporation

186,884

13,024

Glacier

Bancorp,

Inc.

646,902

197

Great

Southern

Bancorp,

Inc.

11,582

5,509

Groupe

Bruxelles

Lambert

SA

382,434

3,228

Hamilton

Lane,

Inc.

513,833

3,341

Hancock

Whitney

Corporation

199,591

1,461

Hanmi

Financial

Corporation

35,093

892

Hanover

Insurance

Group,

Inc.

136,556

3,083

Hartford

Financial

Services

Group,

Inc.

343,909

326

HBT

Financial,

Inc.

7,928

1,937

Heartland

Financial

USA,

Inc.

125,266

1,848

Heritage

Commerce

Corporation

17,907

2,908

Home

BancShares,

Inc.

87,793

1,894

Hometrust

Bancshares,

Inc.

69,642

7,977

Hope

Bancorp,

Inc.

93,012

388

Horace

Mann

Educators

Corporation

14,988

6,337

Horizon

Bancorp,

Inc.

106,398

10,099

Houlihan

Lokey,

Inc.

1,835,190

62,020

HSBC

Holdings

plc

647,742

5,701

HUB24,

Ltd.

282,241

6,695

Huntington

Bancshares,

Inc./OH

115,154

9,365

IG

Group

Holdings

plc

118,322

119

Independent

Bank

Corporation/MA

7,992

1,724

Independent

Bank

Corporation/MI

62,754

241,007

Insurance

Australia

Group,

Ltd.

1,366,815

397

Interactive

Brokers

Group,

Inc.

86,324

23,932

Intercontinental

Exchange,

Inc.

3,825,052

10,406

Invesco,

Ltd.

200,107

451

Investar

Holding

Corporation

8,601

230,011

Investor

AB,

Class

B

6,549,843

51,443

J.P.

Morgan

Chase

&

Company

13,750,714

18,734

Jack

Henry

&

Associates,

Inc.

3,261,402

16,939

Janus

Henderson

Group

plc

761,069

267,100

Japan

Post

Holdings

Company,

Ltd.

2,789,594

12,600

Japan

Post

Insurance

Company,

Ltd.

245,544

10,820

Kearny

Financial

Corporation/MD

74,658

346,127

KeyCorp

6,223,363

4,373

Kinsale

Capital

Group,

Inc.

1,932,604

1,306

LendingTree,

Inc.

a

58,679

6,644

M&T

Bank

Corporation

1,337,039

4,046

Macquarie

Group,

Ltd.

598,536

167,191

Man

Group

plc

441,849

1,451

MarketAxess

Holdings,

Inc.

320,134

8,552

Marsh

&

McLennan

Companies,

Inc.

1,854,758

3,254

Mercantile

Bank

Corporation

158,828

55,370

MetLife,

Inc.

4,790,059

936

Metropolitan

Bank

Holding

Corporation

a

60,026

59,589

MGIC

Investment

Corporation

1,521,903

1,755

Mid

Penn

Bancorp,

Inc.

52,861

4,659

Midland

States

Bancorp,

Inc.

89,732

Shares

Common

Stock  75.5%

Value

Financials  13.2%

-

continued

2,133

MidWestOne

Financial

Group,

Inc.

$

67,467

252,600

Mitsubishi

HC

Capital,

Inc.

1,679,811

239,500

Mitsubishi

UFJ

Financial

Group,

Inc.

3,028,812

126,100

Mizuho

Financial

Group,

Inc.

3,472,267

827

Morningstar,

Inc.

271,785

5,673

Mr.

Cooper

Group,

Inc.

a

588,914

3,700

MS

and

AD

Insurance

Group

Holdings,

Inc.

76,715

862

MSCI,

Inc.

514,416

12,466

Nasdaq,

Inc.

1,026,450

70,450

National

Australia

Bank,

Ltd.

1,736,008

65

Nelnet,

Inc.

7,161

13,555

Netwealth

Group,

Ltd.

262,027

454

Nicolet

Bankshares,

Inc.

50,907

21,014

NMI

Holdings,

Inc.

a

811,561

308,700

Nomura

Holdings,

Inc.

2,006,978

60,384

Nordea

Bank

Abp

718,209

258

Northeast

Community

Bancorp,

Inc.

6,398

13,928

Northern

Trust

Corporation

1,563,975

4,985

Northfield

Bancorp,

Inc.

58,175

163

Northrim

BanCorp,

Inc.

13,876

8,046

Northwest

Bancshares,

Inc.

106,288

8,174

OceanFirst

Financial

Corporation

146,805

4,157

OFG

Bancorp

177,545

5,672

Old

National

Bancorp

135,277

3,804

Old

Republic

International

Corporation

139,150

8,047

Old

Second

Bancorp,

Inc.

151,203

5,953

OneMain

Holdings,

Inc.

330,630

12,800

ORIX

Corporation

270,372

2,249

Orrstown

Financial

Services,

Inc.

81,729

782

Palomar

Holdings,

Inc.

a

84,354

9,577

Paragon

Banking

Group

plc

95,411

72

Park

National

Corporation

12,219

1,258

Paymentus

Holdings,

Inc.

a

40,206

51,767

PayPal

Holdings,

Inc.

a

4,585,521

1,429

PCB

Bancorp

27,565

3,478

Peoples

Bancorp,

Inc./OH

113,557

1,568

Pinnacle

Financial

Partners,

Inc.

195,639

7,352

Pinnacle

Investment

Management

Group,

Ltd.

115,272

13,883

Plus500,

Ltd.

487,141

3,694

Popular,

Inc.

380,260

1,508

Principal

Financial

Group,

Inc.

124,335

1,645

Prosperity

Bancshares,

Inc.

131,600

9,634

Provident

Financial

Services,

Inc.

178,903

2,064

Prudential

Financial,

Inc.

249,249

48,473

QBE

Insurance

Group,

Ltd.

625,679

7,887

Radian

Group,

Inc.

268,316

4,175

Regions

Financial

Corporation

102,872

422

Reinsurance

Group

of

America,

Inc.

96,157

3,315

Renasant

Corporation

128,887

7,836

Rithm

Capital

Corporation

90,192

5,295

RLI

Corporation

388,388

17,172

Robinhood

Markets,

Inc.

a

892,085

10,548

SEI

Investments

Company

913,246

5,917

Selective

Insurance

Group,

Inc.

497,797

631

ServisFirst

Bancshares,

Inc.

57,213

2,402

Shore

Bancshares,

Inc.

39,273

647

Sierra

Bancorp

19,501

570

Simmons

First

National

Corporation

12,950

202,400

Singapore

Exchange,

Ltd.

1,821,088

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

54

Shares

Common

Stock  75.5%

Value

Financials  13.2%

-

continued

603

Southern

Missouri

Bancorp,

Inc.

$

35,686

1,374

Southside

Bancshares,

Inc.

43,185

2,032

SouthState

Corporation

214,559

772

Stellar

Bancorp,

Inc.

21,925

5,000

StepStone

Group,

Inc.

320,400

592

Stifel

Financial

Corporation

68,583

151,900

Sumitomo

Mitsui

Financial

Group,

Inc.

3,743,288

223,318

Svenska

Handelsbanken

AB

2,470,719

6,097

Svolder

AB

30,116

4,921

Synovus

Financial

Corporation

277,643

9,555

Texas

Capital

Bancshares,

Inc.

a

754,367

39,800

Tokio

Marine

Holdings,

Inc.

1,312,738

7,058

TPG

RE

Finance

Trust,

Inc.

59,358

24,072

TPG,

Inc.

1,618,842

20,119

Tradeweb

Markets,

Inc.

2,553,101

12,590

Triumph

Financial,

Inc.

a

970,185

2,584

TrustCo

Bank

Corporation

NY

83,101

4,552

Trustmark

Corporation

170,700

25,824

U.S.

Bancorp

1,233,871

148,199

UBS

Group

AG

5,225,428

663

UMB

Financial

Corporation

78,168

1,850

United

Bankshares,

Inc.

71,225

1,201

United

Community

Banks,

Inc.

39,837

676

Unity

Bancorp,

Inc.

32,685

2,918

Univest

Financial

Corporation

88,678

5,444

Unum

Group

415,105

4,616

Valley

National

Bancorp

47,452

3,524

Veritex

Holdings,

Inc.

94,443

349

Virtu

Financial,

Inc.

13,981

35,965

Visa,

Inc.

12,292,837

5,098

Voya

Financial,

Inc.

361,907

2,222

WaFd,

Inc.

65,949

352

Walker

&

Dunlop,

Inc.

33,817

3,562

Webster

Financial

Corporation

214,575

179,658

Wells

Fargo

&

Company

14,157,050

1,269

Wendel

SA

125,407

3,028

WesBanco,

Inc.

106,101

2,935

Westamerica

Bancorporation

151,916

9,455

Western

Alliance

Bancorp

830,811

33,768

Western

Union

Company

348,486

112,105

Westpac

Banking

Corporation

2,326,053

316

Willis

Towers

Watson

plc

104,143

6,391

Wintrust

Financial

Corporation

836,007

389

WSFS

Financial

Corporation

21,784

7,105

Zions

Bancorp

NA

411,095

320

Zurich

Insurance

Group

AG

193,909

Total

283,110,829

Health

Care  8.6%

12,446

Acadia

Healthcare

Company,

Inc.

a

561,439

2,378

ACELYRIN,

Inc.

a

4,685

721

ADMA

Biologics,

Inc.

a

11,644

3,198

Agilent

Technologies,

Inc.

484,561

1,567

Agios

Pharmaceuticals,

Inc.

a

53,889

18,126

Amgen,

Inc.

5,173,523

4,967

Amicus

Therapeutics,

Inc.

a

47,584

1,458

Anika

Therapeutics,

Inc.

a

24,873

1,951

Argenx

SE

ADR

a

1,278,159

387

Arvinas,

Inc.

a

6,815

70,289

AstraZeneca

plc

9,866,822

915

Astria

Therapeutics,

Inc.

a

7,192

138,161

Avantor,

Inc.

a

3,078,227

13,446

Baxter

International,

Inc.

437,802

1,159

Biogen,

Inc.

a

166,815

Shares

Common

Stock  75.5%

Value

Health

Care  8.6%

-

continued

6,279

Bio-Techne

Corporation

$

461,820

613

Bruker

Corporation

35,646

8,533

Cabaletta

Bio,

Inc.

a

20,394

5,178

CareDx,

Inc.

a

120,647

24,556

Caribou

Biosciences,

Inc.

a

35,115

4,988

Cencora,

Inc.

1,267,999

4,099

Centene

Corporation

a

262,459

9,991

Certara,

Inc.

a

142,172

459

Charles

River

Laboratories

International,

Inc.

a

75,625

12,826

Cigna

Group

3,773,537

2,333

Cochlear,

Ltd.

459,186

6,717

Cooper

Companies,

Inc.

a

648,526

3,437

CryoPort,

Inc.

a

25,915

15,619

CSL,

Ltd.

2,696,513

14,100

Daiichi

Sankyo

Company,

Ltd.

393,114

19,592

Danaher

Corporation

4,363,922

3,345

Definitive

Healthcare

Corporation

a

16,257

6,076

Denali

Therapeutics,

Inc.

a

141,571

14,409

Dentsply

Sirona,

Inc.

284,722

17,745

Dexcom,

Inc.

a

1,540,798

1,839

Doximity,

Inc.

a

108,685

5,461

Editas

Medicine,

Inc.

a

7,154

21,042

Elanco

Animal

Health,

Inc.

a

253,135

12,509

Eli

Lilly

&

Company

10,145,800

7,679

Enanta

Pharmaceuticals,

Inc.

a

39,240

17,203

Encompass

Health

Corporation

1,707,742

9,912

Exact

Sciences

Corporation

a

555,568

519

Exelixis,

Inc.

a

17,205

7,981

Fate

Therapeutics,

Inc.

a

10,375

5,010

Fortrea

Holdings,

Inc.

a

84,218

13,125

Fresenius

Medical

Care

AG

651,980

56,552

Gilead

Sciences,

Inc.

5,496,854

28,934

Globus

Medical,

Inc.

a

2,682,760

7,950

GoodRx

Holdings,

Inc.

a

37,921

8,274

Haemonetics

Corporation

a

571,320

14,117

HealthEquity,

Inc.

a

1,558,799

10,730

Henry

Schein,

Inc.

a

858,400

20,600

Hoya

Corporation

2,766,291

1,535

Humana,

Inc.

450,108

3,781

IDEXX

Laboratories,

Inc.

a

1,595,771

326

Illumina,

Inc.

a

43,273

2,060

Incyte

Corporation

a

152,770

4,361

Inspire

Medical

Systems,

Inc.

a

843,853

768

Insulet

Corporation

a

213,796

3,766

Integra

LifeSciences

Holdings

Corporation

a

98,293

5,739

Intellia

Therapeutics,

Inc.

a

59,226

11,145

Intuitive

Surgical,

Inc.

a

6,373,603

1,679

IQVIA

Holding,

Inc.

a

338,083

4,397

iTeos

Therapeutics,

Inc.

a

33,153

62,526

Johnson

&

Johnson

9,513,331

2,572

Kura

Oncology,

Inc.

a

20,345

20,024

Labcorp

Holdings,

Inc.

5,001,995

2,915

Laboratorios

Farmaceuticos

ROVI

SA

196,855

74

Ligand

Pharmaceuticals,

Inc.

a

8,625

35

Medpace

Holdings,

Inc.

a

12,220

62,535

Merck

&

Company,

Inc.

6,179,709

393

Mettler-Toledo

International,

Inc.

a

536,225

2,413

Myriad

Genetics,

Inc.

a

30,573

7,921

Natera,

Inc.

a

1,401,383

9,270

Nkarta,

Inc.

a

21,692

126,797

Novartis

AG

13,272,708

91,564

Novo

Nordisk

AS

7,730,261

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

55

Shares

Common

Stock  75.5%

Value

Health

Care  8.6%

-

continued

1,361

Novocure,

Ltd.

a

$

33,372

47,300

Ono

Pharmaceutical

Company,

Ltd.

492,080

5,100

Otsuka

Holdings

Company,

Ltd.

266,308

5,253

Penumbra,

Inc.

a

1,402,393

485

Phibro

Animal

Health

Corporation

10,578

1,128

Prestige

Consumer

Healthcare,

Inc.

a

86,597

7,216

Pro

Medicus,

Ltd.

1,234,919

3,458

Prothena

Corporation

plc

a

49,207

546

PTC

Therapeutics,

Inc.

a

25,050

4,870

QIAGEN

NV

217,397

1,109

Quest

Diagnostics,

Inc.

180,878

69,396

Recordati

SPA

4,216,782

4,584

Regeneron

Pharmaceuticals,

Inc.

a

3,084,940

14,892

Relay

Therapeutics,

Inc.

a

66,567

11,884

Repligen

Corporation

a

1,975,240

57

Revvity,

Inc.

7,189

31,618

Roche

Holding

AG,

Participation

Certificates

9,939,813

4,786

Rocket

Pharmaceuticals,

Inc.

a

51,402

49,743

Royalty

Pharma

plc

1,570,884

18,074

RxSight,

Inc.

a

612,166

96,654

Sanofi

SA

ADR

5,252,178

41,479

scPharmaceuticals,

Inc.

a

137,710

435

Siegfried

Holding

AG

488,593

3,493

STERIS

plc

770,730

27,948

Stevanato

Group

SPA

626,315

20,087

Sutro

Biopharma,

Inc.

a

38,567

140,500

Takeda

Pharmaceutical

Company,

Ltd.

3,779,453

1,173

Teleflex,

Inc.

211,422

2,073

Tenet

Healthcare

Corporation

a

292,065

49,100

Terumo

Corporation

921,799

31,987

Teva

Pharmaceutical

Industries,

Ltd.

ADR

a

567,130

15,584

Twist

Bioscience

Corporation

a

816,134

24,832

UnitedHealth

Group,

Inc.

13,471,112

639

Veeva

Systems,

Inc.

a

149,053

11,226

Vericel

Corporation

a

657,170

6,767

Viatris,

Inc.

76,332

2,609

Waystar

Holding

Corporation

a

104,856

3,649

West

Pharmaceutical

Services,

Inc.

1,246,316

6,150

Xencor,

Inc.

a

112,422

2,744

Xenon

Pharmaceuticals,

Inc.

a

109,705

6,324

Zentalis

Pharmaceuticals,

Inc.

a

11,004

43,198

Zimmer

Biomet

Holdings,

Inc.

4,729,317

27,111

Zoetis,

Inc.

4,633,270

Total

184,377,681

Industrials  10.0%

4,210

A.O.

Smith

Corporation

283,333

74

A.P.

Moller

-

Maersk

AS,

Class

A

107,089

360

A.P.

Moller

-

Maersk

AS,

Class

B

531,676

1,278

AAR

Corporation

a

86,597

142,099

ABB,

Ltd.

7,737,629

7,493

Advanced

Drainage

Systems,

Inc.

905,979

12,749

AECOM

1,344,255

4,292

Aena

SME

SA

b

924,324

6,638

AGCO

Corporation

693,206

883

Alaska

Air

Group,

Inc.

a

64,680

7,889

Alfa

Laval

AB

351,665

2,207

Allison

Transmission

Holdings,

Inc.

259,411

41,700

Amada

Company,

Ltd.

430,573

Shares

Common

Stock  75.5%

Value

Industrials  10.0%

-

continued

79,604

Amentum

Holdings,

Inc.

a

$

1,669,296

3,149

AMETEK,

Inc.

581,179

1,031

Applied

Industrial

Technologies,

Inc.

268,091

1,929

Arcosa,

Inc.

195,408

127

Argan,

Inc.

17,374

5,150

Armstrong

World

Industries,

Inc.

777,702

5,485

Array

Technologies,

Inc.

a

40,205

168,959

Assa

Abloy

AB

5,176,282

266,015

Atlas

Copco

AB,

Class

A

4,443,986

18,682

Atlas

Copco

AB,

Class

B

277,738

11,319

Atmus

Filtration

Technologies,

Inc.

473,361

7,993

AZEK

Company,

Inc.

a

409,481

15,636

Badger

Infrastructure

Solutions,

Ltd.

424,964

5,046

Beacon

Roofing

Supply,

Inc.

a

597,144

450

Belimo

Holding

AG

328,383

1,432

Bloom

Energy

Corporation

a,c

33,767

8,805

Brady

Corporation

655,884

98,510

Brambles,

Ltd.

1,203,843

18,995

BWX

Technologies,

Inc.

2,145,105

12

CACI

International,

Inc.

a

4,635

1,101

Carlisle

Companies,

Inc.

428,795

4,115

Casella

Waste

Systems,

Inc.

a

442,527

18,692

Caterpillar,

Inc.

6,942,957

22,737

CECO

Environmental

Corporation

a

643,912

481,500

CK

Hutchison

Holdings,

Ltd.

2,424,687

5,353

Clean

Harbors,

Inc.

a

1,247,249

384,084

CNH

Industrial

NV

4,947,002

230,100

ComfortDelGro

Corporation,

Ltd.

238,481

35,322

Compagnie

de

Saint-Gobain

SA

3,312,259

11,063

Computershare,

Ltd.

240,489

1,140

CSG

Systems

International,

Inc.

67,021

215

CSW

Industrials,

Inc.

70,909

109,104

CSX

Corporation

3,586,249

695

Cummins,

Inc.

247,594

1,970

Curtiss-Wright

Corporation

683,472

84,600

Dai

Nippon

Printing

Company,

Ltd.

1,250,337

800

Daikin

Industries,

Ltd.

93,969

756

Dayforce,

Inc.

a

53,479

88,057

Delta

Air

Lines,

Inc.

5,923,594

2,778

DNOW,

Inc.

a

41,337

36

Dover

Corporation

7,333

2,662

EMCOR

Group,

Inc.

1,192,736

2,722

Energy

Recovery,

Inc.

a

39,034

23,534

Enerpac

Tool

Group

Corporation

1,063,501

116

ESCO

Technologies,

Inc.

15,398

53,357

ExlService

Holdings,

Inc.

a

2,681,723

12,087

Experian

plc

595,399

88,949

Fastenal

Company

6,514,625

2,705

Ferguson

Enterprises,

Inc.

489,930

116,654

Flowserve

Corporation

7,304,874

12,686

Fluor

Corporation

a

611,592

4,533

Fortive

Corporation

368,669

4,487

Frontier

Group

Holdings,

Inc.

a

37,825

33,611

Gates

Industrial

Corporation

plc

a

695,412

18,604

General

Dynamics

Corporation

4,780,856

14,981

Graco,

Inc.

1,260,951

10,641

Great

Lakes

Dredge

&

Dock

Corporation

a

116,945

806

Griffon

Corporation

61,071

14,984

Helios

Technologies,

Inc.

668,436

517

Herc

Holdings,

Inc.

105,447

46,966

Hexcel

Corporation

3,062,183

97,900

Hitachi,

Ltd.

2,461,249

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

56

Shares

Common

Stock  75.5%

Value

Industrials  10.0%

-

continued

26,828

Honeywell

International,

Inc.

$

6,001,960

23,480

Howmet

Aerospace,

Inc.

2,972,098

7,193

Hudson

Technologies,

Inc.

a

41,719

112

Huron

Consulting

Group,

Inc.

a

14,199

1,936

IDEX

Corporation

434,264

1,192

IES

Holdings,

Inc.

a

263,766

41,600

Inaba

Denki

Sangyo

Company,

Ltd.

990,829

2,584

Ingersoll

Rand,

Inc.

242,379

19,900

ITOCHU

Corporation

916,277

3,818

ITT

Corporation

576,594

27,102

Jacobs

Solutions,

Inc.

3,797,803

31,100

Jardine

Matheson

Holdings,

Ltd.

1,252,725

44,992

JB

Hunt

Transport

Services,

Inc.

7,703,530

3,002

Kirby

Corporation

a

327,668

38,000

Komatsu,

Ltd.

1,146,204

1,773

Kongsberg

Gruppen

ASA

210,461

10,174

Korn

Ferry

719,607

4,391

Kratos

Defense

&

Security

Solutions,

Inc.

a

146,528

19,667

L3Harris

Technologies,

Inc.

4,169,601

3,441

Landstar

System,

Inc.

566,595

46,392

Legrand

SA

4,729,787

296

Lindsay

Corporation

39,720

41,392

Logista

Integral

SA

1,250,656

1,802

ManpowerGroup,

Inc.

108,516

150

Masco

Corporation

11,892

42,551

Masterbrand,

Inc.

a

736,983

450

McGrath

RentCorp

55,202

14,600

MEITEC

Group

Holdings,

Inc.

283,493

194,900

Mitsubishi

Corporation

3,108,504

56,300

Mitsubishi

Heavy

Industries,

Ltd.

823,964

37,800

Mitsui

&

Company,

Ltd.

748,137

3,428

Moog,

Inc.

622,731

12,992

MSC

Industrial

Direct

Company,

Inc.

1,044,687

22,078

Mueller

Water

Products,

Inc.

507,794

5,600

Nippon

Express

Holdings,

Inc.

90,765

3,700

Nishimatsu

Construction

Company,

Ltd.

120,212

20,100

Nitto

Kogyo

Corporation

376,105

19,499

nVent

Electric

plc

1,269,190

26,714

Old

Dominion

Freight

Line,

Inc.

4,958,386

2,224

Otis

Worldwide

Corporation

212,214

2,283

PACCAR,

Inc.

253,139

794

Parker-Hannifin

Corporation

561,398

1,233

Paylocity

Holding

Corporation

a

253,406

12,524

Pentair

plc

1,298,488

38,200

Recruit

Holdings

Company,

Ltd.

2,666,062

6,889

Regal

Rexnord

Corporation

1,093,491

133,652

RELX

plc

6,636,661

1,064

Republic

Services,

Inc.

230,750

13,248

Robert

Half,

Inc.

858,338

3,207

Rockwell

Automation,

Inc.

892,925

471

Rush

Enterprises,

Inc.

28,613

669

Ryder

System,

Inc.

106,645

3,018

Saia,

Inc.

a

1,448,972

2,700

Sankyu,

Inc.

96,434

24,030

Schneider

Electric

SE

6,094,593

50,300

Secom

Company,

Ltd.

1,692,653

19,551

Shoals

Technologies

Group,

Inc.

a

93,454

3,576

Siemens

AG

766,607

26,890

Siemens

Energy

AG

a

1,599,879

116,600

Singapore

Airport

Terminal

Services,

Ltd.

290,199

Shares

Common

Stock  75.5%

Value

Industrials  10.0%

-

continued

3,093

SkyWest,

Inc.

a

$

374,006

47,200

Sojitz

Corporation

970,176

1,622

SS&C

Technologies

Holdings,

Inc.

131,301

5,273

Stanley

Black

&

Decker,

Inc.

464,393

106,800

Sumitomo

Corporation

2,315,451

96,000

Techtronic

Industries

Company,

Ltd.

1,291,113

3,531

Timken

Company

283,433

60,600

TOPPAN

Holdings,

Inc.

1,700,859

1,504

Trane

Technologies

plc

545,576

204

TransDigm

Group,

Inc.

276,081

12,772

TransUnion

1,267,621

9,422

Trelleborg

AB

354,759

51,000

Tsubakimoto

Chain

Company

626,634

110,653

Uber

Technologies,

Inc.

a

7,397,153

3,125

UFP

Industries,

Inc.

361,406

1,214

UL

Solutions,

Inc.

65,447

10,570

United

Airlines

Holdings,

Inc.

a

1,118,729

32,399

United

Parcel

Service,

Inc.

3,700,938

1,363

Verisk

Analytics,

Inc.

391,781

4,351

Verra

Mobility

Corporation

a

114,823

1,057

Wabtec

Corporation

219,771

7,988

Waste

Connections,

Inc.

1,467,955

2,133

Watsco,

Inc.

1,020,832

22,221

Werner

Enterprises,

Inc.

802,178

16,104

WNS

Holdings,

Ltd.

a

986,370

16,526

Wolters

Kluwer

NV

3,002,141

655,500

Yangzijiang

Shipbuilding

Holdings,

Ltd.

1,467,979

9,100

Yuasa

Trading

Company,

Ltd.

258,510

27,830

Zigup

plc

105,325

Total

214,104,946

Information

Technology  14.2%

39,619

Advanced

Micro

Devices,

Inc.

a

4,593,823

32,200

Advantest

Corporation

1,780,247

6,761

Agilysys,

Inc.

a

609,977

1,932

Ambarella,

Inc.

a

148,223

28,058

Amphenol

Corporation

1,985,945

145,213

Apple,

Inc.

34,270,268

31,486

Applied

Materials,

Inc.

5,678,500

12,510

Arista

Networks,

Inc.

a

1,441,527

6,829

ASGN,

Inc.

a

602,386

2,914

ASM

International

NV

1,690,652

12,412

ASML

Holding

NV

9,181,920

547

Astera

Labs,

Inc.

a

55,477

927

Atlassian

Corporation

a

284,385

368

Autodesk,

Inc.

a

114,573

3,159

BILL

Holdings,

Inc.

a

305,696

44,819

Broadcom,

Inc.

9,917,100

22,255

CDW

Corporation

4,431,861

2,330

Cerence,

Inc.

a

29,032

12,804

Check

Point

Software

Technologies,

Ltd.

a

2,791,528

148,566

Cisco

Systems,

Inc.

9,003,100

4,115

Clearwater

Analytics

Holdings,

Inc.

a

115,878

7,890

Coherent

Corporation

a

713,966

5,096

CommVault

Systems,

Inc.

a

811,589

569

Consensus

Cloud

Solutions,

Inc.

a

16,114

2,842

Credo

Technology

Group

Holding,

Ltd.

a

198,997

3,183

CrowdStrike

Holdings,

Inc.

a

1,267,057

5,593

CyberArk

Software,

Ltd.

a

2,074,891

4,861

Descartes

Systems

Group,

Inc.

a

563,050

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

57

Shares

Common

Stock  75.5%

Value

Information

Technology  14.2%

-

continued

3,900

DISCO

Corporation

$

1,128,751

49

DocuSign,

Inc.

a

4,740

4,738

Dolby

Laboratories,

Inc.

396,713

22,092

Dynatrace

Holdings,

LLC

a

1,275,813

1,059

Elastic

NV

a

119,222

2,082

Enphase

Energy,

Inc.

a

129,667

1,420

F5,

Inc.

a

422,109

3,008

Fabrinet

a

650,360

637

Fair

Isaac

Corporation

a

1,193,458

767

FARO

Technologies,

Inc.

a

24,329

276

First

Solar,

Inc.

a

46,235

9,289

Flex,

Ltd.

a

386,887

36,953

Fortinet,

Inc.

a

3,727,819

5,176

Freshworks,

Inc.

a

96,274

16,000

FUJIFILM

Holdings

NPV

352,498

32,600

Fujitsu,

Ltd.

630,476

2,507

Gartner,

Inc.

a

1,360,875

30,990

Gitlab,

Inc.

a

2,254,832

4,956

Globant

SA

a

1,057,214

13,005

Guidewire

Software,

Inc.

a

2,747,566

39,107

Halma

plc

1,464,993

2,440

HubSpot,

Inc.

a

1,902,053

4,236

Impinj,

Inc.

a

537,506

51,002

International

Business

Machines

Corporation

13,041,211

909

IPG

Photonics

Corporation

a

66,657

1,574

Itron,

Inc.

a

168,985

3,606

Jabil,

Inc.

585,650

53,134

JFrog,

Ltd.

a

1,846,938

5,100

Keyence

Corporation

2,196,615

3,468

Keysight

Technologies,

Inc.

a

618,518

25,804

Knowles

Corporation

a

488,470

247,500

Kyocera

Corporation

2,568,999

4,100

Lasertec

Corporation

426,414

28,783

Lattice

Semiconductor

Corporation

a

1,641,207

3,231

Littelfuse,

Inc.

770,141

323

MACOM

Technology

Solutions

Holdings,

Inc.

a

42,717

10,954

Marvell

Technology,

Inc.

1,236,268

97,041

Microsoft

Corporation

40,277,837

746

MicroStrategy,

Inc.

a

249,753

657

Mirion

Technologies,

Inc.

a

10,407

9,225

MKS

Instruments,

Inc.

1,045,008

4,872

MongoDB,

Inc.

a

1,331,615

61

Monolithic

Power

Systems,

Inc.

38,880

997

Motorola

Solutions,

Inc.

467,842

112,900

Murata

Manufacturing

Company,

Ltd.

1,773,750

4,160

Napco

Security

Technologies,

Inc.

152,672

1,387

nCino,

Inc.

a

47,172

26,000

NEC

Corporation

2,578,650

5,060

NetApp,

Inc.

617,826

400

Nippon

Electric

Glass

Company,

Ltd.

8,592

3,067

Nova,

Ltd.

a

736,798

15,200

NS

Solutions

Corporation

386,639

7,900

NSD

Company,

Ltd.

166,800

79,400

NTT

Data

Group

Corporation

1,540,885

302,687

NVIDIA

Corporation

36,343,628

1,736

Okta,

Inc.

a

163,566

3,000

Olo,

Inc.

a

22,140

7,886

Onto

Innovation,

Inc.

a

1,614,737

5,600

Otsuka

Corporation

126,250

14,538

Palantir

Technologies,

Inc.

a

1,199,240

Shares

Common

Stock  75.5%

Value

Information

Technology  14.2%

-

continued

15,803

PDF

Solutions,

Inc.

a

$

440,272

6,504

Pegasystems,

Inc.

704,318

451

Procore

Technologies,

Inc.

a

35,882

10,365

PTC,

Inc.

a

2,005,420

4,208

Q2

Holdings,

Inc.

a

400,475

73,450

QUALCOMM,

Inc.

12,701,708

10,300

Renesas

Electronics

Corporation

a

137,963

41,700

Rohm

Company,

Ltd.

397,139

24,404

Salesforce,

Inc.

8,338,847

134,259

Samsung

Electronics

Company,

Ltd.

4,794,889

25,469

SAP

SE

7,018,589

52,300

SCSK

Corporation

1,157,978

10,053

ServiceNow,

Inc.

a

10,237,774

5,883

Silicon

Laboratories,

Inc.

a

797,676

3,719

SolarWinds

Corporation

55,339

376

Super

Micro

Computer,

Inc.

a

10,723

24,507

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

5,129,805

37,029

TD

SYNNEX

Corporation

5,277,003

3,136

TE

Connectivity

plc

464,034

46,722

Technology

One,

Ltd.

888,338

1,452

Teledyne

Technologies,

Inc.

a

742,451

2,437

Tenable

Holdings,

Inc.

a

105,010

18,300

Tokyo

Electron,

Ltd.

3,086,917

39,957

Trimble,

Inc.

a

2,995,177

22,203

TTM

Technologies,

Inc.

a

545,972

2,415

Tyler

Technologies,

Inc.

a

1,452,961

1,175

Unity

Software,

Inc.

a

26,085

16,026

Varonis

Systems,

Inc.

a

726,939

2,854

VeriSign,

Inc.

a

613,610

654

Vontier

Corporation

25,212

8,081

Western

Digital

Corporation

a

526,316

1,249

Wisetech

Global,

Ltd.

94,553

6,298

Workiva,

Inc.

a

618,590

1,151

Xerox

Holdings

Corporation

9,830

Total

305,751,424

Materials  3.4%

25,821

Acerinox

SA

259,108

23,929

Air

Liquide

SA

4,179,953

626

Albemarle

Corporation

c

52,703

13,587

Alcoa

Corporation

479,893

2,463

Allegheny

Technologies,

Inc.

a

140,613

4,968

Anglo

American

plc

145,468

1,807

AptarGroup,

Inc.

283,970

20,600

Asahi

Kasei

Corporation

139,908

4,985

Aspen

Aerogels,

Inc.

a

58,275

6,035

Avient

Corporation

258,901

49,205

Axalta

Coating

Systems,

Ltd.

a

1,768,428

1,021

Balchem

Corporation

163,319

159,598

BHP

Group,

Ltd.

3,919,684

15,477

Buzzi

SPA

634,005

5,670

Celanese

Corporation

402,797

63,357

CF

Industries

Holdings,

Inc.

5,842,149

14,629

Chemours

Company

277,805

42,860

Constellium

SE

a

425,600

55,276

Corteva,

Inc.

3,607,865

41,733

Deterra

Royalties,

Ltd.

104,365

11,339

DuPont

de

Nemours,

Inc.

870,835

889

Eagle

Materials,

Inc.

228,242

40,824

Eastman

Chemical

Company

4,068,112

13,865

Element

Solutions,

Inc.

357,856

54,523

Evolution

Mining,

Ltd.

189,473

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

58

Shares

Common

Stock  75.5%

Value

Materials  3.4%

-

continued

44,184

Evraz

plc

a,d

$

5

11,044

FMC

Corporation

616,034

20,677

Fortescue,

Ltd.

242,156

2,015

Givaudan

SA

8,821,087

102,220

Granges

AB

1,239,875

978

Greif,

Inc.

59,873

22,656

Hecla

Mining

Company

128,686

14,683

Heidelberg

Materials

AG

2,066,130

47,375

Hexpol

AB

443,261

74,398

Holcim

AG

7,456,467

1,669

Huntsman

Corporation

28,089

2,384

Ingevity

Corporation

a

108,114

1,658

Innospec,

Inc.

187,934

319

International

Flavors

&

Fragrances,

Inc.

27,782

2,348

Kaiser

Aluminum

Corporation

164,360

1,964

Knife

River

Corporation

a

203,431

1,798

Koppers

Holdings,

Inc.

53,508

42,100

Kyoei

Steel,

Ltd.

514,907

445

LyondellBasell

Industries

NV

33,686

4,359

Magnera

Corporation

a

81,339

2,141

Martin

Marietta

Materials,

Inc.

1,164,961

2,469

Minerals

Technologies,

Inc.

189,348

31,900

Mitsubishi

Chemical

Group

Corporation

162,934

14,122

Mosaic

Company

393,863

10,300

Nitto

Denko

Corporation

182,714

61,601

Northern

Star

Resources,

Ltd.

651,969

44,078

Nucor

Corporation

5,660,938

3,378

O-I

Glass,

Inc.

a

40,333

11,887

Olin

Corporation

348,170

1,894

Orion

SA

26,421

3,268

Packaging

Corporation

of

America

694,973

79,031

Perseus

Mining,

Ltd.

137,903

1,480

PPG

Industries,

Inc.

170,762

2,213

Radius

Recycling,

Inc.

26,578

989

Ranpak

Holdings

Corporation

a

7,239

38,967

Rio

Tinto

plc

2,346,658

22,866

Rio

Tinto,

Ltd.

1,646,834

5,015

Royal

Gold,

Inc.

701,197

7,283

RPM

International,

Inc.

922,028

3,619

Sealed

Air

Corporation

126,050

2,615

Sensient

Technologies

Corporation

197,459

35,200

Shin-Etsu

Chemical

Company,

Ltd.

1,091,279

4,696

Sonoco

Products

Company

223,717

141,661

SSAB

AB,

Class

A

680,580

1,045

Steel

Dynamics,

Inc.

133,969

1,006

Stepan

Company

63,770

16,300

Taiyo

Holdings

Company,

Ltd.

438,432

36,500

Toagosei

Company,

Ltd.

338,437

10,389

Trinseo

plc

43,010

27,017

Tronox

Holdings

plc

277,465

5,860

United

States

Steel

Corporation

215,941

983

Vidrala

SA

100,655

2,403

Vulcan

Materials

Company

658,782

7,605

West

Fraser

Timber

Company,

Ltd.

659,962

Total

72,061,382

Real

Estate  1.9%

3,597

Agree

Realty

Corporation

261,034

5,505

Alexandria

Real

Estate

Equities,

Inc.

535,912

1,732

Alpine

Income

Property

Trust,

Inc.

29,201

2,631

American

Assets

Trust,

Inc.

63,881

41,244

Aroundtown

SA

a

122,384

Shares

Common

Stock  75.5%

Value

Real

Estate  1.9%

-

continued

10,072

AvalonBay

Communities,

Inc.

$

2,231,049

15,605

Brixmor

Property

Group,

Inc.

406,666

19,810

Broadstone

Net

Lease,

Inc.

311,809

40,081

CBRE

Group,

Inc.

a

5,801,324

12,731

Chatham

Lodging

Trust

111,269

41,300

City

Developments,

Ltd.

153,109

18,642

Compass,

Inc.

a

135,154

16,383

CoStar

Group,

Inc.

a

1,254,938

51,254

Crown

Castle,

Inc.

4,575,957

9,147

CTO

Realty

Growth,

Inc.

179,556

10,315

Curbline

Properties

Corporation

252,408

16,427

Douglas

Elliman,

Inc.

a

29,240

537

EastGroup

Properties,

Inc.

91,086

11,993

EPR

Properties

552,877

2,676

Equinix,

Inc.

2,444,954

35,181

Essential

Properties

Realty

Trust,

Inc.

1,129,310

1,071

Essex

Property

Trust,

Inc.

304,774

5,306

Getty

Realty

Corporation

164,539

12,845

Global

Net

Lease,

Inc.

92,356

9,007

Goodman

Group

200,858

229,175

Healthcare

Realty

Trust,

Inc.

3,838,681

264,000

Henderson

Land

Development

Company,

Ltd.

732,198

50,400

Hongkong

Land

Holdings,

Ltd.

219,312

3,135

Host

Hotels

&

Resorts,

Inc.

52,386

2,163

Howard

Hughes

Holdings,

Inc.

a

165,188

9,483

Independence

Realty

Trust,

Inc.

182,168

20,329

Industrial

Logistics

Properties

Trust

80,706

962

Innovative

Industrial

Properties,

Inc.

68,956

13,378

InvenTrust

Properties

Corporation

397,862

3,607

Invitation

Homes,

Inc.

112,358

151,400

Link

REIT

625,550

2,608

Medical

Properties

Trust,

Inc.

12,231

25,400

Mitsubishi

Estate

Company,

Ltd.

369,087

13,215

National

Storage

Affiliates

Trust

490,937

20,318

NetSTREIT

Corporation

294,205

50,094

Outfront

Media,

Inc.

921,730

2,477

Park

Hotels

&

Resorts,

Inc.

33,415

21,706

Pebblebrook

Hotel

Trust

285,000

7,207

PSP

Swiss

Property

AG

1,064,633

1,304

RE/MAX

Holdings,

Inc.

a

13,014

10,642

Rexford

Industrial

Realty,

Inc.

432,704

82,093

RLJ

Lodging

Trust

800,407

1,592

RMR

Group,

Inc.

29,723

1,057

Ryman

Hospitality

Properties

110,816

98,211

Sabra

Health

Care

REIT,

Inc.

1,641,106

2,354

Safehold,

Inc.

38,158

7,859

Sila

Realty

Trust,

Inc.

195,375

3,767

Simon

Property

Group,

Inc.

654,931

33,770

STAG

Industrial,

Inc.

1,154,259

128,000

Sun

Hung

Kai

Properties,

Ltd.

1,144,236

19,768

Tanger,

Inc.

648,786

10,030

Terreno

Realty

Corporation

656,163

58,915

Uniti

Group,

Inc.

321,087

260

Universal

Health

Realty

Income

Trust

10,150

17,637

Vonovia

SE

539,571

9,617

Zillow

Group,

Inc.,

Class

A

a

761,666

8,928

Zillow

Group,

Inc.,

Class

C

a

734,060

Total

41,268,460

Utilities  2.5%

115,783

A2A

SPA

273,437

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

59

Shares

Common

Stock  75.5%

Value

Utilities  2.5%

-

continued

11,618

ACEA

SPA

$

222,281

81,834

AES

Corporation

900,174

21,915

AGL

Energy,

Ltd.

155,888

11,737

Alliant

Energy

Corporation

691,075

518

American

States

Water

Company

38,591

6,291

American

Water

Works

Company,

Inc.

784,110

229,632

APA

Group

968,414

394

Artesian

Resources

Corporation

12,214

3,647

Black

Hills

Corporation

214,188

3,466

Brookfield

Infrastructure

Corporation

144,602

1,261

California

Water

Service

Group

57,111

753,087

Centrica

plc

1,323,551

17,713

Clearway

Energy,

Inc.,

Class

A

434,500

19,070

Clearway

Energy,

Inc.,

Class

C

494,485

18,162

Constellation

Energy

Corporation

5,448,237

51,190

Contact

Energy,

Ltd.

268,527

4,288

DTE

Energy

Company

514,046

66,137

Duke

Energy

Corporation

7,406,683

1,615

Edison

International

87,210

19,697

EDP

Renovaveis

SA

184,284

319,244

Engie

SA

5,270,035

96,854

Entergy

Corporation

7,852,922

8,944

Essential

Utilities,

Inc.

317,333

10,837

Evergy,

Inc.

695,410

5,615

Eversource

Energy

323,873

132,941

Fortum

Oyj

1,931,563

22,840

Hawaiian

Electric

Industries,

Inc.

a

208,758

357,951

Italgas

SPA

2,138,403

23,991

NiSource,

Inc.

894,864

154,537

Origin

Energy,

Ltd.

996,669

56,547

Public

Service

Enterprise

Group,

Inc.

4,723,936

61,647

UGI

Corporation

1,894,412

32,773

Vistra

Energy

Corporation

5,506,847

5,360

Xcel

Energy,

Inc.

360,192

54,944

XPLR

Infrastructure,

LP

579,110

Total

54,317,935

Total

Common

Stock

(cost

$1,168,571,441)

1,620,822,931

Shares

Registered

Investment

Companies  

5.6%

Value

U.S.

Affiliated  

4.6%  

6,025,894

Thrivent

Core

Emerging

Markets

Equity

Fund

56,583,146

3,900,922

Thrivent

Core

Small

Cap

Value

Fund

42,754,108

Total

99,337,254

U.S.

Unaffiliated  

1.0%  

7,115

Invesco

QQQ

Trust

Series

1

3,716,093

5,556

iShares

U.S.

Regional

Banks

ETF

295,246

20,288

SPDR

S&P

500

ETF

Trust

12,209,724

24,944

SPDR

S&P

Biotech

ETF

c

2,311,560

1,383

SPDR

S&P

Oil

&

Gas

Exploration

ETF

c

185,543

3,635

SPDR

S&P

Regional

Banking

ETF

c

233,222

Shares

Registered

Investment

Companies  5.6%

Value

U.S.

Unaffiliated  

1.0%  -

continued

7,144

SPDR

S&P

Software

&

Services

ETF

c

$

1,388,508

Total

20,339,896

Total

Registered

Investment

Companies

(cost

$110,710,342)

119,677,150

Shares

Collateral

Held

for

Securities

Loaned

0.2%

Value

4,551,566

Thrivent

Cash

Management

Trust

4,551,566

Total

Collateral

Held

for

Securities

Loaned

(cost

$4,551,566)

4,551,566

Shares

Preferred

Stock

0.1%

Value

Consumer

Discretionary  0.1%

18,904

Porsche

Automobil

Holding

SE

747,100

Total

747,100

Total

Preferred

Stock

(cost

$826,616)

747,100

Shares

or

Principal

Amount

Short-Term

Investments

19.4%

Value

Federal

Home

Loan

Bank

Discount

Notes

58,275,000

4.180%,

2/3/2025

e

58,254,579

6,700,000

4.419%,

2/5/2025

e,f

6,696,087

9,495,000

4.248%,

2/10/2025

e

9,483,909

7,300,000

4.420%,

2/12/2025

e,f

7,289,768

15,000,000

4.190%,

2/13/2025

e

14,977,223

4,600,000

4.395%,

2/14/2025

e,f

4,592,478

13,411,000

4.282%,

2/19/2025

e,f

13,381,237

1,200,000

4.430%,

2/21/2025

e

1,197,056

100,000

4.230%,

2/26/2025

e,f

99,696

100,000

4.224%,

3/19/2025

e,f

99,452

10,000,000

4.206%,

5/21/2025

e

9,872,431

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

5,555,000

4.205%,

2/3/2025

e

5,553,053

15,000,000

4.210%,

2/7/2025

e

14,987,735

34,000,000

4.220%,

2/21/2025

e

33,916,601

20,000,000

4.229%,

2/28/2025

e

19,934,589

4,100,000

4.205%,

3/24/2025

e,f

4,075,127

Federal

National

Mortgage

Association

Discount

Notes

19,500,000

4.170%,

2/3/2025

e

19,493,167

10,000,000

4.220%,

2/6/2025

e

9,992,992

35,000,000

4.225%,

2/12/2025

e

34,950,942

20,000,000

4.225%,

2/19/2025

e

19,955,614

5,000,000

4.225%,

2/26/2025

e

4,984,815

900,000

4.190%,

4/11/2025

e

892,650

500,000

4.175%,

4/24/2025

e,f

495,158

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

60

Shares

or

Principal

Amount

Short-Term

Investments  19.4%

Value

U.S.

Treasury

Bills

18,925,000

4.222%,

2/4/2025

e

$

18,922,787

15,590,000

4.256%,

2/6/2025

e

15,584,531

10,630,000

4.252%,

2/11/2025

e

10,619,972

2,980,000

4.275%,

2/13/2025

e

2,976,483

41,435,000

4.246%,

2/20/2025

e

41,351,867

6,400,000

4.251%,

2/25/2025

e,g

6,383,383

6,600,000

4.240%,

2/27/2025

e

6,581,366

17,925,000

4.253%,

3/4/2025

e

17,863,593

200,000

4.176%,

3/18/2025

e

198,990

1,210,000

4.200%,

3/20/2025

e,g

1,203,610

Total

Short-Term

Investments

(cost

$416,871,442)

416,862,941

Total

Investments

(cost

$1,701,531,407)

100.8%

$2,162,661,688

Other

Assets

and

Liabilities,

Net

(0.8%)

(16,736,955)

Total

Net

Assets

100.0%

$2,145,924,733

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,

2025,

the

value

of

these

investments

was

$7,572,982

or

0.4%

of

total

net

assets.

c

All

or

a

portion

of

the

security

is

on

loan.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

g

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

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,

2025:

Securities

Lending

Transactions

Common

Stock

$

4,351,281

Total

lending

$4,351,281

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$4,551,566

Net

amounts

due

to

counterparty

$200,285

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

61

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Global

Stock

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

116,644,297

98,711,625

17,932,672

–

Consumer

Discretionary

210,261,340

149,770,855

60,490,485

–

Consumer

Staples

72,197,759

43,547,730

28,650,029

–

Energy

66,726,878

49,424,597

17,302,281

–

Financials

283,110,829

176,738,959

106,371,870

–

Health

Care

184,377,681

125,004,204

59,373,477

–

Industrials

214,104,946

133,565,770

80,539,176

–

Information

Technology

305,751,424

259,435,129

46,316,295

–

Materials

72,061,382

33,927,135

38,134,242

5

Real

Estate

41,268,460

36,097,522

5,170,938

–

Utilities

54,317,935

40,584,883

13,733,052

–

Registered

Investment

Companies

U.S.

Unaffiliated

20,339,896

20,339,896

–

–

Preferred

Stock

Consumer

Discretionary

747,100

–

747,100

–

Short-Term

Investments

416,862,941

–

416,862,941

–

Subtotal

Investments

in

Securities

$2,058,772,868

$1,167,148,305

$891,624,558

$5

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

99,337,254

Collateral

Held

for

Securities

Loaned

4,551,566

Subtotal

Other

Investments

$103,888,820

Total

Investments

at

Value

$2,162,661,688

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Global

Stock

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

10,115,448

7,446,321

2,669,127

–

Total

Asset

Derivatives

$10,115,448

$7,446,321

$2,669,127

$–

Liability

Derivatives

Futures

Contracts

6,090,693

6,090,693

–

–

Total

Return

Swaps

587,627

–

587,627

–

Total

Liability

Derivatives

$6,678,320

$6,090,693

$587,627

$–

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

62

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Global

Stock

Fund's

futures

contracts

held

as

of

January

31,

2025.

Investments

and/or

cash

totaling

$24,044,740

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

Canadian

Dollar

Foreign

Exchange

Currency

846

March

2025

$

59,144,212

(

$

732,142)

CME

E-mini

Russell

2000

Index

7

March

2025

829,480

(

26,090)

CME

E-mini

S&P

500

Index

1,561

March

2025

478,429,926

(

4,881,064)

CME

E-mini

S&P

Mid-Cap

400

Index

1

March

2025

331,723

(

6,723)

ICE

mini

MSCI

EAFE

Index

444

March

2025

52,115,753

509,347

ICE

US

mini

MSCI

Emerging

Markets

Index

354

March

2025

19,744,754

(

444,674)

S&P/TSX

60

Index

286

March

2025

58,035,645

2,669,127

Total

Futures

Long

Contracts

$

668,631,493

(

$

2,912,219)

CME

E-mini

Russell

2000

Index

(1,060)

March

2025

(

$

126,369,769)

$

4,713,569

CME

E-mini

S&P

Mid-Cap

400

Index

(321)

March

2025

(

106,548,405)

2,223,405

Total

Futures

Short

Contracts

(

$

232,918,174)

$6,936,974

Total

Futures

Contracts

$

435,713,319

$4,024,755

The

following

table

presents

Global

Stock

Fund's

total

return

swap

contracts

held

as

of

January

31,

2025.

Investments

totaling

$625,618

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

4,702,087

(

$

587,627)

$

–

(

$

587,627)

Total

Return

Swaps

(

$

587,627)

$

–

($587,627)

#

Payment

made

on

Termination

Date

Global

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

63

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.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Global

Stock

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$57,232

$1,784

$–

$56,583

6,026

2.6%

Core

Small

Cap

Value

40,614

4,866

260

42,754

3,901

2.0

Total

U.S.

Affiliated

Registered

Investment

Companies

97,846

99,337

4.6

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

3,116

19,016

17,580

4,552

4,552

0.2

Total

Collateral

Held

for

Securities

Loaned

3,116

4,552

0.2

Total

Value

$100,962

$103,889

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

($2,433)

$–

$1,784

Core

Small

Cap

Value

37

(2,503)

4,173

694

Affiliated

Short-Term

Investments

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$2,478

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

8

Total

Affiliated

Income

from

Securities

Loaned,

Net

$8

Total

$37

($4,936)

$4,173

Government

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

64

Principal

Amount

Long-Term

Fixed

Income

99.2%

Value

Asset-Backed

Securities  6.7%

ECMC

Group

Student

Loan

Trust

$

291,839

5.501%, 

(SOFR30A

+

1.150%),

2/25/2025,

Ser.

2024-1A,

Class

A

a,b

$

292,074

127,430

5.466%, 

(SOFR30A

+

1.114%),

1/27/2070,

Ser.

2020-3A,

Class

A1B

a,b

127,115

Goodgreen

180,797

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

a

161,946

Granite

Edvance

Corporation

156,757

5.625%, 

(TSFR1M

+

1.314%),

9/25/2060,

Ser.

2020-1,

Class

A1B

b

156,921

Kentucky

Higher

Education

Student

Loan

Corporation

Student

Loan

Rev.

375,696

1.650%, 

3/25/2051,

Ser.

2021-1

354,562

Missouri

Higher

Education

Loan

Auth.

323,621

1.530%, 

1/25/2061,

Ser.

2021-1

295,120

Navient

Student

Loan

Trust

391,383

1.310%, 

12/26/2069,

Ser.

2021-1A,

Class

A1A

a

341,187

RMF

Buyout

Issuance

Trust

24,103

1.259%, 

11/25/2031,

Ser.

2021-HB1,

Class

A

a,b

23,996

Sunnova

Hestia

I

Issuer,

LLC

639,260

5.750%, 

12/20/2050,

Ser.

2023-GRID1,

Class

1A

a,c

649,112

Sunnova

Hestia

II

Issuer,

LLC

286,959

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,c

291,495

Total

2,693,528

Collateralized

Mortgage

Obligations  14.9%

Federal

Agricultural

Mortgage

Corporation

Real

Estate

Trust

797,164

2.180%, 

1/25/2051,

Ser.

2021-1,

Class

A

a,b,c

629,012

123,520

5.196%, 

8/1/2054,

Ser.

2024-2,

Class

A

a,b

118,908

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

79,934

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

77,430

425,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

398,417

250,000

5.000%, 

2/25/2054,

Ser.

5460,

Class

LN

242,283

593,546

1.500%, 

3/25/2050,

Ser.

4982,

Class

JA

458,768

234,000

5.000%, 

8/25/2050,

Ser.

5465,

Class

AC

228,504

800,000

4.000%, 

8/25/2052,

Ser.

5256,

Class

AY

724,184

450,000

5.000%, 

8/25/2054,

Ser.

5446,

Class

EC

414,652

275,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

266,040

350,000

4.000%, 

9/25/2035,

Ser.

5231,

Class

VB

317,899

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Collateralized

Mortgage

Obligations  14.9%

-

continued

$

20,596

2.000%, 

1/15/2041,

Ser.

4074,

Class

JA

$

20,110

141,417

1.750%, 

6/15/2042,

Ser.

4097,

Class

QN

124,307

Federal

Home

Loan

Mortgage

Corporation

-

SCRT

338,844

2.000%, 

11/25/2059,

Ser.

2020-2,

Class

MT

c

264,947

Federal

Home

Loan

Mortgage

Corporation

-

SLST

700,000

2.250%, 

5/26/2031,

Ser.

2021-1,

Class

A2C

c

591,311

Federal

Home

Loan

Mortgage

Corporation

Whole

Loan

Securities

Trust

228,785

3.000%, 

9/25/2045,

Ser.

2015-SC02,

Class

1A

c

196,887

Federal

National

Mortgage

Association

-

REMIC

450,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

411,693

202,115

4.000%, 

7/25/2053,

Ser.

2024-76,

Class

DA

194,894

85,917

2.000%, 

11/25/2032,

Ser.

2012-123,

Class

BA

79,731

224,860

3.500%, 

4/25/2045,

Ser.

2015-18,

Class

DY

206,207

Total

5,966,184

Commercial

Mortgage-Backed

Securities  7.7%

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

400,000

5.069%, 

10/25/2028,

Ser.

K510,

Class

A2

b,c

405,174

400,000

5.355%, 

1/25/2029,

Ser.

K517,

Class

A2

b,c

408,992

600,000

5.180%, 

3/25/2029,

Ser.

K520,

Class

A2

b

610,872

300,000

4.720%, 

5/25/2029,

Ser.

K524,

Class

A2

b,c

300,484

250,000

4.508%, 

7/25/2029,

Ser.

K528,

Class

A2

c

248,278

475,000

4.543%, 

7/25/2029,

Ser.

K526,

Class

A2

b,c

472,398

250,000

4.791%, 

9/25/2029,

Ser.

K529,

Class

A2

c

250,958

375,000

4.489%, 

9/25/2034,

Ser.

K-165,

Class

A2

c

363,637

Total

3,060,793

Mortgage-Backed

Securities  32.7%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

363,059

2.000%, 

1/1/2052

287,067

384,087

3.000%, 

2/1/2050

331,920

416,973

2.000%, 

5/1/2051

329,698

432,651

4.000%, 

5/1/2052

397,919

56,584

5.000%, 

7/1/2053

54,991

94,594

3.500%, 

9/1/2047

85,297

Government

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

65

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Mortgage-Backed

Securities  32.7%

-

continued

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

$

143,325

2.500%, 

7/1/2030

$

136,589

Federal

National

Mortgage

Association

Conventional

10-Yr.

Pass

Through

729,174

2.000%, 

3/1/2033

690,187

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

502,282

3.500%, 

5/1/2040

467,525

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

89,629

2.000%, 

2/1/2051

70,889

75,866

2.000%, 

2/1/2051

60,004

753,442

2.500%, 

2/1/2051

622,436

585,019

3.000%, 

5/1/2051

507,062

490,421

3.000%, 

6/1/2050

428,028

577,233

3.500%, 

8/1/2050

517,688

390,863

6.000%, 

8/1/2054

400,379

489,052

3.500%, 

9/1/2052

436,480

114,159

2.000%, 

11/1/2051

90,161

463,487

2.000%, 

12/1/2050

364,393

1,759,346

4.500%, 

12/1/2052

1,666,059

1,325,000

5.500%, 

2/1/2041

d

1,308,508

1,350,000

5.000%, 

2/1/2042

d

1,303,545

475,000

6.000%, 

2/1/2042

d

478,227

95,107

3.500%, 

12/1/2047

85,946

700,000

3.000%, 

2/1/2048

d

595,236

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

874,323

2.500%, 

3/1/2062

692,750

355,711

3.500%, 

7/1/2061

309,137

355,346

4.000%, 

12/1/2061

322,530

Total

13,040,651

U.S.

Government

&

Agencies  37.2%

Federal

Home

Loan

Bank

950,000

5.900%, 

3/10/2043

948,996

Tennessee

Valley

Authority

80,000

4.375%, 

8/1/2034

77,759

235,000

5.250%, 

9/15/2039

240,912

U.S.

Treasury

Bonds

3,050,000

1.375%, 

8/15/2050

1,488,543

U.S.

Treasury

Notes

5,275,000

4.125%, 

10/31/2026

5,266,964

4,775,000

4.125%, 

11/30/2029

4,733,219

100,000

4.125%, 

11/30/2031

98,125

2,025,000

4.250%, 

11/15/2034

1,977,856

Total

14,832,374

Total

Long-Term

Fixed

Income

(cost

$40,728,383)

39,593,530

Shares

or

Principal

Amount

Short-Term

Investments

9.5%

Value

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

100,000

4.235%,

2/6/2025

e,f

99,930

Shares

or

Principal

Amount

Short-Term

Investments  9.5%

Value

Thrivent

Core

Short-Term

Reserve

Fund

367,495

4.630%

$

3,674,948

Total

Short-Term

Investments

(cost

$3,774,890)

3,774,878

Total

Investments

(cost

$44,503,273)

108.7%

$43,368,408

Other

Assets

and

Liabilities,

Net

(8.7%)

(3,461,113)

Total

Net

Assets

100.0%

$39,907,295

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,

2025,

the

value

of

these

investments

was

$2,634,845

or

6.6%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

Definitions:

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

SCRT

-

Seasoned

Credit

Risk

Transfer

Ser.

-

Series

SLST

-

Seasoned

Loans

Structured

Transactions

Reference

Rate

Index:

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

Government

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

66

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Government

Bond

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

2,693,528

–

2,693,528

–

Collateralized

Mortgage

Obligations

5,966,184

–

5,966,184

–

Commercial

Mortgage-Backed

Securities

3,060,793

–

3,060,793

–

Mortgage-Backed

Securities

13,040,651

–

13,040,651

–

U.S.

Government

&

Agencies

14,832,374

–

14,832,374

–

Short-Term

Investments

99,930

–

99,930

–

Subtotal

Investments

in

Securities

$39,693,460

$–

$39,693,460

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

3,674,948

Subtotal

Other

Investments

$3,674,948

Total

Investments

at

Value

$43,368,408

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Government

Bond

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

4,532

4,532

–

–

Total

Liability

Derivatives

$4,532

$4,532

$–

$–

The

following

table

presents

Government

Bond

Fund's

futures

contracts

held

as

of

January

31,

2025.

Investments

and/or

cash

totaling

$99,930

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

36

March

2025

$

7,407,032

(

$

4,532)

Total

Futures

Long

Contracts

$

7,407,032

(

$

4,532)

Total

Futures

Contracts

$

7,407,032

($4,532)

Government

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

67

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

 The

Fund

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities. 

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Government

Bond

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$2,940

$8,246

$7,511

$3,675

367

9.2%

Total

Affiliated

Short-Term

Investments

2,940

3,675

9.2

Total

Value

$2,940

$3,675

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$–

$–

$–

$43

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$43

Total

$–

$–

$–

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

68

Principal

Amount

Long-Term

Fixed

Income

99.6%

Value

Alabama  2.5%

Black

Belt

Energy

Gas

District,

AL

Gas

Proj.

Rev.

Refg.

$

250,000

5.500%,

6/1/2049,

Ser.

D-1

a

$

264,860

Jacksonville,

AL

Public

Educational

Building

Auth.

Rev.

(JSU

Foundation)

(AGM

Insured)

200,000

5.500%,

8/1/2058,

Ser.

A

b

212,344

Jefferson

County,

AL

Sewer

Rev.

Refg.

Warrants

250,000

5.500%,

10/1/2053

267,987

Mobile

County,

AL

Industrial

Development

Auth.

Solid

Waste

Disposal

Rev.

(AM/NS

Calvert,

LLC)

200,000

5.000%,

6/1/2054,

Ser.

A,

AMT

202,187

Pell

City

Square

Cooperative

District,

AL

Rev.

240,000

7.000%,

4/1/2044,

Ser.

A

237,282

Total

1,184,660

Arizona  3.3%

Arizona

Industrial

Development

Auth.

Education

Rev.

(Academies

of

Math

&

Science)

250,000

5.375%,

7/1/2053

c

251,880

Arizona

Industrial

Development

Auth.

Education

Rev.

(Doral

Academy

of

Nevada

-

Pebble

Campus)

200,000

5.000%,

7/15/2050,

Ser.

A

c

189,355

Arizona

Industrial

Development

Auth.

Education

Rev.

(KIPP

Nashville)

350,000

5.000%,

7/1/2047,

Ser.

A

352,053

Arizona

Industrial

Development

Auth.

Education

Rev.

Refg.

(Doral

Academy

of

Northern

Nevada)

350,000

4.000%,

7/15/2051,

Ser.

A

c

291,316

Maricopa

County,

AZ

Industrial

Development

Auth.

Education

Fac.

Rev.

(Arizona

Christian

University)

250,000

6.375%,

10/1/2041,

Ser.

A

a,c

251,250

Maricopa

County,

AZ

Industrial

Development

Auth.

Education

Fac.

Rev.

(Valley

Christian

Schools)

250,000

6.375%,

7/1/2058,

Ser.

A

c

245,620

Total

1,581,474

Arkansas  0.5%

Arkansas

Development

Finance

Auth.

Environmental

Rev.

(United

States

Steel

Corporation)

250,000

5.700%,

5/1/2053,

AMT

261,765

Total

261,765

California  5.4%

California

Community

Choice

Financing

Auth.

Rev.

(Clean

Energy)

200,000

5.250%,

10/1/2031,

Ser.

C

a

209,811

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

California  5.4%

-

continued

California

Municipal

Finance

Auth.

School

Fac.

Rev.

(St.

Mary's

School

-

Aliso

Viejo)

$

250,000

5.875%,

5/1/2059,

Ser.

A

c

$

257,085

California

Municipal

Finance

Auth.

Solid

Waste

Disposal

Rev.

(Waste

Management,

Inc.)

250,000

4.125%,

10/1/2041,

Ser.

A,

AMT

a

250,224

California

Municipal

Finance

Auth.

Special

Tax

Rev.

250,000

6.250%,

9/1/2052,

Ser.

C

270,353

California

Statewide

Communities

Development

Auth.

Community

Fac.

District

No.

2021-03

Special

Tax

Rev.

(Laurel

Ranch)

145,000

5.000%,

9/1/2054

148,277

Dixon,

CA

Special

Tax

Rev.

250,000

5.000%,

9/1/2048

255,568

River

Islands,

CA

Public

Financing

Auth.

Community

Fac.

District

Special

Tax

150,000

5.625%,

9/1/2053

157,689

San

Diego

County,

CA

Regional

Airport

Auth.

Rev.

250,000

5.250%,

7/1/2058,

Ser.

B,

AMT

262,797

San

Diego,

CA

Community

College

District

UTGO

500,000

5.000%,

8/1/2055,

Ser.

A-1

547,014

Tejon

Ranch,

CA

Public

Fac.

Financing

Auth.

Community

Facs.

District

No.

2008-1

Special

Tax

Rev.

Refg.

(Tejon

Industrial

Complex

-

East)

200,000

5.000%,

9/1/2054

204,985

Total

2,563,803

Colorado  5.5%

Aerotropolis,

CO

Regional

Transportation

Auth.

Special

Rev.

500,000

5.750%,

12/1/2054

c

507,378

CCP

Metropolitan

District

No.

3,

CO

LTGO

Refg.

250,000

5.000%,

12/1/2053

249,326

Centerra

Metropolitan

District

No.

1,

Larimer

County,

CO

Special

Rev.

250,000

6.500%,

12/1/2053

256,818

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

(Aspen

View

Academy)

350,000

4.000%,

5/1/2051

297,934

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

(Mountain

Phoenix

Community

School)

200,000

6.250%,

7/1/2053

c

182,503

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

Refg.

(Global

Village

Academy

-

Northglenn)

150,000

5.000%,

12/1/2050

c

141,127

Colorado

Health

Fac.

Auth.

Rev.

Refg.

(CommonSpirit

Health)

350,000

4.000%,

8/1/2049,

Ser.

A-2

315,452

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

69

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Colorado  5.5%

-

continued

Colorado

High

Performance

Transportation

Enterprise

Rev.

$

225,000

5.000%,

12/31/2056

$

220,088

Denver,

CO

Health

and

Hospital

Auth.

Healthcare

Rev.

230,000

5.000%,

12/1/2039,

Ser.

A

230,014

Hess

Ranch

Metropolitan

District

No.

5,

CO

SAB

250,000

6.000%,

12/1/2043,

Ser.

A-1

256,984

Total

2,657,624

Connecticut  0.5%

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(McLean

Issue)

250,000

5.000%,

1/1/2045,

Ser.

A

c

227,760

Total

227,760

Delaware  2.0%

Bridgeville,

DE

Special

Obligation

(Heritage

Shores

Special

Development

District)

200,000

5.625%,

7/1/2053

c

207,264

Delaware

Economic

Development

Auth.

Charter

School

Rev.

(Newark

Charter

School,

Inc.)

400,000

4.000%,

9/1/2051

339,624

Kent

County,

DE

Student

Housing

and

Dining

Fac.

Rev.

(CHF-

Dover,

LLC

-

Delaware

State

University)

230,000

5.000%,

7/1/2040,

Ser.

A

232,231

University

of

Delaware

Rev.

200,000

1.750%,

11/1/2034,

Ser.

B

a

200,000

Total

979,119

District

Of

Columbia  0.5%

Metropolitan

Washington

DC

Airports

Auth.

Airport

System

Rev.

Refg.

250,000

5.250%,

10/1/2048,

Ser.

A,

AMT

261,714

Total

261,714

Florida  9.8%

Alachua

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

(Oak

Hammock

at

the

University

of

Florida,

Inc.)

250,000

4.000%,

10/1/2046

214,002

Cape

Coral,

FL

Utility

Improvement

Assessment

Refg.

(North

1

West

Area)

(BAM

Insured)

250,000

5.650%,

3/1/2054

b

272,047

Capital

Projects,

FL

Finance

Auth.

Student

Housing

Rev.

(Provident

Group

-

Continuum

Properties)

150,000

5.000%,

11/1/2053,

Ser.

A-1

144,774

Charlotte

County,

FL

Industrial

Development

Auth.

Utility

System

Rev.

(Town

and

Country

Utilities)

250,000

4.000%,

10/1/2051,

AMT

c

210,719

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Florida  9.8%

-

continued

Florida

Development

Finance

Corporation

Educational

Fac.

Lease

Rev.

Refg.

(Seaside

Community

Charter

School)

$

225,000

5.750%,

6/15/2047,

Ser.

A

$

233,252

Florida

Development

Finance

Corporation

Educational

Fac.

Rev.

(River

City

Science

Academy)

150,000

5.000%,

7/1/2051,

Ser.

A-1

149,637

250,000

4.000%,

7/1/2055,

Ser.

A

204,904

Florida

Development

Finance

Corporation

Healthcare

Fac.

Rev.

(Tampa

General

Hospital)

250,000

4.500%,

8/1/2055,

Ser.

A

238,838

Florida

Development

Finance

Corporation

Senior

Living

Rev.

Refg.

(Glenridge

Palmer

Ranch)

250,000

5.000%,

6/1/2051

c

237,835

Florida

Development

Finance

Corporation

Student

Housing

Rev.

(Sinking

Fund

Protection

-

Tampa

I,

LLC

-

The

Henry)

250,000

5.250%,

6/1/2059,

Ser.

A-1

c

248,515

Florida

Higher

Educational

Fac.

Financing

Auth.

Rev.

(Ringling

College)

300,000

5.000%,

3/1/2049

300,022

Greater

Orlando,

FL

Aviation

Auth.

Airport

Fac.

Rev.

400,000

5.250%,

10/1/2051,

AMT

422,221

Lee

County,

FL

Airport

Rev.

250,000

5.250%,

10/1/2054,

AMT

260,859

Lee

County,

FL

Industrial

Development

Auth.

Health

Care

Fac.

Rev.

(Cypress

Cove

at

Healthpark,

FL,

Inc.)

300,000

5.250%,

10/1/2052,

Ser.

A

275,219

Orange

County,

FL

Health

Fac.

Auth.

Hospital

Rev.

(Orlando

Health

Obligated

Group)

250,000

5.250%,

10/1/2056,

Ser.

A

266,410

Orange

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

(Presbyterian

Retirement

Communities

Obligated

Group)

250,000

5.000%,

8/1/2054

253,507

Osceola

County,

FL

Transportation

Rev.

Refg.

300,000

Zero

Coupon,

10/1/2043,

Ser.

A-2

123,350

Seminole

County,

FL

Industrial

Development

Auth.

Educational

Fac.

Rev.

(Galileo

Schools

for

Gifted

Learning)

290,000

4.000%,

6/15/2056,

Ser.

A

c

234,527

Village

Community

Development

District

No.

15,

Wildwood,

FL

SAB

200,000

5.250%,

5/1/2054

c

204,679

200,000

4.800%,

5/1/2055

c

195,693

Total

4,691,010

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

70

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Georgia  1.0%

George

L.

Smith

II

GA

World

Congress

Center

Auth.

Rev.

(Convention

Center

Hotel)

$

250,000

4.000%,

1/1/2054,

Ser.

A

$

220,167

Main

Street

Natural

Gas,

Inc.,

GA

Gas

Supply

Rev.

250,000

5.000%,

5/15/2028,

Ser.

A

259,896

Total

480,063

Guam  0.7%

Guam

Power

Auth.

Rev.

Refg.

300,000

5.000%,

10/1/2034,

Ser.

A

326,094

Total

326,094

Idaho  1.0%

Avimor

Community

Infrastructure

District

No.

1,

ID

SAB

(Assessment

Area

Five)

248,000

5.875%,

9/1/2053

c

255,895

College

of

Western

Idaho

Annual

Appropriation

COP

200,000

5.000%,

8/1/2052

202,474

Total

458,369

Illinois  2.0%

Illinois

Finance

Auth.

Rev.

(Plymouth

Place,

Inc.)

200,000

6.500%,

5/15/2047,

Ser.

A

214,094

Illinois

Finance

Auth.

Rev.

Refg.

(DePaul

College

Prep

Foundation)

250,000

5.625%,

8/1/2053,

Ser.

A

c

262,885

Illinois

Finance

Auth.

Student

Housing

and

Academic

Fac.

Rev.

(University

of

Illinois

at

Chicago)

150,000

5.000%,

2/15/2037

151,490

Illinois

GO

235,000

5.000%,

12/1/2025,

Ser.

B

238,602

Metropolitan

Pier

and

Exposition

Auth.,

IL

Rev.

(McCormick

Place

Expansion)

(NATL-RE

Insured)

115,000

Zero

Coupon,

6/15/2035,

Ser.

A

b

77,888

Total

944,959

Indiana  2.1%

Indiana

Finance

Auth.

Health

Fac.

Rev.

(Margaret

Mary

Health)

150,000

5.750%,

3/1/2054,

Ser.

A

158,905

Indiana

Finance

Auth.

Student

Housing

Rev.

(Tippecanoe,

LLC

Student

Housing)

250,000

5.375%,

6/1/2064,

Ser.

A

255,968

Indiana

Housing

&

Community

Development

Auth.

Rev.

(Vita

of

New

Whiteland)

150,000

6.750%,

1/1/2043

150,808

Indianapolis,

IN

Local

Public

Improvement

Bank

Convention

Center

Hotel

Rev.

250,000

6.125%,

3/1/2057,

Ser.

E

266,770

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Indiana  2.1%

-

continued

Valparaiso,

IN

Exempt

Fac.

Rev.

Refg.

(Pratt

Paper,

LLC)

$

150,000

5.000%,

1/1/2054,

AMT

c

$

151,857

Total

984,308

Iowa  1.4%

Iowa

Finance

Auth.

Rev.

(Lifespace

Communities,

Inc.)

160,000

5.000%,

5/15/2032,

Ser.

A

161,694

150,000

5.000%,

5/15/2043,

Ser.

A

150,612

Iowa

Higher

Education

Loan

Auth.

Fac.

Rev.

(Des

Moines

University)

350,000

5.375%,

10/1/2052

360,846

Total

673,152

Kansas  0.6%

Overland

Park,

KS

Sales

Tax

Special

Obligation

Rev.

(Bluhawk

Sports

Park)

150,000

6.500%,

11/15/2042,

Ser.

A

c

153,351

Wichita,

KS

Health

Care

Fac.

Rev.

Refg.

(Presbyterian

Manors,

Inc.)

130,000

5.875%,

5/15/2050

130,994

Total

284,345

Louisiana  0.7%

Louisiana

Public

Fac.

Auth.

Rev.

Refg.

(Lake

Charles

Charter

Academy

Foundation)

150,000

5.000%,

12/15/2043,

Ser.

A

c

148,186

St.

John

the

Baptist

Parish,

LA

Rev.

Refg.

(Marathon

Oil

Corporation)

200,000

4.050%,

6/1/2037,

Ser.

A-1

a

202,152

Total

350,338

Maryland  2.0%

Maryland

Department

of

Transportation

Rev.

(Baltimore/

Washington

International

Thurgood

Marshall

Airport)

(AGC

Insured)

250,000

5.250%,

8/1/2049,

Ser.

A,

AMT

b

265,484

Maryland

Economic

Development

Corporation

Student

Housing

Rev.

(Morgan

State

University)

200,000

6.000%,

7/1/2058,

Ser.

A

217,936

Maryland

Economic

Development

Corporation

Student

Housing

Rev.

(University

of

Maryland,

College

Park

-

Leonardtown)

(AGM

Insured)

250,000

5.250%,

7/1/2064

b

261,541

Prince

George's

County,

MD

Tax

Allocation

(West

Phalia

Town

Center)

200,000

5.000%,

7/1/2030

c

203,777

Total

948,738

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

71

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Massachusetts  1.5%

Massachusetts

Development

Finance

Agency

Rev.

(Merrimack

College)

$

200,000

5.000%,

7/1/2052

$

198,135

Massachusetts

Transportation

Fund

Rev.

(Rail

Enhancement)

500,000

5.000%,

6/1/2053,

Ser.

A

529,088

Total

727,223

Michigan  0.7%

Michigan

Strategic

Fund

Limited

Obligation

Rev.

(I-75

Improvement)

100,000

5.000%,

12/31/2033,

AMT

102,968

225,000

5.000%,

12/31/2043,

AMT

227,619

Total

330,587

Minnesota  4.2%

Apple

Valley,

MN

Senior

Housing

Rev.

(PHS

Apple

Valley

Senior

Housing,

Inc.

-

Orchard

Path

Phase

II)

290,000

4.000%,

9/1/2041

264,450

Bethel,

MN

Charter

School

Lease

Rev.

(Spectrum

High

School)

250,000

5.000%,

7/1/2059

244,446

Bethel,

MN

Housing

and

Health

Care

Fac.

Rev.

Refg.

150,000

6.250%,

3/1/2054,

Ser.

A

151,386

Cuyuna

Range

Hospital

District,

MN

Health

Care

Fac.

Rev.

150,000

5.750%,

5/1/2053

154,128

Deephaven,

MN

Charter

School

Lease

Rev.

(Eagle

Ridge

Academy)

250,000

5.000%,

7/1/2043,

Ser.

A

250,889

Duluth,

MN

Economic

Development

Auth.

Health

Care

Fac.

Rev.

(St.

Luke's

Hospital

of

Duluth

Obligated

Group)

250,000

5.250%,

6/15/2047,

Ser.

B

266,388

Minnesota

Higher

Education

Fac.

Auth.

Rev.

(University

of

St.

Thomas)

320,000

5.000%,

10/1/2052,

Ser.

A

330,113

St.

Joseph,

MN

Senior

Housing

&

Healthcare

Rev.

(Woodcrest

of

Country

Manor)

225,000

5.000%,

7/1/2055,

Ser.

A

207,034

Woodbury,

MN

Charter

School

Lease

Rev.

Refg.

(MSA

Building

Company)

200,000

4.000%,

12/1/2050

162,909

Total

2,031,743

Mississippi  0.9%

Hinds

County,

MS

COP

(Lease

Purchase)

(BAM

Insured)

250,000

4.625%,

9/1/2054

b,c

244,149

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Mississippi  0.9%

-

continued

Mississippi

Business

Finance

Commission

Gulf

Opportunity

Zone

Industrial

Rev.

(Chevron

USA,

Inc.)

$

180,000

1.750%,

12/1/2030,

Ser.

A

a

$

180,000

Total

424,149

Missouri  1.5%

Lee's

Summit,

MO

Industrial

Development

Auth.

Senior

Living

Fac.

Rev.

Refg.

(John

Knox

Village)

75,000

5.750%,

8/15/2059,

Ser.

A

77,521

140,000

5.000%,

8/15/2042,

Ser.

A

135,147

Ozark,

MO

R-6

School

District

COP

250,000

5.000%,

4/1/2045

260,740

Taney

County,

MO

Industrial

Development

Auth.

Sales

Tax

Rev.

(Big

Cedar

Infrastructure)

250,000

6.000%,

10/1/2049

c

250,114

Total

723,522

Montana  0.4%

Montana

Fac.

Finance

Auth.

Health

Care

Fac.

Rev.

(Montana

Children's

Home

and

Hospital)

250,000

4.000%,

7/1/2050,

Ser.

A

168,029

Total

168,029

Nevada  2.1%

Carson

City,

NV

Hospital

Rev.

Refg.

(Carson

Tahoe

Regional

Medical

Center)

225,000

5.000%,

9/1/2042,

Ser.

A

227,956

Las

Vegas,

NV

Special

Improvement

District

No.

817

SAB

(Summerlin

Village

29)

250,000

6.000%,

6/1/2053

257,931

Nevada

Department

of

Business

&

Industry

Rev.

(Brightline

West

Passenger

Rail)

100,000

8.125%,

8/15/2025,

Ser

A-4,

AMT

a

103,049

Reno-Tahoe,

NV

Airport

Auth.

Rev.

(Reno-Tahoe

International

Airport)

250,000

5.250%,

7/1/2054,

Ser.

A,

AMT

260,254

Sparks,

NV

Special

Improvement

District

No.

1

SAB

(5

Ridges)

150,000

5.125%,

6/1/2054

148,177

Total

997,367

New

Hampshire  2.1%

National

Finance

Auth.,

NH

Affordable

Housing

Certificates

Rev.

250,000

4.150%,

10/20/2040,

Ser.

A

a

244,540

National

Finance

Auth.,

NH

Rev.

(Presbyterian

Senior

Living)

250,000

5.250%,

7/1/2048,

Ser.

A

262,080

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

72

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

New

Hampshire  2.1%

-

continued

New

Hampshire

Health

and

Education

Fac.

Auth.

Rev.

Refg.

(Dartmouth

College)

$

510,000

1.700%,

6/1/2041,

Ser.

B

a

$

510,000

Total

1,016,620

New

Jersey  0.4%

Camden

County,

NJ

Improvement

Auth.

School

Rev.

(Kipp:

Cooper

Norcross

Academy

-

2022)

160,000

6.000%,

6/15/2052

169,513

Total

169,513

New

York  8.3%

Build

NYC

Resource

Corporation,

NY

Rev.

(East

Harlem

Scholars

Academy

Charter

School)

200,000

5.750%,

6/1/2042

c

212,198

Build

NYC

Resource

Corporation,

NY

Rev.

(Global

Community

Charter

School)

410,000

5.000%,

6/15/2042

413,242

Build

NYC

Resource

Corporation,

NY

Rev.

(New

World

Preparatory

Charter

School)

250,000

4.000%,

6/15/2051

c

207,198

Build

NYC

Resource

Corporation,

NY

Rev.

(Unity

Preparatory

Charter

School

of

Brooklyn)

250,000

5.500%,

6/15/2053,

Ser.

A

c

256,554

Clinton

County,

NY

Capital

Resource

Corporation

Lease

Rev.

(CVES

BOCES)

250,000

5.000%,

7/1/2046

c

250,963

New

York

City,

NY

G.O.

100,000

1.750%,

4/1/2036,

Ser.

L-3

a

100,000

New

York

City,

NY

GO

250,000

4.500%,

5/1/2049,

Ser.

D-1

252,567

New

York

City,

NY

Municipal

Water

Finance

Auth.

Water

and

Sewer

System

Rev.

175,000

1.750%,

6/15/2048,

Ser.

AA-1

a

175,000

New

York

City,

NY

Transitional

Finance

Auth.

Rev.

300,000

5.500%,

5/1/2052,

Ser.

D

333,245

New

York

Dormitory

Auth.

Rev.

Refg.

(Yeshiva

University)

300,000

5.000%,

7/15/2042,

Ser.

A

305,126

New

York

Transportation

Development

Corporation

Exempt

Fac.

Rev.

(State

Thruway

Service

Areas)

250,000

4.000%,

4/30/2053,

AMT

208,895

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(John

F.

Kennedy

International

Airport

New

Terminal

One)

250,000

5.500%,

6/30/2060,

AMT

262,162

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

New

York  8.3%

-

continued

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(LaGuardia

Airport

Terminal

C&D

Redevelopment)

$

250,000

5.625%,

4/1/2040,

AMT

$

266,354

Oneida

Indian

Nation,

NY

Tax

Rev.

250,000

6.000%,

9/1/2043,

Ser.

B

c

272,263

Suffolk

County,

NY

Economic

Development

Corporation

Rev.

(St.

Johnland

Assisted

Living,

Inc.)

250,000

5.375%,

11/1/2054

c

212,150

Suffolk

Regional

Off-Track

Betting

Corporation,

NY

Rev.

250,000

6.000%,

12/1/2053

258,557

Total

3,986,474

North

Carolina  2.4%

Greater

Asheville,

NC

Regional

Airport

Auth.

Rev.

(AGM

Insured)

250,000

5.250%,

7/1/2053,

AMT

b

260,387

North

Carolina

Medical

Care

Commission

Retirement

Fac.

First

Mortgage

Rev.

(United

Methodist

Retirement

Homes)

250,000

5.125%,

10/1/2054,

Ser.

A

255,771

North

Carolina

Medical

Care

Commission

Retirement

Fac.

Rev.

(EveryAge)

200,000

5.000%,

9/1/2054,

Ser.

B

200,808

North

Carolina

Medical

Care

Commission

Retirement

Fac.

Rev.

Refg.

(Plantation

Village,

Inc.)

500,000

4.000%,

1/1/2052,

Ser.

A

412,575

Total

1,129,541

North

Dakota  0.4%

Horace,

ND

Refg.

Improvement

UTGO

200,000

5.000%,

5/1/2048,

Ser.

A

201,588

Total

201,588

Ohio  4.5%

Buckeye

Tobacco

Settlement

Financing

Auth.,

OH

Rev.

Refg.

500,000

5.000%,

6/1/2055,

Ser.

B-2

449,717

Cleveland-Cuyahoga

County,

OH

Port

Auth.

Rev.

Refg.

(Flats

East

Bank)

235,000

4.000%,

12/1/2055,

Ser.

A

c

192,002

Columbus,

OH

Regional

Airport

Auth.

Rev.

Refg.

(John

Glenn

Columbus

International

Airport)

250,000

5.250%,

1/1/2045,

Ser.

A,

AMT

d

265,810

Dayton-Montgomery

County,

OH

Port

Auth.

Development

Rev.

(Dayton

Regional

STEM

Schools,

Inc.)

250,000

5.000%,

12/1/2060

249,366

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

73

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Ohio  4.5%

-

continued

Montgomery

County,

OH

Health

Care

Fac.

Rev.

Refg.

(Solvita)

$

200,000

5.250%,

9/1/2054

$

207,924

Ohio

Higher

Educational

Fac.

Commission

Rev.

Refg.

(University

of

Findlay)

100,000

5.000%,

3/1/2034

100,426

Ohio

University

Athens

General

Receipts

Rev.

250,000

5.250%,

12/1/2054

270,665

Port

of

Greater

Cincinnati,

OH

Development

Auth.

Rev.

Refg.

(Duke

Energy

Convention

Center)

250,000

5.000%,

12/1/2063,

Ser.

B

256,172

Port

of

Greater

Cincinnati,

OH

Development

Auth.

TIF

Rev.

(RBM

Phase

3

Garage)

150,000

5.125%,

12/1/2055

144,119

Total

2,136,201

Oklahoma  0.5%

Osage

County,

OK

Industrial

Auth.

Use

Tax

Rev.

225,000

6.500%,

9/1/2040

240,201

Total

240,201

Oregon  1.6%

Astoria,

OR

Hospital

Fac.

Auth.

Rev.

(Columbia

Memorial

Hospital)

250,000

5.250%,

8/1/2054

259,243

Salem,

OR

Hospital

Fac.

Auth.

Rev.

Refg.

(Capital

Manor)

340,000

4.000%,

5/15/2057

266,490

Umatilla,

OR

Hospital

District

No.

1

GO

250,000

5.000%,

6/1/2053

249,182

Total

774,915

Pennsylvania  1.3%

Allegheny

County,

PA

Airport

Auth.

Rev.

(Pittsburgh

International

Airport)

350,000

5.000%,

1/1/2051,

Ser.

A,

AMT

356,023

Philadelphia,

PA

Auth.

for

Industrial

Development

Charter

School

Rev.

Refg.

(Tacony

Academy

Charter

School)

250,000

5.500%,

6/15/2043

c

253,411

Total

609,434

Puerto

Rico  1.0%

Puerto

Rico

Sales

Tax

Financing

Corporation

Rev.

250,000

4.750%,

7/1/2053,

Ser.

A-1

245,218

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Rev.

250,000

4.784%,

7/1/2058,

Ser.

A-2

245,988

Total

491,206

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

South

Carolina  1.6%

South

Carolina

Jobs-Economic

Development

Auth.

Educational

Fac.

Rev.

Refg.

(Oceanside

Collegiate

Academy)

$

250,000

5.000%,

6/15/2054,

Ser.

A

c

$

241,819

South

Carolina

Jobs-Economic

Development

Auth.

Healthcare

Rev.

(Beaufort

Memorial

Hospital

&

South

of

Broad

Healthcare)

300,000

5.750%,

11/15/2054

314,136

South

Carolina

Jobs-Economic

Development

Auth.

Rev.

(Bishop

Gadsden

Episcopal

Retirement

Community)

200,000

5.000%,

4/1/2054,

Ser.

A

201,210

Total

757,165

South

Dakota  0.4%

Lincoln

County,

SD

Economic

Development

Rev.

(Augustana

College

Association)

250,000

4.000%,

8/1/2051

204,435

Total

204,435

Tennessee  0.6%

Metropolitan

Government

of

Nashville

and

Davidson

County,

TN

Health

and

Educational

Fac.

Rev.

Refg.

(Trevecca

Nazarene

University)

300,000

5.000%,

10/1/2034

310,011

Total

310,011

Texas  5.4%

Arlington,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(Cypress

Christian

School)

250,000

6.250%,

6/1/2063

c

256,960

Bertram,

TX

LTGO

and

Limited

Pledge

Rev.

Certificates

of

Obligation

(BAM

Insured)

300,000

4.250%,

2/15/2054

b

284,494

Harris

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Rev.

(First

Mortgage

Brazos

Presbyterian

Homes,

Inc.)

135,000

5.000%,

1/1/2033,

Ser.

A

135,093

Houston,

TX

Airport

System

Rev.

(United

Airlines,

Inc.

Terminal

Improvement)

250,000

5.500%,

7/15/2039,

Ser.

B,

AMT

268,058

Lower

Neches

Valley,

TX

Auth.

Industrial

Development

Corporation

Rev.

Refg.

(ExxonMobil)

100,000

1.800%,

11/1/2029,

Ser.

A

a

100,000

New

Hope

Cultural

Education

Fac.

Finance

Corporation,

TX

Retirement

Fac.

Rev.

(Army

Retirement

Residence

Foundation)

250,000

5.750%,

7/15/2052

253,652

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

74

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Texas  5.4%

-

continued

Port

Beaumont,

TX

Navigation

District

Dock

and

Wharf

Fac.

Rev.

(Jefferson

Gulf

Coast

Energy)

$

250,000

5.250%,

1/1/2054,

Ser.

A,

AMT

c

$

255,636

San

Antonio,

TX

Education

Fac.

Corporation

Rev.

(Hallmark

University)

230,000

5.000%,

10/1/2031,

Ser.

A

218,854

Tarrant

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Hospital

Rev.

(Baylor

Scott

and

White

Health)

250,000

5.500%,

11/15/2047,

Ser.

D

272,395

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Rev.

(Segment

3C)

300,000

5.000%,

6/30/2058,

AMT

302,824

Upper

Trinity,

TX

Regional

Water

District

Water

Rev.

Refg.

(BAM

Insured)

250,000

4.375%,

8/1/2054

b

240,450

Total

2,588,416

Utah  3.2%

Black

Desert

Public

Infrastructure

District,

UT

SAB

(Black

Desert

Assessment

Area

No.1)

250,000

5.625%,

12/1/2053

c

251,882

Iron

County,

UT

Sales

Tax

Rev.

225,000

5.000%,

10/1/2054

238,184

Mida

Mountain

Village

Public

Infrastructure

District,

UT

TIF

Rev.

500,000

6.000%,

6/15/2054,

Ser.

2

c

518,371

SkyRidge

Pegasus

Infrastructure

Financing

District,

UT

SAB

250,000

5.250%,

12/1/2044

c

247,609

Utah

Infrastructure

Agency

Telecommunication

Rev.

245,000

6.000%,

10/15/2047

267,218

Total

1,523,264

Virginia  1.9%

James

City

County,

VA

Economic

Development

Auth.

Residential

Care

Fac.

Rev.

(Williamsburg

Landing)

235,000

6.875%,

12/1/2058,

Ser.

A

258,324

Virginia

Small

Business

Financing

Auth.

Rev.

(Transform

66

P3)

230,000

5.000%,

12/31/2047,

AMT

231,809

Virginia

Small

Business

Financing

Auth.

Rev.

Refg.

(95

Express

Lanes,

LLC)

500,000

4.000%,

1/1/2048,

AMT

443,045

Total

933,178

Washington  2.0%

Port

of

Seattle,

WA

Rev.

Refg.

250,000

5.250%,

7/1/2049,

Ser.

B,

AMT

263,235

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Washington  2.0%

-

continued

Port

of

Woodland,

WA

Rev.

$

150,000

6.000%,

12/1/2047

$

141,309

Skagit

County,

WA

Public

Hospital

District

No.

1

Hospital

Rev.

(Skagit

Regional

Health)

250,000

5.500%,

12/1/2054

261,897

Washington

Housing

Finance

Commission

Nonprofit

Rev.

Refg.

(Seattle

Academy

of

Arts

and

Sciences)

250,000

6.125%,

7/1/2053

c

270,779

Total

937,220

West

Virginia  0.5%

Ohio

County,

WV

Commission

TIF

Rev.

Refg.

(Highlands)

250,000

5.250%,

6/1/2053

252,774

Total

252,774

Wisconsin  8.7%

Public

Finance

Auth.,

WI

Charter

School

Rev.

(Founders

Academy

of

Las

Vegas)

250,000

6.625%,

7/1/2053,

Ser.

A

c

259,812

Public

Finance

Auth.,

WI

Charter

School

Rev.

(Quality

Education

Academy)

250,000

6.500%,

7/15/2063,

Ser.

A

c

267,927

Public

Finance

Auth.,

WI

Education

Rev.

(Unity

Classical

Charter

School;

A

Challenge

Foundation

Academy)

250,000

7.000%,

7/1/2058

c

259,405

Public

Finance

Auth.,

WI

Hotel

Rev.

(Grand

Hyatt

San

Antonio

Hotel

Acquisition)

335,000

5.000%,

2/1/2052,

Ser.

A

339,960

Public

Finance

Auth.,

WI

Limited

Obligation

Rev.

(Town

of

Scarborough

-

The

Downs)

250,000

5.000%,

8/1/2039

248,535

Public

Finance

Auth.,

WI

Rev.

(AFCO

Airport

Real

Estate

Group)

250,000

5.250%,

7/1/2053,

AMT

249,795

Public

Finance

Auth.,

WI

Rev.

(Bridgewater)

125,732

5.625%,

12/15/2030

c

125,571

Public

Finance

Auth.,

WI

Rev.

(Fargo-Moorhead

Metropolitan

Area

Flood

Risk

Management)

500,000

4.000%,

3/31/2056,

AMT

411,913

Public

Finance

Auth.,

WI

Rev.

(Mayfair)

150,000

5.500%,

11/15/2032,

Ser.

A-4

c

150,097

Public

Finance

Auth.,

WI

Rev.

(Midtown)

250,000

Zero

Coupon,

12/15/2034

c,d

140,755

Public

Finance

Auth.,

WI

Rev.

Bond

Anticipation

Notes

(Hutsonwood

at

Spring

Hill)

50,000

12.000%,

5/16/2029,

Ser.

A

c

51,923

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

75

Principal

Amount

Long-Term

Fixed

Income  99.6%

Value

Wisconsin  8.7%

-

continued

Public

Finance

Auth.,

WI

Special

Fac.

Rev.

Refg.

(Million

Air

Three,

LLC

General

Aviation

Fac.)

$

250,000

6.250%,

9/1/2046,

Ser.

A,

AMT

c

$

259,518

Public

Finance

Auth.,

WI

Special

Rev.

(Candela,

Fort

Bend

County,

TX)

125,000

6.125%,

12/15/2029

c

124,597

Public

Finance

Auth.,

WI

Special

Rev.

(Lariat,

Williamson

County,

TX)

185,000

Zero

Coupon,

9/1/2029

c

133,708

Public

Finance

Auth.,

WI

Student

Housing

Fac.

Rev.

(Aggie

Apartment

Life

Holding

Corporation

II,

LLC)

250,000

5.250%,

6/1/2054,

Ser.

A

253,789

Public

Finance

Auth.,

WI

Student

Housing

Rev.

(CHF-Manoa,

LLC)

250,000

5.750%,

7/1/2063,

Ser.

A

c

263,443

Public

Finance

Auth.,

WI

TIF

Rev.

(Miami

WorldCenter)

150,000

5.000%,

6/1/2041,

Ser.

A

c

154,143

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

(Dickson

Hollow

Phase

II)

250,000

6.000%,

10/1/2049

258,568

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Benevolent

Corporation

Cedar

Community)

240,000

5.000%,

6/1/2037

238,275

Total

4,191,734

Total

Long-Term

Fixed

Income

(cost

$48,826,115)

47,715,805

Principal

Amount

Short-Term

Investments

0.2%

e

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.420%,

2/12/2025

f

99,860

Total

Short-Term

Investments

(cost

$99,865)

99,860

Total

Investments

(cost

$48,925,980)

99.8%

$47,815,665

Other

Assets

and

Liabilities,

Net

0.2%

113,004

Total

Net

Assets

100.0%

$47,928,669

a

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

b

To

reduce

certain

risks

associated

with

securities

issued

by

municipalities,

which

may

include

but

are

not

limited

to

economic

development

in

a

specific

industry

or

municipality,

the

principal

and/or

interest

payments

are

guaranteed

by

the

bond

insurance

company

or

government

agency

identified.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

January

31,

2025,

the

value

of

these

investments

was

$11,845,414

or

24.7%

of

total

net

assets.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

Definitions:

AGC

-

Assured

Guaranty,

Ltd

AGM

-

Assured

Guaranty

Municipal

Corporation

AMT

-

Subject

to

Alternative

Minimum

Tax

Auth.

-

Authority

BAM

-

Build

America

Mutual

COP

-

Certificate

of

Participation

Fac.

-

Facility/Facilities

GO

-

General

Obligation

LTGO

-

Limited

Tax

General

Obligation

NATL-RE

-

National

Public

Finance

Guarantee

Corporation

Proj.

-

Project

Refg.

-

Refunding

Rev.

-

Revenue

SAB

-

Special

Assessment

Bonds

Ser.

-

Series

TIF

-

Tax

Increment

Financing

UTGO

-

Unlimited

Tax

General

Obligation

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

76

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

High

Income

Municipal

Bond

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Education

12,940,378

–

12,940,378

–

Electric

Revenue

326,094

–

326,094

–

General

Obligation

1,873,591

–

1,873,591

–

Health

Care

8,360,185

–

8,360,185

–

Housing

Finance

2,455,919

–

2,455,919

–

Industrial

Development

Revenue

3,807,730

–

3,807,730

–

Other

Revenue

1,734,222

–

1,734,222

–

Tax

Revenue

7,654,960

–

7,654,960

–

Transportation

6,928,010

–

6,928,010

–

Water

&

Sewer

1,634,716

–

1,634,716

–

Short-Term

Investments

99,860

–

99,860

–

Total

Investments

at

Value

$47,815,665

$–

$47,815,665

$–

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

High

Income

Municipal

Bond

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

4,800

4,800

–

–

Total

Asset

Derivatives

$4,800

$4,800

$–

$–

The

following

table

presents

High

Income

Municipal

Bond

Fund's

futures

contracts

held

as

of

January

31,

2025.

Investments

and/or

cash

totaling

$99,860

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

2025

(

$

802,144)

$

4,800

Total

Futures

Short

Contracts

(

$

802,144)

$4,800

Total

Futures

Contracts

(

$

802,144)

$4,800

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

77

Principal

Amount

Bank

Loans

2

.5

%

a

Value

Basic

Materials  0.2%

Grinding

Media,

Inc.,

Term

Loan

$

1,324,334

8.021%, 

(TSFR3M

+

3.500%),

10/12/2028

b

$

1,328,480

Total

1,328,480

Capital

Goods  0.1%

Eco

Material

Technologies,

Term

Loan

430,000

0.000%, 

(TSFR1M

+

3.250%),

1/30/2032

b,c,d

428,925

Total

428,925

Communications

Services  0.4%

Cengage

Learning,

Inc.,

Term

Loan

1,360,521

7.936%, 

(TSFR1M

+

3.500%),

11/24/2031

b

1,366,671

DIRECTV

Financing,

LLC,

Term

Loan

250,000

0.000%, 

(TSFR3M

+

5.250%),

8/2/2029

b,c,d

248,055

Gray

Media,

Inc.,

Term

Loan

872,000

7.452%, 

(TSFR1M

+

3.000%),

12/1/2028

b

800,147

Total

2,414,873

Consumer

Cyclical  0.2%

Marriott

Ownership

Resorts,

Inc.,

Term

Loan

920,375

6.562%, 

(TSFR1M

+

2.250%),

4/1/2031

b

919,224

Six

Flags

Entertainment

Corporation,

Term

Loan

456,705

6.357%, 

(TSFR1M

+

2.000%),

5/1/2031

b

457,733

Total

1,376,957

Consumer

Non-Cyclical  0.8%

Amneal

Pharmaceuticals,

LLC,

Term

Loan

1,177,695

9.812%, 

(TSFR1M

+

5.500%),

5/4/2028

b

1,210,081

B&G

Foods,

Inc.,

Term

Loan

1,311,712

7.812%, 

(TSFR1M

+

3.500%),

10/10/2029

b

1,312,264

Chobani,

LLC,

Term

Loan

461,340

7.776%, 

(TSFR1M

+

2.500%),

10/25/2027

b

463,813

HLF

Financing

SARL,

LLC,

Term

Loan

869,000

0.000%, 

(TSFR1M

+

6.750%),

4/12/2029

b,c,d

858,928

ModivCare,

Inc.,

Term

Loan

436,805

9.079%, 

(TSFR3M

+

4.750%),

7/1/2031

b

361,456

Triton

Water

Holdings,

Inc.,

Term

Loan

1,144,145

7.840%, 

(TSFR3M

+

3.250%),

3/31/2028

b

1,148,081

Total

5,354,623

Principal

Amount

Bank

Loans  2.5%

a

Value

Financials  0.1%

Acrisure,

LLC,

Term

Loan

$

457,852

7.062%, 

(TSFR1M

+

2.750%),

2/16/2027

b

$

458,924

228,428

7.312%, 

(TSFR1M

+

3.000%),

11/6/2030

b

228,605

Total

687,529

Technology  0.2%

CoreLogic,

Inc.,

Term

Loan

1,364,175

7.926%, 

(TSFR1M

+

3.500%),

6/2/2028

b

1,357,777

Total

1,357,777

Transportation  0.5%

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

1,664,000

9.305%, 

(TSFR3M

+

4.750%),

4/20/2028

b

1,703,004

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,310,715

6.079%, 

(TSFR3M

+

1.750%),

4/10/2031

b

1,309,155

Total

3,012,159

Total

Bank

Loans

(cost

$15,899,017)

15,961,323

Principal

Amount

Long-Term

Fixed

Income

91

.7

%

Value

Basic

Materials  5.4%

ACN

113

874

712,

Pty.

Ltd.

2,859,934

11.500%, 

2/15/2018

*,e,f

2,860

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

543,000

8.625%, 

6/15/2029

g

573,442

ATI,

Inc.

744,000

7.250%, 

8/15/2030

770,849

Avient

Corporation

1,315,000

6.250%, 

11/1/2031

g

1,312,403

Axalta

Coating

Systems

Dutch

Holding

B

BV

927,000

7.250%, 

2/15/2031

g

965,408

Baffinland

Iron

Mines

Corporation/

Baffinland

Iron

Mines,

LP

272,000

8.750%, 

7/15/2026

g

258,544

Cascades,

Inc./Cascades

USA,

Inc.

1,372,000

5.125%, 

1/15/2026

g

1,360,119

Cerdia

Finanz

GmbH

860,000

9.375%, 

10/3/2031

g

898,098

Chemours

Company

1,825,000

5.750%, 

11/15/2028

g

1,731,451

Cleveland-Cliffs,

Inc.

988,000

6.875%, 

11/1/2029

g

991,058

1,090,000

4.875%, 

3/1/2031

g

987,253

1,315,000

7.000%, 

3/15/2032

g,h

1,311,778

Consolidated

Energy

Finance

SA

2,415,000

5.625%, 

10/15/2028

g

2,149,350

First

Quantum

Minerals,

Ltd.

1,938,000

6.875%, 

10/15/2027

g

1,935,116

Hecla

Mining

Company

805,000

7.250%, 

2/15/2028

816,312

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

78

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Basic

Materials  5.4%

-

continued

Hudbay

Minerals,

Inc.

$

725,000

4.500%, 

4/1/2026

g

$

717,013

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

1,771,000

9.000%, 

7/1/2028

g

1,786,769

INEOS

Finance

plc

1,456,000

7.500%, 

4/15/2029

g

1,484,778

Magnera

Corporation

1,518,000

7.250%, 

11/15/2031

g

1,497,128

Mercer

International,

Inc.

219,000

12.875%, 

10/1/2028

g

236,468

Methanex

US

Operations,

Inc.

873,000

6.250%, 

3/15/2032

g

871,317

Mineral

Resources,

Ltd.

1,265,000

9.250%, 

10/1/2028

g

1,337,921

Novelis

Corporation

1,790,000

4.750%, 

1/30/2030

g

1,681,868

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

1,377,000

5.375%, 

11/1/2026

g,h

1,366,162

SNF

Group

SACA

926,000

3.125%, 

3/15/2027

g

881,709

927,000

3.375%, 

3/15/2030

g

816,166

SunCoke

Energy,

Inc.

2,234,000

4.875%, 

6/30/2029

g

2,059,680

Taseko

Mines,

Ltd.

1,349,000

8.250%, 

5/1/2030

g

1,380,939

Tronox,

Inc.

231,000

4.625%, 

3/15/2029

g,h

209,205

United

States

Steel

Corporation

1,300,000

6.875%, 

3/1/2029

h

1,316,879

Veritiv

Operating

Company

651,000

10.500%, 

11/30/2030

g

707,498

Total

34,415,541

Capital

Goods  10.1%

AAR

Escrow

Issuer,

LLC

616,000

6.750%, 

3/15/2029

g

629,737

Abengoa

Abenewco

2

Bis

SA

3,449,988

0.000%,PIK

1.500%,

4/26/2024

*,e,f,i

17,250

Advanced

Drainage

Systems,

Inc.

1,390,000

5.000%, 

9/30/2027

g

1,371,184

AECOM

1,372,000

5.125%, 

3/15/2027

1,364,337

Amsted

Industries,

Inc.

2,310,000

4.625%, 

5/15/2030

g

2,170,076

Ardagh

Packaging

Finance

plc/

Ardagh

Holdings

USA,

Inc.

689,000

4.125%, 

8/15/2026

g,h

606,320

601,000

5.250%, 

8/15/2027

g,h

332,248

Boeing

Company

259,000

6.298%, 

5/1/2029

269,433

329,000

6.388%, 

5/1/2031

346,174

Bombardier,

Inc.

1,755,000

6.000%, 

2/15/2028

g

1,751,429

1,500,000

7.000%, 

6/1/2032

g,h

1,529,568

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

651,000

7.500%, 

2/1/2032

g

659,117

Builders

FirstSource,

Inc.

465,000

5.000%, 

3/1/2030

g

445,277

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Capital

Goods  10.1%

-

continued

Canpack

SA/Canpack

US,

LLC

$

2,195,000

3.875%, 

11/15/2029

g

$

1,983,093

Chart

Industries,

Inc.

2,030,000

7.500%, 

1/1/2030

g

2,120,806

Clean

Harbors,

Inc.

2,920,000

5.125%, 

7/15/2029

g

2,832,844

Clydesdale

Acquisition

Holdings,

Inc.

900,000

6.875%, 

1/15/2030

g

914,309

546,000

8.750%, 

4/15/2030

g,h

556,975

Cornerstone

Building

Brands,

Inc.

686,000

6.125%, 

1/15/2029

g,h

555,116

319,000

9.500%, 

8/15/2029

g

318,392

CP

Atlas

Buyer,

Inc.

628,000

7.000%, 

12/1/2028

g,h

558,919

Crown

Cork

&

Seal

Company,

Inc.

852,000

7.375%, 

12/15/2026

880,811

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

1,619,000

6.625%, 

12/15/2030

g

1,637,588

GFL

Environmental,

Inc.

3,665,000

4.000%, 

8/1/2028

g

3,489,345

H&E

Equipment

Services,

Inc.

2,708,000

3.875%, 

12/15/2028

g

2,703,102

Herc

Holdings,

Inc.

649,000

5.500%, 

7/15/2027

g

646,516

885,000

6.625%, 

6/15/2029

g

904,498

Mauser

Packaging

Solutions

Holding

Company

1,281,000

9.250%, 

4/15/2027

g

1,305,033

MIWD

Holdco

II,

LLC

1,163,000

5.500%, 

2/1/2030

g

1,107,084

Mueller

Water

Products,

Inc.

915,000

4.000%, 

6/15/2029

g

854,273

Nesco

Holdings

II,

Inc.

2,170,000

5.500%, 

4/15/2029

g

2,051,006

New

Enterprise

Stone

and

Lime

Company,

Inc.

2,623,000

5.250%, 

7/15/2028

g

2,560,650

OI

European

Group

BV

1,246,000

4.750%, 

2/15/2030

g

1,132,212

Owens-Brockway

Glass

Container,

Inc.

1,093,000

6.625%, 

5/13/2027

g

1,096,594

543,000

7.375%, 

6/1/2032

g,h

521,542

Pactiv

Evergreen

Group

684,000

4.375%, 

10/15/2028

g

686,021

Quikrete

Holdings,

Inc.

2,160,000

6.750%, 

3/1/2033

d,g

2,165,400

Resideo

Funding,

Inc.

1,275,000

6.500%, 

7/15/2032

g

1,286,558

Reworld

Holding

Corporation

606,000

4.875%, 

12/1/2029

g

564,346

Roller

Bearing

Company

of

America,

Inc.

1,243,000

4.375%, 

10/15/2029

g

1,169,196

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

571,000

6.125%, 

2/1/2028

g

576,176

Smyrna

Ready

Mix

Concrete,

LLC

1,422,000

8.875%, 

11/15/2031

g

1,515,925

Spirit

AeroSystems,

Inc.

1,730,000

4.600%, 

6/15/2028

1,667,845

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

79

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Capital

Goods  10.1%

-

continued

$

640,000

9.750%, 

11/15/2030

g

$

708,042

SRM

Escrow

Issuer,

LLC

597,000

6.000%, 

11/1/2028

g

591,859

Standard

Building

Solutions,

Inc.

435,000

6.500%, 

8/15/2032

g

439,317

TransDigm,

Inc.

713,000

6.750%, 

8/15/2028

g

725,634

2,155,000

7.125%, 

12/1/2031

g

2,225,298

1,049,000

6.625%, 

3/1/2032

g

1,066,908

Trivium

Packaging

Finance

1,040,000

5.500%, 

8/15/2026

g

1,034,805

870,000

8.500%, 

8/15/2027

g

870,621

United

Rentals

North

America,

Inc.

1,710,000

3.875%, 

2/15/2031

1,557,692

Waste

Pro

USA,

Inc.

1,355,000

7.000%, 

2/1/2033

g

1,370,080

WESCO

Distribution,

Inc.

629,000

7.250%, 

6/15/2028

g

640,928

680,000

6.375%, 

3/15/2029

g

692,736

276,000

6.625%, 

3/15/2032

g

282,188

Total

64,060,433

Communications

Services  12.6%

Altice

Financing

SA

1,217,000

5.750%, 

8/15/2029

g

951,667

Altice

France

SA

1,026,000

5.125%, 

7/15/2029

g

816,438

2,372,000

5.500%, 

10/15/2029

g

1,886,944

AMC

Networks,

Inc.

1,196,000

10.250%, 

1/15/2029

g

1,276,730

C&W

Senior

Finance,

Ltd.

285,000

6.875%, 

9/15/2027

g

285,020

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

1,223,000

5.000%, 

2/1/2028

g

1,190,495

2,650,000

5.375%, 

6/1/2029

g

2,561,091

3,760,000

4.750%, 

3/1/2030

g

3,482,749

1,414,000

4.250%, 

2/1/2031

g

1,254,403

718,000

4.750%, 

2/1/2032

g

638,911

Clear

Channel

Outdoor

Holdings,

Inc.

783,000

7.500%, 

6/1/2029

g,h

697,130

Clear

Channel

Worldwide

Holdings,

Inc.

2,210,000

5.125%, 

8/15/2027

g

2,152,799

Connect

Finco

SARL/Connect

US

Finco,

LLC

644,000

9.000%, 

9/15/2029

g

577,235

CSC

Holdings,

LLC

896,000

5.375%, 

2/1/2028

g

787,708

733,000

11.750%, 

1/31/2029

g

729,399

1,138,000

6.500%, 

2/1/2029

g

970,145

2,382,000

5.750%, 

1/15/2030

g

1,382,486

1,034,000

4.125%, 

12/1/2030

g

780,571

Deluxe

Corporation

1,627,000

8.125%, 

9/15/2029

g

1,673,383

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

4,113,000

5.875%, 

8/15/2027

g

4,073,050

DISH

DBS

Corporation

1,019,000

5.250%, 

12/1/2026

g

941,706

760,000

5.750%, 

12/1/2028

g,h

658,429

1,162,000

5.125%, 

6/1/2029

764,293

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Communications

Services  12.6%

-

continued

DISH

Network

Corporation

$

826,000

11.750%, 

11/15/2027

g

$

872,169

EchoStar

Corporation

1,523,000

10.750%, 

11/30/2029

1,641,764

FiberCop

SPA

1,235,000

6.000%, 

9/30/2034

g

1,184,223

Frontier

Communications

Holdings,

LLC

840,000

5.875%, 

10/15/2027

g

840,241

980,000

5.000%, 

5/1/2028

g

969,973

1,362,000

6.750%, 

5/1/2029

g

1,371,214

510,000

8.750%, 

5/15/2030

g

538,914

GCI,

LLC

1,913,000

4.750%, 

10/15/2028

g

1,804,785

Gray

Media,

Inc.

1,214,000

5.375%, 

11/15/2031

g

723,843

iHeartCommunications,

Inc.

401,850

9.125%, 

5/1/2029

g

351,619

420,080

7.750%, 

8/15/2030

g

343,294

Iliad

Holding

SASU

1,763,000

8.500%, 

4/15/2031

g

1,893,171

1,309,000

7.000%, 

4/15/2032

g

1,327,271

Intelsat

Jackson

Holdings

SA

919,000

6.500%, 

3/15/2030

g

830,258

Lamar

Media

Corporation

1,109,000

3.625%, 

1/15/2031

990,371

LCPR

Senior

Secured

Financing

DAC

1,758,000

6.750%, 

10/15/2027

g

1,608,907

Level

3

Financing,

Inc.

1,197,000

4.250%, 

7/1/2028

g

1,060,139

1,078,000

4.875%, 

6/15/2029

g,h

928,355

600,000

11.000%, 

11/15/2029

g

680,215

957,000

10.500%, 

5/15/2030

g

1,042,852

McGraw-Hill

Education,

Inc.

919,000

5.750%, 

8/1/2028

g

904,562

767,000

8.000%, 

8/1/2029

g

780,571

Nexstar

Media,

Inc.

815,000

5.625%, 

7/15/2027

g

803,831

657,000

4.750%, 

11/1/2028

g

619,509

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

365,000

4.625%, 

3/15/2030

g,h

339,293

Paramount

Global

412,000

6.375%, 

3/30/2062

b

401,610

Playtika

Holding

Corporation

1,770,000

4.250%, 

3/15/2029

g

1,632,462

Sable

International

Finance,

Ltd.

878,000

7.125%, 

10/15/2032

g

857,911

Sinclair

Television

Group,

Inc.

760,000

8.125%, 

2/15/2033

d,g

764,226

Sirius

XM

Radio,

LLC

630,000

3.125%, 

9/1/2026

g

609,119

360,000

5.000%, 

8/1/2027

g

353,506

851,000

4.000%, 

7/15/2028

g

795,775

860,000

3.875%, 

9/1/2031

g,h

740,599

TEGNA,

Inc.

680,000

4.750%, 

3/15/2026

g

675,997

1,592,000

4.625%, 

3/15/2028

1,524,802

Telenet

Finance

Luxembourg

Notes

SARL

1,800,000

5.500%, 

3/1/2028

g

1,737,000

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

80

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Communications

Services  12.6%

-

continued

Telesat

Canada/Telesat,

LLC

$

448,000

4.875%, 

6/1/2027

g

$

257,943

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

1,179,000

4.750%, 

4/15/2028

g

1,119,796

1,293,000

6.500%, 

2/15/2029

g

1,179,586

Univision

Communications,

Inc.

272,000

8.000%, 

8/15/2028

g

278,055

1,688,000

4.500%, 

5/1/2029

g

1,537,157

1,100,000

8.500%, 

7/31/2031

g

1,104,849

Viasat,

Inc.

1,087,000

6.500%, 

7/15/2028

g,h

925,522

Virgin

Media

Finance

plc

1,538,000

5.000%, 

7/15/2030

g

1,339,269

Virgin

Media

Secured

Finance

plc

1,821,000

5.500%, 

5/15/2029

g

1,743,542

VZ

Secured

Financing

BV

2,000,000

5.000%, 

1/15/2032

g

1,786,980

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

1,171,000

8.250%, 

10/1/2031

g

1,212,010

Zegona

Finance

plc

1,157,000

8.625%, 

7/15/2029

g

1,235,097

Ziggo

Bond

Company

BV

807,000

5.125%, 

2/28/2030

g,h

733,943

Total

79,530,882

Consumer

Cyclical  16.9%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

2,344,000

5.625%, 

9/15/2029

g

2,334,019

1,385,000

4.000%, 

10/15/2030

g

1,254,178

Adient

Global

Holdings,

Ltd.

1,091,000

8.250%, 

4/15/2031

g,h

1,131,487

1,080,000

7.500%, 

2/15/2033

g

1,094,395

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation

720,000

6.000%, 

6/1/2029

g,h

666,189

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

1,175,000

4.625%, 

6/1/2028

g

1,121,744

700,000

4.625%, 

6/1/2028

g

667,401

Allison

Transmission,

Inc.

1,137,000

3.750%, 

1/30/2031

g

1,014,602

American

Axle

&

Manufacturing,

Inc.

2,163,000

5.000%, 

10/1/2029

h

1,984,324

Anywhere

Real

Estate

Group,

LLC/Anywhere

Co-Issuer

Corporation

363,000

7.000%, 

4/15/2030

g,h

333,047

Arches

Buyer,

Inc.

1,478,000

6.125%, 

12/1/2028

g

1,338,571

Arko

Corporation

1,344,000

5.125%, 

11/15/2029

g,h

1,240,024

Asbury

Automotive

Group,

Inc.

460,000

5.000%, 

2/15/2032

g

430,402

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

700,000

4.625%, 

8/1/2029

g

648,233

1,031,000

4.625%, 

4/1/2030

g

949,515

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Consumer

Cyclical  16.9%

-

continued

Aston

Martin

Capital

Holdings,

Ltd.

$

664,000

10.000%, 

3/31/2029

g

$

659,003

Bath

&

Body

Works,

Inc.

650,000

6.950%, 

3/1/2033

660,235

Beazer

Homes

USA,

Inc.

475,000

7.500%, 

3/15/2031

g

478,951

Belron

UK

Finance

plc

1,147,000

5.750%, 

10/15/2029

g

1,136,704

Boyd

Gaming

Corporation

1,880,000

4.750%, 

6/15/2031

g

1,753,979

Boyne

USA,

Inc.

642,000

4.750%, 

5/15/2029

g

610,279

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

1,093,000

5.000%, 

6/15/2029

g

1,017,587

435,000

4.875%, 

2/15/2030

g

397,938

Caesars

Entertainment,

Inc.

4,432,000

4.625%, 

10/15/2029

g

4,184,114

Carnival

Corporation

703,000

7.625%, 

3/1/2026

g

704,216

2,147,000

5.750%, 

3/1/2027

g

2,151,492

1,303,000

4.000%, 

8/1/2028

g

1,243,609

1,644,000

6.000%, 

5/1/2029

g

1,647,178

Carvana

Company

364,393

0.000%,PIK

12.000%,

12/1/2028

g,h,i

392,527

Cedar

Fair,

LP/Canada's

Wonderland

Company/Magnum

Management

Corporation/

Millennium

Operations,

LLC

1,178,000

5.250%, 

7/15/2029

1,135,870

Churchill

Downs,

Inc.

935,000

4.750%, 

1/15/2028

g

911,066

609,000

6.750%, 

5/1/2031

g

619,340

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

935,000

6.750%, 

5/15/2028

g

952,507

Crocs,

Inc.

438,000

4.250%, 

3/15/2029

g

407,357

Dana,

Inc.

985,000

4.500%, 

2/15/2032

h

927,718

Ford

Motor

Company

2,259,000

3.250%, 

2/12/2032

1,890,344

Gap,

Inc.

901,000

3.625%, 

10/1/2029

g

819,608

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

950,000

7.750%, 

5/31/2032

g

967,873

General

Motors

Financial

Company,

Inc.

1,394,000

5.750%, 

9/30/2027

b,h,j

1,357,250

Genting

New

York,

LLC/GENNY

Capital,

Inc.

701,000

7.250%, 

10/1/2029

g

720,621

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

650,000

8.750%, 

1/15/2032

g

575,081

Goodyear

Tire

&

Rubber

Company

965,000

5.000%, 

7/15/2029

h

900,259

Group

1

Automotive,

Inc.

479,000

6.375%, 

1/15/2030

g

486,859

Hanesbrands,

Inc.

766,000

4.875%, 

5/15/2026

g

759,927

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

81

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Consumer

Cyclical  16.9%

-

continued

$

512,000

9.000%, 

2/15/2031

g

$

547,081

Hilton

Domestic

Operating

Company,

Inc.

1,398,000

4.875%, 

1/15/2030

1,353,916

1,932,000

3.625%, 

2/15/2032

g

1,698,780

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

1,628,000

5.000%, 

6/1/2029

g

1,550,933

International

Game

Technology

plc

1,500,000

6.250%, 

1/15/2027

g

1,520,835

340,000

5.250%, 

1/15/2029

g

334,565

Jacobs

Entertainment,

Inc.

1,097,000

6.750%, 

2/15/2029

g

1,077,780

KB

Home

942,000

6.875%, 

6/15/2027

969,701

877,000

4.000%, 

6/15/2031

785,436

L

Brands,

Inc.

1,326,000

5.250%, 

2/1/2028

1,315,460

646,000

6.625%, 

10/1/2030

g

657,723

689,000

6.875%, 

11/1/2035

710,985

LGI

Homes,

Inc.

873,000

7.000%, 

11/15/2032

g

868,635

Life

Time,

Inc.

920,000

6.000%, 

11/15/2031

g

920,164

Light

&

Wonder

International,

Inc.

594,000

7.250%, 

11/15/2029

g

612,772

Live

Nation

Entertainment,

Inc.

729,000

4.750%, 

10/15/2027

g

714,519

Macy's

Retail

Holdings,

LLC

960,000

5.875%, 

4/1/2029

g,h

940,442

Mattamy

Group

Corporation

1,080,000

4.625%, 

3/1/2030

g

1,008,355

Melco

Resorts

Finance,

Ltd.

726,000

5.375%, 

12/4/2029

g

669,199

625,000

7.625%, 

4/17/2032

g

623,925

MGM

China

Holdings,

Ltd.

219,000

7.125%, 

6/26/2031

g

223,263

MGM

Resorts

International

876,000

6.125%, 

9/15/2029

876,688

Michaels

Companies,

Inc.

1,471,000

5.250%, 

5/1/2028

g

1,143,916

NCL

Corporation,

Ltd.

310,000

5.875%, 

3/15/2026

g

311,135

2,017,000

5.875%, 

2/15/2027

g

2,026,254

1,852,000

6.750%, 

2/1/2032

g

1,880,917

Nordstrom,

Inc.

764,000

4.250%, 

8/1/2031

673,784

Parkland

Corporation

633,000

6.625%, 

8/15/2032

g

634,480

PENN

Entertainment,

Inc.

1,400,000

4.125%, 

7/1/2029

g,h

1,275,329

PetSmart,

Inc./PetSmart

Finance

Corporation

978,000

4.750%, 

2/15/2028

g

937,328

1,245,000

7.750%, 

2/15/2029

g

1,240,982

Phinia,

Inc.

657,000

6.625%, 

10/15/2032

g

658,359

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

1,682,000

5.750%, 

4/15/2026

g

1,686,068

1,595,000

3.375%, 

8/31/2027

g

1,505,460

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Consumer

Cyclical  16.9%

-

continued

QVC,

Inc.

$

418,000

6.875%, 

4/15/2029

g,h

$

348,535

Rakuten

Group,

Inc.

219,000

11.250%, 

2/15/2027

g

239,371

219,000

9.750%, 

4/15/2029

g

239,191

Raven

Acquisition

Holdings,

LLC

900,000

6.875%, 

11/15/2031

g

897,919

Real

Hero

Merger

Sub

2,

Inc.

436,000

6.250%, 

2/1/2029

g,h

379,176

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

900,000

4.625%, 

4/16/2029

g

800,332

Royal

Caribbean

Cruises,

Ltd.

2,282,000

4.250%, 

7/1/2026

g

2,250,646

1,200,000

5.375%, 

7/15/2027

g

1,200,328

479,000

6.000%, 

2/1/2033

g

482,794

S&S

Holdings,

LLC

1,003,000

8.375%, 

10/1/2031

g

1,006,472

Saks

Global

Enterprises,

LLC

1,523,000

11.000%, 

12/15/2029

g

1,458,431

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

680,000

6.625%, 

3/1/2030

g

662,069

SeaWorld

Parks

and

Entertainment,

Inc.

1,151,000

5.250%, 

8/15/2029

g

1,112,341

Service

Corporation

International/

US

790,000

5.750%, 

10/15/2032

776,263

Six

Flags

Theme

Parks,

Inc.

276,000

7.000%, 

7/1/2025

g,h

276,435

Sonic

Automotive,

Inc.

831,000

4.875%, 

11/15/2031

g

766,400

Staples,

Inc.

1,358,000

10.750%, 

9/1/2029

g

1,330,900

303,129

12.750%, 

1/15/2030

g

236,861

Station

Casinos,

LLC

480,000

4.500%, 

2/15/2028

g

459,966

724,000

4.625%, 

12/1/2031

g

657,235

Tenneco,

Inc.

1,157,000

8.000%, 

11/17/2028

g

1,104,410

Victoria's

Secret

&

Company

1,564,000

4.625%, 

7/15/2029

g,h

1,436,811

Victra

Holdings,

LLC/Victra

Finance

Corporation

285,000

8.750%, 

9/15/2029

g,h

301,804

Viking

Cruises,

Ltd.

3,093,000

5.875%, 

9/15/2027

g

3,087,241

Walgreens

Boots

Alliance,

Inc.

460,000

3.200%, 

4/15/2030

382,025

WASH

Multifamily

Acquisition,

Inc.

945,000

5.750%, 

4/15/2026

g

944,484

Wyndham

Hotels

&

Resorts,

Inc.

1,131,000

4.375%, 

8/15/2028

g

1,086,641

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

750,000

7.125%, 

2/15/2031

g

784,224

ZF

North

America

Capital,

Inc.

747,000

6.875%, 

4/14/2028

g

752,567

985,000

6.750%, 

4/23/2030

g

967,877

Total

107,062,541

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

82

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Consumer

Non-Cyclical  10.7%

1375209

B.C.,

Ltd.

$

1,017,000

9.000%, 

1/30/2028

g,h

$

1,018,478

Acadia

Healthcare

Company,

Inc.

650,000

5.000%, 

4/15/2029

g

618,086

AdaptHealth,

LLC

2,897,000

4.625%, 

8/1/2029

g

2,662,866

Albertson's

Companies,

Inc.

2,830,000

5.875%, 

2/15/2028

g

2,825,882

Bausch

+

Lomb

Corporation

414,000

8.375%, 

10/1/2028

g

433,441

Bausch

Health

Companies,

Inc.

699,000

5.500%, 

11/1/2025

g

685,894

1,950,000

4.875%, 

6/1/2028

g

1,579,762

507,000

11.000%, 

9/30/2028

g,h

472,851

BellRing

Brands,

Inc.

924,000

7.000%, 

3/15/2030

g

957,775

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

574,000

9.500%, 

10/15/2029

g

571,694

Central

Garden

&

Pet

Company

1,096,000

4.125%, 

10/15/2030

h

996,449

Champ

Acquisition

Corporation

525,000

8.375%, 

12/1/2031

g

546,774

Chobani

Holdco

II,

LLC

439,000

8.750%,PIK

9.500%,

10/1/2029

g,i

475,452

CHS/Community

Health

Systems,

Inc.

1,071,000

5.625%, 

3/15/2027

g

1,039,885

533,000

6.125%, 

4/1/2030

g,h

349,519

776,000

4.750%, 

2/15/2031

g

633,237

950,000

10.875%, 

1/15/2032

g

978,474

Concentra

Escrow

Issuer

Corporation

841,000

6.875%, 

7/15/2032

g

869,638

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

2,393,000

4.750%, 

1/15/2029

g

2,305,926

CVS

Health

Corporation

871,000

7.000%, 

3/10/2055

b

879,764

DaVita,

Inc.

1,616,000

6.875%, 

9/1/2032

g

1,638,682

Edgewell

Personal

Care

Company

1,460,000

5.500%, 

6/1/2028

g

1,439,480

Embecta

Corporation

1,906,000

5.000%, 

2/15/2030

g

1,772,264

Encompass

Health

Corporation

923,000

4.500%, 

2/1/2028

901,005

Endo

Finance

Holdings,

Inc.

1,515,000

8.500%, 

4/15/2031

g,h

1,620,526

Energizer

Holdings,

Inc.

1,890,000

4.750%, 

6/15/2028

g

1,815,367

Fiesta

Purchaser,

Inc.

877,000

9.625%, 

9/15/2032

g

913,751

Fortrea

Holdings,

Inc.

546,000

7.500%, 

7/1/2030

g,h

548,144

Grifols

SA

650,000

3.875%, 

10/15/2028

g,k

605,469

702,000

4.750%, 

10/15/2028

g

649,428

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

659,000

7.875%, 

9/1/2025

g

658,648

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Consumer

Non-Cyclical  10.7%

-

continued

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

$

1,217,000

4.875%, 

6/1/2029

g

$

822,850

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

573,000

9.000%, 

2/15/2029

g

595,560

Lamb

Weston

Holdings,

Inc.

647,000

4.375%, 

1/31/2032

g

588,661

LifePoint

Health,

Inc.

689,000

5.375%, 

1/15/2029

g,h

609,893

642,000

9.875%, 

8/15/2030

g

684,878

600,000

11.000%, 

10/15/2030

g

663,403

918,000

10.000%, 

6/1/2032

g

894,913

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

1,153,000

6.250%, 

4/1/2029

g

1,171,589

Mozart

Debt

Merger

Sub,

Inc.

1,178,000

3.875%, 

4/1/2029

g

1,099,198

1,885,000

5.250%, 

10/1/2029

g

1,826,437

MPH

Acquisition

Holdings,

LLC

179,028

5.750%, 

12/31/2030

g

143,222

93,499

11.500%, 

12/31/2030

g

80,409

Newell

Brands,

Inc.

260,000

6.375%, 

9/15/2027

h

264,658

676,000

6.625%, 

9/15/2029

h

693,447

395,000

6.375%, 

5/15/2030

399,938

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

629,000

4.125%, 

4/30/2028

g

596,594

977,000

5.125%, 

4/30/2031

g

884,415

Owens

&

Minor,

Inc.

830,000

6.625%, 

4/1/2030

g,h

799,217

Performance

Food

Group,

Inc.

1,096,000

4.250%, 

8/1/2029

g

1,030,440

1,315,000

6.125%, 

9/15/2032

g

1,317,763

Perrigo

Finance

Unlimited

Company

718,000

4.900%, 

6/15/2030

677,016

579,000

6.125%, 

9/30/2032

567,776

Post

Holdings,

Inc.

1,015,000

4.500%, 

9/15/2031

g

917,768

860,000

6.250%, 

10/15/2034

g

838,066

Prime

Healthcare

Services,

Inc.

957,000

9.375%, 

9/1/2029

g

910,050

Radiology

Partners,

Inc.

650,000

7.775%, 

1/31/2029

g

644,111

Select

Medical

Corporation

650,000

6.250%, 

12/1/2032

g

638,571

Sigma

Holdco

BV

552,000

7.875%, 

5/15/2026

g,h

550,437

Simmons

Foods,

Inc.

2,663,000

4.625%, 

3/1/2029

g

2,481,825

Sotera

Health

Holdings,

LLC

878,000

7.375%, 

6/1/2031

g

893,993

Spectrum

Brands,

Inc.

170,000

3.875%, 

3/15/2031

g

145,523

Star

Parent,

Inc.

637,000

9.000%, 

10/1/2030

g

670,317

Surgery

Center

Holdings,

Inc.

1,210,000

7.250%, 

4/15/2032

g,h

1,206,986

Tenet

Healthcare

Corporation

3,468,000

5.125%, 

11/1/2027

3,430,360

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

83

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Consumer

Non-Cyclical  10.7%

-

continued

$

845,000

6.750%, 

5/15/2031

$

864,747

Teva

Pharmaceutical

Finance

Netherlands

III

BV

2,673,000

3.150%, 

10/1/2026

2,590,085

US

Acute

Care

Solutions,

LLC

1,307,000

9.750%, 

5/15/2029

g

1,329,093

Total

67,988,820

Energy  12.0%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

573,000

7.500%, 

10/1/2029

g

587,652

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

1,556,000

5.375%, 

6/15/2029

g

1,521,246

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

970,000

6.250%, 

4/1/2028

g

974,799

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

1,362,000

8.250%, 

12/31/2028

g

1,390,031

259,000

5.875%, 

6/30/2029

g

254,843

Baytex

Energy

Corporation

1,082,000

8.500%, 

4/30/2030

g

1,114,728

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

686,000

7.000%, 

7/15/2029

g

704,676

Borr

IHC,

Ltd./Borr

Finance,

LLC

871,220

10.000%, 

11/15/2028

g

870,203

Buckeye

Partners,

LP

818,000

4.500%, 

3/1/2028

g

787,680

868,000

6.750%, 

2/1/2030

g

883,007

California

Resources

Corporation

814,000

8.250%, 

6/15/2029

g

836,860

Civitas

Resources,

Inc.

1,323,000

8.375%, 

7/1/2028

g

1,383,686

1,141,000

8.750%, 

7/1/2031

g

1,203,369

CNX

Resources

Corporation

332,000

7.375%, 

1/15/2031

g

340,655

Comstock

Resources,

Inc.

2,700,000

5.875%, 

1/15/2030

g

2,555,302

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

1,915,000

5.500%, 

6/15/2031

g

1,846,509

Crescent

Energy

Finance,

LLC

1,569,000

7.625%, 

4/1/2032

g

1,579,861

438,000

7.375%, 

1/15/2033

g

437,231

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

816,000

8.625%, 

3/15/2029

g

855,824

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

162,000

8.500%, 

10/1/2030

g

168,854

DT

Midstream,

Inc.

657,000

4.125%, 

6/15/2029

g

621,138

540,000

4.375%, 

6/15/2031

g

499,479

Enerflex,

Ltd.

400,000

9.000%, 

10/15/2027

g

415,220

Energy

Transfer,

LP

1,621,000

8.000%, 

5/15/2054

b

1,710,813

EQM

Midstream

Partners,

LP

1,305,000

4.750%, 

1/15/2031

g

1,242,482

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Energy  12.0%

-

continued

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

$

1,086,000

8.875%, 

4/15/2030

$

1,125,786

1,630,000

7.875%, 

5/15/2032

1,632,738

Gulfport

Energy

Operating

Corporation

657,000

6.750%, 

9/1/2029

g

668,581

Harvest

Midstream

I,

LP

2,049,000

7.500%, 

9/1/2028

g

2,095,641

Hess

Midstream

Operations,

LP

1,175,000

4.250%, 

2/15/2030

g

1,099,084

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

664,000

5.750%, 

2/1/2029

g

645,367

935,000

6.000%, 

2/1/2031

g

885,791

1,440,000

6.250%, 

4/15/2032

g

1,367,533

Howard

Midstream

Energy

Partners,

LLC

1,901,000

7.375%, 

7/15/2032

g

1,976,219

ITT

Holdings,

LLC

1,670,000

6.500%, 

8/1/2029

g

1,560,798

Kraken

Oil

&

Gas

Partners,

LLC

800,000

7.625%, 

8/15/2029

g

787,256

Laredo

Petroleum,

Inc.

1,256,000

7.750%, 

7/31/2029

g

1,260,494

MEG

Energy

Corporation

771,000

5.875%, 

2/1/2029

g

759,151

Mesquite

Energy,

Inc.

3,260,000

0.000%, 

2/15/2023

e,f

40,750

Moss

Creek

Resources

Holdings,

Inc.

633,000

8.250%, 

9/1/2031

g

630,902

Nabors

Industries,

Inc.

1,079,000

9.125%, 

1/31/2030

g

1,120,002

438,000

8.875%, 

8/15/2031

g,h

414,745

Nabors

Industries,

Ltd.

1,079,000

7.500%, 

1/15/2028

g,h

1,042,773

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

545,000

8.125%, 

2/15/2029

g

559,245

817,000

8.375%, 

2/15/2032

g

840,448

Noble

Finance

II,

LLC

1,267,000

8.000%, 

4/15/2030

g

1,289,105

Northern

Oil

and

Gas,

Inc.

1,368,000

8.750%, 

6/15/2031

g

1,434,460

NuStar

Logistics,

LP

858,000

6.375%, 

10/1/2030

873,797

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

1,112,000

6.000%, 

2/15/2028

1,095,930

Permian

Resources

Operating,

LLC

812,000

7.000%, 

1/15/2032

g

833,495

Prairie

Acquiror,

LP

1,088,000

9.000%, 

8/1/2029

g

1,125,157

Precision

Drilling

Corporation

1,290,000

6.875%, 

1/15/2029

g

1,301,173

Range

Resources

Corporation

1,498,000

4.750%, 

2/15/2030

g,h

1,424,674

Rockies

Express

Pipeline,

LLC

966,000

4.950%, 

7/15/2029

g

926,105

Saturn

Oil

&

Gas,

Inc.

795,000

9.625%, 

6/15/2029

g,h

793,517

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

84

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Energy  12.0%

-

continued

SM

Energy

Company

$

350,000

7.000%, 

8/1/2032

g

$

349,495

Sunoco,

LP/Sunoco

Finance

Corporation

975,000

4.500%, 

5/15/2029

929,858

564,000

4.500%, 

4/30/2030

530,412

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

2,497,000

5.500%, 

1/15/2028

g

2,442,555

Talos

Production,

Inc.

409,000

9.000%, 

2/1/2029

g

425,339

TGNR

Intermediate

Holdings,

LLC

1,509,000

5.500%, 

10/15/2029

g

1,432,919

Transocean,

Inc.

1,216,000

8.250%, 

5/15/2029

g

1,220,302

1,216,000

8.500%, 

5/15/2031

g

1,224,324

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

700,000

6.875%, 

9/1/2027

704,336

Valaris,

Ltd.

1,358,000

8.375%, 

4/30/2030

g

1,394,602

Venture

Global

Calcasieu

Pass,

LLC

1,077,000

3.875%, 

8/15/2029

g

996,256

Venture

Global

LNG,

Inc.

961,000

8.125%, 

6/1/2028

g

1,004,292

1,450,000

9.000%, 

9/30/2029

b,g,j

1,511,006

1,753,000

7.000%, 

1/15/2030

g

1,791,705

2,787,000

8.375%, 

6/1/2031

g

2,933,209

Weatherford

International,

Ltd.

578,000

8.625%, 

4/30/2030

g

599,449

Total

75,886,924

Financials  12.0%

Acrisure,

LLC/Acrisure

Finance,

Inc.

1,009,000

6.000%, 

8/1/2029

g

973,049

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

658,000

6.950%, 

3/10/2055

b

674,542

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

1,448,000

6.750%, 

10/15/2027

g

1,441,614

1,019,000

6.750%, 

4/15/2028

g

1,029,759

657,000

5.875%, 

11/1/2029

g,h

632,020

Ally

Financial,

Inc.

459,000

2.200%, 

11/2/2028

413,190

652,000

6.700%, 

2/14/2033

670,388

AmWINS

Group,

Inc.

344,000

6.375%, 

2/15/2029

g

347,981

1,420,000

4.875%, 

6/30/2029

g

1,352,492

Avolon

Holdings

Funding,

Ltd.

952,000

2.528%, 

11/18/2027

g

886,464

Azorra

Finance,

Ltd.

1,500,000

7.750%, 

4/15/2030

g

1,518,043

Baldwin

Insurance

Group

Holdings,

LLC/Baldwin

Insurance

Group

Holdings

Finance

658,000

7.125%, 

5/15/2031

g

673,056

Barclays

plc

1,018,000

6.125%, 

12/15/2025

b,j

1,020,402

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Financials  12.0%

-

continued

BNP

Paribas

SA

$

329,000

4.625%, 

1/12/2027

b,g,j

$

312,625

Burford

Capital

Global

Finance,

LLC

1,580,000

9.250%, 

7/1/2031

g

1,692,670

Castlelake

Aviation

Finance

DAC

1,524,000

5.000%, 

4/15/2027

g

1,534,752

Citigroup,

Inc.

345,000

6.250%, 

8/15/2026

b,j

348,472

Constellation

Insurance,

Inc.

299,000

6.800%, 

1/24/2030

g

294,209

Credit

Acceptance

Corporation

1,199,000

9.250%, 

12/15/2028

g

1,277,606

Diversified

Healthcare

Trust

572,000

Zero

Coupon, 

1/15/2026

g

544,139

Drawbridge

Special

Opportunities

Fund,

LP

3,052,000

3.875%, 

2/15/2026

g

2,981,702

Encore

Capital

Group,

Inc.

331,000

9.250%, 

4/1/2029

g

354,727

FirstCash,

Inc.

1,170,000

4.625%, 

9/1/2028

g

1,118,736

658,000

5.625%, 

1/1/2030

g

644,035

Fortress

Transportation

and

Infrastructure

Investors,

LLC

1,154,000

7.000%, 

5/1/2031

g

1,169,548

950,000

7.000%, 

6/15/2032

g

963,119

Freedom

Mortgage

Corporation

686,000

7.625%, 

5/1/2026

g

689,625

Freedom

Mortgage

Holdings,

LLC

1,500,000

9.250%, 

2/1/2029

g

1,565,623

GGAM

Finance,

Ltd.

689,000

8.000%, 

2/15/2027

g

711,486

676,000

8.000%, 

6/15/2028

g

713,020

140,000

6.875%, 

4/15/2029

g

142,842

Global

Aircraft

Leasing

Company,

Ltd.

1,700,000

8.750%, 

9/1/2027

g

1,746,289

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

2,000,000

3.750%, 

12/15/2027

g

1,858,911

goeasy,

Ltd.

1,112,000

9.250%, 

12/1/2028

g

1,187,517

548,000

6.875%, 

5/15/2030

g

556,381

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC

469,000

8.000%, 

6/15/2027

g

487,564

Howard

Hughes

Corporation

399,000

4.125%, 

2/1/2029

g

366,599

HSBC

Holdings

plc

679,000

6.875%, 

9/11/2029

b,j

681,835

HUB

International,

Ltd.

2,024,000

5.625%, 

12/1/2029

g

1,984,827

539,000

7.375%, 

1/31/2032

g

554,233

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

2,267,000

5.250%, 

5/15/2027

2,197,269

Intesa

Sanpaolo

SPA

459,000

4.198%, 

6/1/2032

b,g

407,345

J.P.

Morgan

Chase

&

Company

344,000

4.600%, 

2/1/2025

b,j

344,000

1,534,000

4.000%, 

4/1/2025

b,j

1,528,967

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

85

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Financials  12.0%

-

continued

$

344,000

3.650%, 

6/1/2026

b,j

$

335,231

Jane

Street

Group/JSG

Finance,

Inc.

406,000

4.500%, 

11/15/2029

g

383,379

394,000

7.125%, 

4/30/2031

g

407,203

657,000

6.125%, 

11/1/2032

g

653,831

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

544,000

5.000%, 

8/15/2028

g

515,131

879,000

6.625%, 

10/15/2031

g

883,131

Jefferson

Capital

Holdings,

LLC

545,000

6.000%, 

8/15/2026

g

543,847

1,363,000

9.500%, 

2/15/2029

g

1,456,599

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

680,000

4.250%, 

2/1/2027

g

661,514

560,000

4.750%, 

6/15/2029

g

532,700

Liberty

Mutual

Group,

Inc.

184,000

4.125%, 

12/15/2051

b,g

176,016

Macquarie

Airfinance

Holdings,

Ltd.

819,000

6.400%, 

3/26/2029

g

843,951

682,000

6.500%, 

3/26/2031

g

706,892

Midcap

Financial

Issuer

Trust

688,000

6.500%, 

5/1/2028

g

676,640

Molina

Healthcare,

Inc.

1,150,000

4.375%, 

6/15/2028

g

1,105,407

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

2,289,000

4.625%, 

8/1/2029

h

1,748,677

610,000

8.500%, 

2/15/2032

d,g

619,460

Nationstar

Mortgage

Holdings,

Inc.

639,000

6.500%, 

8/1/2029

g

640,464

686,000

5.125%, 

12/15/2030

g

648,035

NatWest

Group

plc

459,000

8.125%, 

11/10/2033

b,j

487,857

Navient

Corporation

399,000

5.500%, 

3/15/2029

382,484

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

424,000

4.500%, 

9/30/2028

g

396,328

OneMain

Finance

Corporation

1,426,000

3.500%, 

1/15/2027

1,371,963

239,000

3.875%, 

9/15/2028

223,255

1,645,000

9.000%, 

1/15/2029

1,747,306

1,152,000

4.000%, 

9/15/2030

1,032,179

Park

Intermediate

Holdings,

LLC

859,000

4.875%, 

5/15/2029

g

820,639

PNC

Financial

Services

Group,

Inc.

658,000

3.400%, 

9/15/2026

b,j

624,783

PRA

Group,

Inc.

1,373,000

8.375%, 

2/1/2028

g

1,414,426

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

658,000

4.500%, 

2/15/2029

g

627,441

RLJ

Lodging

Trust,

LP

271,000

4.000%, 

9/15/2029

g

248,782

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

2,367,000

3.875%, 

3/1/2031

g

2,091,679

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Financials  12.0%

-

continued

$

802,000

4.000%, 

10/15/2033

g

$

678,102

Ryan

Specialty,

LLC

1,315,000

5.875%, 

8/1/2032

g

1,303,009

Service

Properties

Trust

920,000

8.375%, 

6/15/2029

919,458

385,000

8.625%, 

11/15/2031

g

408,826

SLM

Corporation

386,000

4.200%, 

10/29/2025

385,214

430,000

6.500%, 

1/31/2030

434,031

Societe

Generale

SA

655,000

8.125%, 

11/21/2029

b,g,j

652,992

Synchrony

Financial

348,000

7.250%, 

2/2/2033

364,153

United

Wholesale

Mortgage,

LLC

1,318,000

5.500%, 

4/15/2029

g

1,277,847

UWM

Holdings,

LLC

543,000

6.625%, 

2/1/2030

g

544,108

Wells

Fargo

&

Company

345,000

3.900%, 

3/15/2026

b,j

338,966

World

Acceptance

Corporation

344,000

7.000%, 

11/1/2026

g,h

343,237

XHR,

LP

322,000

4.875%, 

6/1/2029

g

305,960

327,000

6.625%, 

5/15/2030

g

330,527

Total

75,887,333

Foreign

Government  0.2%

Teine

Energy,

Ltd.

1,398,000

6.875%, 

4/15/2029

g

1,354,563

Total

1,354,563

Technology  6.8%

Amentum

Holdings,

Inc.

959,000

7.250%, 

8/1/2032

g

972,229

AthenaHealth

Group,

Inc.

1,788,000

6.500%, 

2/15/2030

g

1,729,961

Block,

Inc.

2,414,000

6.500%, 

5/15/2032

g

2,467,371

Boost

Newco

Borrower,

LLC

902,000

7.500%, 

1/15/2031

g

944,288

Central

Parent,

Inc./CDK

Global,

Inc.

658,000

7.250%, 

6/15/2029

g

624,956

Cloud

Software

Group,

Inc.

2,674,000

6.500%, 

3/31/2029

g

2,628,511

1,157,000

9.000%, 

9/30/2029

g

1,184,944

CommScope

Technologies,

LLC

434,000

5.000%, 

3/15/2027

g

390,513

CommScope,

LLC

328,000

6.000%, 

3/1/2026

g

328,000

434,000

4.750%, 

9/1/2029

g

386,338

434,000

9.500%, 

12/15/2031

g

450,175

Consensus

Cloud

Solutions,

Inc.

338,000

6.000%, 

10/15/2026

g

335,591

CoreLogic,

Inc.

405,000

4.500%, 

5/1/2028

g

379,206

Diebold

Nixdorf,

Inc.

870,000

7.750%, 

3/31/2030

g

900,612

Entegris,

Inc.

1,377,000

5.950%, 

6/15/2030

g

1,372,592

Everi

Holdings,

Inc.

935,000

5.000%, 

7/15/2029

g

937,664

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

86

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Technology  6.8%

-

continued

Gen

Digital,

Inc.

$

54,000

6.750%, 

9/30/2027

g

$

54,895

817,000

7.125%, 

9/30/2030

g

840,554

II-VI,

Inc.

638,000

5.000%, 

12/15/2029

g

613,987

Iron

Mountain,

Inc.

3,455,000

5.250%, 

3/15/2028

g

3,395,326

610,000

5.000%, 

7/15/2028

g

594,288

770,000

5.250%, 

7/15/2030

g

740,537

1,830,000

4.500%, 

2/15/2031

g

1,683,952

McAfee

Corporation

972,000

7.375%, 

2/15/2030

g

957,603

NCR

Atleos

Corporation

540,000

9.500%, 

4/1/2029

g

588,354

NCR

Voyix

Corporation

876,000

5.000%, 

10/1/2028

g

844,243

474,000

5.125%, 

4/15/2029

g

452,080

Neptune

Bidco

US,

Inc.

1,712,000

9.290%, 

4/15/2029

g

1,459,442

Open

Text

Corporation

1,828,000

3.875%, 

12/1/2029

g

1,676,173

Open

Text

Holdings,

Inc.

1,197,000

4.125%, 

2/15/2030

g

1,097,597

Pitney

Bowes,

Inc.

338,000

6.875%, 

3/15/2027

g,h

339,412

RingCentral,

Inc.

1,359,000

8.500%, 

8/15/2030

g

1,442,739

Rocket

Software,

Inc.

810,000

9.000%, 

11/28/2028

g

839,012

Seagate

HDD

Cayman

1,988,000

4.091%, 

6/1/2029

1,872,543

Sensata

Technologies

BV

591,000

4.000%, 

4/15/2029

g

546,989

Sensata

Technologies,

Inc.

383,000

3.750%, 

2/15/2031

g

337,992

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

1,000,000

4.625%, 

11/1/2026

g

989,180

155,000

6.750%, 

8/15/2032

g

159,161

SS&C

Technologies,

Inc.

1,317,000

6.500%, 

6/1/2032

g

1,338,545

UKG,

Inc.

1,163,000

6.875%, 

2/1/2031

g

1,187,378

Viavi

Solutions,

Inc.

1,606,000

3.750%, 

10/1/2029

g

1,461,096

Xerox

Holdings

Corporation

154,000

5.000%, 

8/15/2025

g

153,303

1,476,000

5.500%, 

8/15/2028

g

1,258,389

Total

42,957,721

Transportation  1.8%

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

592,917

5.500%, 

4/20/2026

g

592,578

315,000

5.750%, 

4/20/2029

g

314,230

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

884,000

5.375%, 

3/1/2029

g,h

842,983

DCLI

Bidco,

LLC

592,000

7.750%, 

11/15/2029

g

608,781

Delta

Air

Lines,

Inc.

798,000

7.000%, 

5/1/2025

g

801,230

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Transportation  1.8%

-

continued

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

$

611,000

9.875%, 

9/20/2031

g

$

645,924

OneSky

Flight,

LLC

1,306,000

8.875%, 

12/15/2029

g

1,337,879

Rand

Parent,

LLC

1,418,000

8.500%, 

2/15/2030

g

1,470,453

RXO,

Inc.

1,619,000

7.500%, 

11/15/2027

g

1,659,475

Stena

International

SA

691,000

7.250%, 

1/15/2031

g

706,042

United

Airlines,

Inc.

739,000

4.375%, 

4/15/2026

g

728,314

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

407,000

7.875%, 

5/1/2027

g

407,166

1,120,000

6.375%, 

2/1/2030

g,h

1,026,396

Total

11,141,451

Utilities  3.2%

AES

Corporation

459,000

7.600%, 

1/15/2055

b

467,290

Algonquin

Power

&

Utilities

Corporation

785,000

4.750%, 

1/18/2082

b

749,151

Alpha

Generation,

LLC

562,000

6.750%, 

10/15/2032

g

568,241

Calpine

Corporation

1,145,000

4.500%, 

2/15/2028

g

1,110,906

Dominion

Energy,

Inc.

459,000

7.000%, 

6/1/2054

b

485,488

Duke

Energy

Corporation

450,000

6.450%, 

9/1/2054

b

451,382

Edison

International

539,000

5.000%, 

12/15/2026

b,h,j

483,492

Leeward

Renewable

Energy

Operations,

LLC

935,000

4.250%, 

7/1/2029

g

852,501

Lightning

Power,

LLC

956,000

7.250%, 

8/15/2032

g

987,414

NextEra

Energy

Operating

Partners,

LP

1,244,000

3.875%, 

10/15/2026

g

1,191,234

NiSource,

Inc.

285,000

6.375%, 

3/31/2055

b

282,775

NRG

Energy,

Inc.

1,060,000

5.250%, 

6/15/2029

g

1,032,628

526,000

6.000%, 

2/1/2033

g

513,922

526,000

6.250%, 

11/1/2034

g

518,290

PG&E

Corporation

491,000

7.375%, 

3/15/2055

b

477,055

Talen

Energy

Supply,

LLC

1,312,000

8.625%, 

6/1/2030

g

1,399,514

Terraform

Global

Operating,

LLC

1,366,000

6.125%, 

3/1/2026

g

1,359,956

TerraForm

Power

Operating,

LLC

2,910,000

5.000%, 

1/31/2028

g

2,804,081

Vistra

Corporation

2,835,000

7.000%, 

12/15/2026

b,g,j

2,844,480

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

87

Principal

Amount

Long-Term

Fixed

Income  91.7%

Value

Utilities  3.2%

-

continued

Vistra

Operations

Company,

LLC

$

2,042,000

5.000%, 

7/31/2027

g

$

2,013,045

Total

20,592,845

Total

Long-Term

Fixed

Income

(cost

$587,290,447)

580,879,054

Shares

Collateral

Held

for

Securities

Loaned

8

.7

%

Value

55,354,301

Thrivent

Cash

Management

Trust

55,354,301

Total

Collateral

Held

for

Securities

Loaned

(cost

$55,354,301)

55,354,301

Shares

Registered

Investment

Companies  

3

.0

%

Value

U.S.

Unaffiliated  

3.0%  

516,920

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

h

19,275,947

Total

19,275,947

Total

Registered

Investment

Companies

(cost

$19,238,239)

19,275,947

Shares

Preferred

Stock

0

.2

%

Value

Capital

Goods  0.2%

17,296

Boeing

Company,

Convertible,

6.000%

1,037,587

Total

1,037,587

Total

Preferred

Stock

(cost

$952,441)

1,037,587

Shares

Short-Term

Investments

2

.0

%

Value

Thrivent

Core

Short-Term

Reserve

Fund

1,234,908

4.630%

12,349,080

Total

Short-Term

Investments

(cost

$12,343,591)

12,349,080

Total

Investments

(cost

$691,078,036)

108.1%

$

684,857,292

Other

Assets

and

Liabilities,

Net

(8.1%)

(

51,396,812

)

Total

Net

Assets

100.0%

$

633,460,480

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,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

loan

is

unfunded.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

Defaulted

security.  Interest

is

not

being

accrued.

f

In

bankruptcy.  Income

is

not

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,

2025,

the

value

of

these

investments

was

$505,392,051

or

79.8%

of

total

net

assets.

h

All

or

a

portion

of

the

security

is

on

loan.

i

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

January

31,

2025.

j

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

k

Principal

amount

is

displayed

in

Euros.

*

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,

2025

was

$20,110

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

January

31,

2025.

Security

Acquisition

Date

Cost

Abengoa

Abenewco

2

Bis

SA,

4/26/2024

4/26/2019

$

490,667

ACN

113

874

712,

Pty.

Ltd.,

2/15/2018

2/9/2011

2,712,434

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

High

Yield

Fund

as

of

January

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

34,459,246

Common

Stock

19,081,293

Total

lending

$53,540,539

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$55,354,301

Net

amounts

due

to

counterparty

$1,813,762

Definitions:

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Reference

Rate

Index:

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2025

(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,

2025,

in

valuing

High

Yield

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

1,328,480

–

1,328,480

–

Capital

Goods

428,925

–

428,925

–

Communications

Services

2,414,873

–

2,414,873

–

Consumer

Cyclical

1,376,957

–

1,376,957

–

Consumer

Non-Cyclical

5,354,623

–

5,354,623

–

Financials

687,529

–

687,529

–

Technology

1,357,777

–

1,357,777

–

Transportation

3,012,159

–

3,012,159

–

Long-Term

Fixed

Income

Basic

Materials

34,415,541

–

34,415,541

–

Capital

Goods

64,060,433

–

64,060,433

–

Communications

Services

79,530,882

–

79,530,882

–

Consumer

Cyclical

107,062,541

–

107,062,541

–

Consumer

Non-Cyclical

67,988,820

–

67,988,820

–

Energy

75,886,924

–

75,886,924

–

Financials

75,887,333

–

75,887,333

–

Foreign

Government

1,354,563

–

1,354,563

–

Technology

42,957,721

–

42,957,721

–

Transportation

11,141,451

–

11,141,451

–

Utilities

20,592,845

–

20,592,845

–

Registered

Investment

Companies

U.S.

Unaffiliated

19,275,947

19,275,947

–

–

Preferred

Stock

Capital

Goods

1,037,587

1,037,587

–

–

Subtotal

Investments

in

Securities

$

617,153,911

$

20,313,534

$

596,840,377

$

–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

12,349,080

Collateral

Held

for

Securities

Loaned

55,354,301

Subtotal

Other

Investments

$

67,703,381

Total

Investments

at

Value

$

684,857,292

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

High

Yield

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

89

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

High

Yield

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$

13,191

$

23,474

$

24,316

$

12,349

1,235

2.0%

Total

Affiliated

Short-Term

Investments

13,191

12,349

2.0

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

52,201

66,908

63,755

55,354

55,354

8.7

Total

Collateral

Held

for

Securities

Loaned

52,201

55,354

8.7

Total

Value

$

65,392

$

67,703

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$–

$–

$

–

$179

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$179

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

83

Total

Affiliated

Income

from

Securities

Loaned,

Net

$83

Total

$–

$–

$

–

Income

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

90

Principal

Amount

Long-Term

Fixed

Income

95

.3

%

Value

Asset-Backed

Securities  <0.1%

GMAC

Mortgage

Corporation

Loan

Trust

$

55,642

4.925%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

a,b

$

28,184

Preferred

Term

Securities

XXIII,

Ltd./Preferred

Term

Securities

XXIII,

Inc.

73,370

4.820%, 

(TSFR3M

+

0.462%),

12/22/2036,

Ser.

A-FP

b,c

66,643

Total

94,827

Basic

Materials  1.8%

Alcoa

Nederland

Holding

BV

130,000

5.500%, 

12/15/2027

c

129,400

Anglo

American

Capital

plc

1,950,000

4.750%, 

4/10/2027

c

1,938,005

2,950,000

5.750%, 

4/5/2034

c

2,972,165

FMC

Corporation

2,650,000

5.650%, 

5/18/2033

d

2,645,482

Freeport-McMoRan,

Inc.

180,000

4.125%, 

3/1/2028

175,012

Glencore

Funding,

LLC

1,200,000

3.375%, 

9/23/2051

c

787,118

1,800,000

2.500%, 

9/1/2030

c

1,569,834

International

Flavors

&

Fragrances,

Inc.

1,300,000

1.832%, 

10/15/2027

c

1,196,538

3,350,000

2.300%, 

11/1/2030

c

2,856,380

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

1,550,000

5.350%, 

3/15/2034

1,551,127

Olin

Corporation

180,000

5.125%, 

9/15/2027

178,080

Sherwin-Williams

Company

1,375,000

4.800%, 

9/1/2031

1,357,211

Smurfit

Kappa

Treasury,

ULC

1,200,000

5.777%, 

4/3/2054

c

1,180,853

1,700,000

5.438%, 

4/3/2034

c

1,696,219

Smurfit

Westrock

Financing

DAC

1,300,000

5.418%, 

1/15/2035

c

1,299,467

Total

21,532,891

Capital

Goods  4.8%

BAE

Systems

plc

625,000

5.500%, 

3/26/2054

c,d

604,830

1,700,000

3.400%, 

4/15/2030

c

1,572,446

1,400,000

1.900%, 

2/15/2031

c

1,167,334

Boeing

Company

1,250,000

5.805%, 

5/1/2050

1,176,498

1,675,000

6.858%, 

5/1/2054

1,797,340

1,550,000

5.930%, 

5/1/2060

1,446,745

850,000

6.528%, 

5/1/2034

897,984

3,000,000

5.705%, 

5/1/2040

2,877,096

Carrier

Global

Corporation

1,450,000

2.700%, 

2/15/2031

1,268,592

CNH

Industrial

Capital,

LLC

2,100,000

4.550%, 

4/10/2028

2,078,875

Deere

&

Company

2,250,000

5.700%, 

1/19/2055

2,306,104

GFL

Environmental,

Inc.

3,300,000

6.750%, 

1/15/2031

c

3,423,433

Principal

Amount

Long-Term

Fixed

Income  95.3%

Value

Capital

Goods  4.8%

-

continued

Howmet

Aerospace,

Inc.

$

3,750,000

3.000%, 

1/15/2029

$

3,495,969

1,600,000

5.950%, 

2/1/2037

1,659,566

Ingersoll

Rand,

Inc.

550,000

5.400%, 

8/14/2028

559,981

750,000

5.700%, 

8/14/2033

767,431

John

Deere

Capital

Corporation

2,300,000

5.100%, 

4/11/2034

2,297,915

Lockheed

Martin

Corporation

1,400,000

5.900%, 

11/15/2063

1,440,829

Northrop

Grumman

Corporation

1,200,000

4.700%, 

3/15/2033

1,164,033

Regal

Rexnord

Corporation

2,150,000

6.050%, 

4/15/2028

2,192,488

2,200,000

6.300%, 

2/15/2030

2,268,811

Republic

Services,

Inc.

3,900,000

4.875%, 

4/1/2029

3,905,461

RTX

Corporation

1,000,000

3.030%, 

3/15/2052

629,689

850,000

6.400%, 

3/15/2054

922,559

2,150,000

6.000%, 

3/15/2031

2,258,000

850,000

6.100%, 

3/15/2034

895,368

1,075,000

4.450%, 

11/16/2038

960,701

Spirit

AeroSystems,

Inc.

4,850,000

4.600%, 

6/15/2028

d

4,675,751

Teledyne

Technologies,

Inc.

2,000,000

2.250%, 

4/1/2028

1,847,749

Waste

Connections,

Inc.

3,600,000

5.000%, 

3/1/2034

3,524,618

Wrangler

Holdco

Corporation

1,500,000

6.625%, 

4/1/2032

c

1,533,719

Total

57,617,915

Collateralized

Mortgage

Obligations  0.8%

GCAT

Trust

4,685,818

6.000%, 

12/25/2054,

Ser.

2024-INV4,

Class

A1

b,c

4,690,762

PMT

Loan

Trust

4,750,000

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

b,c

4,771,523

Wachovia

Mortgage

Loan

Trust,

LLC

23,942

7.187%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

23,296

Total

9,485,581

Commercial

Mortgage-Backed

Securities  1.0%

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

11,600,000

5.355%, 

1/25/2029,

Ser.

K517,

Class

A2

a,b

11,860,763

Total

11,860,763

Communications

Services  7.2%

American

Tower

Corporation

1,450,000

5.000%, 

1/31/2030

1,443,223

1,900,000

1.875%, 

10/15/2030

1,597,695

1,100,000

5.650%, 

3/15/2033

1,118,578

AppLovin

Corporation

3,450,000

5.375%, 

12/1/2031

3,464,213

Income

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

91

Principal

Amount

Long-Term

Fixed

Income  95.3%

Value

Communications

Services  7.2%

-

continued

AT&T,

Inc.

$

1,750,000

3.650%, 

6/1/2051

$

1,234,576

2,700,000

3.500%, 

9/15/2053

1,823,366

1,519,000

4.300%, 

2/15/2030

1,474,492

1,750,000

2.750%, 

6/1/2031

1,531,316

3,368,000

2.550%, 

12/1/2033

2,718,726

3,200,000

5.400%, 

2/15/2034

3,216,793

1,800,000

4.500%, 

3/9/2048

1,486,944

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

1,550,000

6.550%, 

6/1/2034

1,585,321

1,550,000

6.384%, 

10/23/2035

1,557,108

2,000,000

3.500%, 

6/1/2041

1,385,798

2,850,000

6.484%, 

10/23/2045

2,711,599

Comcast

Corporation

2,300,000

5.300%, 

6/1/2034

d

2,291,967

1,600,000

4.600%, 

10/15/2038

1,445,458

1,800,000

4.650%, 

7/15/2042

1,565,392

Crown

Castle,

Inc.

1,800,000

3.800%, 

2/15/2028

1,743,802

1,800,000

4.300%, 

2/15/2029

1,748,679

Meta

Platforms,

Inc.

1,500,000

5.600%, 

5/15/2053

1,495,409

2,600,000

3.850%, 

8/15/2032

2,421,445

1,750,000

4.950%, 

5/15/2033

1,752,946

Netflix,

Inc.

2,155,000

5.875%, 

11/15/2028

2,236,970

1,200,000

6.375%, 

5/15/2029

1,273,802

3,700,000

4.875%, 

6/15/2030

c

3,690,595

Paramount

Global

2,000,000

7.875%, 

7/30/2030

2,182,187

Rogers

Communications,

Inc.

1,400,000

5.000%, 

2/15/2029

1,392,695

900,000

5.300%, 

2/15/2034

872,962

Sprint

Capital

Corporation

130,000

6.875%, 

11/15/2028

137,920

5,050,000

8.750%, 

3/15/2032

6,033,311

T-Mobile

USA,

Inc.

3,600,000

3.400%, 

10/15/2052

2,395,490

1,850,000

4.850%, 

1/15/2029

1,844,725

1,200,000

3.500%, 

4/15/2031

1,092,004

1,200,000

3.000%, 

2/15/2041

857,187

Verizon

Communications,

Inc.

1,150,000

5.500%, 

2/23/2054

1,102,516

1,400,000

4.000%, 

3/22/2050

1,063,856

1,409,000

1.680%, 

10/30/2030

1,173,933

1,493,000

4.780%, 

2/15/2035

c

1,423,564

2,800,000

3.400%, 

3/22/2041

2,125,499

Videotron,

Ltd.

2,900,000

3.625%, 

6/15/2029

c

2,699,692

Vodafone

Group

plc

1,900,000

5.750%, 

6/28/2054

1,821,596

Warnermedia

Holdings,

Inc.

1,940,000

4.054%, 

3/15/2029

1,821,266

5,150,000

4.279%, 

3/15/2032

4,547,484

1,050,000

5.050%, 

3/15/2042

845,069

Total

85,449,169

Consumer

Cyclical  6.2%

Amazon.com,

Inc.

1,200,000

3.100%, 

5/12/2051

807,567

Principal

Amount

Long-Term

Fixed

Income  95.3%

Value

Consumer

Cyclical  6.2%

-

continued

American

Honda

Finance

Corporation

$

3,300,000

5.050%, 

7/10/2031

$

3,289,934

BMW

US

Capital,

LLC

1,400,000

4.850%, 

8/13/2031

c,d

1,376,622

D.R.

Horton,

Inc.

2,300,000

5.000%, 

10/15/2034

2,226,378

Daimler

Trucks

Finance

North

America,

LLC

2,000,000

5.400%, 

9/20/2028

c

2,028,036

2,500,000

2.375%, 

12/14/2028

c

2,280,116

Expedia

Group,

Inc.

3,600,000

3.250%, 

2/15/2030

3,321,392

Ford

Motor

Credit

Company,

LLC

1,900,000

5.850%, 

5/17/2027

1,920,979

2,000,000

6.800%, 

5/12/2028

2,072,774

2,200,000

7.350%, 

3/6/2030

2,334,886

2,600,000

6.050%, 

3/5/2031

2,603,655

General

Motors

Company

1,575,000

6.800%, 

10/1/2027

1,643,929

General

Motors

Financial

Company,

Inc.

3,100,000

5.750%, 

2/8/2031

3,143,131

2,300,000

6.400%, 

1/9/2033

2,384,668

1,350,000

6.100%, 

1/7/2034

1,367,756

GLP

Capital,

LP

2,000,000

3.250%, 

1/15/2032

1,716,769

Harley-Davidson

Financial

Services,

Inc.

1,050,000

6.500%, 

3/10/2028

c,d

1,076,515

2,050,000

5.950%, 

6/11/2029

c

2,063,744

Home

Depot,

Inc.

950,000

4.950%, 

6/25/2034

937,772

1,820,000

4.250%, 

4/1/2046

1,522,384

Hyatt

Hotels

Corporation

1,658,000

5.750%, 

4/23/2030

1,697,938

Hyundai

Capital

America

2,500,000

1.800%, 

1/10/2028

c

2,281,498

4,400,000

6.200%, 

9/21/2030

c

4,588,608

Las

Vegas

Sands

Corporation

950,000

6.000%, 

8/15/2029

963,176

Lowe's

Companies,

Inc.

1,300,000

5.625%, 

4/15/2053

1,249,613

3,250,000

2.625%, 

4/1/2031

2,840,241

Marriott

International,

Inc./MD

4,100,000

4.625%, 

6/15/2030

4,020,251

McDonald's

Corporation

1,825,000

4.450%, 

3/1/2047

1,536,743

Target

Corporation

2,250,000

2.950%, 

1/15/2052

d

1,435,236

1,250,000

4.500%, 

9/15/2034

1,187,472

Toll

Brothers

Finance

Corporation

1,700,000

3.800%, 

11/1/2029

1,603,563

Toyota

Motor

Credit

Corporation

1,950,000

4.550%, 

5/17/2030

1,923,954

3,150,000

5.350%, 

1/9/2035

3,166,501

VICI

Properties,

LP/VICI

Note

Company,

Inc.

90,000

4.250%, 

12/1/2026

c

88,575

2,425,000

5.750%, 

2/1/2027

c

2,447,589

1,200,000

3.750%, 

2/15/2027

c

1,166,008

90,000

4.625%, 

12/1/2029

c

86,458

Income

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

92

Principal

Amount

Long-Term

Fixed

Income  95.3%

Value

Consumer

Cyclical  6.2%

-

continued

Walmart,

Inc.

$

1,800,000

4.500%, 

9/9/2052

$

1,573,184

Total

73,975,615

Consumer

Non-Cyclical  8.6%

Abbott

Laboratories

2,000,000

6.000%, 

4/1/2039

2,171,504

AbbVie,

Inc.

1,875,000

5.400%, 

3/15/2054

1,808,878

950,000

5.050%, 

3/15/2034

942,414

1,900,000

4.550%, 

3/15/2035

1,795,904

2,500,000

4.500%, 

5/14/2035

2,350,666

2,900,000

4.300%, 

5/14/2036

2,655,940

Amgen,

Inc.

3,000,000

5.650%, 

3/2/2053

2,899,255

2,100,000

5.250%, 

3/2/2033

2,092,815

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

1,790,000

4.700%, 

2/1/2036

1,692,478

Anheuser-Busch

InBev

Worldwide,

Inc.

2,500,000

3.500%, 

6/1/2030

2,347,017

1,800,000

4.439%, 

10/6/2048

1,510,746

AstraZeneca

Finance,

LLC

1,400,000

4.850%, 

2/26/2029

1,405,970

AstraZeneca

plc

2,600,000

2.125%, 

8/6/2050

1,407,961

2,500,000

1.375%, 

8/6/2030

2,090,291

BAT

Capital

Corporation

3,000,000

2.259%, 

3/25/2028

2,771,938

1,900,000

6.343%, 

8/2/2030

2,006,764

1,100,000

5.834%, 

2/20/2031

1,132,773

1,600,000

7.750%, 

10/19/2032

1,815,463

Becton,

Dickinson

and

Company

2,194,000

3.794%, 

5/20/2050

1,632,167

1,450,000

5.081%, 

6/7/2029

1,460,473

Bristol-Myers

Squibb

Company

850,000

6.250%, 

11/15/2053

902,392

Bunge,

Ltd.

Finance

Corporation

725,000

4.650%, 

9/17/2034

686,902

Cargill,

Inc.

1,250,000

3.125%, 

5/25/2051

c

822,635

Conagra

Brands,

Inc.

1,450,000

5.300%, 

11/1/2038

1,365,353

Constellation

Brands,

Inc.

360,000

3.500%, 

5/9/2027

350,716

1,150,000

4.800%, 

1/15/2029

1,142,912

CVS

Health

Corporation

2,250,000

5.625%, 

2/21/2053

2,019,316

1,350,000

5.125%, 

2/21/2030

1,337,178

1,850,000

5.550%, 

6/1/2031

1,857,726

2,200,000

2.125%, 

9/15/2031

1,787,748

Eli

Lilly

&

Company

1,400,000

5.100%, 

2/9/2064

1,277,453

1,750,000

4.700%, 

2/27/2033

1,721,098

HCA,

Inc.

2,500,000

5.625%, 

9/1/2028

2,538,732

3,100,000

5.450%, 

4/1/2031

3,115,184

Imperial

Brands

Finance

plc

1,800,000

3.500%, 

7/26/2026

c

1,766,143

Principal

Amount

Long-Term

Fixed

Income  95.3%

Value

Consumer

Non-Cyclical  8.6%

-

continued

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

$

800,000

5.500%, 

1/15/2030

$

801,405

1,650,000

3.625%, 

1/15/2032

1,459,912

900,000

3.000%, 

5/15/2032

758,649

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

3,400,000

6.375%, 

2/25/2055

c

3,442,704

Kenvue,

Inc.

1,150,000

5.000%, 

3/22/2030

1,161,128

Kraft

Heinz

Foods

Company

1,230,000

4.375%, 

6/1/2046

1,001,145

Mattel,

Inc.

1,250,000

3.375%, 

4/1/2026

c

1,226,350

Medtronic,

Inc.

2,800,000

4.375%, 

3/15/2035

2,648,961

Nestle

Holdings,

Inc.

2,100,000

4.850%, 

3/14/2033

c

2,084,600

PepsiCo,

Inc.

1,625,000

5.250%, 

7/17/2054

1,556,749

Pfizer

Investment

Enterprises,

Private

Ltd.

2,425,000

5.300%, 

5/19/2053

2,270,617

2,000,000

5.340%, 

5/19/2063

1,832,664

833,000

4.750%, 

5/19/2033

809,735

Philip

Morris

International,

Inc.

3,500,000

5.500%, 

9/7/2030

3,590,388

1,650,000

5.125%, 

2/13/2031

1,658,428

2,065,000

5.750%, 

11/17/2032

2,129,411

3,000,000

5.250%, 

2/13/2034

2,977,723

Roche

Holdings,

Inc.

2,700,000

2.607%, 

12/13/2051

c

1,609,119

1,450,000

4.985%, 

3/8/2034

c

1,438,579

Smithfield

Foods,

Inc.

800,000

3.000%, 

10/15/2030

c

701,769

Sysco

Corporation

1,000,000

6.600%, 

4/1/2040

1,084,470

Takeda

Pharmaceutical

Company,

Ltd.

2,200,000

3.175%, 

7/9/2050

1,430,781

2,400,000

5.300%, 

7/5/2034

2,391,692

Viterra

Finance

BV

2,250,000

5.250%, 

4/21/2032

c,d

2,199,342

Total

102,949,226

Energy  5.9%

BP

Capital

Markets

America,

Inc.

3,750,000

3.001%, 

3/17/2052

2,348,540

BP

Capital

Markets

plc

1,400,000

6.450%, 

12/1/2033

b,e

1,429,483

Canadian

Natural

Resources,

Ltd.

800,000

2.950%, 

7/15/2030

714,631

Cheniere

Energy

Partners,

LP

5,190,000

4.500%, 

10/1/2029

5,031,885

1,500,000

4.000%, 

3/1/2031

1,388,538

1,350,000

5.950%, 

6/30/2033

1,379,449

Cheniere

Energy,

Inc.

900,000

5.650%, 

4/15/2034

899,707

Columbia

Pipelines

Holding

Company,

LLC

750,000

5.097%, 

10/1/2031

c

736,462

Income

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

93

Principal

Amount

Long-Term

Fixed

Income  95.3%

Value

Energy  5.9%

-

continued

Diamondback

Energy,

Inc.

$

450,000

5.150%, 

1/30/2030

$

451,562

450,000

5.400%, 

4/18/2034

443,491

Eastern

Energy

Gas

Holdings,

LLC

1,500,000

6.200%, 

1/15/2055

1,538,885

Energy

Transfer,

LP

900,000

8.000%, 

5/15/2054

b

949,865

1,550,000

6.050%, 

9/1/2054

1,510,432

1,000,000

6.500%, 

11/15/2026

b,e

999,463

2,350,000

3.750%, 

5/15/2030

2,196,005

900,000

5.550%, 

5/15/2034

891,458

Enterprise

Products

Operating,

LLC

900,000

7.733%, 

(TSFR3M

+

3.248%),

8/16/2077

b

898,300

EQM

Midstream

Partners,

LP

2,900,000

7.500%, 

6/1/2030

c

3,123,741

1,475,000

4.750%, 

1/15/2031

c

1,404,338

Expand

Energy

Corporation

3,700,000

5.375%, 

3/15/2030

3,633,233

1,500,000

4.750%, 

2/1/2032

1,399,398

1,525,000

5.700%, 

1/15/2035

1,503,913

Halliburton

Company

2,200,000

4.850%, 

11/15/2035

2,083,039

MPLX,

LP

1,750,000

4.800%, 

2/15/2029

1,737,603

950,000

5.500%, 

6/1/2034

938,478

National

Fuel

Gas

Company

2,025,000

5.500%, 

1/15/2026

2,034,997

ONEOK,

Inc.

4,600,000

6.350%, 

1/15/2031

4,834,482

Ovintiv,

Inc.

1,150,000

5.650%, 

5/15/2028

1,168,697

Pioneer

Natural

Resources

Company

1,200,000

2.150%, 

1/15/2031

1,026,068

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

1,800,000

3.800%, 

9/15/2030

1,677,002

Schlumberger

Holdings

Corporation

1,750,000

3.900%, 

5/17/2028

c

1,705,012

South

Bow

USA

Infrastructure

Holdings,

LLC

1,825,000

5.026%, 

10/1/2029

c

1,795,670

Targa

Resources

Corporation

1,400,000

6.125%, 

3/15/2033

1,446,592

775,000

5.500%, 

2/15/2035

764,397

TotalEnergies

Capital

SA

3,500,000

5.488%, 

4/5/2054

3,329,091

700,000

5.150%, 

4/5/2034

695,598

TransCanada

PipeLines,

Ltd.

1,250,000

4.625%, 

3/1/2034

1,167,703

Western

Gas

Partners,

LP

3,300,000

4.650%, 

7/1/2026

3,287,737

Williams

Companies,

Inc.

1,300,000

5.300%, 

8/15/2052

1,186,156

1,800,000

7.500%, 

1/15/2031

1,995,589

1,650,000

5.600%, 

3/15/2035

1,656,135

1,730,000

4.850%, 

3/1/2048

1,479,623

Total

70,882,448

Principal

Amount

Long-Term

Fixed

Income  95.3%

Value

Financials  35.5%

ABN

AMRO

Bank

NV

$

1,500,000

4.988%, 

12/3/2028

b,c

$

1,499,585

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

1,200,000

6.950%, 

3/10/2055

b

1,230,167

2,200,000

3.875%, 

1/23/2028

2,140,195

2,900,000

6.150%, 

9/30/2030

3,031,290

3,150,000

5.375%, 

12/15/2031

3,147,023

1,600,000

3.400%, 

10/29/2033

1,365,585

Air

Lease

Corporation

2,900,000

4.650%, 

6/15/2026

b,e

2,829,777

1,200,000

3.625%, 

4/1/2027

1,163,003

1,500,000

3.000%, 

2/1/2030

1,356,938

Aircastle,

Ltd.

1,200,000

2.850%, 

1/26/2028

c

1,121,410

1,650,000

6.500%, 

7/18/2028

c

1,711,530

Allianz

SE

1,000,000

5.600%, 

9/3/2054

b,c

990,258

Ally

Financial,

Inc.

2,580,000

5.750%, 

11/20/2025

2,590,877

1,250,000

8.000%, 

11/1/2031

1,402,453

American

Express

Company

3,600,000

5.085%, 

1/30/2031

b

3,612,690

1,700,000

6.489%, 

10/30/2031

b

1,819,859

2,000,000

5.284%, 

7/26/2035

b

1,977,367

American

Homes

4

Rent,

LP

1,450,000

2.375%, 

7/15/2031

1,223,716

ANZ

Bank

New

Zealand,

Ltd.

1,300,000

5.548%, 

8/11/2032

b,c

1,307,512

1,500,000

5.898%, 

7/10/2034

b,c

1,528,065

Aon

North

America,

Inc.

1,400,000

5.450%, 

3/1/2034

1,405,695

Ares

Capital

Corporation

2,400,000

3.875%, 

1/15/2026

2,374,703

1,200,000

2.875%, 

6/15/2027

1,142,154

2,050,000

5.875%, 

3/1/2029

2,075,526

Ares

Strategic

Income

Fund

1,550,000

5.700%, 

3/15/2028

c

1,551,619

Arthur

J.

Gallagher

&

Company

2,000,000

5.150%, 

2/15/2035

1,946,344

Australia

&

New

Zealand

Banking

Group,

Ltd.

1,800,000

2.950%, 

7/22/2030

b,c

1,781,967

Avolon

Holdings

Funding,

Ltd.

3,600,000

4.375%, 

5/1/2026

c

3,570,787

900,000

4.950%, 

1/15/2028

c

893,284

2,400,000

5.750%, 

11/15/2029

c

2,429,006

Banco

Santander

Mexico

SA

900,000

5.621%, 

12/10/2029

c

900,792

Banco

Santander

SA

3,000,000

5.294%, 

8/18/2027

3,018,758

1,400,000

5.439%, 

7/15/2031

1,409,821

Bank

of

America

Corporation

1,500,000

5.202%, 

4/25/2029

b

1,512,895

3,000,000

5.819%, 

9/15/2029

b

3,083,209

1,175,000

3.974%, 

2/7/2030

b

1,130,658

2,030,000

3.194%, 

7/23/2030

b

1,880,765

3,400,000

5.162%, 

1/24/2031

b

3,410,538

2,750,000

2.572%, 

10/20/2032

b

2,339,496

3,200,000

4.571%, 

4/27/2033

b

3,060,873

1,400,000

5.468%, 

1/23/2035

b

1,403,351

2,600,000

5.511%, 

1/24/2036

b

2,614,412

3,950,000

2.482%, 

9/21/2036

b

3,250,490

Income

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

94

Principal

Amount

Long-Term

Fixed

Income  95.3%

Value

Financials  35.5%

-

continued

$

1,200,000

4.244%, 

4/24/2038

b

$

1,070,855

Bank

of

Montreal

1,900,000

5.004%, 

1/27/2029

b

1,906,362

2,850,000

5.511%, 

6/4/2031

2,897,461

Barclays

plc

2,400,000

6.125%, 

12/15/2025

b,e

2,405,664

2,200,000

5.829%, 

5/9/2027

b

2,225,295

675,000

5.674%, 

3/12/2028

b

685,091

2,100,000

4.837%, 

9/10/2028

b

2,093,047

850,000

9.625%, 

12/15/2029

b,e

946,311

1,900,000

2.645%, 

6/24/2031

b

1,662,173

BBVA

Bancomer

SA/Texas

750,000

5.250%, 

9/10/2029

c

737,985

Berkshire

Hathaway

Finance

Corporation

4,500,000

2.850%, 

10/15/2050

2,812,590

1,050,000

4.250%, 

1/15/2049

865,924

Blackstone

Private

Credit

Fund

1,400,000

7.050%, 

9/29/2025

1,418,341

1,550,000

4.950%, 

9/26/2027

c

1,530,686

Blackstone

Reg

Finance

Company,

LLC

2,900,000

5.000%, 

12/6/2034

2,807,350

Blackstone

Secured

Lending

Fund

1,075,000

5.875%, 

11/15/2027

1,091,076

Blue

Owl

Credit

Income

Corporation

2,000,000

4.700%, 

2/8/2027

1,977,596

900,000

6.600%, 

9/15/2029

c

919,770

Blue

Owl

Technology

Finance

Corporation

1,000,000

3.750%, 

6/17/2026

c

970,461

Blue

Owl

Technology

Finance

Corporation

II

1,900,000

6.750%, 

4/4/2029

1,928,480

BNP

Paribas

SA

1,350,000

8.500%, 

8/14/2028

b,c,d,e

1,419,236

2,000,000

5.786%, 

1/13/2033

b,c

2,020,462

BPCE

SA

1,250,000

6.612%, 

10/19/2027

b,c

1,281,122

2,250,000

5.876%, 

1/14/2031

b,c

2,284,734

1,350,000

6.508%, 

1/18/2035

b,c

1,363,960

Brixmor

Operating

Partnership,

LP

1,000,000

2.250%, 

4/1/2028

918,382

Capital

One

Financial

Corporation

2,625,000

6.183%, 

1/30/2036

b

2,636,474

Centene

Corporation

3,145,000

3.375%, 

2/15/2030

2,818,089

1,750,000

2.500%, 

3/1/2031

1,455,470

1,800,000

2.625%, 

8/1/2031

1,489,461

Charles

Schwab

Corporation

1,450,000

5.375%, 

6/1/2025

b,e

1,443,866

1,700,000

6.196%, 

11/17/2029

b

1,779,460

1,450,000

4.000%, 

12/1/2030

b,e

1,286,913

Citigroup,

Inc.

1,510,000

4.450%, 

9/29/2027

1,493,215

2,000,000

4.075%, 

4/23/2029

b

1,951,535

2,050,000

5.174%, 

2/13/2030

b

2,055,779

4,100,000

3.057%, 

1/25/2033

b

3,543,228

3,400,000

6.020%, 

1/24/2036

b

3,413,423

Citizens

Financial

Group,

Inc.

1,400,000

5.841%, 

1/23/2030

b

1,424,393

1,325,000

5.718%, 

7/23/2032

b

1,337,137

Principal

Amount

Long-Term

Fixed

Income  95.3%

Value

Financials  35.5%

-

continued

Comerica,

Inc.

$

1,150,000

5.625%, 

7/1/2025

b,d,e

$

1,146,135

COPT

Defense

Properties,

LP

1,325,000

2.250%, 

3/15/2026

1,286,503

Corebridge

Financial,

Inc.

1,450,000

6.375%, 

9/15/2054

b

1,433,694

950,000

3.650%, 

4/5/2027

925,945

1,350,000

3.850%, 

4/5/2029

1,287,623

Corebridge

Global

Funding

1,350,000

5.900%, 

9/19/2028

c

1,393,521

1,950,000

5.200%, 

6/24/2029

c

1,963,648

Cousins

Properties,

LP

1,000,000

5.375%, 

2/15/2032

985,598

Credit

Agricole

SA

1,850,000

5.230%, 

1/9/2029

b,c

1,856,191

Credit

Suisse

Group

AG

2,300,000

5.250%, 

N/A

*,f

195,500

2,350,000

7.250%, 

N/A

*,f

199,750

1,300,000

7.500%, 

N/A

*,f

110,500

Deutsche

Bank

AG/New

York,

NY

1,800,000

2.311%, 

11/16/2027

b

1,716,307

3,350,000

5.373%, 

1/10/2029

b

3,359,159

2,450,000

4.999%, 

9/11/2030

b

2,408,071

Discover

Bank

2,510,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

2,543,457

Elevance

Health,

Inc.

1,250,000

5.125%, 

2/15/2053

1,108,661

1,250,000

6.100%, 

10/15/2052

1,267,331

1,500,000

4.750%, 

2/15/2033

1,446,394

EPR

Properties

1,318,000

4.950%, 

4/15/2028

1,300,938

1,700,000

3.750%, 

8/15/2029

1,577,017

Extra

Space

Storage,

LP

1,500,000

5.500%, 

7/1/2030

1,523,676

3,550,000

5.900%, 

1/15/2031

3,672,646

Fairfax

Financial

Holdings,

Ltd.

2,350,000

6.100%, 

3/15/2055

c

2,318,010

Fifth

Third

Bancorp

1,450,000

4.895%, 

9/6/2030

b

1,434,220

Fifth

Third

Bank

NA

2,100,000

4.967%, 

1/28/2028

b

2,111,236

First-Citizens

Bank

&

Trust

Company

3,650,000

6.125%, 

3/9/2028

3,750,247

FS

KKR

Capital

Corporation

3,150,000

4.250%, 

2/14/2025

c

3,149,156

2,000,000

6.875%, 

8/15/2029

2,068,877

Goldman

Sachs

BDC,

Inc.

800,000

6.375%, 

3/11/2027

817,077

Goldman

Sachs

Group,

Inc.

1,800,000

4.950%, 

8/10/2025

b,e

1,805,846

2,750,000

3.814%, 

4/23/2029

b

2,658,078

2,300,000

4.223%, 

5/1/2029

b

2,249,611

4,950,000

5.207%, 

1/28/2031

b

4,960,274

3,800,000

3.102%, 

2/24/2033

b

3,298,602

2,550,000

5.536%, 

1/28/2036

b

2,547,985

Highwoods

Realty,

LP

950,000

4.125%, 

3/15/2028

917,131

1,900,000

4.200%, 

4/15/2029

1,808,698

HSBC

Holdings

plc

2,530,000

4.041%, 

3/13/2028

b

2,486,300

Income

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

95

Principal

Amount

Long-Term

Fixed

Income  95.3%

Value

Financials  35.5%

-

continued

Huntington

Bancshares,

Inc./OH

$

2,750,000

5.709%, 

2/2/2035

b

$

2,752,205

ING

Groep

NV

2,000,000

6.083%, 

9/11/2027

b

2,037,524

Invitation

Homes

Operating

Partnership,

LP

1,000,000

2.300%, 

11/15/2028

906,607

1,250,000

5.450%, 

8/15/2030

1,269,737

1,000,000

2.000%, 

8/15/2031

819,414

J.P.

Morgan

Chase

&

Company

2,300,000

6.875%, 

6/1/2029

b,e

2,400,896

2,650,000

5.299%, 

7/24/2029

b

2,684,156

1,700,000

6.087%, 

10/23/2029

b

1,768,510

2,350,000

6.500%, 

4/1/2030

b,e,g

2,376,059

2,400,000

4.995%, 

7/22/2030

b

2,397,650

1,500,000

4.603%, 

10/22/2030

b

1,473,588

2,550,000

5.140%, 

1/24/2031

b

2,560,153

1,800,000

2.956%, 

5/13/2031

b

1,619,299

800,000

2.580%, 

4/22/2032

b

692,356

2,100,000

2.545%, 

11/8/2032

b

1,786,267

2,700,000

4.586%, 

4/26/2033

b

2,598,796

2,450,000

4.912%, 

7/25/2033

b

2,401,824

2,000,000

5.717%, 

9/14/2033

b

2,037,870

850,000

5.336%, 

1/23/2035

b

847,988

2,900,000

4.946%, 

10/22/2035

b

2,798,013

Jackson

National

Life

Global

Funding

1,375,000

5.550%, 

7/2/2027

c

1,394,009

KeyCorp

1,650,000

6.401%, 

3/6/2035

b

1,726,897

Kilroy

Realty,

LP

1,450,000

4.250%, 

8/15/2029

1,364,918

850,000

6.250%, 

1/15/2036

837,496

Kimco

Realty

OP,

LLC

1,250,000

6.400%, 

3/1/2034

1,329,984

Lincoln

Financial

Global

Funding

1,775,000

5.300%, 

1/13/2030

c

1,792,059

Lloyds

Banking

Group

plc

1,090,000

4.650%, 

3/24/2026

1,085,596

1,500,000

5.985%, 

8/7/2027

b

1,522,195

1,500,000

5.462%, 

1/5/2028

b

1,514,144

1,425,000

5.087%, 

11/26/2028

b

1,428,578

Macquarie

Airfinance

Holdings,

Ltd.

1,450,000

5.150%, 

3/17/2030

c

1,426,365

375,000

6.500%, 

3/26/2031

c

388,687

Marsh

&

McLennan

Companies,

Inc.

750,000

5.400%, 

3/15/2055

713,214

1,000,000

4.850%, 

11/15/2031

986,879

Massachusetts

Mutual

Life

Insurance

Company

3,400,000

3.200%, 

12/1/2061

c

2,001,952

Met

Tower

Global

Funding

1,850,000

5.250%, 

4/12/2029

c

1,882,036

Metropolitan

Life

Global

Funding

I

3,050,000

4.300%, 

8/25/2029

c

2,974,680

Mitsubishi

UFJ

Financial

Group,

Inc.

2,250,000

5.133%, 

7/20/2033

b

2,227,894

Mizuho

Financial

Group,

Inc.

1,400,000

1.979%, 

9/8/2031

b

1,181,142

Morgan

Stanley

1,150,000

5.123%, 

2/1/2029

b

1,156,660

Principal

Amount

Long-Term

Fixed

Income  95.3%

Value

Financials  35.5%

-

continued

$

950,000

5.449%, 

7/20/2029

b

$

964,399

2,350,000

5.656%, 

4/18/2030

b

2,399,467

2,500,000

5.230%, 

1/15/2031

b

2,511,661

2,400,000

3.622%, 

4/1/2031

b

2,240,465

1,900,000

1.794%, 

2/13/2032

b

1,565,182

2,000,000

2.943%, 

1/21/2033

b

1,724,192

950,000

4.889%, 

7/20/2033

b

922,057

2,900,000

6.342%, 

10/18/2033

b

3,080,474

1,100,000

6.627%, 

11/1/2034

b

1,186,743

1,400,000

5.466%, 

1/18/2035

b

1,396,917

1,850,000

5.587%, 

1/18/2036

b

1,866,104

Morgan

Stanley

Direct

Lending

Fund

2,500,000

6.150%, 

5/17/2029

c

2,513,754

Nationwide

Building

Society

2,200,000

6.557%, 

10/18/2027

b,c

2,257,166

Nationwide

Mutual

Insurance

Company

1,775,000

4.350%, 

4/30/2050

c

1,331,215

NatWest

Group

plc

2,900,000

3.032%, 

11/28/2035

b

2,516,336

New

York

Life

Global

Funding

2,350,000

4.550%, 

1/28/2033

c

2,252,889

3,250,000

5.350%, 

1/23/2035

c

3,260,390

NNN

REIT,

Inc.

900,000

5.600%, 

10/15/2033

907,404

Omega

Healthcare

Investors,

Inc.

1,667,000

4.750%, 

1/15/2028

1,655,509

1,875,000

3.625%, 

10/1/2029

1,740,492

PNC

Financial

Services

Group,

Inc.

2,700,000

5.222%, 

1/29/2031

b

2,717,686

3,000,000

5.068%, 

1/24/2034

b

2,935,518

1,900,000

6.875%, 

10/20/2034

b

2,081,833

Prologis,

LP

1,250,000

1.750%, 

2/1/2031

1,041,828

Prudential

Financial,

Inc.

1,500,000

6.500%, 

3/15/2054

b

1,524,107

1,750,000

3.700%, 

10/1/2050

b

1,559,505

Regency

Centers,

LP

1,750,000

3.700%, 

6/15/2030

1,640,859

1,000,000

5.250%, 

1/15/2034

988,525

1,800,000

5.100%, 

1/15/2035

1,754,699

Regions

Financial

Corporation

1,600,000

5.722%, 

6/6/2030

b

1,627,101

1,350,000

5.502%, 

9/6/2035

b

1,324,724

RGA

Global

Funding

3,500,000

6.000%, 

11/21/2028

c

3,616,697

900,000

5.500%, 

1/11/2031

c

910,681

Santander

Holdings

USA,

Inc.

975,000

6.124%, 

5/31/2027

b

988,861

Simon

Property

Group,

LP

1,150,000

6.650%, 

1/15/2054

1,277,859

Societe

Generale

SA

2,950,000

10.000%, 

11/14/2028

b,c,e

3,212,972

4,700,000

6.100%, 

4/13/2033

b,c

4,741,496

Standard

Chartered

plc

950,000

5.688%, 

5/14/2028

b,c

962,512

Sumitomo

Mitsui

Financial

Group,

Inc.

2,900,000

5.808%, 

9/14/2033

d

3,003,920

Toronto-Dominion

Bank

1,750,000

5.146%, 

9/10/2034

b

1,711,799

Income

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

96

Principal

Amount

Long-Term

Fixed

Income  95.3%

Value

Financials  35.5%

-

continued

Truist

Financial

Corporation

$

1,100,000

6.047%, 

6/8/2027

b

$

1,117,061

1,150,000

5.435%, 

1/24/2030

b

1,162,991

U.S.

Bancorp

2,150,000

5.775%, 

6/12/2029

b

2,205,458

900,000

5.384%, 

1/23/2030

b

911,649

900,000

5.678%, 

1/23/2035

b

908,828

UBS

Group

AG

2,400,000

4.875%, 

2/12/2027

b,c,e

2,330,063

4,900,000

3.869%, 

1/12/2029

b,c

4,748,839

250,000

3.091%, 

5/14/2032

b,c

220,014

4,250,000

6.537%, 

8/12/2033

b,c

4,521,075

1,350,000

9.250%, 

11/13/2033

b,c,e

1,559,266

UnitedHealth

Group,

Inc.

1,300,000

5.875%, 

2/15/2053

1,304,145

2,150,000

4.950%, 

5/15/2062

1,846,998

760,000

4.750%, 

7/15/2045

670,729

1,775,000

4.450%, 

12/15/2048

1,471,537

Ventas

Realty,

LP

3,200,000

5.000%, 

1/15/2035

3,061,932

Voya

Financial,

Inc.

1,000,000

5.000%, 

9/20/2034

952,139

Wells

Fargo

&

Company

3,050,000

3.526%, 

3/24/2028

b

2,965,729

1,500,000

6.303%, 

10/23/2029

b

1,566,004

2,150,000

5.198%, 

1/23/2030

b

2,162,811

2,550,000

5.244%, 

1/24/2031

b

2,562,964

2,750,000

4.478%, 

4/4/2031

b

2,671,184

2,700,000

4.897%, 

7/25/2033

b

2,617,119

1,900,000

6.491%, 

10/23/2034

b

2,025,521

Westpac

Banking

Corporation

1,600,000

2.894%, 

2/4/2030

b

1,599,930

Zions

Bancorp

NA

2,125,000

6.816%, 

11/19/2035

b

2,184,430

Total

423,123,624

Foreign

Government  0.6%

Dominican

Republic

Government

International

Bond

2,300,000

6.000%, 

7/19/2028

c

2,290,340

1,875,000

6.000%, 

2/22/2033

c

1,822,125

Petroleos

Mexicanos

3,000,000

5.950%, 

1/28/2031

2,512,017

Total

6,624,482

Mortgage-Backed

Securities  0.6%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

7,065,129

5.500%, 

7/1/2053

7,029,869

Total

7,029,869

Technology  6.2%

Accenture

Capital,

Inc.

850,000

4.250%, 

10/4/2031

820,287

725,000

4.500%, 

10/4/2034

689,878

Apple,

Inc.

1,850,000

2.700%, 

8/5/2051

1,148,772

1,750,000

3.950%, 

8/8/2052

1,393,101

1,080,000

3.750%, 

9/12/2047

849,634

Broadcom,

Inc.

1,000,000

5.150%, 

11/15/2031

1,002,582

1,743,000

3.469%, 

4/15/2034

c

1,506,154

Principal

Amount

Long-Term

Fixed

Income  95.3%

Value

Technology  6.2%

-

continued

$

2,400,000

3.137%, 

11/15/2035

c

$

1,950,700

3,950,000

3.187%, 

11/15/2036

c

3,168,206

1,800,000

4.926%, 

5/15/2037

c

1,701,395

Cisco

Systems,

Inc.

1,150,000

4.950%, 

2/26/2031

1,156,292

1,400,000

5.050%, 

2/26/2034

1,394,565

Dell

International,

LLC/EMC

Corporation

2,425,000

4.850%, 

2/1/2035

2,293,738

274,000

8.350%, 

7/15/2046

346,876

Equinix

Europe

2

Financing

Corporation,

LLC

2,700,000

5.500%, 

6/15/2034

2,705,186

Equinix,

Inc.

1,800,000

2.000%, 

5/15/2028

1,646,397

Fiserv,

Inc.

2,000,000

2.650%, 

6/1/2030

1,775,179

2,500,000

5.600%, 

3/2/2033

2,532,888

2,800,000

5.150%, 

8/12/2034

2,738,784

Foundry

JV

Holdco,

LLC

1,500,000

6.150%, 

1/25/2032

c

1,531,842

Global

Payments,

Inc.

900,000

5.300%, 

8/15/2029

903,654

1,300,000

5.400%, 

8/15/2032

1,301,404

Hewlett

Packard

Enterprise

Company

1,975,000

5.000%, 

10/15/2034

1,926,410

Marvell

Technology,

Inc.

1,100,000

4.875%, 

6/22/2028

1,097,337

1,400,000

2.950%, 

4/15/2031

1,233,140

Mastercard,

Inc.

1,250,000

4.850%, 

3/9/2033

1,239,915

2,450,000

4.550%, 

1/15/2035

2,341,397

Microchip

Technology,

Inc.

900,000

5.050%, 

3/15/2029

898,495

Micron

Technology,

Inc.

2,500,000

5.800%, 

1/15/2035

2,519,284

Microsoft

Corporation

1,600,000

2.500%, 

9/15/2050

966,626

NXP

BV/NXP

Funding,

LLC

1,200,000

5.550%, 

12/1/2028

1,221,713

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

1,100,000

3.150%, 

5/1/2027

1,062,222

1,100,000

4.300%, 

6/18/2029

1,069,389

800,000

3.250%, 

5/11/2041

583,557

Oracle

Corporation

2,700,000

5.550%, 

2/6/2053

2,532,695

2,400,000

3.950%, 

3/25/2051

1,767,878

3,300,000

6.150%, 

11/9/2029

3,459,476

1,450,000

5.250%, 

2/3/2032

1,446,679

2,700,000

6.250%, 

11/9/2032

2,853,253

1,800,000

4.300%, 

7/8/2034

1,650,970

2,350,000

4.000%, 

7/15/2046

1,803,223

PayPal

Holdings,

Inc.

2,300,000

5.150%, 

6/1/2034

2,278,299

Roper

Technologies,

Inc.

2,300,000

4.900%, 

10/15/2034

2,215,750

Texas

Instruments,

Inc.

2,100,000

5.000%, 

3/14/2053

1,920,134

Income

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

97

Principal

Amount

Long-Term

Fixed

Income  95.3%

Value

Technology  6.2%

-

continued

VMware,

LLC

$

1,900,000

2.200%, 

8/15/2031

$

1,584,818

Total

74,230,174

Transportation  2.0%

Air

Canada

1,400,000

3.875%, 

8/15/2026

c

1,364,625

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

533,334

5.500%, 

4/20/2026

c

533,029

900,000

5.750%, 

4/20/2029

c

897,800

Burlington

Northern

Santa

Fe,

LLC

1,500,000

4.700%, 

9/1/2045

1,335,914

1,800,000

4.050%, 

6/15/2048

1,438,199

Canadian

Pacific

Railway

Company

3,080,000

4.700%, 

5/1/2048

2,682,763

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

2,900,000

4.750%, 

10/20/2028

c

2,881,753

ERAC

USA

Finance,

LLC

2,440,000

4.200%, 

11/1/2046

c

1,983,722

FedEx

Corporation

1,500,000

3.250%, 

5/15/2041

1,077,500

Mileage

Plus

Holdings,

LLC

1,750,000

6.500%, 

6/20/2027

c

1,765,437

Norfolk

Southern

Corporation

4,000,000

4.450%, 

3/1/2033

3,819,718

Southwest

Airlines

Company

1,375,000

2.625%, 

2/10/2030

1,218,203

United

Airlines

Pass

Through

Trust

454,191

3.750%, 

9/3/2026

445,668

United

Airlines,

Inc.

2,100,000

4.375%, 

4/15/2026

c

2,069,633

225,000

4.625%, 

4/15/2029

c

216,005

Total

23,729,969

U.S.

Government

&

Agencies  6.6%

U.S.

Treasury

Bonds

26,250,000

4.250%, 

8/15/2054

23,932,617

17,500,000

4.500%, 

11/15/2054

16,668,750

4,500,000

4.375%, 

8/15/2043

4,247,226

U.S.

Treasury

Notes

12,600,000

4.500%, 

12/31/2031

12,641,344

1,550,000

4.000%, 

2/15/2034

1,489,211

20,350,000

3.875%, 

8/15/2034

19,303,883

Total

78,283,031

Utilities  7.5%

AES

Corporation

1,200,000

7.600%, 

1/15/2055

b

1,221,673

American

Electric

Power

Company,

Inc.

1,925,000

7.050%, 

12/15/2054

b

1,973,448

1,250,000

5.625%, 

3/1/2033

1,263,707

American

Water

Capital

Corporation

1,800,000

3.450%, 

5/1/2050

1,250,668

Arizona

Public

Service

Company

1,950,000

5.550%, 

8/1/2033

1,954,230

Berkshire

Hathaway

Energy

Company

1,425,000

4.450%, 

1/15/2049

1,169,330

Principal

Amount

Long-Term

Fixed

Income  95.3%

Value

Utilities  7.5%

-

continued

CenterPoint

Energy,

Inc.

$

1,225,000

7.000%, 

2/15/2055

b

$

1,249,504

2,250,000

6.700%, 

5/15/2055

b

2,237,543

1,750,000

2.950%, 

3/1/2030

1,581,252

1,850,000

2.650%, 

6/1/2031

1,597,057

Commonwealth

Edison

Company

950,000

5.650%, 

6/1/2054

931,470

Consolidated

Edison

Company

of

New

York,

Inc.

1,583,000

3.850%, 

6/15/2046

1,212,367

2,250,000

4.125%, 

5/15/2049

1,764,705

Constellation

Energy

Generation,

LLC

1,900,000

5.800%, 

3/1/2033

1,937,387

Consumers

Energy

Company

1,150,000

4.600%, 

5/30/2029

1,142,620

Dominion

Energy,

Inc.

1,450,000

6.875%, 

2/1/2055

b

1,511,538

1,000,000

4.350%, 

1/15/2027

b,e

970,656

DTE

Energy

Company

1,850,000

5.100%, 

3/1/2029

1,856,099

1,450,000

5.850%, 

6/1/2034

1,482,329

Duke

Energy

Corporation

2,300,000

3.250%, 

1/15/2082

b

2,171,816

1,500,000

3.500%, 

6/15/2051

1,008,915

3,000,000

5.000%, 

8/15/2052

2,598,369

1,500,000

6.450%, 

9/1/2054

b

1,504,606

1,800,000

3.750%, 

9/1/2046

1,322,082

Essential

Utilities,

Inc.

1,500,000

4.800%, 

8/15/2027

1,500,104

Eversource

Energy

1,600,000

5.450%, 

3/1/2028

1,623,253

Exelon

Corporation

1,200,000

4.100%, 

3/15/2052

909,817

FirstEnergy

Corporation

2,520,000

3.900%, 

7/15/2027

2,461,693

2,200,000

4.850%, 

7/15/2047

1,870,284

FirstEnergy

Transmission,

LLC

2,700,000

2.866%, 

9/15/2028

c

2,518,826

1,850,000

5.450%, 

7/15/2044

c

1,766,077

Georgia

Power

Company

700,000

5.250%, 

3/15/2034

696,686

Indiana

Michigan

Power

Company

1,000,000

5.625%, 

4/1/2053

965,659

National

Rural

Utilities

Cooperative

Finance

Corporation

1,400,000

4.400%, 

11/1/2048

1,140,292

Nevada

Power

Company

675,000

6.000%, 

3/15/2054

688,179

NextEra

Energy

Capital

Holdings,

Inc.

1,950,000

6.750%, 

6/15/2054

b

1,994,751

1,850,000

5.300%, 

3/15/2032

1,846,473

NiSource,

Inc.

950,000

5.200%, 

7/1/2029

958,507

1,400,000

3.600%, 

5/1/2030

1,311,110

1,080,000

4.375%, 

5/15/2047

881,562

Oncor

Electric

Delivery

Company,

LLC

1,510,000

3.750%, 

4/1/2045

1,155,712

Pacific

Gas

and

Electric

Company

1,000,000

5.900%, 

10/1/2054

930,230

1,100,000

3.300%, 

12/1/2027

1,039,946

Income

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

98

Principal

Amount

Long-Term

Fixed

Income  95.3%

Value

Utilities  7.5%

-

continued

$

3,200,000

4.550%, 

7/1/2030

$

3,028,941

1,650,000

5.800%, 

5/15/2034

1,637,101

PG&E

Corporation

1,350,000

7.375%, 

3/15/2055

b

1,311,659

PPL

Electric

Utilities

Corporation

1,150,000

4.850%, 

2/15/2034

1,122,829

Public

Service

Company

of

Colorado

1,200,000

4.500%, 

6/1/2052

994,868

Public

Service

Enterprise

Group,

Inc.

1,750,000

5.200%, 

4/1/2029

1,764,684

San

Diego

Gas

&

Electric

Company

1,800,000

4.150%, 

5/15/2048

1,414,060

Sempra

1,800,000

3.250%, 

6/15/2027

1,735,496

Southern

California

Edison

Company

1,600,000

5.450%, 

3/1/2035

1,550,438

Southern

Company

2,000,000

5.700%, 

10/15/2032

2,052,021

1,300,000

4.000%, 

1/15/2051

b

1,280,333

1,350,000

3.750%, 

9/15/2051

b

1,310,785

Southern

Company

Gas

Capital

Corporation

2,450,000

4.950%, 

9/15/2034

2,356,128

Virginia

Electric

and

Power

Company

1,000,000

5.550%, 

8/15/2054

955,640

1,800,000

5.000%, 

1/15/2034

1,751,190

Vistra

Operations

Company,

LLC

1,550,000

5.050%, 

12/30/2026

c

1,551,369

Total

88,990,074

Total

Long-Term

Fixed

Income

(cost

$1,184,259,248)

1,135,859,658

Shares

Collateral

Held

for

Securities

Loaned

1

.8

%

Value

22,042,941

Thrivent

Cash

Management

Trust

22,042,941

Total

Collateral

Held

for

Securities

Loaned

(cost

$22,042,941)

22,042,941

Shares

Registered

Investment

Companies  

1

.1

%

Value

U.S.

Unaffiliated  

1.1%  

150,000

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

7,780,500

60,000

Vanguard

Intermediate-Term

Corporate

Bond

ETF

d

4,848,000

Total

12,628,500

Total

Registered

Investment

Companies

(cost

$12,549,000)

12,628,500

Shares

Preferred

Stock

0

.4

%

Value

Capital

Goods  0.4%

80,000

Boeing

Company,

Convertible,

6.000%

$

4,799,200

Total

4,799,200

Total

Preferred

Stock

(cost

$4,234,138)

4,799,200

Shares

or

Principal

Amount

Short-Term

Investments

1

.1

%

Value

Federal

Home

Loan

Bank

Discount

Notes

5,000,000

4.230%,

2/5/2025

h

4,997,080

5,000,000

4.230%,

2/10/2025

h

4,994,160

600,000

4.230%,

2/26/2025

h,i

598,178

1,000,000

4.230%,

3/7/2025

h

995,916

Thrivent

Core

Short-Term

Reserve

Fund

108,729

4.630%

1,087,291

Total

Short-Term

Investments

(cost

$12,673,896)

12,672,625

Total

Investments

(cost

$1,235,759,223)

99.7%

$

1,188,002,924

Other

Assets

and

Liabilities,

Net

0.3%

3,683,141

Total

Net

Assets

100.0%

$

1,191,686,065

a

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

January

31,

2025,

the

value

of

these

investments

was

$209,123,365

or

17.5%

of

total

net

assets.

d

All

or

a

portion

of

the

security

is

on

loan.

e

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.

f

Defaulted

security.  Interest

is

not

being

accrued.

g

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

h

The

interest

rate

shown

reflects

the

yield.

i

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Income

Fund

as

of

January

31,

2025

was

$505,750

or

0.04%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

January

31,

2025.

Income

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

99

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

8/4/2020

$

2,300,000

Credit

Suisse

Group

AG 

5/17/2021

2,600,260

Credit

Suisse

Group

AG 

7/9/2018

1,300,000

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Income

Fund

as

of

January

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

16,518,156

Common

Stock

4,799,520

Total

lending

$21,317,676

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$22,042,941

Net

amounts

due

to

counterparty

$725,265

Definitions:

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

Reference

Rate

Index:

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Income

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

100

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Income

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

94,827

–

94,827

–

Basic

Materials

21,532,891

–

21,532,891

–

Capital

Goods

57,617,915

–

57,617,915

–

Collateralized

Mortgage

Obligations

9,485,581

–

9,485,581

–

Commercial

Mortgage-Backed

Securities

11,860,763

–

11,860,763

–

Communications

Services

85,449,169

–

85,449,169

–

Consumer

Cyclical

73,975,615

–

73,975,615

–

Consumer

Non-Cyclical

102,949,226

–

102,949,226

–

Energy

70,882,448

–

70,882,448

–

Financials

423,123,624

–

423,123,624

–

Foreign

Government

6,624,482

–

6,624,482

–

Mortgage-Backed

Securities

7,029,869

–

7,029,869

–

Technology

74,230,174

–

74,230,174

–

Transportation

23,729,969

–

23,729,969

–

U.S.

Government

&

Agencies

78,283,031

–

78,283,031

–

Utilities

88,990,074

–

88,990,074

–

Registered

Investment

Companies

U.S.

Unaffiliated

12,628,500

12,628,500

–

–

Preferred

Stock

Capital

Goods

4,799,200

4,799,200

–

–

Short-Term

Investments

11,585,334

–

11,585,334

–

Subtotal

Investments

in

Securities

$

1,164,872,692

$

17,427,700

$

1,147,444,992

$

–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,087,291

Collateral

Held

for

Securities

Loaned

22,042,941

Subtotal

Other

Investments

$

23,130,232

Total

Investments

at

Value

$

1,188,002,924

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Income

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

308,845

308,845

–

–

Total

Liability

Derivatives

$

308,845

$

308,845

$

–

$

–

The

following

table

presents

Income

Fund's

futures

contracts

held

as

of

January

31,

2025.

Investments

and/or

cash

totaling

$598,178

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

40

March

2025

$

4,659,171

(

$

102,921

)

Ultra

10-Yr.

U.S.

Treasury

Note

135

March

2025

15,241,549

(

205,924

)

Total

Futures

Long

Contracts

$

19,900,720

(

$

308,845

)

Total

Futures

Contracts

$

19,900,720

(

$

308,845

)

Income

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

101

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Income

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$

25,282

$

128,353

$

152,548

$

1,087

109

0.1%

Total

Affiliated

Short-Term

Investments

25,282

1,087

0.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

16,431

36,223

30,611

22,043

22,043

1.8

Total

Collateral

Held

for

Securities

Loaned

16,431

22,043

1.8

Total

Value

$

41,713

$

23,130

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$–

$–

$

–

$229

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$229

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

23

Total

Affiliated

Income

from

Securities

Loaned,

Net

$23

Total

$–

$–

$

–

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

102

Shares

Common

Stock

88.3%

Value

Australia  6.1%  

26,791

AGL

Energy,

Ltd.

$

190,572

14,287

Amotiv,

Ltd.

95,091

148,869

AMP,

Ltd.

164,025

6,522

Ampol,

Ltd.

117,031

2,645

Ansell,

Ltd.

57,508

288,091

APA

Group

1,214,950

16,231

Arena

REIT

38,854

45,309

Aristocrat

Leisure,

Ltd.

2,106,856

28,147

Aurizon

Holdings,

Ltd.

56,965

124,855

Australia

and

New

Zealand

Banking

Group,

Ltd.

2,357,714

190,616

BHP

Group,

Ltd.

4,681,478

11,127

BlueScope

Steel,

Ltd.

145,300

126,232

Brambles,

Ltd.

1,542,620

11,458

Breville

Group,

Ltd.

269,905

32,541

BWP

Trust

68,293

1,238

CAR

Group,

Ltd.

30,850

25,211

Centuria

Capital

Group

27,707

35,290

Challenger,

Ltd.

137,068

9,052

Charter

Hall

Retail

REIT

18,179

2,710

Cochlear,

Ltd.

533,387

58,979

Coles

Group,

Ltd.

710,933

17,064

Collins

Foods,

Ltd.

79,313

53,143

Commonwealth

Bank

of

Australia

5,244,280

12,871

Computershare,

Ltd.

279,791

18,655

CSL,

Ltd.

3,220,658

62,251

Deterra

Royalties,

Ltd.

155,675

19,719

Dexus

Industria

REIT

33,262

5,571

Downer

EDI,

Ltd.

19,607

66,655

Evolution

Mining,

Ltd.

231,633

10,542

FleetPartners

Group,

Ltd.

a

18,322

24,063

Fortescue,

Ltd.

281,811

10,468

Goodman

Group

233,438

10,539

Growthpoint

Properties

Australia,

Ltd.

15,690

9,605

Helia

Group,

Ltd.

28,691

7,709

HUB24,

Ltd.

381,652

227,752

Incitec

Pivot,

Ltd.

420,713

45,493

Independence

Group

NL

136,796

29,854

Inghams

Group,

Ltd.

59,412

274,500

Insurance

Australia

Group,

Ltd.

1,556,763

11,739

IRESS,

Ltd.

a

67,956

19,710

JB

Hi-Fi,

Ltd.

1,229,736

14,306

Jumbo

Interactive,

Ltd.

116,354

77,196

Lottery

Corporation,

Ltd.

239,990

4,833

Macquarie

Group,

Ltd.

714,959

612

Mineral

Resources,

Ltd.

13,056

74,232

Myer Holdings, Ltd.

41,885

89,179

National

Australia

Bank,

Ltd.

2,197,522

19,854

Netwealth

Group,

Ltd.

383,791

39,322

New

Hope

Corporation,

Ltd.

117,234

90,245

Nickel

Industries,

Ltd.

42,078

74,704

Northern

Star

Resources,

Ltd.

790,648

33,419

NRW

Holdings,

Ltd.

70,374

1,413

Orica,

Ltd.

15,317

184,546

Origin

Energy,

Ltd.

1,190,209

209,802

Perenti,

Ltd.

181,544

240,171

Perseus

Mining,

Ltd.

419,079

12,344

Pinnacle

Investment

Management

Group,

Ltd.

193,541

10,310

Premier

Investments,

Ltd.

151,018

8,619

Pro

Medicus,

Ltd.

1,475,023

56,839

QBE

Insurance

Group,

Ltd.

733,665

53,878

Regis

Resources,

Ltd.

a

100,397

Shares

Common

Stock  88.3%

Value

Australia  6.1%  -

continued

79,759

Reliance

Worldwide

Corporation,

Ltd.

$

265,569

121,817

Resolute

Mining,

Ltd.

a

30,786

27,689

Rio

Tinto,

Ltd.

1,994,192

43,261

Stanmore

Resources,

Ltd.

69,747

48,779

Steadfast

Group,

Ltd.

175,236

23,203

Super

Retail

Group,

Ltd.

223,540

91,710

Technology

One,

Ltd.

1,743,707

517,938

Telstra

Corporation,

Ltd.

1,264,492

103,501

Ventia

Services

Group,

Pty.

Ltd.

243,310

57,367

Viva

Energy

Group,

Ltd.

b

91,404

67,630

Waypoint

REIT,

Ltd.

101,364

14,811

Wesfarmers,

Ltd.

697,665

135,568

Westpac

Banking

Corporation

2,812,884

9,469

Whitehaven

Coal,

Ltd.

35,582

1,452

Wisetech

Global,

Ltd.

109,921

11,042

Woodside

Energy

Group,

Ltd.

168,289

9,887

Worley,

Ltd.

87,852

15,267

Zip

Company,

Ltd.

a

22,667

Total

47,586,376

Austria  <0.1%  

11,712

ams

OSRAM

AG

a

86,927

Total

86,927

Belgium  0.1%  

4,055

Bekaert

SA

141,559

6,580

Groupe

Bruxelles

Lambert

SA

456,783

973

Melexis

NV

58,643

132

Titan

Cement

International

SA

6,245

Total

663,230

Bermuda  0.3%  

134,000

Cafe

de

Coral

Holdings,

Ltd.

130,446

58,500

Hongkong

Land

Holdings,

Ltd.

254,558

37,000

Jardine

Matheson

Holdings,

Ltd.

1,490,381

10,047

Odfjell

Drilling,

Ltd.

55,044

258,000

Yue

Yuen

Industrial

Holdings,

Ltd.

549,841

Total

2,480,270

Brazil  0.4%  

5,374

Banco

Bradesco

SA

ADR

11,339

82,200

Banco

do

Brasil

SA

389,617

85,664

Companhia

Energetica

de

Minas

Gerais

ADR

160,192

931

Companhia

Paranaense

de

Energia

-

COPEL

ADR

5,474

63,600

Cury

Construtora

e

Incorporadora

SA

235,396

16,100

Direcional

Engenharia

SA

79,342

2,431

Embraer

SA

ADR

a

99,598

81,562

Gerdau

SA

ADR

237,345

76,752

Itau

Unibanco

Holding

SA

ADR

445,162

25,800

JBS

SA

157,783

69,500

Klabin

SA

269,126

44,600

Magazine

Luiza

SA

a

56,933

7,420

Petroleo

Brasileiro

SA

ADR

105,438

38,000

Telefonica

Brasil

SA

336,821

50,457

Vale

SA

ADR

468,746

1,000

WEG

SA

9,481

Total

3,067,793

Cayman

Islands  1.5%  

141,000

3SBio,

Inc.

b

108,755

36,000

AAC

Technologies

Holdings,

Inc.

187,575

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

103

Shares

Common

Stock  88.3%

Value

Cayman

Islands  1.5%  -

continued

141,288

Alibaba

Group

Holding,

Ltd.

$

1,733,107

7,700

ASMPT,

Ltd.

71,104

186,000

China

Feihe,

Ltd.

b

128,027

161,000

China

Mengniu

Dairy

Company,

Ltd.

322,740

108,000

China

Resources

Land,

Ltd.

328,752

92,000

Consun

Pharmaceutical

Group,

Ltd.

93,065

51,000

Country

Garden

Services

Holdings

Company,

Ltd.

33,253

191,000

Geely

Automobile

Holdings,

Ltd.

353,617

255,000

Greentown

China

Holdings,

Ltd.

282,686

34,449

JD.com,

Inc.

700,721

6,199

JOYY,

Inc.

ADR

a

268,727

108,500

Kingboard

Holdings,

Ltd.

276,483

38,000

Li

Ning

Company,

Ltd.

78,581

185,500

Longfor

Group

Holdings,

Ltd.

b

235,787

33,029

Meituan

a,b

628,626

13,000

NetDragon

Websoft

Holdings,

Ltd.

16,939

17,536

NU

Holdings,

Ltd./Cayman

Islands

a

232,177

3,742

PDD

Holdings,

Inc.

ADR

a

418,767

62,000

Seazen

Group,

Ltd.

a

13,778

673,000

Shui

On

Land,

Ltd.

56,277

35,500

Stella

International

Holdings,

Ltd.

80,277

75,490

Tencent

Holdings,

Ltd.

3,971,923

70,000

VSTECS

Holdings,

Ltd.

42,403

176,500

WH

Group,

Ltd.

b

137,687

147,600

Xiaomi

Corporation

a,b

739,780

201,000

Zhongsheng

Group

Holdings,

Ltd.

317,879

Total

11,859,493

Chile  0.1%  

3,261

Banco

de

Chile

ADR

80,677

2,480

Banco

de

Credito

e

Inversiones

SA

75,772

32,305

Cencosud

SA

82,335

508,569

Colbun

SA

68,438

6,705,820

Latam

Airlines

Group

SA

101,495

14,581

S.A.C.I.

Falabella

55,221

Total

463,938

China  1.1%  

106,000

Aluminum

Corporation

of

China,

Ltd.,

Class

H

68,228

392,000

BAIC

Motor

Corporation,

Ltd.

b

110,510

172,600

BOE

Technology

Group

Company,

Ltd.

106,219

2,900

BYD

Company,

Ltd.,

Class

A

110,092

63,000

China

Construction

Bank

Corporation,

Class

H

51,264

68,000

China

Life

Insurance

Company,

Ltd.

126,235

149,300

China

Southern

Airlines

Company,

Ltd.

a

127,248

3,260,000

China

Tower

Corporation,

Ltd.

b

469,579

1,315,900

China

United

Network

Communications,

Ltd.

887,740

18,500

CITIC

Securities

Company,

Ltd.,

Class

H

50,404

499,000

CRRC

Corporation,

Ltd.

315,938

99,600

Haier

Smart

Home

Company,

Ltd.,

Class

H

329,433

37,000

Huatai

Securities

Company,

Ltd.

b

63,717

26,700

Huatai

Securities

Company,

Ltd.,

Class

A

62,725

249,700

Huaxia

Bank

Company,

Ltd.

261,683

Shares

Common

Stock  88.3%

Value

China  1.1%  -

continued

27,900

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

A

$

26,228

81,400

Inner

Mongolia

Yili

Industrial

Group

Company,

Ltd.

313,624

77,000

Jiangxi

Copper

Company,

Ltd.,

Class

H

122,211

118,000

Lenovo

Group,

Ltd.

142,314

90,400

Midea

Group

Company,

Ltd.

922,380

41,900

New

China

Life

Insurance

Company,

Ltd.

131,131

314,000

People's

Insurance

Company

(Group)

of

China,

Ltd.,

Class

H

160,699

133,100

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

A

937,132

166,000

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

934,693

282,800

SAIC

Motor

Corporation,

Ltd.

669,484

86,000

Shanghai

Pharmaceuticals

Holding

Company,

Ltd.,

Class

H

136,637

135,200

Shenwan

Hongyuan

Group

Company,

Ltd.

93,614

215,600

Sinopharm

Group

Company,

Ltd.

570,206

87,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

54,617

36,600

Universal

Scientific

Industrial

Shanghai

Company,

Ltd.

78,946

21,000

Xinhua

Winshare

Publishing

and

Media

Company,

Ltd.

29,210

34,600

ZTE

Corporation

120,962

Total

8,585,103

Colombia  0.1%  

1,198

Bancolombia

SA

12,450

11,056

Bancolombia

SA

ADR

437,265

Total

449,715

Cyprus  <0.1%  

9,845

Ros

Agro

plc

GDR

a,c

0

Total

0

Czech

Republic  <0.1%  

39

Philip

Morris

CR

27,564

Total

27,564

Denmark  1.9%  

90

A.P.

Moller

-

Maersk

AS,

Class

A

130,243

440

A.P.

Moller

-

Maersk

AS,

Class

B

649,827

10,115

ALK-Abello

AS

a

227,769

445

Bavarian

Nordic

AS

a

12,221

1,639

ChemoMetec

AS

126,951

2,098

DFDS

AS

31,182

6,043

H

Lundbeck

AS,

Class

A

30,201

45,361

H

Lundbeck

AS,

Class

B

277,969

3,971

NKT

AS

a

265,461

108,294

Novo

Nordisk

AS

9,142,685

15,475

Pandora

AS

2,960,652

3,209

Per

Aarsleff

Holding

AS

206,772

216

Ringkjoebing

Landbobank

AS

35,231

781

Royal

Unibrew

AS

53,988

9,863

Scandinavian

Tobacco

Group

AS

b

141,775

6,549

Sydbank

AS

347,967

Total

14,640,894

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

104

Shares

Common

Stock  88.3%

Value

Egypt  <0.1%  

8,510

Commercial

International

Bank

Egypt

SAE

GDR

$

12,510

Total

12,510

Finland  0.5%  

158,756

Fortum

Oyj

2,306,641

3,535

Huhtamaki

Oyj

130,520

4,179

Kalmar

Oyj

a

140,493

8,424

Kemira

Oyj

185,967

19,767

Kojamo

Oyj

a

205,364

891

Konecranes

Oyj

53,602

73,127

Nordea

Bank

Abp

869,775

1,147

Puuilo

Oyj

12,173

Total

3,904,535

France  7.0%  

28,580

Air

Liquide

SA

4,992,397

6,109

Alstom

SA

a

120,915

86,334

BNP

Paribas

SA

5,897,439

42,292

Compagnie

de

Saint-Gobain

SA

3,965,859

77,405

Compagnie

Generale

des

Etablissements

Michelin

SCA

2,691,911

470,959

Credit

Agricole

SA

7,089,989

42,615

Danone

SA

2,984,961

381,290

Engie

SA

6,294,281

16,700

FORVIA

SE

175,272

15,085

Groupe

Eurotunnel

SA

241,319

1,063

Hermes

International

SCA

2,989,852

3,698

ICADE

86,951

10,966

Ipsos

SA

518,898

1,928

La

Francaise

des

Jeux

SACA

b

73,260

56,193

Legrand

SA

5,729,025

4,106

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,003,142

28,772

Schneider

Electric

SE

7,297,280

1,119

Sopra

Steria

Group

208,035

5,462

Technip

Energies

NV

154,739

13,800

Valeo

SE

153,826

2,701

Wendel

SA

266,922

Total

54,936,273

Germany  6.1%  

27,575

Adidas

AG

7,270,407

33,068

Allianz

SE

10,782,340

1,803

Dermapharm

Holding

SE

74,155

71,862

Deutsche

Bank

AG

1,406,541

40,188

Deutsche

Boerse

AG

9,927,942

56,342

Deutsche

Telekom

AG

1,890,212

868

Eckert

&

Ziegler

SE

49,026

1,259

Freenet

AG

38,843

16,046

Fresenius

Medical

Care

AG

797,080

627

Gerresheimer

AG

43,915

17,581

Heidelberg

Materials

AG

2,473,925

555

Hornbach

Holding

AG

&

Company

KGaA

42,565

1,452

Jenoptik

AG

32,564

2,012

Jungheinrich

AG

52,000

1,670

LEG

Immobilien

SE

137,621

7,546

SAF-Holland

SE

129,415

30,418

SAP

SE

8,382,403

3,084

Scout24

SE

b

299,894

4,331

Siemens

AG

928,461

32,873

Siemens

Energy

AG

a

1,955,851

869

Siltronic

AG

39,736

1,313

Stabilus

SE

43,377

Shares

Common

Stock  88.3%

Value

Germany  6.1%  -

continued

1,076

SUSS

MicroTec

SE

$

48,051

19,171

TAG

Immobilien

AG

a

284,909

11,606

TUI

AG

a

98,179

20,486

Vonovia

SE

626,731

Total

47,856,143

Greece  <0.1%  

63,635

Eurobank

Ergasias

Services

and

Holdings

SA

159,261

1,297

Hellenic

Telecommunications

Organization

SA

19,612

9,945

HELLENiQ

ENERGY

Holdings

SA

77,272

2,429

OPAP

SA

41,668

Total

297,813

Hong

Kong  1.1%  

67,000

China

Overseas

Grand

Oceans

Group,

Ltd.

15,018

44,000

China

Overseas

Land

&

Investment,

Ltd.

70,128

53,500

China

Resources

Pharmaceutical

Group,

Ltd.

b

35,996

579,500

CK

Hutchison

Holdings,

Ltd.

2,918,185

320,000

Henderson

Land

Development

Company,

Ltd.

887,512

99,000

HKT

Trust

and

HKT,

Ltd.

121,719

176,000

Link

REIT

727,191

153,500

Sun

Hung

Kai

Properties,

Ltd.

1,372,190

114,500

Techtronic

Industries

Company,

Ltd.

1,539,922

180,000

United

Laboratories

International

Holdings,

Ltd.

267,584

20,900

VTech

Holdings,

Ltd.

137,799

278,000

Yuexiu

Property

Company,

Ltd.

174,119

Total

8,267,363

Hungary  0.1%  

29,285

MOL

Hungarian

Oil

&

Gas

plc

213,941

5,666

OTP

Bank

Nyrt

350,552

8,475

Richter

Gedeon

Nyrt

219,490

Total

783,983

India  1.8%  

10,361

Adani

Power,

Ltd.

a

61,073

5,774

Bajaj

Auto,

Ltd.

588,230

164,934

Bharat

Petroleum

Corporation,

Ltd.

494,871

47,865

Bharti

Airtel,

Ltd.

895,291

203

Bosch,

Ltd.

67,229

42,218

Chambal

Fertilisers

and

Chemicals,

Ltd.

244,594

45,895

Cipla,

Ltd.

782,066

551

CRISIL,

Ltd.

34,563

3,930

Cummins

India,

Ltd.

131,719

2,071

Dixon

Technologies

India,

Ltd.

356,460

1,231

GE

Vernova

T&D

India,

Ltd.

25,245

11,597

HCL

Technologies,

Ltd.

230,145

16,549

HDFC

Asset

Management

Company,

Ltd.

b

737,234

22,264

HDFC

Bank,

Ltd.

435,782

17,191

Hero

MotoCorp,

Ltd.

858,303

77,919

Hindalco

Industries,

Ltd.

532,195

4,309

Hindustan

Aeronautics,

Ltd.

194,893

45,262

Hindustan

Petroleum

Corporation,

Ltd.

186,614

35,086

ICICI

Bank,

Ltd.

ADR

1,005,916

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

105

Shares

Common

Stock  88.3%

Value

India  1.8%  -

continued

13,611

Infosys,

Ltd.

ADR

$

298,761

22,820

Jindal

Saw,

Ltd.

65,686

16,297

LT

Foods,

Ltd.

73,111

5,918

Lupin,

Ltd.

141,765

6,618

Mahindra

&

Mahindra,

Ltd.

227,449

776

Maruti

Suzuki

India,

Ltd.

109,939

84

MRF,

Ltd.

109,951

2,545

Nippon

Life

India

Asset

Management,

Ltd.

b

17,089

13,698

Oberoi

Realty,

Ltd.

285,423

84,116

Oil

&

Natural

Gas

Corporation,

Ltd.

253,627

431

Page

Industries,

Ltd.

222,227

4,209

Persistent

Systems,

Ltd.

291,713

4,028

Pidilite

Industries,

Ltd.

133,383

51,792

Power

Finance

Corporation,

Ltd.

251,110

15,672

Reliance

Industries,

Ltd.

228,072

3,574

State

Bank

of

India

31,770

23,131

Tata

Consultancy

Services,

Ltd.

1,094,525

50,299

Tech

Mahindra,

Ltd.

967,093

12,008

Trent,

Ltd.

793,712

1,482

UltraTech

Cement,

Ltd.

195,981

6,523

United

Spirits,

Ltd.

106,981

16,627

Zydus

Lifesciences,

Ltd.

185,692

Total

13,947,483

Indonesia  0.1%  

1,894,600

Bank

Central

Asia

Tbk

PT

1,094,472

Total

1,094,472

Ireland  0.1%  

193,382

AIB

Group

plc

1,137,123

Total

1,137,123

Israel  1.1%  

10,536

Bank

Hapoalim

BM

135,163

83,928

Bank

Leumi

Le-Israel

BM

1,050,353

1,786

Camtek,

Ltd./Israel

157,546

15,653

Check

Point

Software

Technologies,

Ltd.

a

3,412,667

507

Delek

Group,

Ltd.

74,052

373

First

International

Bank

of

Israel,

Ltd.

19,805

7,566

G

City,

Ltd.

28,347

681

Hilan,

Ltd.

42,711

667

Israel

Corporation,

Ltd.

195,632

62

Isras

Holdings,

Ltd.

a

7,098

3,979

Ituran

Location

and

Control,

Ltd.

132,859

3,222

Magic

Software

Enterprises,

Ltd.

42,155

5,439

Nova,

Ltd.

a

1,306,633

4,494

One

Software

Technologies,

Ltd.

81,667

26,785

Plus500,

Ltd.

939,859

39,105

Teva

Pharmaceutical

Industries,

Ltd.

ADR

a

693,332

7,474

Tower

Semiconductor,

Ltd.

a

350,392

Total

8,670,271

Italy  2.3%  

111,716

A2A

SPA

263,832

13,482

ACEA

SPA

257,944

12,051

Arnoldo

Mondadori

Editore

SPA

27,504

7,884

Azimut

Holding

SPA

206,135

1,277

Banca

Generali

SPA

63,943

7,614

Banca

IFIS

SPA

167,068

884,302

Banca

Monte

dei

Paschi

di

Siena

SPA

5,665,908

Shares

Common

Stock  88.3%

Value

Italy  2.3%  -

continued

18,444

Banca

Popolare

di

Sondrio

SPA

$

170,307

2,053

Brunello

Cucinelli

SPA

263,942

28,005

Buzzi

SPA

1,147,206

32,236

Iren

SPA

69,764

497,219

Italgas

SPA

2,970,392

73,938

OVS

SPA

b

264,483

214,755

Pirelli

&

C.

SPA

b

1,292,303

85,604

Recordati

SPA

5,201,645

357

Reply

SPA

58,846

Total

18,091,222

Japan  18.7%  

39,100

Advantest

Corporation

2,161,729

4,700

Ain

Holdings,

Inc.

141,817

1,300

Alfresa

Holdings

Corporation

17,796

70,600

Amada

Company,

Ltd.

728,980

4,400

Anycolor,

Inc.

89,967

16,000

Arcs

Company,

Ltd.

278,028

5,700

Artience

Company,

Ltd.

113,395

25,000

Asahi

Kasei

Corporation

169,791

2,100

Autobacs

Seven

Company,

Ltd.

20,134

3,400

BayCurrent,

Inc.

144,983

2,200

BIPROGY,

Inc.

67,977

2,700

BML,

Inc.

49,494

4,900

Canon

Electronics,

Inc.

80,230

6,300

Central

Glass

Company,

Ltd.

133,283

4,400

Chudenko

Corporation

91,601

13,300

COMSYS

Holdings

Corporation

276,363

3,500

Concordia

Financial

Group,

Ltd.

20,322

4,100

Cover

Corporation

a

73,361

121,800

Dai

Nippon

Printing

Company,

Ltd.

1,800,130

14,400

Dai-ichi

Mutual

Life

Insurance

Company,

Ltd.

393,195

16,900

Daiichi

Sankyo

Company,

Ltd.

471,179

900

Daikin

Industries,

Ltd.

105,715

99

Daiwa

House

REIT

Investment

Corporation

155,771

310,000

Daiwa

Securities

Group,

Inc.

2,244,139

5,000

DISCO

Corporation

1,447,116

21,500

Doutor

Nichires

Holdings

Company,

Ltd.

326,940

7,700

DTS

Corporation

210,013

1,200

Ebara

Corporation

19,767

506,500

Eneos

Holdings,

Inc.

2,546,337

3,200

F.C.C.

Company,

Ltd.

63,883

3,000

Fast

Retailing

Company,

Ltd.

988,072

7,000

Ferrotec

Holdings

Corporation

115,970

5,500

Financial

Partners

Group

Company,

Ltd.

89,978

3,900

FP

Partner,

Inc.

55,138

45,100

Fuji

Media

Holdings,

Inc.

636,129

18,600

FUJIFILM

Holdings

NPV

409,778

39,800

Fujitsu,

Ltd.

769,723

1,500

Fuyo

General

Lease

Company,

Ltd.

111,796

7,700

Glory,

Ltd.

130,889

18,400

GREE

Holdings,

Inc.

54,938

6,500

Gunze,

Ltd.

220,730

2,700

Hanwa

Company,

Ltd.

83,407

17,200

Haseko

Corporation

225,767

38,300

Heiwa

Corporation

575,610

119,600

Hitachi,

Ltd.

3,006,797

359,000

Honda

Motor

Company,

Ltd.

3,397,990

14

Hoshino

Resorts

REIT,

Inc.

18,677

25,000

Hoya

Corporation

3,357,149

10,100

Hyakugo

Bank,

Ltd.

44,275

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

106

Shares

Common

Stock  88.3%

Value

Japan  18.7%  -

continued

800

IHI

Corporation

$

47,863

4,300

Iida

Group

Holdings

Company,

Ltd.

65,132

49,700

Inaba

Denki

Sangyo

Company,

Ltd.

1,183,754

21,900

INFRONEER

Holdings,

Inc.

165,092

700

Internet

Initiative

Japan,

Inc.

13,073

24,400

ITOCHU

Corporation

1,123,475

1,400

Jaccs

Company,

Ltd.

34,419

314,600

Japan

Post

Holdings

Company,

Ltd.

3,285,685

31,800

Japan

Post

Insurance

Company,

Ltd.

619,707

142,900

Japan

Tobacco,

Inc.

3,640,496

4,300

Juroku

Financial

Group,

Inc.

129,114

4,100

Kakaku.com,

Inc.

64,208

1,100

Kaken

Pharmaceutical

Company,

Ltd.

29,876

13,400

Kamigumi

Company,

Ltd.

291,940

11,000

Kanematsu

Corporation

184,049

400

Kasumigaseki

Capital

Company,

Ltd.

38,260

700

Kawasaki

Heavy

Industries,

Ltd.

31,617

2,400

Kawasaki

Kisen

Kaisha,

Ltd.

30,371

54,700

KDDI

Corporation

1,822,385

106

KDX

Realty

Investment

Corporation

105,840

15,300

Keiyo

Bank,

Ltd.

80,268

6,100

Keyence

Corporation

2,627,324

2,500

Kokusai

Electric

Corporation

38,606

12,300

Kokuyo

Company,

Ltd.

213,788

46,100

Komatsu,

Ltd.

1,390,527

7,000

KOMEDA

Holdings

Company,

Ltd.

124,530

9,900

Kumagai

Gumi

Company,

Ltd.

244,963

293,300

Kyocera

Corporation

3,044,393

49,500

Kyoei

Steel,

Ltd.

605,413

5,400

Lasertec

Corporation

561,619

16,500

Lintec

Corporation

308,542

2,300

M&A

Research

Institute

Holdings,

Inc.

a

22,913

1,000

Maruha

Nichiro

Corporation

19,281

1,600

Maruichi

Steel

Tube,

Ltd.

34,789

15,500

Matsui

Securities

Company,

Ltd.

81,541

2,700

Mazda

Motor

Corporation

18,461

1,100

McDonald's

Holdings

Company

(Japan),

Ltd.

41,479

16,900

Medipal

Holdings

Corporation

254,086

29,100

MEITEC

Group

Holdings,

Inc.

565,045

21,100

MIRAIT

ONE

Corporation

313,353

38,900

Mitsubishi

Chemical

Group

Corporation

198,688

233,300

Mitsubishi

Corporation

3,720,955

29,100

Mitsubishi

Estate

Company,

Ltd.

422,852

3,000

Mitsubishi

Gas

Chemical

Company,

Inc.

52,428

342,600

Mitsubishi

HC

Capital,

Inc.

2,278,319

68,200

Mitsubishi

Heavy

Industries,

Ltd.

998,124

36,000

Mitsubishi

Logistics

Corporation

257,183

7,000

Mitsubishi

Research

Institute,

Inc.

217,791

6,900

Mitsubishi

Shokuhin

Company,

Ltd.

221,183

289,900

Mitsubishi

UFJ

Financial

Group,

Inc.

3,666,190

46,400

Mitsui

&

Company,

Ltd.

918,348

1,900

Mitsui

DM

Sugar

Holdings

Company,

Ltd.

42,083

152,000

Mizuho

Financial

Group,

Inc.

4,185,445

3,700

Mizuho

Leasing

Company,

Ltd.

24,216

4,300

MS

and

AD

Insurance

Group

Holdings,

Inc.

89,156

Shares

Common

Stock  88.3%

Value

Japan  18.7%  -

continued

136,900

Murata

Manufacturing

Company,

Ltd.

$

2,150,809

2,400

Nagase

&

Company,

Ltd.

45,079

2,200

Nanto

Bank,

Ltd.

49,946

32,100

NEC

Corporation

3,183,641

7,900

Nikkon

Holdings

Company,

Ltd.

114,964

16,500

Nintendo

Company,

Ltd.

1,082,478

9,400

Nippon

Electric

Glass

Company,

Ltd.

201,922

6,700

Nippon

Express

Holdings,

Inc.

108,594

4,053,200

Nippon

Telegraph

and

Telephone

Corporation

3,990,176

12,900

Nippon

Television

Holdings,

Inc.

238,136

4,200

Nishimatsu

Construction

Company,

Ltd.

136,457

12,400

Nissan

Motor

Company,

Ltd.

33,932

4,300

Nisshin

Oillio

Group,

Ltd.

137,972

900

Nitta

Corporation

20,907

16,500

Nitto

Denko

Corporation

292,697

23,600

Nitto

Kogyo

Corporation

441,595

392,700

Nomura

Holdings,

Inc.

2,553,095

6,600

Nomura

Real

Estate

Holdings,

Inc.

175,419

18,800

NS

Solutions

Corporation

478,211

15,500

NSD

Company,

Ltd.

327,266

95,000

NTT

Data

Group

Corporation

1,843,628

1,700

OBIC

Business

Consultants

Company,

Ltd.

85,220

1,300

Ogaki

Kyoritsu

Bank,

Ltd.

17,954

13,700

Ohsho

Food

Service

Corporation

255,072

6,200

Okamura

Corporation

79,261

900

Okinawa

Cellular

Telephone

Company

24,712

7,700

Okumura

Corporation

193,700

57,400

Ono

Pharmaceutical

Company,

Ltd.

597,154

15,200

ORIX

Corporation

321,067

6,800

Otsuka

Corporation

153,304

5,900

Otsuka

Holdings

Company,

Ltd.

308,081

5,200

PeptiDream,

Inc.

a

71,369

700

Pigeon

Corporation

6,633

5,700

Plus

Alpha

Consulting

Company,

Ltd.

65,768

5,000

Raito

Kogyo

Company,

Ltd.

70,582

1,400

RAIZNEXT

Corporation

13,983

7,300

Rakus

Company,

Ltd.

90,671

45,716

Recruit

Holdings

Company,

Ltd.

3,190,620

12,400

Renesas

Electronics

Corporation

a

166,092

3,900

Resona

Holdings,

Inc.

28,948

800

Restar

Corporation

12,891

69,800

Rohm

Company,

Ltd.

664,755

900

Rohto

Pharmaceutical

Company,

Ltd.

15,257

7,000

Rorze

Corporation

76,312

1,100

Sanki

Engineering

Company,

Ltd.

22,147

30,400

Sankyo

Company,

Ltd.

407,631

8,700

Sankyu,

Inc.

310,731

5,100

Sanrio

Company,

Ltd.

190,308

8,600

Sanyo

Chemical

Industries,

Ltd.

216,896

4,200

Sato

Holdings

Corporation

59,568

2,700

SBI

Sumishin

Net

Bank,

Ltd.

82,278

600

SCREEN

Holdings

Company,

Ltd.

41,809

72,300

SCSK

Corporation

1,600,800

61,000

Secom

Company,

Ltd.

2,052,721

4,600

Sega

Sammy

Holdings,

Inc.

89,033

8,900

Sekisui

Chemical

Company,

Ltd.

147,496

121,700

Sekisui

House,

Ltd.

2,797,028

19,500

SHIFT,

Inc.

a

160,833

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

107

Shares

Common

Stock  88.3%

Value

Japan  18.7%  -

continued

41,000

Shin-Etsu

Chemical

Company,

Ltd.

$

1,271,091

5,200

ShinMaywa

Industries,

Ltd.

45,284

8,000

Ship

Healthcare

Holdings,

Inc.

109,185

19,600

Shizuoka

Financial

Group,

Inc.

174,880

27,900

SKY

Perfect

JSAT

Holdings,

Inc.

167,159

4,500

Socionext,

Inc.

69,738

22,500

SoftBank

Group

Corporation

1,375,463

12,800

Sohgo

Security

Services

Company,

Ltd.

85,985

75,600

Sojitz

Corporation

1,553,926

277,900

Sony

Group

Corporation

6,133,070

565

Star

Asia

Investment

Corporation

188,198

3,900

Starts

Corporation,

Inc.

96,880

3,500

Sumco

Corporation

25,841

126,500

Sumitomo

Corporation

2,742,552

5,700

Sumitomo

Dainippon

Pharma

Company,

Ltd.

a

22,323

185,100

Sumitomo

Mitsui

Financial

Group,

Inc.

4,561,439

6,200

Sumitomo

Mitsui

Trust

Group,

Inc.

155,901

8,500

Suzuken

Company,

Ltd./Aichi

Japan

265,314

76,500

Systena

Corporation

174,903

19,000

Taiyo

Holdings

Company,

Ltd.

511,055

7,100

Taiyo

Yuden

Company,

Ltd.

99,266

9,700

Takamatsu

Construction

Group

Company,

Ltd.

171,300

900

Takasago

Thermal

Engineering

Company,

Ltd.

35,053

2,800

Takashimaya

Company,

Ltd.

23,772

169,000

Takeda

Pharmaceutical

Company,

Ltd.

4,546,104

7,500

TBS

Holdings,

Inc.

204,050

58,900

Terumo

Corporation

1,105,783

1,500

THK

Company,

Ltd.

36,999

43,200

Toagosei

Company,

Ltd.

400,561

5,200

Toho

Holdings

Company,

Ltd.

143,758

20,100

Tohoku

Electric

Power

Company,

Inc.

146,903

3,000

Tokai

Corporation/Gifu

42,514

48,300

Tokai

Tokyo

Financial

Holdings,

Inc.

157,652

46,400

Tokio

Marine

Holdings,

Inc.

1,530,428

22,400

Tokyo

Electron,

Ltd.

3,778,522

2,100

Tokyo

Seimitsu

Company,

Ltd.

99,425

22,000

Tokyu

Construction

Company,

Ltd.

104,508

8,400

Tokyu

Fudosan

Holdings

Corporation

53,934

1,600

TOMY

Company,

Ltd.

49,306

73,500

TOPPAN

Holdings,

Inc.

2,062,923

19,100

Tosoh

Corporation

254,122

6,100

Totetsu

Kogyo

Company,

Ltd.

126,141

1,300

Toyo

Suisan

Kaisha,

Ltd.

84,001

292,100

Toyota

Motor

Corporation

5,540,997

3,700

TRE

Holdings

Corporation

37,213

1,800

Trial

Holdings,

Inc.

31,430

61,800

Tsubakimoto

Chain

Company

759,333

75,900

TV

Asahi

Holdings

Corporation

1,199,913

13,600

UBE

Corporation

200,019

1,400

U-Next

Holdings

Company,

Ltd.

16,774

15,800

USS

Company,

Ltd.

141,667

3,100

UT

Group

Company,

Ltd.

43,723

4,200

Valor

Holdings

Company,

Ltd.

59,034

165,400

Yamada

Holdings

Company,

Ltd.

485,648

5,500

Yokogawa

Bridge

Holdings

Corporation

95,530

11,200

Yuasa

Trading

Company,

Ltd.

318,167

Shares

Common

Stock  88.3%

Value

Japan  18.7%  -

continued

1,100

Zeria

Pharmaceutical

Company,

Ltd.

$

15,821

Total

145,754,577

Jersey  0.2%  

14,436

Experian

plc

711,110

313,717

Man

Group

plc

829,084

95,087

TP

ICAP

Group

plc

321,272

Total

1,861,466

Kuwait  <0.1%  

13,078

HumanSoft

Holding

Company

KSCC

108,810

29,093

Kuwait

Finance

House

KSCP

74,055

26,870

National

Bank

of

Kuwait

KSC

83,895

Total

266,760

Luxembourg  0.1%  

108,690

Aroundtown

SA

a

322,518

21,579

Grand

City

Properties

SA

a

249,172

901

Spotify

Technology

SA

a

494,244

Total

1,065,934

Malaysia  <0.1%  

35,600

Hong

Leong

Bank

Bhd

161,018

19,800

RHB

Bank

Bhd

28,548

76,900

Sime

Darby

Property

Bhd

24,338

53,107

Sports

Toto

Bhd

18,586

12,800

Ta

Ann

Holdings

Bhd

11,544

Total

244,034

Mexico  0.1%  

3,875

Coca-Cola

FEMSA

SAB

de

CV

ADR

304,149

8,430

Grupo

Financiero

Banorte

SAB

de

CV

ADR

58,516

27,400

Grupo

Mexico

SAB

de

CV

133,747

8,778

Grupo

Televisa

SAB

ADR

16,854

34,700

Megacable

Holdings

SAB

de

CV

67,819

Total

581,085

Netherlands  5.1%  

5,418

Aalberts

NV

191,238

3,889

ASM

International

NV

2,256,331

15,173

ASML

Holding

NV

11,224,402

15,238

Cementir

Holding

NV

185,096

1,619

Euronext

NV

b

188,042

20,066

Ferrari

NV

8,608,993

257,766

Koninklijke

Ahold

Delhaize

NV

9,134,588

26,650

Koninklijke

Vopak

NV

1,223,256

275,163

MFE-MediaForEurope

NV

894,855

21,640

SBM

Offshore

NV

404,281

109,866

Stellantis

NV

1,466,916

20,013

Wolters

Kluwer

NV

3,635,596

Total

39,413,594

New

Zealand  0.1%  

59,251

Contact

Energy,

Ltd.

310,813

2,772

EBOS

Group,

Ltd.

62,553

24,541

Meridian

Energy,

Ltd.

81,684

3,687

Neuren

Pharmaceuticals,

Ltd.

a

32,704

Total

487,754

Norway  0.6%  

50,058

Aker

Solutions

ASA

142,133

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

108

Shares

Common

Stock  88.3%

Value

Norway  0.6%  -

continued

178,492

DNB

Bank

ASA

$

3,791,292

50,106

DNO

International

ASA

57,787

26,669

Europris

ASA

b

194,561

2,123

Kongsberg

Gruppen

ASA

252,007

Total

4,437,780

Philippines  <0.1%  

33,130

Bank

of

the

Philippine

Islands

65,950

Total

65,950

Poland  0.2%  

10,394

Asseco

Poland

SA

301,644

2,009

Bank

Polska

Kasa

Opieki

SA

78,809

1,850

KGHM

Polska

Miedz

SA

56,725

8,323

Orlen

SA

109,745

25,880

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

424,606

18,084

Powszechny

Zaklad

Ubezpieczen

SA

221,739

Total

1,193,268

Portugal  0.1%  

48,032

CTT-Correios

de

Portugal

SA

292,982

56,496

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

139,196

53,056

Sonae

SGPS

SA

49,591

Total

481,769

Qatar  <0.1%  

15,318

Commercial

Bank

PSQC

19,342

39,231

Doha

Bank

QPSC

22,293

9,983

Gulf

Warehousing

Company

8,650

9,221

Qatar

Islamic

Bank

QPSC

52,163

36,258

Qatar

National

Bank

QPSC

166,256

Total

268,704

Russian

Federation  <0.1%  

89,225

Gazprom

PJSC

ADR

a,c

9

7,840

GMK

Norilskiy

Nickel

PAO

ADR

a,c

1

3,228

LUKOIL

PJSC

c,d

0

3,189

Mechel

PJSC

ADR

a,c

0

234

Novatek

PJSC

GDR

a,c

0

361

Polyus

PJSC

a,c

0

1

Polyus

PJSC

GDR

a,c

0

174,130

Sberbank

of

Russia

PJSC

c,d

0

9,280

Sovcomflot

OAO

c,d

0

35,587

Surgutneftegas

PJSC

ADR

a,c

4

Total

14

Saudi

Arabia  0.3%  

27,404

Al

Rajhi

Bank

722,757

75,767

Arab

National

Bank

431,923

1,818

Eastern

Province

Cement

Company

17,304

316

Elm

Company

98,152

4,445

Riyadh

Cement

Company

40,353

37,478

Saudi

Arabian

Oil

Company

b

277,331

794

Saudi

Basic

Industries

Corporation

14,184

12,095

Saudi

National

Bank

110,169

50,645

Saudi

Telecom

Company

586,887

2,151

Theeb

Rent

A

Car

Company

45,306

3,016

Yanbu

National

Petrochemical

Company

30,151

Total

2,374,517

Shares

Common

Stock  88.3%

Value

Singapore  1.5%  

48,000

City

Developments,

Ltd.

$

177,947

674,700

ComfortDelGro

Corporation,

Ltd.

699,276

167,560

DBS

Group

Holdings,

Ltd.

5,484,562

5,480

Kenon

Holdings,

Ltd.

167,737

154,300

Singapore

Airport

Terminal

Services,

Ltd.

384,029

261,400

Singapore

Exchange,

Ltd.

2,351,939

10,600

Venture

Corporation,

Ltd.

98,372

888,700

Yangzijiang

Shipbuilding

Holdings,

Ltd.

1,990,225

122,100

Yanlord

Land

Group,

Ltd.

a

51,038

Total

11,405,125

South

Africa  0.2%  

26,145

Absa

Group,

Ltd.

259,820

29,706

AECI,

Ltd.

132,005

87

Capitec

Bank

Holdings,

Ltd.

13,852

4,336

Coronation

Fund

Managers,

Ltd.

8,504

31,456

DataTec,

Ltd.

83,310

35,632

FirstRand,

Ltd.

144,969

724

Gold

Fields,

Ltd.

ADR

12,257

21,847

Harmony

Gold

Mining

Company,

Ltd.

ADR

246,216

12,559

Mr

Price

Group,

Ltd.

167,422

1,124

Naspers,

Ltd.

236,973

10,061

Nedbank

Group,

Ltd.

148,024

28,006

Pepkor

Holdings,

Ltd.

b

38,599

29,434

Standard

Bank

Group

343,314

4,086

Vodacom

Group

23,898

Total

1,859,163

South

Korea  0.6%  

1,114

Caregen

Company,

Ltd.

22,931

731

CJ

Corporation

47,709

3,063

Green

Cross

Holdings

Corporation

30,684

8,955

GS

Holdings

Corporation

a

236,257

2,618

HD

Hyundai

Company,

Ltd.

148,922

380

Hyundai

Motor

Company

53,485

3,964

Kangwon

Land,

Inc.

a

45,596

2,552

KEPCO

Plant

Service

&

Engineering

Company,

Ltd.

a

81,260

7,660

KT&G

Corporation

580,885

6,314

LG

Uplus

Corporation

43,507

170

PharmaResearch

Company,

Ltd.

28,115

705

Samsung

Biologics

Company,

Ltd.

a,b

521,416

2,952

Samsung

C&T

Corporation

241,994

38,463

Samsung

Electronics

Company,

Ltd.

1,373,657

5,215

SD

Biosensor,

Inc.

a

40,124

2,222

SK

Hynix,

Inc.

299,147

6,991

SK

Telecom

Company,

Ltd.

266,212

930

SK,

Inc.

94,142

5,306

Yuhan

Corporation

a

470,193

Total

4,626,236

Spain  1.8%  

271

Acciona

SA

30,533

35,793

Acerinox

SA

359,175

5,247

Aena

SME

SA

b

1,129,993

524,176

Banco

Bilbao

Vizcaya

Argentaria

SA

5,967,710

614,894

Banco

Santander

SA

3,151,022

24,080

EDP

Renovaveis

SA

225,291

22,086

Industria

de

Diseno

Textil

SA

1,198,839

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

109

Shares

Common

Stock  88.3%

Value

Spain  1.8%  -

continued

7,971

Laboratorios

Farmaceuticos

ROVI

SA

$

538,296

4,443

Let's

GOWEX

SA

a,c,e

1

50,422

Logista

Integral

SA

1,523,497

5,474

Melia

Hotels

International

SA

40,767

44,480

Unicaja

Banco

SA

b

63,291

1,138

Vidrala

SA

116,526

Total

14,344,941

Sweden  4.0%  

25,135

AAK

AB

730,540

41,419

AB

Industrivarden,

Class

A

1,470,612

40,487

AcadeMedia

AB

b

249,762

9,158

Alfa

Laval

AB

408,233

4,123

Alleima

AB

34,184

37,826

Arjo

AB

135,777

199,715

Assa

Abloy

AB

6,118,533

322,220

Atlas

Copco

AB,

Class

A

5,382,934

21,741

Atlas

Copco

AB,

Class

B

323,215

21,547

Attendo

AB

b

99,692

21,429

Betsson

AB

292,876

9,514

Billerud

AB

97,819

9,782

Biotage

AB

125,277

740

Boliden

AB

22,226

4,062

Catena

AB

176,946

7,041

Cibus

Nordic

Real

Estate

AB

publ

114,173

17,295

Cloetta

AB

44,143

18,414

Dios

Fastigheter

AB

a

127,379

5,362

Fabege

AB

40,106

134,164

Granges

AB

1,627,339

89,822

Hexpol

AB

840,413

274,055

Investor

AB,

Class

B

7,804,049

8,279

Inwido

AB

152,322

2,231

Mycronic

AB

90,450

11,194

NCC

AB

180,543

2,882

Nolato

AB

14,997

10,598

Nyfosa

AB

a

108,736

8,275

Peab

AB

59,354

3,342

Platzer

Fastigheter

Holding

AB

25,771

171,085

SSAB

AB,

Class

A

821,941

9,046

SSAB

AB,

Class

B

42,672

266,683

Svenska

Handelsbanken

AB

2,950,496

8,316

Svolder

AB

41,077

1,832

Sweco

AB

28,631

11,253

Trelleborg

AB

423,700

13,091

Wihlborgs

Fastigheter

AB

129,709

Total

31,336,627

Switzerland  9.0%  

167,978

ABB,

Ltd.

9,146,802

1,192

Belimo

Holding

AG

869,849

447

Burckhardt

Compression

Holding

AG

337,727

1,459

DKSH

Holding

AG

114,702

886

Flughafen

Zurich

AG

213,299

2,463

Givaudan

SA

10,782,301

87,818

Holcim

AG

8,801,473

1,115

Huber+Suhner

AG

92,542

223

INFICON

Holding

AG

287,446

30,132

Nestle

SA

2,559,431

151,440

Novartis

AG

15,852,260

10,652

PSP

Swiss

Property

AG

1,573,536

38,120

Roche

Holding

AG,

Participation

Certificates

11,983,860

51

Schweiter

Technologies

AG

25,507

Shares

Common

Stock  88.3%

Value

Switzerland  9.0%  -

continued

917

Siegfried

Holding

AG

$

1,029,977

365

Tecan

Group

AG

93,701

181,175

UBS

Group

AG

6,388,147

382

Zurich

Insurance

Group

AG

231,478

Total

70,384,038

Taiwan  2.0%  

389,000

Asia

Cement

Corporation

484,313

7,000

Asustek

Computer,

Inc.

127,417

134,048

Chang

Hwa

Commercial

Bank,

Ltd.

74,022

147,000

Cheng

Shin

Rubber

Industry

Company,

Ltd.

221,142

74,000

Chipbond

Technology

Corporation

143,663

2,192

Chunghwa

Telecom

Company,

Ltd.

ADR

85,137

152,000

Compal

Electronics,

Inc.

167,646

68,000

Delta

Electronics,

Inc.

886,043

11,000

Dynapack

International

Technology

Corporation

68,247

53,000

Far

Eastern

New

Century

Corporation

50,202

35,000

Far

EasTone

Telecommunications

Company,

Ltd.

93,849

67,000

Feng

Hsin

Steel

Company,

Ltd.

135,840

2,000

Fusheng

Precision

Company,

Ltd.

19,910

111,000

Hon

Hai

Precision

Industry

Company,

Ltd.

592,700

66,000

Lite-On

Technology

Corporation

216,001

25,000

MediaTek,

Inc.

1,082,676

208,000

Pegatron

Corporation

605,192

146,000

Pou

Chen

Corporation

161,918

6,000

President

Chain

Store

Corporation

47,346

20,000

Quanta

Computer,

Inc.

158,563

105,000

Synnex

Technology

International

Corporation

225,679

16,000

Systex

Corporation

62,524

291,449

Taichung

Commercial

Bank

Company,

Ltd.

167,417

93,000

Taiwan

Mobile

Company,

Ltd.

312,224

4,000

Taiwan

Secom

Company,

Ltd.

14,991

246,620

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

8,230,475

34,762

Topco

Scientific

Company,

Ltd.

304,691

196,000

Uni-President

Enterprises

Corporation

465,371

21,000

Wah

Lee

Industrial

Corporation

73,421

148,550

Yuanta

Financial

Holding

Company,

Ltd.

156,231

Total

15,434,851

Thailand  0.2%  

169,000

Cal-Comp

Electronics

Thailand

pcl

ADR

37,984

290,900

Charoen

Pokphand

Foods

pcl

189,551

212,600

Kasikornbank

pcl

NVDR

1,010,758

80,300

Krung

Thai

Bank

pcl

NVDR

54,463

116,400

True

Corporation

pcl

ADR

a

40,275

Total

1,333,031

Turkey  0.1%  

11,153

KOC

Holding

AS

52,871

30,972

Tekfen

Holding

AS

a

55,083

45,983

Turk

Hava

Yollari

Anonim

Ortakligi

a

405,952

Total

513,906

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

110

Shares

Common

Stock  88.3%

Value

United

Arab

Emirates  0.2%  

108,890

Abu

Dhabi

National

Oil

Company

for

Distribution

PJSC

$

106,580

70,911

ADNOC

Drilling

Company

PJSC

104,251

212,686

Dubai

Islamic

Bank

PJSC

445,002

157,489

Emaar

Properties

PJSC

578,034

80,686

Emirates

NBD

Bank

PJSC

458,012

Total

1,691,879

United

Kingdom  11.4%  

66,953

abrdn

plc

128,052

5,934

Anglo

American

plc

173,754

973

AngloGold

Ashanti

plc

29,298

83,728

AstraZeneca

plc

11,753,322

668,254

Auto

Trader

Group

plc

b

6,508,673

50,710

Balfour

Beatty

plc

292,495

2,488

Bank

of

Georgia

Group

plc

146,685

182,885

Barclays

plc

670,270

970

Berkeley

Group

Holdings

plc

46,409

16,852

Big

Yellow

Group

plc

199,545

26,388

Breedon

Group

plc

142,652

11,903

British

American

Tobacco

plc

472,261

62,475

British

Land

Company

plc

290,577

38,300

Care

REIT

plc

40,377

899,450

Centrica

plc

1,580,785

255,449

Compass

Group

plc

8,801,304

2,503

Computacenter

plc

72,435

510

Diploma

plc

28,556

131,960

Dowlais

Group

plc

116,749

8,621

Dunelm

Group

plc

105,609

52,744

Evraz

plc

a,c

7

27,974

FirstGroup

plc

56,571

7,346

Future

plc

83,111

1,787

Games

Workshop

Group

plc

321,210

8,712

Greggs

plc

232,458

51,747

Halma

plc

1,938,501

59,990

Harbour

Energy

plc

173,178

3,109

Hikma

Pharmaceuticals

plc

88,353

2,736

Hill

&

Smith

plc

67,052

20,092

Howden

Joinery

Group

plc

203,080

74,259

HSBC

Holdings

plc

775,567

44,170

IG

Group

Holdings

plc

558,067

15,903

IMI

plc

393,476

135,305

Imperial

Brands

plc

4,563,502

6,062

Inchcape

plc

50,467

8,959

IntegraFin

Holdings

plc

40,167

24,522

InterContinental

Hotels

Group

plc

3,269,784

1,116

Intertek

Group

plc

70,384

41,313

John

Wood

Group

plc

a

37,112

7,938

Johnson

Matthey

plc

140,333

56,625

Jupiter

Fund

Management

plc

56,308

48,476

Marks

&

Spencer

Group

plc

200,816

69,201

MONY

Group

plc

166,456

4,281

Morgan

Sindall

Group

plc

194,583

40,267

Next

plc

4,949,184

34,962

Paragon

Banking

Group

plc

348,311

49,851

Pets

at

Home

Group

plc

139,691

16,596

Playtech

plc

a

151,243

159,627

RELX

plc

7,926,483

61,050

Rightmove

plc

502,375

46,540

Rio

Tinto

plc

2,802,716

521,508

Shell

plc

17,123,515

4,091

TBC

Bank

Group

plc

169,418

1,876,445

Tesco

plc

8,636,103

28,396

Tritax

Big

Box

REIT

plc

51,439

8,958

Unilever

plc

513,086

Shares

Common

Stock  88.3%

Value

United

Kingdom  11.4%  -

continued

71,035

Wickes

Group

plc

$

162,236

52,453

Zigup

plc

198,513

Total

88,954,664

Virgin

Islands,

British  <0.1%  

2,348

VK

IPJSC

GDR

a,c

0

Total

0

Total

Common

Stock

(cost

$584,832,890)

689,292,161

Shares

Preferred

Stock

0.3%

Brazil  0.1%  

81,600

Companhia

de

Sanena

do

Parana

72,049

69,990

Petroleo

Brasileiro

SA

451,146

Total

523,195

Germany  0.1%  

22,895

Porsche

Automobil

Holding

SE

904,828

Total

904,828

Russian

Federation  <0.1%  

404,300

Surgutneftegas

PJSC

c,d

1

9,000

Transneft

PJSC

c,d

0

Total

1

South

Korea  0.1%  

1,917

Hyundai

Motor

Company,

2nd

Preferred

218,133

3,645

Hyundai

Motor

Company,

Preferred

401,778

9,601

Samsung

Electronics

Company,

Ltd.

281,794

Total

901,705

Total

Preferred

Stock

(cost

$2,953,825)

2,329,729

Shares

or

Principal

Amount

Short-Term

Investments

12.0%

Federal

Home

Loan

Bank

Discount

Notes

5,000,000

4.230%,

 2/5/2025

f

4,997,080

10,000,000

4.233%,

 2/10/2025

f

9,988,319

1,400,000

4.395%,

 2/14/2025

f,g

1,397,711

200,000

4.325%,

 2/19/2025

f,g

199,556

100,000

4.224%,

 3/19/2025

f,g

99,452

3,400,000

4.220%,

 3/20/2025

f,g

3,380,960

1,300,000

4.215%,

 4/11/2025

f,g

1,289,383

Thrivent

Core

Short-Term

Reserve

Fund

3,716,722

4.630%

37,167,218

U.S.

Treasury

Bills

6,000,000

4.220%,

 2/4/2025

f

5,999,298

13,420,000

4.225%,

 2/11/2025

f

13,407,341

10,000,000

4.238%,

 2/18/2025

f

9,982,302

6,000,000

4.253%,

 3/4/2025

f

5,979,445

Total

Short-Term

Investments

(cost

$93,884,144)

93,888,065

Total

Investments

(cost

$681,670,859)

100.6%

$785,509,955

Other

Assets

and

Liabilities,

Net

(0.6%)

(4,493,523)

Total

Net

Assets

100.0%

$781,016,432

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

111

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,

2025,

the

value

of

these

investments

was

$14,847,266

or

1.9%

of

total

net

assets.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

Pursuant

to

sanctions

related

to

the

Russian

invasion

of

Ukraine

which

restricts

the

ability

of

Russia

and

its

allied

nations

to

make

payments

on

its

dollar-denominated

sovereign

debt

and

equity,

existing

accruals

on

these

securities

have

been

reserved

and

income

is

currently

not

being

accrued.

e

In

bankruptcy.  Income

is

not

being

accrued

per

the

bankruptcy

agreement

terms.

f

The

interest

rate

shown

reflects

the

yield.

g

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Bhd

-

Berhad

-

suffix

used

in

Malaysia

to

identify

a

Public

Limited

Company

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

NVDR

-

Non-Voting

Depository

Receipts

pcl

-

Public

Company

Limited

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

112

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

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

@

32,327,553

864,962

31,462,590

1

Consumer

Discretionary

91,402,827

418,767

90,984,060

–

Consumer

Staples

@

38,481,043

304,149

38,176,894

0

Energy

@

24,721,071

105,438

24,615,620

13

Financials

@

149,496,365

2,225,046

147,271,319

0

Health

Care

78,875,619

693,332

78,182,287

–

Industrials

110,205,376

99,598

110,105,778

–

Information

Technology

79,517,195

3,844,287

75,672,908

–

Materials

@

54,340,756

964,564

53,376,184

8

Real

Estate

12,187,652

–

12,187,652

–

Utilities

17,736,704

165,666

17,571,038

–

Preferred

Stock

Consumer

Discretionary

1,524,739

–

1,524,739

–

Energy

@

451,147

–

451,146

1

Information

Technology

281,794

–

281,794

–

Utilities

72,049

–

72,049

–

Short-Term

Investments

56,720,847

–

56,720,847

–

Subtotal

Investments

in

Securities

$748,342,737

$9,685,809

$738,656,905

$23

Other

Investments  *

Total

Affiliated

Short-Term

Investments

37,167,218

Subtotal

Other

Investments

$37,167,218

Total

Investments

at

Value

$785,509,955

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

@

Level

3

security

in

this

section

is

fair

valued

at

<$1.

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

International

Allocation

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

3,582,899

380,038

3,202,861

–

Total

Asset

Derivatives

$3,582,899

$380,038

$3,202,861

$–

Liability

Derivatives

Futures

Contracts

925,730

925,730

–

–

Total

Liability

Derivatives

$925,730

$925,730

$–

$–

International

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

113

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

The

following

table

presents

International

Allocation

Fund's

futures

contracts

held

as

of

January

31,

2025.

Investments

and/or

cash

totaling

$6,367,062

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CME

Canadian

Dollar

Foreign

Exchange

Currency

1,013

March

2025

$

70,819,252

(

$

876,667)

ICE

mini

MSCI

EAFE

Index

228

March

2025

26,643,663

380,038

ICE

US

mini

MSCI

Emerging

Markets

Index

47

March

2025

2,611,503

(

49,063)

S&P/TSX

60

Index

343

March

2025

69,600,414

3,202,861

Total

Futures

Long

Contracts

$

169,674,832

$

2,657,169

Total

Futures

Contracts

$

169,674,832

$2,657,169

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

International

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$19,344

$74,928

$57,105

$37,167

3,717

4.8%

Total

Affiliated

Short-Term

Investments

19,344

37,167

4.8

Total

Value

$19,344

$37,167

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$–

$–

$–

$257

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$257

Total

$–

$–

$–

Large

Cap

Growth

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

114

Shares

Common

Stock

98

.0

%

Value

Communications

Services  14.3%

1,266,399

Alphabet,

Inc.,

Class

C

$

260,371,634

351,519

Meta

Platforms,

Inc.

242,259,865

Total

502,631,499

Consumer

Discretionary  20.5%

1,269,307

Amazon.com,

Inc.

a

301,688,888

407,176

Best

Buy

Company,

Inc.

34,960,131

711,779

Chipotle

Mexican

Grill,

Inc.

a

41,532,305

178,635

DoorDash,

Inc.

a

33,731,647

588,884

eBay,

Inc.

39,737,892

216,604

Expedia

Group,

Inc.

a

37,028,454

198,919

Home

Depot,

Inc.

81,950,650

433,475

NIKE,

Inc.

33,334,227

281,941

Tesla,

Inc.

a

114,073,329

Total

718,037,523

Consumer

Staples  1.4%

490,000

Walmart,

Inc.

48,098,400

Total

48,098,400

Energy  0.5%

187,476

ConocoPhillips

18,528,253

Total

18,528,253

Financials  7.5%

105,577

American

Express

Company

33,515,419

56,952

Ameriprise

Financial,

Inc.

30,945,439

158,740

J.P.

Morgan

Chase

&

Company

42,431,202

871,980

KeyCorp

15,678,200

443,425

PayPal

Holdings,

Inc.

a

39,278,586

298,355

Visa,

Inc.

101,977,739

Total

263,826,585

Health

Care  8.8%

100,428

Amgen,

Inc.

28,664,160

161,007

Danaher

Corporation

35,862,699

103,854

Eli

Lilly

&

Company

84,233,902

94,747

Intuitive

Surgical,

Inc.

a

54,183,914

38,024

Regeneron

Pharmaceuticals,

Inc.

a

25,589,392

72,913

UnitedHealth

Group,

Inc.

39,554,573

227,966

Zoetis,

Inc.

38,959,390

Total

307,048,030

Industrials  5.7%

97,323

Caterpillar,

Inc.

36,149,655

567,702

Fastenal

Company

41,578,494

172,430

JB

Hunt

Transport

Services,

Inc.

29,523,465

164,567

Old

Dominion

Freight

Line,

Inc.

30,545,281

908,540

Uber

Technologies,

Inc.

a

60,735,899

Total

198,532,794

Information

Technology  38.7%

326,992

Advanced

Micro

Devices,

Inc.

a

37,914,722

1,186,021

Apple,

Inc.

279,900,956

260,858

Applied

Materials,

Inc.

47,045,740

370,747

Broadcom,

Inc.

82,035,189

180,760

CDW

Corporation

35,996,546

308,822

Fortinet,

Inc.

a

31,153,963

177,745

International

Business

Machines

Corporation

45,449,397

689,429

Microsoft

Corporation

286,154,401

2,478,028

NVIDIA

Corporation

297,536,822

120,470

Palantir

Technologies,

Inc.

a

9,937,570

275,571

QUALCOMM,

Inc.

47,654,493

Shares

Common

Stock  98.0%

Value

Information

Technology  38.7%

-

continued

195,665

Salesforce,

Inc.

$

66,858,731

84,243

ServiceNow,

Inc.

a

85,791,386

Total

1,353,429,916

Real

Estate  0.6%

22,153

Equinix,

Inc.

20,240,310

Total

20,240,310

Total

Common

Stock

(cost

$1,913,339,812)

3,430,373,310

Shares

or

Principal

Amount

Short-Term

Investments

1

.6

%

Value

Federal

Home

Loan

Bank

Discount

Notes

10,000,000

4.230%,

2/5/2025

b

9,994,160

10,000,000

4.235%,

2/10/2025

b

9,988,320

5,000,000

4.235%,

2/21/2025

b

4,987,735

10,000,000

4.230%,

3/7/2025

b

9,959,167

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

6,000,000

4.235%,

2/18/2025

b

5,987,385

Thrivent

Core

Short-Term

Reserve

Fund

967,981

4.630%

9,679,806

U.S.

Treasury

Bills

5,000,000

4.235%,

2/11/2025

b

4,995,283

Total

Short-Term

Investments

(cost

$55,584,867)

55,591,856

Total

Investments

(cost

$1,968,924,679)

99.6%

$

3,485,965,166

Other

Assets

and

Liabilities,

Net

0.4%

12,760,647

Total

Net

Assets

100.0%

$

3,498,725,813

a

Non-income

producing

security.

b

The

interest

rate

shown

reflects

the

yield.

Large

Cap

Growth

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

115

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Large

Cap

Growth

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

502,631,499

502,631,499

–

–

Consumer

Discretionary

718,037,523

718,037,523

–

–

Consumer

Staples

48,098,400

48,098,400

–

–

Energy

18,528,253

18,528,253

–

–

Financials

263,826,585

263,826,585

–

–

Health

Care

307,048,030

307,048,030

–

–

Industrials

198,532,794

198,532,794

–

–

Information

Technology

1,353,429,916

1,353,429,916

–

–

Real

Estate

20,240,310

20,240,310

–

–

Short-Term

Investments

45,912,050

–

45,912,050

–

Subtotal

Investments

in

Securities

$

3,476,285,360

$

3,430,373,310

$

45,912,050

$

–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

9,679,806

Subtotal

Other

Investments

$

9,679,806

Total

Investments

at

Value

$

3,485,965,166

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

 The

Fund

owns

shares

of

Thrivent

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

Growth

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$

78,028

$

116,616

$

184,964

$

9,680

968

0.3%

Total

Affiliated

Short-Term

Investments

78,028

9,680

0.3

Total

Value

$

78,028

$

9,680

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$9

($9)

$

–

$650

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$650

Total

$9

($9)

$

–

Large

Cap

Value

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

116

Shares

Common

Stock

98.2%

Value

Communications

Services  6.8%

211,109

Alphabet,

Inc.,

Class

C

$

43,404,011

805,912

Comcast

Corporation

27,126,998

69,295

Meta

Platforms,

Inc.

47,756,728

1,168,301

Verizon

Communications,

Inc.

46,019,376

1,383,871

Warner

Brothers

Discovery,

Inc.

a

14,447,613

Total

178,754,726

Consumer

Discretionary  6.4%

242,782

Aptiv

plc

a

15,154,453

4,713

Booking

Holdings,

Inc.

22,328,120

124,467

Columbia

Sportswear

Company

10,990,436

138,517

D.R.

Horton,

Inc.

19,655,562

136,072

Lowe's

Companies,

Inc.

35,384,163

1,030,025

Sony

Group

Corporation

ADR

22,670,850

174,851

Wyndham

Hotels

&

Resorts,

Inc.

18,362,852

510,660

Yum

China

Holding,

Inc.

23,618,025

Total

168,164,461

Consumer

Staples  6.7%

2,670,596

Coty,

Inc.

a

19,575,469

157,029

J.M.

Smucker

Company

16,784,830

1,289,493

Kenvue,

Inc.

27,453,306

275,482

Lamb

Weston

Holdings,

Inc.

16,512,391

421,981

Philip

Morris

International,

Inc.

54,941,926

551,884

Sysco

Corporation

40,243,381

Total

175,511,303

Energy  8.0%

357,317

ConocoPhillips

35,313,639

657,826

Devon

Energy

Corporation

22,431,867

1,219,067

Enterprise

Products

Partners,

LP

39,802,538

628,328

Exxon

Mobil

Corporation

67,124,280

561,646

Halliburton

Company

14,614,029

123,603

Marathon

Petroleum

Corporation

18,010,193

227,087

Shell

plc

ADR

14,953,679

Total

212,250,225

Financials  20.8%

100,017

Allstate

Corporation

19,236,270

314,662

American

International

Group,

Inc.

23,178,003

1,518,779

Bank

of

America

Corporation

70,319,468

328,548

Bank

of

New

York

Mellon

Corporation

28,232,130

175,612

Capital

One

Financial

Corporation

35,773,920

516,842

Charles

Schwab

Corporation

42,753,170

120,220

Chubb,

Ltd.

32,685,413

146,013

Discover

Financial

Services

29,361,754

11,923

First

Citizens

BancShares,

Inc./NC

26,286,519

153,776

Intercontinental

Exchange,

Inc.

24,578,018

207,109

J.P.

Morgan

Chase

&

Company

55,360,236

1,535,066

KeyCorp

27,600,487

54,951

Marsh

&

McLennan

Companies,

Inc.

11,917,773

355,778

MetLife,

Inc.

30,778,355

1,154,383

Wells

Fargo

&

Company

90,965,380

Total

549,026,896

Health

Care  12.3%

37,480

Amgen,

Inc.

10,697,541

721,818

Avantor,

Inc.

a

16,082,105

82,410

Cigna

Group

24,245,846

363,373

Gilead

Sciences,

Inc.

35,319,856

370,263

Johnson

&

Johnson

56,335,515

104,450

Labcorp

Holdings,

Inc.

26,091,610

Shares

Common

Stock  98.2%

Value

Health

Care  12.3%

-

continued

401,813

Merck

&

Company,

Inc.

$

39,707,161

589,415

Sanofi

SA

ADR

32,028,811

96,686

UnitedHealth

Group,

Inc.

52,451,188

277,566

Zimmer

Biomet

Holdings,

Inc.

30,387,926

Total

323,347,559

Industrials  12.5%

511,488

Amentum

Holdings,

Inc.

a

10,725,903

45,472

Caterpillar,

Inc.

16,890,120

2,467,905

CNH

Industrial

NV

31,786,616

701,042

CSX

Corporation

23,043,251

565,807

Delta

Air

Lines,

Inc.

38,061,837

504,852

Flowserve

Corporation

31,613,832

108,815

General

Dynamics

Corporation

27,963,279

204,656

Hexcel

Corporation

13,343,571

172,380

Honeywell

International,

Inc.

38,564,854

174,141

Jacobs

Solutions,

Inc.

24,402,378

127,865

JB

Hunt

Transport

Services,

Inc.

21,893,045

126,368

L3Harris

Technologies,

Inc.

26,791,280

208,180

United

Parcel

Service,

Inc.

23,780,401

Total

328,860,367

Information

Technology  10.8%

954,604

Cisco

Systems,

Inc.

57,849,002

189,830

International

Business

Machines

Corporation

48,539,531

87,887

Microsoft

Corporation

36,478,378

264,912

QUALCOMM,

Inc.

45,811,232

862,673

Samsung

Electronics

Company,

Ltd.

30,809,265

157,469

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

32,961,411

231,913

TD

SYNNEX

Corporation

33,049,922

Total

285,498,741

Materials  4.1%

369,327

CF

Industries

Holdings,

Inc.

34,055,643

315,291

Corteva,

Inc.

20,579,043

237,435

Eastman

Chemical

Company

23,660,398

240,669

Nucor

Corporation

30,909,120

Total

109,204,204

Real

Estate  3.0%

56,079

AvalonBay

Communities,

Inc.

12,422,059

146,150

CBRE

Group,

Inc.

a

21,153,751

279,993

Crown

Castle,

Inc.

24,997,775

1,261,458

Healthcare

Realty

Trust,

Inc.

21,129,422

Total

79,703,007

Utilities  6.8%

106,441

Constellation

Energy

Corporation

31,930,171

386,583

Duke

Energy

Corporation

43,293,430

622,307

Entergy

Corporation

50,456,652

363,324

Public

Service

Enterprise

Group,

Inc.

30,352,087

138,798

Vistra

Energy

Corporation

23,322,228

Total

179,354,568

Total

Common

Stock

(cost

$1,910,524,673)

2,589,676,057

Large

Cap

Value

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

117

Shares

Registered

Investment

Companies  

0.4%

Value

U.S.

Unaffiliated  

0.4%  

125,605

SPDR

S&P

Biotech

ETF

b

$

11,639,815

Total

11,639,815

Total

Registered

Investment

Companies

(cost

$11,196,022)

11,639,815

Shares

Collateral

Held

for

Securities

Loaned

0.4%

Value

10,227,910

Thrivent

Cash

Management

Trust

10,227,910

Total

Collateral

Held

for

Securities

Loaned

(cost

$10,227,910)

10,227,910

Shares

or

Principal

Amount

Short-Term

Investments

0.8%

Value

Federal

Home

Loan

Bank

Discount

Notes

1,750,000

4.235%,

2/21/2025

c

1,745,708

U.S.

Treasury

Bills

10,000,000

4.261%,

2/6/2025

c

9,996,492

8,000,000

4.235%,

2/11/2025

c

7,992,453

Total

Short-Term

Investments

(cost

$19,730,554)

19,734,653

Total

Investments

(cost

$1,951,679,159)

99.8%

$2,631,278,435

Other

Assets

and

Liabilities,

Net

0.2%

6,025,171

Total

Net

Assets

100.0%

$2,637,303,606

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

The

interest

rate

shown

reflects

the

yield.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Large

Cap

Value

Fund

as

of

January

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

9,924,957

Total

lending

$9,924,957

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$10,227,910

Net

amounts

due

to

counterparty

$302,953

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Large

Cap

Value

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

118

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Large

Cap

Value

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

178,754,726

178,754,726

–

–

Consumer

Discretionary

168,164,461

168,164,461

–

–

Consumer

Staples

175,511,303

175,511,303

–

–

Energy

212,250,225

212,250,225

–

–

Financials

549,026,896

549,026,896

–

–

Health

Care

323,347,559

323,347,559

–

–

Industrials

328,860,367

328,860,367

–

–

Information

Technology

285,498,741

254,689,476

30,809,265

–

Materials

109,204,204

109,204,204

–

–

Real

Estate

79,703,007

79,703,007

–

–

Utilities

179,354,568

179,354,568

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

11,639,815

11,639,815

–

–

Short-Term

Investments

19,734,653

–

19,734,653

–

Subtotal

Investments

in

Securities

$2,621,050,525

$2,570,506,607

$50,543,918

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

10,227,910

Subtotal

Other

Investments

$10,227,910

Total

Investments

at

Value

$2,631,278,435

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Value

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$51,327

$65,294

$116,621

$–

–

–%

Total

Affiliated

Short-Term

Investments

51,327

–

–

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

11,349

26,045

27,166

10,228

10,228

0.4

Total

Collateral

Held

for

Securities

Loaned

11,349

10,228

0.4

Total

Value

$62,676

$10,228

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$22

($22)

$–

$658

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$658

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

22

Total

Affiliated

Income

from

Securities

Loaned,

Net

$22

Total

$22

($22)

$–

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

119

Principal

Amount

Long-Term

Fixed

Income

99.2%

Value

Asset-Backed

Securities  17.8%

ACHV

ABS

Trust

$

1,807,005

5.900%, 

4/25/2031,

Ser.

2024-1PL,

Class

A

a

$

1,821,711

2,364,195

5.070%, 

10/27/2031,

Ser.

2024-2PL,

Class

A

a

2,369,405

Affirm

Asset

Securitization

Trust

3,350,000

6.820%, 

9/15/2028,

Ser.

2023-B,

Class

A

a

3,390,501

221,991

7.110%, 

11/15/2028,

Ser.

2023-X1,

Class

A

a

222,316

3,300,000

5.610%, 

2/15/2029,

Ser.

2024-A,

Class

A

a

3,324,534

552,076

6.270%, 

5/15/2029,

Ser.

2024-X1,

Class

A

a

553,812

4,091,875

5.220%, 

12/17/2029,

Ser.

2024-X2,

Class

A

a

4,096,622

AMSR

Trust

6,000,000

2.417%, 

12/17/2038,

Ser.

2021-SFR4,

Class

B

a

5,726,144

1,300,000

4.150%, 

11/17/2041,

Ser.

2024-SFR2,

Class

A

a

1,249,384

Annisa

CLO,

Ltd.

3,500,000

5.793%, 

(TSFR3M

+

1.500%),

7/20/2031,

Ser.

2016-2A,

Class

BRR

a,b

3,503,010

Auxilior

Term

Funding,

LLC

4,453,163

5.840%, 

3/15/2027,

Ser.

2024-1A,

Class

A2

a

4,489,323

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

5,370,000

5.780%, 

4/20/2028,

Ser.

2023-5A,

Class

A

a

5,472,707

7,050,000

5.250%, 

4/20/2029,

Ser.

2023-1A,

Class

A

a

7,123,459

Benefit

Street

Partners

CLO

IV,

Ltd.

3,600,000

6.193%, 

(TSFR3M

+

1.900%),

4/20/2034,

Ser.

2014-IVA,

Class

BR4

a,b

3,605,418

BHG

Securitization

Trust

185,606

0.900%, 

10/17/2034,

Ser.

2021-B,

Class

A

a

185,234

BRAVO

Residential

Funding

Trust

1,916,767

5.101%, 

(SOFR30A

+

0.750%),

2/25/2025,

Ser.

2021-HE2,

Class

A1

a,b

1,910,872

CarVal

CLO

I,

Ltd.

4,200,000

6.158%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

a,b

4,210,324

CarVal

CLO

III,

Ltd.

5,500,000

5.432%, 

(TSFR3M

+

1.400%),

7/20/2032,

Ser.

2019-2A,

Class

BR2

a,b

5,506,396

Cascade

Funding

Mortgage

Trust

449,754

1.100%, 

3/20/2041,

Ser.

2021-GRN1,

Class

A

a

441,648

Cascade

Funding

Mortgage

Trust,

LLC

670,850

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,b

664,195

CIM

Trust

1,603,501

5.568%, 

7/25/2059,

Ser.

2021-NR2,

Class

A1

a,c

1,599,047

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Asset-Backed

Securities  17.8%

-

continued

Commonbond

Student

Loan

Trust

$

140,932

2.550%, 

5/25/2041,

Ser.

2017-AGS,

Class

A1

a

$

131,687

545,010

4.925%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

a,b

538,086

Dryden

61

CLO,

Ltd.

3,250,000

5.882%, 

(TSFR3M

+

1.580%),

1/17/2032,

Ser.

2018-61A,

Class

B2R

a,b

3,253,312

ECMC

Group

Student

Loan

Trust

3,404,788

5.501%, 

(SOFR30A

+

1.150%),

2/25/2025,

Ser.

2024-1A,

Class

A

a,b

3,407,531

Education

Funding

Trust

1,021,088

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

952,609

Enterprise

Fleet

Financing,

LLC

3,500,000

4.700%, 

6/20/2031,

Ser.

2024-4,

Class

A4

a

3,489,392

Exeter

Automobile

Receivables

Trust

1,250,000

4.450%, 

3/15/2028,

Ser.

2024-5A,

Class

A3

1,248,486

FirstKey

Homes

Trust

1,000,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

975,650

Ford

Credit

Auto

Owner

Trust

2,000,000

4.110%, 

7/15/2030,

Ser.

2024-C,

Class

A4

1,966,609

Ford

Credit

Floorplan

Master

Owner

Trust

A

3,698,000

4.400%, 

9/15/2031,

Ser.

2024-4,

Class

A

a

3,634,730

Foundation

Finance

Trust

1,015,633

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

a

943,020

3,298,117

6.530%, 

6/15/2049,

Ser.

2023-2A,

Class

A

a

3,408,627

GM

Financial

Automobile

Leasing

Trust

1,500,000

4.220%, 

10/20/2028,

Ser.

2024-3,

Class

A4

1,488,012

GMAC

Mortgage

Corporation

Loan

Trust

13,911

4.925%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,d

7,046

GoldenTree

Loan

Management

US

CLO

11,

Ltd.

2,000,000

5.373%, 

(TSFR3M

+

1.080%),

10/20/2034,

Ser.

2021-11A,

Class

AR

a,b

2,002,512

GSAA

Home

Equity

Trust

138,436

6.375%, 

(TSFR1M

+

2.064%),

5/25/2034,

Ser.

2004-4,

Class

M2

b

206,229

920,881

4.300%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b

840,731

Hertz

Vehicle

Financing

III,

LLC

2,250,000

5.490%, 

6/25/2027,

Ser.

2023-1A,

Class

A

a

2,264,089

2,533,000

5.440%, 

1/25/2029,

Ser.

2024-1A,

Class

A

a

2,550,419

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

120

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Asset-Backed

Securities  17.8%

-

continued

Home

Partners

of

America

Trust

$

3,577,512

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

a

$

3,377,411

Huntington

Bank

Auto

Credit-

Linked

Notes

676,524

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

680,622

KKR

Static

CLO

I,

Ltd.

3,115,700

5.273%, 

(TSFR3M

+

0.980%),

7/20/2031,

Ser.

2022-1A,

Class

AR2

a,b

3,117,189

3,250,000

5.743%, 

(TSFR3M

+

1.450%),

7/20/2031,

Ser.

2022-1A,

Class

BR2

a,b

3,254,303

Lendbuzz

Securitization

Trust

1,650,000

5.600%, 

10/15/2030,

Ser.

2025-1A,

Class

A2

a

1,654,596

Madison

Park

Funding

XXXIX,

Ltd.

5,500,000

6.040%, 

(TSFR3M

+

1.750%),

10/22/2034,

Ser.

2021-39A,

Class

BR

a,b

5,506,990

Marlette

Funding

Trust

1,176,880

5.950%, 

7/17/2034,

Ser.

2024-1A,

Class

A

a

1,181,507

Merchants

Fleet

Funding,

LLC

1,900,000

5.820%, 

4/20/2037,

Ser.

2024-1A,

Class

A

a

1,921,255

MFA

Trust

2,194,004

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

c

2,201,789

National

Collegiate

Trust

415,560

5.065%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

a,b

406,479

Navient

Student

Loan

Trust

2,273,540

4.160%, 

10/15/2070,

Ser.

2022-BA,

Class

A

a

2,206,485

Oak

Street

Investment

2,387,220

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

a

2,311,777

Octane

Receivables

Trust

2,743,186

5.800%, 

7/20/2032,

Ser.

2024-2A,

Class

A2

a

2,770,350

OneMain

Financial

Issuance

Trust

5,895,000

1.750%, 

9/14/2035,

Ser.

2020-2A,

Class

A

a

5,676,473

OZLM

XVII,

Ltd.

5,200,000

6.293%, 

(TSFR3M

+

2.000%),

7/20/2030,

Ser.

2017-17A,

Class

BRR

a,b

5,218,434

Pagaya

AI

Debt

Grantor

Trust

2,049,901

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

2,056,577

7,000,000

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

6,995,735

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

1,871,693

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

1,889,257

Pagaya

AI

Debt

Trust

90,347

7.556%, 

7/15/2030,

Ser.

2023-1,

Class

A

a

90,413

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Asset-Backed

Securities  17.8%

-

continued

Palmer

Square

Loan

Funding,

Ltd.

$

5,059,505

5.352%, 

(TSFR3M

+

1.050%),

10/15/2032,

Ser.

2024-1A,

Class

A1

a,b

$

5,069,660

2,250,000

5.752%, 

(TSFR3M

+

1.450%),

10/15/2032,

Ser.

2024-1A,

Class

A2

a,b

2,254,907

5,000,000

5.900%, 

(TSFR3M

+

1.450%),

1/15/2033,

Ser.

2024-2A,

Class

A2

a,b

5,004,500

PPM

CLO

2,

Ltd.

6,250,000

5.808%, 

(TSFR3M

+

1.500%),

4/16/2037,

Ser.

2019-2A,

Class

AR

a,b

6,265,706

Pretium

Mortgage

Credit

Partners,

LLC

3,186,614

4.868%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A1

a,c

3,182,484

1,920,718

6.996%, 

7/25/2054,

Ser.

2024-NPL4,

Class

A1

a,c

1,929,400

Progress

Residential

Trust

4,061,754

1.524%, 

7/17/2038,

Ser.

2021-SFR6,

Class

A

a

3,896,602

3,750,000

1.942%, 

8/17/2040,

Ser.

2021-SFR7,

Class

B

a

3,367,429

5,500,000

3.400%, 

2/17/2042,

Ser.

2025-SFR1,

Class

A

a

5,087,111

RCO

VII

Mortgage,

LLC

1,744,219

7.021%, 

1/25/2029,

Ser.

2024-1,

Class

A1

a,c

1,749,592

Santander

Drive

Auto

Receivables

Trust

3,500,000

4.620%, 

11/15/2028,

Ser.

2024-5,

Class

A3

3,495,498

1,500,000

4.850%, 

1/16/2029,

Ser.

2024-4,

Class

A3

1,502,991

SCF

Equipment

Leasing,

LLC

2,853,167

6.560%, 

1/22/2030,

Ser.

2023-1A,

Class

A2

a

2,877,731

SFS

Auto

Receivables

Securitization

Trust

267,563

5.890%, 

3/22/2027,

Ser.

2023-1A,

Class

A2A

a

268,060

TCW

CLO,

Ltd.

1,000,000

5.630%, 

(TSFR3M

+

1.340%),

4/22/2033,

Ser.

2022-1A,

Class

A1

a,b

1,002,963

Terwin

Mortgage

Trust

698,122

5.925%, 

(TSFR1M

+

1.614%),

12/25/2034,

Ser.

2004-21HE,

Class

2M2

a,b

686,101

Tesla

Auto

Lease

Trust

3,250,000

4.880%, 

6/20/2028,

Ser.

2024-B,

Class

A4

a

3,255,306

Towd

Point

Asset

Trust

1,405,156

1.050%, 

11/20/2061,

Ser.

2021-SL1,

Class

A1

a

1,333,797

Tricon

Residential

Trust

5,750,000

2.244%, 

7/17/2038,

Ser.

2021-SFR1,

Class

B

a

5,529,819

3,797,638

4.750%, 

6/17/2040,

Ser.

2024-SFR2,

Class

A

a

3,764,461

2,250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

2,254,776

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

121

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Asset-Backed

Securities  17.8%

-

continued

United

Auto

Credit

Securitization

Trust

$

405,571

6.170%, 

8/10/2026,

Ser.

2024-1,

Class

A

a

$

406,119

Upstart

Securitization

Trust

579,698

6.770%, 

6/20/2033,

Ser.

2023-2,

Class

A

a

581,570

Vericrest

Opportunity

Loan

Transferee

823,557

5.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

a

823,446

453,717

5.893%, 

2/27/2051,

Ser.

2021-NPL1,

Class

A1

a

453,655

1,004,830

5.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

a,c

1,005,333

2,770,416

4.868%, 

8/25/2051,

Ser.

2021-NP11,

Class

A1

a,c

2,767,277

Veridian

Auto

Receivables

Trust

208,030

5.970%, 

8/17/2026,

Ser.

2023-1A,

Class

A2

a

208,131

Wheels

Fleet

Lease

Funding

1,

LLC

2,750,000

4.800%, 

9/19/2039,

Ser.

2024-3A,

Class

A1

a

2,754,775

Wind

River

CLO,

Ltd.

2,229,866

6.155%, 

(TSFR3M

+

1.862%),

7/20/2030,

Ser.

2013-1A,

Class

A2RR

a,b

2,230,419

Total

222,302,100

Basic

Materials  1.4%

Anglo

American

Capital

plc

1,860,000

4.875%, 

5/14/2025

a

1,858,064

Eastman

Chemical

Company

650,000

5.000%, 

8/1/2029

648,925

EIDP,

Inc.

1,543,000

4.500%, 

5/15/2026

1,541,353

FMC

Corporation

1,575,000

5.150%, 

5/18/2026

1,580,856

Glencore

Funding,

LLC

2,500,000

5.338%, 

4/4/2027

a

2,526,919

2,525,000

6.125%, 

10/6/2028

a

2,615,978

International

Flavors

&

Fragrances,

Inc.

1,250,000

1.832%, 

10/15/2027

a

1,150,518

LYB

International

Finance

III,

LLC

1,374,000

1.250%, 

10/1/2025

1,341,973

Mosaic

Company

1,475,000

5.375%, 

11/15/2028

1,497,139

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

1,575,000

5.300%, 

3/15/2026

1,583,934

Steel

Dynamics,

Inc.

925,000

2.400%, 

6/15/2025

917,162

Total

17,262,821

Capital

Goods  2.4%

AGCO

Corporation

1,900,000

5.450%, 

3/21/2027

1,920,897

Amphenol

Corporation

2,000,000

4.750%, 

3/30/2026

2,001,644

BAE

Systems

plc

1,565,000

5.000%, 

3/26/2027

a

1,572,419

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Capital

Goods  2.4%

-

continued

Boeing

Company

$

2,500,000

2.196%, 

2/4/2026

$

2,435,473

1,100,000

6.259%, 

5/1/2027

1,128,406

Howmet

Aerospace,

Inc.

1,900,000

3.000%, 

1/15/2029

1,771,291

Huntington

Ingalls

Industries,

Inc.

800,000

3.844%, 

5/1/2025

797,612

Ingersoll

Rand,

Inc.

500,000

5.400%, 

8/14/2028

509,074

John

Deere

Capital

Corporation

1,900,000

4.950%, 

7/14/2028

1,924,256

Otis

Worldwide

Corporation

2,375,000

2.056%, 

4/5/2025

2,365,904

Regal

Rexnord

Corporation

1,650,000

6.050%, 

2/15/2026

1,664,005

Republic

Services,

Inc.

1,750,000

0.875%, 

11/15/2025

1,699,148

RTX

Corporation

1,900,000

5.750%, 

11/8/2026

1,933,841

Sonoco

Products

Company

2,150,000

4.450%, 

9/1/2026

2,136,109

Spirit

AeroSystems,

Inc.

2,575,000

4.600%, 

6/15/2028

2,482,486

Textron,

Inc.

2,000,000

3.875%, 

3/1/2025

1,998,280

Veralto

Corporation

1,900,000

5.500%, 

9/18/2026

1,922,464

Total

30,263,309

Collateralized

Mortgage

Obligations  10.3%

A&D

Mortgage

Trust

3,183,568

6.733%, 

7/25/2068,

Ser.

2023-NQM3,

Class

A1

a,c

3,205,877

2,914,744

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

2,899,811

ACRA

Trust

4,926,927

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,c

4,913,938

Banc

of

America

Funding

Trust

223,626

6.490%, 

1/25/2035,

Ser.

2004-D,

Class

4A1

b

224,926

525,351

5.750%, 

3/25/2036,

Ser.

2006-3,

Class

3A1

504,939

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

94,964

6.670%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

89,116

CAFL

Issuer,

LLC

5,596,582

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a,c

5,560,952

Chase

Mortgage

Finance

Trust

Series

1,192,624

6.935%, 

7/25/2037,

Ser.

2007-A2,

Class

1M

b

1,202,506

CHNGE

Mortgage

Trust

1,718,389

6.000%, 

1/25/2058,

Ser.

2022-5,

Class

A1

a,b

1,736,388

3,596,068

3.007%, 

1/25/2067,

Ser.

2022-1,

Class

A1

a,b

3,338,558

3,008,460

7.065%, 

3/25/2058,

Ser.

2023-1,

Class

A1

a,b

3,023,667

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

122

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Collateralized

Mortgage

Obligations  10.3%

-

continued

$

5,067,674

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

$

4,795,610

2,643,575

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,c

2,660,953

2,758,071

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,c

2,789,819

Citigroup

Mortgage

Loan

Trust,

Inc.

492,188

5.432%, 

(CMT

1Y

+

2.400%),

3/25/2036,

Ser.

2006-AR1,

Class

3A1

b

464,644

COLT

Mortgage

Loan

Trust

4,069,880

5.443%, 

9/25/2069,

Ser.

2024-INV3,

Class

A1

a,c

4,058,025

4,307,859

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

a,b

3,785,928

Countrywide

Alternative

Loan

Trust

88,935

5.500%, 

11/25/2035,

Ser.

2005-49CB,

Class

A1

57,079

87,980

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

69,198

Credit

Suisse

Mortgage

Capital

Certificates

4,368,845

2.303%, 

10/25/2066,

Ser.

2021-NQM8,

Class

A2

a,b

3,802,249

Deephaven

Residential

Mortgage

Trust

4,757,045

2.205%, 

1/25/2067,

Ser.

2022-1,

Class

A1

a,b

4,236,249

4,764,393

2.085%, 

11/25/2066,

Ser.

2021-4,

Class

A2

a,b

4,098,741

Federal

National

Mortgage

Association

-

REMIC

4,850,755

4.000%, 

7/25/2053,

Ser.

2024-76,

Class

DA

4,677,467

Flagstar

Mortgage

Trust

2,186,421

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

1,930,728

GCAT

Trust

3,662,631

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

a,b

3,268,864

2,945,952

5.500%, 

12/25/2054,

Ser.

2024-INV4,

Class

A6

a,b

2,933,212

GS

Mortgage-Backed

Securities

Trust

272,124

1.791%, 

9/27/2060,

Ser.

2020-NQM1,

Class

A2

a,b

256,047

J.P.

Morgan

Alternative

Loan

Trust

236,048

4.975%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

b

176,688

J.P.

Morgan

Mortgage

Trust

128,688

5.373%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

91,180

LHOME

Mortgage

Trust

1,900,000

8.000%, 

6/25/2028,

Ser.

2023-RTL2,

Class

A1

a,c

1,921,068

2,250,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,c

2,284,085

3,500,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,c

3,549,184

MFA

Trust

4,145,141

3.875%, 

9/25/2056,

Ser.

2022-CHM1,

Class

A1

a,c

3,983,179

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Collateralized

Mortgage

Obligations  10.3%

-

continued

$

3,750,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,c

$

3,774,471

Mortgage

Equity

Conversion

Asset

Trust

211,867

4.670%, 

(CMT

1Y

+

0.490%),

1/25/2042,

Ser.

2007-FF1,

Class

A

a,b

209,346

176,336

4.640%, 

(CMT

1Y

+

0.470%),

2/25/2042,

Ser.

2007-FF2,

Class

A

a,b

175,725

NYMT

Loan

Trust

2,554,306

5.379%, 

6/25/2069,

Ser.

2024-INV1,

Class

A1

a,b

2,540,136

1,500,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,c

1,516,279

2,500,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,c

2,520,740

Palisades

Mortgage

Loan

Trust

2,188,893

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

a

2,176,047

PRPM,

LLC

2,766,528

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,c

2,687,099

1,884,005

6.363%, 

11/25/2025,

Ser.

2020-6,

Class

A1

a

1,888,602

1,525,824

7.026%, 

3/25/2029,

Ser.

2024-2,

Class

A1

a,c

1,535,614

1,943,390

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,c

1,945,222

Radnor

Re,

Ltd.

2,062,788

6.351%, 

(SOFR30A

+

2.000%),

9/25/2034,

Ser.

2024-1,

Class

M1A

a,b

2,066,742

Roc

Mortgage

Trust

1,219,588

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

1,219,588

3,500,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,c

3,482,466

Toorak

Mortgage

Corporation,

Ltd.

4,626,273

2.577%, 

2/25/2057,

Ser.

2022-INV1,

Class

A1

a,b

4,191,087

Toorak

Mortgage

Trust

4,750,000

6.597%, 

2/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,c

4,791,041

TRK

Trust

4,497,927

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

a,b

3,878,749

TVC

Mortgage

Trust

2,500,000

8.250%, 

11/25/2027,

Ser.

2023-RTL1,

Class

A1

a,c

2,523,510

Vericrest

Opportunity

Loan

Transferee

755,034

5.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

a,c

755,024

Verus

Securitization

Trust

1,559,805

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

a,b

1,370,009

Visio

2020-1R

Trust

325,928

1.567%, 

11/25/2055,

Ser.

2020-1R,

Class

A2

a

302,925

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

123

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Collateralized

Mortgage

Obligations  10.3%

-

continued

Wachovia

Mortgage

Loan

Trust,

LLC

$

9,120

7.187%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

$

8,874

Total

128,150,171

Commercial

Mortgage-Backed

Securities  0.6%

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

4,000,000

4.508%, 

7/25/2029,

Ser.

K528,

Class

A2

d

3,972,450

2,000,000

4.791%, 

9/25/2029,

Ser.

K529,

Class

A2

d

2,007,667

Silver

Hill

Trust

1,177,522

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,b

1,151,142

Total

7,131,259

Communications

Services  3.3%

American

Tower

Corporation

1,500,000

4.400%, 

2/15/2026

1,493,305

1,000,000

1.450%, 

9/15/2026

948,932

2,050,000

5.500%, 

3/15/2028

2,084,542

AppLovin

Corporation

4,000,000

5.125%, 

12/1/2029

3,995,881

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

779,000

4.908%, 

7/23/2025

778,526

875,000

6.150%, 

11/10/2026

892,007

2,750,000

4.200%, 

3/15/2028

2,668,232

1,725,000

6.100%, 

6/1/2029

1,764,291

Comcast

Corporation

950,000

5.100%, 

6/1/2029

962,884

Crown

Castle,

Inc.

1,260,000

4.800%, 

9/1/2028

1,251,984

1,750,000

4.900%, 

9/1/2029

1,739,529

NTT

Finance

Corporation

1,750,000

5.104%, 

7/2/2027

a

1,767,656

Rogers

Communications,

Inc.

1,900,000

5.000%, 

2/15/2029

1,890,087

Sprint

Capital

Corporation

4,730,000

6.875%, 

11/15/2028

5,018,176

Take-Two

Interactive

Software,

Inc.

1,250,000

5.400%, 

6/12/2029

1,267,367

T-Mobile

USA,

Inc.

2,500,000

3.500%, 

4/15/2025

2,493,801

3,125,000

4.850%, 

1/15/2029

3,116,089

Warnermedia

Holdings,

Inc.

3,600,000

3.638%, 

3/15/2025

3,593,467

3,200,000

3.755%, 

3/15/2027

3,099,434

Total

40,826,190

Consumer

Cyclical  5.2%

American

Honda

Finance

Corporation

2,000,000

4.900%, 

7/9/2027

2,010,986

2,000,000

4.450%, 

10/22/2027

1,988,136

2,050,000

5.650%, 

11/15/2028

2,109,630

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Consumer

Cyclical  5.2%

-

continued

Daimler

Trucks

Finance

North

America,

LLC

$

1,900,000

5.600%, 

8/8/2025

a

$

1,908,143

Darden

Restaurants,

Inc.

2,000,000

4.350%, 

10/15/2027

1,978,641

Ford

Motor

Credit

Company,

LLC

1,000,000

2.300%, 

2/10/2025

999,457

1,400,000

3.375%, 

11/13/2025

1,381,438

1,150,000

5.125%, 

11/5/2026

1,148,493

1,875,000

5.800%, 

3/5/2027

1,892,235

2,500,000

5.113%, 

5/3/2029

2,440,522

General

Motors

Company

938,000

6.125%, 

10/1/2025

944,655

General

Motors

Financial

Company,

Inc.

1,580,000

2.900%, 

2/26/2025

1,577,901

1,075,000

2.750%, 

6/20/2025

1,066,746

950,000

5.400%, 

5/8/2027

959,666

1,900,000

5.350%, 

7/15/2027

1,920,382

2,500,000

5.800%, 

1/7/2029

2,546,311

Hyatt

Hotels

Corporation

2,850,000

5.750%, 

1/30/2027

2,896,194

Hyundai

Capital

America

1,360,000

1.800%, 

10/15/2025

a

1,330,688

1,250,000

6.250%, 

11/3/2025

a

1,262,591

1,250,000

1.650%, 

9/17/2026

a

1,187,345

1,900,000

5.300%, 

3/19/2027

a

1,915,747

Hyundai

Capital

Services,

Inc.

1,250,000

1.250%, 

2/8/2026

a,e

1,206,324

Las

Vegas

Sands

Corporation

1,565,000

5.900%, 

6/1/2027

1,586,286

Lennar

Corporation

1,400,000

4.750%, 

5/30/2025

1,399,472

McDonald's

Corporation

1,300,000

4.800%, 

8/14/2028

1,308,129

1,875,000

5.000%, 

5/17/2029

1,893,936

Mercedes-Benz

Finance

North

America,

LLC

1,575,000

5.200%, 

8/3/2026

a

1,586,060

2,850,000

4.800%, 

11/13/2026

a

2,854,922

Nissan

Motor

Acceptance

Company,

LLC

2,700,000

5.300%, 

9/13/2027

a

2,667,177

O'Reilly

Automotive,

Inc.

1,900,000

5.750%, 

11/20/2026

1,932,998

PACCAR

Financial

Corporation

1,300,000

4.000%, 

9/26/2029

1,262,038

PulteGroup,

Inc.

2,250,000

5.500%, 

3/1/2026

2,262,243

Toyota

Motor

Credit

Corporation

1,250,000

4.650%, 

1/5/2029

1,247,198

2,000,000

4.950%, 

1/9/2030

2,012,571

VICI

Properties,

LP/VICI

Note

Company,

Inc.

4,500,000

4.625%, 

6/15/2025

a

4,489,970

Volkswagen

Group

of

America

Finance,

LLC

1,900,000

5.300%, 

3/22/2027

a

1,905,774

Total

65,081,005

Consumer

Non-Cyclical  5.3%

Altria

Group,

Inc.

1,575,000

4.400%, 

2/14/2026

1,569,958

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

124

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Consumer

Non-Cyclical  5.3%

-

continued

$

1,900,000

6.200%, 

11/1/2028

$

1,977,660

Amgen,

Inc.

1,425,000

5.150%, 

3/2/2028

1,441,101

BAT

International

Finance

plc

3,000,000

1.668%, 

3/25/2026

2,898,887

1,900,000

5.931%, 

2/2/2029

1,960,579

Becton,

Dickinson

and

Company

2,250,000

4.693%, 

2/13/2028

2,246,787

Bunge,

Ltd.

Finance

Corporation

2,700,000

4.100%, 

1/7/2028

2,650,009

Campbell's

Company

630,000

5.300%, 

3/20/2026

634,102

Conagra

Brands,

Inc.

2,750,000

4.850%, 

11/1/2028

2,735,819

CVS

Health

Corporation

1,600,000

5.000%, 

2/20/2026

1,602,824

2,500,000

5.400%, 

6/1/2029

2,517,056

General

Mills,

Inc.

1,900,000

5.500%, 

10/17/2028

1,941,683

GSK

Consumer

Healthcare

Capital

US,

LLC

1,900,000

3.375%, 

3/24/2027

1,848,817

HCA,

Inc.

2,750,000

5.875%, 

2/15/2026

2,762,427

Illumina,

Inc.

1,000,000

4.650%, 

9/9/2026

996,956

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

3,600,000

2.500%, 

1/15/2027

3,430,940

Keurig

Dr

Pepper,

Inc.

2,500,000

5.100%, 

3/15/2027

2,521,442

Kraft

Heinz

Foods

Company

3,500,000

3.000%, 

6/1/2026

3,422,445

Mattel,

Inc.

3,500,000

3.375%, 

4/1/2026

a

3,433,781

Nestle

Holdings,

Inc.

1,275,000

5.000%, 

3/14/2028

a

1,291,443

Novartis

Capital

Corporation

3,100,000

3.800%, 

9/18/2029

2,995,908

Pfizer

Investment

Enterprises,

Private

Ltd.

1,900,000

4.450%, 

5/19/2028

1,890,693

Philip

Morris

International,

Inc.

1,650,000

0.875%, 

5/1/2026

1,577,620

1,600,000

4.875%, 

2/15/2028

1,608,447

625,000

4.875%, 

2/13/2029

625,054

Royalty

Pharma

plc

3,825,000

1.200%, 

9/2/2025

3,745,334

2,000,000

5.150%, 

9/2/2029

1,998,649

Stryker

Corporation

4,000,000

3.500%, 

3/15/2026

3,953,148

1,900,000

4.700%, 

2/10/2028

f

1,900,196

Universal

Health

Services,

Inc.

2,600,000

1.650%, 

9/1/2026

2,469,988

Total

66,649,753

Energy  4.5%

APA

Corporation

1,900,000

4.375%, 

10/15/2028

a

1,843,491

BP

Capital

Markets

America,

Inc.

950,000

4.699%, 

4/10/2029

947,385

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Energy  4.5%

-

continued

Canadian

Natural

Resources,

Ltd.

$

1,600,000

2.050%, 

7/15/2025

$

1,580,630

Cheniere

Energy

Partners,

LP

4,000,000

4.500%, 

10/1/2029

3,878,139

Columbia

Pipelines

Holding

Company,

LLC

1,575,000

6.055%, 

8/15/2026

a

1,597,163

1,260,000

6.042%, 

8/15/2028

a

1,294,784

Continental

Resources,

Inc.

4,850,000

2.268%, 

11/15/2026

a

4,622,699

Diamondback

Energy,

Inc.

1,250,000

5.200%, 

4/18/2027

1,262,483

Enbridge,

Inc.

1,900,000

5.900%, 

11/15/2026

1,937,076

Energy

Transfer,

LP

1,050,000

2.900%, 

5/15/2025

1,044,018

1,250,000

6.050%, 

12/1/2026

1,276,520

1,900,000

5.250%, 

7/1/2029

1,909,388

Helmerich

&

Payne,

Inc.

2,700,000

4.650%, 

12/1/2027

a

2,672,954

Kinder

Morgan,

Inc.

1,300,000

5.100%, 

8/1/2029

1,301,870

Marathon

Petroleum

Corporation

3,000,000

4.700%, 

5/1/2025

2,999,905

MPLX,

LP

1,500,000

4.875%, 

6/1/2025

1,499,759

1,300,000

1.750%, 

3/1/2026

1,259,162

National

Fuel

Gas

Company

1,297,000

5.200%, 

7/15/2025

1,296,956

1,630,000

5.500%, 

1/15/2026

1,638,047

Occidental

Petroleum

Corporation

3,096,000

5.875%, 

9/1/2025

3,102,858

1,000,000

5.000%, 

8/1/2027

1,000,730

ONEOK,

Inc.

1,000,000

5.550%, 

11/1/2026

1,011,532

2,000,000

4.250%, 

9/24/2027

1,972,892

1,000,000

5.650%, 

11/1/2028

1,021,843

Ovintiv,

Inc.

900,000

5.650%, 

5/15/2025

901,763

2,550,000

5.375%, 

1/1/2026

2,558,579

Phillips

66

Company

1,200,000

4.950%, 

12/1/2027

1,210,116

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

1,625,000

4.650%, 

10/15/2025

1,624,015

Schlumberger

Holdings

Corporation

875,000

5.000%, 

5/29/2027

a

881,504

South

Bow

USA

Infrastructure

Holdings,

LLC

1,300,000

4.911%, 

9/1/2027

a

1,295,250

Transcontinental

Gas

Pipe

Line

Company,

LLC

650,000

7.850%, 

2/1/2026

664,661

Western

Midstream

Operating,

LP

2,500,000

3.100%, 

2/1/2025

2,500,000

Total

55,608,172

Financials  32.6%

ABN

AMRO

Bank

NV

1,900,000

6.339%, 

9/18/2027

a,b

1,943,615

AEGON

Funding

Company,

LLC

1,875,000

5.500%, 

4/16/2027

a,e

1,890,572

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

125

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Financials  32.6%

-

continued

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

$

2,000,000

6.500%, 

7/15/2025

$

2,012,574

1,800,000

1.750%, 

1/30/2026

1,748,425

750,000

2.450%, 

10/29/2026

720,100

1,550,000

6.100%, 

1/15/2027

1,583,335

1,665,000

6.450%, 

4/15/2027

1,716,677

1,925,000

4.625%, 

9/10/2029

1,885,584

Aircastle,

Ltd.

3,400,000

5.250%, 

8/11/2025

a

3,403,878

Allstate

Corporation

1,000,000

0.750%, 

12/15/2025

967,176

Ally

Financial,

Inc.

4,750,000

5.750%, 

11/20/2025

4,770,026

American

Express

Company

2,000,000

5.098%, 

2/16/2028

b

2,014,271

1,000,000

5.043%, 

7/26/2028

b

1,006,490

635,000

5.085%, 

1/30/2031

b

637,238

Aon

North

America,

Inc.

1,900,000

5.125%, 

3/1/2027

1,915,887

Apollo

Debt

Solutions

BDC

2,630,000

6.900%, 

4/13/2029

a

2,737,223

Ares

Capital

Corporation

1,386,000

4.250%, 

3/1/2025

1,384,986

2,000,000

3.875%, 

1/15/2026

1,978,919

1,200,000

2.150%, 

7/15/2026

1,151,872

Ares

Strategic

Income

Fund

1,400,000

5.700%, 

3/15/2028

a

1,401,463

1,625,000

5.600%, 

2/15/2030

a

1,605,118

Arthur

J.

Gallagher

&

Company

1,050,000

4.600%, 

12/15/2027

1,046,355

1,050,000

4.850%, 

12/15/2029

1,042,496

Associated

Banc-Corp

1,300,000

6.455%, 

8/29/2030

b

1,322,515

Australia

&

New

Zealand

Banking

Group,

Ltd.

2,110,000

2.950%, 

7/22/2030

a,b

2,088,861

Aviation

Capital

Group,

LLC

2,500,000

4.875%, 

10/1/2025

a

2,498,251

Avolon

Holdings

Funding,

Ltd.

2,150,000

5.500%, 

1/15/2026

a

2,159,759

1,500,000

2.125%, 

2/21/2026

a

1,455,715

650,000

4.250%, 

4/15/2026

a

643,258

1,200,000

4.950%, 

1/15/2028

a

1,191,046

Banco

Santander

SA

1,000,000

4.175%, 

3/24/2028

b

982,608

2,000,000

5.365%, 

7/15/2028

b

2,016,647

2,000,000

5.588%, 

8/8/2028

2,037,385

Bank

of

America

Corporation

1,650,000

3.384%, 

4/2/2026

b

1,646,302

1,475,000

1.319%, 

6/19/2026

b

1,456,030

2,000,000

4.827%, 

7/22/2026

b

2,000,586

3,500,000

1.734%, 

7/22/2027

b

3,349,233

Bank

of

Montreal

1,885,000

5.266%, 

12/11/2026

1,905,910

3,000,000

5.370%, 

6/4/2027

e

3,045,453

2,250,000

4.567%, 

9/10/2027

b

2,245,168

Bank

of

New

York

Mellon

Corporation

800,000

4.700%, 

9/20/2025

b,g

796,368

1,250,000

6.317%, 

10/25/2029

b

1,313,373

Bank

of

New

Zealand

3,200,000

4.846%, 

2/7/2028

a

3,207,196

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Financials  32.6%

-

continued

Bank

of

Nova

Scotia

$

1,065,000

4.900%, 

6/4/2025

b,g

$

1,061,681

2,000,000

4.404%, 

9/8/2028

b,e

1,980,480

Barclays

plc

1,900,000

6.496%, 

9/13/2027

b

1,945,150

2,000,000

2.279%, 

11/24/2027

b

1,909,523

950,000

5.674%, 

3/12/2028

b

964,203

1,900,000

4.837%, 

9/10/2028

b

1,893,709

Blackstone

Private

Credit

Fund

1,650,000

4.700%, 

3/24/2025

1,648,713

1,150,000

4.950%, 

9/26/2027

a

1,135,670

Blackstone

Secured

Lending

Fund

1,725,000

5.875%, 

11/15/2027

1,750,797

2,100,000

5.350%, 

4/13/2028

2,091,858

Blue

Owl

Capital

Corporation

II

1,250,000

8.450%, 

11/15/2026

1,308,095

Blue

Owl

Credit

Income

Corporation

1,100,000

4.700%, 

2/8/2027

1,087,678

1,900,000

6.600%, 

9/15/2029

a

1,941,736

Blue

Owl

Technology

Finance

Corporation

2,000,000

4.750%, 

12/15/2025

a

1,984,142

1,250,000

3.750%, 

6/17/2026

a

1,213,076

Blue

Owl

Technology

Finance

Corporation

II

1,725,000

6.750%, 

4/4/2029

1,750,857

BNP

Paribas

SA

2,200,000

1.323%, 

1/13/2027

a,b

2,128,901

1,400,000

5.176%, 

1/9/2030

a,b

1,404,702

Boston

Properties,

LP

2,500,000

3.650%, 

2/1/2026

2,462,955

BPCE

SA

1,750,000

5.975%, 

1/18/2027

a,b

1,764,826

Camden

Property

Trust

1,900,000

5.850%, 

11/3/2026

1,937,912

Canadian

Imperial

Bank

of

Commerce

1,900,000

5.926%, 

10/2/2026

1,938,522

2,000,000

5.237%, 

6/28/2027

2,024,192

Capital

One

Financial

Corporation

1,250,000

2.636%, 

3/3/2026

b

1,247,588

1,500,000

4.985%, 

7/24/2026

b

1,501,470

Centene

Corporation

3,000,000

4.250%, 

12/15/2027

2,907,259

1,800,000

4.625%, 

12/15/2029

1,713,406

Charles

Schwab

Corporation

600,000

5.375%, 

6/1/2025

b,g

597,462

1,750,000

4.000%, 

6/1/2026

b,g

1,707,800

1,900,000

5.875%, 

8/24/2026

1,934,746

Chubb

INA

Holdings,

LLC

2,750,000

4.650%, 

8/15/2029

2,731,974

Citadel,

LP

2,550,000

6.000%, 

1/23/2030

a

2,577,409

Citibank

NA

1,875,000

5.438%, 

4/30/2026

1,893,884

1,600,000

4.929%, 

8/6/2026

1,608,338

2,150,000

4.876%, 

11/19/2027

b

2,154,993

Citigroup,

Inc.

1,000,000

4.000%, 

12/10/2025

b,g

985,649

2,000,000

3.290%, 

3/17/2026

b

1,996,054

1,075,000

3.106%, 

4/8/2026

b

1,071,743

1,850,000

1.122%, 

1/28/2027

b

1,784,778

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

126

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Financials  32.6%

-

continued

$

1,100,000

5.174%, 

2/13/2030

b

$

1,103,101

Comerica,

Inc.

665,000

5.625%, 

7/1/2025

b,e,g

662,765

Cooperatieve

Rabobank

UA

1,875,000

1.339%, 

6/24/2026

a,b

1,849,350

COPT

Defense

Properties,

LP

550,000

2.250%, 

3/15/2026

534,020

Corebridge

Financial,

Inc.

2,000,000

3.650%, 

4/5/2027

1,949,357

Corebridge

Global

Funding

2,575,000

4.650%, 

8/20/2027

a

2,567,296

Credit

Agricole

SA

1,250,000

1.247%, 

1/26/2027

a,b

1,206,985

2,000,000

4.631%, 

9/11/2028

a,b

1,977,820

1,200,000

5.230%, 

1/9/2029

a,b

1,204,016

1,275,000

6.316%, 

10/3/2029

a,b

1,325,037

Credit

Suisse

Group

AG

810,000

7.500%, 

N/A

*,h

68,850

Deutsche

Bank

AG

4,300,000

4.500%, 

4/1/2025

4,296,948

3,000,000

6.000%, 

10/30/2025

b,g

2,979,079

Deutsche

Bank

AG/New

York,

NY

1,450,000

2.129%, 

11/24/2026

b

1,417,891

1,900,000

5.414%, 

5/10/2029

1,930,291

1,300,000

4.999%, 

9/11/2030

b

1,277,752

Discover

Bank

2,175,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

2,203,992

Elevance

Health,

Inc.

1,500,000

4.500%, 

10/30/2026

1,496,978

EPR

Properties

3,125,000

4.950%, 

4/15/2028

3,084,546

Fifth

Third

Bank

NA

1,400,000

3.850%, 

3/15/2026

1,384,370

First

Horizon

Bank

2,499,000

5.750%, 

5/1/2030

2,501,391

First-Citizens

Bank

&

Trust

Company

2,050,000

6.125%, 

3/9/2028

2,106,303

FS

KKR

Capital

Corporation

1,900,000

4.250%, 

2/14/2025

a

1,899,491

3,000,000

3.400%, 

1/15/2026

2,953,336

GA

Global

Funding

Trust

1,800,000

1.625%, 

1/15/2026

a

1,748,124

GATX

Corporation

1,250,000

5.400%, 

3/15/2027

1,263,955

Goldman

Sachs

Bank

USA/New

York,

NY

1,900,000

5.283%, 

3/18/2027

b

1,911,990

Goldman

Sachs

BDC,

Inc.

950,000

6.375%, 

3/11/2027

970,279

Goldman

Sachs

Group,

Inc.

325,000

4.250%, 

10/21/2025

323,797

2,550,000

0.855%, 

2/12/2026

b

2,547,488

2,000,000

3.800%, 

5/10/2026

b,e,g

1,941,778

2,500,000

3.615%, 

3/15/2028

b

2,438,166

1,900,000

4.482%, 

8/23/2028

b

1,883,166

1,900,000

6.484%, 

10/24/2029

b

1,994,951

Highwoods

Realty,

LP

1,770,000

4.200%, 

4/15/2029

1,684,945

HSBC

Holdings

plc

1,750,000

2.999%, 

3/10/2026

b

1,746,547

1,575,000

1.645%, 

4/18/2026

b

1,564,823

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Financials  32.6%

-

continued

$

2,150,000

5.130%, 

11/19/2028

b

$

2,155,365

HSBC

USA,

Inc.

1,250,000

5.294%, 

3/4/2027

1,267,583

ING

Groep

NV

2,000,000

1.726%, 

4/1/2027

b

1,930,254

2,000,000

4.017%, 

3/28/2028

b

1,963,341

J.P.

Morgan

Chase

&

Company

1,200,000

2.005%, 

3/13/2026

b

1,196,343

1,100,000

2.083%, 

4/22/2026

b

1,093,572

2,000,000

3.650%, 

6/1/2026

b,g

1,949,019

3,500,000

1.045%, 

11/19/2026

b

3,400,209

1,275,000

1.040%, 

2/4/2027

b

1,229,287

1,850,000

5.571%, 

4/22/2028

b

1,880,117

2,750,000

4.979%, 

7/22/2028

b

2,761,207

1,700,000

4.851%, 

7/25/2028

b

1,702,514

KeyBank

NA/Cleveland,

OH

1,500,000

4.700%, 

1/26/2026

1,499,618

Kilroy

Realty,

LP

2,881,000

4.375%, 

10/1/2025

2,867,081

Lincoln

Financial

Global

Funding

1,000,000

5.300%, 

1/13/2030

a

1,009,611

Lloyds

Banking

Group

plc

350,000

4.582%, 

12/10/2025

349,026

950,000

5.985%, 

8/7/2027

b

964,057

1,875,000

5.462%, 

1/5/2028

b

1,892,681

2,000,000

3.750%, 

3/18/2028

b

1,951,420

1,500,000

5.087%, 

11/26/2028

b

1,503,766

M&T

Bank

Corporation

1,750,000

3.500%, 

9/1/2026

b,g

1,649,276

Macquarie

Airfinance

Holdings,

Ltd.

604,000

6.400%, 

3/26/2029

a

622,401

1,300,000

5.150%, 

3/17/2030

a

1,278,810

Manufacturers

&

Traders

Trust

Company

2,000,000

5.400%, 

11/21/2025

2,009,268

2,000,000

4.650%, 

1/27/2026

1,999,340

MassMutual

Global

Funding

II

1,900,000

4.850%, 

1/17/2029

a

1,904,601

Met

Tower

Global

Funding

1,900,000

5.400%, 

6/20/2026

a,e

1,921,597

2,000,000

4.000%, 

10/1/2027

a

1,965,450

Metropolitan

Life

Global

Funding

I

1,900,000

5.400%, 

9/12/2028

a

1,935,168

Mitsubishi

UFJ

Financial

Group,

Inc.

1,125,000

2.193%, 

2/25/2025

1,123,358

Morgan

Stanley

2,075,000

5.000%, 

11/24/2025

2,079,046

1,500,000

4.679%, 

7/17/2026

b

1,499,317

2,250,000

6.138%, 

10/16/2026

b

2,271,366

1,500,000

0.985%, 

12/10/2026

b

1,452,241

1,000,000

1.593%, 

5/4/2027

b

961,683

1,875,000

5.652%, 

4/13/2028

b

1,906,890

3,000,000

5.164%, 

4/20/2029

b

3,017,318

785,000

5.449%, 

7/20/2029

b

796,898

Morgan

Stanley

Bank

NA

2,850,000

4.447%, 

10/15/2027

b

2,836,323

1,900,000

5.016%, 

1/12/2029

b

1,907,518

Morgan

Stanley

Direct

Lending

Fund

2,825,000

6.150%, 

5/17/2029

a

2,840,542

National

Bank

of

Canada

2,700,000

5.600%, 

7/2/2027

b

2,730,525

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

127

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Financials  32.6%

-

continued

NatWest

Group

plc

$

1,250,000

5.847%, 

3/2/2027

b

$

1,263,446

New

York

Life

Global

Funding

1,900,000

4.900%, 

6/13/2028

a

1,910,734

2,500,000

5.000%, 

6/6/2029

a,e

2,520,719

Nomura

Holdings,

Inc.

1,500,000

2.329%, 

1/22/2027

1,427,176

2,700,000

5.594%, 

7/2/2027

2,739,855

Nordea

Bank

Abp

3,300,000

1.500%, 

9/30/2026

a

3,133,482

Northwestern

Mutual

Global

Funding

1,900,000

4.900%, 

6/12/2028

a

1,909,017

Omega

Healthcare

Investors,

Inc.

1,630,000

5.250%, 

1/15/2026

1,633,336

Peachtree

Corners

Funding

Trust

1,125,000

3.976%, 

2/15/2025

a

1,124,010

PNC

Financial

Services

Group,

Inc.

2,500,000

3.400%, 

9/15/2026

b,g

2,373,794

2,000,000

4.758%, 

1/26/2027

b

1,998,860

1,250,000

6.615%, 

10/20/2027

b

1,288,481

1,575,000

5.582%, 

6/12/2029

b

1,608,475

Pricoa

Global

Funding

I

1,250,000

5.550%, 

8/28/2026

a

1,268,521

Principal

Life

Global

Funding

II

1,600,000

0.875%, 

1/12/2026

a

1,546,218

2,000,000

4.800%, 

1/9/2028

a

2,000,058

Realty

Income

Corporation

546,000

4.875%, 

6/1/2026

547,308

Regions

Financial

Corporation

2,215,000

2.250%, 

5/18/2025

2,199,603

1,200,000

5.722%, 

6/6/2030

b

1,220,326

RGA

Global

Funding

2,500,000

5.448%, 

5/24/2029

a

2,537,901

Royal

Bank

of

Canada

2,100,000

5.069%, 

7/23/2027

b

2,110,997

3,000,000

4.510%, 

10/18/2027

b

2,989,152

1,900,000

5.200%, 

8/1/2028

1,923,474

1,250,000

4.950%, 

2/1/2029

1,255,341

Santander

Holdings

USA,

Inc.

400,000

3.450%, 

6/2/2025

398,043

1,750,000

2.490%, 

1/6/2028

b

1,667,650

Santander

UK

Group

Holdings

plc

1,075,000

1.532%, 

8/21/2026

b

1,054,898

Simon

Property

Group,

LP

1,000,000

3.300%, 

1/15/2026

987,982

Societe

Generale

SA

2,000,000

1.488%, 

12/14/2026

a,b

1,939,720

2,150,000

5.250%, 

2/19/2027

a

2,152,573

2,000,000

5.500%, 

4/13/2029

a,b

2,004,386

Standard

Chartered

plc

2,100,000

2.608%, 

1/12/2028

a,b

2,005,291

1,250,000

5.688%, 

5/14/2028

a,b

1,266,463

1,600,000

5.545%, 

1/21/2029

a,b

1,615,515

State

Street

Corporation

2,000,000

5.751%, 

11/4/2026

b

2,016,253

2,200,000

5.684%, 

11/21/2029

b,e

2,266,839

Sumitomo

Mitsui

Financial

Group,

Inc.

1,750,000

0.948%, 

1/12/2026

1,692,589

2,400,000

2.174%, 

1/14/2027

2,288,828

1,900,000

5.716%, 

9/14/2028

1,950,125

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Financials  32.6%

-

continued

Sumitomo

Mitsui

Trust

Bank,

Ltd.

$

1,900,000

5.650%, 

9/14/2026

a

$

1,928,315

Synchrony

Financial

3,500,000

4.500%, 

7/23/2025

3,493,303

1,000,000

5.935%, 

8/2/2030

b,e

1,013,077

Synovus

Bank

3,155,000

5.625%, 

2/15/2028

3,178,867

Toronto-Dominion

Bank

2,550,000

4.861%, 

1/31/2028

2,551,116

Truist

Financial

Corporation

825,000

4.950%, 

9/1/2025

b,g

821,428

1,350,000

4.260%, 

7/28/2026

b

1,346,298

1,900,000

1.267%, 

3/2/2027

b

1,829,164

U.S.

Bancorp

2,000,000

5.727%, 

10/21/2026

b

2,012,828

1,000,000

6.787%, 

10/26/2027

b

1,032,672

1,750,000

4.548%, 

7/22/2028

b

1,739,339

950,000

5.384%, 

1/23/2030

b

962,296

2,000,000

5.100%, 

7/23/2030

b

1,999,027

UBS

Group

AG

5,650,000

1.305%, 

2/2/2027

a,b

5,454,453

1,900,000

6.327%, 

12/22/2027

a,b

1,949,785

1,625,000

6.850%, 

9/10/2029

a,b,g

1,628,633

2,200,000

5.428%, 

2/8/2030

a,b

2,225,423

Wells

Fargo

&

Company

2,000,000

3.908%, 

4/25/2026

b

1,995,756

1,500,000

4.540%, 

8/15/2026

b

1,498,240

1,650,000

3.526%, 

3/24/2028

b

1,604,411

1,500,000

5.707%, 

4/22/2028

b

1,524,763

1,900,000

5.574%, 

7/25/2029

b

1,935,801

Westpac

Banking

Corporation

1,060,000

2.894%, 

2/4/2030

b

1,059,953

Westpac

New

Zealand,

Ltd.

2,500,000

5.132%, 

2/26/2027

a

2,522,524

1,900,000

4.902%, 

2/15/2028

a

1,903,898

Total

405,994,665

Foreign

Government  0.5%

NBN

Company,

Ltd.

2,000,000

1.450%, 

5/5/2026

a

1,921,910

1,300,000

4.000%, 

10/1/2027

a

1,278,642

Syngenta

Finance

NV

3,352,000

4.892%, 

4/24/2025

a

3,348,399

Total

6,548,951

Mortgage-Backed

Securities  0.8%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

10,000,000

5.500%, 

2/1/2041

f

9,875,531

38,319

6.501%, 

(RFUCCT1Y

+

1.502%),

1/1/2043

b

38,848

Total

9,914,379

Technology  2.6%

Applied

Materials,

Inc.

1,275,000

4.800%, 

6/15/2029

1,282,585

Broadcom,

Inc.

2,000,000

4.150%, 

2/15/2028

1,965,077

2,000,000

4.800%, 

4/15/2028

2,002,512

2,650,000

5.050%, 

7/12/2029

2,660,577

Fiserv,

Inc.

1,900,000

5.150%, 

3/15/2027

1,916,622

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

128

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Technology  2.6%

-

continued

$

1,900,000

5.450%, 

3/2/2028

$

1,932,808

Global

Payments,

Inc.

875,000

2.650%, 

2/15/2025

873,870

Hewlett

Packard

Enterprise

Company

650,000

4.450%, 

9/25/2026

647,239

Jabil,

Inc.

1,500,000

4.250%, 

5/15/2027

1,481,401

Microchip

Technology,

Inc.

650,000

5.050%, 

3/15/2029

648,913

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

1,605,000

2.700%, 

5/1/2025

1,596,871

Oracle

Corporation

1,250,000

2.950%, 

5/15/2025

1,243,998

1,900,000

4.500%, 

5/6/2028

1,886,865

1,600,000

4.800%, 

8/3/2028

1,600,975

1,625,000

4.200%, 

9/27/2029

1,574,484

Qorvo,

Inc.

3,700,000

4.375%, 

10/15/2029

3,497,762

Roper

Technologies,

Inc.

1,925,000

4.500%, 

10/15/2029

1,894,239

SK

Hynix,

Inc.

1,250,000

5.500%, 

1/16/2027

a

1,261,571

VeriSign,

Inc.

1,810,000

5.250%, 

4/1/2025

1,810,179

VMware,

LLC

650,000

1.400%, 

8/15/2026

617,982

Total

32,396,530

Transportation  1.3%

Air

Canada

3,125,000

3.875%, 

8/15/2026

a

3,046,038

Delta

Air

Lines,

Inc.

2,000,000

7.000%, 

5/1/2025

a

2,008,095

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

712,500

4.500%, 

10/20/2025

a

709,279

ERAC

USA

Finance,

LLC

1,250,000

5.000%, 

2/15/2029

a

1,255,347

Mileage

Plus

Holdings,

LLC

1,550,000

6.500%, 

6/20/2027

a

1,563,672

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

1,000,000

3.950%, 

3/10/2025

a

999,228

1,200,000

1.200%, 

11/15/2025

a

1,166,309

TTX

Company

2,500,000

5.500%, 

9/25/2026

a

2,532,799

United

Airlines,

Inc.

3,125,000

4.375%, 

4/15/2026

a

3,079,812

Total

16,360,579

U.S.

Government

&

Agencies  6.0%

U.S.

Treasury

Notes

52,995,000

3.500%, 

1/31/2028

51,908,188

23,660,000

4.000%, 

10/31/2029

23,317,115

Total

75,225,303

Utilities  4.6%

AES

Corporation

2,750,000

3.300%, 

7/15/2025

a

2,727,078

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Utilities  4.6%

-

continued

American

Electric

Power

Company,

Inc.

$

3,000,000

5.699%, 

8/15/2025

$

3,012,795

1,425,000

1.000%, 

11/1/2025

1,385,878

1,255,000

5.200%, 

1/15/2029

1,262,072

CenterPoint

Energy,

Inc.

1,250,000

1.450%, 

6/1/2026

1,198,125

1,100,000

5.250%, 

8/10/2026

1,108,542

Constellation

Energy

Generation,

LLC

1,900,000

5.600%, 

3/1/2028

1,937,476

Dominion

Energy,

Inc.

2,350,000

1.450%, 

4/15/2026

2,261,729

DTE

Energy

Company

2,100,000

4.950%, 

7/1/2027

2,108,495

1,550,000

5.100%, 

3/1/2029

1,555,110

Duke

Energy

Carolinas,

LLC

2,000,000

4.850%, 

3/15/2030

2,002,452

Duke

Energy

Corporation

1,085,000

0.900%, 

9/15/2025

1,060,971

Enel

Finance

International

NV

2,000,000

6.800%, 

10/14/2025

a

2,029,530

Eversource

Energy

1,900,000

5.450%, 

3/1/2028

1,927,613

Exelon

Corporation

1,275,000

5.150%, 

3/15/2028

1,285,944

Georgia

Power

Company

1,900,000

4.650%, 

5/16/2028

1,895,682

Jersey

Central

Power

&

Light

Company

1,500,000

4.300%, 

1/15/2026

a

1,494,165

National

Rural

Utilities

Cooperative

Finance

Corporation

1,900,000

5.100%, 

5/6/2027

1,920,359

1,900,000

4.800%, 

3/15/2028

1,905,565

637,000

7.459%, 

(TSFR3M

+

3.172%),

4/30/2043

b

637,816

Nevada

Power

Company

1,275,000

6.250%, 

5/15/2055

b

1,279,170

NextEra

Energy

Capital

Holdings,

Inc.

2,000,000

5.749%, 

9/1/2025

2,010,582

1,600,000

4.850%, 

2/4/2028

1,600,379

1,600,000

5.050%, 

3/15/2030

1,597,626

NiSource,

Inc.

1,080,000

0.950%, 

8/15/2025

1,059,036

Pacific

Gas

and

Electric

Company

1,900,000

5.550%, 

5/15/2029

1,893,651

Sempra

3,250,000

3.300%, 

4/1/2025

3,241,923

Southern

California

Edison

Company

2,350,000

4.875%, 

2/1/2027

2,335,477

Southern

Company

1,100,000

4.000%, 

1/15/2051

b

1,083,358

1,250,000

3.750%, 

9/15/2051

b

1,213,689

Vistra

Operations

Company,

LLC

3,000,000

5.125%, 

5/13/2025

a

3,000,411

1,400,000

5.050%, 

12/30/2026

a

1,401,236

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

129

Principal

Amount

Long-Term

Fixed

Income  99.2%

Value

Utilities  4.6%

-

continued

WEC

Energy

Group,

Inc.

$

794,000

5.600%, 

9/12/2026

$

804,286

Total

57,238,221

Total

Long-Term

Fixed

Income

(cost

$1,243,500,680)

1,236,953,408

Shares

Collateral

Held

for

Securities

Loaned

1.1%

Value

12,983,162

Thrivent

Cash

Management

Trust

12,983,162

Total

Collateral

Held

for

Securities

Loaned

(cost

$12,983,162)

12,983,162

Shares

Preferred

Stock

0.1%

Value

Financials  0.1%

54,000

Citigroup

Capital

XIII,

10.919%

b

1,665,360

Total

1,665,360

Total

Preferred

Stock

(cost

$1,490,400)

1,665,360

Shares

or

Principal

Amount

Short-Term

Investments

1.6%

Value

Federal

Home

Loan

Bank

Discount

Notes

3,980,000

4.180%,

2/3/2025

i

3,978,605

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

5,000,000

4.210%,

2/7/2025

i

4,995,912

Federal

National

Mortgage

Association

Discount

Notes

2,000,000

4.170%,

2/3/2025

i

1,999,299

U.S.

Treasury

Bills

2,500,000

4.246%,

2/4/2025

i

2,499,708

4,000,000

4.210%,

2/13/2025

i

3,995,280

2,500,000

4.253%,

3/4/2025

i

2,491,435

Total

Short-Term

Investments

(cost

$19,960,338)

19,960,239

Total

Investments

(cost

$1,277,934,580)

102.0%

$1,271,562,169

Other

Assets

and

Liabilities,

Net

(2.0%)

(25,001,022)

Total

Net

Assets

100.0%

$1,246,561,147

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,

2025,

the

value

of

these

investments

was

$532,822,645

or

42.7%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

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,

2025.

d

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

e

All

or

a

portion

of

the

security

is

on

loan.

f

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

g

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

h

Defaulted

security.  Interest

is

not

being

accrued.

i

The

interest

rate

shown

reflects

the

yield.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Limited

Maturity

Bond

Fund

as

of

January

31,

2025

was

$68,850

or

0.01%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

January

31,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

12/4/2013

$

810,000

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Limited

Maturity

Bond

Fund

as

of

January

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

12,569,575

Total

lending

$12,569,575

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$12,983,162

Net

amounts

due

to

counterparty

$413,587

Definitions:

CLO

-

Collateralized

Loan

Obligation

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

Ser.

-

Series

Reference

Rate

Index:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

RFUCCT1Y

-

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

Term

1

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

130

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Limited

Maturity

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

222,302,100

–

222,302,100

–

Basic

Materials

17,262,821

–

17,262,821

–

Capital

Goods

30,263,309

–

30,263,309

–

Collateralized

Mortgage

Obligations

128,150,171

–

128,150,171

–

Commercial

Mortgage-Backed

Securities

7,131,259

–

7,131,259

–

Communications

Services

40,826,190

–

40,826,190

–

Consumer

Cyclical

65,081,005

–

65,081,005

–

Consumer

Non-Cyclical

66,649,753

–

66,649,753

–

Energy

55,608,172

–

55,608,172

–

Financials

405,994,665

–

405,994,665

–

Foreign

Government

6,548,951

–

6,548,951

–

Mortgage-Backed

Securities

9,914,379

–

9,914,379

–

Technology

32,396,530

–

32,396,530

–

Transportation

16,360,579

–

16,360,579

–

U.S.

Government

&

Agencies

75,225,303

–

75,225,303

–

Utilities

57,238,221

–

57,238,221

–

Preferred

Stock

Financials

1,665,360

1,665,360

–

–

Short-Term

Investments

19,960,239

–

19,960,239

–

Subtotal

Investments

in

Securities

$1,258,579,007

$1,665,360

$1,256,913,647

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

12,983,162

Subtotal

Other

Investments

$12,983,162

Total

Investments

at

Value

$1,271,562,169

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

  The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

for

the

Fund.

Thrivent

Cash

Management

Trust

is

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

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

$12,218

$22,004

$21,239

$12,983

12,983

1.1%

Total

Collateral

Held

for

Securities

Loaned

12,218

12,983

1.1

Total

Value

$12,218

$12,983

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

$–

$–

$

–

$13

Total

Affiliated

Income

from

Securities

Loaned,

Net

$13

Total

$–

$–

$–

Mid

Cap

Growth

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

131

Shares

Common

Stock

96.1%

Value

Communications

Services  3.8%

12,064

Cargurus,

Inc.

a

$

472,909

13,196

Pinterest,

Inc.

a

434,940

4,117

Trade

Desk,

Inc.

a

488,605

Total

1,396,454

Consumer

Discretionary  13.5%

3,432

Champion

Homes,

Inc.

a

316,877

7,122

Chipotle

Mexican

Grill,

Inc.

a

415,569

2,488

Deckers

Outdoor

Corporation

a

441,272

2,745

DoorDash,

Inc.

a

518,338

1,463

Hilton

Worldwide

Holdings,

Inc.

374,630

1,280

Lululemon

Athletica,

Inc.

a

530,176

41

NVR,

Inc.

a

328,663

1,122

Pool

Corporation

386,248

3,562

Ross

Stores,

Inc.

536,295

4,910

SharkNinja,

Inc.

a

548,987

4,941

Wyndham

Hotels

&

Resorts,

Inc.

518,904

Total

4,915,959

Consumer

Staples  2.8%

958

Casey's

General

Stores,

Inc.

404,056

2,832

e.l.f.

Beauty,

Inc.

a

282,945

2,438

J

&

J

Snack

Foods

Corporation

334,567

Total

1,021,568

Energy  2.1%

4,651

Matador

Resources

Company

269,758

16,020

TechnipFMC

plc

481,401

Total

751,159

Financials  11.7%

1,136

Arthur

J.

Gallagher

&

Company

342,867

1,821

Fiserv,

Inc.

a

393,409

2,432

Houlihan

Lokey,

Inc.

441,943

2,158

Jack

Henry

&

Associates,

Inc.

375,686

1,051

Kinsale

Capital

Group,

Inc.

464,479

4,009

Northern

Trust

Corporation

450,171

4,388

Robinhood

Markets,

Inc.

a

227,956

8,887

TPG,

Inc.

597,651

5,724

Tradeweb

Markets,

Inc.

726,376

2,729

Western

Alliance

Bancorp

239,797

Total

4,260,335

Health

Care  12.7%

475

Argenx

SE

ADR

a

311,187

1,858

Cencora,

Inc.

472,322

6,378

Dexcom,

Inc.

a

553,802

3,840

Encompass

Health

Corporation

381,197

3,692

Exact

Sciences

Corporation

a

206,937

6,469

Globus

Medical,

Inc.

a

599,806

2,737

HealthEquity,

Inc.

a

302,219

990

IDEXX

Laboratories,

Inc.

a

417,829

1,071

Natera,

Inc.

a

189,481

677

Penumbra,

Inc.

a

180,739

2,682

Repligen

Corporation

a

445,775

861

STERIS

plc

189,980

1,077

West

Pharmaceutical

Services,

Inc.

367,849

Total

4,619,123

Industrials  18.7%

2,797

Advanced

Drainage

Systems,

Inc.

338,185

3,710

BWX

Technologies,

Inc.

418,970

1,998

Clean

Harbors,

Inc.

a

465,534

Shares

Common

Stock  96.1%

Value

Industrials  18.7%

-

continued

982

EMCOR

Group,

Inc.

$

439,995

12,199

ExlService

Holdings,

Inc.

a

613,122

5,950

Fastenal

Company

435,778

5,977

Howmet

Aerospace,

Inc.

756,569

6,183

nVent

Electric

plc

402,451

2,573

Old

Dominion

Freight

Line,

Inc.

477,575

2,570

Regal

Rexnord

Corporation

407,936

1,199

Rockwell

Automation,

Inc.

333,838

674

Saia,

Inc.

a

323,594

4,775

TransUnion

473,919

2,972

Waste

Connections,

Inc.

546,164

794

Watsco,

Inc.

380,000

Total

6,813,630

Information

Technology  25.3%

7,007

Amphenol

Corporation

495,955

4,707

Arista

Networks,

Inc.

a

542,388

1,184

CrowdStrike

Holdings,

Inc.

a

471,315

1,256

CyberArk

Software,

Ltd.

a

465,951

8,242

Dynatrace

Holdings,

LLC

a

475,975

228

Fair

Isaac

Corporation

a

427,172

938

Gartner,

Inc.

a

509,174

6,785

Gitlab,

Inc.

a

493,677

1,849

Globant

SA

a

394,429

2,568

Guidewire

Software,

Inc.

a

542,541

911

HubSpot,

Inc.

a

710,152

9,485

JFrog,

Ltd.

a

329,699

6,492

Lattice

Semiconductor

Corporation

a

370,174

4,087

Marvell

Technology,

Inc.

461,259

1,819

MongoDB,

Inc.

a

497,169

1,654

Onto

Innovation,

Inc.

a

338,673

3,034

PTC,

Inc.

a

587,018

7,047

Trimble,

Inc.

a

528,243

902

Tyler

Technologies,

Inc.

a

542,679

Total

9,183,643

Materials  2.0%

710

Martin

Marietta

Materials,

Inc.

386,325

2,716

RPM

International,

Inc.

343,846

Total

730,171

Real

Estate  2.2%

2,667

CBRE

Group,

Inc.

a

386,022

5,155

CoStar

Group,

Inc.

a

394,873

Total

780,895

Utilities  1.3%

2,818

Vistra

Energy

Corporation

473,509

Total

473,509

Total

Common

Stock

(cost

$26,903,586)

34,946,446

Shares

Registered

Investment

Companies  

2.4%

Value

U.S.

Unaffiliated  

2.4%  

1,998

SPDR

S&P

Biotech

ETF

b

185,155

515

SPDR

S&P

Oil

&

Gas

Exploration

ETF

b

69,092

1,356

SPDR

S&P

Regional

Banking

ETF

b

87,001

Mid

Cap

Growth

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

132

Shares

Registered

Investment

Companies  2.4%

Value

U.S.

Unaffiliated  

2.4%  -

continued

2,675

SPDR

S&P

Software

&

Services

ETF

$

519,913

Total

861,161

Total

Registered

Investment

Companies

(cost

$847,696)

861,161

Shares

Collateral

Held

for

Securities

Loaned

0.7%

Value

241,550

Thrivent

Cash

Management

Trust

241,550

Total

Collateral

Held

for

Securities

Loaned

(cost

$241,550)

241,550

Shares

Short-Term

Investments

1.4%

Value

Thrivent

Core

Short-Term

Reserve

Fund

50,266

4.630%

502,662

Total

Short-Term

Investments

(cost

$502,662)

502,662

Total

Investments

(cost

$28,495,494)

100.6%

$36,551,819

Other

Assets

and

Liabilities,

Net

(0.6%)

(206,794)

Total

Net

Assets

100.0%

$36,345,025

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

Growth

Fund

as

of

January

31,

2025:

Securities

Lending

Transactions

Common

Stock

$

233,891

Total

lending

$233,891

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$241,550

Net

amounts

due

to

counterparty

$7,659

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Mid

Cap

Growth

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

1,396,454

1,396,454

–

–

Consumer

Discretionary

4,915,959

4,915,959

–

–

Consumer

Staples

1,021,568

1,021,568

–

–

Energy

751,159

751,159

–

–

Financials

4,260,335

4,260,335

–

–

Health

Care

4,619,123

4,619,123

–

–

Industrials

6,813,630

6,813,630

–

–

Information

Technology

9,183,643

9,183,643

–

–

Materials

730,171

730,171

–

–

Real

Estate

780,895

780,895

–

–

Utilities

473,509

473,509

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

861,161

861,161

–

–

Subtotal

Investments

in

Securities

$35,807,607

$35,807,607

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

502,662

Collateral

Held

for

Securities

Loaned

241,550

Subtotal

Other

Investments

$744,212

Total

Investments

at

Value

$36,551,819

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Mid

Cap

Growth

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

133

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Growth

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$748

$3,036

$3,281

$503

50

1.4%

Total

Affiliated

Short-Term

Investments

748

503

1.4

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

131

942

831

242

242

0.7

Total

Collateral

Held

for

Securities

Loaned

131

242

0.7

Total

Value

$879

$745

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$–

$–

$–

$10

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$10

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

$–

$–

$–

Mid

Cap

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

134

Shares

Common

Stock

98

.1

%

Value

Consumer

Discretionary  11.7%

854,521

Champion

Homes,

Inc.

a

$

78,897,924

338,892

Crocs,

Inc.

a

34,590,706

256,280

Deckers

Outdoor

Corporation

a

45,453,821

438,569

Garmin,

Ltd.

94,665,119

222,733

Lululemon

Athletica,

Inc.

a

92,256,008

14,401

NVR,

Inc.

a

115,441,008

Total

461,304,586

Consumer

Staples  4.3%

672,349

BJ's

Wholesale

Club

Holdings,

Inc.

a

66,596,169

159,207

Casey's

General

Stores,

Inc.

67,148,736

652,851

Tyson

Foods,

Inc.

36,879,553

Total

170,624,458

Energy  4.8%

1,931,078

Devon

Energy

Corporation

65,849,760

1,200,919

Expand

Energy

Corporation

122,013,370

Total

187,863,130

Financials  16.4%

1,729,123

Ally

Financial,

Inc.

67,383,923

132,731

Ameriprise

Financial,

Inc.

72,120,716

863,113

Arch

Capital

Group,

Ltd.

80,329,927

209,561

Kinsale

Capital

Group,

Inc.

92,613,388

690,021

Northern

Trust

Corporation

77,482,458

1,630,885

Radian

Group,

Inc.

55,482,708

484,405

Tradeweb

Markets,

Inc.

61,470,995

807,477

Western

Alliance

Bancorp

70,953,004

1,156,766

Zions

Bancorp

NA

66,930,481

Total

644,767,600

Health

Care  9.3%

163,012

Align

Technology,

Inc.

a

35,717,559

668,038

Edwards

Lifesciences

Corporation

a

48,399,353

204,504

Humana,

Inc.

59,966,708

426,748

Neurocrine

Biosciences,

Inc.

a

64,788,881

1,414,450

Progyny,

Inc.

a

32,772,807

328,199

Sarepta

Therapeutics,

Inc.

a

37,322,790

113,303

United

Therapeutics

Corporation

a

39,788,615

111,431

Waters

Corporation

a

46,297,352

Total

365,054,065

Industrials  20.6%

85,285

Axon

Enterprise,

Inc.

a

55,621,171

423,282

Expeditors

International

of

Washington,

Inc.

48,076,369

912,399

Fastenal

Company

66,824,103

660,707

Howmet

Aerospace,

Inc.

83,632,292

396,839

Leidos

Holdings,

Inc.

56,363,043

252,711

Lincoln

Electric

Holdings,

Inc.

50,233,892

361,480

Old

Dominion

Freight

Line,

Inc.

67,094,303

246,449

Quanta

Services,

Inc.

75,810,177

278,039

Rockwell

Automation,

Inc.

77,414,399

1,535,153

Southwest

Airlines

Company

47,144,549

963,504

Timken

Company

77,340,466

139,578

United

Rentals,

Inc.

105,808,499

Total

811,363,263

Information

Technology  14.9%

607,663

Ciena

Corporation

a

52,951,754

417,425

Datadog,

Inc.

a

59,570,722

1,359,644

DocuSign,

Inc.

a

131,518,364

171,725

MongoDB,

Inc.

a

46,935,877

Shares

Common

Stock  98.1%

Value

Information

Technology  14.9%

-

continued

866,998

ON

Semiconductor

Corporation

a

$

45,378,675

870,063

Qorvo,

Inc.

a

72,197,828

1,808,822

Trimble,

Inc.

a

135,589,297

904,811

Varonis

Systems,

Inc.

a

41,042,227

Total

585,184,744

Materials  5.2%

405,409

Albemarle

Corporation

34,131,384

630,755

Ball

Corporation

35,133,053

353,192

Celanese

Corporation

25,090,760

850,125

Steel

Dynamics,

Inc.

108,986,025

Total

203,341,222

Real

Estate  4.5%

96,294

Alexandria

Real

Estate

Equities,

Inc.

9,374,221

251,031

Extra

Space

Storage,

Inc.

38,658,774

656,081

First

Industrial

Realty

Trust,

Inc.

35,028,164

483,069

SBA

Communications

Corporation

95,435,112

Total

178,496,271

Utilities  6.4%

1,146,924

Alliant

Energy

Corporation

67,530,885

2,126,882

CenterPoint

Energy,

Inc.

69,272,547

1,845,141

NiSource,

Inc.

68,823,759

279,668

Vistra

Energy

Corporation

46,992,614

Total

252,619,805

Total

Common

Stock

(cost

$2,683,035,605)

3,860,619,144

Shares

or

Principal

Amount

Short-Term

Investments

2

.4

%

Value

Federal

Home

Loan

Bank

Discount

Notes

10,000,000

4.230%,

2/5/2025

b

9,994,160

5,000,000

4.230%,

2/10/2025

b

4,994,160

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

5,000,000

4.235%,

2/18/2025

b

4,989,487

Thrivent

Core

Short-Term

Reserve

Fund

2,505,940

4.630%

25,059,402

U.S.

Treasury

Bills

15,000,000

4.247%,

2/4/2025

b

14,998,246

10,000,000

4.235%,

2/11/2025

b

9,990,567

10,000,000

4.240%,

2/18/2025

b

9,982,302

15,000,000

4.253%,

3/4/2025

b

14,948,613

Total

Short-Term

Investments

(cost

$94,925,174)

94,956,937

Total

Investments

(cost

$2,777,960,779)

100.5%

$

3,955,576,081

Other

Assets

and

Liabilities,

Net

(0.5%)

(

17,726,807

)

Total

Net

Assets

100.0%

$

3,937,849,274

a

Non-income

producing

security.

b

The

interest

rate

shown

reflects

the

yield.

Mid

Cap

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

135

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Mid

Cap

Stock

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Consumer

Discretionary

461,304,586

461,304,586

–

–

Consumer

Staples

170,624,458

170,624,458

–

–

Energy

187,863,130

187,863,130

–

–

Financials

644,767,600

644,767,600

–

–

Health

Care

365,054,065

365,054,065

–

–

Industrials

811,363,263

811,363,263

–

–

Information

Technology

585,184,744

585,184,744

–

–

Materials

203,341,222

203,341,222

–

–

Real

Estate

178,496,271

178,496,271

–

–

Utilities

252,619,805

252,619,805

–

–

Short-Term

Investments

69,897,535

–

69,897,535

–

Subtotal

Investments

in

Securities

$

3,930,516,679

$

3,860,619,144

$

69,897,535

$

–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

25,059,402

Subtotal

Other

Investments

$

25,059,402

Total

Investments

at

Value

$

3,955,576,081

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Stock

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$

105,411

$

110,953

$

191,305

$

25,059

2,506

0.6%

Total

Affiliated

Short-Term

Investments

105,411

25,059

0.6

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

62,691

62,691

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$

105,411

$

25,059

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$1

($1)

$

–

$953

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$953

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

6

Total

Affiliated

Income

from

Securities

Loaned,

Net

$6

Total

$1

($1)

$

–

Mid

Cap

Value

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

136

Shares

Common

Stock

98.4%

Value

Communications

Services  2.9%

18,122

Imax

Corporation

a

$

426,773

6,357

Verizon

Communications,

Inc.

250,402

15,018

Warner

Brothers

Discovery,

Inc.

a

156,788

Total

833,963

Consumer

Discretionary  11.2%

5,132

Cheesecake

Factory,

Inc.

288,162

5,121

Columbia

Sportswear

Company

452,185

2,747

D.R.

Horton,

Inc.

389,799

6,044

Gildan

Activewear,

Inc.

311,931

2,969

Lear

Corporation

279,353

9,192

Six

Flags

Entertainment

Corporation

405,275

4,690

Tapestry,

Inc.

342,089

3,114

Wyndham

Hotels

&

Resorts,

Inc.

327,032

9,461

Yum

China

Holding,

Inc.

437,571

Total

3,233,397

Consumer

Staples  5.0%

2,681

J

&

J

Snack

Foods

Corporation

367,914

3,669

J.M.

Smucker

Company

392,180

4,662

Lamb

Weston

Holdings,

Inc.

279,440

5,245

Sysco

Corporation

382,465

Total

1,421,999

Energy  7.1%

15,887

Coterra

Energy,

Inc.

440,388

12,165

Devon

Energy

Corporation

414,826

11,534

Enterprise

Products

Partners,

LP

376,585

4,555

Expand

Energy

Corporation

462,788

10,611

Noble

Corporation

plc

340,083

Total

2,034,670

Financials  19.5%

39,379

AGNC

Investment

Corporation

392,609

2,670

Allstate

Corporation

513,521

2,197

Capital

One

Financial

Corporation

447,551

9,167

Carlyle

Group,

Inc.

514,819

4,702

Charles

Schwab

Corporation

388,949

8,735

Equitable

Holdings,

Inc.

475,359

2,320

Jack

Henry

&

Associates,

Inc.

403,889

3,076

M&T

Bank

Corporation

619,014

3,143

Selective

Insurance

Group,

Inc.

264,420

4,877

Texas

Capital

Bancshares,

Inc.

a

385,039

13,901

U.S.

Bancorp

664,190

2,737

Voya

Financial,

Inc.

194,300

2,746

Wintrust

Financial

Corporation

359,204

Total

5,622,864

Health

Care  9.9%

6,766

Acadia

Healthcare

Company,

Inc.

a

305,214

13,879

Avantor,

Inc.

a

309,224

7,228

Baxter

International,

Inc.

235,344

5,734

Henry

Schein,

Inc.

a

458,720

824

Humana,

Inc.

241,622

2,623

Johnson

&

Johnson

399,089

1,889

Labcorp

Holdings,

Inc.

471,872

2,653

Sanofi

SA

ADR

144,164

526

UnitedHealth

Group,

Inc.

285,350

Total

2,850,599

Industrials  14.8%

3,564

AGCO

Corporation

372,189

597

Carlisle

Companies,

Inc.

232,508

Shares

Common

Stock  98.4%

Value

Industrials  14.8%

-

continued

7,857

Flowserve

Corporation

$

492,005

6,762

Fluor

Corporation

a

325,996

901

General

Dynamics

Corporation

231,539

8,022

Hexcel

Corporation

523,034

1,885

JB

Hunt

Transport

Services,

Inc.

322,750

6,970

MSC

Industrial

Direct

Company,

Inc.

560,458

7,095

Robert

Half,

Inc.

459,685

2,925

United

Airlines

Holdings,

Inc.

a

309,582

12,155

Werner

Enterprises,

Inc.

438,795

Total

4,268,541

Information

Technology  7.8%

3,393

Coherent

Corporation

a

307,033

1,844

CommVault

Systems,

Inc.

a

293,675

1,917

Jabil,

Inc.

311,340

13,862

Knowles

Corporation

a

262,408

4,940

MKS

Instruments,

Inc.

559,603

1,214

PTC,

Inc.

a

234,885

4,311

Western

Digital

Corporation

a

280,775

Total

2,249,719

Materials  6.6%

6,310

Alcoa

Corporation

222,869

10,263

Axalta

Coating

Systems,

Ltd.

a

368,852

3,033

Celanese

Corporation

215,464

3,168

CF

Industries

Holdings,

Inc.

292,121

3,519

Nucor

Corporation

451,945

4,098

West

Fraser

Timber

Company,

Ltd.

355,625

Total

1,906,876

Real

Estate  5.1%

726

AvalonBay

Communities,

Inc.

160,816

2,104

CBRE

Group,

Inc.

a

304,533

4,088

Crown

Castle,

Inc.

364,977

17,478

Healthcare

Realty

Trust,

Inc.

292,756

2,045

Simon

Property

Group,

Inc.

355,544

Total

1,478,626

Utilities  8.5%

6,276

Alliant

Energy

Corporation

369,531

851

Constellation

Energy

Corporation

255,283

2,310

DTE

Energy

Company

276,923

3,202

Duke

Energy

Corporation

358,592

5,833

Evergy,

Inc.

374,303

12,790

NiSource,

Inc.

477,067

1,933

Vistra

Energy

Corporation

324,802

Total

2,436,501

Total

Common

Stock

(cost

$23,360,284)

28,337,755

Shares

Short-Term

Investments

1.9%

Value

Thrivent

Core

Short-Term

Reserve

Fund

54,237

4.630%

542,366

Total

Short-Term

Investments

(cost

$542,365)

542,366

Total

Investments

(cost

$23,902,649)

100.3%

$28,880,121

Other

Assets

and

Liabilities,

Net

(0.3%)

(99,088)

Total

Net

Assets

100.0%

$28,781,033

Mid

Cap

Value

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

137

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.

plc

-

Public

Limited

Company

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Mid

Cap

Value

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

833,963

833,963

–

–

Consumer

Discretionary

3,233,397

3,233,397

–

–

Consumer

Staples

1,421,999

1,421,999

–

–

Energy

2,034,670

2,034,670

–

–

Financials

5,622,864

5,622,864

–

–

Health

Care

2,850,599

2,850,599

–

–

Industrials

4,268,541

4,268,541

–

–

Information

Technology

2,249,719

2,249,719

–

–

Materials

1,906,876

1,906,876

–

–

Real

Estate

1,478,626

1,478,626

–

–

Utilities

2,436,501

2,436,501

–

–

Subtotal

Investments

in

Securities

$28,337,755

$28,337,755

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

542,366

Subtotal

Other

Investments

$542,366

Total

Investments

at

Value

$28,880,121

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

 The

Fund

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities. 

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Value

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$377

$2,603

$2,438

$542

54

1.9%

Total

Affiliated

Short-Term

Investments

377

542

1.9

Total

Value

$377

$542

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$–

$–

$–

$4

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$4

Total

$–

$–

$–

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

138

Shares

Registered

Investment

Companies  

43.4%

Value

U.S.

Affiliated  

42.8%  

7,300,263

Thrivent

Core

Emerging

Markets

Debt

Fund

$

60,081,165

2,256,596

Thrivent

Core

Emerging

Markets

Equity

Fund

21,189,438

1,214,597

Thrivent

Core

International

Equity

Fund

12,984,043

212,212

Thrivent

Core

Low

Volatility

Equity

Fund

2,442,556

4,142,443

Thrivent

Core

Mid

Cap

Value

Fund

46,105,396

2,032,933

Thrivent

Core

Small

Cap

Value

Fund

22,280,949

3,307,201

Thrivent

Global

Stock

Fund,

Class

S

92,403,208

10,737,924

Thrivent

High

Yield

Fund,

Class

S

45,636,175

15,927,581

Thrivent

Income

Fund,

Class

S

128,694,853

13,821,881

Thrivent

International

Allocation

Fund,

Class

S

148,723,434

19,312,432

Thrivent

Large

Cap

Growth

Fund,

Class

S

430,280,974

12,314,955

Thrivent

Large

Cap

Value

Fund,

Class

S

374,251,474

5,961,967

Thrivent

Limited

Maturity

Bond

Fund,

Class

S

73,928,394

4,239,173

Thrivent

Mid

Cap

Stock

Fund,

Class

S

159,053,758

1,632,055

Thrivent

Small

Cap

Stock

Fund,

Class

S

53,482,443

Total

1,671,538,260

U.S.

Unaffiliated  

0.6%  

6,221

Invesco

QQQ

Trust

Series

1

3,249,166

36,000

Invesco

Senior

Loan

ETF

757,800

56,000

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

a

2,088,240

7,754

iShares

U.S.

Regional

Banks

ETF

412,047

17,852

SPDR

Bloomberg

High

Yield

Bond

ETF

a

1,727,359

24,562

SPDR

S&P

500

ETF

Trust

14,781,903

15,091

SPDR

S&P

Biotech

ETF

1,398,483

1,135

SPDR

S&P

Oil

&

Gas

Exploration

ETF

152,272

2,982

SPDR

S&P

Regional

Banking

ETF

191,325

5,865

SPDR

S&P

Software

&

Services

ETF

1,139,921

Total

25,898,516

Total

Registered

Investment

Companies

(cost

$1,152,738,104)

1,697,436,776

Shares

Common

Stock

23.4%

Value

Communications

Services  1.6%

21,890

Alphabet,

Inc.,

Class

A

4,465,998

81,659

Alphabet,

Inc.,

Class

C

16,789,090

7,508

AMC

Networks,

Inc.

b

72,302

4,441

Bandwidth,

Inc.

b

78,917

65,460

Cargurus,

Inc.

b

2,566,032

120

Charter

Communications,

Inc.

b

41,459

5,905

Cogent

Communications

Holdings

444,883

68,409

Comcast

Corporation

2,302,647

29,062

E.W.

Scripps

Company

b

54,637

214

Electronic

Arts,

Inc.

26,303

2,406

Entravision

Communications

Corporation

5,173

11,857

Globalstar,

Inc.

b

18,141

Shares

Common

Stock  23.4%

Value

Communications

Services  1.6%

-

continued

13,095

iHeartMedia,

Inc.

b

$

29,071

2,594

Integral

Ad

Science

Holding

Corporation

b

27,263

7,993

Iridium

Communications,

Inc.

229,799

3,548

Liberty

Global,

Ltd.,

Class

A

b

40,837

7,033

Liberty

Latin

America,

Ltd.,

Class

A

b

43,464

1,267

Liberty

Media

Corporation-Liberty

Live

Group

b

93,238

13,999

Lumen

Technologies,

Inc.

b

69,155

8,104

Magnite,

Inc.

b

139,389

32,041

Meta

Platforms,

Inc.

22,082,016

3,764

Netflix,

Inc.

b

3,676,525

5,521

New

York

Times

Company

299,790

19,562

News

Corporation,

Class

A

550,083

693

Omnicom

Group,

Inc.

60,145

29,172

Pinterest,

Inc.

b

961,509

16,826

QuinStreet,

Inc.

b

398,103

1,501

Sinclair,

Inc.

21,990

5,823

Sirius

XM

Holdings,

Inc.

139,810

2,078

TechTarget,

Inc.

b

35,388

4,689

Telephone

and

Data

Systems,

Inc.

165,756

2,429

TKO

Group

Holdings,

Inc.

b

377,005

10,965

Trade

Desk,

Inc.

b

1,301,326

119,307

Verizon

Communications,

Inc.

4,699,503

119,015

Warner

Brothers

Discovery,

Inc.

b

1,242,517

Total

63,549,264

Consumer

Discretionary  2.7%

126

Adient

plc

b

2,196

6,707

Advance

Auto

Parts,

Inc.

325,289

99,638

Amazon.com,

Inc.

b

23,681,960

17,203

American

Axle

&

Manufacturing

Holdings,

Inc.

b

89,972

8,513

American

Eagle

Outfitters,

Inc.

137,400

23,100

Aptiv

plc

b

1,441,902

2,353

Autoliv,

Inc.

227,441

9,907

Bath

&

Body

Works,

Inc.

372,602

15,018

Best

Buy

Company,

Inc.

1,289,445

401

Booking

Holdings,

Inc.

1,899,761

7,746

Boot

Barn

Holdings,

Inc.

b

1,245,944

4,528

BorgWarner,

Inc.

144,443

1,613

Bright

Horizons

Family

Solutions,

Inc.

b

197,754

4,424

Brunswick

Corporation

298,355

322

CarMax,

Inc.

b

27,576

685

Carvana

Company

b

169,524

177

Cavco

Industries,

Inc.

b

90,029

22,635

Champion

Homes,

Inc.

b

2,089,889

10,101

Chewy,

Inc.

b

393,737

41,938

Chipotle

Mexican

Grill,

Inc.

b

2,447,082

13,840

Columbia

Sportswear

Company

1,222,072

7,442

Cooper-Standard

Holdings,

Inc.

b

114,756

5,424

Coursera,

Inc.

b

41,819

1,029

Crocs,

Inc.

b

105,030

11,745

D.R.

Horton,

Inc.

1,666,615

11,263

Dana,

Inc.

179,532

297

Darden

Restaurants,

Inc.

57,986

9,731

Deckers

Outdoor

Corporation

b

1,725,890

12,973

DoorDash,

Inc.

b

2,449,692

845

Dorman

Products,

Inc.

b

110,932

24,266

eBay,

Inc.

1,637,470

1,664

Etsy,

Inc.

b

91,370

7,935

Expedia

Group,

Inc.

b

1,356,488

314

Five

Below,

Inc.

b

29,447

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

139

Shares

Common

Stock  23.4%

Value

Consumer

Discretionary  2.7%

-

continued

4,196

Fox

Factory

Holding

Corporation

b

$

114,635

458

Frontdoor,

Inc.

b

27,425

826

GameStop

Corporation

b

22,219

12,584

Gap,

Inc.

302,897

1,319

Garmin,

Ltd.

284,706

20,266

Gentex

Corporation

525,295

4,793

Goodyear

Tire

&

Rubber

Company

b

42,514

6,622

Grand

Canyon

Education,

Inc.

b

1,163,088

2,771

Group

1

Automotive,

Inc.

1,264,934

18,807

Hanesbrands,

Inc.

b

152,713

2,694

Hasbro,

Inc.

155,821

13,214

Hilton

Worldwide

Holdings,

Inc.

3,383,709

13,013

Home

Depot,

Inc.

5,361,096

4,157

Installed

Building

Products,

Inc.

826,578

5,068

Latham

Group,

Inc.

b

36,996

14,257

Laureate

Education,

Inc.

b

266,891

2,346

La-Z-Boy,

Inc.

110,731

835

Lear

Corporation

78,565

2,421

Leggett

&

Platt,

Inc.

25,566

4,683

LKQ

Corporation

175,097

11,550

Lowe's

Companies,

Inc.

3,003,462

3,484

Lululemon

Athletica,

Inc.

b

1,443,073

4,131

Mattel,

Inc.

b

77,002

4,968

McDonald's

Corporation

1,434,262

7,925

Modine

Manufacturing

Company

b

803,991

2,780

Mohawk

Industries,

Inc.

b

339,994

16,083

NIKE,

Inc.

1,236,783

137

NVR,

Inc.

b

1,098,217

346

OneSpaWorld

Holdings,

Ltd.

7,391

2,476

O'Reilly

Automotive,

Inc.

b

3,204,984

11,290

Patrick

Industries,

Inc.

1,096,711

574

Planet

Fitness,

Inc.

b

62,084

2,604

Pool

Corporation

896,427

4,727

PUMA

SE

148,334

67,636

Qurate

Retail,

Inc.

23,882

412

Ralph

Lauren

Corporation

102,876

2,691

Revolve

Group,

Inc.

b

84,982

11,175

Ross

Stores,

Inc.

1,682,508

3,147

Service

Corporation

International/

US

245,844

21,559

SharkNinja,

Inc.

b

2,410,512

11,678

Solid

Power,

Inc.

b

16,232

87,432

Sony

Group

Corporation

ADR

1,924,378

2,455

Stitch

Fix,

Inc.

b

11,563

26,477

Stoneridge,

Inc.

b

136,886

994

Strategic

Education,

Inc.

97,641

3,005

Tapestry,

Inc.

219,185

27,393

Tesla,

Inc.

b

11,083,208

6,873

Texas

Roadhouse,

Inc.

1,244,700

304

TopBuild

Corporation

b

104,175

3,346

Travel

+

Leisure

Company

181,889

284

Ulta

Beauty,

Inc.

b

117,051

577

Vail

Resorts,

Inc.

98,159

2,214

Valvoline,

Inc.

b

82,161

12,405

VF

Corporation

322,158

1,158

Visteon

Corporation

b

97,341

3,032

Wingstop,

Inc.

903,233

40,504

Wyndham

Hotels

&

Resorts,

Inc.

4,253,730

43,347

Yum

China

Holding,

Inc.

2,004,799

Total

103,984,684

Consumer

Staples  0.9%

15,492

Altria

Group,

Inc.

809,147

4,032

BellRing

Brands,

Inc.

b

311,875

Shares

Common

Stock  23.4%

Value

Consumer

Staples  0.9%

-

continued

9,555

BJ's

Wholesale

Club

Holdings,

Inc.

b

$

946,423

3,015

Casey's

General

Stores,

Inc.

1,271,636

5,211

Celsius

Holdings,

Inc.

b

130,171

8,569

Colgate-Palmolive

Company

742,932

751

Costco

Wholesale

Corporation

735,890

226,690

Coty,

Inc.

b

1,661,638

13,993

e.l.f.

Beauty,

Inc.

b

1,398,041

17,147

J

&

J

Snack

Foods

Corporation

2,353,083

13,329

J.M.

Smucker

Company

1,424,737

5,609

John

B.

Sanfilippo

&

Son,

Inc.

405,755

116,324

Kenvue,

Inc.

2,476,538

3,215

Keurig

Dr

Pepper,

Inc.

103,201

608

Kimberly-Clark

Corporation

79,022

23,384

Lamb

Weston

Holdings,

Inc.

1,401,637

3,699

Lancaster

Colony

Corporation

624,169

705

Maplebear,

Inc.

b

34,037

3,265

McCormick

&

Company,

Inc.

252,156

56,698

Philip

Morris

International,

Inc.

7,382,080

6,448

Procter

&

Gamble

Company

1,070,303

49,818

Sysco

Corporation

3,632,729

3,736

Turning

Point

Brands,

Inc.

238,133

2,657

Tyson

Foods,

Inc.

150,094

2,445

US

Foods

Holding

Corporation

b

173,424

16,223

Vita

Coco

Company,

Inc.

b

607,389

54,583

Walmart,

Inc.

5,357,867

Total

35,774,107

Energy  0.9%

5,194

Antero

Midstream

Corporation

83,312

11,250

Antero

Resources

Corporation

b

419,850

27,903

Archrock,

Inc.

783,795

42,390

Baker

Hughes

Company

1,957,570

14,571

Berry

Corporation

63,530

4,222

Cactus,

Inc.

252,096

37,287

ConocoPhillips

3,685,074

558

Coterra

Energy,

Inc.

15,468

5,691

Crescent

Energy

Company

85,707

67,510

Devon

Energy

Corporation

2,302,091

989

DT

Midstream,

Inc.

99,968

103,479

Enterprise

Products

Partners,

LP

3,378,589

20,657

EOG

Resources,

Inc.

2,598,444

1,447

EQT

Corporation

73,971

7,147

Expand

Energy

Corporation

726,135

76,302

Exxon

Mobil

Corporation

8,151,343

2,518

Gulfport

Energy

Corporation

b

449,488

50,768

Halliburton

Company

1,320,983

15,114

Hess

Midstream,

LP

612,268

17,927

Kinder

Morgan,

Inc.

492,634

2,522

Kodiak

Gas

Services,

Inc.

117,979

31,778

Kosmos

Energy,

Ltd.

b

101,054

10,492

Marathon

Petroleum

Corporation

1,528,789

26,066

Matador

Resources

Company

1,511,828

568

Natural

Gas

Services

Group,

Inc.

b

14,865

11,832

Noble

Corporation

plc

379,216

5,981

Oceaneering

International,

Inc.

b

148,628

7,478

Ovintiv,

Inc.

315,721

2,549

Par

Pacific

Holdings,

Inc.

b

42,619

1,084

Phillips

66

127,771

12,360

Schlumberger

NV

497,861

19,276

Shell

plc

ADR

1,269,325

5,707

Sitio

Royalties

Corporation

114,939

4,268

SM

Energy

Company

162,013

3,407

Solaris

Energy

Infrastructure,

Inc.

92,977

3,449

Talos

Energy,

Inc.

b

34,214

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

140

Shares

Common

Stock  23.4%

Value

Energy  0.9%

-

continued

113

Targa

Resources

Corporation

$

22,238

64,466

TechnipFMC

plc

1,937,203

3,380

Vital

Energy,

Inc.

b

107,822

11,718

Williams

Companies,

Inc.

649,529

Total

36,728,907

Financials  3.8%

2,642

1st

Source

Corporation

165,706

442

Affirm

Holdings,

Inc.

b

26,993

12,875

Allstate

Corporation

2,476,249

12,066

Ally

Financial,

Inc.

470,212

10,395

Amalgamated

Financial

Corporation

363,201

4,013

American

Express

Company

1,273,927

26,710

American

International

Group,

Inc.

1,967,459

2,515

Ameriprise

Financial,

Inc.

1,366,550

2,532

Ameris

Bancorp

166,226

867

AMERISAFE,

Inc.

43,367

8,010

Annaly

Capital

Management,

Inc.

163,484

2,635

Arch

Capital

Group,

Ltd.

245,239

326

Arrow

Financial

Corporation

8,675

2,493

Arthur

J.

Gallagher

&

Company

752,437

4,027

Artisan

Partners

Asset

Management,

Inc.

179,967

18,507

Associated

Banc-Corp

465,266

1,185

Assurant,

Inc.

255,000

1,482

Assured

Guaranty,

Ltd.

140,197

821

Atlantic

Union

Bankshares

Corporation

31,009

58,633

AvidXchange

Holdings,

Inc.

b

621,510

567

Axis

Capital

Holdings,

Ltd.

51,608

1,705

Axos

Financial,

Inc.

b

119,231

52

BancFirst

Corporation

6,192

156,815

Bank

of

America

Corporation

7,260,534

148

Bank

of

Hawaii

Corporation

11,027

717

Bank

of

Marin

Bancorp

18,119

6,882

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

252,501

30,644

Bank

of

New

York

Mellon

Corporation

2,633,239

1,358

Bank

OZK

68,973

1,585

BankFinancial

Corporation

21,366

3,308

BankUnited,

Inc.

135,992

2,190

Bar

Harbor

Bankshares

69,379

2,979

BCB

Bancorp,

Inc.

32,263

6,316

Berkshire

Hathaway,

Inc.

b

2,960,120

4,189

Berkshire

Hills

Bancorp,

Inc.

123,198

1,527

Block,

Inc.

b

138,682

21,589

Blue

Owl

Capital,

Inc.

561,530

206

BOK

Financial

Corporation

22,747

16,017

Bridgewater

Bancshares,

Inc.

b

226,160

2,449

Brighthouse

Financial,

Inc.

b

151,128

7,315

Brookline

Bancorp,

Inc.

89,462

4,924

Brown

&

Brown,

Inc.

515,346

460

Burke

&

Herbert

Financial

Services

Corporation

29,583

2,853

Business

First

Bancshares,

Inc.

77,002

1,082

Byline

Bancorp,

Inc.

31,746

2,871

Cadence

Bank

101,059

207

Camden

National

Corporation

9,390

185

Capital

City

Bank

Group,

Inc.

6,825

14,907

Capital

One

Financial

Corporation

3,036,705

12,139

Capitol

Federal

Financial,

Inc.

72,227

6,464

Carlyle

Group,

Inc.

363,018

491

Cathay

General

Bancorp

23,318

10,645

Cboe

Global

Markets,

Inc.

2,175,093

Shares

Common

Stock  23.4%

Value

Financials  3.8%

-

continued

79,700

Charles

Schwab

Corporation

$

6,592,784

4,984

Chimera

Investment

Corporation

74,212

253

ChoiceOne

Financial

Services,

Inc.

8,478

10,205

Chubb,

Ltd.

2,774,535

826

Cincinnati

Financial

Corporation

113,203

6,123

Citigroup,

Inc.

498,596

982

Citizens

Financial

Group,

Inc.

46,714

2,802

CNB

Financial

Corporation

70,891

4,180

CNO

Financial

Group,

Inc.

166,949

110

Coinbase

Global,

Inc.

b

32,046

3,048

Columbia

Banking

System,

Inc.

85,039

2,374

Comerica,

Inc.

159,818

2,236

Commerce

Bancshares,

Inc.

149,365

367

Community

Financial

System,

Inc.

24,050

6,346

Community

Trust

Bancorp,

Inc.

339,574

1,271

ConnectOne

Bancorp,

Inc.

32,207

1,073

Cullen/Frost

Bankers,

Inc.

149,576

1,915

Customers

Bancorp,

Inc.

b

109,117

503

CVB

Financial

Corporation

10,483

216

Diamond

Hill

Investment

Group,

Inc.

32,409

13,261

Discover

Financial

Services

2,666,654

2,068

Donnelley

Financial

Solutions,

Inc.

b

137,253

2,178

Eagle

Bancorp,

Inc.

57,085

2,971

East

West

Bancorp,

Inc.

305,924

1,180

Eastern

Bankshares,

Inc.

21,665

7,836

Ellington

Credit

Company

51,404

700

Employers

Holdings,

Inc.

34,412

2,048

Enact

Holdings,

Inc.

69,181

1,453

Enova

International,

Inc.

b

163,201

2,378

Enterprise

Financial

Services

Corporation

142,300

343

Equitable

Holdings,

Inc.

18,666

1,788

Equity

Bancshares,

Inc.

77,957

1,760

Essent

Group,

Ltd.

102,520

25,717

F.N.B.

Corporation

403,500

1,569

FactSet

Research

Systems,

Inc.

744,349

2,085

Federal

Agricultural

Mortgage

Corporation

412,371

14,212

Federated

Hermes,

Inc.

565,211

2,346

Fidelity

National

Information

Services,

Inc.

191,129

1,713

Fifth

Third

Bancorp

75,903

3,582

Financial

Institutions,

Inc.

94,457

562

First

American

Financial

Corporation

35,530

17,548

First

Bancorp/Puerto

Rico

364,296

3,183

First

Bancshares,

Inc.

122,068

13,996

First

Busey

Corporation

339,823

434

First

Business

Financial

Services,

Inc.

22,420

1,041

First

Citizens

BancShares,

Inc./NC

2,295,082

3,856

First

Financial

Bancorp

108,045

1,359

First

Financial

Bankshares,

Inc.

50,636

1,510

First

Financial

Corporation

72,767

843

First

Hawaiian,

Inc.

23,284

10,583

First

Horizon

Corporation

231,662

1,590

First

Internet

Bancorp

51,786

419

First

Interstate

BancSystem,

Inc.

13,806

2,879

First

Merchants

Corporation

127,943

4,062

First

Mid-Illinois

Bancshares,

Inc.

154,072

10,117

Fiserv,

Inc.

b

2,185,677

1,479

Flagstar

Financial,

Inc.

17,497

3,813

Flushing

Financial

Corporation

53,191

1,074

Flywire

Corporation

b

20,760

20,919

Fulton

Financial

Corporation

425,492

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

141

Shares

Common

Stock  23.4%

Value

Financials  3.8%

-

continued

25,221

Glacier

Bancorp,

Inc.

$

1,252,727

3,635

Great

Southern

Bancorp,

Inc.

213,702

4,442

Hamilton

Lane,

Inc.

707,078

3,082

Hancock

Whitney

Corporation

184,119

5,629

Hanmi

Financial

Corporation

135,209

823

Hanover

Insurance

Group,

Inc.

125,993

1,563

Hartford

Financial

Services

Group,

Inc.

174,353

301

HBT

Financial,

Inc.

7,320

1,788

Heartland

Financial

USA,

Inc.

115,630

1,706

Heritage

Commerce

Corporation

16,531

2,683

Home

BancShares,

Inc.

81,000

5,230

Hometrust

Bancshares,

Inc.

192,307

7,362

Hope

Bancorp,

Inc.

85,841

358

Horace

Mann

Educators

Corporation

13,830

5,311

Horizon

Bancorp,

Inc.

89,172

12,908

Houlihan

Lokey,

Inc.

2,345,642

3,398

Huntington

Bancshares,

Inc./OH

58,446

110

Independent

Bank

Corporation/MA

7,388

1,813

Independent

Bank

Corporation/MI

65,993

202

Interactive

Brokers

Group,

Inc.

43,923

42,884

Intercontinental

Exchange,

Inc.

6,854,150

9,604

Invesco,

Ltd.

184,685

416

Investar

Holding

Corporation

7,933

36,692

J.P.

Morgan

Chase

&

Company

9,807,772

11,013

Jack

Henry

&

Associates,

Inc.

1,917,253

13,039

Janus

Henderson

Group

plc

585,842

9,980

Kearny

Financial

Corporation/MD

68,862

163,741

KeyCorp

2,944,063

6,264

Kinsale

Capital

Group,

Inc.

2,768,312

1,206

LendingTree,

Inc.

b

54,186

283

Loews

Corporation

24,182

449

M&T

Bank

Corporation

90,357

1,047

MarketAxess

Holdings,

Inc.

231,000

4,664

Marsh

&

McLennan

Companies,

Inc.

1,011,528

6,762

Mastercard,

Inc.

3,755,818

2,448

Mercantile

Bank

Corporation

119,487

30,200

MetLife,

Inc.

2,612,602

864

Metropolitan

Bank

Holding

Corporation

b

55,408

44,007

MGIC

Investment

Corporation

1,123,939

1,620

Mid

Penn

Bancorp,

Inc.

48,794

3,600

Midland

States

Bancorp,

Inc.

69,336

9,381

MidWestOne

Financial

Group,

Inc.

296,721

601

Morningstar,

Inc.

197,513

5,236

Mr.

Cooper

Group,

Inc.

b

543,549

5,152

MSCI,

Inc.

3,074,559

64,657

Nasdaq,

Inc.

5,323,857

60

Nelnet,

Inc.

6,610

419

Nicolet

Bankshares,

Inc.

46,982

18,516

NMI

Holdings,

Inc.

b

715,088

238

Northeast

Community

Bancorp,

Inc.

5,902

12,541

Northern

Trust

Corporation

1,408,229

4,600

Northfield

Bancorp,

Inc.

53,682

150

Northrim

BanCorp,

Inc.

12,769

7,419

Northwest

Bancshares,

Inc.

98,005

19,671

OceanFirst

Financial

Corporation

353,291

9,453

OFG

Bancorp

403,738

5,231

Old

National

Bancorp

124,759

3,511

Old

Republic

International

Corporation

128,432

10,013

Old

Second

Bancorp,

Inc.

188,144

5,611

OneMain

Holdings,

Inc.

311,635

Shares

Common

Stock  23.4%

Value

Financials  3.8%

-

continued

2,076

Orrstown

Financial

Services,

Inc.

$

75,442

721

Palomar

Holdings,

Inc.

b

77,774

66

Park

National

Corporation

11,201

1,161

Paymentus

Holdings,

Inc.

b

37,106

16,003

PayPal

Holdings,

Inc.

b

1,417,546

1,318

PCB

Bancorp

25,424

3,042

Peoples

Bancorp,

Inc./OH

99,321

1,424

Pinnacle

Financial

Partners,

Inc.

177,672

731

PNC

Financial

Services

Group,

Inc.

146,894

5,578

Popular,

Inc.

574,199

765

Principal

Financial

Group,

Inc.

63,074

11,003

Progressive

Corporation

2,711,579

6,039

Prosperity

Bancshares,

Inc.

483,120

7,681

Provident

Financial

Services,

Inc.

142,636

1,048

Prudential

Financial,

Inc.

126,556

12,100

Radian

Group,

Inc.

411,642

2,119

Regions

Financial

Corporation

52,212

389

Reinsurance

Group

of

America,

Inc.

88,638

3,058

Renasant

Corporation

118,895

7,232

Rithm

Capital

Corporation

83,240

14,473

RLI

Corporation

1,061,595

22,241

Robinhood

Markets,

Inc.

b

1,155,420

3,031

S&P

Global,

Inc.

1,580,394

12,876

SEI

Investments

Company

1,114,804

583

ServisFirst

Bancshares,

Inc.

52,861

2,218

Shore

Bancshares,

Inc.

36,264

597

Sierra

Bancorp

17,994

526

Simmons

First

National

Corporation

11,951

557

Southern

Missouri

Bancorp,

Inc.

32,963

1,267

Southside

Bancshares,

Inc.

39,822

1,875

SouthState

Corporation

197,981

713

Stellar

Bancorp,

Inc.

20,249

4,615

StepStone

Group,

Inc.

295,729

546

Stifel

Financial

Corporation

63,254

4,539

Synovus

Financial

Corporation

256,090

379

Texas

Capital

Bancshares,

Inc.

b

29,922

6,507

TPG

RE

Finance

Trust,

Inc.

54,724

19,760

TPG,

Inc.

1,328,860

21,684

Tradeweb

Markets,

Inc.

2,751,700

22,264

Triumph

Financial,

Inc.

b

1,715,664

9,519

Truist

Financial

Corporation

453,295

2,493

TrustCo

Bank

Corporation

NY

80,175

11,525

Trustmark

Corporation

432,188

2,580

U.S.

Bancorp

123,272

612

UMB

Financial

Corporation

72,155

1,869

United

Bankshares,

Inc.

71,957

1,109

United

Community

Banks,

Inc.

36,786

624

Unity

Bancorp,

Inc.

30,170

2,693

Univest

Financial

Corporation

81,840

4,227

Unum

Group

322,309

4,261

Valley

National

Bancorp

43,803

3,250

Veritex

Holdings,

Inc.

87,100

322

Virtu

Financial,

Inc.

12,899

15,039

Visa,

Inc.

5,140,330

2,050

WaFd,

Inc.

60,844

325

Walker

&

Dunlop,

Inc.

31,223

3,220

Webster

Financial

Corporation

193,973

111,218

Wells

Fargo

&

Company

8,763,978

2,793

WesBanco,

Inc.

97,867

2,251

Westamerica

Bancorporation

116,512

14,461

Western

Alliance

Bancorp

1,270,688

31,177

Western

Union

Company

321,747

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

142

Shares

Common

Stock  23.4%

Value

Financials  3.8%

-

continued

160

Willis

Towers

Watson

plc

$

52,730

1,157

Wintrust

Financial

Corporation

151,347

359

WSFS

Financial

Corporation

20,104

14,454

Zions

Bancorp

NA

836,308

Total

148,291,652

Health

Care  2.9%

23,718

Abbott

Laboratories

3,034,244

772

AbbVie,

Inc.

141,971

2,194

ACELYRIN,

Inc.

b

4,322

666

ADMA

Biologics,

Inc.

b

10,756

26,666

Agilent

Technologies,

Inc.

4,040,432

1,446

Agios

Pharmaceuticals,

Inc.

b

49,728

494

Align

Technology,

Inc.

b

108,240

7,220

Amgen,

Inc.

2,060,732

4,586

Amicus

Therapeutics,

Inc.

b

43,934

1,345

Anika

Therapeutics,

Inc.

b

22,946

1,994

Argenx

SE

ADR

b

1,306,329

358

Arvinas,

Inc.

b

6,304

844

Astria

Therapeutics,

Inc.

b

6,634

61,271

Avantor,

Inc.

b

1,365,118

588

Biogen,

Inc.

b

84,631

4,921

Bio-Techne

Corporation

361,940

33,282

Boston

Scientific

Corporation

b

3,406,746

565

Bruker

Corporation

32,855

7,872

Cabaletta

Bio,

Inc.

b

18,814

4,779

CareDx,

Inc.

b

111,351

22,672

Caribou

Biosciences,

Inc.

b

32,421

4,094

Cencora,

Inc.

1,040,736

2,081

Centene

Corporation

b

133,246

9,212

Certara,

Inc.

b

131,087

233

Charles

River

Laboratories

International,

Inc.

b

38,389

533

Chemed

Corporation

299,546

6,995

Cigna

Group

2,057,999

9,216

Concentra

Group

Holdings

Parent,

Inc.

214,825

3,410

Cooper

Companies,

Inc.

b

329,235

3,169

CryoPort,

Inc.

b

23,894

24,154

Danaher

Corporation

5,380,062

3,087

Definitive

Healthcare

Corporation

b

15,003

5,610

Denali

Therapeutics,

Inc.

b

130,713

11,611

Dentsply

Sirona,

Inc.

229,433

14,358

Dexcom,

Inc.

b

1,246,705

1,152

Doximity,

Inc.

b

68,083

5,040

Editas

Medicine,

Inc.

b

6,602

2,017

Edwards

Lifesciences

Corporation

b

146,132

19,410

Elanco

Animal

Health,

Inc.

b

233,502

9,681

Eli

Lilly

&

Company

7,852,065

7,090

Enanta

Pharmaceuticals,

Inc.

b

36,230

21,224

Encompass

Health

Corporation

2,106,906

8,126

Exact

Sciences

Corporation

b

455,462

479

Exelixis,

Inc.

b

15,879

7,366

Fate

Therapeutics,

Inc.

b

9,576

4,621

Fortrea

Holdings,

Inc.

b

77,679

30,844

Gilead

Sciences,

Inc.

2,998,037

30,372

Globus

Medical,

Inc.

b

2,816,092

7,337

GoodRx

Holdings,

Inc.

b

34,997

17,302

Haemonetics

Corporation

b

1,194,703

15,503

HealthEquity,

Inc.

b

1,711,841

621

Humana,

Inc.

182,096

7,892

IDEXX

Laboratories,

Inc.

b

3,330,819

165

Illumina,

Inc.

b

21,902

1,899

Incyte

Corporation

b

140,830

Shares

Common

Stock  23.4%

Value

Health

Care  2.9%

-

continued

6,089

Inspire

Medical

Systems,

Inc.

b

$

1,178,221

2,595

Insulet

Corporation

b

722,396

3,472

Integra

LifeSciences

Holdings

Corporation

b

90,619

5,291

Intellia

Therapeutics,

Inc.

b

54,603

3,461

Intuitive

Surgical,

Inc.

b

1,979,277

851

IQVIA

Holding,

Inc.

b

171,357

4,059

iTeos

Therapeutics,

Inc.

b

30,605

34,281

Johnson

&

Johnson

5,215,854

2,370

Kura

Oncology,

Inc.

b

18,747

8,997

Labcorp

Holdings,

Inc.

2,247,451

68

Ligand

Pharmaceuticals,

Inc.

b

7,925

700

Medpace

Holdings,

Inc.

b

244,405

50,582

Medtronic

plc

4,593,857

34,107

Merck

&

Company,

Inc.

3,370,454

1,602

Mettler-Toledo

International,

Inc.

b

2,185,833

2,227

Myriad

Genetics,

Inc.

b

28,216

8,861

Natera,

Inc.

b

1,567,688

1,309

Neurocrine

Biosciences,

Inc.

b

198,732

8,551

Nkarta,

Inc.

b

20,009

1,255

Novocure,

Ltd.

b

30,773

7,619

Penumbra,

Inc.

b

2,034,044

448

Phibro

Animal

Health

Corporation

9,771

1,041

Prestige

Consumer

Healthcare,

Inc.

b

79,918

14,804

Progyny,

Inc.

b

343,009

3,190

Prothena

Corporation

plc

b

45,394

504

PTC

Therapeutics,

Inc.

b

23,124

4,431

QIAGEN

NV

197,800

562

Quest

Diagnostics,

Inc.

91,662

1,408

Regeneron

Pharmaceuticals,

Inc.

b

947,556

13,745

Relay

Therapeutics,

Inc.

b

61,440

14,683

Repligen

Corporation

b

2,440,461

52

Revvity,

Inc.

6,559

4,417

Rocket

Pharmaceuticals,

Inc.

b

47,439

36,919

Royalty

Pharma

plc

1,165,902

25,233

RxSight,

Inc.

b

854,642

50,032

Sanofi

SA

ADR

2,718,739

1,001

Sarepta

Therapeutics,

Inc.

b

113,834

57,891

scPharmaceuticals,

Inc.

b

192,198

2,495

STERIS

plc

550,522

51,051

Stevanato

Group

SPA

1,144,053

4,370

Stryker

Corporation

1,709,937

18,528

Sutro

Biopharma,

Inc.

b

35,574

1,010

Teleflex,

Inc.

182,042

1,595

Tenet

Healthcare

Corporation

b

224,720

5,338

Thermo

Fisher

Scientific,

Inc.

3,190,790

28,319

Twist

Bioscience

Corporation

b

1,483,066

351

United

Therapeutics

Corporation

b

123,261

12,649

UnitedHealth

Group,

Inc.

6,861,956

324

Veeva

Systems,

Inc.

b

75,576

15,664

Vericel

Corporation

b

916,971

5,988

Vertex

Pharmaceuticals,

Inc.

b

2,764,540

6,246

Viatris,

Inc.

70,455

18,522

Viemed

Healthcare,

Inc.

b

151,695

343

Waters

Corporation

b

142,510

2,406

Waystar

Holding

Corporation

b

96,697

2,764

West

Pharmaceutical

Services,

Inc.

944,044

5,670

Xencor,

Inc.

b

103,648

2,532

Xenon

Pharmaceuticals,

Inc.

b

101,229

5,833

Zentalis

Pharmaceuticals,

Inc.

b

10,149

23,561

Zimmer

Biomet

Holdings,

Inc.

2,579,458

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

143

Shares

Common

Stock  23.4%

Value

Health

Care  2.9%

-

continued

8,416

Zoetis,

Inc.

$

1,438,294

Total

111,192,455

Industrials  3.0%

3,885

A.O.

Smith

Corporation

261,461

1,785

AAR

Corporation

b

120,952

6,147

Advanced

Drainage

Systems,

Inc.

743,234

14,016

AECOM

1,477,847

9,387

Air

Lease

Corporation

433,679

815

Alaska

Air

Group,

Inc.

b

59,699

2,037

Allison

Transmission

Holdings,

Inc.

239,429

43,417

Amentum

Holdings,

Inc.

b

910,454

14,146

AMETEK,

Inc.

2,610,786

659

Applied

Industrial

Technologies,

Inc.

171,360

1,779

Arcosa,

Inc.

180,213

117

Argan,

Inc.

16,006

6,878

Armstrong

World

Industries,

Inc.

1,038,647

5,060

Array

Technologies,

Inc.

b

37,090

15,796

Atmus

Filtration

Technologies,

Inc.

660,589

9,700

Automatic

Data

Processing,

Inc.

2,939,197

264

Axon

Enterprise,

Inc.

b

172,176

5,073

AZEK

Company,

Inc.

b

259,890

39,232

Badger

Infrastructure

Solutions,

Ltd.

1,066,270

9,693

Barrett

Business

Services,

Inc.

419,998

7,044

Beacon

Roofing

Supply,

Inc.

b

833,587

1,321

Bloom

Energy

Corporation

a,b

31,149

9,258

Brady

Corporation

689,628

20,688

BWX

Technologies,

Inc.

2,336,296

6

CACI

International,

Inc.

b

2,318

5,751

Casella

Waste

Systems,

Inc.

b

618,463

7,427

Caterpillar,

Inc.

2,758,685

31,716

CECO

Environmental

Corporation

b

898,197

4,396

Clean

Harbors,

Inc.

b

1,024,268

209,485

CNH

Industrial

NV

2,698,167

1,052

CSG

Systems

International,

Inc.

61,847

198

CSW

Industrials,

Inc.

65,302

160,277

CSX

Corporation

5,268,305

353

Cummins,

Inc.

125,756

1,664

Curtiss-Wright

Corporation

577,308

6,781

Dayforce,

Inc.

b

479,688

48,028

Delta

Air

Lines,

Inc.

3,230,844

2,564

DNOW,

Inc.

b

38,152

18

Dover

Corporation

3,666

2,187

EMCOR

Group,

Inc.

979,907

2,513

Energy

Recovery,

Inc.

b

36,036

34,414

Enerpac

Tool

Group

Corporation

1,555,169

107

ESCO

Technologies,

Inc.

14,203

61,798

ExlService

Holdings,

Inc.

b

3,105,967

1,275

Expeditors

International

of

Washington,

Inc.

144,814

39,153

Fastenal

Company

2,867,566

14,715

Ferguson

Enterprises,

Inc.

2,665,181

69,053

Flowserve

Corporation

4,324,099

2,297

Fortive

Corporation

186,815

4,139

Frontier

Group

Holdings,

Inc.

b

34,892

46,923

Gates

Industrial

Corporation

plc

b

970,837

9,237

General

Dynamics

Corporation

2,373,724

12,664

Graco,

Inc.

1,065,929

13,516

Great

Lakes

Dredge

&

Dock

Corporation

b

148,541

744

Griffon

Corporation

56,373

29,524

Helios

Technologies,

Inc.

1,317,066

477

Herc

Holdings,

Inc.

97,289

Shares

Common

Stock  23.4%

Value

Industrials  3.0%

-

continued

17,356

Hexcel

Corporation

$

1,131,611

14,632

Honeywell

International,

Inc.

3,273,471

18,967

Howmet

Aerospace,

Inc.

2,400,843

6,635

Hudson

Technologies,

Inc.

b

38,483

103

Huron

Consulting

Group,

Inc.

b

13,058

982

IDEX

Corporation

220,272

2,417

IES

Holdings,

Inc.

b

534,834

16,315

Ingersoll

Rand,

Inc.

1,530,347

3,524

ITT

Corporation

532,194

14,782

Jacobs

Solutions,

Inc.

2,071,402

17,671

JB

Hunt

Transport

Services,

Inc.

3,025,629

2,714

Kirby

Corporation

b

296,233

7,497

Knight-Swift

Transportation

Holdings,

Inc.

428,004

18,487

Korn

Ferry

1,307,586

4,052

Kratos

Defense

&

Security

Solutions,

Inc.

b

135,215

10,727

L3Harris

Technologies,

Inc.

2,274,231

6,358

Landstar

System,

Inc.

1,046,908

1,243

Leidos

Holdings,

Inc.

176,543

753

Lincoln

Electric

Holdings,

Inc.

149,681

273

Lindsay

Corporation

36,634

1,663

ManpowerGroup,

Inc.

100,146

6,923

Masco

Corporation

548,855

82,599

Masterbrand,

Inc.

b

1,430,615

415

McGrath

RentCorp

50,908

2,994

Miller

Industries,

Inc.

197,514

6,608

Moog,

Inc.

1,200,409

20,364

Mueller

Water

Products,

Inc.

468,372

16,288

nVent

Electric

plc

1,060,186

12,868

Old

Dominion

Freight

Line,

Inc.

2,388,429

1,128

Otis

Worldwide

Corporation

107,634

5,008

Owens

Corning,

Inc.

924,226

1,157

PACCAR,

Inc.

128,288

2,626

Parker-Hannifin

Corporation

1,856,713

1,095

Paylocity

Holding

Corporation

b

225,044

8,766

Pentair

plc

908,859

763

Quanta

Services,

Inc.

234,706

5,651

Regal

Rexnord

Corporation

896,983

540

Republic

Services,

Inc.

117,110

5,874

Robert

Half,

Inc.

380,576

3,495

Rockwell

Automation,

Inc.

973,113

434

Rush

Enterprises,

Inc.

26,365

617

Ryder

System,

Inc.

98,356

3,182

Saia,

Inc.

b

1,527,710

12,414

Schneider

National,

Inc.

369,317

18,034

Shoals

Technologies

Group,

Inc.

b

86,203

2,853

SkyWest,

Inc.

b

344,985

4,811

Southwest

Airlines

Company

147,746

824

SS&C

Technologies

Holdings,

Inc.

66,703

4,718

Stanley

Black

&

Decker,

Inc.

415,514

12,178

Timken

Company

977,528

9,589

Trane

Technologies

plc

3,478,410

104

TransDigm

Group,

Inc.

140,747

10,488

TransUnion

1,040,934

34,113

Uber

Technologies,

Inc.

b

2,280,454

7,181

UFP

Industries,

Inc.

830,483

1,119

UL

Solutions,

Inc.

60,325

1,305

Union

Pacific

Corporation

323,366

21,919

United

Airlines

Holdings,

Inc.

b

2,319,907

17,671

United

Parcel

Service,

Inc.

2,018,558

432

United

Rentals,

Inc.

327,482

9,409

Verisk

Analytics,

Inc.

2,704,523

4,015

Verra

Mobility

Corporation

b

105,956

536

Wabtec

Corporation

111,445

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

144

Shares

Common

Stock  23.4%

Value

Industrials  3.0%

-

continued

6,554

Waste

Connections,

Inc.

$

1,204,429

2,254

Waste

Management,

Inc.

496,466

1,751

Watsco,

Inc.

838,011

28,813

WNS

Holdings,

Ltd.

b

1,764,796

Total

116,433,595

Information

Technology  5.3%

1,261

Adobe,

Inc.

b

551,624

12,148

Advanced

Micro

Devices,

Inc.

b

1,408,561

9,440

Agilysys,

Inc.

b

851,677

1,783

Ambarella,

Inc.

b

136,792

77,260

Amphenol

Corporation

5,468,463

127,235

Apple,

Inc.

30,027,460

9,671

Applied

Materials,

Inc.

1,744,165

27,560

Arista

Networks,

Inc.

b

3,175,739

12,080

ASGN,

Inc.

b

1,065,577

277

Astera

Labs,

Inc.

b

28,093

470

Atlassian

Corporation

b

144,187

15,607

Autodesk,

Inc.

b

4,859,083

2,675

BILL

Holdings,

Inc.

b

258,860

43,306

Broadcom,

Inc.

9,582,319

6,952

CDW

Corporation

1,384,421

2,151

Cerence,

Inc.

b

26,801

5,901

Ciena

Corporation

b

514,213

81,030

Cisco

Systems,

Inc.

4,910,418

3,798

Clearwater

Analytics

Holdings,

Inc.

b

106,952

1,411

Coherent

Corporation

b

127,681

13,996

Cohu,

Inc.

b

320,648

1,145

CommVault

Systems,

Inc.

b

182,353

525

Consensus

Cloud

Solutions,

Inc.

b

14,868

2,776

Credo

Technology

Group

Holding,

Ltd.

b

194,376

2,610

CrowdStrike

Holdings,

Inc.

b

1,038,963

5,870

CyberArk

Software,

Ltd.

b

2,177,653

1,271

Datadog,

Inc.

b

181,384

6,792

Descartes

Systems

Group,

Inc.

b

786,717

4,177

DocuSign,

Inc.

b

404,041

4,375

Dolby

Laboratories,

Inc.

366,319

18,129

Dynatrace

Holdings,

LLC

b

1,046,950

668

Elastic

NV

b

75,203

1,313

Enphase

Energy,

Inc.

b

81,774

1,285

F5,

Inc.

b

381,979

5,893

Fabrinet

b

1,274,126

535

Fair

Isaac

Corporation

b

1,002,355

708

FARO

Technologies,

Inc.

b

22,458

140

First

Solar,

Inc.

b

23,453

8,401

Flex,

Ltd.

b

349,902

11,326

Fortinet,

Inc.

b

1,142,567

18,554

Freshworks,

Inc.

b

345,104

2,058

Gartner,

Inc.

b

1,117,144

32,811

Gitlab,

Inc.

b

2,387,328

4,066

Globant

SA

b

867,359

14,601

Guidewire

Software,

Inc.

b

3,084,753

2,004

HubSpot,

Inc.

b

1,562,178

5,914

Impinj,

Inc.

b

750,427

22,680

International

Business

Machines

Corporation

5,799,276

839

IPG

Photonics

Corporation

b

61,524

1,452

Itron,

Inc.

b

155,887

64,031

JFrog,

Ltd.

b

2,225,718

1,758

Keysight

Technologies,

Inc.

b

313,539

30,139

Lattice

Semiconductor

Corporation

b

1,718,526

5,844

Littelfuse,

Inc.

1,392,976

Shares

Common

Stock  23.4%

Value

Information

Technology  5.3%

-

continued

164

MACOM

Technology

Solutions

Holdings,

Inc.

b

$

21,689

9,832

Marvell

Technology,

Inc.

1,109,640

73,984

Microsoft

Corporation

30,707,799

378

MicroStrategy,

Inc.

a,b

126,551

606

Mirion

Technologies,

Inc.

b

9,599

4,523

MongoDB,

Inc.

b

1,236,226

31

Monolithic

Power

Systems,

Inc.

19,758

5,722

Motorola

Solutions,

Inc.

2,685,049

3,839

Napco

Security

Technologies,

Inc.

140,891

1,280

nCino,

Inc.

b

43,533

6,087

NetApp,

Inc.

743,223

228,897

NVIDIA

Corporation

27,483,663

879

Okta,

Inc.

b

82,819

2,769

Olo,

Inc.

b

20,435

2,716

ON

Semiconductor

Corporation

b

142,155

9,622

Onto

Innovation,

Inc.

b

1,970,201

5,361

Oracle

Corporation

911,692

4,464

Palantir

Technologies,

Inc.

b

368,235

22,057

PDF

Solutions,

Inc.

b

614,508

12,317

Pegasystems,

Inc.

1,333,808

1,485

Plexus

Corporation

b

210,439

416

Procore

Technologies,

Inc.

b

33,097

6,669

PTC,

Inc.

b

1,290,318

3,260

Q2

Holdings,

Inc.

b

310,254

2,726

Qorvo,

Inc.

b

226,203

34,050

QUALCOMM,

Inc.

5,888,267

16,546

Salesforce,

Inc.

5,653,768

73,227

Samsung

Electronics

Company,

Ltd.

2,615,209

5,524

ServiceNow,

Inc.

b

5,625,531

8,211

Silicon

Laboratories,

Inc.

b

1,113,330

3,434

SolarWinds

Corporation

51,098

190

Super

Micro

Computer,

Inc.

b

5,419

13,367

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

2,797,980

20,550

TD

SYNNEX

Corporation

2,928,581

1,590

TE

Connectivity

plc

235,272

737

Teledyne

Technologies,

Inc.

b

376,850

2,042

Tenable

Holdings,

Inc.

b

87,990

39,682

Trimble,

Inc.

b

2,974,563

51,184

TTM

Technologies,

Inc.

b

1,258,615

1,980

Tyler

Technologies,

Inc.

b

1,191,247

596

Unity

Software,

Inc.

b

13,231

1,157

Universal

Display

Corporation

173,457

29,253

Varonis

Systems,

Inc.

b

1,326,916

5,877

VeriSign,

Inc.

b

1,263,555

604

Vontier

Corporation

23,284

8,784

Workiva,

Inc.

b

862,764

1,062

Xerox

Holdings

Corporation

9,069

Total

207,540,695

Materials  0.8%

1,562

Albemarle

Corporation

a

131,505

962

Alcoa

Corporation

33,978

2,273

Allegheny

Technologies,

Inc.

b

129,766

1,207

AptarGroup,

Inc.

189,680

4,602

Aspen

Aerogels,

Inc.

b

53,797

5,570

Avient

Corporation

238,953

21,182

Axalta

Coating

Systems,

Ltd.

b

761,281

941

Balchem

Corporation

150,522

1,914

Ball

Corporation

106,610

1,071

Celanese

Corporation

76,084

31,350

CF

Industries

Holdings,

Inc.

2,890,784

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

145

Shares

Common

Stock  23.4%

Value

Materials  0.8%

-

continued

11,575

Chemours

Company

$

219,809

59,807

Constellium

SE

b

593,884

29,910

Corteva,

Inc.

1,952,226

24,864

DuPont

de

Nemours,

Inc.

1,909,555

532

Eagle

Materials,

Inc.

136,586

22,116

Eastman

Chemical

Company

2,203,859

18,853

Ecolab,

Inc.

4,716,832

11,398

Element

Solutions,

Inc.

294,182

7,216

FMC

Corporation

402,508

5,561

Greif,

Inc.

340,444

20,910

Hecla

Mining

Company

118,769

1,540

Huntsman

Corporation

25,918

8,544

Ingevity

Corporation

b

387,470

1,487

Innospec,

Inc.

168,551

161

International

Flavors

&

Fragrances,

Inc.

14,022

22,055

Ivanhoe

Mines,

Ltd.

b

236,886

2,167

Kaiser

Aluminum

Corporation

151,690

1,811

Knife

River

Corporation

b

187,583

1,659

Koppers

Holdings,

Inc.

49,372

6,845

Linde

plc

3,053,691

226

LyondellBasell

Industries

NV

17,108

4,025

Magnera

Corporation

b

75,107

1,687

Martin

Marietta

Materials,

Inc.

917,930

2,279

Minerals

Technologies,

Inc.

174,777

10,468

Mosaic

Company

291,953

20,429

Nucor

Corporation

2,623,696

3,112

O-I

Glass,

Inc.

b

37,157

24,237

Olin

Corporation

709,902

1,747

Orion

SA

24,371

1,659

Packaging

Corporation

of

America

352,803

750

PPG

Industries,

Inc.

86,535

2,043

Radius

Recycling,

Inc.

24,536

913

Ranpak

Holdings

Corporation

b

6,683

3,569

Royal

Gold,

Inc.

499,018

5,978

RPM

International,

Inc.

756,815

3,341

Sealed

Air

Corporation

116,367

2,411

Sensient

Technologies

Corporation

182,055

4,334

Sonoco

Products

Company

206,472

3,110

Steel

Dynamics,

Inc.

398,702

928

Stepan

Company

58,826

9,588

Trinseo

plc

39,694

72,492

Tronox

Holdings

plc

744,493

536

United

States

Lime

&

Minerals,

Inc.

59,271

5,408

United

States

Steel

Corporation

199,285

1,218

Vulcan

Materials

Company

333,915

4,872

West

Fraser

Timber

Company,

Ltd.

422,792

Total

31,287,060

Real

Estate  0.8%

9,924

Agree

Realty

Corporation

720,185

5,902

Alexandria

Real

Estate

Equities,

Inc.

574,560

1,600

Alpine

Income

Property

Trust,

Inc.

26,976

2,427

American

Assets

Trust,

Inc.

58,927

4,760

AvalonBay

Communities,

Inc.

1,054,388

9,027

Brixmor

Property

Group,

Inc.

235,244

27,744

Broadstone

Net

Lease,

Inc.

436,690

21,478

CBRE

Group,

Inc.

b

3,108,726

11,744

Chatham

Lodging

Trust

102,642

17,187

Compass,

Inc.

b

124,606

12,632

CoStar

Group,

Inc.

b

967,611

23,767

Crown

Castle,

Inc.

2,121,918

8,443

CTO

Realty

Growth,

Inc.

165,736

7,628

Curbline

Properties

Corporation

186,657

Shares

Common

Stock  23.4%

Value

Real

Estate  0.8%

-

continued

27,716

Cushman

and

Wakefield

plc

b

$

382,204

15,162

Douglas

Elliman,

Inc.

b

26,988

273

EastGroup

Properties,

Inc.

46,306

9,486

EPR

Properties

437,305

815

Equinix,

Inc.

744,633

110,436

Essential

Properties

Realty

Trust,

Inc.

3,544,996

543

Essex

Property

Trust,

Inc.

154,521

744

Extra

Space

Storage,

Inc.

114,576

2,030

First

Industrial

Realty

Trust,

Inc.

108,382

5,083

Getty

Realty

Corporation

157,624

11,849

Global

Net

Lease,

Inc.

85,194

107,077

Healthcare

Realty

Trust,

Inc.

1,793,540

1,591

Host

Hotels

&

Resorts,

Inc.

26,586

1,996

Howard

Hughes

Holdings,

Inc.

b

152,434

7,032

Independence

Realty

Trust,

Inc.

135,085

18,769

Industrial

Logistics

Properties

Trust

74,513

3,199

Innovative

Industrial

Properties,

Inc.

229,304

10,167

InvenTrust

Properties

Corporation

302,367

1,832

Invitation

Homes,

Inc.

57,067

1,321

Medical

Properties

Trust,

Inc.

6,195

30,789

National

Storage

Affiliates

Trust

1,143,811

16,875

NetSTREIT

Corporation

244,350

53,889

Outfront

Media,

Inc.

991,558

2,285

Park

Hotels

&

Resorts,

Inc.

30,825

20,013

Pebblebrook

Hotel

Trust

262,771

1,203

RE/MAX

Holdings,

Inc.

b

12,006

9,090

Rexford

Industrial

Realty,

Inc.

369,599

101,209

RLJ

Lodging

Trust

986,788

1,470

RMR

Group,

Inc.

27,445

692

Ryman

Hospitality

Properties

72,549

150,043

Sabra

Health

Care

REIT,

Inc.

2,507,218

2,169

Safehold,

Inc.

35,159

1,470

SBA

Communications

Corporation

290,413

5,236

Sila

Realty

Trust,

Inc.

130,167

31,930

STAG

Industrial,

Inc.

1,091,367

26,518

Tanger,

Inc.

870,321

15,524

Terreno

Realty

Corporation

1,015,580

93,912

Uniti

Group,

Inc.

511,820

240

Universal

Health

Realty

Income

Trust

9,370

6,965

Zillow

Group,

Inc.,

Class

A

b

551,628

13,290

Zillow

Group,

Inc.,

Class

C

b

1,092,704

Total

30,712,135

Utilities  0.7%

58,081

AES

Corporation

638,891

3,550

Alliant

Energy

Corporation

209,024

447

American

States

Water

Company

33,302

3,189

American

Water

Works

Company,

Inc.

397,477

364

Artesian

Resources

Corporation

11,284

4,931

Black

Hills

Corporation

289,598

5,572

Brookfield

Infrastructure

Corporation

232,464

3,908

California

Water

Service

Group

176,993

6,583

CenterPoint

Energy,

Inc.

214,408

11,933

Clearway

Energy,

Inc.,

Class

A

292,716

20,922

Clearway

Energy,

Inc.,

Class

C

542,507

9,039

Constellation

Energy

Corporation

2,711,519

32,815

Duke

Energy

Corporation

3,674,952

820

Edison

International

44,280

52,831

Entergy

Corporation

4,283,537

4,532

Essential

Utilities,

Inc.

160,795

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

146

Shares

Common

Stock  23.4%

Value

Utilities  0.7%

-

continued

2,847

Eversource

Energy

$

164,215

17,550

Hawaiian

Electric

Industries,

Inc.

b

160,407

5,711

NiSource,

Inc.

213,020

2,702

Northwestern

Energy

Group,

Inc.

145,665

5,593

Portland

General

Electric

Company

230,096

30,845

Public

Service

Enterprise

Group,

Inc.

2,576,791

3,637

Spire,

Inc.

258,082

164,520

UGI

Corporation

5,055,700

18,851

Vistra

Energy

Corporation

3,167,534

30,643

Xcel

Energy,

Inc.

2,059,210

51,972

XPLR

Infrastructure,

LP

547,785

Total

28,492,252

Total

Common

Stock

(cost

$686,367,950)

913,986,806

Principal

Amount

Long-Term

Fixed

Income

18.7%

Value

Asset-Backed

Securities  0.4%

Access

Group,

Inc.

$

12,440

4.966%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

c,d

12,395

AMSR

Trust

1,000,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

c

903,564

1,500,000

1.877%, 

8/17/2038,

Ser.

2021-SFR2,

Class

C

c

1,419,842

600,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

c

572,120

CarVal

CLO

I,

Ltd.

600,000

6.158%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

c,d

601,475

CMFT

Net

Lease

Master

Issuer,

LLC

550,680

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

c

492,035

Commonbond

Student

Loan

Trust

14,383

4.925%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

c,d

14,200

Foundation

Finance

Trust

234,377

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

c

217,620

FRTKL

Trust

1,050,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

c

990,320

GSAA

Home

Equity

Trust

1,534,801

4.300%, 

8/25/2034,

Ser.

2004-10,

Class

M2

d

1,401,218

Home

Partners

of

America

Trust

1,056,446

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

c

997,356

835,411

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

c

714,751

Hotwire

Funding,

LLC

850,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

c

860,965

HTAP

576,729

7.000%, 

4/25/2037,

Ser.

2024-1,

Class

A

c

572,963

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Asset-Backed

Securities  0.4%

-

continued

HTAP

Issuer

Trust

$

673,283

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

c

$

661,880

Laurel

Road

Prime

Student

Loan

Trust

287,924

5.259%, 

11/25/2043,

Ser.

2018-D,

Class

A

c,d

269,615

MFA

Trust

585,068

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

e

587,144

National

Collegiate

Trust

138,520

5.065%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

c,d

135,493

Oak

Street

Investment

642,713

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

c

622,401

Sunnova

Hestia

II

Issuer,

LLC

621,744

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

c,f

631,573

Unlock

HEA

Trust

545,635

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

c

539,368

784,678

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

c

762,941

Vericrest

Opportunity

Loan

Transferee

119,899

5.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

c

119,883

392,366

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

c,e

388,647

113,950

5.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

c,e

114,007

378,407

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

c,e

361,535

Wind

River

CLO,

Ltd.

525,000

6.555%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

c,d

525,937

Zayo

Issuer,

LLC

1,050,000

5.648%, 

3/20/2055,

Ser.

2025-1A,

Class

A2

c,g

1,050,000

Total

16,541,248

Basic

Materials  0.1%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

113,000

8.625%, 

6/15/2029

c

119,335

ATI,

Inc.

116,000

7.250%, 

8/15/2030

120,186

Avient

Corporation

115,000

6.250%, 

11/1/2031

c

114,773

Axalta

Coating

Systems

Dutch

Holding

B

BV

92,000

7.250%, 

2/15/2031

c

95,812

Cascades,

Inc./Cascades

USA,

Inc.

180,000

5.125%, 

1/15/2026

c

178,441

Cerdia

Finanz

GmbH

131,000

9.375%, 

10/3/2031

c

136,803

Chemours

Company

184,000

5.750%, 

11/15/2028

c

174,568

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

147

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Basic

Materials  0.1%

-

continued

Cleveland-Cliffs,

Inc.

$

72,000

5.875%, 

6/1/2027

$

72,094

80,000

4.625%, 

3/1/2029

c

74,551

89,000

6.875%, 

11/1/2029

c

89,275

140,000

4.875%, 

3/1/2031

c

126,803

52,000

7.375%, 

5/1/2033

c

51,713

65,000

6.250%, 

10/1/2040

55,888

Consolidated

Energy

Finance

SA

223,000

5.625%, 

10/15/2028

c

198,470

Eastman

Chemical

Company

219,000

5.000%, 

8/1/2029

218,638

First

Quantum

Minerals,

Ltd.

80,000

6.875%, 

10/15/2027

c

79,881

FMC

Corporation

230,000

5.150%, 

5/18/2026

230,855

FMG

Resources

August

2006,

Pty.

Ltd.

40,000

4.500%, 

9/15/2027

c

38,988

65,000

5.875%, 

4/15/2030

c

64,261

67,000

6.125%, 

4/15/2032

c

66,561

Glencore

Funding,

LLC

325,000

4.000%, 

3/27/2027

c

319,721

Hecla

Mining

Company

110,000

7.250%, 

2/15/2028

111,546

Hudbay

Minerals,

Inc.

109,000

4.500%, 

4/1/2026

c

107,799

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

75,000

9.000%, 

7/1/2028

c

75,668

INEOS

Finance

plc

195,000

7.500%, 

4/15/2029

c

198,854

International

Flavors

&

Fragrances,

Inc.

272,000

1.230%, 

10/1/2025

c

265,385

Magnera

Corporation

172,000

7.250%, 

11/15/2031

c

169,635

Mercer

International,

Inc.

76,000

5.125%, 

2/1/2029

67,416

Methanex

Corporation

95,000

5.125%, 

10/15/2027

93,511

64,000

5.250%, 

12/15/2029

62,322

Methanex

US

Operations,

Inc.

71,000

6.250%, 

3/15/2032

c

70,863

Mineral

Resources,

Ltd.

100,000

9.250%, 

10/1/2028

c

105,765

46,000

8.500%, 

5/1/2030

c

47,591

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

91,000

5.350%, 

3/15/2034

91,066

Novelis

Corporation

29,000

3.250%, 

11/15/2026

c

28,022

68,000

4.750%, 

1/30/2030

c

63,892

90,000

3.875%, 

8/15/2031

c

78,838

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

132,000

5.375%, 

11/1/2026

c

130,961

Sherwin-Williams

Company

257,000

4.800%, 

9/1/2031

253,675

Smurfit

Kappa

Treasury,

ULC

253,000

5.777%, 

4/3/2054

c

248,963

SNF

Group

SACA

147,000

3.375%, 

3/15/2030

c

129,424

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Basic

Materials  0.1%

-

continued

SunCoke

Energy,

Inc.

$

164,000

4.875%, 

6/30/2029

c

$

151,203

Taseko

Mines,

Ltd.

131,000

8.250%, 

5/1/2030

c

134,102

Tronox,

Inc.

65,000

4.625%, 

3/15/2029

c

58,867

WR

Grace

Holdings,

LLC

50,000

4.875%, 

6/15/2027

c

48,876

Total

5,421,861

Capital

Goods  0.3%

Advanced

Drainage

Systems,

Inc.

133,000

6.375%, 

6/15/2030

c

134,236

AECOM

59,000

5.125%, 

3/15/2027

58,670

Amsted

Industries,

Inc.

148,000

5.625%, 

7/1/2027

c

147,006

15,000

4.625%, 

5/15/2030

c

14,091

BAE

Systems

plc

200,000

5.500%, 

3/26/2054

a,c

193,546

200,000

5.250%, 

3/26/2031

c

201,165

Ball

Corporation

81,000

3.125%, 

9/15/2031

69,611

Boeing

Company

460,000

5.930%, 

5/1/2060

429,357

265,000

5.040%, 

5/1/2027

264,897

162,000

6.259%, 

5/1/2027

166,183

194,000

6.388%, 

5/1/2031

204,127

544,000

5.705%, 

5/1/2040

521,713

Bombardier,

Inc.

120,000

6.000%, 

2/15/2028

c

119,756

111,000

7.250%, 

7/1/2031

c

114,616

185,000

7.000%, 

6/1/2032

c

188,647

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

85,000

7.500%, 

2/1/2032

c

86,060

Builders

FirstSource,

Inc.

140,000

5.000%, 

3/1/2030

c

134,062

Camelot

Return

Merger

Sub,

Inc.

97,000

8.750%, 

8/1/2028

c

95,274

Canpack

SA/Canpack

US,

LLC

211,000

3.875%, 

11/15/2029

c

190,630

Carrier

Global

Corporation

276,000

2.700%, 

2/15/2031

241,470

Chart

Industries,

Inc.

173,000

7.500%, 

1/1/2030

c

180,739

Clean

Harbors,

Inc.

130,000

6.375%, 

2/1/2031

c

131,872

Clydesdale

Acquisition

Holdings,

Inc.

23,000

6.625%, 

4/15/2029

c

23,224

125,000

6.875%, 

1/15/2030

c

126,987

Cornerstone

Building

Brands,

Inc.

34,000

9.500%, 

8/15/2029

c

33,935

Crown

Cork

&

Seal

Company,

Inc.

95,000

7.375%, 

12/15/2026

98,213

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

203,000

6.625%, 

12/15/2030

c

205,331

ESAB

Corporation

122,000

6.250%, 

4/15/2029

c

123,642

GFL

Environmental,

Inc.

70,000

3.750%, 

8/1/2025

c

69,555

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

148

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Capital

Goods  0.3%

-

continued

$

116,000

4.000%, 

8/1/2028

c

$

110,440

250,000

3.500%, 

9/1/2028

c

235,660

H&E

Equipment

Services,

Inc.

222,000

3.875%, 

12/15/2028

c

221,598

Herc

Holdings,

Inc.

42,000

5.500%, 

7/15/2027

c

41,839

105,000

6.625%, 

6/15/2029

c

107,313

Ingersoll

Rand,

Inc.

291,000

5.176%, 

6/15/2029

293,741

60,000

5.700%, 

8/14/2033

61,394

John

Deere

Capital

Corporation

422,000

4.400%, 

9/8/2031

410,088

Lockheed

Martin

Corporation

211,000

5.200%, 

2/15/2064

193,341

78,000

6.150%, 

9/1/2036

84,216

Martin

Marietta

Materials,

Inc.

140,000

5.150%, 

12/1/2034

137,278

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

39,000

6.750%, 

4/1/2032

c

39,471

MIWD

Holdco

II,

LLC

49,000

5.500%, 

2/1/2030

c

46,644

Mueller

Water

Products,

Inc.

97,000

4.000%, 

6/15/2029

c

90,562

Nesco

Holdings

II,

Inc.

170,000

5.500%, 

4/15/2029

c

160,678

New

Enterprise

Stone

and

Lime

Company,

Inc.

196,000

5.250%, 

7/15/2028

c

191,341

Nordson

Corporation

234,000

5.600%, 

9/15/2028

239,681

Northrop

Grumman

Corporation

550,000

3.850%, 

4/15/2045

430,679

OI

European

Group

BV

141,000

4.750%, 

2/15/2030

c

128,124

Owens-Brockway

Glass

Container,

Inc.

93,000

6.625%, 

5/13/2027

c

93,306

53,000

7.375%, 

6/1/2032

c

50,906

Quikrete

Holdings,

Inc.

271,000

6.375%, 

3/1/2032

c,g

271,675

68,000

6.750%, 

3/1/2033

c,g

68,170

Regal

Rexnord

Corporation

284,000

6.050%, 

2/15/2026

286,410

Resideo

Funding,

Inc.

136,000

6.500%, 

7/15/2032

c

137,233

Reworld

Holding

Corporation

90,000

4.875%, 

12/1/2029

c

83,814

Roller

Bearing

Company

of

America,

Inc.

131,000

4.375%, 

10/15/2029

c

123,222

RTX

Corporation

79,000

6.400%, 

3/15/2054

85,744

186,000

4.125%, 

11/16/2028

181,975

375,000

4.450%, 

11/16/2038

335,128

353,000

4.500%, 

6/1/2042

306,890

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

104,000

6.125%, 

2/1/2028

c

104,943

Smyrna

Ready

Mix

Concrete,

LLC

166,000

8.875%, 

11/15/2031

c

176,964

Sonoco

Products

Company

277,000

4.600%, 

9/1/2029

270,895

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Capital

Goods  0.3%

-

continued

Spirit

AeroSystems,

Inc.

$

70,000

3.850%, 

6/15/2026

$

68,781

93,000

4.600%, 

6/15/2028

89,659

42,000

9.750%, 

11/15/2030

c

46,465

SRM

Escrow

Issuer,

LLC

37,000

6.000%, 

11/1/2028

c

36,681

Standard

Building

Solutions,

Inc.

76,000

6.500%, 

8/15/2032

c

76,754

Standard

Industries,

Inc./NY

65,000

4.750%, 

1/15/2028

c

63,239

65,000

3.375%, 

1/15/2031

c

56,901

Textron,

Inc.

338,000

3.375%, 

3/1/2028

322,832

TopBuild

Corporation

46,000

4.125%, 

2/15/2032

c

41,150

Trane

Technologies

Financing,

Ltd.

211,000

5.100%, 

6/13/2034

209,370

TransDigm,

Inc.

159,000

6.750%, 

8/15/2028

c

161,817

201,000

7.125%, 

12/1/2031

c

207,557

183,000

6.625%, 

3/1/2032

c

186,124

171,000

6.000%, 

1/15/2033

c

168,738

Trivium

Packaging

Finance

98,000

5.500%, 

8/15/2026

c

97,511

United

Rentals

North

America,

Inc.

180,000

4.875%, 

1/15/2028

177,510

170,000

4.000%, 

7/15/2030

157,381

Veralto

Corporation

232,000

5.350%, 

9/18/2028

235,793

Waste

Pro

USA,

Inc.

154,000

7.000%, 

2/1/2033

c

155,714

WESCO

Distribution,

Inc.

67,000

7.250%, 

6/15/2028

c

68,271

65,000

6.375%, 

3/15/2029

c

66,217

46,000

6.625%, 

3/15/2032

c

47,031

Total

13,111,474

Collateralized

Mortgage

Obligations  0.7%

A&D

Mortgage

Trust

605,000

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

c,e

610,385

Alternative

Loan

Trust

106,414

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

54,958

Arroyo

Mortgage

Trust

1,000,000

3.269%, 

12/25/2056,

Ser.

2022-1,

Class

A1B

c,e

900,275

BINOM

Securitization

Trust

387,195

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

c,d

345,716

CHL

Mortgage

Pass-Through

Trust

964,556

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

415,543

CHNGE

Mortgage

Trust

496,453

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

c,e

502,167

731,965

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

c,e

729,506

Citicorp

Mortgage

Securities,

Inc.

354,670

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

313,662

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

149

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Collateralized

Mortgage

Obligations  0.7%

-

continued

COLT

Mortgage

Loan

Trust

$

707,720

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

c,d

$

621,974

Countrywide

Alternative

Loan

Trust

118,801

4.160%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

d

95,790

569,529

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

193,141

Countrywide

Home

Loans,

Inc.

149,612

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

67,906

CSMC

Trust

380,838

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

c,d

380,604

433,252

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

c,d

364,592

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

1,398,840

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

1,355,029

800,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

749,961

1,600,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

1,547,866

161,753

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

h

11,324

466,530

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

h

40,323

1,036,335

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

1,024,909

1,100,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

859,319

Federal

National

Mortgage

Association

-

REMIC

1,150,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

1,052,105

1,312,066

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

1,287,308

1,190,603

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

940,846

320,144

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

h

7,917

Flagstar

Mortgage

Trust

447,223

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

c,d

394,922

GCAT

Trust

593,243

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

c,d

529,464

1,195,367

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

c,d

1,195,134

GS

Mortgage-Backed

Securities

Trust

984,280

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

c,d

822,797

GSR

Mortgage

Loan

Trust

536,297

5.887%, 

9/25/2034,

Ser.

2004-11,

Class

2A2

d

517,031

J.P.

Morgan

Mortgage

Trust

828,636

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

c,d

663,795

622,585

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

c,d

526,756

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Collateralized

Mortgage

Obligations  0.7%

-

continued

LHOME

Mortgage

Trust

$

600,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

c,e

$

609,089

450,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

c,e

455,963

Mello

Mortgage

Capital

Acceptance

898,437

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

c,d

719,710

Merrill

Lynch

Alternative

Note

Asset

Trust

145,362

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

49,883

New

Residential

Mortgage

Loan

Trust

1,742,333

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

c,d

1,395,729

OBX

Trust

575,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

c,d

516,284

Palisades

Mortgage

Loan

Trust

556,824

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

c

553,556

PRPM,

LLC

550,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

c,e

508,148

Residential

Accredit

Loans,

Inc.

Trust

150,451

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

129,453

Roc

Mortgage

Trust

245,808

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

c,d

245,808

Saluda

Grade

Alternative

Mortgage

Trust

1,000,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

c,e

1,010,085

800,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

c,e

806,217

TRK

Trust

578,305

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

c,d

498,696

TVC

Mortgage

Trust

650,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

c,e

647,200

Vericrest

Opportunity

Loan

Transferee

148,732

5.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

c,e

148,730

Verus

Securitization

Trust

311,961

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

c,d

274,002

Total

27,691,578

Commercial

Mortgage-Backed

Securities  0.2%

BANK

2022-BNK39

3,968,439

0.427%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

d,h

96,791

BBCMS

Mortgage

Trust

6,964,180

1.152%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

d,h

488,826

5,513,912

1.852%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

d,h

400,073

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

150

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Commercial

Mortgage-Backed

Securities  0.2%

-

continued

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

$

1,900,000

5.180%, 

3/25/2029,

Ser.

K520,

Class

A2

d

$

1,934,427

800,000

4.791%, 

9/25/2029,

Ser.

K529,

Class

A2

f

803,067

1,500,000

4.489%, 

9/25/2034,

Ser.

K-165,

Class

A2

f

1,454,550

Morgan

Stanley

Capital

I

Trust

5,279,484

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

d,h

400,955

ROCK

Trust

600,000

5.388%, 

11/13/2041,

Ser.

2024-CNTR,

Class

A

c

602,893

Total

6,181,582

Communications

Services  0.5%

AMC

Networks,

Inc.

160,000

10.250%, 

1/15/2029

c

170,800

American

Tower

Corporation

100,000

3.375%, 

10/15/2026

97,827

235,000

5.800%, 

11/15/2028

241,743

275,000

2.900%, 

1/15/2030

248,519

261,000

5.000%, 

1/31/2030

259,780

205,000

5.650%, 

3/15/2033

208,462

AppLovin

Corporation

296,000

5.500%, 

12/1/2034

294,758

AT&T,

Inc.

300,000

5.700%, 

3/1/2057

287,756

342,000

3.650%, 

6/1/2051

241,271

502,000

3.500%, 

9/15/2053

339,011

230,000

5.400%, 

2/15/2034

231,207

300,000

4.900%, 

8/15/2037

282,763

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

220,000

5.125%, 

5/1/2027

c

215,937

30,000

5.000%, 

2/1/2028

c

29,203

143,000

5.375%, 

6/1/2029

c

138,202

185,000

4.750%, 

3/1/2030

c

171,359

231,000

4.500%, 

8/15/2030

c

210,163

99,000

4.250%, 

2/1/2031

c

87,826

412,000

4.750%, 

2/1/2032

c

366,617

67,000

4.500%, 

6/1/2033

c

56,847

237,000

4.250%, 

1/15/2034

c

193,622

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

901,000

4.200%, 

3/15/2028

874,210

284,000

6.100%, 

6/1/2029

290,469

650,000

3.500%, 

6/1/2041

450,384

Clear

Channel

Outdoor

Holdings,

Inc.

172,000

7.875%, 

4/1/2030

c

177,993

Clear

Channel

Worldwide

Holdings,

Inc.

132,000

5.125%, 

8/15/2027

c

128,583

Comcast

Corporation

341,000

5.350%, 

5/15/2053

312,847

130,000

4.400%, 

8/15/2035

119,826

428,000

4.750%, 

3/1/2044

375,315

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Communications

Services  0.5%

-

continued

Crown

Castle,

Inc.

$

300,000

4.900%, 

9/1/2029

$

298,205

Deluxe

Corporation

158,000

8.125%, 

9/15/2029

c

162,504

Deutsche

Telekom

International

Finance

BV

569,000

8.750%, 

6/15/2030

662,202

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

441,000

5.875%, 

8/15/2027

c

436,717

FiberCop

SPA

235,000

6.000%, 

9/30/2034

c

225,338

Frontier

Communications

Holdings,

LLC

196,000

5.875%, 

10/15/2027

c

196,056

GCI,

LLC

79,000

4.750%, 

10/15/2028

c

74,531

Gray

Media,

Inc.

70,000

10.500%, 

7/15/2029

c

73,278

Iliad

Holding

SASU

172,000

8.500%, 

4/15/2031

c

184,700

110,000

7.000%, 

4/15/2032

c

111,535

Intelsat

Jackson

Holdings

SA

169,000

6.500%, 

3/15/2030

c

152,681

Lamar

Media

Corporation

94,000

3.625%, 

1/15/2031

83,945

LCPR

Senior

Secured

Financing

DAC

241,000

6.750%, 

10/15/2027

c

220,561

Level

3

Financing,

Inc.

35,000

3.625%, 

1/15/2029

c

26,950

63,680

10.500%, 

4/15/2029

c

71,330

63,681

11.000%, 

11/15/2029

c

72,195

83,000

10.500%, 

5/15/2030

c

90,446

33,000

10.750%, 

12/15/2030

c

37,142

81,000

4.000%, 

4/15/2031

c

63,180

Lumen

Technologies,

Inc.

35,851

4.125%, 

4/15/2030

c

31,422

McGraw-Hill

Education,

Inc.

194,000

5.750%, 

8/1/2028

c

190,952

Meta

Platforms,

Inc.

170,000

5.600%, 

5/15/2053

169,480

411,000

5.400%, 

8/15/2054

398,755

413,000

3.850%, 

8/15/2032

384,637

Netflix,

Inc.

272,000

5.375%, 

11/15/2029

c

277,543

300,000

4.875%, 

6/15/2030

c

299,237

Nexstar

Media,

Inc.

79,000

5.625%, 

7/15/2027

c

77,917

105,000

4.750%, 

11/1/2028

c

99,008

Omnicom

Group,

Inc.

210,000

4.200%, 

6/1/2030

202,581

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

19,000

4.625%, 

3/15/2030

a,c

17,662

Paramount

Global

56,000

6.375%, 

3/30/2062

d

54,588

Playtika

Holding

Corporation

146,000

4.250%, 

3/15/2029

c

134,655

Rogers

Communications,

Inc.

304,000

5.000%, 

2/15/2029

302,414

391,000

5.300%, 

2/15/2034

379,254

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

151

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Communications

Services  0.5%

-

continued

Sinclair

Television

Group,

Inc.

$

80,000

8.125%, 

2/15/2033

c,g

$

80,445

Sirius

XM

Radio,

LLC

215,000

5.000%, 

8/1/2027

c

211,122

105,000

4.000%, 

7/15/2028

c

98,186

125,000

4.125%, 

7/1/2030

c

111,729

Sprint

Capital

Corporation

526,000

8.750%, 

3/15/2032

628,420

Take-Two

Interactive

Software,

Inc.

221,000

5.600%, 

6/12/2034

222,281

TEGNA,

Inc.

188,000

4.625%, 

3/15/2028

180,065

Telenet

Finance

Luxembourg

Notes

SARL

200,000

5.500%, 

3/1/2028

c

193,000

T-Mobile

USA,

Inc.

569,000

3.600%, 

11/15/2060

376,246

352,000

4.850%, 

1/15/2029

350,996

300,000

4.375%, 

4/15/2040

260,669

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

30,000

10.500%, 

2/15/2028

c

32,075

198,000

4.750%, 

4/15/2028

c

188,057

82,000

6.500%, 

2/15/2029

c

74,808

Univision

Communications,

Inc.

27,000

8.000%, 

8/15/2028

c

27,601

197,000

4.500%, 

5/1/2029

c

179,396

97,000

7.375%, 

6/30/2030

c

95,707

117,000

8.500%, 

7/31/2031

c

117,516

Verizon

Communications,

Inc.

342,000

3.000%, 

11/20/2060

198,972

994,000

2.650%, 

11/20/2040

682,866

500,000

3.400%, 

3/22/2041

379,553

Viasat,

Inc.

70,000

5.625%, 

4/15/2027

a,c

67,986

Virgin

Media

Finance

plc

72,000

5.000%, 

7/15/2030

c

62,697

Virgin

Media

Secured

Finance

plc

151,000

5.500%, 

5/15/2029

c

144,577

VMED

O2

UK

Financing

I

plc

78,000

4.750%, 

7/15/2031

c

68,531

69,000

7.750%, 

4/15/2032

c

69,943

Vodafone

Group

plc

98,000

5.125%, 

6/4/2081

d

75,671

VZ

Secured

Financing

BV

235,000

5.000%, 

1/15/2032

c

209,970

Warnermedia

Holdings,

Inc.

614,000

4.054%, 

3/15/2029

576,421

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

92,000

8.250%, 

10/1/2031

c

95,222

Zegona

Finance

plc

82,000

8.625%, 

7/15/2029

c

87,535

Ziggo

Bond

Company

BV

70,000

5.125%, 

2/28/2030

c

63,663

Ziggo

BV

70,000

4.875%, 

1/15/2030

c

65,573

Total

19,644,400

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Consumer

Cyclical  0.6%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

$

47,000

3.875%, 

1/15/2028

c

$

44,855

104,000

4.375%, 

1/15/2028

c

100,022

71,000

6.125%, 

6/15/2029

c

71,967

122,000

5.625%, 

9/15/2029

c

121,481

Adient

Global

Holdings,

Ltd.

45,000

8.250%, 

4/15/2031

a,c

46,670

72,000

7.500%, 

2/15/2033

c

72,960

ADT

Security

Corporation

107,000

4.125%, 

8/1/2029

c

100,535

107,000

4.875%, 

7/15/2032

c

99,557

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

255,000

4.625%, 

6/1/2028

c

243,442

Allison

Transmission,

Inc.

53,000

3.750%, 

1/30/2031

c

47,295

Amazon.com,

Inc.

324,000

3.875%, 

8/22/2037

286,250

American

Axle

&

Manufacturing,

Inc.

182,000

5.000%, 

10/1/2029

a

166,966

American

Honda

Finance

Corporation

355,000

5.050%, 

7/10/2031

353,917

Anywhere

Real

Estate

Group,

LLC/Anywhere

Co-Issuer

Corporation

35,000

7.000%, 

4/15/2030

a,c

32,112

Arko

Corporation

97,000

5.125%, 

11/15/2029

c

89,496

Asbury

Automotive

Group,

Inc.

111,000

5.000%, 

2/15/2032

c

103,858

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

140,000

4.625%, 

8/1/2029

c

129,647

29,000

4.625%, 

4/1/2030

c

26,708

Aston

Martin

Capital

Holdings,

Ltd.

119,000

10.000%, 

3/31/2029

c

118,104

Bath

&

Body

Works,

Inc.

57,000

6.950%, 

3/1/2033

57,898

Beazer

Homes

USA,

Inc.

109,000

7.500%, 

3/15/2031

c

109,907

Belron

UK

Finance

plc

58,000

5.750%, 

10/15/2029

c

57,479

BorgWarner,

Inc.

273,000

4.950%, 

8/15/2029

272,015

Boyd

Gaming

Corporation

150,000

4.750%, 

6/15/2031

c

139,945

Boyne

USA,

Inc.

105,000

4.750%, 

5/15/2029

c

99,812

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

98,000

4.875%, 

2/15/2030

c

89,650

Caesars

Entertainment,

Inc.

296,000

4.625%, 

10/15/2029

c

279,444

78,000

6.500%, 

2/15/2032

c

78,971

75,000

6.000%, 

10/15/2032

c

72,942

Carnival

Corporation

41,000

7.625%, 

3/1/2026

c

41,071

357,000

5.750%, 

3/1/2027

c

357,747

174,000

4.000%, 

8/1/2028

c

166,069

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

152

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Consumer

Cyclical  0.6%

-

continued

$

43,000

6.000%, 

5/1/2029

c

$

43,083

Carvana

Company

55,003

0.000%,PIK

12.000%,

12/1/2028

c,i

59,250

Cedar

Fair,

LP/Canada's

Wonderland

Company/Magnum

Management

Corporation/

Millennium

Operations,

LLC

32,000

5.375%, 

4/15/2027

31,861

139,000

5.250%, 

7/15/2029

134,029

Churchill

Downs,

Inc.

140,000

4.750%, 

1/15/2028

c

136,416

69,000

6.750%, 

5/1/2031

c

70,172

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

92,000

6.750%, 

5/15/2028

c

93,723

169,000

6.750%, 

2/15/2030

c

171,652

Crocs,

Inc.

65,000

4.250%, 

3/15/2029

c

60,452

Cushman

&

Wakefield

US

Borrower,

LLC

32,000

6.750%, 

5/15/2028

c

32,265

Daimler

Trucks

Finance

North

America,

LLC

392,000

2.000%, 

12/14/2026

c

372,686

Dana,

Inc.

64,000

5.625%, 

6/15/2028

63,568

95,000

4.500%, 

2/15/2032

a

89,475

eG

Global

Finance

plc

32,000

12.000%, 

11/30/2028

c

35,875

Expedia

Group,

Inc.

553,000

3.250%, 

2/15/2030

510,203

Ford

Motor

Credit

Company,

LLC

225,000

2.300%, 

2/10/2025

224,878

360,000

5.850%, 

5/17/2027

363,975

354,000

2.900%, 

2/10/2029

318,792

315,000

7.122%, 

11/7/2033

329,476

Forestar

Group,

Inc.

66,000

3.850%, 

5/15/2026

c

64,473

Gap,

Inc.

46,000

3.625%, 

10/1/2029

c

41,845

79,000

3.875%, 

10/1/2031

c

69,287

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

127,000

7.750%, 

5/31/2032

c

129,389

General

Motors

Company

281,000

6.125%, 

10/1/2025

282,994

General

Motors

Financial

Company,

Inc.

120,000

5.400%, 

5/8/2027

121,221

413,000

5.800%, 

1/7/2029

420,651

400,000

4.900%, 

10/6/2029

393,428

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

102,000

8.750%, 

1/15/2032

c

90,243

GLP

Capital,

LP

469,000

5.750%, 

6/1/2028

474,530

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

64,000

3.500%, 

3/1/2029

c

59,154

Goodyear

Tire

&

Rubber

Company

64,000

4.875%, 

3/15/2027

62,773

69,000

5.000%, 

7/15/2029

64,371

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Consumer

Cyclical  0.6%

-

continued

Group

1

Automotive,

Inc.

$

51,000

6.375%, 

1/15/2030

c

$

51,837

Hanesbrands,

Inc.

73,000

4.875%, 

5/15/2026

c

72,421

37,000

9.000%, 

2/15/2031

a,c

39,535

Harley-Davidson

Financial

Services,

Inc.

269,000

5.950%, 

6/11/2029

c

270,803

Hilton

Domestic

Operating

Company,

Inc.

292,000

4.875%, 

1/15/2030

282,792

32,000

4.000%, 

5/1/2031

c

29,170

187,000

3.625%, 

2/15/2032

c

164,426

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

227,000

5.000%, 

6/1/2029

c

216,254

Home

Depot,

Inc.

375,000

5.400%, 

9/15/2040

373,240

228,000

4.250%, 

4/1/2046

190,716

340,000

3.900%, 

6/15/2047

266,604

Hyundai

Capital

America

375,000

1.800%, 

1/10/2028

c

342,225

310,000

5.300%, 

6/24/2029

c

311,554

International

Game

Technology

plc

206,000

5.250%, 

1/15/2029

c

202,707

Jacobs

Entertainment,

Inc.

94,000

6.750%, 

2/15/2029

c

92,353

Jaguar

Land

Rover

Automotive

plc

76,000

5.500%, 

7/15/2029

a,c

74,761

K

Hovnanian

Enterprises,

Inc.

61,000

11.750%, 

9/30/2029

c

66,312

KB

Home

215,000

4.800%, 

11/15/2029

206,189

L

Brands,

Inc.

240,000

6.625%, 

10/1/2030

c

244,355

110,000

6.875%, 

11/1/2035

113,510

Las

Vegas

Sands

Corporation

208,000

5.900%, 

6/1/2027

210,829

Life

Time,

Inc.

98,000

6.000%, 

11/15/2031

c

98,017

Light

&

Wonder

International,

Inc.

65,000

7.250%, 

11/15/2029

c

67,054

Live

Nation

Entertainment,

Inc.

71,000

4.750%, 

10/15/2027

c

69,590

Lowe's

Companies,

Inc.

228,000

5.625%, 

4/15/2053

219,163

498,000

2.625%, 

4/1/2031

435,212

Macy's

Retail

Holdings,

LLC

74,000

5.875%, 

4/1/2029

a,c

72,492

63,000

6.125%, 

3/15/2032

a,c

59,581

75,000

4.500%, 

12/15/2034

61,530

Marriott

International,

Inc./MD

426,000

4.625%, 

6/15/2030

417,714

Match

Group

Holdings

II,

LLC

147,000

4.125%, 

8/1/2030

c

132,788

Mattamy

Group

Corporation

129,000

5.250%, 

12/15/2027

c

126,384

McDonald's

Corporation

470,000

4.450%, 

3/1/2047

395,764

Melco

Resorts

Finance,

Ltd.

176,000

5.375%, 

12/4/2029

c

162,230

180,000

7.625%, 

4/17/2032

c

179,690

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

153

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Consumer

Cyclical  0.6%

-

continued

MGM

Resorts

International

$

67,000

4.625%, 

9/1/2026

$

66,400

71,000

6.125%, 

9/15/2029

71,056

Michaels

Companies,

Inc.

94,000

5.250%, 

5/1/2028

c

73,099

NCL

Corporation,

Ltd.

12,000

5.875%, 

3/15/2026

c

12,044

158,000

5.875%, 

2/15/2027

c

158,725

149,000

6.750%, 

2/1/2032

c

151,326

Nordstrom,

Inc.

78,000

4.250%, 

8/1/2031

68,789

Parkland

Corporation

70,000

6.625%, 

8/15/2032

c

70,164

PENN

Entertainment,

Inc.

150,000

4.125%, 

7/1/2029

a,c

136,642

PetSmart,

Inc./PetSmart

Finance

Corporation

180,000

4.750%, 

2/15/2028

c

172,514

67,000

7.750%, 

2/15/2029

c

66,784

Phinia,

Inc.

100,000

6.625%, 

10/15/2032

c

100,207

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

89,000

5.750%, 

4/15/2026

c

89,215

QVC,

Inc.

40,000

6.875%, 

4/15/2029

a,c

33,353

Rakuten

Group,

Inc.

95,000

11.250%, 

2/15/2027

c

103,837

115,000

9.750%, 

4/15/2029

c

125,602

Raven

Acquisition

Holdings,

LLC

70,000

6.875%, 

11/15/2031

c

69,838

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

100,000

4.625%, 

4/16/2029

c

88,926

Royal

Caribbean

Cruises,

Ltd.

288,000

4.250%, 

7/1/2026

c

284,043

45,000

5.625%, 

9/30/2031

c

44,666

51,000

6.000%, 

2/1/2033

c

51,404

S&S

Holdings,

LLC

147,000

8.375%, 

10/1/2031

c

147,509

Saks

Global

Enterprises,

LLC

165,000

11.000%, 

12/15/2029

c

158,005

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

72,000

6.625%, 

3/1/2030

c

70,101

SeaWorld

Parks

and

Entertainment,

Inc.

153,000

5.250%, 

8/15/2029

c

147,861

Service

Corporation

International/

US

64,000

3.375%, 

8/15/2030

56,796

47,000

4.000%, 

5/15/2031

42,462

106,000

5.750%, 

10/15/2032

104,157

Six

Flags

Entertainment

Corporation

32,000

7.250%, 

5/15/2031

c

32,964

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc.

32,000

6.625%, 

5/1/2032

c

32,692

Six

Flags

Theme

Parks,

Inc.

40,000

7.000%, 

7/1/2025

a,c

40,063

Sonic

Automotive,

Inc.

81,000

4.875%, 

11/15/2031

c

74,703

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Consumer

Cyclical  0.6%

-

continued

Staples,

Inc.

$

132,000

10.750%, 

9/1/2029

c

$

129,366

Station

Casinos,

LLC

111,000

4.625%, 

12/1/2031

c

100,764

Target

Corporation

342,000

2.950%, 

1/15/2052

a

218,156

Tenneco,

Inc.

144,000

8.000%, 

11/17/2028

c

137,455

Toyota

Motor

Credit

Corporation

111,000

4.800%, 

1/5/2034

107,990

380,000

5.350%, 

1/9/2035

381,991

Uber

Technologies,

Inc.

232,000

5.350%, 

9/15/2054

214,529

285,000

4.800%, 

9/15/2034

272,878

VICI

Properties,

LP/VICI

Note

Company,

Inc.

390,000

4.625%, 

6/15/2025

c

389,131

136,000

5.750%, 

2/1/2027

c

137,267

176,000

4.125%, 

8/15/2030

c

163,373

Victoria's

Secret

&

Company

201,000

4.625%, 

7/15/2029

a,c

184,654

Victra

Holdings,

LLC/Victra

Finance

Corporation

47,000

8.750%, 

9/15/2029

c

49,771

Viking

Cruises,

Ltd.

326,000

5.875%, 

9/15/2027

c

325,393

Walgreens

Boots

Alliance,

Inc.

111,000

3.200%, 

4/15/2030

92,184

Walmart,

Inc.

298,000

4.500%, 

9/9/2052

260,449

WASH

Multifamily

Acquisition,

Inc.

99,000

5.750%, 

4/15/2026

c

98,946

Wyndham

Hotels

&

Resorts,

Inc.

98,000

4.375%, 

8/15/2028

c

94,156

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

60,000

5.125%, 

10/1/2029

c

58,153

153,000

7.125%, 

2/15/2031

c

159,982

Yum!

Brands,

Inc.

170,000

4.750%, 

1/15/2030

c

163,204

ZF

North

America

Capital,

Inc.

93,000

7.125%, 

4/14/2030

c

92,997

70,000

6.750%, 

4/23/2030

c

68,783

Total

22,662,303

Consumer

Non-Cyclical  0.6%

1375209

B.C.,

Ltd.

64,000

9.000%, 

1/30/2028

a,c

64,093

Abbott

Laboratories

375,000

4.750%, 

11/30/2036

363,381

AbbVie,

Inc.

122,000

5.400%, 

3/15/2054

117,698

755,000

4.500%, 

5/14/2035

709,901

271,000

5.350%, 

3/15/2044

265,329

Acadia

Healthcare

Company,

Inc.

103,000

5.000%, 

4/15/2029

c

97,943

AdaptHealth,

LLC

282,000

4.625%, 

8/1/2029

c

259,209

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

201,000

4.625%, 

1/15/2027

c

197,422

214,000

3.500%, 

3/15/2029

c

196,867

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

154

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Consumer

Non-Cyclical  0.6%

-

continued

Altria

Group,

Inc.

$

237,000

6.875%, 

11/1/2033

$

258,158

Amgen,

Inc.

375,000

4.200%, 

2/22/2052

291,171

340,000

5.600%, 

3/2/2043

333,347

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

486,000

4.700%, 

2/1/2036

459,522

Anheuser-Busch

InBev

Worldwide,

Inc.

305,000

5.550%, 

1/23/2049

299,199

Archer-Daniels-Midland

Company

450,000

2.700%, 

9/15/2051

269,158

AstraZeneca

plc

600,000

3.000%, 

5/28/2051

394,705

BAT

Capital

Corporation

244,000

7.079%, 

8/2/2043

265,021

Bausch

+

Lomb

Corporation

36,000

8.375%, 

10/1/2028

c

37,690

Bausch

Health

Companies,

Inc.

147,000

5.500%, 

11/1/2025

c

144,244

154,000

4.875%, 

6/1/2028

c

124,761

77,000

11.000%, 

9/30/2028

a,c

71,814

Becton,

Dickinson

and

Company

132,000

3.794%, 

5/20/2050

98,198

325,000

3.700%, 

6/6/2027

318,109

BellRing

Brands,

Inc.

97,000

7.000%, 

3/15/2030

c

100,546

Bristol-Myers

Squibb

Company

568,000

3.550%, 

3/15/2042

441,915

Bunge,

Ltd.

Finance

Corporation

87,000

4.650%, 

9/17/2034

82,428

Campbell's

Company

230,000

5.400%, 

3/21/2034

229,156

Cargill,

Inc.

336,000

3.125%, 

5/25/2051

c

221,124

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

61,000

9.500%, 

10/15/2029

c

60,755

Cencora,

Inc.

245,000

5.150%, 

2/15/2035

239,297

Central

Garden

&

Pet

Company

92,000

4.125%, 

10/15/2030

83,643

Champ

Acquisition

Corporation

56,000

8.375%, 

12/1/2031

c

58,323

Charles

River

Laboratories

International,

Inc.

77,000

4.000%, 

3/15/2031

c

69,220

CHS/Community

Health

Systems,

Inc.

128,000

5.625%, 

3/15/2027

c

124,281

40,000

8.000%, 

12/15/2027

c

39,743

59,000

6.000%, 

1/15/2029

c

53,780

75,000

4.750%, 

2/15/2031

c

61,202

92,000

10.875%, 

1/15/2032

c

94,757

Conagra

Brands,

Inc.

434,000

1.375%, 

11/1/2027

395,266

Concentra

Escrow

Issuer

Corporation

57,000

6.875%, 

7/15/2032

c

58,941

Constellation

Brands,

Inc.

299,000

3.600%, 

2/15/2028

288,372

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Consumer

Non-Cyclical  0.6%

-

continued

$

192,000

2.875%, 

5/1/2030

$

171,704

CVS

Health

Corporation

114,000

7.000%, 

3/10/2055

d

115,147

259,000

4.780%, 

3/25/2038

227,493

404,000

6.000%, 

6/1/2044

387,671

DaVita,

Inc.

77,000

3.750%, 

2/15/2031

c

67,761

133,000

6.875%, 

9/1/2032

c

134,867

Edgewell

Personal

Care

Company

125,000

5.500%, 

6/1/2028

c

123,243

Eli

Lilly

&

Company

169,000

4.950%, 

2/27/2063

151,085

Embecta

Corporation

81,000

5.000%, 

2/15/2030

c

75,317

54,000

6.750%, 

2/15/2030

c

51,575

Encompass

Health

Corporation

104,000

4.500%, 

2/1/2028

101,522

Endo

Finance

Holdings,

Inc.

64,000

8.500%, 

4/15/2031

a,c

68,458

Energizer

Holdings,

Inc.

171,000

4.750%, 

6/15/2028

c

164,247

Fortrea

Holdings,

Inc.

34,000

7.500%, 

7/1/2030

a,c

34,133

GE

HealthCare

Technologies,

Inc.

281,000

6.377%, 

11/22/2052

301,864

General

Mills,

Inc.

91,000

4.950%, 

3/29/2033

88,998

Grifols

SA

80,000

4.750%, 

10/15/2028

c

74,009

HCA,

Inc.

396,000

3.500%, 

9/1/2030

361,843

222,000

5.450%, 

9/15/2034

217,468

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

139,000

7.875%, 

9/1/2025

a,c

138,926

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

70,000

12.250%, 

4/15/2029

c

73,504

77,000

4.875%, 

6/1/2029

a,c

52,062

Illumina,

Inc.

277,000

4.650%, 

9/9/2026

276,157

Imperial

Brands

Finance

plc

400,000

3.875%, 

7/26/2029

c

379,215

Jazz

Securities

DAC

47,000

4.375%, 

1/15/2029

c

44,770

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

227,000

5.500%, 

1/15/2030

227,399

392,000

3.000%, 

5/15/2032

330,434

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

330,000

5.950%, 

4/20/2035

c

334,399

Johnson

&

Johnson

258,000

5.250%, 

6/1/2054

253,065

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

125,000

9.000%, 

2/15/2029

c

129,921

Kimberly-Clark

Corporation

390,000

3.900%, 

5/4/2047

305,894

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

155

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Consumer

Non-Cyclical  0.6%

-

continued

Kraft

Heinz

Foods

Company

$

234,000

4.375%, 

6/1/2046

$

190,462

Lamb

Weston

Holdings,

Inc.

70,000

4.125%, 

1/31/2030

c

64,847

72,000

4.375%, 

1/31/2032

c

65,508

LifePoint

Health,

Inc.

125,000

9.875%, 

8/15/2030

c

133,348

72,000

11.000%, 

10/15/2030

c

79,608

55,000

10.000%, 

6/1/2032

c

53,617

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

82,000

6.250%, 

4/1/2029

c

83,322

Medtronic,

Inc.

343,000

4.375%, 

3/15/2035

324,498

Mozart

Debt

Merger

Sub,

Inc.

129,000

3.875%, 

4/1/2029

c

120,371

197,000

5.250%, 

10/1/2029

c

190,880

MPH

Acquisition

Holdings,

LLC

35,050

5.750%, 

12/31/2030

c

28,040

18,305

11.500%, 

12/31/2030

c

15,742

Newell

Brands,

Inc.

66,000

6.375%, 

9/15/2027

67,182

65,000

6.625%, 

9/15/2029

a

66,678

42,000

6.375%, 

5/15/2030

42,525

Novartis

Capital

Corporation

260,000

4.700%, 

9/18/2054

230,503

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

91,000

4.125%, 

4/30/2028

c

86,312

248,000

5.125%, 

4/30/2031

c

224,498

Owens

&

Minor,

Inc.

114,000

6.625%, 

4/1/2030

a,c

109,772

PepsiCo,

Inc.

225,000

4.200%, 

7/18/2052

182,523

Performance

Food

Group,

Inc.

145,000

4.250%, 

8/1/2029

c

136,326

94,000

6.125%, 

9/15/2032

c

94,197

Perrigo

Finance

Unlimited

Company

100,000

4.900%, 

6/15/2030

94,292

62,000

6.125%, 

9/30/2032

60,798

Pfizer

Investment

Enterprises,

Private

Ltd.

511,000

5.300%, 

5/19/2053

478,468

230,000

5.110%, 

5/19/2043

217,362

Philip

Morris

International,

Inc.

236,000

5.500%, 

9/7/2030

242,095

120,000

5.125%, 

2/13/2031

120,613

341,000

5.375%, 

2/15/2033

342,140

333,000

4.900%, 

11/1/2034

321,230

Post

Holdings,

Inc.

95,000

4.625%, 

4/15/2030

c

88,369

135,000

4.500%, 

9/15/2031

c

122,068

92,000

6.250%, 

10/15/2034

c

89,653

Prime

Healthcare

Services,

Inc.

102,000

9.375%, 

9/1/2029

c

96,996

Radiology

Partners,

Inc.

57,000

7.775%, 

1/31/2029

c

56,484

Roche

Holdings,

Inc.

228,000

4.000%, 

11/28/2044

c

187,465

Royalty

Pharma

plc

235,000

5.150%, 

9/2/2029

234,841

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Consumer

Non-Cyclical  0.6%

-

continued

Select

Medical

Corporation

$

69,000

6.250%, 

12/1/2032

c

$

67,787

Simmons

Foods,

Inc.

196,000

4.625%, 

3/1/2029

c

182,665

Sotera

Health

Holdings,

LLC

69,000

7.375%, 

6/1/2031

c

70,257

Spectrum

Brands,

Inc.

15,000

3.875%, 

3/15/2031

c

12,840

Star

Parent,

Inc.

54,000

9.000%, 

10/1/2030

c

56,824

Stryker

Corporation

277,000

5.200%, 

2/10/2035

g

275,132

Surgery

Center

Holdings,

Inc.

75,000

7.250%, 

4/15/2032

c

74,813

Sysco

Corporation

325,000

6.600%, 

4/1/2040

352,453

Takeda

Pharmaceutical

Company,

Ltd.

340,000

3.175%, 

7/9/2050

221,121

346,000

5.650%, 

7/5/2044

341,716

Tenet

Healthcare

Corporation

302,000

5.125%, 

11/1/2027

298,722

198,000

4.375%, 

1/15/2030

185,238

139,000

6.750%, 

5/15/2031

142,248

Teva

Pharmaceutical

Finance

Company,

LLC

67,000

6.150%, 

2/1/2036

67,009

Teva

Pharmaceutical

Finance

Netherlands

III

BV

57,000

3.150%, 

10/1/2026

55,232

US

Acute

Care

Solutions,

LLC

126,000

9.750%, 

5/15/2029

c

128,130

Viterra

Finance

BV

295,000

3.200%, 

4/21/2031

c

258,713

Wyeth,

LLC

229,000

6.500%, 

2/1/2034

249,861

Zoetis,

Inc.

509,000

4.700%, 

2/1/2043

455,309

Total

22,643,543

Energy  0.5%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

61,000

7.500%, 

10/1/2029

c

62,560

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

122,000

5.375%, 

6/15/2029

c

119,275

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

98,000

6.250%, 

4/1/2028

c

98,485

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

131,000

8.250%, 

12/31/2028

c

133,696

66,000

5.875%, 

6/30/2029

c

64,941

Baytex

Energy

Corporation

115,000

8.500%, 

4/30/2030

c

118,478

52,000

7.375%, 

3/15/2032

c

51,249

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

105,000

7.000%, 

7/15/2029

c

107,858

BP

Capital

Markets

America,

Inc.

613,000

2.939%, 

6/4/2051

380,633

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

156

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Energy  0.5%

-

continued

Buckeye

Partners,

LP

$

90,000

4.500%, 

3/1/2028

c

$

86,664

60,000

6.875%, 

7/1/2029

c

61,426

32,000

6.750%, 

2/1/2030

c

32,553

California

Resources

Corporation

79,000

8.250%, 

6/15/2029

c

81,219

Canadian

Natural

Resources,

Ltd.

184,000

5.000%, 

12/15/2029

c

181,815

168,000

2.950%, 

7/15/2030

150,073

Cheniere

Energy

Partners,

LP

823,000

4.500%, 

10/1/2029

797,927

Cheniere

Energy,

Inc.

64,000

5.650%, 

4/15/2034

63,979

Civitas

Resources,

Inc.

108,000

8.375%, 

7/1/2028

c

112,954

156,000

8.750%, 

7/1/2031

c

164,527

CNX

Resources

Corporation

67,000

6.000%, 

1/15/2029

c

66,404

Columbia

Pipelines

Holding

Company,

LLC

240,000

6.042%, 

8/15/2028

c

246,626

Columbia

Pipelines

Operating

Company,

LLC

59,000

5.927%, 

8/15/2030

c

60,878

Comstock

Resources,

Inc.

127,000

6.750%, 

3/1/2029

c

124,709

115,000

5.875%, 

1/15/2030

c

108,837

ConocoPhillips

Company

400,000

4.850%, 

1/15/2032

393,202

Continental

Resources,

Inc.

398,000

2.268%, 

11/15/2026

c

379,347

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

129,000

5.500%, 

6/15/2031

c

124,386

Crescent

Energy

Finance,

LLC

196,000

7.625%, 

4/1/2032

c

197,357

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

142,000

8.625%, 

3/15/2029

c

148,930

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

47,000

8.500%, 

10/1/2030

c

48,989

Diamondback

Energy,

Inc.

356,000

5.750%, 

4/18/2054

334,257

DT

Midstream,

Inc.

97,000

4.125%, 

6/15/2029

c

91,705

Eastern

Energy

Gas

Holdings,

LLC

455,000

5.800%, 

1/15/2035

462,644

Enbridge,

Inc.

390,000

5.250%, 

4/5/2027

394,208

Enerflex,

Ltd.

51,000

9.000%, 

10/15/2027

c

52,940

Energy

Transfer,

LP

154,000

8.000%, 

5/15/2054

d

162,533

176,000

4.000%, 

10/1/2027

172,322

175,000

5.150%, 

2/1/2043

155,126

445,000

6.000%, 

6/15/2048

431,215

EnLink

Midstream

Partners,

LP

155,000

5.600%, 

4/1/2044

143,124

Enterprise

Products

Operating,

LLC

300,000

3.300%, 

2/15/2053

197,195

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Energy  0.5%

-

continued

EQM

Midstream

Partners,

LP

$

189,000

4.750%, 

1/15/2031

c

$

179,946

Exxon

Mobil

Corporation

450,000

3.452%, 

4/15/2051

315,862

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

106,000

8.875%, 

4/15/2030

109,883

158,000

7.875%, 

5/15/2032

158,265

Gulfport

Energy

Operating

Corporation

48,000

6.750%, 

9/1/2029

c

48,846

Halliburton

Company

228,000

5.000%, 

11/15/2045

203,482

Harvest

Midstream

I,

LP

145,000

7.500%, 

9/1/2028

c

148,301

Hess

Midstream

Operations,

LP

143,000

4.250%, 

2/15/2030

c

133,761

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

255,000

5.750%, 

2/1/2029

c

247,844

64,000

6.000%, 

4/15/2030

c

62,058

70,000

6.250%, 

4/15/2032

c

66,477

Howard

Midstream

Energy

Partners,

LLC

186,000

7.375%, 

7/15/2032

c

193,360

ITT

Holdings,

LLC

135,000

6.500%, 

8/1/2029

c

126,172

Kodiak

Gas

Services,

LLC

79,000

7.250%, 

2/15/2029

c

81,314

Laredo

Petroleum,

Inc.

133,000

7.750%, 

7/31/2029

a,c

133,476

MEG

Energy

Corporation

105,000

5.875%, 

2/1/2029

c

103,386

Moss

Creek

Resources

Holdings,

Inc.

70,000

8.250%, 

9/1/2031

a,c

69,768

MPLX,

LP

455,000

4.950%, 

9/1/2032

441,263

84,000

5.000%, 

3/1/2033

81,097

Nabors

Industries,

Inc.

64,000

7.375%, 

5/15/2027

c

64,468

162,000

9.125%, 

1/31/2030

c

168,156

National

Fuel

Gas

Company

415,000

5.500%, 

1/15/2026

417,049

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

52,000

8.125%, 

2/15/2029

c

53,359

78,000

8.375%, 

2/15/2032

c

80,239

Noble

Finance

II,

LLC

136,000

8.000%, 

4/15/2030

c

138,373

Northern

Oil

and

Gas,

Inc.

116,000

8.750%, 

6/15/2031

c

121,635

NuStar

Logistics,

LP

127,000

6.375%, 

10/1/2030

129,338

Occidental

Petroleum

Corporation

218,000

5.000%, 

8/1/2027

218,159

ONEOK,

Inc.

191,000

5.700%, 

11/1/2054

177,433

121,000

5.000%, 

3/1/2026

121,271

254,000

4.750%, 

10/15/2031

245,747

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

95,000

6.000%, 

2/15/2028

93,627

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

157

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Energy  0.5%

-

continued

Permian

Resources

Operating,

LLC

$

125,000

6.250%, 

2/1/2033

c

$

125,302

Prairie

Acquiror,

LP

105,000

9.000%, 

8/1/2029

c

108,586

Precision

Drilling

Corporation

89,000

6.875%, 

1/15/2029

c

89,771

Range

Resources

Corporation

94,000

4.750%, 

2/15/2030

c

89,399

Rockies

Express

Pipeline,

LLC

164,000

4.950%, 

7/15/2029

c

157,227

Saturn

Oil

&

Gas,

Inc.

77,000

9.625%, 

6/15/2029

a,c

76,856

Schlumberger

Holdings

Corporation

186,000

5.000%, 

5/29/2027

c

187,383

SM

Energy

Company

105,000

6.500%, 

7/15/2028

105,115

46,000

7.000%, 

8/1/2032

c

45,934

South

Bow

USA

Infrastructure

Holdings,

LLC

303,000

5.026%, 

10/1/2029

c

298,130

118,000

5.584%, 

10/1/2034

c

114,756

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

64,000

5.875%, 

3/1/2027

63,707

Suncor

Energy,

Inc.

376,000

7.150%, 

2/1/2032

407,263

Sunoco,

LP

191,000

7.000%, 

5/1/2029

c

197,419

Sunoco,

LP/Sunoco

Finance

Corporation

94,000

5.875%, 

3/15/2028

94,091

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

215,000

5.500%, 

1/15/2028

c

210,312

95,000

7.375%, 

2/15/2029

c

96,698

Talos

Production,

Inc.

67,000

9.000%, 

2/1/2029

c

69,677

Targa

Resources

Corporation

400,000

4.200%, 

2/1/2033

364,836

TGNR

Intermediate

Holdings,

LLC

123,000

5.500%, 

10/15/2029

c

116,799

TotalEnergies

Capital

SA

205,000

5.275%, 

9/10/2054

189,895

Transocean,

Inc.

144,500

8.750%, 

2/15/2030

c

150,709

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

114,000

7.125%, 

3/15/2029

c

116,659

Valaris,

Ltd.

116,000

8.375%, 

4/30/2030

c

119,127

Venture

Global

Calcasieu

Pass,

LLC

97,000

3.875%, 

8/15/2029

c

89,728

85,000

4.125%, 

8/15/2031

c

76,845

Venture

Global

LNG,

Inc.

236,000

8.125%, 

6/1/2028

c

246,632

121,000

9.000%, 

9/30/2029

c,d,j

126,091

94,000

7.000%, 

1/15/2030

c

96,075

236,000

8.375%, 

6/1/2031

c

248,381

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Energy  0.5%

-

continued

$

134,000

9.875%, 

2/1/2032

c

$

147,510

Viridien

SA

32,000

8.750%, 

4/1/2027

a,c

32,345

Western

Midstream

Operating,

LP

234,000

6.350%, 

1/15/2029

241,997

114,000

6.150%, 

4/1/2033

116,236

Williams

Companies,

Inc.

420,000

7.500%, 

1/15/2031

465,637

145,000

5.600%, 

3/15/2035

145,539

Total

17,929,328

Financials  1.7%

Acrisure,

LLC/Acrisure

Finance,

Inc.

44,000

4.250%, 

2/15/2029

c

41,629

65,000

7.500%, 

11/6/2030

c

67,204

AEGON

Funding

Company,

LLC

383,000

5.500%, 

4/16/2027

a,c

386,181

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

259,000

6.100%, 

1/15/2027

264,570

425,000

3.875%, 

1/23/2028

413,447

363,000

5.375%, 

12/15/2031

362,657

265,000

3.400%, 

10/29/2033

226,175

AG

TTMT

Escrow

Issuer,

LLC

50,000

8.625%, 

9/30/2027

c

52,024

Agree,

LP

199,000

5.625%, 

6/15/2034

200,055

Air

Lease

Corporation

68,000

4.650%, 

6/15/2026

d,j

66,353

537,000

3.000%, 

2/1/2030

485,784

Aircastle,

Ltd.

375,000

5.250%, 

8/11/2025

c

375,428

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

64,000

4.250%, 

10/15/2027

c

61,921

129,000

6.750%, 

4/15/2028

c

130,362

93,000

7.000%, 

1/15/2031

c

94,631

Ally

Financial,

Inc.

503,000

8.000%, 

11/1/2031

564,347

99,000

6.700%, 

2/14/2033

101,792

American

Express

Company

127,000

5.098%, 

2/16/2028

d

127,906

258,000

5.043%, 

7/26/2028

d

259,674

187,000

5.085%, 

1/30/2031

d

187,659

American

International

Group,

Inc.

469,000

5.125%, 

3/27/2033

464,708

AmWINS

Group,

Inc.

52,000

6.375%, 

2/15/2029

c

52,602

155,000

4.875%, 

6/30/2029

c

147,631

ANZ

Bank

New

Zealand,

Ltd.

225,000

5.548%, 

8/11/2032

c,d

226,300

Aon

North

America,

Inc.

185,000

5.750%, 

3/1/2054

181,564

Apollo

Debt

Solutions

BDC

291,000

6.700%, 

7/29/2031

c

300,828

Ares

Capital

Corporation

170,000

3.250%, 

7/15/2025

168,844

375,000

3.875%, 

1/15/2026

371,047

241,000

2.150%, 

7/15/2026

231,334

203,000

5.875%, 

3/1/2029

205,528

Ares

Strategic

Income

Fund

243,000

5.600%, 

2/15/2030

c

240,027

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

158

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Financials  1.7%

-

continued

Arthur

J.

Gallagher

&

Company

$

59,000

6.750%, 

2/15/2054

$

65,053

95,000

5.750%, 

7/15/2054

92,978

417,000

5.000%, 

2/15/2032

409,711

Avolon

Holdings

Funding,

Ltd.

130,000

4.250%, 

4/15/2026

c

128,652

280,000

4.950%, 

1/15/2028

c

277,911

288,000

5.750%, 

3/1/2029

c

291,598

Azorra

Finance,

Ltd.

174,000

7.750%, 

4/15/2030

c

176,093

Banco

Santander

Mexico

SA

300,000

5.621%, 

12/10/2029

c

300,264

Banco

Santander

SA

400,000

4.175%, 

3/24/2028

d

393,043

Bank

of

America

Corporation

325,000

1.734%, 

7/22/2027

d

311,000

297,000

3.824%, 

1/20/2028

d

291,727

199,000

5.202%, 

4/25/2029

d

200,711

300,000

2.087%, 

6/14/2029

d

273,697

150,000

3.974%, 

2/7/2030

d

144,339

350,000

2.496%, 

2/13/2031

d

309,904

600,000

1.922%, 

10/24/2031

d

504,470

343,000

2.972%, 

2/4/2033

d

296,633

685,000

4.571%, 

4/27/2033

d

655,218

352,000

5.872%, 

9/15/2034

d

362,853

143,000

5.468%, 

1/23/2035

d

143,342

411,000

5.425%, 

8/15/2035

d

400,589

455,000

3.846%, 

3/8/2037

d

404,427

Bank

of

New

York

Mellon

Corporation

243,000

6.317%, 

10/25/2029

d

255,320

Bank

of

Nova

Scotia

112,000

4.850%, 

2/1/2030

111,334

Barclays

plc

64,000

6.125%, 

12/15/2025

d,j

64,151

345,000

6.496%, 

9/13/2027

d

353,198

350,000

4.972%, 

5/16/2029

d

348,714

444,000

4.942%, 

9/10/2030

d

437,230

340,000

5.746%, 

8/9/2033

d

342,036

BBVA

Bancomer

SA/Texas

200,000

5.250%, 

9/10/2029

c

196,796

Belrose

Funding

Trust

500,000

2.330%, 

8/15/2030

c

425,367

Berkshire

Hathaway

Finance

Corporation

456,000

2.850%, 

10/15/2050

285,009

BlackRock

Funding,

Inc.

125,000

5.250%, 

3/14/2054

118,392

Blackstone

Private

Credit

Fund

315,000

5.600%, 

11/22/2029

c

311,393

231,000

6.250%, 

1/25/2031

234,932

Blue

Owl

Capital

Corporation

II

176,000

8.450%, 

11/15/2026

184,180

Blue

Owl

Credit

Income

Corporation

286,000

4.700%, 

2/8/2027

282,796

Blue

Owl

Technology

Finance

Corporation

150,000

4.750%, 

12/15/2025

c

148,811

400,000

6.100%, 

3/15/2028

c

401,420

Blue

Owl

Technology

Finance

Corporation

II

248,000

6.750%, 

4/4/2029

251,717

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Financials  1.7%

-

continued

BNP

Paribas

SA

$

422,000

5.283%, 

11/19/2030

c,d

$

420,522

572,000

3.132%, 

1/20/2033

c,d

492,292

BPCE

SA

588,000

3.500%, 

10/23/2027

c

563,940

250,000

5.876%, 

1/14/2031

c,d

253,859

Burford

Capital

Global

Finance,

LLC

151,000

9.250%, 

7/1/2031

c

161,768

Camden

Property

Trust

311,000

3.150%, 

7/1/2029

290,016

Capital

One

Financial

Corporation

425,000

4.200%, 

10/29/2025

422,934

85,000

5.700%, 

2/1/2030

d

86,416

Charles

Schwab

Corporation

234,000

6.136%, 

8/24/2034

d

245,926

Chubb

INA

Holdings,

LLC

225,000

4.350%, 

11/3/2045

189,535

Citadel,

LP

282,000

6.375%, 

1/23/2032

c

286,775

Citibank

NA

385,000

4.929%, 

8/6/2026

387,006

Citigroup,

Inc.

304,000

3.200%, 

10/21/2026

296,578

468,000

3.668%, 

7/24/2028

d

454,490

99,000

3.520%, 

10/27/2028

d

95,527

148,000

5.174%, 

2/13/2030

d

148,417

484,000

4.910%, 

5/24/2033

d

468,537

287,000

6.174%, 

5/25/2034

d

292,496

324,000

6.020%, 

1/24/2036

d

325,279

Citizens

Financial

Group,

Inc.

167,000

5.718%, 

7/23/2032

d

168,530

CNA

Financial

Corporation

177,000

5.125%, 

2/15/2034

173,096

Comerica,

Inc.

90,000

5.982%, 

1/30/2030

d

90,883

Constellation

Insurance,

Inc.

78,000

6.800%, 

1/24/2030

c

76,750

Cooperatieve

Rabobank

UA

455,000

5.564%, 

2/28/2029

c,d

462,883

Corebridge

Financial,

Inc.

131,000

6.375%, 

9/15/2054

d

129,527

171,000

4.350%, 

4/5/2042

142,639

Cousins

Properties,

LP

133,000

5.375%, 

2/15/2032

131,085

Credit

Acceptance

Corporation

118,000

9.250%, 

12/15/2028

c

125,736

Credit

Agricole

SA

250,000

5.230%, 

1/9/2029

c,d

250,837

Credit

Suisse

Group

AG

350,000

7.250%, 

N/A

*,k

29,750

Deutsche

Bank

AG/New

York,

NY

500,000

5.373%, 

1/10/2029

d

501,367

255,000

6.819%, 

11/20/2029

d

268,583

525,000

3.729%, 

1/14/2032

d

462,055

Discover

Bank

480,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

d

486,398

Diversified

Healthcare

Trust

76,000

Zero

Coupon, 

1/15/2026

c

72,298

Drawbridge

Special

Opportunities

Fund,

LP

226,000

3.875%, 

2/15/2026

c

220,794

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

159

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Financials  1.7%

-

continued

Elevance

Health,

Inc.

$

460,000

3.125%, 

5/15/2050

$

294,913

306,000

4.625%, 

5/15/2042

267,063

EPR

Properties

210,000

4.950%, 

4/15/2028

207,281

Fairfax

Financial

Holdings,

Ltd.

252,000

6.350%, 

3/22/2054

257,577

FirstCash,

Inc.

162,000

5.625%, 

1/1/2030

c

158,562

First-Citizens

Bank

&

Trust

Company

210,000

6.125%, 

3/9/2028

215,768

Five

Corners

Funding

Trust

IV

227,000

5.997%, 

2/15/2053

c

228,315

Fortress

Transportation

and

Infrastructure

Investors,

LLC

68,000

5.500%, 

5/1/2028

c

66,467

154,000

7.000%, 

5/1/2031

c

156,075

92,000

7.000%, 

6/15/2032

c

93,271

69,000

5.875%, 

4/15/2033

c

66,017

Freedom

Mortgage

Corporation

59,000

7.625%, 

5/1/2026

c

59,312

Freedom

Mortgage

Holdings,

LLC

151,000

9.250%, 

2/1/2029

c

157,606

65,000

9.125%, 

5/15/2031

c

67,275

FS

KKR

Capital

Corporation

325,000

3.400%, 

1/15/2026

319,945

GGAM

Finance,

Ltd.

62,000

7.750%, 

5/15/2026

c

62,972

66,000

8.000%, 

6/15/2028

c

69,614

182,000

5.875%, 

3/15/2030

c

180,184

Global

Aircraft

Leasing

Company,

Ltd.

199,000

8.750%, 

9/1/2027

c

204,419

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

192,000

3.750%, 

12/15/2027

c

178,455

goeasy,

Ltd.

95,000

9.250%, 

12/1/2028

c

101,452

66,000

7.625%, 

7/1/2029

c

68,219

50,000

6.875%, 

5/15/2030

c

50,765

Goldman

Sachs

Bank

USA/New

York,

NY

386,000

5.414%, 

5/21/2027

d

389,365

Goldman

Sachs

BDC,

Inc.

153,000

6.375%, 

3/11/2027

156,266

Goldman

Sachs

Group,

Inc.

320,000

1.948%, 

10/21/2027

d

304,743

356,000

6.484%, 

10/24/2029

d

373,791

145,000

1.992%, 

1/27/2032

d

120,903

898,000

3.102%, 

2/24/2033

d

779,512

Healthpeak

OP,

LLC

87,000

3.400%, 

2/1/2025

87,000

Highwoods

Realty,

LP

216,000

3.050%, 

2/15/2030

190,661

189,000

2.600%, 

2/1/2031

158,571

Howard

Hughes

Corporation

42,000

4.125%, 

2/1/2029

c

38,589

HSBC

Holdings

plc

350,000

5.402%, 

8/11/2033

d

348,005

HUB

International,

Ltd.

185,000

7.250%, 

6/15/2030

c

191,286

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Financials  1.7%

-

continued

Huntington

Bancshares,

Inc./OH

$

290,000

5.709%, 

2/2/2035

d

$

290,233

294,000

6.141%, 

11/18/2039

d

295,187

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

69,000

6.250%, 

5/15/2026

68,904

262,000

5.250%, 

5/15/2027

253,941

Intesa

Sanpaolo

SPA

79,000

4.198%, 

6/1/2032

c,d

70,110

Invitation

Homes

Operating

Partnership,

LP

286,000

2.000%, 

8/15/2031

234,352

J.P.

Morgan

Chase

&

Company

98,000

4.000%, 

4/1/2025

d,j

97,679

456,000

1.578%, 

4/22/2027

d

439,169

460,000

2.947%, 

2/24/2028

d

443,606

411,000

4.979%, 

7/22/2028

d

412,675

594,000

4.505%, 

10/22/2028

d

589,291

575,000

4.203%, 

7/23/2029

d

562,296

425,000

2.522%, 

4/22/2031

d

375,964

450,000

1.953%, 

2/4/2032

d

377,075

457,000

4.586%, 

4/26/2033

d

439,870

342,000

4.912%, 

7/25/2033

d

335,275

294,000

5.766%, 

4/22/2035

d

301,549

228,000

5.502%, 

1/24/2036

d

229,353

273,000

5.534%, 

11/29/2045

d

268,103

Jackson

National

Life

Global

Funding

318,000

5.550%, 

7/2/2027

c

322,396

Jane

Street

Group/JSG

Finance,

Inc.

105,000

4.500%, 

11/15/2029

c

99,150

42,000

7.125%, 

4/30/2031

c

43,407

70,000

6.125%, 

11/1/2032

c

69,662

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

47,000

5.000%, 

8/15/2028

c

44,506

200,000

6.625%, 

10/15/2031

c

200,940

Jefferson

Capital

Holdings,

LLC

52,000

6.000%, 

8/15/2026

c

51,890

131,000

9.500%, 

2/15/2029

c

139,996

KeyBank

NA/Cleveland,

OH

308,000

5.000%, 

1/26/2033

297,253

Kilroy

Realty,

LP

118,000

4.250%, 

8/15/2029

111,076

105,000

6.250%, 

1/15/2036

103,455

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

65,000

4.250%, 

2/1/2027

c

63,233

174,000

4.750%, 

6/15/2029

c

165,517

Liberty

Mutual

Group,

Inc.

35,000

4.125%, 

12/15/2051

c,d

33,481

Lloyds

Banking

Group

plc

300,000

5.087%, 

11/26/2028

d

300,753

340,000

5.871%, 

3/6/2029

d

347,928

Macquarie

Airfinance

Holdings,

Ltd.

61,000

6.400%, 

3/26/2029

c

62,858

211,000

5.150%, 

3/17/2030

c

207,561

32,000

6.500%, 

3/26/2031

c

33,168

Marsh

&

McLennan

Companies,

Inc.

84,000

5.450%, 

3/15/2053

80,429

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

160

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Financials  1.7%

-

continued

Massachusetts

Mutual

Life

Insurance

Company

$

525,000

3.200%, 

12/1/2061

c

$

309,125

Mitsubishi

UFJ

Financial

Group,

Inc.

339,000

5.422%, 

2/22/2029

d

344,128

350,000

2.048%, 

7/17/2030

300,047

Molina

Healthcare,

Inc.

108,000

4.375%, 

6/15/2028

c

103,812

47,000

3.875%, 

5/15/2032

c

41,330

81,000

6.250%, 

1/15/2033

c

80,419

Morgan

Stanley

230,000

5.516%, 

11/19/2055

d

222,655

450,000

4.350%, 

9/8/2026

447,004

468,000

3.591%, 

7/22/2028

d

453,091

227,000

5.164%, 

4/20/2029

d

228,310

440,000

3.622%, 

4/1/2031

d

410,752

227,000

5.250%, 

4/21/2034

d

224,241

214,000

5.831%, 

4/19/2035

d

218,896

172,000

5.587%, 

1/18/2036

d

173,497

400,000

5.297%, 

4/20/2037

d

390,426

Morgan

Stanley

Direct

Lending

Fund

204,000

6.150%, 

5/17/2029

c

205,122

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

92,000

8.500%, 

2/15/2032

c,g

93,427

Nasdaq,

Inc.

325,000

3.250%, 

4/28/2050

217,780

Nationstar

Mortgage

Holdings,

Inc.

33,000

5.500%, 

8/15/2028

c

32,398

68,000

6.500%, 

8/1/2029

c

68,156

102,000

5.125%, 

12/15/2030

c

96,355

NatWest

Group

plc

225,000

4.445%, 

5/8/2030

d

218,264

359,000

6.475%, 

6/1/2034

d

369,847

Navient

Corporation

38,000

5.000%, 

3/15/2027

37,341

42,000

5.500%, 

3/15/2029

40,262

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

42,000

4.500%, 

9/30/2028

c

39,259

New

York

Life

Global

Funding

337,000

4.550%, 

1/28/2033

c

323,074

Nomura

Holdings,

Inc.

365,000

5.783%, 

7/3/2034

369,818

Omega

Healthcare

Investors,

Inc.

432,000

3.625%, 

10/1/2029

401,009

OneMain

Finance

Corporation

245,000

3.500%, 

1/15/2027

235,716

297,000

3.875%, 

9/15/2028

277,434

Panther

Escrow

Issuer,

LLC

183,000

7.125%, 

6/1/2031

c

187,405

Park

Intermediate

Holdings,

LLC

182,000

4.875%, 

5/15/2029

c

173,872

Pine

Street

Trust

III

109,000

6.223%, 

5/15/2054

c

110,612

PNC

Financial

Services

Group,

Inc.

120,000

6.615%, 

10/20/2027

d

123,694

PRA

Group,

Inc.

100,000

8.375%, 

2/1/2028

c

103,017

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Financials  1.7%

-

continued

Prologis

Targeted

US

Logistics

Fund,

LP

$

240,000

5.250%, 

4/1/2029

c

$

242,444

158,000

5.250%, 

1/15/2035

c

154,606

Prologis,

LP

160,000

5.250%, 

3/15/2054

150,079

Prudential

Financial,

Inc.

434,000

5.125%, 

3/1/2052

d

409,178

Regency

Centers,

LP

350,000

4.125%, 

3/15/2028

343,042

176,000

5.250%, 

1/15/2034

173,980

Reinsurance

Group

of

America,

Inc.

274,000

5.750%, 

9/15/2034

276,065

RGA

Global

Funding

117,000

5.500%, 

1/11/2031

c

118,389

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

32,000

4.750%, 

10/15/2027

31,339

65,000

4.500%, 

2/15/2029

c

61,981

RLJ

Lodging

Trust,

LP

60,000

4.000%, 

9/15/2029

c

55,081

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

215,000

3.625%, 

3/1/2029

c

196,518

74,000

3.875%, 

3/1/2031

c

65,393

93,000

4.000%, 

10/15/2033

c

78,633

Ryan

Specialty,

LLC

34,000

4.375%, 

2/1/2030

c

32,079

162,000

5.875%, 

8/1/2032

c

160,523

Santander

Holdings

USA,

Inc.

113,000

6.499%, 

3/9/2029

d

116,794

105,000

6.174%, 

1/9/2030

d

107,694

Santander

UK

Group

Holdings

plc

600,000

1.673%, 

6/14/2027

d

573,018

Service

Properties

Trust

70,000

5.500%, 

12/15/2027

67,375

85,000

8.375%, 

6/15/2029

84,950

25,000

8.625%, 

11/15/2031

c

26,547

Simon

Property

Group,

LP

400,000

3.800%, 

7/15/2050

294,523

Sixth

Street

Lending

Partners

210,000

6.125%, 

7/15/2030

c

211,205

SLM

Corporation

60,000

4.200%, 

10/29/2025

59,878

57,000

6.500%, 

1/31/2030

57,534

Societe

Generale

SA

234,000

4.750%, 

11/24/2025

c

233,207

70,000

10.000%, 

11/14/2028

c,d,j

76,240

340,000

6.100%, 

4/13/2033

c,d

343,002

Standard

Chartered

plc

375,000

5.545%, 

1/21/2029

c,d

378,636

State

Street

Corporation

444,000

4.530%, 

2/20/2029

d

440,851

Sumitomo

Mitsui

Financial

Group,

Inc.

338,000

5.710%, 

1/13/2030

347,351

200,000

1.710%, 

1/12/2031

164,860

Synchrony

Financial

144,000

5.935%, 

8/2/2030

d

145,883

67,000

7.250%, 

2/2/2033

70,110

Synovus

Bank

250,000

5.625%, 

2/15/2028

251,891

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

161

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Financials  1.7%

-

continued

Toronto-Dominion

Bank

$

296,000

5.523%, 

7/17/2028

$

302,152

151,000

5.146%, 

9/10/2034

d

147,704

Truist

Financial

Corporation

230,000

6.047%, 

6/8/2027

d

233,567

162,000

5.125%, 

12/15/2027

a,d,j

158,926

270,000

5.122%, 

1/26/2034

d

262,886

152,000

5.711%, 

1/24/2035

d

153,512

U.S.

Bancorp

352,000

5.775%, 

6/12/2029

d

361,080

89,000

5.836%, 

6/12/2034

d

90,965

160,000

5.678%, 

1/23/2035

d

161,569

UBS

Group

AG

50,000

4.875%, 

2/12/2027

c,d,j

48,543

355,000

6.246%, 

9/22/2029

c,d

369,169

282,000

3.091%, 

5/14/2032

c,d

248,176

200,000

5.699%, 

2/8/2035

c,d

202,844

300,000

5.379%, 

9/6/2045

c,d

286,869

UniCredit

SPA

65,000

5.861%, 

6/19/2032

c,d

65,030

United

Wholesale

Mortgage,

LLC

175,000

5.500%, 

4/15/2029

c

169,669

UnitedHealth

Group,

Inc.

228,000

5.875%, 

2/15/2053

228,727

342,000

4.750%, 

5/15/2052

293,418

UWM

Holdings,

LLC

68,000

6.625%, 

2/1/2030

c

68,139

Vornado

Realty,

LP

48,000

3.400%, 

6/1/2031

41,231

Wells

Fargo

&

Company

50,000

3.900%, 

3/15/2026

d,j

49,125

203,000

3.000%, 

4/22/2026

199,146

304,000

3.000%, 

10/23/2026

295,505

600,000

4.900%, 

1/24/2028

d

600,266

342,000

3.526%, 

3/24/2028

d

332,551

256,000

5.707%, 

4/22/2028

d

260,226

481,000

2.393%, 

6/2/2028

d

454,709

236,000

5.574%, 

7/25/2029

d

240,447

187,000

5.389%, 

4/24/2034

d

185,520

550,000

4.900%, 

11/17/2045

481,735

XHR,

LP

64,000

4.875%, 

6/1/2029

c

60,812

35,000

6.625%, 

5/15/2030

c

35,377

Zions

Bancorp

NA

250,000

6.816%, 

11/19/2035

d

256,992

Total

65,075,316

Foreign

Government  <0.1%

NBN

Company,

Ltd.

375,000

2.625%, 

5/5/2031

c

325,824

Saudi

Arabian

Oil

Company

288,000

5.250%, 

7/17/2034

c

284,822

Teine

Energy,

Ltd.

140,000

6.875%, 

4/15/2029

c

135,650

Total

746,296

Mortgage-Backed

Securities  6.0%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

3,585,211

2.000%, 

1/1/2052

2,834,782

1,687,747

2.000%, 

5/1/2051

1,334,491

6,328,041

2.500%, 

5/1/2051

5,217,850

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Mortgage-Backed

Securities  6.0%

-

continued

$

2,696,162

3.500%, 

5/1/2052

$

2,396,480

2,987,348

4.000%, 

5/1/2052

2,747,537

1,870,937

5.000%, 

7/1/2053

1,818,236

1,589,654

5.500%, 

7/1/2053

1,581,721

2,185,966

3.500%, 

8/1/2052

1,947,224

1,878,953

5.000%, 

8/1/2053

1,831,048

5,814,559

5.500%, 

9/1/2053

5,807,287

2,222,959

3.500%, 

9/1/2047

2,004,480

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

1,666,158

2.500%, 

7/1/2030

1,587,849

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

2,085,838

3.000%, 

12/1/2036

1,934,268

1,798,146

3.000%, 

8/1/2038

1,681,184

2,629,595

3.500%, 

5/1/2040

2,447,629

1,687,219

2.500%, 

4/1/2042

1,443,552

691,949

2.000%, 

5/1/2042

578,249

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

6,548,456

3.000%, 

1/1/2052

5,621,489

1,111,401

2.000%, 

2/1/2051

879,028

720,731

2.000%, 

2/1/2051

570,041

3,336,362

2.500%, 

2/1/2051

2,723,375

1,891,620

2.500%, 

2/1/2051

1,562,712

1,677,178

2.000%, 

3/1/2051

1,306,855

12,747,295

2.000%, 

3/1/2051

9,996,300

4,687,371

4.000%, 

3/1/2051

4,337,419

1,068,271

2.000%, 

3/1/2052

843,147

7,111,892

3.000%, 

3/1/2052

6,066,207

8,606,858

2.000%, 

4/1/2051

6,717,167

4,277,818

3.000%, 

4/1/2051

3,671,057

4,392,161

3.000%, 

5/1/2050

3,786,714

1,347,191

2.000%, 

5/1/2051

1,059,434

3,137,259

3.000%, 

5/1/2051

2,719,203

7,060,513

2.000%, 

6/1/2050

5,554,244

2,264,593

3.000%, 

6/1/2050

1,976,484

1,251,733

4.000%, 

6/1/2052

1,146,994

1,308,366

5.000%, 

6/1/2053

1,272,743

4,883,658

2.500%, 

7/1/2051

4,061,079

1,801,721

3.500%, 

7/1/2051

1,611,876

3,445,893

4.000%, 

7/1/2052

3,157,574

3,444,159

3.500%, 

8/1/2050

3,088,875

4,929,461

3.500%, 

8/1/2052

4,370,404

6,172,488

4.500%, 

8/1/2052

5,816,753

2,485,542

5.000%, 

8/1/2053

2,417,868

5,569,795

6.000%, 

8/1/2054

5,705,400

2,395,351

2.500%, 

9/1/2051

1,979,393

2,730,539

3.500%, 

9/1/2052

2,437,010

1,458,024

3.500%, 

9/1/2052

1,301,519

2,058,345

5.000%, 

9/1/2052

1,994,726

2,931,467

4.500%, 

9/1/2053

2,765,946

1,898,840

4.500%, 

9/1/2053

1,796,303

5,031,115

4.000%, 

10/1/2052

4,610,669

1,312,832

2.000%, 

11/1/2051

1,036,849

1,913,919

3.500%, 

11/1/2052

1,713,405

5,454,880

2.000%, 

12/1/2050

4,288,624

8,544,964

2.500%, 

12/1/2051

7,038,891

3,709,464

4.500%, 

12/1/2052

3,512,775

19,225,000

5.500%, 

2/1/2041

g

18,985,708

11,375,000

5.000%, 

2/1/2042

g

10,983,575

7,875,000

6.000%, 

2/1/2042

g

7,928,506

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

162

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Mortgage-Backed

Securities  6.0%

-

continued

$

2,584,862

3.500%, 

12/1/2047

$

2,335,894

10,150,000

3.000%, 

2/1/2048

g

8,630,921

11,000,000

3.500%, 

2/1/2049

g

9,732,422

2,700,000

4.500%, 

2/1/2049

g

2,540,742

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

5,683,101

2.500%, 

3/1/2062

4,502,874

1,716,694

3.500%, 

7/1/2061

1,491,920

2,586,128

4.000%, 

12/1/2061

2,347,303

Total

235,190,284

Technology  0.4%

Accenture

Capital,

Inc.

312,000

4.500%, 

10/4/2034

296,886

Adobe,

Inc.

455,000

5.300%, 

1/17/2035

460,097

Advanced

Micro

Devices,

Inc.

228,000

4.393%, 

6/1/2052

190,711

Amentum

Holdings,

Inc.

102,000

7.250%, 

8/1/2032

c

103,407

Analog

Devices,

Inc.

700,000

2.950%, 

10/1/2051

446,112

Apple,

Inc.

400,000

2.650%, 

2/8/2051

246,667

746,000

3.750%, 

9/12/2047

586,877

Automatic

Data

Processing,

Inc.

388,000

4.450%, 

9/9/2034

370,662

Block,

Inc.

71,000

3.500%, 

6/1/2031

63,181

295,000

6.500%, 

5/15/2032

c

301,522

Boost

Newco

Borrower,

LLC

194,000

7.500%, 

1/15/2031

c

203,095

Broadcom,

Inc.

374,000

5.050%, 

7/12/2027

377,334

75,000

3.469%, 

4/15/2034

c

64,809

457,000

3.137%, 

11/15/2035

c

371,446

380,000

3.187%, 

11/15/2036

c

304,789

275,000

4.926%, 

5/15/2037

c

259,935

Cadence

Design

Systems,

Inc.

151,000

4.700%, 

9/10/2034

144,908

Central

Parent,

Inc./CDK

Global,

Inc.

68,000

7.250%, 

6/15/2029

c

64,585

Cisco

Systems,

Inc.

124,000

5.300%, 

2/26/2054

120,078

123,000

4.950%, 

2/26/2031

123,673

Clarivate

Science

Holdings

Corporation

70,000

3.875%, 

7/1/2028

c

65,954

Cloud

Software

Group,

Inc.

411,000

6.500%, 

3/31/2029

c

404,008

Consensus

Cloud

Solutions,

Inc.

33,000

6.000%, 

10/15/2026

c

32,765

CoreLogic,

Inc.

39,000

4.500%, 

5/1/2028

c

36,516

Dell

International,

LLC/EMC

Corporation

244,000

6.020%, 

6/15/2026

247,370

Dell,

Inc.

215,000

6.500%, 

4/15/2038

223,967

Diebold

Nixdorf,

Inc.

176,000

7.750%, 

3/31/2030

c

182,193

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Technology  0.4%

-

continued

Fiserv,

Inc.

$

114,000

2.250%, 

6/1/2027

$

107,946

238,000

2.650%, 

6/1/2030

211,246

243,000

5.350%, 

3/15/2031

246,305

198,000

5.600%, 

3/2/2033

200,605

284,000

5.150%, 

8/12/2034

277,791

Foundry

JV

Holdco,

LLC

300,000

5.900%, 

1/25/2030

c

306,863

Gen

Digital,

Inc.

5,000

6.750%, 

9/30/2027

c

5,083

78,000

7.125%, 

9/30/2030

c

80,249

Global

Payments,

Inc.

253,000

5.950%, 

8/15/2052

244,945

342,000

5.300%, 

8/15/2029

343,389

Hewlett

Packard

Enterprise

Company

434,000

4.400%, 

9/25/2027

430,485

245,000

4.850%, 

10/15/2031

242,118

II-VI,

Inc.

56,000

5.000%, 

12/15/2029

c

53,892

Iron

Mountain,

Inc.

140,000

5.000%, 

7/15/2028

c

136,394

190,000

4.875%, 

9/15/2029

c

182,143

140,000

5.250%, 

7/15/2030

c

134,643

164,000

4.500%, 

2/15/2031

c

150,912

KLA

Corporation

343,000

3.300%, 

3/1/2050

237,217

Marvell

Technology,

Inc.

57,000

5.950%, 

9/15/2033

58,823

Mastercard,

Inc.

275,000

3.950%, 

2/26/2048

221,011

Microchip

Technology,

Inc.

50,000

5.050%, 

3/15/2029

49,916

Microsoft

Corporation

161,000

3.041%, 

3/17/2062

101,656

403,000

2.500%, 

9/15/2050

243,469

NCR

Atleos

Corporation

52,000

9.500%, 

4/1/2029

c

56,656

NCR

Voyix

Corporation

97,000

5.000%, 

10/1/2028

c

93,484

52,000

5.125%, 

4/15/2029

c

49,595

Neptune

Bidco

US,

Inc.

261,000

9.290%, 

4/15/2029

c

222,497

NXP

BV/NXP

Funding,

LLC

115,000

5.550%, 

12/1/2028

117,081

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

154,000

4.300%, 

6/18/2029

149,714

305,000

3.250%, 

5/11/2041

222,481

Open

Text

Corporation

134,000

3.875%, 

12/1/2029

c

122,870

Open

Text

Holdings,

Inc.

175,000

4.125%, 

2/15/2030

c

160,467

Oracle

Corporation

228,000

6.900%, 

11/9/2052

252,916

444,000

4.800%, 

8/3/2028

444,271

311,000

6.150%, 

11/9/2029

326,029

229,000

5.250%, 

2/3/2032

228,476

154,000

4.700%, 

9/27/2034

145,325

420,000

3.850%, 

7/15/2036

358,649

663,000

4.000%, 

7/15/2046

508,739

PayPal

Holdings,

Inc.

222,000

5.500%, 

6/1/2054

215,697

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

163

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Technology  0.4%

-

continued

Pitney

Bowes,

Inc.

$

33,000

6.875%, 

3/15/2027

c

$

33,138

RingCentral,

Inc.

183,000

8.500%, 

8/15/2030

c

194,276

Rocket

Software,

Inc.

79,000

9.000%, 

11/28/2028

c

81,830

Roper

Technologies,

Inc.

298,000

1.750%, 

2/15/2031

245,947

Seagate

HDD

Cayman

131,475

9.625%, 

12/1/2032

149,455

Sensata

Technologies

BV

72,000

4.000%, 

4/15/2029

c

66,638

Sensata

Technologies,

Inc.

117,000

4.375%, 

2/15/2030

c

108,347

38,000

3.750%, 

2/15/2031

c

33,535

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

50,000

4.625%, 

11/1/2026

c

49,459

17,000

6.750%, 

8/15/2032

c

17,456

SK

Hynix,

Inc.

200,000

5.500%, 

1/16/2027

c

201,851

SS&C

Technologies,

Inc.

116,000

5.500%, 

9/30/2027

c

115,698

35,000

6.500%, 

6/1/2032

c

35,573

Texas

Instruments,

Inc.

227,000

5.050%, 

5/18/2063

203,714

UKG,

Inc.

64,000

6.875%, 

2/1/2031

c

65,342

Verisk

Analytics,

Inc.

198,000

5.250%, 

6/5/2034

195,831

Viavi

Solutions,

Inc.

118,000

3.750%, 

10/1/2029

c

107,353

Visa,

Inc.

470,000

2.700%, 

4/15/2040

342,966

VMware,

LLC

208,000

4.650%, 

5/15/2027

207,523

335,000

2.200%, 

8/15/2031

279,428

Xerox

Holdings

Corporation

16,000

5.000%, 

8/15/2025

c

15,928

258,000

5.500%, 

8/15/2028

c

219,962

Total

17,206,845

Transportation  0.1%

Air

Canada

145,000

3.875%, 

8/15/2026

c

141,336

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

218,750

5.500%, 

4/20/2026

c

218,625

97,645

5.750%, 

4/20/2029

c

97,406

Avianca

Midco

2

plc

200,000

9.625%, 

2/14/2030

c,g

195,000

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

75,000

5.375%, 

3/1/2029

a,c

71,520

Burlington

Northern

Santa

Fe,

LLC

309,000

2.875%, 

6/15/2052

192,666

235,000

5.750%, 

5/1/2040

242,550

230,000

4.450%, 

3/15/2043

200,756

Canadian

Pacific

Railway

Company

228,000

4.700%, 

5/1/2048

198,594

CSX

Corporation

270,000

3.800%, 

4/15/2050

204,185

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Transportation  0.1%

-

continued

DCLI

Bidco,

LLC

$

63,000

7.750%, 

11/15/2029

c

$

64,786

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

479,000

4.750%, 

10/20/2028

c

475,986

ERAC

USA

Finance,

LLC

227,000

5.400%, 

5/1/2053

c

215,846

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

126,000

9.875%, 

9/20/2031

c

133,202

Mileage

Plus

Holdings,

LLC

285,500

6.500%, 

6/20/2027

c

288,019

OneSky

Flight,

LLC

174,000

8.875%, 

12/15/2029

c

178,247

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

258,000

5.750%, 

5/24/2026

c

260,692

Rand

Parent,

LLC

178,000

8.500%, 

2/15/2030

a,c

184,584

RXO,

Inc.

141,000

7.500%, 

11/15/2027

c

144,525

Stena

International

SA

104,000

7.250%, 

1/15/2031

c

106,264

Union

Pacific

Corporation

455,000

2.973%, 

9/16/2062

262,891

United

Airlines,

Inc.

129,000

4.375%, 

4/15/2026

c

127,135

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

35,000

7.875%, 

5/1/2027

c

35,014

77,000

6.375%, 

2/1/2030

a,c

70,565

Total

4,310,394

U.S.

Government

&

Agencies  6.2%

U.S.

Treasury

Bonds

1,924,000

3.625%, 

5/15/2053

1,565,054

4,600,000

1.625%, 

11/15/2050

2,401,344

3,300,000

4.750%, 

11/15/2053

3,261,328

5,090,000

5.250%, 

11/15/2028

5,257,016

1,175,000

4.375%, 

5/15/2040

1,127,771

10,800,000

1.375%, 

11/15/2040

6,719,625

560,000

3.000%, 

5/15/2042

440,497

15,871,000

2.500%, 

5/15/2046

10,851,176

13,950,000

2.875%, 

5/15/2049

9,913,219

U.S.

Treasury

Notes

4,625,000

0.250%, 

8/31/2025

4,519,348

1,100,000

5.000%, 

8/31/2025

1,103,987

6,500,000

4.250%, 

12/31/2025

6,499,441

9,100,000

2.625%, 

1/31/2026

8,956,302

9,100,000

0.500%, 

2/28/2026

8,745,598

23,740,000

2.500%, 

2/28/2026

23,309,944

19,300,000

4.625%, 

2/28/2026

19,372,073

16,600,000

4.500%, 

3/31/2026

16,646,687

12,600,000

4.375%, 

7/31/2026

12,628,055

8,800,000

3.500%, 

9/30/2026

8,701,000

494,000

4.625%, 

10/15/2026

497,203

7,450,000

0.500%, 

4/30/2027

6,865,059

2,055,000

2.250%, 

11/15/2027

1,948,879

9,775,000

3.875%, 

12/31/2027

9,681,068

1,700,000

0.750%, 

1/31/2028

1,534,781

10,200,000

3.500%, 

1/31/2028

9,990,820

5,400,000

3.625%, 

3/31/2028

5,300,859

21,400,000

2.875%, 

5/15/2028

20,495,516

1,100,000

4.375%, 

8/31/2028

1,103,094

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

164

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

U.S.

Government

&

Agencies  6.2%

-

continued

$

3,300,000

3.750%, 

12/31/2028

$

3,234,258

8,800,000

3.500%, 

9/30/2029

8,493,719

9,780,000

1.375%, 

11/15/2031

8,033,353

10,800,000

4.125%, 

11/15/2032

10,561,641

1,200,000

4.500%, 

11/15/2033

1,198,359

Total

240,958,074

Utilities  0.4%

AES

Corporation

456,000

3.950%, 

7/15/2030

c

421,841

Algonquin

Power

&

Utilities

Corporation

162,000

4.750%, 

1/18/2082

d

154,602

Alpha

Generation,

LLC

60,000

6.750%, 

10/15/2032

c

60,666

American

Water

Capital

Corporation

241,000

5.450%, 

3/1/2054

228,267

Appalachian

Power

Company

155,000

3.300%, 

6/1/2027

150,041

Atmos

Energy

Corporation

151,000

5.000%, 

12/15/2054

134,921

Berkshire

Hathaway

Energy

Company

265,000

4.500%, 

2/1/2045

228,362

Calpine

Corporation

201,000

4.500%, 

2/15/2028

c

195,015

CenterPoint

Energy,

Inc.

107,000

4.250%, 

11/1/2028

103,896

Commonwealth

Edison

Company

290,000

3.700%, 

3/1/2045

221,425

Consolidated

Edison

Company

of

New

York,

Inc.

114,000

4.500%, 

12/1/2045

96,796

425,000

4.125%, 

5/15/2049

333,333

Constellation

Energy

Generation,

LLC

120,000

6.125%, 

1/15/2034

124,758

Consumers

Energy

Company

380,000

4.350%, 

4/15/2049

316,455

Dominion

Energy,

Inc.

32,000

6.875%, 

2/1/2055

d

33,358

32,000

7.000%, 

6/1/2054

d

33,847

DTE

Electric

Company

215,000

3.700%, 

3/15/2045

165,136

245,000

3.700%, 

6/1/2046

186,108

Duke

Energy

Carolinas,

LLC

435,000

3.700%, 

12/1/2047

323,375

Duke

Energy

Corporation

47,000

6.450%, 

9/1/2054

d

47,144

378,000

5.450%, 

6/15/2034

376,697

Duke

Energy

Indiana,

LLC

310,000

3.750%, 

5/15/2046

231,566

Edison

International

59,000

7.875%, 

6/15/2054

a,d

55,064

Enel

Finance

International

NV

315,000

5.125%, 

6/26/2029

c

315,198

Entergy

Louisiana,

LLC

220,000

5.800%, 

3/15/2055

217,500

Essential

Utilities,

Inc.

255,000

4.800%, 

8/15/2027

255,018

Eversource

Energy

284,000

4.750%, 

5/15/2026

283,873

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Utilities  0.4%

-

continued

Exelon

Corporation

$

265,000

4.700%, 

4/15/2050

$

223,224

459,000

4.450%, 

4/15/2046

381,236

FirstEnergy

Corporation

285,000

4.850%, 

7/15/2047

242,287

Georgia

Power

Company

193,000

4.950%, 

5/17/2033

188,802

122,000

5.250%, 

3/15/2034

121,422

ITC

Holdings

Corporation

152,000

5.300%, 

7/1/2043

140,293

Jersey

Central

Power

&

Light

Company

275,000

2.750%, 

3/1/2032

c

234,278

Lightning

Power,

LLC

196,000

7.250%, 

8/15/2032

c

202,441

MidAmerican

Energy

Company

267,000

5.850%, 

9/15/2054

269,797

National

Rural

Utilities

Cooperative

Finance

Corporation

153,000

3.700%, 

3/15/2029

146,537

NextEra

Energy

Capital

Holdings,

Inc.

300,000

5.900%, 

3/15/2055

298,407

200,000

5.300%, 

3/15/2032

199,619

NextEra

Energy

Operating

Partners,

LP

231,000

3.875%, 

10/15/2026

c

221,202

NiSource,

Inc.

33,000

6.375%, 

3/31/2055

d

32,742

435,000

5.650%, 

2/1/2045

425,613

NRG

Energy,

Inc.

49,000

3.375%, 

2/15/2029

c

44,822

65,000

5.250%, 

6/15/2029

c

63,321

56,000

6.000%, 

2/1/2033

c

54,714

56,000

6.250%, 

11/1/2034

c

55,179

Pacific

Gas

and

Electric

Company

265,000

3.300%, 

12/1/2027

250,532

241,000

5.550%, 

5/15/2029

240,195

195,000

4.550%, 

7/1/2030

184,576

238,000

6.950%, 

3/15/2034

253,022

125,000

5.800%, 

5/15/2034

124,023

PG&E

Corporation

78,000

7.375%, 

3/15/2055

d

75,785

106,000

5.000%, 

7/1/2028

102,138

PPL

Capital

Funding,

Inc.

321,000

5.250%, 

9/1/2034

315,335

PPL

Electric

Utilities

Corporation

234,000

3.950%, 

6/1/2047

184,036

Public

Service

Company

of

Colorado

299,000

4.500%, 

6/1/2052

247,888

Public

Service

Enterprise

Group,

Inc.

239,000

5.875%, 

10/15/2028

246,955

San

Diego

Gas

&

Electric

Company

540,000

4.150%, 

5/15/2048

424,218

Southern

California

Edison

Company

135,000

5.450%, 

3/1/2035

130,818

Southern

Company

456,000

5.113%, 

8/1/2027

458,833

369,000

4.850%, 

3/15/2035

350,629

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

165

Principal

Amount

Long-Term

Fixed

Income  18.7%

Value

Utilities  0.4%

-

continued

Southern

Company

Gas

Capital

Corporation

$

190,000

4.400%, 

5/30/2047

$

156,424

Southwestern

Electric

Power

Company

190,000

3.900%, 

4/1/2045

142,627

Talen

Energy

Supply,

LLC

112,000

8.625%, 

6/1/2030

c

119,471

TerraForm

Power

Operating,

LLC

235,000

5.000%, 

1/31/2028

c

226,446

Virginia

Electric

and

Power

Company

85,000

5.350%, 

1/15/2054

79,220

375,000

4.600%, 

12/1/2048

316,022

Vistra

Corporation

65,000

8.000%, 

10/15/2026

c,d,j

66,642

162,000

7.000%, 

12/15/2026

c,d,j

162,542

Vistra

Operations

Company,

LLC

326,000

5.000%, 

7/31/2027

c

321,377

Xcel

Energy,

Inc.

179,000

4.600%, 

6/1/2032

170,705

Total

14,190,657

Total

Long-Term

Fixed

Income

(cost

$773,741,604)

729,505,183

Shares

Private

Equity

Funds

1.2%

Value

Secondary  1.2%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,b,l

6,968,257

1

ASF

IX,

LP

*,b,l

3,195,311

1

ASF

VIII

Sidecar

(Cayman),

LP

*,b,l

2,253,229

1

Crown

Global

Secondaries

VI

Feeder

S.A.,

SICAV-RAIF

*,b,l

4,350,571

1

LCP

X

(Offshore),

LP

*,b,l

21,383,982

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,b,l

9,489,244

Total

47,640,594

Total

Private

Equity

Funds

(cost

$38,037,560)

47,640,594

Shares

Collateral

Held

for

Securities

Loaned

0.2%

Value

6,965,460

Thrivent

Cash

Management

Trust

6,965,460

Total

Collateral

Held

for

Securities

Loaned

(cost

$6,965,460)

6,965,460

Shares

or

Principal

Amount

Short-Term

Investments

14.7%

Value

Federal

Home

Loan

Bank

Discount

Notes

22,000,000

4.247%,

2/5/2025

m,n

21,987,151

10,000,000

4.230%,

2/10/2025

m

9,988,320

2,400,000

4.420%,

2/12/2025

m,n

2,396,636

6,600,000

4.395%,

2/14/2025

m,n

6,589,207

900,000

4.430%,

2/19/2025

m,n

898,003

1,400,000

4.230%,

2/26/2025

m,n

1,395,748

8,000,000

4.230%,

3/7/2025

m,n

7,967,333

5,000,000

4.224%,

3/19/2025

m,n

4,972,583

1,200,000

4.215%,

5/2/2025

m,n

1,187,336

Shares

or

Principal

Amount

Short-Term

Investments  14.7%

Value

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

1,400,000

4.235%,

2/6/2025

m,n

$

1,399,019

10,000,000

4.235%,

2/18/2025

m

9,978,975

Federal

National

Mortgage

Association

Discount

Notes

400,000

4.195%,

4/9/2025

m,n

396,827

Thrivent

Core

Short-Term

Reserve

Fund

45,121,226

4.630%

451,212,258

U.S.

Treasury

Bills

300,000

4.235%,

2/6/2025

m

299,895

5,000,000

4.253%,

2/11/2025

m

4,995,283

30,000,000

4.258%,

2/18/2025

m

29,946,906

300,000

4.397%,

2/20/2025

m

299,398

420,000

4.255%,

2/25/2025

m,o

418,910

15,290,000

4.235%,

3/11/2025

m,o

15,225,323

660,000

4.203%,

3/20/2025

m

656,515

Total

Short-Term

Investments

(cost

$572,074,446)

572,211,626

Total

Investments

(cost

$3,229,925,124)

101.6%

$3,967,746,445

Other

Assets

and

Liabilities,

Net

(1.6%)

(62,258,065)

Total

Net

Assets

100.0%

$3,905,488,380

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,

2025,

the

value

of

these

investments

was

$108,634,942

or

2.8%

of

total

net

assets.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

e

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

January

31,

2025.

f

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

g

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

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

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,

2025.

j

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

166

k

Defaulted

security.  Interest

is

not

being

accrued.

l

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

m

The

interest

rate

shown

reflects

the

yield.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderate

Allocation

Fund

as

of

January

31,

2025

was

$47,670,344

or

1.22%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

January

31,

2025.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

5,366,000

ASF

IX,

LP 

3/18/2024

2,341,754

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

1,947,470

Credit

Suisse

Group

AG 

9/5/2018

350,000

Crown

Global

Secondaries

VI

Feeder

S.A.,

SICAV-RAIF 

2/15/2024

3,240,000

LCP

X

(Offshore),

LP 

10/25/2023

17,082,336

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

8,060,000

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderate

Allocation

Fund

as

of

January

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

2,825,634

Common

Stock

3,925,190

Total

lending

$6,750,824

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$6,965,460

Net

amounts

due

to

counterparty

$214,636

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

167

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Moderate

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Registered

Investment

Companies

U.S.

Affiliated

1,506,454,713

1,506,454,713

–

–

U.S.

Unaffiliated

25,898,516

25,898,516

–

–

Common

Stock

Communications

Services

63,549,264

63,549,264

–

–

Consumer

Discretionary

103,984,684

103,836,350

148,334

–

Consumer

Staples

35,774,107

35,774,107

–

–

Energy

36,728,907

36,728,907

–

–

Financials

148,291,652

148,291,652

–

–

Health

Care

111,192,455

111,192,455

–

–

Industrials

116,433,595

115,367,325

1,066,270

–

Information

Technology

207,540,695

204,925,486

2,615,209

–

Materials

31,287,060

31,050,174

236,886

–

Real

Estate

30,712,135

30,712,135

–

–

Utilities

28,492,252

28,492,252

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

16,541,248

–

16,541,248

–

Basic

Materials

5,421,861

–

5,421,861

–

Capital

Goods

13,111,474

–

13,111,474

–

Collateralized

Mortgage

Obligations

27,691,578

–

27,691,578

–

Commercial

Mortgage-Backed

Securities

6,181,582

–

6,181,582

–

Communications

Services

19,644,400

–

19,644,400

–

Consumer

Cyclical

22,662,303

–

22,662,303

–

Consumer

Non-Cyclical

22,643,543

–

22,643,543

–

Energy

17,929,328

–

17,929,328

–

Financials

65,075,316

–

65,075,316

–

Foreign

Government

746,296

–

746,296

–

Mortgage-Backed

Securities

235,190,284

–

235,190,284

–

Technology

17,206,845

–

17,206,845

–

Transportation

4,310,394

–

4,310,394

–

U.S.

Government

&

Agencies

240,958,074

–

240,958,074

–

Utilities

14,190,657

–

14,190,657

–

Private

Equity

Funds

Secondary

47,640,594

–

–

47,640,594

Short-Term

Investments

120,999,368

–

120,999,368

–

Subtotal

Investments

in

Securities

$3,344,485,180

$2,442,273,336

$854,571,250

$47,640,594

Other

Investments  *

Total

Affiliated

Short-Term

Investments

451,212,258

U.S.

Affiliated

Registered

Investment

Cos.

165,083,547

Collateral

Held

for

Securities

Loaned

6,965,460

Subtotal

Other

Investments

$623,261,265

Total

Investments

at

Value

$3,967,746,445

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Moderate

Allocation

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

7,348,581

7,348,581

–

–

Total

Asset

Derivatives

$7,348,581

$7,348,581

$–

$–

Liability

Derivatives

Futures

Contracts

10,345,457

8,423,173

1,922,284

–

Total

Return

Swaps

1,112,252

–

1,112,252

–

Total

Liability

Derivatives

$11,457,709

$8,423,173

$3,034,536

$–

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

168

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Moderate

Allocation

Fund as

discussed

in

the

Notes

to

Schedule

of

Investments.

*

Change

in

net

unrealized

appreciation/(depreciation)

on

investments.

%

Net

realized

gains/(losses)

on

investments.

#

Transferred

from

Level

2

to

Level

3

because

of

a

lack

of

observable

market

data,

resulting

from

a

decrease

in

market

activity

for

the

securities.

@

Transferred

from

Level

3

to

Level

2

because

observable

market

data

became

available

for

the

securities.

**

The

reporting

entity's Private

Equity

Funds

-

Secondary Level

3

securities

are fair

valued using

the

adjusted

reported

Net

Asset

Value

(NAV)

of

the

investment,

adjusted

for

subsequent

investment

activity

and

market

movement

using

inputs

determined

by

the policies

and

procedures

of

the

reporting

entity. 

Inputs

used

in

valuation

include index

returns

that

are

adjusted based

on

a

regression

analysis

of

similar

types

of

assets

over

time. 

Significant

changes

in

the

inputs

in

isolation

could result

in

a

significantly

lower

or

higher

fair

value

measurement.

Investments

in

Securities 

Beginning

Value

10/31/2024

Realized

Gain/

(Loss)% 

Change

in

Unrealized

Appreciation/

(Depreciation)

* 

Purchases 

Sales 

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value 

1/31/2025

Long-Term

Fixed

Income 

Collateralized

Mortgage

Obligations 

 $1,537,000

$- 

$10,866 

$- 

$- 

$- 

 ($1,547,866)

$- 

Private

Equity

Funds

 Secondary

$36,761,349

$- 

($2,212,605)

$13,091,850

$- 

$-

 $-

$47,640,594

Total 

$38,298,349

$-  

($2,201,739) 

$13,091,850

$- 

$-

($1,547,866)

$47,640,594

 Investments

in

Securities

Ending

Value

 1/31/2025

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$47,640,594

Adjusted

reported

investment

of

net

asset

value  

Fair

Value

adjustment

**

N/A

Total 

$47,640,594

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

169

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

at

The

following

table

presents

Moderate

Allocation

Fund's

futures

contracts

held

as

of

January

31,

2025.

Investments

and/or

cash

totaling

$29,246,824

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

253

March

2025

$

27,787,147

(

$

249,678)

CBOT

2-Yr.

U.S.

Treasury

Note

586

March

2025

120,410,799

85,451

CBOT

5-Yr.

U.S.

Treasury

Note

635

March

2025

67,797,102

(

239,052)

CBOT

U.S.

Long

Bond

287

March

2025

33,429,556

(

738,462)

CME

E-mini

Russell

2000

Index

6

March

2025

710,576

(

21,956)

CME

E-mini

S&P

500

Index

1,915

March

2025

586,863,118

(

5,923,931)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

228

March

2025

27,989,086

(

978,211)

Ultra

10-Yr.

U.S.

Treasury

Note

128

March

2025

14,451,246

(

195,246)

Total

Futures

Long

Contracts

$

879,438,630

(

$

8,261,085)

CME

E-mini

Russell

2000

Index

(804)

March

2025

(

$

93,583,595)

$

1,308,515

CME

E-mini

S&P

Mid-Cap

400

Index

(611)

March

2025

(

203,268,758)

4,693,758

CME

Euro

Foreign

Exchange

Currency

(290)

March

2025

(

38,327,108)

637,983

Eurex

Euro

STOXX

50

Index

(693)

March

2025

(

35,971,829)

(

1,922,284)

ICE

mini

MSCI

EAFE

Index

(78)

March

2025

(

9,168,313)

(

76,637)

ICE

US

mini

MSCI

Emerging

Markets

Index

(447)

March

2025

(

24,993,314)

622,874

Total

Futures

Short

Contracts

(

$

405,312,917)

$5,264,209

Total

Futures

Contracts

$

474,125,713

($2,996,876)

The

following

table

presents

Moderate

Allocation

Fund's

total

return

swap

contracts

held

as

of

January

31,

2025.

Investments

totaling

$1,175,695

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

8,900,042

(

$

1,112,252)

$

–

(

$

1,112,252)

Total

Return

Swaps

(

$

1,112,252)

$

–

($1,112,252)

#

Payment

made

on

Termination

Date

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

170

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderate

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$60,355

$993

$1,348

$60,081

7,300

1.5%

Core

Emerging

Markets

Equity

21,432

668

–

21,189

2,257

0.5

Core

International

Equity

12,707

434

–

12,984

1,215

0.3

Core

Low

Volatility

Equity

2,373

184

–

2,443

212

<0.1

Core

Mid

Cap

Value

44,529

4,024

–

46,105

4,142

1.2

Core

Small

Cap

Value

22,933

2,536

1,900

22,281

2,033

0.6

Global

Stock,

Class

S

88,445

10,069

–

92,403

3,307

2.4

High

Yield,

Class

S

44,836

711

125

45,636

10,738

1.2

Income,

Class

S

129,646

1,447

1,120

128,695

15,928

3.3

International

Allocation,

Class

S

146,460

4,241

–

148,723

13,822

3.8

Large

Cap

Growth,

Class

S

400,163

24,338

–

430,281

19,312

11.0

Large

Cap

Value,

Class

S

360,303

29,804

–

374,251

12,315

9.6

Limited

Maturity

Bond,

Class

S

73,574

746

510

73,928

5,962

1.9

Mid

Cap

Stock,

Class

S

152,446

6,243

10

159,054

4,239

4.1

Small

Cap

Stock,

Class

S

52,177

963

–

53,482

1,632

1.4

Total

U.S.

Affiliated

Registered

Investment

Companies

1,612,379

1,671,536

42.8

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

541,428

128,969

219,185

451,212

45,121

11.6

Total

Affiliated

Short-Term

Investments

541,428

451,212

11.6

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

8,672

56,411

58,118

6,965

6,965

0.2

Total

Collateral

Held

for

Securities

Loaned

8,672

6,965

0.2

Total

Value

$2,162,479

$2,129,713

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($284)

$365

$–

$994

Core

Emerging

Markets

Equity

–

(911)

–

668

Core

International

Equity

–

(157)

–

424

Core

Low

Volatility

Equity

Fund

–

(114)

88

95

Core

Mid

Cap

Value

–

(2,448)

3,165

860

Core

Small

Cap

Value

437

(1,725)

2,174

362

Global

Stock,

Class

S

–

(6,111)

8,393

1,675

High

Yield,

Class

S

(18)

232

–

712

Income,

Class

S

(266)

(1,012)

–

1,455

International

Allocation,

Class

S

–

(1,978)

–

4,241

Large

Cap

Growth,

Class

S

–

5,780

23,895

443

Large

Cap

Value,

Class

S

–

(15,856)

24,155

5,649

Limited

Maturity

Bond,

Class

S

(11)

129

–

745

Mid

Cap

Stock,

Class

S

(0)

375

5,454

789

Small

Cap

Stock,

Class

S

–

342

687

276

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

–

–

–

6,562

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$25,950

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

11

Total

Affiliated

Income

from

Securities

Loaned,

Net

$11

Total

($142)

($23,089)

$68,011

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

171

Shares

Registered

Investment

Companies  

49.1%

Value

U.S.

Affiliated  

48.5%  

4,149,405

Thrivent

Core

Emerging

Markets

Debt

Fund

$

34,149,602

7,699,764

Thrivent

Core

Emerging

Markets

Equity

Fund

72,300,786

12,833,650

Thrivent

Core

International

Equity

Fund

137,191,720

310,710

Thrivent

Core

Low

Volatility

Equity

Fund

3,576,271

5,932,465

Thrivent

Core

Mid

Cap

Value

Fund

66,028,337

4,635,704

Thrivent

Core

Small

Cap

Value

Fund

50,807,311

8,455,589

Thrivent

Global

Stock

Fund,

Class

S

236,249,153

6,088,499

Thrivent

High

Yield

Fund,

Class

S

25,876,121

9,001,472

Thrivent

Income

Fund,

Class

S

72,731,894

27,723,375

Thrivent

International

Allocation

Fund,

Class

S

298,303,510

24,534,102

Thrivent

Large

Cap

Growth

Fund,

Class

S

546,619,785

14,465,122

Thrivent

Large

Cap

Value

Fund,

Class

S

439,595,054

3,372,691

Thrivent

Limited

Maturity

Bond

Fund,

Class

S

41,821,365

7,458,173

Thrivent

Mid

Cap

Stock

Fund,

Class

S

279,830,660

2,513,910

Thrivent

Small

Cap

Stock

Fund,

Class

S

82,380,819

Total

2,387,462,388

U.S.

Unaffiliated  

0.6%  

5,692

Invesco

QQQ

Trust

Series

1

2,972,875

20,000

Invesco

Senior

Loan

ETF

421,000

36,265

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

a

1,352,322

15,034

iShares

U.S.

Regional

Banks

ETF

798,907

9,344

SPDR

Bloomberg

High

Yield

Bond

ETF

a

904,125

29,097

SPDR

S&P

500

ETF

Trust

17,511,156

19,232

SPDR

S&P

Biotech

ETF

1,782,229

1,720

SPDR

S&P

Oil

&

Gas

Exploration

ETF

230,755

4,519

SPDR

S&P

Regional

Banking

ETF

289,939

8,877

SPDR

S&P

Software

&

Services

ETF

1,725,334

Total

27,988,642

Total

Registered

Investment

Companies

(cost

$1,697,104,971)

2,415,451,030

Shares

Common

Stock

27.0%

Value

Communications

Services  1.7%

30,661

Alphabet,

Inc.,

Class

A

6,255,457

102,246

Alphabet,

Inc.,

Class

C

21,021,778

12,115

AMC

Networks,

Inc.

b

116,667

7,166

Bandwidth,

Inc.

b

127,340

115,615

Cargurus,

Inc.

b

4,532,108

185

Charter

Communications,

Inc.

b

63,916

20,022

Cogent

Communications

Holdings

1,508,457

80,384

Comcast

Corporation

2,705,725

46,897

E.W.

Scripps

Company

b

88,166

330

Electronic

Arts,

Inc.

40,560

3,882

Entravision

Communications

Corporation

8,346

19,111

Globalstar,

Inc.

b

29,240

Shares

Common

Stock  27.0%

Value

Communications

Services  1.7%

-

continued

21,131

iHeartMedia,

Inc.

b

$

46,911

4,176

Integral

Ad

Science

Holding

Corporation

b

43,890

12,804

Iridium

Communications,

Inc.

368,115

5,728

Liberty

Global,

Ltd.,

Class

A

b

65,929

11,349

Liberty

Latin

America,

Ltd.,

Class

A

b

70,137

2,045

Liberty

Media

Corporation-Liberty

Live

Group

b

150,492

24,306

Lumen

Technologies,

Inc.

b

120,072

13,700

Magnite,

Inc.

b

235,640

41,306

Meta

Platforms,

Inc.

28,467,269

5,272

Netflix,

Inc.

b

5,149,479

8,782

New

York

Times

Company

476,863

28,832

News

Corporation,

Class

A

810,756

1,124

Omnicom

Group,

Inc.

97,552

44,198

Pinterest,

Inc.

b

1,456,766

32,625

QuinStreet,

Inc.

b

771,907

2,421

Sinclair,

Inc.

35,468

9,249

Sirius

XM

Holdings,

Inc.

a

222,068

3,353

TechTarget,

Inc.

b

57,102

7,566

Telephone

and

Data

Systems,

Inc.

267,458

3,839

TKO

Group

Holdings,

Inc.

b

595,851

16,666

Trade

Desk,

Inc.

b

1,977,921

144,735

Verizon

Communications,

Inc.

5,701,112

140,418

Warner

Brothers

Discovery,

Inc.

b

1,465,964

Total

85,152,482

Consumer

Discretionary  3.1%

204

Adient

plc

b

3,556

22,739

Advance

Auto

Parts,

Inc.

1,102,841

132,238

Amazon.com,

Inc.

b

31,430,328

27,760

American

Axle

&

Manufacturing

Holdings,

Inc.

b

145,185

13,518

American

Eagle

Outfitters,

Inc.

218,181

28,066

Aptiv

plc

b

1,751,880

3,796

Autoliv,

Inc.

366,921

15,817

Bath

&

Body

Works,

Inc.

594,877

18,486

Best

Buy

Company,

Inc.

1,587,208

471

Booking

Holdings,

Inc.

2,231,391

17,553

Boot

Barn

Holdings,

Inc.

b

2,823,400

7,024

BorgWarner,

Inc.

224,066

2,603

Bright

Horizons

Family

Solutions,

Inc.

b

319,128

15,001

Brunswick

Corporation

1,011,667

518

CarMax,

Inc.

b

44,362

1,093

Carvana

Company

b

270,496

286

Cavco

Industries,

Inc.

b

145,471

42,136

Champion

Homes,

Inc.

b

3,890,417

16,111

Chewy,

Inc.

b

628,007

56,039

Chipotle

Mexican

Grill,

Inc.

b

3,269,876

23,516

Columbia

Sportswear

Company

2,076,463

25,225

Cooper-Standard

Holdings,

Inc.

b

388,969

8,722

Coursera,

Inc.

b

67,247

1,035

Crocs,

Inc.

b

105,642

13,802

D.R.

Horton,

Inc.

1,958,504

18,112

Dana,

Inc.

288,705

459

Darden

Restaurants,

Inc.

89,615

13,946

Deckers

Outdoor

Corporation

b

2,473,463

17,787

DoorDash,

Inc.

b

3,358,719

1,364

Dorman

Products,

Inc.

b

179,066

30,609

eBay,

Inc.

2,065,495

2,685

Etsy,

Inc.

b

147,433

9,743

Expedia

Group,

Inc.

b

1,665,566

486

Five

Below,

Inc.

b

45,577

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

172

Shares

Common

Stock  27.0%

Value

Consumer

Discretionary  3.1%

-

continued

6,754

Fox

Factory

Holding

Corporation

b

$

184,519

740

Frontdoor,

Inc.

b

44,311

1,275

GameStop

Corporation

b

34,297

20,222

Gap,

Inc.

486,744

1,335

Garmin,

Ltd.

288,160

32,367

Gentex

Corporation

838,953

7,735

Goodyear

Tire

&

Rubber

Company

b

68,609

14,390

Grand

Canyon

Education,

Inc.

b

2,527,460

6,125

Group

1

Automotive,

Inc.

2,796,001

30,348

Hanesbrands,

Inc.

b

246,426

4,347

Hasbro,

Inc.

251,430

19,131

Hilton

Worldwide

Holdings,

Inc.

4,898,875

16,966

Home

Depot,

Inc.

6,989,653

8,061

Installed

Building

Products,

Inc.

1,602,849

8,174

Latham

Group,

Inc.

b

59,670

22,980

Laureate

Education,

Inc.

b

430,186

7,958

La-Z-Boy,

Inc.

375,618

1,347

Lear

Corporation

126,739

3,906

Leggett

&

Platt,

Inc.

41,247

7,476

LKQ

Corporation

279,528

13,572

Lowe's

Companies,

Inc.

3,529,263

4,935

Lululemon

Athletica,

Inc.

b

2,044,077

6,650

Mattel,

Inc.

b

123,956

6,959

McDonald's

Corporation

2,009,063

16,983

Modine

Manufacturing

Company

b

1,722,925

4,483

Mohawk

Industries,

Inc.

b

548,271

19,738

NIKE,

Inc.

1,517,852

182

NVR,

Inc.

b

1,458,945

558

OneSpaWorld

Holdings,

Ltd.

11,919

3,468

O'Reilly

Automotive,

Inc.

b

4,489,049

21,890

Patrick

Industries,

Inc.

2,126,395

926

Planet

Fitness,

Inc.

b

100,156

3,949

Pool

Corporation

1,359,443

16,029

PUMA

SE

502,993

109,144

Qurate

Retail,

Inc.

38,539

662

Ralph

Lauren

Corporation

165,301

4,342

Revolve

Group,

Inc.

b

137,120

16,863

Ross

Stores,

Inc.

2,538,893

4,946

Service

Corporation

International/

US

386,382

43,287

SharkNinja,

Inc.

b

4,839,919

18,780

Solid

Power,

Inc.

b

26,104

102,737

Sony

Group

Corporation

ADR

2,261,241

3,962

Stitch

Fix,

Inc.

b

18,661

55,287

Stoneridge,

Inc.

b

285,834

1,601

Strategic

Education,

Inc.

157,266

4,635

Tapestry,

Inc.

338,077

36,760

Tesla,

Inc.

b

14,873,096

16,035

Texas

Roadhouse,

Inc.

2,903,938

491

TopBuild

Corporation

b

168,256

5,400

Travel

+

Leisure

Company

293,544

439

Ulta

Beauty,

Inc.

b

180,934

929

Vail

Resorts,

Inc.

158,041

3,573

Valvoline,

Inc.

b

132,594

20,018

VF

Corporation

519,867

1,869

Visteon

Corporation

b

157,108

5,881

Wingstop,

Inc.

1,751,950

67,783

Wyndham

Hotels

&

Resorts,

Inc.

7,118,571

50,934

Yum

China

Holding,

Inc.

2,355,698

Total

152,892,238

Consumer

Staples  1.1%

21,702

Altria

Group,

Inc.

1,133,495

6,504

BellRing

Brands,

Inc.

b

503,084

Shares

Common

Stock  27.0%

Value

Consumer

Staples  1.1%

-

continued

16,414

BJ's

Wholesale

Club

Holdings,

Inc.

b

$

1,625,807

4,328

Casey's

General

Stores,

Inc.

1,825,421

8,265

Celsius

Holdings,

Inc.

b

206,460

12,003

Colgate-Palmolive

Company

1,040,660

1,052

Costco

Wholesale

Corporation

1,030,834

266,371

Coty,

Inc.

b

1,952,499

27,106

e.l.f.

Beauty,

Inc.

b

2,708,160

33,859

J

&

J

Snack

Foods

Corporation

4,646,471

15,662

J.M.

Smucker

Company

1,674,111

19,018

John

B.

Sanfilippo

&

Son,

Inc.

1,375,762

139,225

Kenvue,

Inc.

2,964,100

4,503

Keurig

Dr

Pepper,

Inc.

144,546

940

Kimberly-Clark

Corporation

122,172

27,477

Lamb

Weston

Holdings,

Inc.

1,646,971

9,878

Lancaster

Colony

Corporation

1,666,814

1,089

Maplebear,

Inc.

b

52,577

5,029

McCormick

&

Company,

Inc.

388,390

71,334

Philip

Morris

International,

Inc.

9,287,687

9,032

Procter

&

Gamble

Company

1,499,222

59,642

Sysco

Corporation

4,349,095

12,664

Turning

Point

Brands,

Inc.

807,203

3,002

Tyson

Foods,

Inc.

169,583

3,946

US

Foods

Holding

Corporation

b

279,890

31,455

Vita

Coco

Company,

Inc.

b

1,177,675

73,436

Walmart,

Inc.

7,208,478

Total

51,487,167

Energy  1.0%

8,360

Antero

Midstream

Corporation

134,094

17,979

Antero

Resources

Corporation

b

670,976

43,414

Archrock,

Inc.

1,219,499

61,145

Baker

Hughes

Company

2,823,676

23,485

Berry

Corporation

102,395

6,810

Cactus,

Inc.

406,625

44,180

ConocoPhillips

4,366,309

862

Coterra

Energy,

Inc.

23,895

9,172

Crescent

Energy

Company

138,130

80,444

Devon

Energy

Corporation

2,743,140

1,572

DT

Midstream,

Inc.

158,898

121,592

Enterprise

Products

Partners,

LP

3,969,979

28,936

EOG

Resources,

Inc.

3,639,860

2,236

EQT

Corporation

114,304

15,428

Expand

Energy

Corporation

1,567,485

94,843

Exxon

Mobil

Corporation

10,132,078

4,895

Gulfport

Energy

Corporation

b

873,807

60,807

Halliburton

Company

1,582,198

23,849

Hess

Midstream,

LP

966,123

26,878

Kinder

Morgan,

Inc.

738,608

4,070

Kodiak

Gas

Services,

Inc.

190,395

51,221

Kosmos

Energy,

Ltd.

b

162,883

12,328

Marathon

Petroleum

Corporation

1,796,313

54,053

Matador

Resources

Company

3,135,074

913

Natural

Gas

Services

Group,

Inc.

b

23,893

34,407

Noble

Corporation

plc

1,102,744

9,641

Oceaneering

International,

Inc.

b

239,579

11,706

Ovintiv,

Inc.

494,227

4,112

Par

Pacific

Holdings,

Inc.

b

68,753

1,674

Phillips

66

197,314

17,312

Schlumberger

NV

697,327

22,650

Shell

plc

ADR

1,491,503

9,206

Sitio

Royalties

Corporation

185,409

6,864

SM

Energy

Company

260,557

5,571

Solaris

Energy

Infrastructure,

Inc.

152,033

5,560

Talos

Energy,

Inc.

b

55,155

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

173

Shares

Common

Stock  27.0%

Value

Energy  1.0%

-

continued

174

Targa

Resources

Corporation

$

34,243

118,937

TechnipFMC

plc

3,574,057

5,449

Vital

Energy,

Inc.

b

173,823

16,503

Williams

Companies,

Inc.

914,761

Total

51,322,122

Financials  4.3%

4,084

1st

Source

Corporation

256,149

682

Affirm

Holdings,

Inc.

b

41,650

16,356

Allstate

Corporation

3,145,750

27,837

Ally

Financial,

Inc.

1,084,808

15,246

Amalgamated

Financial

Corporation

532,695

4,870

American

Express

Company

1,545,982

31,385

American

International

Group,

Inc.

2,311,819

2,987

Ameriprise

Financial,

Inc.

1,623,016

4,075

Ameris

Bancorp

267,524

1,397

AMERISAFE,

Inc.

69,878

12,925

Annaly

Capital

Management,

Inc.

263,799

2,650

Arch

Capital

Group,

Ltd.

246,636

526

Arrow

Financial

Corporation

13,997

3,777

Arthur

J.

Gallagher

&

Company

1,139,974

6,498

Artisan

Partners

Asset

Management,

Inc.

290,396

27,200

Associated

Banc-Corp

683,808

1,912

Assurant,

Inc.

411,443

2,392

Assured

Guaranty,

Ltd.

226,283

1,325

Atlantic

Union

Bankshares

Corporation

50,045

113,685

AvidXchange

Holdings,

Inc.

b

1,205,061

915

Axis

Capital

Holdings,

Ltd.

83,283

2,742

Axos

Financial,

Inc.

b

191,748

83

BancFirst

Corporation

9,884

190,562

Bank

of

America

Corporation

8,823,021

239

Bank

of

Hawaii

Corporation

17,808

1,004

Bank

of

Marin

Bancorp

25,371

23,335

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

856,161

37,033

Bank

of

New

York

Mellon

Corporation

3,182,246

2,191

Bank

OZK

111,281

2,557

BankFinancial

Corporation

34,468

5,332

BankUnited,

Inc.

219,199

3,840

Bar

Harbor

Bankshares

121,651

4,807

BCB

Bancorp,

Inc.

52,060

8,848

Berkshire

Hathaway,

Inc.

b

4,146,792

6,682

Berkshire

Hills

Bancorp,

Inc.

196,518

2,336

Block,

Inc.

b

212,156

34,823

Blue

Owl

Capital,

Inc.

905,746

332

BOK

Financial

Corporation

36,659

54,306

Bridgewater

Bancshares,

Inc.

b

766,801

3,951

Brighthouse

Financial,

Inc.

b

243,816

11,799

Brookline

Bancorp,

Inc.

144,302

7,597

Brown

&

Brown,

Inc.

795,102

743

Burke

&

Herbert

Financial

Services

Corporation

47,782

4,592

Business

First

Bancshares,

Inc.

123,938

1,742

Byline

Bancorp,

Inc.

51,110

4,787

Cadence

Bank

168,502

334

Camden

National

Corporation

15,150

298

Capital

City

Bank

Group,

Inc.

10,993

17,516

Capital

One

Financial

Corporation

3,568,184

19,566

Capitol

Federal

Financial,

Inc.

116,418

10,426

Carlyle

Group,

Inc.

585,524

794

Cathay

General

Bancorp

37,707

15,096

Cboe

Global

Markets,

Inc.

3,084,566

Shares

Common

Stock  27.0%

Value

Financials  4.3%

-

continued

101,740

Charles

Schwab

Corporation

$

8,415,933

8,022

Chimera

Investment

Corporation

119,448

409

ChoiceOne

Financial

Services,

Inc.

13,706

11,991

Chubb,

Ltd.

3,260,113

1,275

Cincinnati

Financial

Corporation

174,739

8,576

Citigroup,

Inc.

698,344

1,434

Citizens

Financial

Group,

Inc.

68,215

4,503

CNB

Financial

Corporation

113,926

6,746

CNO

Financial

Group,

Inc.

269,435

170

Coinbase

Global,

Inc.

b

49,526

4,917

Columbia

Banking

System,

Inc.

137,184

3,835

Comerica,

Inc.

258,172

3,604

Commerce

Bancshares,

Inc.

240,747

592

Community

Financial

System,

Inc.

38,794

9,301

Community

Trust

Bancorp,

Inc.

497,697

2,051

ConnectOne

Bancorp,

Inc.

51,972

1,664

Cullen/Frost

Bankers,

Inc.

231,962

3,093

Customers

Bancorp,

Inc.

b

176,239

809

CVB

Financial

Corporation

16,860

349

Diamond

Hill

Investment

Group,

Inc.

52,364

15,905

Discover

Financial

Services

3,198,336

7,014

Donnelley

Financial

Solutions,

Inc.

b

465,519

3,506

Eagle

Bancorp,

Inc.

91,892

4,826

East

West

Bancorp,

Inc.

496,933

1,902

Eastern

Bankshares,

Inc.

34,921

10,976

Ellington

Credit

Company

72,003

1,129

Employers

Holdings,

Inc.

55,502

2,869

Enact

Holdings,

Inc.

96,915

2,345

Enova

International,

Inc.

b

263,390

3,745

Enterprise

Financial

Services

Corporation

224,101

552

Equitable

Holdings,

Inc.

30,040

2,878

Equity

Bancshares,

Inc.

125,481

2,840

Essent

Group,

Ltd.

165,430

78,806

F.N.B.

Corporation

1,236,466

2,243

FactSet

Research

Systems,

Inc.

1,064,102

7,072

Federal

Agricultural

Mortgage

Corporation

1,398,700

22,924

Federated

Hermes,

Inc.

911,688

3,622

Fidelity

National

Information

Services,

Inc.

295,084

2,644

Fifth

Third

Bancorp

117,156

5,821

Financial

Institutions,

Inc.

153,500

907

First

American

Financial

Corporation

57,341

26,522

First

Bancorp/Puerto

Rico

550,597

5,357

First

Bancshares,

Inc.

205,441

20,623

First

Busey

Corporation

500,726

699

First

Business

Financial

Services,

Inc.

36,110

1,233

First

Citizens

BancShares,

Inc./NC

2,718,383

6,220

First

Financial

Bancorp

174,284

2,192

First

Financial

Bankshares,

Inc.

81,674

2,434

First

Financial

Corporation

117,295

1,361

First

Hawaiian,

Inc.

37,591

17,004

First

Horizon

Corporation

372,218

2,565

First

Internet

Bancorp

83,542

675

First

Interstate

BancSystem,

Inc.

22,241

4,407

First

Merchants

Corporation

195,847

6,270

First

Mid-Illinois

Bancshares,

Inc.

237,821

14,629

Fiserv,

Inc.

b

3,160,449

2,379

Flagstar

Financial,

Inc.

28,144

6,779

Flushing

Financial

Corporation

94,567

1,731

Flywire

Corporation

b

33,460

30,918

Fulton

Financial

Corporation

628,872

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

174

Shares

Common

Stock  27.0%

Value

Financials  4.3%

-

continued

60,101

Glacier

Bancorp,

Inc.

$

2,985,217

5,130

Great

Southern

Bancorp,

Inc.

301,593

8,571

Hamilton

Lane,

Inc.

1,364,332

4,961

Hancock

Whitney

Corporation

296,370

8,166

Hanmi

Financial

Corporation

196,147

1,328

Hanover

Insurance

Group,

Inc.

203,304

2,407

Hartford

Financial

Services

Group,

Inc.

268,501

484

HBT

Financial,

Inc.

11,771

2,885

Heartland

Financial

USA,

Inc.

186,573

2,752

Heritage

Commerce

Corporation

26,667

4,327

Home

BancShares,

Inc.

130,632

7,942

Hometrust

Bancshares,

Inc.

292,027

11,881

Hope

Bancorp,

Inc.

138,532

578

Horace

Mann

Educators

Corporation

22,328

8,524

Horizon

Bancorp,

Inc.

143,118

26,487

Houlihan

Lokey,

Inc.

4,813,218

5,247

Huntington

Bancshares,

Inc./OH

90,248

177

Independent

Bank

Corporation/MA

11,887

2,873

Independent

Bank

Corporation/MI

104,577

312

Interactive

Brokers

Group,

Inc.

67,841

57,123

Intercontinental

Exchange,

Inc.

9,129,969

15,498

Invesco,

Ltd.

298,027

672

Investar

Holding

Corporation

12,815

46,387

J.P.

Morgan

Chase

&

Company

12,399,245

17,136

Jack

Henry

&

Associates,

Inc.

2,983,206

20,826

Janus

Henderson

Group

plc

935,712

16,098

Kearny

Financial

Corporation/MD

111,076

194,656

KeyCorp

3,499,915

12,219

Kinsale

Capital

Group,

Inc.

5,400,065

1,946

LendingTree,

Inc.

b

87,434

396

Loews

Corporation

33,838

693

M&T

Bank

Corporation

139,459

1,664

MarketAxess

Holdings,

Inc.

367,128

5,481

Marsh

&

McLennan

Companies,

Inc.

1,188,719

9,471

Mastercard,

Inc.

5,260,478

3,904

Mercantile

Bank

Corporation

190,554

35,486

MetLife,

Inc.

3,069,894

1,393

Metropolitan

Bank

Holding

Corporation

b

89,333

70,063

MGIC

Investment

Corporation

1,789,409

2,616

Mid

Penn

Bancorp,

Inc.

78,794

5,739

Midland

States

Bancorp,

Inc.

110,533

13,561

MidWestOne

Financial

Group,

Inc.

428,934

958

Morningstar,

Inc.

314,837

8,446

Mr.

Cooper

Group,

Inc.

b

876,779

7,280

MSCI,

Inc.

4,344,486

91,465

Nasdaq,

Inc.

7,531,228

96

Nelnet,

Inc.

10,576

676

Nicolet

Bankshares,

Inc.

75,800

29,759

NMI

Holdings,

Inc.

b

1,149,293

384

Northeast

Community

Bancorp,

Inc.

9,523

17,999

Northern

Trust

Corporation

2,021,108

7,424

Northfield

Bancorp,

Inc.

86,638

241

Northrim

BanCorp,

Inc.

20,516

11,958

Northwest

Bancshares,

Inc.

157,965

29,471

OceanFirst

Financial

Corporation

529,299

13,861

OFG

Bancorp

592,003

8,438

Old

National

Bancorp

201,246

5,665

Old

Republic

International

Corporation

207,226

15,154

Old

Second

Bancorp,

Inc.

284,744

9,050

OneMain

Holdings,

Inc.

502,637

Shares

Common

Stock  27.0%

Value

Financials  4.3%

-

continued

3,348

Orrstown

Financial

Services,

Inc.

$

121,666

1,164

Palomar

Holdings,

Inc.

b

125,561

107

Park

National

Corporation

18,159

1,868

Paymentus

Holdings,

Inc.

b

59,701

19,618

PayPal

Holdings,

Inc.

b

1,737,762

2,130

PCB

Bancorp

41,088

4,892

Peoples

Bancorp,

Inc./OH

159,724

2,296

Pinnacle

Financial

Partners,

Inc.

286,472

1,023

PNC

Financial

Services

Group,

Inc.

205,572

8,467

Popular,

Inc.

871,593

1,182

Principal

Financial

Group,

Inc.

97,456

15,412

Progressive

Corporation

3,798,133

17,780

Prosperity

Bancshares,

Inc.

1,422,400

12,289

Provident

Financial

Services,

Inc.

228,207

1,603

Prudential

Financial,

Inc.

193,578

16,714

Radian

Group,

Inc.

568,610

3,081

Regions

Financial

Corporation

75,916

628

Reinsurance

Group

of

America,

Inc.

143,096

5,192

Renasant

Corporation

201,865

11,671

Rithm

Capital

Corporation

134,333

38,332

RLI

Corporation

2,811,652

32,645

Robinhood

Markets,

Inc.

b

1,695,908

4,246

S&P

Global,

Inc.

2,213,907

19,799

SEI

Investments

Company

1,714,197

940

ServisFirst

Bancshares,

Inc.

85,230

3,567

Shore

Bancshares,

Inc.

58,320

963

Sierra

Bancorp

29,025

849

Simmons

First

National

Corporation

19,289

898

Southern

Missouri

Bancorp,

Inc.

53,144

2,040

Southside

Bancshares,

Inc.

64,117

3,024

SouthState

Corporation

319,304

1,150

Stellar

Bancorp,

Inc.

32,660

7,447

StepStone

Group,

Inc.

477,204

882

Stifel

Financial

Corporation

102,180

7,483

Synovus

Financial

Corporation

422,191

612

Texas

Capital

Bancshares,

Inc.

b

48,317

10,488

TPG

RE

Finance

Trust,

Inc.

88,204

29,909

TPG,

Inc.

2,011,380

31,574

Tradeweb

Markets,

Inc.

4,006,741

49,974

Triumph

Financial,

Inc.

b

3,850,996

13,333

Truist

Financial

Corporation

634,917

3,998

TrustCo

Bank

Corporation

NY

128,576

16,811

Trustmark

Corporation

630,413

3,614

U.S.

Bancorp

172,677

987

UMB

Financial

Corporation

116,367

2,755

United

Bankshares,

Inc.

106,068

1,789

United

Community

Banks,

Inc.

59,341

1,006

Unity

Bancorp,

Inc.

48,640

4,346

Univest

Financial

Corporation

132,075

6,756

Unum

Group

515,145

6,873

Valley

National

Bancorp

70,654

5,243

Veritex

Holdings,

Inc.

140,512

519

Virtu

Financial,

Inc.

20,791

19,165

Visa,

Inc.

6,550,597

3,306

WaFd,

Inc.

98,122

524

Walker

&

Dunlop,

Inc.

50,341

5,188

Webster

Financial

Corporation

312,525

133,674

Wells

Fargo

&

Company

10,533,511

4,505

WesBanco,

Inc.

157,855

3,760

Westamerica

Bancorporation

194,618

28,428

Western

Alliance

Bancorp

2,497,968

50,137

Western

Union

Company

517,414

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

175

Shares

Common

Stock  27.0%

Value

Financials  4.3%

-

continued

247

Willis

Towers

Watson

plc

$

81,403

1,866

Wintrust

Financial

Corporation

244,091

580

WSFS

Financial

Corporation

32,480

20,079

Zions

Bancorp

NA

1,161,771

Total

213,094,852

Health

Care  3.3%

33,222

Abbott

Laboratories

4,250,090

1,081

AbbVie,

Inc.

198,796

3,541

ACELYRIN,

Inc.

b

6,976

1,074

ADMA

Biologics,

Inc.

b

17,345

37,581

Agilent

Technologies,

Inc.

5,694,273

2,333

Agios

Pharmaceuticals,

Inc.

b

80,232

496

Align

Technology,

Inc.

b

108,679

8,721

Amgen,

Inc.

2,489,148

7,375

Amicus

Therapeutics,

Inc.

b

70,652

2,171

Anika

Therapeutics,

Inc.

b

37,037

3,434

Argenx

SE

ADR

b

2,249,716

577

Arvinas,

Inc.

b

10,161

1,362

Astria

Therapeutics,

Inc.

b

10,705

71,996

Avantor,

Inc.

b

1,604,071

909

Biogen,

Inc.

b

130,832

7,864

Bio-Techne

Corporation

578,397

46,621

Boston

Scientific

Corporation

b

4,772,126

912

Bruker

Corporation

53,033

12,671

Cabaletta

Bio,

Inc.

b

30,284

7,712

CareDx,

Inc.

b

179,690

36,459

Caribou

Biosciences,

Inc.

b

52,136

6,202

Cencora,

Inc.

1,576,610

3,184

Centene

Corporation

b

203,872

14,848

Certara,

Inc.

b

211,287

360

Charles

River

Laboratories

International,

Inc.

b

59,314

1,809

Chemed

Corporation

1,016,658

8,220

Cigna

Group

2,418,406

31,248

Concentra

Group

Holdings

Parent,

Inc.

728,391

5,270

Cooper

Companies,

Inc.

b

508,818

5,108

CryoPort,

Inc.

b

38,514

32,769

Danaher

Corporation

7,298,967

4,981

Definitive

Healthcare

Corporation

b

24,208

9,021

Denali

Therapeutics,

Inc.

b

210,189

18,593

Dentsply

Sirona,

Inc.

367,398

21,763

Dexcom,

Inc.

b

1,889,681

1,812

Doximity,

Inc.

b

107,089

8,134

Editas

Medicine,

Inc.

b

10,656

2,034

Edwards

Lifesciences

Corporation

b

147,363

31,244

Elanco

Animal

Health,

Inc.

b

375,865

12,904

Eli

Lilly

&

Company

10,466,176

11,401

Enanta

Pharmaceuticals,

Inc.

b

58,259

42,106

Encompass

Health

Corporation

4,179,863

12,310

Exact

Sciences

Corporation

b

689,976

773

Exelixis,

Inc.

b

25,625

11,886

Fate

Therapeutics,

Inc.

b

15,452

7,438

Fortrea

Holdings,

Inc.

b

125,033

36,244

Gilead

Sciences,

Inc.

3,522,917

52,850

Globus

Medical,

Inc.

b

4,900,252

11,839

GoodRx

Holdings,

Inc.

b

56,472

41,893

Haemonetics

Corporation

b

2,892,712

27,500

HealthEquity,

Inc.

b

3,036,550

623

Humana,

Inc.

182,682

11,384

IDEXX

Laboratories,

Inc.

b

4,804,617

255

Illumina,

Inc.

b

33,849

3,062

Incyte

Corporation

b

227,078

Shares

Common

Stock  27.0%

Value

Health

Care  3.3%

-

continued

11,806

Inspire

Medical

Systems,

Inc.

b

$

2,284,461

3,692

Insulet

Corporation

b

1,027,779

5,596

Integra

LifeSciences

Holdings

Corporation

b

146,056

8,529

Intellia

Therapeutics,

Inc.

b

88,019

4,255

Intuitive

Surgical,

Inc.

b

2,433,349

1,317

IQVIA

Holding,

Inc.

b

265,191

6,528

iTeos

Therapeutics,

Inc.

b

49,221

40,926

Johnson

&

Johnson

6,226,891

3,825

Kura

Oncology,

Inc.

b

30,256

10,620

Labcorp

Holdings,

Inc.

2,652,876

111

Ligand

Pharmaceuticals,

Inc.

b

12,937

2,317

Medpace

Holdings,

Inc.

b

808,981

70,852

Medtronic

plc

6,434,779

40,078

Merck

&

Company,

Inc.

3,960,508

2,273

Mettler-Toledo

International,

Inc.

b

3,101,372

3,594

Myriad

Genetics,

Inc.

b

45,536

15,833

Natera,

Inc.

b

2,801,174

1,316

Neurocrine

Biosciences,

Inc.

b

199,795

13,764

Nkarta,

Inc.

b

32,208

2,025

Novocure,

Ltd.

b

49,653

16,295

Penumbra,

Inc.

b

4,350,276

723

Phibro

Animal

Health

Corporation

15,769

1,680

Prestige

Consumer

Healthcare,

Inc.

b

128,974

39,788

Progyny,

Inc.

b

921,888

5,134

Prothena

Corporation

plc

b

73,057

813

PTC

Therapeutics,

Inc.

b

37,300

7,152

QIAGEN

NV

319,265

868

Quest

Diagnostics,

Inc.

141,571

1,730

Regeneron

Pharmaceuticals,

Inc.

b

1,164,255

22,180

Relay

Therapeutics,

Inc.

b

99,145

29,201

Repligen

Corporation

b

4,853,498

85

Revvity,

Inc.

10,721

7,128

Rocket

Pharmaceuticals,

Inc.

b

76,555

58,801

Royalty

Pharma

plc

1,856,936

48,927

RxSight,

Inc.

b

1,657,157

58,790

Sanofi

SA

ADR

3,194,649

1,006

Sarepta

Therapeutics,

Inc.

b

114,402

112,170

scPharmaceuticals,

Inc.

b

372,404

3,799

STERIS

plc

838,249

116,437

Stevanato

Group

SPA

2,609,353

6,121

Stryker

Corporation

2,395,086

29,885

Sutro

Biopharma,

Inc.

b

57,379

1,622

Teleflex,

Inc.

292,349

2,543

Tenet

Healthcare

Corporation

b

358,283

7,476

Thermo

Fisher

Scientific,

Inc.

4,468,779

64,429

Twist

Bioscience

Corporation

b

3,374,147

353

United

Therapeutics

Corporation

b

123,963

15,404

UnitedHealth

Group,

Inc.

8,356,516

501

Veeva

Systems,

Inc.

b

116,863

30,372

Vericel

Corporation

b

1,777,977

8,387

Vertex

Pharmaceuticals,

Inc.

b

3,872,110

10,079

Viatris,

Inc.

113,691

62,808

Viemed

Healthcare,

Inc.

b

514,398

345

Waters

Corporation

b

143,341

3,882

Waystar

Holding

Corporation

b

156,018

4,195

West

Pharmaceutical

Services,

Inc.

1,432,802

9,139

Xencor,

Inc.

b

167,061

4,086

Xenon

Pharmaceuticals,

Inc.

b

163,358

9,390

Zentalis

Pharmaceuticals,

Inc.

b

16,339

27,685

Zimmer

Biomet

Holdings,

Inc.

3,030,954

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

176

Shares

Common

Stock  27.0%

Value

Health

Care  3.3%

-

continued

10,266

Zoetis,

Inc.

$

1,754,459

Total

163,207,517

Industrials  3.7%

6,270

A.O.

Smith

Corporation

421,971

3,461

AAR

Corporation

b

234,517

9,312

Advanced

Drainage

Systems,

Inc.

1,125,914

21,284

AECOM

2,244,185

31,827

Air

Lease

Corporation

1,470,407

1,311

Alaska

Air

Group,

Inc.

b

96,031

3,287

Allison

Transmission

Holdings,

Inc.

386,354

51,017

Amentum

Holdings,

Inc.

b

1,069,826

20,030

AMETEK,

Inc.

3,696,737

1,039

Applied

Industrial

Technologies,

Inc.

270,171

2,870

Arcosa,

Inc.

290,731

189

Argan,

Inc.

25,855

10,564

Armstrong

World

Industries,

Inc.

1,595,270

8,145

Array

Technologies,

Inc.

b

59,703

30,624

Atmus

Filtration

Technologies,

Inc.

1,280,696

13,587

Automatic

Data

Processing,

Inc.

4,116,997

266

Axon

Enterprise,

Inc.

b

173,480

7,990

AZEK

Company,

Inc.

b

409,328

101,335

Badger

Infrastructure

Solutions,

Ltd.

2,754,142

32,864

Barrett

Business

Services,

Inc.

1,423,997

13,658

Beacon

Roofing

Supply,

Inc.

b

1,616,288

2,129

Bloom

Energy

Corporation

a,b

50,202

14,471

Brady

Corporation

1,077,945

39,458

BWX

Technologies,

Inc.

4,455,992

10

CACI

International,

Inc.

b

3,863

11,149

Casella

Waste

Systems,

Inc.

b

1,198,963

8,914

Caterpillar,

Inc.

3,311,016

61,495

CECO

Environmental

Corporation

b

1,741,538

6,654

Clean

Harbors,

Inc.

b

1,550,382

246,154

CNH

Industrial

NV

3,170,464

1,696

CSG

Systems

International,

Inc.

99,708

319

CSW

Industrials,

Inc.

105,209

211,072

CSX

Corporation

6,937,937

542

Cummins,

Inc.

193,087

2,671

Curtiss-Wright

Corporation

926,677

22,284

Dayforce,

Inc.

b

1,576,370

56,435

Delta

Air

Lines,

Inc.

3,796,382

4,138

DNOW,

Inc.

b

61,573

28

Dover

Corporation

5,703

3,315

EMCOR

Group,

Inc.

1,485,319

4,041

Energy

Recovery,

Inc.

b

57,948

69,629

Enerpac

Tool

Group

Corporation

3,146,535

173

ESCO

Technologies,

Inc.

22,964

117,278

ExlService

Holdings,

Inc.

b

5,894,392

1,290

Expeditors

International

of

Washington,

Inc.

146,518

51,855

Fastenal

Company

3,797,860

20,806

Ferguson

Enterprises,

Inc.

3,768,383

97,082

Flowserve

Corporation

6,079,275

3,546

Fortive

Corporation

288,396

6,676

Frontier

Group

Holdings,

Inc.

b

56,279

90,984

Gates

Industrial

Corporation

plc

b

1,882,459

10,853

General

Dynamics

Corporation

2,789,004

19,823

Graco,

Inc.

1,668,502

21,015

Great

Lakes

Dredge

&

Dock

Corporation

b

230,955

1,200

Griffon

Corporation

90,924

69,743

Helios

Technologies,

Inc.

3,111,235

771

Herc

Holdings,

Inc.

157,253

Shares

Common

Stock  27.0%

Value

Industrials  3.7%

-

continued

20,395

Hexcel

Corporation

$

1,329,754

17,194

Honeywell

International,

Inc.

3,846,642

27,801

Howmet

Aerospace,

Inc.

3,519,051

10,701

Hudson

Technologies,

Inc.

b

62,066

166

Huron

Consulting

Group,

Inc.

b

21,045

1,514

IDEX

Corporation

339,605

5,780

IES

Holdings,

Inc.

b

1,278,998

23,044

Ingersoll

Rand,

Inc.

2,161,527

5,685

ITT

Corporation

858,549

17,369

Jacobs

Solutions,

Inc.

2,433,918

21,256

JB

Hunt

Transport

Services,

Inc.

3,639,452

4,380

Kirby

Corporation

b

478,077

25,418

Knight-Swift

Transportation

Holdings,

Inc.

1,451,114

42,073

Korn

Ferry

2,975,823

6,539

Kratos

Defense

&

Security

Solutions,

Inc.

b

218,206

12,604

L3Harris

Technologies,

Inc.

2,672,174

14,587

Landstar

System,

Inc.

2,401,895

1,250

Leidos

Holdings,

Inc.

177,537

769

Lincoln

Electric

Holdings,

Inc.

152,862

441

Lindsay

Corporation

59,178

2,675

ManpowerGroup,

Inc.

161,088

9,709

Masco

Corporation

769,730

193,732

Masterbrand,

Inc.

b

3,355,438

668

McGrath

RentCorp

81,944

10,152

Miller

Industries,

Inc.

669,727

15,459

Moog,

Inc.

2,808,282

32,847

Mueller

Water

Products,

Inc.

755,481

24,942

nVent

Electric

plc

1,623,475

17,167

Old

Dominion

Freight

Line,

Inc.

3,186,367

1,742

Otis

Worldwide

Corporation

166,222

7,015

Owens

Corning,

Inc.

1,294,618

1,795

PACCAR,

Inc.

199,030

3,739

Parker-Hannifin

Corporation

2,643,660

1,762

Paylocity

Holding

Corporation

b

362,126

13,875

Pentair

plc

1,438,560

768

Quanta

Services,

Inc.

236,244

8,562

Regal

Rexnord

Corporation

1,359,046

834

Republic

Services,

Inc.

180,870

19,918

Robert

Half,

Inc.

1,290,487

4,857

Rockwell

Automation,

Inc.

1,352,335

701

Rush

Enterprises,

Inc.

42,586

995

Ryder

System,

Inc.

158,613

5,546

Saia,

Inc.

b

2,662,690

42,090

Schneider

National,

Inc.

1,252,178

29,030

Shoals

Technologies

Group,

Inc.

b

138,763

4,592

SkyWest,

Inc.

b

555,265

4,839

Southwest

Airlines

Company

148,606

1,272

SS&C

Technologies

Holdings,

Inc.

102,968

7,574

Stanley

Black

&

Decker,

Inc.

667,042

26,855

Timken

Company

2,155,651

13,543

Trane

Technologies

plc

4,912,723

160

TransDigm

Group,

Inc.

216,534

15,890

TransUnion

1,577,083

41,794

Uber

Technologies,

Inc.

b

2,793,929

18,010

UFP

Industries,

Inc.

2,082,857

1,804

UL

Solutions,

Inc.

97,254

1,828

Union

Pacific

Corporation

452,960

31,081

United

Airlines

Holdings,

Inc.

b

3,289,613

20,764

United

Parcel

Service,

Inc.

2,371,872

435

United

Rentals,

Inc.

329,756

13,269

Verisk

Analytics,

Inc.

3,814,041

6,480

Verra

Mobility

Corporation

b

171,007

827

Wabtec

Corporation

171,950

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

177

Shares

Common

Stock  27.0%

Value

Industrials  3.7%

-

continued

9,930

Waste

Connections,

Inc.

$

1,824,836

3,157

Waste

Management,

Inc.

695,361

2,653

Watsco,

Inc.

1,269,699

65,061

WNS

Holdings,

Ltd.

b

3,984,986

Total

181,652,838

Information

Technology  6.0%

1,766

Adobe,

Inc.

b

772,537

14,900

Advanced

Micro

Devices,

Inc.

b

1,727,655

18,305

Agilysys,

Inc.

b

1,651,477

2,878

Ambarella,

Inc.

b

220,800

110,597

Amphenol

Corporation

7,828,056

170,312

Apple,

Inc.

40,193,632

11,874

Applied

Materials,

Inc.

2,141,476

39,778

Arista

Networks,

Inc.

b

4,583,619

27,125

ASGN,

Inc.

b

2,392,696

428

Astera

Labs,

Inc.

b

43,408

729

Atlassian

Corporation

b

223,643

21,889

Autodesk,

Inc.

b

6,814,921

4,294

BILL

Holdings,

Inc.

b

415,530

58,303

Broadcom,

Inc.

12,900,705

8,635

CDW

Corporation

1,719,574

3,460

Cerence,

Inc.

b

43,112

15,465

Ciena

Corporation

b

1,347,620

95,214

Cisco

Systems,

Inc.

5,769,968

6,128

Clearwater

Analytics

Holdings,

Inc.

b

172,564

2,272

Coherent

Corporation

b

205,593

47,452

Cohu,

Inc.

b

1,087,125

1,815

CommVault

Systems,

Inc.

b

289,057

847

Consensus

Cloud

Solutions,

Inc.

b

23,987

4,366

Credo

Technology

Group

Holding,

Ltd.

b

305,707

3,955

CrowdStrike

Holdings,

Inc.

b

1,574,367

10,215

CyberArk

Software,

Ltd.

b

3,789,561

1,271

Datadog,

Inc.

b

181,384

13,169

Descartes

Systems

Group,

Inc.

b

1,525,365

4,215

DocuSign,

Inc.

b

407,717

7,035

Dolby

Laboratories,

Inc.

589,041

27,465

Dynatrace

Holdings,

LLC

b

1,586,104

1,052

Elastic

NV

b

118,434

2,066

Enphase

Energy,

Inc.

b

128,670

2,114

F5,

Inc.

b

628,408

13,882

Fabrinet

b

3,001,427

792

Fair

Isaac

Corporation

b

1,483,860

1,141

FARO

Technologies,

Inc.

b

36,193

216

First

Solar,

Inc.

b

36,184

13,556

Flex,

Ltd.

b

564,607

13,915

Fortinet,

Inc.

b

1,403,745

26,997

Freshworks,

Inc.

b

502,144

3,118

Gartner,

Inc.

b

1,692,544

57,270

Gitlab,

Inc.

b

4,166,965

6,159

Globant

SA

b

1,313,838

26,789

Guidewire

Software,

Inc.

b

5,659,712

3,034

HubSpot,

Inc.

b

2,365,094

11,469

Impinj,

Inc.

b

1,455,301

27,025

International

Business

Machines

Corporation

6,910,293

1,354

IPG

Photonics

Corporation

b

99,289

2,344

Itron,

Inc.

b

251,652

125,276

JFrog,

Ltd.

b

4,354,594

2,720

Keysight

Technologies,

Inc.

b

485,112

52,369

Lattice

Semiconductor

Corporation

b

2,986,080

13,268

Littelfuse,

Inc.

3,162,560

Shares

Common

Stock  27.0%

Value

Information

Technology  6.0%

-

continued

252

MACOM

Technology

Solutions

Holdings,

Inc.

b

$

33,327

14,800

Marvell

Technology,

Inc.

1,670,328

97,350

Microsoft

Corporation

40,406,091

583

MicroStrategy,

Inc.

a,b

195,183

977

Mirion

Technologies,

Inc.

b

15,476

6,579

MongoDB,

Inc.

b

1,798,172

48

Monolithic

Power

Systems,

Inc.

30,594

8,089

Motorola

Solutions,

Inc.

3,795,763

6,196

Napco

Security

Technologies,

Inc.

227,393

2,066

nCino,

Inc.

b

70,265

8,900

NetApp,

Inc.

1,086,690

303,503

NVIDIA

Corporation

36,441,605

1,358

Okta,

Inc.

b

127,951

4,469

Olo,

Inc.

b

32,981

2,732

ON

Semiconductor

Corporation

b

142,993

18,810

Onto

Innovation,

Inc.

b

3,851,536

7,510

Oracle

Corporation

1,277,151

5,480

Palantir

Technologies,

Inc.

b

452,045

42,764

PDF

Solutions,

Inc.

b

1,191,405

28,579

Pegasystems,

Inc.

3,094,820

5,035

Plexus

Corporation

b

713,510

672

Procore

Technologies,

Inc.

b

53,464

10,104

PTC,

Inc.

b

1,954,922

5,203

Q2

Holdings,

Inc.

b

495,170

2,742

Qorvo,

Inc.

b

227,531

40,993

QUALCOMM,

Inc.

7,088,919

21,911

Salesforce,

Inc.

7,486,989

86,045

Samsung

Electronics

Company,

Ltd.

3,072,987

7,188

ServiceNow,

Inc.

b

7,320,115

15,921

Silicon

Laboratories,

Inc.

b

2,158,728

5,522

SolarWinds

Corporation

82,167

294

Super

Micro

Computer,

Inc.

b

8,385

15,706

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

3,287,580

24,526

TD

SYNNEX

Corporation

3,495,200

2,449

TE

Connectivity

plc

362,379

1,132

Teledyne

Technologies,

Inc.

b

578,826

3,278

Tenable

Holdings,

Inc.

b

141,249

57,374

Trimble,

Inc.

b

4,300,755

129,870

TTM

Technologies,

Inc.

b

3,193,503

3,001

Tyler

Technologies,

Inc.

b

1,805,522

917

Unity

Software,

Inc.

b

20,357

3,924

Universal

Display

Corporation

588,286

60,121

Varonis

Systems,

Inc.

b

2,727,089

8,438

VeriSign,

Inc.

b

1,814,170

973

Vontier

Corporation

37,509

17,032

Workiva,

Inc.

b

1,672,883

1,714

Xerox

Holdings

Corporation

14,638

Total

295,979,309

Materials  1.0%

1,742

Albemarle

Corporation

a

146,659

1,487

Alcoa

Corporation

52,521

3,668

Allegheny

Technologies,

Inc.

b

209,406

1,910

AptarGroup,

Inc.

300,156

7,401

Aspen

Aerogels,

Inc.

b

86,518

8,988

Avient

Corporation

385,585

33,649

Axalta

Coating

Systems,

Ltd.

b

1,209,345

1,515

Balchem

Corporation

242,339

1,921

Ball

Corporation

107,000

1,075

Celanese

Corporation

76,368

36,838

CF

Industries

Holdings,

Inc.

3,396,832

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

178

Shares

Common

Stock  27.0%

Value

Materials  1.0%

-

continued

18,506

Chemours

Company

$

351,429

115,959

Constellium

SE

b

1,151,473

36,303

Corteva,

Inc.

2,369,497

35,644

DuPont

de

Nemours,

Inc.

2,737,459

811

Eagle

Materials,

Inc.

208,216

26,716

Eastman

Chemical

Company

2,662,249

26,409

Ecolab,

Inc.

6,607,268

18,281

Element

Solutions,

Inc.

471,833

11,391

FMC

Corporation

635,390

17,249

Greif,

Inc.

1,055,984

33,742

Hecla

Mining

Company

191,655

2,486

Huntsman

Corporation

41,839

25,044

Ingevity

Corporation

b

1,135,745

2,398

Innospec,

Inc.

271,813

250

International

Flavors

&

Fragrances,

Inc.

21,773

74,775

Ivanhoe

Mines,

Ltd.

b

803,136

3,496

Kaiser

Aluminum

Corporation

244,720

2,919

Knife

River

Corporation

b

302,350

2,678

Koppers

Holdings,

Inc.

79,697

9,587

Linde

plc

4,276,952

349

LyondellBasell

Industries

NV

26,419

6,472

Magnera

Corporation

b

120,768

2,561

Martin

Marietta

Materials,

Inc.

1,393,491

3,678

Minerals

Technologies,

Inc.

282,066

16,684

Mosaic

Company

465,317

24,005

Nucor

Corporation

3,082,962

5,024

O-I

Glass,

Inc.

b

59,987

58,095

Olin

Corporation

1,701,603

2,818

Orion

SA

39,311

2,563

Packaging

Corporation

of

America

545,048

1,159

PPG

Industries,

Inc.

133,725

3,296

Radius

Recycling,

Inc.

39,585

1,473

Ranpak

Holdings

Corporation

b

10,782

5,659

Royal

Gold,

Inc.

791,241

9,056

RPM

International,

Inc.

1,146,490

5,373

Sealed

Air

Corporation

187,142

3,887

Sensient

Technologies

Corporation

293,507

6,994

Sonoco

Products

Company

333,194

3,408

Steel

Dynamics,

Inc.

436,906

1,498

Stepan

Company

94,958

15,473

Trinseo

plc

64,058

191,056

Tronox

Holdings

plc

1,962,145

1,814

United

States

Lime

&

Minerals,

Inc.

200,592

8,727

United

States

Steel

Corporation

321,590

1,885

Vulcan

Materials

Company

516,773

16,520

West

Fraser

Timber

Company,

Ltd.

1,433,606

Total

47,516,473

Real

Estate  1.0%

26,350

Agree

Realty

Corporation

1,912,219

8,552

Alexandria

Real

Estate

Equities,

Inc.

832,537

2,572

Alpine

Income

Property

Trust,

Inc.

43,364

3,907

American

Assets

Trust,

Inc.

94,862

5,593

AvalonBay

Communities,

Inc.

1,238,905

14,097

Brixmor

Property

Group,

Inc.

367,368

42,655

Broadstone

Net

Lease,

Inc.

671,390

28,411

CBRE

Group,

Inc.

b

4,112,208

18,904

Chatham

Lodging

Trust

165,221

27,703

Compass,

Inc.

b

200,847

19,166

CoStar

Group,

Inc.

b

1,468,116

27,927

Crown

Castle,

Inc.

2,493,323

13,618

CTO

Realty

Growth,

Inc.

267,321

12,118

Curbline

Properties

Corporation

296,527

Shares

Common

Stock  27.0%

Value

Real

Estate  1.0%

-

continued

93,969

Cushman

and

Wakefield

plc

b

$

1,295,833

24,466

Douglas

Elliman,

Inc.

b

43,549

421

EastGroup

Properties,

Inc.

71,410

15,176

EPR

Properties

699,614

1,006

Equinix,

Inc.

919,142

159,061

Essential

Properties

Realty

Trust,

Inc.

5,105,858

838

Essex

Property

Trust,

Inc.

238,470

764

Extra

Space

Storage,

Inc.

117,656

2,042

First

Industrial

Realty

Trust,

Inc.

109,022

8,205

Getty

Realty

Corporation

254,437

19,074

Global

Net

Lease,

Inc.

137,142

125,821

Healthcare

Realty

Trust,

Inc.

2,107,502

2,454

Host

Hotels

&

Resorts,

Inc.

41,006

3,221

Howard

Hughes

Holdings,

Inc.

b

245,988

11,198

Independence

Realty

Trust,

Inc.

215,114

30,184

Industrial

Logistics

Properties

Trust

119,830

4,636

Innovative

Industrial

Properties,

Inc.

332,308

16,218

InvenTrust

Properties

Corporation

482,323

2,830

Invitation

Homes,

Inc.

88,155

2,040

Medical

Properties

Trust,

Inc.

9,568

77,597

National

Storage

Affiliates

Trust

2,882,729

27,074

NetSTREIT

Corporation

392,032

82,460

Outfront

Media,

Inc.

1,517,264

3,678

Park

Hotels

&

Resorts,

Inc.

49,616

32,257

Pebblebrook

Hotel

Trust

423,534

1,942

RE/MAX

Holdings,

Inc.

b

19,381

14,591

Rexford

Industrial

Realty,

Inc.

593,270

154,666

RLJ

Lodging

Trust

1,507,994

2,372

RMR

Group,

Inc.

44,285

1,092

Ryman

Hospitality

Properties

114,485

223,950

Sabra

Health

Care

REIT,

Inc.

3,742,205

3,501

Safehold,

Inc.

56,751

1,471

SBA

Communications

Corporation

290,611

8,280

Sila

Realty

Trust,

Inc.

205,841

49,540

STAG

Industrial,

Inc.

1,693,277

40,543

Tanger,

Inc.

1,330,621

37,407

Terreno

Realty

Corporation

2,447,166

141,180

Uniti

Group,

Inc.

769,431

386

Universal

Health

Realty

Income

Trust

15,069

11,058

Zillow

Group,

Inc.,

Class

A

b

875,794

19,813

Zillow

Group,

Inc.,

Class

C

b

1,629,025

Total

47,398,516

Utilities  0.8%

92,197

AES

Corporation

1,014,167

3,571

Alliant

Energy

Corporation

210,260

718

American

States

Water

Company

53,491

4,941

American

Water

Works

Company,

Inc.

615,846

587

Artesian

Resources

Corporation

18,197

7,624

Black

Hills

Corporation

447,758

8,062

Brookfield

Infrastructure

Corporation

336,347

5,722

California

Water

Service

Group

259,149

6,623

CenterPoint

Energy,

Inc.

215,711

18,867

Clearway

Energy,

Inc.,

Class

A

462,808

32,098

Clearway

Energy,

Inc.,

Class

C

832,301

10,621

Constellation

Energy

Corporation

3,186,088

38,559

Duke

Energy

Corporation

4,318,222

1,266

Edison

International

68,364

62,078

Entergy

Corporation

5,033,284

6,996

Essential

Utilities,

Inc.

248,218

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

179

Shares

Common

Stock  27.0%

Value

Utilities  0.8%

-

continued

4,398

Eversource

Energy

$

253,677

27,959

Hawaiian

Electric

Industries,

Inc.

b

255,545

5,745

NiSource,

Inc.

214,288

9,162

Northwestern

Energy

Group,

Inc.

493,923

18,964

Portland

General

Electric

Company

780,179

36,244

Public

Service

Enterprise

Group,

Inc.

3,027,824

12,331

Spire,

Inc.

875,008

239,082

UGI

Corporation

7,346,990

24,101

Vistra

Energy

Corporation

4,049,691

43,314

Xcel

Energy,

Inc.

2,910,701

80,326

XPLR

Infrastructure,

LP

a

846,636

Total

38,374,673

Total

Common

Stock

(cost

$1,042,259,259)

1,328,078,187

Principal

Amount

Long-Term

Fixed

Income

8.4%

Value

Asset-Backed

Securities  0.2%

Access

Group,

Inc.

$

14,928

4.966%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

c,d

14,874

AMSR

Trust

500,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

c

451,782

350,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

c

333,737

CarVal

CLO

I,

Ltd.

400,000

6.158%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

c,d

400,983

CMFT

Net

Lease

Master

Issuer,

LLC

335,197

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

c

299,499

Commonbond

Student

Loan

Trust

14,383

4.925%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

c,d

14,200

Foundation

Finance

Trust

143,230

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

c

132,990

FRTKL

Trust

625,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

c

589,476

GSAA

Home

Equity

Trust

959,251

4.300%, 

8/25/2034,

Ser.

2004-10,

Class

M2

d

875,762

Home

Partners

of

America

Trust

624,264

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

c

589,347

472,842

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

c

404,549

Hotwire

Funding,

LLC

475,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

c

481,127

HTAP

336,425

7.000%, 

4/25/2037,

Ser.

2024-1,

Class

A

c

334,228

HTAP

Issuer

Trust

384,733

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

c

378,217

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Asset-Backed

Securities  0.2%

-

continued

Laurel

Road

Prime

Student

Loan

Trust

$

100,773

5.259%, 

11/25/2043,

Ser.

2018-D,

Class

A

c,d

$

94,365

MFA

Trust

341,289

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

e

342,501

National

Collegiate

Trust

92,347

5.065%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

c,d

90,329

Sunnova

Hestia

II

Issuer,

LLC

334,786

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

c,f

340,078

Unlock

HEA

Trust

318,287

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

c

314,631

441,382

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

c

429,154

Vericrest

Opportunity

Loan

Transferee

74,937

5.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

c

74,927

261,577

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

c,e

259,098

67,334

5.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

c,e

67,368

252,271

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

c,e

241,023

Wind

River

CLO,

Ltd.

325,000

6.555%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

c,d

325,580

Zayo

Issuer,

LLC

600,000

5.648%, 

3/20/2055,

Ser.

2025-1A,

Class

A2

c,g

600,000

Total

8,479,825

Basic

Materials  0.1%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

64,000

8.625%, 

6/15/2029

c

67,588

ATI,

Inc.

66,000

7.250%, 

8/15/2030

68,382

Avient

Corporation

65,000

6.250%, 

11/1/2031

c

64,872

Cascades,

Inc./Cascades

USA,

Inc.

120,000

5.125%, 

1/15/2026

a,c

118,961

Cerdia

Finanz

GmbH

74,000

9.375%, 

10/3/2031

c

77,278

Chemours

Company

104,000

5.750%, 

11/15/2028

c

98,669

Cleveland-Cliffs,

Inc.

40,000

5.875%, 

6/1/2027

40,052

40,000

4.625%, 

3/1/2029

c

37,275

50,000

6.875%, 

11/1/2029

c

50,155

78,000

4.875%, 

3/1/2031

c

70,648

29,000

7.375%, 

5/1/2033

c

28,840

36,000

6.250%, 

10/1/2040

30,953

Consolidated

Energy

Finance

SA

208,000

5.625%, 

10/15/2028

c

185,120

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

180

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Basic

Materials  0.1%

-

continued

Eastman

Chemical

Company

$

124,000

5.000%, 

8/1/2029

$

123,795

First

Quantum

Minerals,

Ltd.

44,000

6.875%, 

10/15/2027

c

43,935

FMC

Corporation

134,000

5.150%, 

5/18/2026

134,498

FMG

Resources

August

2006,

Pty.

Ltd.

23,000

4.500%, 

9/15/2027

c

22,418

36,000

5.875%, 

4/15/2030

c

35,591

38,000

6.125%, 

4/15/2032

c

37,751

Glencore

Funding,

LLC

189,000

4.000%, 

3/27/2027

c

185,930

Hecla

Mining

Company

60,000

7.250%, 

2/15/2028

60,843

Hudbay

Minerals,

Inc.

61,000

4.500%, 

4/1/2026

c

60,328

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

42,000

9.000%, 

7/1/2028

c

42,374

INEOS

Finance

plc

109,000

7.500%, 

4/15/2029

c

111,154

International

Flavors

&

Fragrances,

Inc.

158,000

1.230%, 

10/1/2025

c

154,157

Magnera

Corporation

97,000

7.250%, 

11/15/2031

c

95,666

Mercer

International,

Inc.

42,000

5.125%, 

2/1/2029

37,256

Methanex

Corporation

53,000

5.125%, 

10/15/2027

52,169

36,000

5.250%, 

12/15/2029

35,056

Methanex

US

Operations,

Inc.

40,000

6.250%, 

3/15/2032

c

39,923

Mineral

Resources,

Ltd.

56,000

9.250%, 

10/1/2028

c

59,228

26,000

8.500%, 

5/1/2030

c

26,899

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

50,000

5.350%, 

3/15/2034

50,036

Novelis

Corporation

16,000

3.250%, 

11/15/2026

c

15,460

38,000

4.750%, 

1/30/2030

c

35,705

55,000

3.875%, 

8/15/2031

c

48,179

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

73,000

5.375%, 

11/1/2026

c

72,426

Sherwin-Williams

Company

143,000

4.800%, 

9/1/2031

141,150

Smurfit

Kappa

Treasury,

ULC

142,000

5.777%, 

4/3/2054

c

139,734

SNF

Group

SACA

89,000

3.375%, 

3/15/2030

c

78,359

SunCoke

Energy,

Inc.

86,000

4.875%, 

6/30/2029

c

79,289

Taseko

Mines,

Ltd.

73,000

8.250%, 

5/1/2030

c

74,728

Tronox,

Inc.

36,000

4.625%, 

3/15/2029

c

32,604

WR

Grace

Holdings,

LLC

28,000

4.875%, 

6/15/2027

c

27,371

Total

3,092,805

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Capital

Goods  0.1%

Advanced

Drainage

Systems,

Inc.

$

75,000

6.375%, 

6/15/2030

c

$

75,697

AECOM

32,000

5.125%, 

3/15/2027

31,821

Amsted

Industries,

Inc.

81,000

5.625%, 

7/1/2027

c

80,456

10,000

4.625%, 

5/15/2030

c

9,394

BAE

Systems

plc

200,000

5.250%, 

3/26/2031

c

201,165

Ball

Corporation

45,000

3.125%, 

9/15/2031

38,673

Boeing

Company

290,000

5.930%, 

5/1/2060

270,681

157,000

5.040%, 

5/1/2027

156,939

90,000

6.259%, 

5/1/2027

92,324

107,000

6.388%, 

5/1/2031

112,585

318,000

5.705%, 

5/1/2040

304,972

Bombardier,

Inc.

75,000

6.000%, 

2/15/2028

c

74,847

64,000

7.250%, 

7/1/2031

c

66,085

103,000

7.000%, 

6/1/2032

a,c

105,030

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

48,000

7.500%, 

2/1/2032

c

48,599

Builders

FirstSource,

Inc.

85,000

5.000%, 

3/1/2030

c

81,395

Camelot

Return

Merger

Sub,

Inc.

54,000

8.750%, 

8/1/2028

c

53,039

Canpack

SA/Canpack

US,

LLC

119,000

3.875%, 

11/15/2029

c

107,512

Carrier

Global

Corporation

125,000

2.700%, 

2/15/2031

109,361

Chart

Industries,

Inc.

98,000

7.500%, 

1/1/2030

c

102,384

Clean

Harbors,

Inc.

72,000

6.375%, 

2/1/2031

c

73,037

Clydesdale

Acquisition

Holdings,

Inc.

13,000

6.625%, 

4/15/2029

c

13,127

70,000

6.875%, 

1/15/2030

c

71,113

Cornerstone

Building

Brands,

Inc.

19,000

9.500%, 

8/15/2029

c

18,964

Crown

Cork

&

Seal

Company,

Inc.

54,000

7.375%, 

12/15/2026

55,826

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

114,000

6.625%, 

12/15/2030

c

115,309

ESAB

Corporation

68,000

6.250%, 

4/15/2029

c

68,915

GFL

Environmental,

Inc.

40,000

3.750%, 

8/1/2025

c

39,746

63,000

4.000%, 

8/1/2028

c

59,981

145,000

3.500%, 

9/1/2028

c

136,683

H&E

Equipment

Services,

Inc.

125,000

3.875%, 

12/15/2028

c

124,774

Herc

Holdings,

Inc.

24,000

5.500%, 

7/15/2027

c

23,908

59,000

6.625%, 

6/15/2029

c

60,300

Ingersoll

Rand,

Inc.

161,000

5.176%, 

6/15/2029

162,516

35,000

5.700%, 

8/14/2033

35,813

John

Deere

Capital

Corporation

233,000

4.400%, 

9/8/2031

226,423

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

181

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Capital

Goods  0.1%

-

continued

Lockheed

Martin

Corporation

$

122,000

5.200%, 

2/15/2064

$

111,790

46,000

6.150%, 

9/1/2036

49,666

Martin

Marietta

Materials,

Inc.

78,000

5.150%, 

12/1/2034

76,483

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

22,000

6.750%, 

4/1/2032

c

22,265

MIWD

Holdco

II,

LLC

28,000

5.500%, 

2/1/2030

c

26,654

Mueller

Water

Products,

Inc.

55,000

4.000%, 

6/15/2029

c

51,350

Nesco

Holdings

II,

Inc.

100,000

5.500%, 

4/15/2029

c

94,516

New

Enterprise

Stone

and

Lime

Company,

Inc.

107,000

5.250%, 

7/15/2028

c

104,457

Nordson

Corporation

132,000

5.600%, 

9/15/2028

135,205

Northrop

Grumman

Corporation

320,000

3.850%, 

4/15/2045

250,577

OI

European

Group

BV

79,000

4.750%, 

2/15/2030

c

71,786

Owens-Brockway

Glass

Container,

Inc.

53,000

6.625%, 

5/13/2027

c

53,174

30,000

7.375%, 

6/1/2032

c

28,814

Quikrete

Holdings,

Inc.

154,000

6.375%, 

3/1/2032

c,g

154,383

39,000

6.750%, 

3/1/2033

c,g

39,097

Regal

Rexnord

Corporation

165,000

6.050%, 

2/15/2026

166,400

Resideo

Funding,

Inc.

76,000

6.500%, 

7/15/2032

c

76,689

Reworld

Holding

Corporation

54,000

4.875%, 

12/1/2029

c

50,288

Roller

Bearing

Company

of

America,

Inc.

75,000

4.375%, 

10/15/2029

c

70,547

RTX

Corporation

44,000

6.400%, 

3/15/2054

47,756

101,000

4.125%, 

11/16/2028

98,815

225,000

4.450%, 

11/16/2038

201,077

201,000

4.500%, 

6/1/2042

174,745

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

58,000

6.125%, 

2/1/2028

c

58,526

Smyrna

Ready

Mix

Concrete,

LLC

94,000

8.875%, 

11/15/2031

c

100,209

Sonoco

Products

Company

154,000

4.600%, 

9/1/2029

150,606

Spirit

AeroSystems,

Inc.

39,000

3.850%, 

6/15/2026

38,321

52,000

4.600%, 

6/15/2028

50,132

23,000

9.750%, 

11/15/2030

c

25,445

SRM

Escrow

Issuer,

LLC

22,000

6.000%, 

11/1/2028

c

21,811

Standard

Building

Solutions,

Inc.

43,000

6.500%, 

8/15/2032

c

43,427

Standard

Industries,

Inc./NY

36,000

4.750%, 

1/15/2028

c

35,025

36,000

3.375%, 

1/15/2031

c

31,514

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Capital

Goods  0.1%

-

continued

Textron,

Inc.

$

200,000

3.375%, 

3/1/2028

$

191,025

TopBuild

Corporation

26,000

4.125%, 

2/15/2032

c

23,258

Trane

Technologies

Financing,

Ltd.

118,000

5.100%, 

6/13/2034

117,089

TransDigm,

Inc.

90,000

6.750%, 

8/15/2028

c

91,595

114,000

7.125%, 

12/1/2031

c

117,719

101,000

6.625%, 

3/1/2032

c

102,724

96,000

6.000%, 

1/15/2033

c

94,730

Trivium

Packaging

Finance

54,000

5.500%, 

8/15/2026

c

53,730

United

Rentals

North

America,

Inc.

110,000

4.875%, 

1/15/2028

108,478

110,000

4.000%, 

7/15/2030

101,835

Veralto

Corporation

133,000

5.350%, 

9/18/2028

135,174

Waste

Pro

USA,

Inc.

87,000

7.000%, 

2/1/2033

c

87,968

WESCO

Distribution,

Inc.

38,000

7.250%, 

6/15/2028

c

38,721

36,000

6.375%, 

3/15/2029

c

36,674

25,000

6.625%, 

3/15/2032

c

25,560

Total

7,447,224

Collateralized

Mortgage

Obligations  0.3%

A&D

Mortgage

Trust

345,714

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

c,e

348,791

Banc

of

America

Alternative

Loan

Trust

10,801

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

9,420

BINOM

Securitization

Trust

221,254

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

c,d

197,552

CHL

Mortgage

Pass-Through

Trust

613,808

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

264,436

CHNGE

Mortgage

Trust

275,807

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

c,e

278,982

426,979

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

c,e

425,545

Citicorp

Mortgage

Securities,

Inc.

230,066

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

203,465

Citigroup

Mortgage

Loan

Trust,

Inc.

1,772

6.524%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

d

1,781

COLT

Mortgage

Loan

Trust

430,786

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

c,d

378,593

Countrywide

Alternative

Loan

Trust

50,022

4.160%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

d

40,333

274,372

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

93,046

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

182

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Collateralized

Mortgage

Obligations  0.3%

-

continued

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

$

28,098

5.190%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

d

$

22,838

Countrywide

Home

Loans,

Inc.

74,806

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

33,953

CSMC

Trust

222,155

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

c,d

222,019

256,013

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

c,d

215,441

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

699,420

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

677,515

450,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

421,853

900,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

870,675

71,890

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

h

5,033

242,056

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

h

20,921

598,921

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

592,318

600,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

468,719

Federal

National

Mortgage

Association

-

REMIC

600,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

548,924

728,926

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

715,171

634,988

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

501,784

192,087

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

h

4,751

Flagstar

Mortgage

Trust

265,021

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

c,d

234,028

GCAT

Trust

361,104

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

c,d

322,282

689,635

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

c,d

689,501

GS

Mortgage-Backed

Securities

Trust

574,163

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

c,d

479,965

J.P.

Morgan

Mortgage

Trust

512,965

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

c,d

410,921

366,227

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

c,d

309,856

LHOME

Mortgage

Trust

350,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

c,e

355,302

275,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

c,e

278,644

Mello

Mortgage

Capital

Acceptance

527,343

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

c,d

422,438

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Collateralized

Mortgage

Obligations  0.3%

-

continued

Merrill

Lynch

Alternative

Note

Asset

Trust

$

77,527

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

$

26,604

New

Residential

Mortgage

Loan

Trust

1,022,674

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

c,d

819,232

OBX

Trust

350,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

c,d

314,260

Palisades

Mortgage

Loan

Trust

336,014

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

c

334,042

PRPM,

LLC

325,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

c,e

300,269

Residential

Accredit

Loans,

Inc.

Trust

98,275

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

84,559

Residential

Funding

Mortgage

Security

I

Trust

17,154

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

13,444

Roc

Mortgage

Trust

160,721

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

c,d

160,721

Saluda

Grade

Alternative

Mortgage

Trust

525,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

c,e

530,294

450,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

c,e

453,497

Sequoia

Mortgage

Trust

75,327

3.972%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

d

49,950

TRK

Trust

337,344

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

c,d

290,906

TVC

Mortgage

Trust

350,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

c,e

348,493

Vericrest

Opportunity

Loan

Transferee

87,489

5.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

c,e

87,488

Verus

Securitization

Trust

187,177

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

c,d

164,401

Total

15,044,956

Commercial

Mortgage-Backed

Securities  0.1%

BANK

2022-BNK39

2,728,302

0.427%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

d,h

66,544

BBCMS

Mortgage

Trust

3,979,531

1.152%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

d,h

279,329

3,482,471

1.852%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

d,h

252,678

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

183

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Commercial

Mortgage-Backed

Securities  0.1%

-

continued

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

$

975,000

5.180%, 

3/25/2029,

Ser.

K520,

Class

A2

d

$

992,666

450,000

4.791%, 

9/25/2029,

Ser.

K529,

Class

A2

f

451,725

1,000,000

4.489%, 

9/25/2034,

Ser.

K-165,

Class

A2

f

969,700

Morgan

Stanley

Capital

I

Trust

3,299,677

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

d,h

250,597

ROCK

Trust

400,000

5.388%, 

11/13/2041,

Ser.

2024-CNTR,

Class

A

c

401,929

Total

3,665,168

Communications

Services  0.2%

AMC

Networks,

Inc.

90,000

10.250%, 

1/15/2029

c

96,075

American

Tower

Corporation

80,000

3.375%, 

10/15/2026

78,262

133,000

5.800%, 

11/15/2028

136,816

171,000

2.900%, 

1/15/2030

154,533

144,000

5.000%, 

1/31/2030

143,327

88,000

5.650%, 

3/15/2033

89,486

AppLovin

Corporation

163,000

5.500%, 

12/1/2034

162,316

AT&T,

Inc.

165,000

5.700%, 

3/1/2057

158,266

198,000

3.650%, 

6/1/2051

139,683

283,000

3.500%, 

9/15/2053

191,116

134,000

5.400%, 

2/15/2034

134,703

180,000

4.900%, 

8/15/2037

169,658

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

120,000

5.125%, 

5/1/2027

c

117,784

16,000

5.000%, 

2/1/2028

c

15,575

131,000

5.375%, 

6/1/2029

c

126,605

125,000

4.750%, 

3/1/2030

c

115,783

147,000

4.500%, 

8/15/2030

a,c

133,740

52,000

4.250%, 

2/1/2031

c

46,131

138,000

4.750%, 

2/1/2032

c

122,799

38,000

4.500%, 

6/1/2033

c

32,242

133,000

4.250%, 

1/15/2034

a,c

108,657

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

509,000

4.200%, 

3/15/2028

493,865

160,000

6.100%, 

6/1/2029

163,644

400,000

3.500%, 

6/1/2041

277,159

Clear

Channel

Outdoor

Holdings,

Inc.

97,000

7.875%, 

4/1/2030

c

100,380

Clear

Channel

Worldwide

Holdings,

Inc.

75,000

5.125%, 

8/15/2027

c

73,059

Comcast

Corporation

198,000

5.350%, 

5/15/2053

181,653

180,000

4.400%, 

8/15/2035

165,913

243,000

4.750%, 

3/1/2044

213,088

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Communications

Services  0.2%

-

continued

Crown

Castle,

Inc.

$

168,000

4.900%, 

9/1/2029

$

166,995

Deluxe

Corporation

90,000

8.125%, 

9/15/2029

c

92,566

Deutsche

Telekom

International

Finance

BV

330,000

8.750%, 

6/15/2030

384,054

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

246,000

5.875%, 

8/15/2027

c

243,611

FiberCop

SPA

132,000

6.000%, 

9/30/2034

c

126,573

Frontier

Communications

Holdings,

LLC

110,000

5.875%, 

10/15/2027

c

110,032

GCI,

LLC

45,000

4.750%, 

10/15/2028

c

42,454

Gray

Media,

Inc.

40,000

10.500%, 

7/15/2029

c

41,873

Iliad

Holding

SASU

96,000

8.500%, 

4/15/2031

c

103,088

62,000

7.000%, 

4/15/2032

c

62,865

Intelsat

Jackson

Holdings

SA

94,000

6.500%, 

3/15/2030

c

84,923

Lamar

Media

Corporation

53,000

3.625%, 

1/15/2031

47,331

LCPR

Senior

Secured

Financing

DAC

137,000

6.750%, 

10/15/2027

c

125,381

Level

3

Financing,

Inc.

20,000

3.625%, 

1/15/2029

c

15,400

35,556

10.500%, 

4/15/2029

c

39,828

35,556

11.000%, 

11/15/2029

c

40,310

47,000

10.500%, 

5/15/2030

c

51,216

18,000

10.750%, 

12/15/2030

c

20,259

45,000

4.000%, 

4/15/2031

c

35,100

Lumen

Technologies,

Inc.

20,913

4.125%, 

4/15/2030

c

18,329

McGraw-Hill

Education,

Inc.

109,000

5.750%, 

8/1/2028

c

107,288

Meta

Platforms,

Inc.

99,000

5.600%, 

5/15/2053

98,697

233,000

5.400%, 

8/15/2054

226,058

146,000

3.850%, 

8/15/2032

135,973

Netflix,

Inc.

169,000

5.375%, 

11/15/2029

c

172,444

180,000

4.875%, 

6/15/2030

c

179,542

Nexstar

Media,

Inc.

44,000

5.625%, 

7/15/2027

c

43,397

59,000

4.750%, 

11/1/2028

c

55,633

Omnicom

Group,

Inc.

135,000

4.200%, 

6/1/2030

130,231

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

10,000

4.625%, 

3/15/2030

a,c

9,296

Paramount

Global

31,000

6.375%, 

3/30/2062

d

30,218

Playtika

Holding

Corporation

83,000

4.250%, 

3/15/2029

c

76,550

Rogers

Communications,

Inc.

172,000

5.000%, 

2/15/2029

171,103

221,000

5.300%, 

2/15/2034

214,361

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

184

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Communications

Services  0.2%

-

continued

Sinclair

Television

Group,

Inc.

$

45,000

8.125%, 

2/15/2033

c,g

$

45,250

Sirius

XM

Radio,

LLC

110,000

5.000%, 

8/1/2027

c

108,016

55,000

4.000%, 

7/15/2028

c

51,431

95,000

4.125%, 

7/1/2030

c

84,914

Sprint

Capital

Corporation

334,000

8.750%, 

3/15/2032

399,035

Take-Two

Interactive

Software,

Inc.

123,000

5.600%, 

6/12/2034

123,713

TEGNA,

Inc.

107,000

4.625%, 

3/15/2028

102,484

T-Mobile

USA,

Inc.

331,000

3.600%, 

11/15/2060

218,871

200,000

4.850%, 

1/15/2029

199,430

200,000

4.375%, 

4/15/2040

173,779

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

17,000

10.500%, 

2/15/2028

c

18,176

110,000

4.750%, 

4/15/2028

c

104,476

46,000

6.500%, 

2/15/2029

c

41,965

Univision

Communications,

Inc.

15,000

8.000%, 

8/15/2028

c

15,334

112,000

4.500%, 

5/1/2029

c

101,991

54,000

7.375%, 

6/30/2030

c

53,280

63,000

8.500%, 

7/31/2031

c

63,278

Verizon

Communications,

Inc.

198,000

3.000%, 

11/20/2060

115,195

425,000

2.650%, 

11/20/2040

291,970

290,000

3.400%, 

3/22/2041

220,141

Viasat,

Inc.

40,000

5.625%, 

4/15/2027

a,c

38,849

Virgin

Media

Finance

plc

41,000

5.000%, 

7/15/2030

c

35,702

Virgin

Media

Secured

Finance

plc

86,000

5.500%, 

5/15/2029

c

82,342

VMED

O2

UK

Financing

I

plc

44,000

4.750%, 

7/15/2031

c

38,658

38,000

7.750%, 

4/15/2032

c

38,519

Vodafone

Group

plc

54,000

5.125%, 

6/4/2081

d

41,696

VZ

Secured

Financing

BV

134,000

5.000%, 

1/15/2032

c

119,728

Warnermedia

Holdings,

Inc.

350,000

4.054%, 

3/15/2029

328,579

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

52,000

8.250%, 

10/1/2031

c

53,821

Zegona

Finance

plc

68,000

8.625%, 

7/15/2029

c

72,590

Ziggo

Bond

Company

BV

40,000

5.125%, 

2/28/2030

c

36,379

Ziggo

BV

39,000

4.875%, 

1/15/2030

c

36,533

Total

11,101,422

Consumer

Cyclical  0.3%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

26,000

3.875%, 

1/15/2028

c

24,813

58,000

4.375%, 

1/15/2028

c

55,781

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Cyclical  0.3%

-

continued

$

40,000

6.125%, 

6/15/2029

c

$

40,545

68,000

5.625%, 

9/15/2029

c

67,710

Adient

Global

Holdings,

Ltd.

26,000

8.250%, 

4/15/2031

a,c

26,965

41,000

7.500%, 

2/15/2033

c

41,546

ADT

Security

Corporation

60,000

4.125%, 

8/1/2029

c

56,375

60,000

4.875%, 

7/15/2032

c

55,826

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

130,000

4.625%, 

6/1/2028

c

124,108

Allison

Transmission,

Inc.

30,000

3.750%, 

1/30/2031

c

26,771

Amazon.com,

Inc.

169,000

3.875%, 

8/22/2037

149,309

American

Axle

&

Manufacturing,

Inc.

102,000

5.000%, 

10/1/2029

a

93,574

American

Honda

Finance

Corporation

204,000

5.050%, 

7/10/2031

203,378

Anywhere

Real

Estate

Group,

LLC/Anywhere

Co-Issuer

Corporation

19,000

7.000%, 

4/15/2030

a,c

17,432

Arko

Corporation

58,000

5.125%, 

11/15/2029

c

53,513

Asbury

Automotive

Group,

Inc.

62,000

5.000%, 

2/15/2032

c

58,011

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

80,000

4.625%, 

8/1/2029

c

74,084

12,000

4.625%, 

4/1/2030

c

11,052

Aston

Martin

Capital

Holdings,

Ltd.

67,000

10.000%, 

3/31/2029

c

66,496

Bath

&

Body

Works,

Inc.

32,000

6.950%, 

3/1/2033

32,504

Beazer

Homes

USA,

Inc.

61,000

7.500%, 

3/15/2031

c

61,507

Belron

UK

Finance

plc

33,000

5.750%, 

10/15/2029

c

32,704

BorgWarner,

Inc.

150,000

4.950%, 

8/15/2029

149,459

Boyd

Gaming

Corporation

85,000

4.750%, 

6/15/2031

c

79,302

Boyne

USA,

Inc.

58,000

4.750%, 

5/15/2029

c

55,134

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

55,000

4.875%, 

2/15/2030

c

50,314

Caesars

Entertainment,

Inc.

166,000

4.625%, 

10/15/2029

c

156,715

43,000

6.500%, 

2/15/2032

c

43,535

42,000

6.000%, 

10/15/2032

a,c

40,848

Carnival

Corporation

22,000

7.625%, 

3/1/2026

c

22,038

202,000

5.750%, 

3/1/2027

c

202,423

93,000

4.000%, 

8/1/2028

c

88,761

25,000

6.000%, 

5/1/2029

c

25,048

Carvana

Company

30,939

0.000%,PIK

12.000%,

12/1/2028

c,i

33,328

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

185

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Cyclical  0.3%

-

continued

Cedar

Fair,

LP/Canada's

Wonderland

Company/Magnum

Management

Corporation/

Millennium

Operations,

LLC

$

18,000

5.375%, 

4/15/2027

$

17,922

79,000

5.250%, 

7/15/2029

76,175

Churchill

Downs,

Inc.

85,000

4.750%, 

1/15/2028

c

82,824

39,000

6.750%, 

5/1/2031

c

39,662

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

52,000

6.750%, 

5/15/2028

c

52,974

95,000

6.750%, 

2/15/2030

c

96,491

Crocs,

Inc.

36,000

4.250%, 

3/15/2029

c

33,481

Cushman

&

Wakefield

US

Borrower,

LLC

18,000

6.750%, 

5/15/2028

c

18,149

Daimler

Trucks

Finance

North

America,

LLC

249,000

2.000%, 

12/14/2026

c

236,732

Dana,

Inc.

36,000

5.625%, 

6/15/2028

35,757

53,000

4.500%, 

2/15/2032

a

49,918

eG

Global

Finance

plc

18,000

12.000%, 

11/30/2028

c

20,180

Expedia

Group,

Inc.

314,000

3.250%, 

2/15/2030

289,699

Ford

Motor

Credit

Company,

LLC

200,000

2.300%, 

2/10/2025

199,891

200,000

5.850%, 

5/17/2027

202,208

200,000

2.900%, 

2/10/2029

180,108

173,000

7.122%, 

11/7/2033

180,950

Forestar

Group,

Inc.

37,000

3.850%, 

5/15/2026

c

36,144

Gap,

Inc.

26,000

3.625%, 

10/1/2029

c

23,651

67,000

3.875%, 

10/1/2031

c

58,763

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

71,000

7.750%, 

5/31/2032

c

72,336

General

Motors

Company

94,000

6.125%, 

10/1/2025

94,667

General

Motors

Financial

Company,

Inc.

68,000

5.400%, 

5/8/2027

68,692

230,000

5.800%, 

1/7/2029

234,261

224,000

4.900%, 

10/6/2029

220,320

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

58,000

8.750%, 

1/15/2032

c

51,315

GLP

Capital,

LP

298,000

5.750%, 

6/1/2028

301,514

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

36,000

3.500%, 

3/1/2029

c

33,274

Goodyear

Tire

&

Rubber

Company

36,000

4.875%, 

3/15/2027

35,310

39,000

5.000%, 

7/15/2029

36,384

Group

1

Automotive,

Inc.

28,000

6.375%, 

1/15/2030

c

28,459

Hanesbrands,

Inc.

41,000

4.875%, 

5/15/2026

c

40,675

21,000

9.000%, 

2/15/2031

a,c

22,439

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Cyclical  0.3%

-

continued

Harley-Davidson

Financial

Services,

Inc.

$

151,000

5.950%, 

6/11/2029

c

$

152,012

Hilton

Domestic

Operating

Company,

Inc.

163,000

4.875%, 

1/15/2030

157,860

18,000

4.000%, 

5/1/2031

c

16,408

104,000

3.625%, 

2/15/2032

c

91,446

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

127,000

5.000%, 

6/1/2029

c

120,988

Home

Depot,

Inc.

215,000

5.400%, 

9/15/2040

213,991

126,000

4.250%, 

4/1/2046

105,396

205,000

3.900%, 

6/15/2047

160,746

Hyundai

Capital

America

300,000

1.800%, 

1/10/2028

c

273,780

172,000

5.300%, 

6/24/2029

c

172,862

International

Game

Technology

plc

90,000

5.250%, 

1/15/2029

c

88,561

Jacobs

Entertainment,

Inc.

53,000

6.750%, 

2/15/2029

c

52,071

Jaguar

Land

Rover

Automotive

plc

43,000

5.500%, 

7/15/2029

c

42,299

K

Hovnanian

Enterprises,

Inc.

34,000

11.750%, 

9/30/2029

c

36,961

KB

Home

120,000

4.800%, 

11/15/2029

115,082

L

Brands,

Inc.

120,000

6.625%, 

10/1/2030

c

122,178

62,000

6.875%, 

11/1/2035

63,978

Las

Vegas

Sands

Corporation

112,000

5.900%, 

6/1/2027

113,523

Life

Time,

Inc.

56,000

6.000%, 

11/15/2031

c

56,010

Light

&

Wonder

International,

Inc.

37,000

7.250%, 

11/15/2029

c

38,169

Live

Nation

Entertainment,

Inc.

39,000

4.750%, 

10/15/2027

c

38,225

Lowe's

Companies,

Inc.

132,000

5.625%, 

4/15/2053

126,884

286,000

2.625%, 

4/1/2031

249,941

Macy's

Retail

Holdings,

LLC

42,000

5.875%, 

4/1/2029

a,c

41,144

35,000

6.125%, 

3/15/2032

a,c

33,100

42,000

4.500%, 

12/15/2034

34,457

Marriott

International,

Inc./MD

248,000

4.625%, 

6/15/2030

243,176

Match

Group

Holdings

II,

LLC

83,000

4.125%, 

8/1/2030

c

74,976

Mattamy

Group

Corporation

74,000

5.250%, 

12/15/2027

c

72,499

McDonald's

Corporation

225,000

4.450%, 

3/1/2047

189,462

Melco

Resorts

Finance,

Ltd.

98,000

5.375%, 

12/4/2029

c

90,333

90,000

7.625%, 

4/17/2032

c

89,845

MGM

Resorts

International

38,000

4.625%, 

9/1/2026

37,660

40,000

6.125%, 

9/15/2029

40,031

Michaels

Companies,

Inc.

53,000

5.250%, 

5/1/2028

c

41,215

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

186

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Cyclical  0.3%

-

continued

NCL

Corporation,

Ltd.

$

6,000

5.875%, 

3/15/2026

c

$

6,022

89,000

5.875%, 

2/15/2027

c

89,408

84,000

6.750%, 

2/1/2032

c

85,312

Nordstrom,

Inc.

44,000

4.250%, 

8/1/2031

a

38,804

Parkland

Corporation

40,000

6.625%, 

8/15/2032

c

40,094

PENN

Entertainment,

Inc.

90,000

4.125%, 

7/1/2029

a,c

81,985

PetSmart,

Inc./PetSmart

Finance

Corporation

105,000

4.750%, 

2/15/2028

c

100,633

38,000

7.750%, 

2/15/2029

c

37,877

Phinia,

Inc.

56,000

6.625%, 

10/15/2032

c

56,116

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

50,000

5.750%, 

4/15/2026

c

50,121

QVC,

Inc.

22,000

6.875%, 

4/15/2029

c

18,344

Rakuten

Group,

Inc.

53,000

11.250%, 

2/15/2027

c

57,930

62,000

9.750%, 

4/15/2029

c

67,716

Raven

Acquisition

Holdings,

LLC

39,000

6.875%, 

11/15/2031

c

38,910

Royal

Caribbean

Cruises,

Ltd.

176,000

4.250%, 

7/1/2026

c

173,582

25,000

5.625%, 

9/30/2031

c

24,815

28,000

6.000%, 

2/1/2033

c

28,222

S&S

Holdings,

LLC

84,000

8.375%, 

10/1/2031

c

84,291

Saks

Global

Enterprises,

LLC

93,000

11.000%, 

12/15/2029

c

89,057

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

41,000

6.625%, 

3/1/2030

c

39,919

SeaWorld

Parks

and

Entertainment,

Inc.

85,000

5.250%, 

8/15/2029

c

82,145

Service

Corporation

International/

US

36,000

3.375%, 

8/15/2030

31,948

26,000

4.000%, 

5/15/2031

23,490

60,000

5.750%, 

10/15/2032

58,957

Six

Flags

Entertainment

Corporation

18,000

7.250%, 

5/15/2031

c

18,542

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc.

18,000

6.625%, 

5/1/2032

c

18,389

Six

Flags

Theme

Parks,

Inc.

16,000

7.000%, 

7/1/2025

a,c

16,025

Sonic

Automotive,

Inc.

45,000

4.875%, 

11/15/2031

c

41,502

Staples,

Inc.

74,000

10.750%, 

9/1/2029

c

72,523

Station

Casinos,

LLC

62,000

4.625%, 

12/1/2031

c

56,283

Target

Corporation

198,000

2.950%, 

1/15/2052

a

126,301

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Cyclical  0.3%

-

continued

Tenneco,

Inc.

$

81,000

8.000%, 

11/17/2028

c

$

77,318

Toyota

Motor

Credit

Corporation

63,000

4.800%, 

1/5/2034

61,292

222,000

5.350%, 

1/9/2035

223,163

Uber

Technologies,

Inc.

132,000

5.350%, 

9/15/2054

122,060

160,000

4.800%, 

9/15/2034

153,195

VICI

Properties,

LP/VICI

Note

Company,

Inc.

221,000

4.625%, 

6/15/2025

c

220,507

85,000

5.750%, 

2/1/2027

c

85,792

98,000

4.125%, 

8/15/2030

c

90,969

Victoria's

Secret

&

Company

113,000

4.625%, 

7/15/2029

a,c

103,811

Victra

Holdings,

LLC/Victra

Finance

Corporation

27,000

8.750%, 

9/15/2029

c

28,592

Viking

Cruises,

Ltd.

182,000

5.875%, 

9/15/2027

c

181,661

Walgreens

Boots

Alliance,

Inc.

62,000

3.200%, 

4/15/2030

51,490

Walmart,

Inc.

173,000

4.500%, 

9/9/2052

151,200

WASH

Multifamily

Acquisition,

Inc.

55,000

5.750%, 

4/15/2026

c

54,970

Wyndham

Hotels

&

Resorts,

Inc.

54,000

4.375%, 

8/15/2028

c

51,882

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

34,000

5.125%, 

10/1/2029

c

32,953

85,000

7.125%, 

2/15/2031

c

88,879

Yum!

Brands,

Inc.

100,000

4.750%, 

1/15/2030

c

96,002

ZF

North

America

Capital,

Inc.

53,000

7.125%, 

4/14/2030

c

52,999

39,000

6.750%, 

4/23/2030

c

38,322

Total

12,811,823

Consumer

Non-Cyclical  0.3%

1375209

B.C.,

Ltd.

36,000

9.000%, 

1/30/2028

a,c

36,052

Abbott

Laboratories

219,000

4.750%, 

11/30/2036

212,214

AbbVie,

Inc.

68,000

5.400%, 

3/15/2054

65,602

420,000

4.500%, 

5/14/2035

394,912

153,000

5.350%, 

3/15/2044

149,798

Acadia

Healthcare

Company,

Inc.

58,000

5.000%, 

4/15/2029

c

55,152

AdaptHealth,

LLC

155,000

4.625%, 

8/1/2029

c

142,473

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

112,000

4.625%, 

1/15/2027

c

110,006

119,000

3.500%, 

3/15/2029

c

109,473

Altria

Group,

Inc.

134,000

6.875%, 

11/1/2033

145,963

Amgen,

Inc.

150,000

4.200%, 

2/22/2052

116,468

198,000

5.600%, 

3/2/2043

194,126

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

187

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Non-Cyclical  0.3%

-

continued

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

$

275,000

4.700%, 

2/1/2036

$

260,018

Anheuser-Busch

InBev

Worldwide,

Inc.

174,000

5.550%, 

1/23/2049

170,691

Archer-Daniels-Midland

Company

255,000

2.700%, 

9/15/2051

152,523

AstraZeneca

plc

360,000

3.000%, 

5/28/2051

236,823

BAT

Capital

Corporation

142,000

7.079%, 

8/2/2043

154,234

Bausch

+

Lomb

Corporation

20,000

8.375%, 

10/1/2028

c

20,939

Bausch

Health

Companies,

Inc.

83,000

5.500%, 

11/1/2025

c

81,444

87,000

4.875%, 

6/1/2028

a,c

70,482

46,000

11.000%, 

9/30/2028

c

42,902

Becton,

Dickinson

and

Company

101,000

3.794%, 

5/20/2050

75,136

225,000

3.700%, 

6/6/2027

220,229

BellRing

Brands,

Inc.

55,000

7.000%, 

3/15/2030

c

57,010

Bristol-Myers

Squibb

Company

327,000

3.550%, 

3/15/2042

254,412

Bunge,

Ltd.

Finance

Corporation

50,000

4.650%, 

9/17/2034

47,373

Campbell's

Company

132,000

5.400%, 

3/21/2034

131,516

Cargill,

Inc.

196,000

3.125%, 

5/25/2051

c

128,989

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

34,000

9.500%, 

10/15/2029

c

33,863

Cencora,

Inc.

135,000

5.150%, 

2/15/2035

131,858

Central

Garden

&

Pet

Company

52,000

4.125%, 

10/15/2030

47,277

Champ

Acquisition

Corporation

32,000

8.375%, 

12/1/2031

c

33,327

Charles

River

Laboratories

International,

Inc.

42,000

4.000%, 

3/15/2031

c

37,756

CHS/Community

Health

Systems,

Inc.

72,000

5.625%, 

3/15/2027

c

69,908

23,000

8.000%, 

12/15/2027

c

22,852

37,000

6.000%, 

1/15/2029

c

33,727

42,000

4.750%, 

2/15/2031

c

34,273

52,000

10.875%, 

1/15/2032

c

53,559

Conagra

Brands,

Inc.

246,000

1.375%, 

11/1/2027

224,045

Concentra

Escrow

Issuer

Corporation

32,000

6.875%, 

7/15/2032

c

33,090

Constellation

Brands,

Inc.

167,000

3.600%, 

2/15/2028

161,064

108,000

2.875%, 

5/1/2030

96,583

CVS

Health

Corporation

64,000

7.000%, 

3/10/2055

d

64,644

145,000

4.780%, 

3/25/2038

127,361

249,000

6.000%, 

6/1/2044

238,936

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Non-Cyclical  0.3%

-

continued

DaVita,

Inc.

$

43,000

3.750%, 

2/15/2031

c

$

37,840

75,000

6.875%, 

9/1/2032

c

76,053

Edgewell

Personal

Care

Company

60,000

5.500%, 

6/1/2028

c

59,157

Eli

Lilly

&

Company

98,000

4.950%, 

2/27/2063

87,611

Embecta

Corporation

46,000

5.000%, 

2/15/2030

c

42,772

31,000

6.750%, 

2/15/2030

c

29,608

Encompass

Health

Corporation

58,000

4.500%, 

2/1/2028

56,618

Endo

Finance

Holdings,

Inc.

35,000

8.500%, 

4/15/2031

a,c

37,438

Energizer

Holdings,

Inc.

96,000

4.750%, 

6/15/2028

c

92,209

Fortrea

Holdings,

Inc.

19,000

7.500%, 

7/1/2030

a,c

19,075

GE

HealthCare

Technologies,

Inc.

154,000

6.377%, 

11/22/2052

165,435

General

Mills,

Inc.

53,000

4.950%, 

3/29/2033

51,834

Grifols

SA

45,000

4.750%, 

10/15/2028

c

41,630

HCA,

Inc.

265,000

3.500%, 

9/1/2030

242,142

122,000

5.450%, 

9/15/2034

119,509

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

78,000

7.875%, 

9/1/2025

c

77,958

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

40,000

12.250%, 

4/15/2029

c

42,002

43,000

4.875%, 

6/1/2029

c

29,074

Illumina,

Inc.

150,000

4.650%, 

9/9/2026

149,543

Imperial

Brands

Finance

plc

275,000

3.875%, 

7/26/2029

c

260,710

Jazz

Securities

DAC

27,000

4.375%, 

1/15/2029

c

25,719

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

142,000

5.500%, 

1/15/2030

142,249

243,000

3.000%, 

5/15/2032

204,835

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

174,000

5.950%, 

4/20/2035

c

176,319

Johnson

&

Johnson

144,000

5.250%, 

6/1/2054

141,245

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

70,000

9.000%, 

2/15/2029

c

72,756

Kimberly-Clark

Corporation

230,000

3.900%, 

5/4/2047

180,399

Kraft

Heinz

Foods

Company

90,000

4.375%, 

6/1/2046

73,255

Lamb

Weston

Holdings,

Inc.

40,000

4.125%, 

1/31/2030

c

37,056

41,000

4.375%, 

1/31/2032

c

37,303

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

188

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Non-Cyclical  0.3%

-

continued

LifePoint

Health,

Inc.

$

70,000

9.875%, 

8/15/2030

c

$

74,675

41,000

11.000%, 

10/15/2030

c

45,332

29,000

10.000%, 

6/1/2032

c

28,271

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

46,000

6.250%, 

4/1/2029

c

46,742

Medtronic,

Inc.

200,000

4.375%, 

3/15/2035

189,211

Mozart

Debt

Merger

Sub,

Inc.

74,000

3.875%, 

4/1/2029

c

69,050

110,000

5.250%, 

10/1/2029

c

106,583

MPH

Acquisition

Holdings,

LLC

19,412

5.750%, 

12/31/2030

c

15,530

10,138

11.500%, 

12/31/2030

c

8,719

Newell

Brands,

Inc.

37,000

6.375%, 

9/15/2027

37,663

37,000

6.625%, 

9/15/2029

a

37,955

24,000

6.375%, 

5/15/2030

24,300

Novartis

Capital

Corporation

141,000

4.700%, 

9/18/2054

125,004

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

51,000

4.125%, 

4/30/2028

c

48,372

140,000

5.125%, 

4/30/2031

c

126,733

Owens

&

Minor,

Inc.

64,000

6.625%, 

4/1/2030

a,c

61,626

PepsiCo,

Inc.

125,000

4.200%, 

7/18/2052

101,402

Performance

Food

Group,

Inc.

81,000

4.250%, 

8/1/2029

c

76,155

52,000

6.125%, 

9/15/2032

c

52,109

Perrigo

Finance

Unlimited

Company

57,000

4.900%, 

6/15/2030

53,746

35,000

6.125%, 

9/30/2032

34,322

Pfizer

Investment

Enterprises,

Private

Ltd.

297,000

5.300%, 

5/19/2053

278,092

132,000

5.110%, 

5/19/2043

124,747

Philip

Morris

International,

Inc.

133,000

5.500%, 

9/7/2030

136,435

67,000

5.125%, 

2/13/2031

67,342

198,000

5.375%, 

2/15/2033

198,662

187,000

4.900%, 

11/1/2034

180,391

Post

Holdings,

Inc.

53,000

4.625%, 

4/15/2030

c

49,300

77,000

4.500%, 

9/15/2031

c

69,624

52,000

6.250%, 

10/15/2034

c

50,674

Prime

Healthcare

Services,

Inc.

58,000

9.375%, 

9/1/2029

c

55,155

Radiology

Partners,

Inc.

32,000

7.775%, 

1/31/2029

c

31,710

Roche

Holdings,

Inc.

130,000

4.000%, 

11/28/2044

c

106,888

Royalty

Pharma

plc

131,000

5.150%, 

9/2/2029

130,911

Select

Medical

Corporation

39,000

6.250%, 

12/1/2032

c

38,314

Simmons

Foods,

Inc.

110,000

4.625%, 

3/1/2029

c

102,516

Sotera

Health

Holdings,

LLC

38,000

7.375%, 

6/1/2031

c

38,692

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Consumer

Non-Cyclical  0.3%

-

continued

Spectrum

Brands,

Inc.

$

9,000

3.875%, 

3/15/2031

c

$

7,704

Star

Parent,

Inc.

32,000

9.000%, 

10/1/2030

c

33,674

Stryker

Corporation

155,000

5.200%, 

2/10/2035

g

153,955

Surgery

Center

Holdings,

Inc.

39,000

7.250%, 

4/15/2032

c

38,903

Sysco

Corporation

200,000

6.600%, 

4/1/2040

216,894

Takeda

Pharmaceutical

Company,

Ltd.

200,000

3.175%, 

7/9/2050

130,071

200,000

5.650%, 

7/5/2044

197,524

Tenet

Healthcare

Corporation

162,000

5.125%, 

11/1/2027

160,242

120,000

4.375%, 

1/15/2030

112,265

79,000

6.750%, 

5/15/2031

80,846

Teva

Pharmaceutical

Finance

Company,

LLC

38,000

6.150%, 

2/1/2036

38,005

Teva

Pharmaceutical

Finance

Netherlands

III

BV

32,000

3.150%, 

10/1/2026

31,007

US

Acute

Care

Solutions,

LLC

71,000

9.750%, 

5/15/2029

c

72,200

Viterra

Finance

BV

167,000

3.200%, 

4/21/2031

c

146,458

Wyeth,

LLC

134,000

6.500%, 

2/1/2034

146,207

Zoetis,

Inc.

288,000

4.700%, 

2/1/2043

257,621

Total

12,936,966

Energy  0.2%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

34,000

7.500%, 

10/1/2029

c

34,869

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

70,000

5.375%, 

6/15/2029

c

68,437

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

55,000

6.250%, 

4/1/2028

c

55,272

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

73,000

8.250%, 

12/31/2028

c

74,502

37,000

5.875%, 

6/30/2029

c

36,406

Baytex

Energy

Corporation

65,000

8.500%, 

4/30/2030

c

66,966

32,000

7.375%, 

3/15/2032

c

31,538

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

59,000

7.000%, 

7/15/2029

c

60,606

BP

Capital

Markets

America,

Inc.

353,000

2.939%, 

6/4/2051

219,190

Buckeye

Partners,

LP

50,000

4.500%, 

3/1/2028

c

48,147

33,000

6.875%, 

7/1/2029

c

33,784

18,000

6.750%, 

2/1/2030

c

18,311

California

Resources

Corporation

44,000

8.250%, 

6/15/2029

c

45,236

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

189

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Energy  0.2%

-

continued

Canadian

Natural

Resources,

Ltd.

$

100,000

5.000%, 

12/15/2029

c

$

98,813

94,000

2.950%, 

7/15/2030

83,969

Cheniere

Energy

Partners,

LP

528,000

4.500%, 

10/1/2029

511,914

Cheniere

Energy,

Inc.

37,000

5.650%, 

4/15/2034

36,988

Civitas

Resources,

Inc.

58,000

8.375%, 

7/1/2028

c

60,660

89,000

8.750%, 

7/1/2031

c

93,865

CNX

Resources

Corporation

38,000

6.000%, 

1/15/2029

c

37,662

Columbia

Pipelines

Holding

Company,

LLC

140,000

6.042%, 

8/15/2028

c

143,865

Columbia

Pipelines

Operating

Company,

LLC

35,000

5.927%, 

8/15/2030

c

36,114

Comstock

Resources,

Inc.

71,000

6.750%, 

3/1/2029

c

69,719

65,000

5.875%, 

1/15/2030

c

61,517

ConocoPhillips

Company

225,000

4.850%, 

1/15/2032

221,176

Continental

Resources,

Inc.

232,000

2.268%, 

11/15/2026

c

221,127

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

73,000

5.500%, 

6/15/2031

c

70,389

Crescent

Energy

Finance,

LLC

109,000

7.625%, 

4/1/2032

c

109,755

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

79,000

8.625%, 

3/15/2029

c

82,856

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

27,000

8.500%, 

10/1/2030

c

28,142

Diamondback

Energy,

Inc.

201,000

5.750%, 

4/18/2054

188,724

DT

Midstream,

Inc.

55,000

4.125%, 

6/15/2029

c

51,998

Eastern

Energy

Gas

Holdings,

LLC

257,000

5.800%, 

1/15/2035

261,318

Enbridge,

Inc.

65,000

5.250%, 

4/5/2027

65,701

Enerflex,

Ltd.

29,000

9.000%, 

10/15/2027

c

30,103

Energy

Transfer,

LP

86,000

8.000%, 

5/15/2054

d

90,765

125,000

5.150%, 

2/1/2043

110,804

255,000

6.000%, 

6/15/2048

247,101

EnLink

Midstream

Partners,

LP

85,000

5.600%, 

4/1/2044

78,488

Enterprise

Products

Operating,

LLC

200,000

3.300%, 

2/15/2053

131,463

EQM

Midstream

Partners,

LP

107,000

4.750%, 

1/15/2031

c

101,874

Exxon

Mobil

Corporation

300,000

3.452%, 

4/15/2051

210,574

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

59,000

8.875%, 

4/15/2030

61,162

88,000

7.875%, 

5/15/2032

88,148

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Energy  0.2%

-

continued

Gulfport

Energy

Operating

Corporation

$

26,000

6.750%, 

9/1/2029

c

$

26,458

Halliburton

Company

133,000

5.000%, 

11/15/2045

118,698

Harvest

Midstream

I,

LP

82,000

7.500%, 

9/1/2028

c

83,867

Hess

Midstream

Operations,

LP

80,000

4.250%, 

2/15/2030

c

74,831

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

140,000

5.750%, 

2/1/2029

c

136,071

36,000

6.000%, 

4/15/2030

c

34,908

39,000

6.250%, 

4/15/2032

c

37,037

Howard

Midstream

Energy

Partners,

LLC

104,000

7.375%, 

7/15/2032

c

108,115

ITT

Holdings,

LLC

70,000

6.500%, 

8/1/2029

c

65,423

Kodiak

Gas

Services,

LLC

44,000

7.250%, 

2/15/2029

c

45,289

Laredo

Petroleum,

Inc.

75,000

7.750%, 

7/31/2029

a,c

75,268

MEG

Energy

Corporation

59,000

5.875%, 

2/1/2029

c

58,093

Moss

Creek

Resources

Holdings,

Inc.

40,000

8.250%, 

9/1/2031

c

39,867

MPLX,

LP

265,000

4.950%, 

9/1/2032

257,000

49,000

5.000%, 

3/1/2033

47,307

Nabors

Industries,

Inc.

36,000

7.375%, 

5/15/2027

c

36,263

91,000

9.125%, 

1/31/2030

c

94,458

National

Fuel

Gas

Company

242,000

5.500%, 

1/15/2026

243,195

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

29,000

8.125%, 

2/15/2029

c

29,758

44,000

8.375%, 

2/15/2032

c

45,263

Noble

Finance

II,

LLC

76,000

8.000%, 

4/15/2030

c

77,326

Northern

Oil

and

Gas,

Inc.

66,000

8.750%, 

6/15/2031

c

69,206

NuStar

Logistics,

LP

71,000

6.375%, 

10/1/2030

72,307

Occidental

Petroleum

Corporation

117,000

5.000%, 

8/1/2027

117,085

ONEOK,

Inc.

108,000

5.700%, 

11/1/2054

100,329

67,000

5.000%, 

3/1/2026

67,150

144,000

4.750%, 

10/15/2031

139,321

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

54,000

6.000%, 

2/15/2028

53,220

Permian

Resources

Operating,

LLC

70,000

6.250%, 

2/1/2033

c

70,169

Prairie

Acquiror,

LP

58,000

9.000%, 

8/1/2029

c

59,981

Precision

Drilling

Corporation

50,000

6.875%, 

1/15/2029

c

50,433

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

190

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Energy  0.2%

-

continued

Range

Resources

Corporation

$

53,000

4.750%, 

2/15/2030

c

$

50,406

Rockies

Express

Pipeline,

LLC

91,000

4.950%, 

7/15/2029

c

87,242

Saturn

Oil

&

Gas,

Inc.

44,000

9.625%, 

6/15/2029

c

43,918

Schlumberger

Holdings

Corporation

102,000

5.000%, 

5/29/2027

c

102,758

SM

Energy

Company

65,000

6.500%, 

7/15/2028

65,071

26,000

7.000%, 

8/1/2032

c

25,963

South

Bow

USA

Infrastructure

Holdings,

LLC

166,000

5.026%, 

10/1/2029

c

163,332

62,000

5.584%, 

10/1/2034

c

60,296

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

36,000

5.875%, 

3/1/2027

35,835

Suncor

Energy,

Inc.

215,000

7.150%, 

2/1/2032

232,876

Sunoco,

LP

106,000

7.000%, 

5/1/2029

c

109,562

Sunoco,

LP/Sunoco

Finance

Corporation

55,000

5.875%, 

3/15/2028

55,053

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

122,000

5.500%, 

1/15/2028

c

119,340

53,000

7.375%, 

2/15/2029

c

53,947

Talos

Production,

Inc.

37,000

9.000%, 

2/1/2029

c

38,478

Targa

Resources

Corporation

232,000

4.200%, 

2/1/2033

211,605

TGNR

Intermediate

Holdings,

LLC

70,000

5.500%, 

10/15/2029

c

66,471

TotalEnergies

Capital

SA

111,000

5.275%, 

9/10/2054

102,821

Transocean,

Inc.

73,100

8.750%, 

2/15/2030

c

76,241

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

61,000

7.125%, 

3/15/2029

c

62,423

Valaris,

Ltd.

66,000

8.375%, 

4/30/2030

c

67,779

Venture

Global

Calcasieu

Pass,

LLC

55,000

3.875%, 

8/15/2029

c

50,877

45,000

4.125%, 

8/15/2031

c

40,682

Venture

Global

LNG,

Inc.

132,000

8.125%, 

6/1/2028

c

137,946

69,000

9.000%, 

9/30/2029

c,d,j

71,903

53,000

7.000%, 

1/15/2030

c

54,170

134,000

8.375%, 

6/1/2031

c

141,030

75,000

9.875%, 

2/1/2032

c

82,562

Viridien

SA

18,000

8.750%, 

4/1/2027

a,c

18,194

Western

Midstream

Operating,

LP

133,000

6.350%, 

1/15/2029

137,545

66,000

6.150%, 

4/1/2033

67,295

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Energy  0.2%

-

continued

Williams

Companies,

Inc.

$

250,000

7.500%, 

1/15/2031

$

277,165

80,000

5.600%, 

3/15/2035

80,297

Total

10,004,797

Financials  0.7%

Acrisure,

LLC/Acrisure

Finance,

Inc.

25,000

4.250%, 

2/15/2029

c

23,653

36,000

7.500%, 

11/6/2030

c

37,221

AEGON

Funding

Company,

LLC

214,000

5.500%, 

4/16/2027

a,c

215,777

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

150,000

6.100%, 

1/15/2027

153,226

200,000

3.875%, 

1/23/2028

194,563

203,000

5.375%, 

12/15/2031

202,808

160,000

3.400%, 

10/29/2033

136,558

AG

TTMT

Escrow

Issuer,

LLC

28,000

8.625%, 

9/30/2027

c

29,134

Agree,

LP

111,000

5.625%, 

6/15/2034

111,589

Air

Lease

Corporation

38,000

4.650%, 

6/15/2026

d,j

37,080

306,000

3.000%, 

2/1/2030

276,815

Aircastle,

Ltd.

200,000

5.250%, 

8/11/2025

c

200,228

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

36,000

4.250%, 

10/15/2027

c

34,831

71,000

6.750%, 

4/15/2028

c

71,750

52,000

7.000%, 

1/15/2031

c

52,912

Ally

Financial,

Inc.

286,000

8.000%, 

11/1/2031

320,881

55,000

6.700%, 

2/14/2033

56,551

American

Express

Company

69,000

5.098%, 

2/16/2028

d

69,492

131,000

5.043%, 

7/26/2028

d

131,850

99,000

5.085%, 

1/30/2031

d

99,349

American

International

Group,

Inc.

273,000

5.125%, 

3/27/2033

270,501

AmWINS

Group,

Inc.

29,000

6.375%, 

2/15/2029

c

29,336

86,000

4.875%, 

6/30/2029

c

81,911

Aon

North

America,

Inc.

103,000

5.750%, 

3/1/2054

101,087

Apollo

Debt

Solutions

BDC

161,000

6.700%, 

7/29/2031

c

166,438

Ares

Capital

Corporation

114,000

3.250%, 

7/15/2025

113,225

225,000

3.875%, 

1/15/2026

222,628

107,000

2.150%, 

7/15/2026

102,709

116,000

5.875%, 

3/1/2029

117,444

Ares

Strategic

Income

Fund

135,000

5.600%, 

2/15/2030

c

133,348

Arthur

J.

Gallagher

&

Company

33,000

6.750%, 

2/15/2054

36,385

52,000

5.750%, 

7/15/2054

50,893

233,000

5.000%, 

2/15/2032

228,927

Avolon

Holdings

Funding,

Ltd.

25,000

4.250%, 

4/15/2026

c

24,741

150,000

4.950%, 

1/15/2028

c

148,881

165,000

5.750%, 

3/1/2029

c

167,061

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

191

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Financials  0.7%

-

continued

Azorra

Finance,

Ltd.

$

98,000

7.750%, 

4/15/2030

c

$

99,179

Banco

Santander

SA

200,000

4.175%, 

3/24/2028

d

196,522

Bank

of

America

Corporation

180,000

1.734%, 

7/22/2027

d

172,246

170,000

3.824%, 

1/20/2028

d

166,982

116,000

5.202%, 

4/25/2029

d

116,997

180,000

2.087%, 

6/14/2029

d

164,218

125,000

3.974%, 

2/7/2030

d

120,283

300,000

2.496%, 

2/13/2031

d

265,632

400,000

1.922%, 

10/24/2031

d

336,313

200,000

2.972%, 

2/4/2033

d

172,964

398,000

4.571%, 

4/27/2033

d

380,696

200,000

5.872%, 

9/15/2034

d

206,167

81,000

5.468%, 

1/23/2035

d

81,194

231,000

5.425%, 

8/15/2035

d

225,149

265,000

3.846%, 

3/8/2037

d

235,545

Bank

of

New

York

Mellon

Corporation

134,000

6.317%, 

10/25/2029

d

140,794

Bank

of

Nova

Scotia

65,000

4.850%, 

2/1/2030

64,614

Barclays

plc

36,000

6.125%, 

12/15/2025

d,j

36,085

200,000

6.496%, 

9/13/2027

d

204,753

280,000

4.972%, 

5/16/2029

d

278,971

251,000

4.942%, 

9/10/2030

d

247,173

200,000

5.746%, 

8/9/2033

d

201,197

Belrose

Funding

Trust

280,000

2.330%, 

8/15/2030

c

238,205

Berkshire

Hathaway

Finance

Corporation

265,000

2.850%, 

10/15/2050

165,630

BlackRock

Funding,

Inc.

70,000

5.250%, 

3/14/2054

66,300

Blackstone

Private

Credit

Fund

177,000

5.600%, 

11/22/2029

c

174,973

132,000

6.250%, 

1/25/2031

134,247

Blue

Owl

Capital

Corporation

II

101,000

8.450%, 

11/15/2026

105,694

Blue

Owl

Credit

Income

Corporation

166,000

4.700%, 

2/8/2027

164,140

Blue

Owl

Technology

Finance

Corporation

90,000

4.750%, 

12/15/2025

c

89,286

226,000

6.100%, 

3/15/2028

c

226,802

Blue

Owl

Technology

Finance

Corporation

II

140,000

6.750%, 

4/4/2029

142,099

BNP

Paribas

SA

235,000

5.283%, 

11/19/2030

c,d

234,177

333,000

3.132%, 

1/20/2033

c,d

286,597

BPCE

SA

350,000

3.500%, 

10/23/2027

c

335,679

Burford

Capital

Global

Finance,

LLC

84,000

9.250%, 

7/1/2031

c

89,990

Camden

Property

Trust

163,000

3.150%, 

7/1/2029

152,002

Capital

One

Financial

Corporation

275,000

4.200%, 

10/29/2025

273,663

48,000

5.700%, 

2/1/2030

d

48,800

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Financials  0.7%

-

continued

Charles

Schwab

Corporation

$

136,000

6.136%, 

8/24/2034

d

$

142,931

Chubb

INA

Holdings,

LLC

125,000

4.350%, 

11/3/2045

105,297

Citadel,

LP

157,000

6.375%, 

1/23/2032

c

159,658

Citigroup,

Inc.

168,000

3.200%, 

10/21/2026

163,898

326,000

3.668%, 

7/24/2028

d

316,589

50,000

3.520%, 

10/27/2028

d

48,246

83,000

5.174%, 

2/13/2030

d

83,234

281,000

4.910%, 

5/24/2033

d

272,023

169,000

6.174%, 

5/25/2034

d

172,236

182,000

6.020%, 

1/24/2036

d

182,718

Citizens

Financial

Group,

Inc.

92,000

5.718%, 

7/23/2032

d

92,843

CNA

Financial

Corporation

100,000

5.125%, 

2/15/2034

97,794

Comerica,

Inc.

52,000

5.982%, 

1/30/2030

d

52,510

Constellation

Insurance,

Inc.

44,000

6.800%, 

1/24/2030

c

43,295

Cooperatieve

Rabobank

UA

265,000

5.564%, 

2/28/2029

c,d

269,591

Corebridge

Financial,

Inc.

75,000

6.375%, 

9/15/2054

d

74,157

100,000

4.350%, 

4/5/2042

83,414

Cousins

Properties,

LP

71,000

5.375%, 

2/15/2032

69,977

Credit

Acceptance

Corporation

66,000

9.250%, 

12/15/2028

c

70,327

Credit

Suisse

Group

AG

225,000

7.250%, 

N/A

*,k

19,125

Deutsche

Bank

AG/New

York,

NY

280,000

5.373%, 

1/10/2029

d

280,766

150,000

6.819%, 

11/20/2029

d

157,990

300,000

3.729%, 

1/14/2032

d

264,031

Discover

Bank

290,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

d

293,866

Diversified

Healthcare

Trust

42,000

Zero

Coupon, 

1/15/2026

c

39,954

Drawbridge

Special

Opportunities

Fund,

LP

120,000

3.875%, 

2/15/2026

c

117,236

Elevance

Health,

Inc.

110,000

3.125%, 

5/15/2050

70,523

179,000

4.625%, 

5/15/2042

156,223

EPR

Properties

130,000

4.950%, 

4/15/2028

128,317

Fairfax

Financial

Holdings,

Ltd.

138,000

6.350%, 

3/22/2054

141,054

FirstCash,

Inc.

90,000

5.625%, 

1/1/2030

c

88,090

First-Citizens

Bank

&

Trust

Company

117,000

6.125%, 

3/9/2028

120,213

Five

Corners

Funding

Trust

IV

132,000

5.997%, 

2/15/2053

c

132,765

Fortress

Transportation

and

Infrastructure

Investors,

LLC

38,000

5.500%, 

5/1/2028

c

37,143

86,000

7.000%, 

5/1/2031

c

87,159

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

192

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Financials  0.7%

-

continued

$

52,000

7.000%, 

6/15/2032

c

$

52,718

39,000

5.875%, 

4/15/2033

c

37,314

Freedom

Mortgage

Corporation

33,000

7.625%, 

5/1/2026

c

33,174

Freedom

Mortgage

Holdings,

LLC

84,000

9.250%, 

2/1/2029

c

87,675

36,000

9.125%, 

5/15/2031

c

37,260

FS

KKR

Capital

Corporation

250,000

3.400%, 

1/15/2026

246,111

GGAM

Finance,

Ltd.

35,000

7.750%, 

5/15/2026

c

35,548

37,000

8.000%, 

6/15/2028

c

39,026

103,000

5.875%, 

3/15/2030

c

101,972

Global

Aircraft

Leasing

Company,

Ltd.

112,000

8.750%, 

9/1/2027

c

115,050

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

107,000

3.750%, 

12/15/2027

c

99,452

goeasy,

Ltd.

54,000

9.250%, 

12/1/2028

c

57,667

37,000

7.625%, 

7/1/2029

c

38,244

28,000

6.875%, 

5/15/2030

c

28,428

Goldman

Sachs

Bank

USA/New

York,

NY

217,000

5.414%, 

5/21/2027

d

218,892

Goldman

Sachs

BDC,

Inc.

86,000

6.375%, 

3/11/2027

87,836

Goldman

Sachs

Group,

Inc.

203,000

1.948%, 

10/21/2027

d

193,321

201,000

6.484%, 

10/24/2029

d

211,045

80,000

1.992%, 

1/27/2032

d

66,705

513,000

3.102%, 

2/24/2033

d

445,311

Healthpeak

OP,

LLC

53,000

3.400%, 

2/1/2025

53,000

Highwoods

Realty,

LP

121,000

3.050%, 

2/15/2030

106,806

105,000

2.600%, 

2/1/2031

88,095

Howard

Hughes

Corporation

24,000

4.125%, 

2/1/2029

c

22,051

HSBC

Holdings

plc

200,000

5.402%, 

8/11/2033

d

198,860

HUB

International,

Ltd.

103,000

7.250%, 

6/15/2030

c

106,500

Huntington

Bancshares,

Inc./OH

167,000

5.709%, 

2/2/2035

d

167,134

166,000

6.141%, 

11/18/2039

d

166,670

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

36,000

6.250%, 

5/15/2026

35,950

147,000

5.250%, 

5/15/2027

142,478

Intesa

Sanpaolo

SPA

44,000

4.198%, 

6/1/2032

c,d

39,048

Invitation

Homes

Operating

Partnership,

LP

167,000

2.000%, 

8/15/2031

136,842

J.P.

Morgan

Chase

&

Company

55,000

4.000%, 

4/1/2025

d,j

54,820

276,000

1.578%, 

4/22/2027

d

265,813

210,000

2.947%, 

2/24/2028

d

202,516

231,000

4.979%, 

7/22/2028

d

231,941

330,000

4.505%, 

10/22/2028

d

327,384

375,000

4.203%, 

7/23/2029

d

366,714

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Financials  0.7%

-

continued

$

250,000

2.522%, 

4/22/2031

d

$

221,155

300,000

1.953%, 

2/4/2032

d

251,383

265,000

4.586%, 

4/26/2033

d

255,067

198,000

4.912%, 

7/25/2033

d

194,107

162,000

5.766%, 

4/22/2035

d

166,159

125,000

5.502%, 

1/24/2036

d

125,742

152,000

5.534%, 

11/29/2045

d

149,273

Jackson

National

Life

Global

Funding

180,000

5.550%, 

7/2/2027

c

182,488

Jane

Street

Group/JSG

Finance,

Inc.

58,000

4.500%, 

11/15/2029

c

54,768

24,000

7.125%, 

4/30/2031

c

24,804

40,000

6.125%, 

11/1/2032

c

39,807

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

27,000

5.000%, 

8/15/2028

c

25,567

57,000

6.625%, 

10/15/2031

c

57,268

Jefferson

Capital

Holdings,

LLC

29,000

6.000%, 

8/15/2026

c

28,939

72,000

9.500%, 

2/15/2029

a,c

76,944

KeyBank

NA/Cleveland,

OH

174,000

5.000%, 

1/26/2033

167,929

Kilroy

Realty,

LP

67,000

4.250%, 

8/15/2029

63,069

60,000

6.250%, 

1/15/2036

59,117

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

36,000

4.250%, 

2/1/2027

c

35,021

97,000

4.750%, 

6/15/2029

c

92,271

Liberty

Mutual

Group,

Inc.

20,000

4.125%, 

12/15/2051

c,d

19,132

Lloyds

Banking

Group

plc

200,000

5.087%, 

11/26/2028

d

200,502

200,000

5.871%, 

3/6/2029

d

204,664

Macquarie

Airfinance

Holdings,

Ltd.

34,000

6.400%, 

3/26/2029

c

35,036

117,000

5.150%, 

3/17/2030

c

115,093

18,000

6.500%, 

3/26/2031

c

18,657

Marsh

&

McLennan

Companies,

Inc.

50,000

5.450%, 

3/15/2053

47,874

Massachusetts

Mutual

Life

Insurance

Company

325,000

3.200%, 

12/1/2061

c

191,363

Mitsubishi

UFJ

Financial

Group,

Inc.

200,000

5.422%, 

2/22/2029

d

203,026

Molina

Healthcare,

Inc.

60,000

4.375%, 

6/15/2028

c

57,673

26,000

3.875%, 

5/15/2032

c

22,864

46,000

6.250%, 

1/15/2033

c

45,670

Morgan

Stanley

125,000

5.516%, 

11/19/2055

d

121,008

210,000

4.350%, 

9/8/2026

208,602

276,000

3.591%, 

7/22/2028

d

267,208

132,000

5.164%, 

4/20/2029

d

132,762

290,000

3.622%, 

4/1/2031

d

270,723

132,000

5.250%, 

4/21/2034

d

130,396

114,000

5.831%, 

4/19/2035

d

116,608

97,000

5.587%, 

1/18/2036

d

97,844

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

193

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Financials  0.7%

-

continued

$

232,000

5.297%, 

4/20/2037

d

$

226,447

Morgan

Stanley

Direct

Lending

Fund

111,000

6.150%, 

5/17/2029

c

111,611

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

52,000

8.500%, 

2/15/2032

c,g

52,806

Nasdaq,

Inc.

225,000

3.250%, 

4/28/2050

150,770

Nationstar

Mortgage

Holdings,

Inc.

18,000

5.500%, 

8/15/2028

c

17,672

38,000

6.500%, 

8/1/2029

c

38,087

57,000

5.125%, 

12/15/2030

c

53,845

NatWest

Group

plc

200,000

4.445%, 

5/8/2030

d

194,013

203,000

6.475%, 

6/1/2034

d

209,133

Navient

Corporation

21,000

5.000%, 

3/15/2027

20,636

24,000

5.500%, 

3/15/2029

23,007

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

23,000

4.500%, 

9/30/2028

c

21,499

New

York

Life

Global

Funding

196,000

4.550%, 

1/28/2033

c

187,901

Nomura

Holdings,

Inc.

200,000

5.783%, 

7/3/2034

202,640

Omega

Healthcare

Investors,

Inc.

299,000

3.625%, 

10/1/2029

277,551

OneMain

Finance

Corporation

137,000

3.500%, 

1/15/2027

131,809

170,000

3.875%, 

9/15/2028

158,801

Panther

Escrow

Issuer,

LLC

102,000

7.125%, 

6/1/2031

c

104,455

Park

Intermediate

Holdings,

LLC

102,000

4.875%, 

5/15/2029

c

97,445

PNC

Financial

Services

Group,

Inc.

67,000

6.615%, 

10/20/2027

d

69,063

PRA

Group,

Inc.

56,000

8.375%, 

2/1/2028

c

57,690

Prologis

Targeted

US

Logistics

Fund,

LP

136,000

5.250%, 

4/1/2029

c

137,385

88,000

5.250%, 

1/15/2035

c

86,110

Prologis,

LP

92,000

5.250%, 

3/15/2054

86,295

Prudential

Financial,

Inc.

252,000

5.125%, 

3/1/2052

d

237,587

Regency

Centers,

LP

196,000

4.125%, 

3/15/2028

192,104

100,000

5.250%, 

1/15/2034

98,853

Reinsurance

Group

of

America,

Inc.

154,000

5.750%, 

9/15/2034

155,161

RGA

Global

Funding

65,000

5.500%, 

1/11/2031

c

65,771

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

18,000

4.750%, 

10/15/2027

17,628

36,000

4.500%, 

2/15/2029

c

34,328

RLJ

Lodging

Trust,

LP

33,000

4.000%, 

9/15/2029

c

30,295

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Financials  0.7%

-

continued

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

$

120,000

3.625%, 

3/1/2029

c

$

109,685

41,000

3.875%, 

3/1/2031

c

36,231

52,000

4.000%, 

10/15/2033

c

43,967

Ryan

Specialty,

LLC

19,000

4.375%, 

2/1/2030

c

17,927

91,000

5.875%, 

8/1/2032

c

90,170

Santander

Holdings

USA,

Inc.

66,000

6.499%, 

3/9/2029

d

68,216

58,000

6.174%, 

1/9/2030

d

59,488

Santander

UK

Group

Holdings

plc

360,000

1.673%, 

6/14/2027

d

343,811

Service

Properties

Trust

39,000

5.500%, 

12/15/2027

37,538

48,000

8.375%, 

6/15/2029

47,972

14,000

8.625%, 

11/15/2031

c

14,866

Simon

Property

Group,

LP

217,000

3.800%, 

7/15/2050

159,779

Sixth

Street

Lending

Partners

118,000

6.125%, 

7/15/2030

c

118,677

SLM

Corporation

40,000

4.200%, 

10/29/2025

39,919

32,000

6.500%, 

1/31/2030

32,300

Societe

Generale

SA

138,000

4.750%, 

11/24/2025

c

137,532

39,000

10.000%, 

11/14/2028

c,d,j

42,477

200,000

6.100%, 

4/13/2033

c,d

201,766

Standard

Chartered

plc

200,000

5.545%, 

1/21/2029

c,d

201,939

State

Street

Corporation

244,000

4.530%, 

2/20/2029

d

242,269

Sumitomo

Mitsui

Financial

Group,

Inc.

200,000

5.710%, 

1/13/2030

205,533

125,000

1.710%, 

1/12/2031

103,037

Synchrony

Financial

78,000

5.935%, 

8/2/2030

d

79,020

37,000

7.250%, 

2/2/2033

38,717

Synovus

Bank

250,000

5.625%, 

2/15/2028

251,891

Toronto-Dominion

Bank

172,000

5.523%, 

7/17/2028

175,575

83,000

5.146%, 

9/10/2034

d

81,188

Truist

Financial

Corporation

134,000

6.047%, 

6/8/2027

d

136,078

94,000

5.125%, 

12/15/2027

a,d,j

92,217

157,000

5.122%, 

1/26/2034

d

152,864

86,000

5.711%, 

1/24/2035

d

86,856

U.S.

Bancorp

204,000

5.775%, 

6/12/2029

d

209,262

52,000

5.836%, 

6/12/2034

d

53,148

92,000

5.678%, 

1/23/2035

d

92,902

UBS

Group

AG

28,000

4.875%, 

2/12/2027

c,d,j

27,184

200,000

6.246%, 

9/22/2029

c,d

207,983

164,000

3.091%, 

5/14/2032

c,d

144,329

200,000

5.699%, 

2/8/2035

c,d

202,844

200,000

5.379%, 

9/6/2045

c,d

191,246

UniCredit

SPA

36,000

5.861%, 

6/19/2032

c,d

36,017

United

Wholesale

Mortgage,

LLC

97,000

5.500%, 

4/15/2029

c

94,045

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

194

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Financials  0.7%

-

continued

UnitedHealth

Group,

Inc.

$

132,000

5.875%, 

2/15/2053

$

132,421

198,000

4.750%, 

5/15/2052

169,874

UWM

Holdings,

LLC

39,000

6.625%, 

2/1/2030

c

39,080

Vornado

Realty,

LP

26,000

3.400%, 

6/1/2031

a

22,333

Wells

Fargo

&

Company

28,000

3.900%, 

3/15/2026

d,j

27,510

121,000

3.000%, 

4/22/2026

118,703

168,000

3.000%, 

10/23/2026

163,305

337,000

4.900%, 

1/24/2028

d

337,149

199,000

3.526%, 

3/24/2028

d

193,502

142,000

5.707%, 

4/22/2028

d

144,344

294,000

2.393%, 

6/2/2028

d

277,930

139,000

5.574%, 

7/25/2029

d

141,619

109,000

5.389%, 

4/24/2034

d

108,137

323,000

4.900%, 

11/17/2045

282,910

XHR,

LP

36,000

4.875%, 

6/1/2029

c

34,207

20,000

6.625%, 

5/15/2030

c

20,216

Total

36,321,991

Foreign

Government  <0.1%

NBN

Company,

Ltd.

200,000

2.625%, 

5/5/2031

c

173,773

Saudi

Arabian

Oil

Company

160,000

5.250%, 

7/17/2034

c

158,234

Teine

Energy,

Ltd.

85,000

6.875%, 

4/15/2029

c

82,359

Total

414,366

Mortgage-Backed

Securities  2.7%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

1,815,297

2.000%, 

1/1/2052

1,435,333

972,937

2.000%, 

5/1/2051

769,295

3,181,998

2.500%, 

5/1/2051

2,623,748

1,491,059

3.500%, 

5/1/2052

1,325,326

2,142,650

4.000%, 

5/1/2052

1,970,647

958,285

5.000%, 

7/1/2053

931,292

441,571

5.500%, 

7/1/2053

439,367

1,275,147

3.500%, 

8/1/2052

1,135,881

1,073,687

5.000%, 

8/1/2053

1,046,313

3,431,543

5.500%, 

9/1/2053

3,427,251

1,040,534

3.500%, 

9/1/2047

938,267

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

895,784

2.500%, 

7/1/2030

853,682

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

1,193,294

3.000%, 

12/1/2036

1,106,581

1,006,962

3.000%, 

8/1/2038

941,463

1,551,166

3.500%, 

5/1/2040

1,443,826

1,865,866

2.500%, 

4/1/2042

1,596,399

475,715

2.000%, 

5/1/2042

397,546

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

3,620,911

3.000%, 

1/1/2052

3,108,353

645,330

2.000%, 

2/1/2051

510,403

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Mortgage-Backed

Securities  2.7%

-

continued

$

436,232

2.000%, 

2/1/2051

$

345,025

2,083,988

2.500%, 

2/1/2051

1,721,632

2,439,491

2.500%, 

2/1/2051

1,991,285

936,099

2.000%, 

3/1/2051

729,407

7,326,031

2.000%, 

3/1/2051

5,745,000

2,514,135

4.000%, 

3/1/2051

2,326,434

400,601

2.000%, 

3/1/2052

316,180

3,923,803

3.000%, 

3/1/2052

3,346,873

4,869,565

2.000%, 

4/1/2051

3,800,421

2,380,699

3.000%, 

4/1/2051

2,043,023

2,456,142

3.000%, 

5/1/2050

2,117,570

796,600

2.000%, 

5/1/2051

626,448

2,184,071

3.000%, 

5/1/2051

1,893,032

2,497,691

2.000%, 

6/1/2050

1,964,841

1,456,840

3.000%, 

6/1/2050

1,271,496

647,448

4.000%, 

6/1/2052

593,273

747,638

5.000%, 

6/1/2053

727,282

3,571,630

2.500%, 

7/1/2051

2,970,042

959,612

3.500%, 

7/1/2051

858,499

1,850,572

4.000%, 

7/1/2052

1,695,734

1,231,431

3.500%, 

8/1/2050

1,104,402

1,967,156

3.500%, 

8/1/2052

1,744,058

3,740,902

4.500%, 

8/1/2052

3,525,305

1,413,795

5.000%, 

8/1/2053

1,375,301

3,126,902

6.000%, 

8/1/2054

3,203,032

515,922

2.500%, 

9/1/2051

426,331

574,373

3.500%, 

9/1/2052

512,720

1,263,383

3.500%, 

9/1/2052

1,127,572

1,152,673

5.000%, 

9/1/2052

1,117,046

1,175,472

4.500%, 

9/1/2053

1,111,997

1,923,775

4.500%, 

9/1/2053

1,815,152

3,602,527

4.000%, 

10/1/2052

3,301,467

761,062

2.000%, 

11/1/2051

601,072

743,051

3.500%, 

11/1/2052

665,204

3,208,753

2.000%, 

12/1/2050

2,522,720

5,086,288

2.500%, 

12/1/2051

4,189,816

2,204,481

4.500%, 

12/1/2052

2,087,592

11,150,000

5.500%, 

2/1/2041

g

11,011,217

6,775,000

5.000%, 

2/1/2042

g

6,541,866

4,425,000

6.000%, 

2/1/2042

g

4,455,065

1,236,385

3.500%, 

12/1/2047

1,117,299

4,100,000

3.000%, 

2/1/2048

g

3,486,382

8,100,000

3.500%, 

2/1/2049

g

7,166,602

850,000

4.500%, 

2/1/2049

g

799,863

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

4,109,319

2.500%, 

3/1/2062

3,255,924

866,080

3.500%, 

7/1/2061

752,681

1,855,695

4.000%, 

12/1/2061

1,684,325

Total

133,786,481

Technology  0.2%

Accenture

Capital,

Inc.

170,000

4.500%, 

10/4/2034

161,765

Adobe,

Inc.

257,000

5.300%, 

1/17/2035

259,879

Advanced

Micro

Devices,

Inc.

132,000

4.393%, 

6/1/2052

a

110,412

Amentum

Holdings,

Inc.

57,000

7.250%, 

8/1/2032

c

57,786

Analog

Devices,

Inc.

425,000

2.950%, 

10/1/2051

270,854

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

195

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Technology  0.2%

-

continued

Apple,

Inc.

$

232,000

2.650%, 

2/8/2051

$

143,067

437,000

3.750%, 

9/12/2047

343,787

Automatic

Data

Processing,

Inc.

215,000

4.450%, 

9/9/2034

205,393

Block,

Inc.

40,000

3.500%, 

6/1/2031

35,595

166,000

6.500%, 

5/15/2032

c

169,670

Boost

Newco

Borrower,

LLC

109,000

7.500%, 

1/15/2031

c

114,110

Broadcom,

Inc.

210,000

5.050%, 

7/12/2027

211,872

76,000

3.469%, 

4/15/2034

c

65,673

266,000

3.137%, 

11/15/2035

c

216,203

220,000

3.187%, 

11/15/2036

c

176,457

180,000

4.926%, 

5/15/2037

c

170,139

Cadence

Design

Systems,

Inc.

83,000

4.700%, 

9/10/2034

79,651

Central

Parent,

Inc./CDK

Global,

Inc.

38,000

7.250%, 

6/15/2029

c

36,092

Cisco

Systems,

Inc.

69,000

5.300%, 

2/26/2054

66,818

70,000

4.950%, 

2/26/2031

70,383

Clarivate

Science

Holdings

Corporation

39,000

3.875%, 

7/1/2028

c

36,746

Cloud

Software

Group,

Inc.

231,000

6.500%, 

3/31/2029

c

227,070

Consensus

Cloud

Solutions,

Inc.

18,000

6.000%, 

10/15/2026

c

17,872

CoreLogic,

Inc.

22,000

4.500%, 

5/1/2028

c

20,599

Dell

International,

LLC/EMC

Corporation

144,000

6.020%, 

6/15/2026

145,989

Dell,

Inc.

124,000

6.500%, 

4/15/2038

129,172

Diebold

Nixdorf,

Inc.

99,000

7.750%, 

3/31/2030

c

102,483

Fiserv,

Inc.

66,000

2.250%, 

6/1/2027

62,495

137,000

2.650%, 

6/1/2030

121,600

136,000

5.350%, 

3/15/2031

137,850

116,000

5.600%, 

3/2/2033

117,526

160,000

5.150%, 

8/12/2034

156,502

Gen

Digital,

Inc.

3,000

6.750%, 

9/30/2027

c

3,050

44,000

7.125%, 

9/30/2030

a,c

45,269

Global

Payments,

Inc.

142,000

5.950%, 

8/15/2052

137,479

198,000

5.300%, 

8/15/2029

198,804

Hewlett

Packard

Enterprise

Company

240,000

4.400%, 

9/25/2027

238,056

137,000

4.850%, 

10/15/2031

135,389

II-VI,

Inc.

32,000

5.000%, 

12/15/2029

c

30,796

Iron

Mountain,

Inc.

75,000

4.875%, 

9/15/2027

c

73,612

101,000

4.875%, 

9/15/2029

c

96,823

90,000

5.250%, 

7/15/2030

c

86,556

96,000

4.500%, 

2/15/2031

c

88,338

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Technology  0.2%

-

continued

KLA

Corporation

$

199,000

3.300%, 

3/1/2050

$

137,627

Marvell

Technology,

Inc.

33,000

5.950%, 

9/15/2033

34,055

Mastercard,

Inc.

160,000

3.950%, 

2/26/2048

128,588

Microchip

Technology,

Inc.

28,000

5.050%, 

3/15/2029

27,953

Microsoft

Corporation

95,000

3.041%, 

3/17/2062

59,983

228,000

2.500%, 

9/15/2050

137,744

NCR

Atleos

Corporation

29,000

9.500%, 

4/1/2029

c

31,597

NCR

Voyix

Corporation

55,000

5.000%, 

10/1/2028

c

53,006

30,000

5.125%, 

4/15/2029

c

28,613

Neptune

Bidco

US,

Inc.

147,000

9.290%, 

4/15/2029

c

125,314

NXP

BV/NXP

Funding,

LLC

75,000

5.550%, 

12/1/2028

76,357

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

84,000

4.300%, 

6/18/2029

81,662

180,000

3.250%, 

5/11/2041

131,300

Open

Text

Corporation

72,000

3.875%, 

12/1/2029

c

66,020

Open

Text

Holdings,

Inc.

105,000

4.125%, 

2/15/2030

c

96,280

Oracle

Corporation

132,000

6.900%, 

11/9/2052

146,425

250,000

4.800%, 

8/3/2028

250,152

161,000

6.150%, 

11/9/2029

168,781

130,000

5.250%, 

2/3/2032

129,702

87,000

4.700%, 

9/27/2034

82,099

250,000

3.850%, 

7/15/2036

213,482

380,000

4.000%, 

7/15/2046

291,585

PayPal

Holdings,

Inc.

124,000

5.500%, 

6/1/2054

120,479

Pitney

Bowes,

Inc.

18,000

6.875%, 

3/15/2027

c

18,075

RingCentral,

Inc.

102,000

8.500%, 

8/15/2030

c

108,285

Rocket

Software,

Inc.

44,000

9.000%, 

11/28/2028

c

45,576

Roper

Technologies,

Inc.

173,000

1.750%, 

2/15/2031

142,781

Seagate

HDD

Cayman

73,685

9.625%, 

12/1/2032

83,762

Sensata

Technologies,

Inc.

66,000

4.375%, 

2/15/2030

c

61,119

21,000

3.750%, 

2/15/2031

c

18,532

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

30,000

4.625%, 

11/1/2026

c

29,675

10,000

6.750%, 

8/15/2032

c

10,268

SS&C

Technologies,

Inc.

65,000

5.500%, 

9/30/2027

c

64,831

20,000

6.500%, 

6/1/2032

c

20,327

Texas

Instruments,

Inc.

133,000

5.050%, 

5/18/2063

119,357

UKG,

Inc.

35,000

6.875%, 

2/1/2031

c

35,734

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

196

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Technology  0.2%

-

continued

Verisk

Analytics,

Inc.

$

109,000

5.250%, 

6/5/2034

$

107,806

Viavi

Solutions,

Inc.

66,000

3.750%, 

10/1/2029

c

60,045

Visa,

Inc.

225,000

2.700%, 

4/15/2040

164,186

VMware,

LLC

121,000

4.650%, 

5/15/2027

120,723

180,000

2.200%, 

8/15/2031

150,141

Xerox

Holdings

Corporation

9,000

5.000%, 

8/15/2025

c

8,959

145,000

5.500%, 

8/15/2028

c

123,622

Total

9,488,290

Transportation  <0.1%

Air

Canada

82,000

3.875%, 

8/15/2026

c

79,928

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

121,667

5.500%, 

4/20/2026

c

121,597

54,534

5.750%, 

4/20/2029

c

54,401

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

43,000

5.375%, 

3/1/2029

a,c

41,005

Burlington

Northern

Santa

Fe,

LLC

199,000

2.875%, 

6/15/2052

124,079

140,000

5.750%, 

5/1/2040

144,498

100,000

4.450%, 

3/15/2043

87,285

Canadian

Pacific

Railway

Company

132,000

4.700%, 

5/1/2048

114,976

CSX

Corporation

170,000

3.800%, 

4/15/2050

128,561

DCLI

Bidco,

LLC

36,000

7.750%, 

11/15/2029

c

37,020

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

284,000

4.750%, 

10/20/2028

c

282,213

ERAC

USA

Finance,

LLC

132,000

5.400%, 

5/1/2053

c

125,514

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

71,000

9.875%, 

9/20/2031

c

75,058

Mileage

Plus

Holdings,

LLC

166,000

6.500%, 

6/20/2027

c

167,465

OneSky

Flight,

LLC

98,000

8.875%, 

12/15/2029

c

100,392

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

148,000

5.750%, 

5/24/2026

c

149,544

Rand

Parent,

LLC

100,000

8.500%, 

2/15/2030

a,c

103,699

RXO,

Inc.

80,000

7.500%, 

11/15/2027

c

82,000

Stena

International

SA

58,000

7.250%, 

1/15/2031

c

59,263

Union

Pacific

Corporation

265,000

2.973%, 

9/16/2062

153,113

United

Airlines,

Inc.

74,000

4.375%, 

4/15/2026

c

72,930

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

20,000

7.875%, 

5/1/2027

c

20,008

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Transportation  <0.1%

-

continued

$

43,000

6.375%, 

2/1/2030

a,c

$

39,406

Total

2,363,955

U.S.

Government

&

Agencies  2.8%

U.S.

Treasury

Bonds

1,066,000

3.625%, 

5/15/2053

867,124

300,000

1.625%, 

11/15/2050

156,609

1,500,000

4.750%, 

11/15/2053

1,482,422

1,510,000

5.250%, 

11/15/2028

1,559,547

1,175,000

4.375%, 

5/15/2040

1,127,771

6,780,000

3.000%, 

5/15/2042

5,333,159

12,618,000

2.500%, 

5/15/2046

8,627,065

10,050,000

2.875%, 

5/15/2049

7,141,781

U.S.

Treasury

Notes

17,550,000

2.875%, 

5/31/2025

17,465,129

250,000

0.250%, 

8/31/2025

244,289

1,600,000

4.250%, 

12/31/2025

1,599,863

5,715,000

2.625%, 

1/31/2026

5,624,754

3,990,000

0.500%, 

2/28/2026

3,834,608

20,870,000

2.500%, 

2/28/2026

20,491,935

2,100,000

4.625%, 

2/28/2026

2,107,842

4,800,000

4.500%, 

3/31/2026

4,813,500

4,700,000

4.375%, 

7/31/2026

4,710,465

5,100,000

3.500%, 

9/30/2026

5,042,625

272,000

4.625%, 

10/15/2026

273,764

5,000,000

0.500%, 

4/30/2027

4,607,422

4,485,000

2.250%, 

11/15/2027

4,253,392

5,600,000

3.875%, 

12/31/2027

5,546,188

5,100,000

3.500%, 

1/31/2028

4,995,410

3,000,000

3.625%, 

3/31/2028

2,944,922

7,300,000

2.875%, 

5/15/2028

6,991,461

1,600,000

3.750%, 

12/31/2028

1,568,125

5,100,000

3.500%, 

9/30/2029

4,922,496

4,680,000

1.375%, 

11/15/2031

3,844,181

1,175,000

4.125%, 

11/15/2032

1,149,067

3,200,000

4.500%, 

11/15/2033

3,195,625

Total

136,522,541

Utilities  0.2%

AES

Corporation

265,000

3.950%, 

7/15/2030

c

245,149

Algonquin

Power

&

Utilities

Corporation

92,000

4.750%, 

1/18/2082

d

87,799

Alpha

Generation,

LLC

34,000

6.750%, 

10/15/2032

c

34,378

American

Water

Capital

Corporation

135,000

5.450%, 

3/1/2054

127,867

Appalachian

Power

Company

92,000

3.300%, 

6/1/2027

89,056

Atmos

Energy

Corporation

82,000

5.000%, 

12/15/2054

73,269

Berkshire

Hathaway

Energy

Company

155,000

4.500%, 

2/1/2045

133,570

Calpine

Corporation

115,000

4.500%, 

2/15/2028

c

111,576

CenterPoint

Energy,

Inc.

73,000

4.250%, 

11/1/2028

70,882

Commonwealth

Edison

Company

125,000

3.700%, 

3/1/2045

95,442

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

197

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Utilities  0.2%

-

continued

Consolidated

Edison

Company

of

New

York,

Inc.

$

63,000

4.500%, 

12/1/2045

$

53,492

175,000

4.125%, 

5/15/2049

137,255

Constellation

Energy

Generation,

LLC

67,000

6.125%, 

1/15/2034

69,656

Consumers

Energy

Company

221,000

4.350%, 

4/15/2049

184,044

Dominion

Energy,

Inc.

18,000

6.875%, 

2/1/2055

d

18,764

18,000

7.000%, 

6/1/2054

d

19,039

DTE

Electric

Company

95,000

3.700%, 

3/15/2045

72,967

135,000

3.700%, 

6/1/2046

102,549

Duke

Energy

Carolinas,

LLC

250,000

3.700%, 

12/1/2047

185,847

Duke

Energy

Corporation

26,000

6.450%, 

9/1/2054

d

26,080

214,000

5.450%, 

6/15/2034

213,262

Duke

Energy

Indiana,

LLC

170,000

3.750%, 

5/15/2046

126,988

Edison

International

33,000

7.875%, 

6/15/2054

a,d

30,798

Enel

Finance

International

NV

200,000

5.125%, 

6/26/2029

c

200,126

Entergy

Louisiana,

LLC

123,000

5.800%, 

3/15/2055

121,602

Essential

Utilities,

Inc.

140,000

4.800%, 

8/15/2027

140,010

Eversource

Energy

166,000

4.750%, 

5/15/2026

165,926

Exelon

Corporation

190,000

4.700%, 

4/15/2050

160,047

376,000

4.450%, 

4/15/2046

312,298

FirstEnergy

Corporation

165,000

4.850%, 

7/15/2047

140,271

Georgia

Power

Company

113,000

4.950%, 

5/17/2033

110,542

68,000

5.250%, 

3/15/2034

67,678

ITC

Holdings

Corporation

84,000

5.300%, 

7/1/2043

77,530

Jersey

Central

Power

&

Light

Company

150,000

2.750%, 

3/1/2032

c

127,788

Lightning

Power,

LLC

110,000

7.250%, 

8/15/2032

c

113,615

MidAmerican

Energy

Company

154,000

5.850%, 

9/15/2054

155,614

National

Rural

Utilities

Cooperative

Finance

Corporation

83,000

3.700%, 

3/15/2029

79,494

NextEra

Energy

Capital

Holdings,

Inc.

166,000

5.900%, 

3/15/2055

165,118

111,000

5.300%, 

3/15/2032

110,788

NextEra

Energy

Operating

Partners,

LP

130,000

3.875%, 

10/15/2026

c

124,486

NiSource,

Inc.

18,000

6.375%, 

3/31/2055

d

17,859

245,000

5.650%, 

2/1/2045

239,713

Principal

Amount

Long-Term

Fixed

Income  8.4%

Value

Utilities  0.2%

-

continued

NRG

Energy,

Inc.

$

28,000

3.375%, 

2/15/2029

c

$

25,613

35,000

5.250%, 

6/15/2029

c

34,096

32,000

6.000%, 

2/1/2033

c

31,265

32,000

6.250%, 

11/1/2034

c

31,531

Pacific

Gas

and

Electric

Company

135,000

3.300%, 

12/1/2027

127,630

137,000

5.550%, 

5/15/2029

136,542

114,000

4.550%, 

7/1/2030

107,906

135,000

6.950%, 

3/15/2034

143,521

70,000

5.800%, 

5/15/2034

69,453

PG&E

Corporation

44,000

7.375%, 

3/15/2055

d

42,750

60,000

5.000%, 

7/1/2028

57,814

PPL

Capital

Funding,

Inc.

174,000

5.250%, 

9/1/2034

170,929

PPL

Electric

Utilities

Corporation

138,000

3.950%, 

6/1/2047

108,534

Public

Service

Company

of

Colorado

171,000

4.500%, 

6/1/2052

141,769

Public

Service

Enterprise

Group,

Inc.

133,000

5.875%, 

10/15/2028

137,427

San

Diego

Gas

&

Electric

Company

330,000

4.150%, 

5/15/2048

259,244

Southern

California

Edison

Company

77,000

5.450%, 

3/1/2035

74,615

Southern

Company

265,000

5.113%, 

8/1/2027

266,647

210,000

4.850%, 

3/15/2035

199,545

Southern

Company

Gas

Capital

Corporation

155,000

4.400%, 

5/30/2047

127,609

Southwestern

Electric

Power

Company

105,000

3.900%, 

4/1/2045

78,820

Talen

Energy

Supply,

LLC

64,000

8.625%, 

6/1/2030

c

68,269

TerraForm

Power

Operating,

LLC

125,000

5.000%, 

1/31/2028

c

120,450

Virginia

Electric

and

Power

Company

48,000

5.350%, 

1/15/2054

44,736

191,000

4.600%, 

12/1/2048

160,961

Vistra

Corporation

36,000

8.000%, 

10/15/2026

c,d,j

36,910

90,000

7.000%, 

12/15/2026

c,d,j

90,301

Vistra

Operations

Company,

LLC

181,000

5.000%, 

7/31/2027

c

178,433

Xcel

Energy,

Inc.

103,000

4.600%, 

6/1/2032

98,227

Total

8,111,781

Total

Long-Term

Fixed

Income

(cost

$435,933,879)

411,594,391

Shares

Private

Equity

Funds

1.1%

Value

Secondary  1.1%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,b,l

9,799,188

1

ASF

IX,

LP

*,b,l

3,727,860

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

198

Shares

Private

Equity

Funds

1.1%

Value

Secondary  1.1%

-

continued

1

ASF

VIII

Sidecar

(Cayman),

LP

*,b,l

$

3,168,466

1

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,b,l

5,075,665

1

LCP

X

(Offshore),

LP

*,b,l

21,383,982

1

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP

*,b,l

13,621,664

Total

56,776,825

Total

Private

Equity

Funds

(cost

$45,448,890)

56,776,825

Shares

Collateral

Held

for

Securities

Loaned

0.1%

Value

4,741,119

Thrivent

Cash

Management

Trust

4,741,119

Total

Collateral

Held

for

Securities

Loaned

(cost

$4,741,119)

4,741,119

Shares

or

Principal

Amount

Short-Term

Investments

15.0%

Value

Federal

Home

Loan

Bank

Discount

Notes

35,900,000

4.288%,

2/5/2025

m,n

35,879,033

5,100,000

4.236%,

2/10/2025

m,n

5,094,043

1,500,000

4.420%,

2/12/2025

m,n

1,497,898

12,900,000

4.395%,

2/14/2025

m,n

12,878,905

400,000

4.430%,

2/19/2025

m,n

399,112

2,900,000

4.230%,

2/26/2025

m,n

2,891,193

26,200,000

4.235%,

3/7/2025

m,n

26,093,017

4,900,000

4.224%,

3/19/2025

m,n

4,873,132

900,000

4.215%,

5/2/2025

m,n

890,502

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

2,000,000

4.235%,

2/6/2025

m,n

1,998,598

5,000,000

4.235%,

2/18/2025

m

4,989,488

Federal

National

Mortgage

Association

Discount

Notes

600,000

4.195%,

4/9/2025

m,n

595,240

100,000

4.195%,

4/10/2025

m,n

99,195

400,000

4.175%,

4/24/2025

m,n

396,127

Thrivent

Core

Short-Term

Reserve

Fund

55,138,107

4.630%

551,381,073

U.S.

Treasury

Bills

25,000,000

4.260%,

2/6/2025

m

24,991,229

5,000,000

4.253%,

2/11/2025

m

4,995,283

39,000,000

4.245%,

2/18/2025

m

38,930,978

430,000

4.397%,

2/20/2025

m,o

429,137

410,000

4.255%,

2/25/2025

m,o

408,935

10,110,000

4.236%,

3/11/2025

m,o

10,067,235

270,000

4.176%,

3/18/2025

m

268,637

300,000

4.216%,

3/20/2025

m

298,416

10,000,000

4.213%,

4/24/2025

m

9,907,044

Total

Short-Term

Investments

(cost

$740,110,302)

740,253,450

Total

Investments

(cost

$3,965,598,420)

100.7%

$4,956,895,002

Other

Assets

and

Liabilities,

Net

(0.7%)

(34,674,889)

Total

Net

Assets

100.0%

$4,922,220,113

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,

2025,

the

value

of

these

investments

was

$59,055,368

or

1.2%

of

total

net

assets.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

e

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

January

31,

2025.

f

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

g

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

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

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,

2025.

j

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

k

Defaulted

security.  Interest

is

not

being

accrued.

l

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

m

The

interest

rate

shown

reflects

the

yield.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderately

Aggressive

Allocation

Fund

as

of

January

31,

2025

was

$56,795,950

or

1.15%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

January

31,

2025.

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

199

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

7,546,000

ASF

IX,

LP 

3/18/2024

2,732,043

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

2,738,511

Credit

Suisse

Group

AG 

9/5/2018

225,000

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

3,780,000

LCP

X

(Offshore),

LP 

10/25/2023

17,082,336

StepStone

Secondary

Opportunities

Fund

V

Offshore,

LP 

6/28/2024

11,570,000

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderately

Aggressive

Allocation

Fund

as

of

January

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

1,968,689

Common

Stock

2,637,372

Total

lending

$4,606,061

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$4,741,119

Net

amounts

due

to

counterparty

$135,058

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(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,

2025,

in

valuing

Moderately

Aggressive

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Registered

Investment

Companies

U.S.

Affiliated

2,023,408,361

2,023,408,361

–

–

U.S.

Unaffiliated

27,988,642

27,988,642

–

–

Common

Stock

Communications

Services

85,152,482

85,152,482

–

–

Consumer

Discretionary

152,892,238

152,389,245

502,993

–

Consumer

Staples

51,487,167

51,487,167

–

–

Energy

51,322,122

51,322,122

–

–

Financials

213,094,852

213,094,852

–

–

Health

Care

163,207,517

163,207,517

–

–

Industrials

181,652,838

178,898,696

2,754,142

–

Information

Technology

295,979,309

292,906,322

3,072,987

–

Materials

47,516,473

46,713,337

803,136

–

Real

Estate

47,398,516

47,398,516

–

–

Utilities

38,374,673

38,374,673

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

8,479,825

–

8,479,825

–

Basic

Materials

3,092,805

–

3,092,805

–

Capital

Goods

7,447,224

–

7,447,224

–

Collateralized

Mortgage

Obligations

15,044,956

–

15,044,956

–

Commercial

Mortgage-Backed

Securities

3,665,168

–

3,665,168

–

Communications

Services

11,101,422

–

11,101,422

–

Consumer

Cyclical

12,811,823

–

12,811,823

–

Consumer

Non-Cyclical

12,936,966

–

12,936,966

–

Energy

10,004,797

–

10,004,797

–

Financials

36,321,991

–

36,321,991

–

Foreign

Government

414,366

–

414,366

–

Mortgage-Backed

Securities

133,786,481

–

133,786,481

–

Technology

9,488,290

–

9,488,290

–

Transportation

2,363,955

–

2,363,955

–

U.S.

Government

&

Agencies

136,522,541

–

136,522,541

–

Utilities

8,111,781

–

8,111,781

–

Private

Equity

Funds

Secondary

56,776,825

–

–

56,776,825

Short-Term

Investments

188,872,377

–

188,872,377

–

Subtotal

Investments

in

Securities

$4,036,718,783

$3,372,341,932

$607,600,026

$56,776,825

Other

Investments  *

Total

Affiliated

Short-Term

Investments

551,381,073

U.S.

Affiliated

Registered

Investment

Cos.

364,054,027

Collateral

Held

for

Securities

Loaned

4,741,119

Subtotal

Other

Investments

$920,176,219

Total

Investments

at

Value

$4,956,895,002

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Moderately

Aggressive

Allocation

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

9,759,803

9,759,803

–

–

Total

Asset

Derivatives

$9,759,803

$9,759,803

$–

$–

Liability

Derivatives

Futures

Contracts

12,097,566

9,942,279

2,155,287

–

Total

Return

Swaps

1,562,099

–

1,562,099

–

Total

Liability

Derivatives

$13,659,665

$9,942,279

$3,717,386

$–

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

201

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Moderately

Aggressive

Allocation

Fund as

discussed

in

the

Notes

to

Schedule

of

Investments.

*

Change

in

net

unrealized

appreciation/(depreciation)

on

investments.

%

Net

realized

gains/(losses)

on

investments.

#

Transferred

from

Level

2

to

Level

3

because

of

a

lack

of

observable

market

data,

resulting

from

a

decrease

in

market

activity

for

the

securities.

@

Transferred

from

Level

3

to

Level

2

because

observable

market

data

became

available

for

the

securities.

**

The

reporting

entity's Private

Equity

Funds

-

Secondary Level

3

securities

are fair

valued using

the

adjusted

reported

Net

Asset

Value

(NAV)

of

the

investment,

adjusted

for

subsequent

investment

activity

and

market

movement

using

inputs

determined

by

the policies

and

procedures

of

the

reporting

entity. 

Inputs

used

in

valuation

include index

returns

that

are

adjusted based

on

a

regression

analysis

of

similar

types

of

assets

over

time. 

Significant

changes

in

the

inputs

in

isolation

could result

in

a

significantly

lower

or

higher

fair

value

measurement.

0

Investments

in

Securities 

Beginning

Value

10/31/2024

Realized

Gain/

(Loss)% 

Change

in

Unrealized

Appreciation/

(Depreciation)

* 

Purchases 

Sales 

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value 

1/31/2025

Long-Term

Fixed

Income 

Collateralized

Mortgage

Obligations 

 $864,563

$- 

$6,112 

$- 

$- 

$- 

 ($870,675)

$- 

Private

Equity

Funds

 Secondary

$42,754,861

$- 

($3,211,640)

$17,233,604

$- 

$-

 $-

$56,776,825

Total 

$43,619,424

$-  

($3,205,528) 

$17,233,604

$- 

$-

($870,675)

$56,776,825

 Investments

in

Securities

Ending

Value

 1/31/2025

Valuation

Technique(s)

Unobservable 

Input(s)

Range

of Inputs

Private

Equity

Funds

   Secondary

$56,776,825

Adjusted

reported

investment

of

net

asset

value  

Fair

Value

adjustment

**

N/A

Total 

$56,776,825

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

202

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Aggressive

Allocation

Fund's

futures

contracts

held

as

of

January

31,

2025.

Investments

and/or

cash

totaling

$38,708,518

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

298

March

2025

$

32,729,525

(

$

294,087)

CBOT

2-Yr.

U.S.

Treasury

Note

559

March

2025

114,862,862

81,513

CBOT

5-Yr.

U.S.

Treasury

Note

545

March

2025

58,188,064

(

205,171)

CBOT

U.S.

Long

Bond

190

March

2025

22,131,065

(

488,878)

CME

E-mini

Russell

2000

Index

10

March

2025

1,186,192

(

38,492)

CME

E-mini

S&P

500

Index

2,417

March

2025

740,695,146

(

7,467,984)

CME

E-mini

S&P

Mid-Cap

400

Index

1

March

2025

331,722

(

6,722)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

205

March

2025

25,165,626

(

879,532)

ICE

mini

MSCI

EAFE

Index

330

March

2025

38,781,785

331,465

ICE

US

mini

MSCI

Emerging

Markets

Index

266

March

2025

14,836,454

(

334,134)

Ultra

10-Yr.

U.S.

Treasury

Note

149

March

2025

16,822,154

(

227,279)

Total

Futures

Long

Contracts

$

1,065,730,595

(

$

9,529,301)

CME

E-mini

Russell

2000

Index

(1,143)

March

2025

(

$

133,496,706)

$

2,314,596

CME

E-mini

S&P

Mid-Cap

400

Index

(820)

March

2025

(

272,817,431)

6,317,431

CME

Euro

Foreign

Exchange

Currency

(325)

March

2025

(

42,952,610)

714,798

Eurex

Euro

STOXX

50

Index

(777)

March

2025

(

40,332,051)

(

2,155,287)

Total

Futures

Short

Contracts

(

$

489,598,798)

$7,191,538

Total

Futures

Contracts

$

576,131,797

($2,337,763)

The

following

table

presents

Moderately

Aggressive

Allocation

Fund's

total

return

swap

contracts

held

as

of

January

31,

2025.

Investments

totaling

$1,648,302

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

12,499,636

(

$

1,562,099)

$

–

(

$

1,562,099)

Total

Return

Swaps

(

$

1,562,099)

$

–

($1,562,099)

#

Payment

made

on

Termination

Date

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

203

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderately

Aggressive

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$34,381

$566

$843

$34,150

4,149

0.7%

Core

Emerging

Markets

Equity

73,130

2,280

–

72,301

7,700

1.5

Core

International

Equity

121,163

17,504

–

137,192

12,834

2.8

Core

Low

Volatility

Equity

3,474

269

–

3,576

311

0.1

Core

Mid

Cap

Value

63,770

5,763

–

66,028

5,932

1.3

Core

Small

Cap

Value

49,357

5,782

1,400

50,807

4,636

1.0

Global

Stock,

Class

S

226,130

25,742

–

236,249

8,456

4.8

High

Yield,

Class

S

25,446

404

95

25,876

6,088

0.5

Income,

Class

S

73,122

817

485

72,732

9,001

1.5

International

Allocation,

Class

S

293,763

8,508

–

298,304

27,723

6.1

Large

Cap

Growth,

Class

S

508,359

30,918

–

546,620

24,534

11.1

Large

Cap

Value,

Class

S

423,212

35,008

–

439,595

14,465

8.9

Limited

Maturity

Bond,

Class

S

41,561

421

228

41,821

3,373

0.8

Mid

Cap

Stock,

Class

S

268,198

10,983

10

279,831

7,458

5.7

Small

Cap

Stock,

Class

S

80,371

1,483

–

82,381

2,514

1.7

Total

U.S.

Affiliated

Registered

Investment

Companies

2,285,437

2,387,463

48.5

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

698,970

144,396

291,984

551,381

55,138

11.2

Total

Affiliated

Short-Term

Investments

698,970

551,381

11.2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

6,793

64,593

66,645

4,741

4,741

0.1

Total

Collateral

Held

for

Securities

Loaned

6,793

4,741

0.1

Total

Value

$2,991,200

$2,943,585

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($178)

$224

$–

$565

Core

Emerging

Markets

Equity

–

(3,109)

–

2,280

Core

International

Equity

–

(1,475)

–

4,479

Core

Low

Volatility

Equity

Fund

–

(167)

129

140

Core

Mid

Cap

Value

–

(3,505)

4,532

1,231

Core

Small

Cap

Value

262

(3,194)

4,957

824

Global

Stock,

Class

S

–

(15,623)

21,459

4,283

High

Yield,

Class

S

(13)

134

–

404

Income,

Class

S

(121)

(601)

–

822

International

Allocation,

Class

S

–

(3,967)

–

8,507

Large

Cap

Growth,

Class

S

–

7,343

30,355

563

Large

Cap

Value,

Class

S

–

(18,625)

28,373

6,635

Limited

Maturity

Bond,

Class

S

(6)

73

–

421

Mid

Cap

Stock,

Class

S

(0)

660

9,595

1,389

Small

Cap

Stock,

Class

S

–

527

1,059

425

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

4

(5)

–

8,371

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$41,339

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

7

Total

Affiliated

Income

from

Securities

Loaned,

Net

$7

Total

($52)

($41,310)

$100,459

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

204

Shares

Registered

Investment

Companies  

40.9%

Value

U.S.

Affiliated  

40.4%  

3,780,388

Thrivent

Core

Emerging

Markets

Debt

Fund

$

31,112,590

934,971

Thrivent

Core

Emerging

Markets

Equity

Fund

8,779,375

1,539,890

Thrivent

Core

International

Equity

Fund

16,461,425

62,017

Thrivent

Core

Low

Volatility

Equity

Fund

713,812

682,677

Thrivent

Core

Mid

Cap

Value

Fund

7,598,199

162,268

Thrivent

Core

Small

Cap

Value

Fund

1,778,453

85,853

Thrivent

Global

Stock

Fund,

Class

S

2,398,746

5,552,558

Thrivent

High

Yield

Fund,

Class

S

23,598,371

8,236,359

Thrivent

Income

Fund,

Class

S

66,549,780

2,420,399

Thrivent

International

Allocation

Fund,

Class

S

26,043,493

3,434,435

Thrivent

Large

Cap

Growth

Fund,

Class

S

76,519,212

3,867,306

Thrivent

Large

Cap

Value

Fund,

Class

S

117,527,415

3,078,506

Thrivent

Limited

Maturity

Bond

Fund,

Class

S

38,173,479

723,136

Thrivent

Mid

Cap

Stock

Fund,

Class

S

27,132,046

270,156

Thrivent

Small

Cap

Stock

Fund,

Class

S

8,853,019

Total

453,239,415

U.S.

Unaffiliated  

0.5%  

1,789

Invesco

QQQ

Trust

Series

1

934,377

17,500

Invesco

Senior

Loan

ETF

368,375

2,500

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

a

93,225

1,070

iShares

U.S.

Regional

Banks

ETF

56,860

5,485

SPDR

S&P

500

ETF

Trust

3,300,983

714

SPDR

S&P

Biotech

ETF

66,166

182

SPDR

S&P

Oil

&

Gas

Exploration

ETF

24,417

479

SPDR

S&P

Regional

Banking

ETF

30,733

945

SPDR

S&P

Software

&

Services

ETF

183,670

Total

5,058,806

Total

Registered

Investment

Companies

(cost

$334,073,503)

458,298,221

Principal

Amount

Long-Term

Fixed

Income

33.6%

Value

Asset-Backed

Securities  0.8%

Access

Group,

Inc.

$

22,392

4.966%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

b,c

22,311

AMSR

Trust

500,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

b

451,782

325,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

b

309,898

CarVal

CLO

I,

Ltd.

400,000

6.158%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

b,c

400,983

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Asset-Backed

Securities  0.8%

-

continued

CMFT

Net

Lease

Master

Issuer,

LLC

$

311,254

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

b

$

278,107

Commonbond

Student

Loan

Trust

16,780

4.925%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,c

16,567

Foundation

Finance

Trust

117,188

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

b

108,810

FRTKL

Trust

575,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

b

542,318

GSAA

Home

Equity

Trust

886,348

4.300%, 

8/25/2034,

Ser.

2004-10,

Class

M2

c

809,204

Home

Partners

of

America

Trust

576,244

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

b

544,013

459,476

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

b

393,113

Hotwire

Funding,

LLC

475,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

b

481,127

HTAP

336,425

7.000%, 

4/25/2037,

Ser.

2024-1,

Class

A

b

334,228

HTAP

Issuer

Trust

360,687

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

b

354,579

Laurel

Road

Prime

Student

Loan

Trust

143,962

5.259%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,c

134,808

MFA

Trust

341,289

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

d

342,501

National

Collegiate

Trust

69,260

5.065%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,c

67,746

Oak

Street

Investment

367,265

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

b

355,658

Sunnova

Hestia

II

Issuer,

LLC

334,786

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

b,e

340,078

Unlock

HEA

Trust

318,287

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

b

314,631

416,860

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

b

405,312

Vericrest

Opportunity

Loan

Transferee

59,950

5.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

b

59,941

209,262

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

b,d

207,278

62,154

5.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

b,d

62,186

252,271

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

b,d

241,023

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

205

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Asset-Backed

Securities  0.8%

-

continued

Wind

River

CLO,

Ltd.

$

275,000

6.555%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,c

$

275,491

Zayo

Issuer,

LLC

550,000

5.648%, 

3/20/2055,

Ser.

2025-1A,

Class

A2

b,f

550,000

Total

8,403,693

Basic

Materials  0.3%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

59,000

8.625%, 

6/15/2029

b

62,308

ATI,

Inc.

69,000

7.250%, 

8/15/2030

71,490

Avient

Corporation

60,000

6.250%, 

11/1/2031

b

59,882

Cascades,

Inc./Cascades

USA,

Inc.

90,000

5.125%, 

1/15/2026

b

89,221

Cerdia

Finanz

GmbH

68,000

9.375%, 

10/3/2031

b

71,012

Chemours

Company

95,000

5.750%, 

11/15/2028

b

90,130

Cleveland-Cliffs,

Inc.

38,000

5.875%, 

6/1/2027

38,050

80,000

4.625%, 

3/1/2029

b

74,551

46,000

6.875%, 

11/1/2029

b

46,142

75,000

4.875%, 

3/1/2031

b

67,930

27,000

7.375%, 

5/1/2033

b

26,851

35,000

6.250%, 

10/1/2040

30,093

Consolidated

Energy

Finance

SA

207,000

5.625%, 

10/15/2028

b

184,230

Eastman

Chemical

Company

83,000

5.000%, 

8/1/2029

82,863

First

Quantum

Minerals,

Ltd.

43,000

6.875%, 

10/15/2027

b

42,936

FMC

Corporation

135,000

5.150%, 

5/18/2026

135,502

FMG

Resources

August

2006,

Pty.

Ltd.

21,000

4.500%, 

9/15/2027

b

20,468

35,000

5.875%, 

4/15/2030

b

34,602

36,000

6.125%, 

4/15/2032

b

35,764

Glencore

Funding,

LLC

193,000

4.000%, 

3/27/2027

b

189,865

Hecla

Mining

Company

55,000

7.250%, 

2/15/2028

55,773

Hudbay

Minerals,

Inc.

58,000

4.500%, 

4/1/2026

b

57,361

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

41,000

9.000%, 

7/1/2028

b

41,365

INEOS

Finance

plc

104,000

7.500%, 

4/15/2029

b

106,056

International

Flavors

&

Fragrances,

Inc.

143,000

1.230%, 

10/1/2025

b

139,522

Magnera

Corporation

88,000

7.250%, 

11/15/2031

b

86,790

Mercer

International,

Inc.

41,000

5.125%, 

2/1/2029

36,369

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Basic

Materials  0.3%

-

continued

Methanex

Corporation

$

52,000

5.125%, 

10/15/2027

$

51,185

35,000

5.250%, 

12/15/2029

34,083

Methanex

US

Operations,

Inc.

36,000

6.250%, 

3/15/2032

b

35,931

Mineral

Resources,

Ltd.

56,000

9.250%, 

10/1/2028

b

59,228

24,000

8.500%, 

5/1/2030

b

24,830

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

50,000

5.350%, 

3/15/2034

50,036

Novelis

Corporation

15,000

3.250%, 

11/15/2026

b

14,494

36,000

4.750%, 

1/30/2030

b

33,825

45,000

3.875%, 

8/15/2031

b

39,419

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

72,000

5.375%, 

11/1/2026

b

71,433

Sherwin-Williams

Company

89,000

4.800%, 

9/1/2031

87,849

Smurfit

Kappa

Treasury,

ULC

133,000

5.777%, 

4/3/2054

b

130,878

SNF

Group

SACA

105,000

3.375%, 

3/15/2030

b

92,446

SunCoke

Energy,

Inc.

100,000

4.875%, 

6/30/2029

b

92,197

Taseko

Mines,

Ltd.

72,000

8.250%, 

5/1/2030

b

73,705

Tronox,

Inc.

36,000

4.625%, 

3/15/2029

b

32,603

WR

Grace

Holdings,

LLC

27,000

4.875%, 

6/15/2027

b

26,393

Total

2,927,661

Capital

Goods  0.6%

Advanced

Drainage

Systems,

Inc.

71,000

6.375%, 

6/15/2030

b

71,660

AECOM

35,000

5.125%, 

3/15/2027

34,804

Amsted

Industries,

Inc.

75,000

5.625%, 

7/1/2027

b

74,496

15,000

4.625%, 

5/15/2030

b

14,091

BAE

Systems

plc

200,000

5.250%, 

3/26/2031

b

201,165

Ball

Corporation

43,000

3.125%, 

9/15/2031

36,954

Boeing

Company

303,000

5.930%, 

5/1/2060

282,815

156,000

5.040%, 

5/1/2027

155,940

81,000

6.259%, 

5/1/2027

83,092

90,000

6.388%, 

5/1/2031

94,698

325,000

5.705%, 

5/1/2040

311,685

Bombardier,

Inc.

85,000

6.000%, 

2/15/2028

b

84,827

41,000

7.250%, 

7/1/2031

b

42,336

100,000

7.000%, 

6/1/2032

a,b

101,971

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

43,000

7.500%, 

2/1/2032

b

43,536

Builders

FirstSource,

Inc.

70,000

5.000%, 

3/1/2030

b

67,031

Camelot

Return

Merger

Sub,

Inc.

52,000

8.750%, 

8/1/2028

b

51,075

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

206

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Capital

Goods  0.6%

-

continued

Canpack

SA/Canpack

US,

LLC

$

112,000

3.875%, 

11/15/2029

b

$

101,187

Carrier

Global

Corporation

154,000

2.700%, 

2/15/2031

134,733

Chart

Industries,

Inc.

103,000

7.500%, 

1/1/2030

b

107,607

Clean

Harbors,

Inc.

70,000

6.375%, 

2/1/2031

b

71,008

Clydesdale

Acquisition

Holdings,

Inc.

14,000

6.625%, 

4/15/2029

b

14,136

67,000

6.875%, 

1/15/2030

b

68,065

Cornerstone

Building

Brands,

Inc.

18,000

9.500%, 

8/15/2029

b

17,966

Crown

Cork

&

Seal

Company,

Inc.

50,000

7.375%, 

12/15/2026

51,691

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

108,000

6.625%, 

12/15/2030

b

109,240

ESAB

Corporation

67,000

6.250%, 

4/15/2029

b

67,902

GFL

Environmental,

Inc.

37,000

3.750%, 

8/1/2025

b

36,765

72,000

4.000%, 

8/1/2028

b

68,549

145,000

3.500%, 

9/1/2028

b

136,683

H&E

Equipment

Services,

Inc.

118,000

3.875%, 

12/15/2028

b

117,787

Herc

Holdings,

Inc.

22,000

5.500%, 

7/15/2027

b

21,916

57,000

6.625%, 

6/15/2029

b

58,256

Ingersoll

Rand,

Inc.

138,000

5.176%, 

6/15/2029

139,300

34,000

5.700%, 

8/14/2033

34,790

John

Deere

Capital

Corporation

169,000

4.400%, 

9/8/2031

164,230

Lockheed

Martin

Corporation

120,000

5.200%, 

2/15/2064

109,957

40,000

6.150%, 

9/1/2036

43,188

Martin

Marietta

Materials,

Inc.

68,000

5.150%, 

12/1/2034

66,678

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

22,000

6.750%, 

4/1/2032

b

22,265

MIWD

Holdco

II,

LLC

25,000

5.500%, 

2/1/2030

b

23,798

Mueller

Water

Products,

Inc.

58,000

4.000%, 

6/15/2029

b

54,151

Nesco

Holdings

II,

Inc.

110,000

5.500%, 

4/15/2029

b

103,968

New

Enterprise

Stone

and

Lime

Company,

Inc.

117,000

5.250%, 

7/15/2028

b

114,219

Nordson

Corporation

134,000

5.600%, 

9/15/2028

137,253

Northrop

Grumman

Corporation

300,000

3.850%, 

4/15/2045

234,916

OI

European

Group

BV

75,000

4.750%, 

2/15/2030

b

68,151

Owens-Brockway

Glass

Container,

Inc.

55,000

6.625%, 

5/13/2027

b

55,181

28,000

7.375%, 

6/1/2032

b

26,893

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Capital

Goods  0.6%

-

continued

Quikrete

Holdings,

Inc.

$

138,000

6.375%, 

3/1/2032

b,f

$

138,344

35,000

6.750%, 

3/1/2033

b,f

35,087

Regal

Rexnord

Corporation

170,000

6.050%, 

2/15/2026

171,443

Resideo

Funding,

Inc.

72,000

6.500%, 

7/15/2032

b

72,653

Reworld

Holding

Corporation

44,000

4.875%, 

12/1/2029

b

40,976

Roller

Bearing

Company

of

America,

Inc.

78,000

4.375%, 

10/15/2029

b

73,369

RTX

Corporation

44,000

6.400%, 

3/15/2054

47,756

110,000

4.125%, 

11/16/2028

107,620

200,000

4.450%, 

11/16/2038

178,735

177,000

4.500%, 

6/1/2042

153,880

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

55,000

6.125%, 

2/1/2028

b

55,499

Smyrna

Ready

Mix

Concrete,

LLC

97,000

8.875%, 

11/15/2031

b

103,407

Sonoco

Products

Company

123,000

4.600%, 

9/1/2029

120,289

Spirit

AeroSystems,

Inc.

36,000

3.850%, 

6/15/2026

35,373

47,000

4.600%, 

6/15/2028

45,311

21,000

9.750%, 

11/15/2030

b

23,233

SRM

Escrow

Issuer,

LLC

25,000

6.000%, 

11/1/2028

b

24,785

Standard

Building

Solutions,

Inc.

39,000

6.500%, 

8/15/2032

b

39,387

Standard

Industries,

Inc./NY

35,000

4.750%, 

1/15/2028

b

34,052

35,000

3.375%, 

1/15/2031

b

30,639

Textron,

Inc.

197,000

3.375%, 

3/1/2028

188,159

TopBuild

Corporation

24,000

4.125%, 

2/15/2032

b

21,469

Trane

Technologies

Financing,

Ltd.

82,000

5.100%, 

6/13/2034

81,367

TransDigm,

Inc.

63,000

6.750%, 

8/15/2028

b

64,116

117,000

7.125%, 

12/1/2031

b

120,817

100,000

6.625%, 

3/1/2032

b

101,707

90,000

6.000%, 

1/15/2033

b

88,809

Trivium

Packaging

Finance

53,000

5.500%, 

8/15/2026

b

52,735

United

Rentals

North

America,

Inc.

120,000

4.875%, 

1/15/2028

118,340

90,000

4.000%, 

7/15/2030

83,319

Veralto

Corporation

136,000

5.350%, 

9/18/2028

138,223

Waste

Pro

USA,

Inc.

79,000

7.000%, 

2/1/2033

b

79,879

WESCO

Distribution,

Inc.

34,000

7.250%, 

6/15/2028

b

34,645

36,000

6.375%, 

3/15/2029

b

36,674

25,000

6.625%, 

3/15/2032

b

25,560

Total

7,102,262

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

207

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Collateralized

Mortgage

Obligations  1.4%

A&D

Mortgage

Trust

$

345,714

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

b,d

$

348,791

Alternative

Loan

Trust

115,282

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

59,539

BINOM

Securitization

Trust

207,426

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

b,c

185,205

CHL

Mortgage

Pass-Through

Trust

482,278

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

207,771

CHNGE

Mortgage

Trust

275,807

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

b,d

278,982

426,979

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

b,d

425,545

Citicorp

Mortgage

Securities,

Inc.

174,850

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

154,633

COLT

Mortgage

Loan

Trust

400,016

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

b,c

351,550

Countrywide

Alternative

Loan

Trust

115,675

4.160%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

c

93,269

378,301

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

128,291

Countrywide

Home

Loans,

Inc.

74,806

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

33,953

CSMC

Trust

222,155

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

b,c

222,019

256,013

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

b,c

215,441

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

919,238

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

890,448

400,000

5.000%, 

1/25/2055,

Ser.

5490,

Class

LB

374,980

900,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

870,675

167,744

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

g

11,743

187,784

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

g

16,230

666,215

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

658,870

650,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

507,779

Federal

National

Mortgage

Association

-

REMIC

550,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

503,181

692,479

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

679,412

634,988

Zero

Coupon, 

11/25/2053,

Ser.

2023-54,

Class

EO

501,785

160,072

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

g

3,959

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Collateralized

Mortgage

Obligations  1.4%

-

continued

Flagstar

Mortgage

Trust

$

231,893

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,c

$

204,774

GCAT

Trust

335,311

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

b,c

299,262

643,659

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

b,c

643,534

GS

Mortgage-Backed

Securities

Trust

594,669

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

b,c

497,107

GSR

Mortgage

Loan

Trust

284,821

5.887%, 

9/25/2034,

Ser.

2004-11,

Class

2A2

c

274,589

J.P.

Morgan

Mortgage

Trust

434,048

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

b,c

347,702

329,604

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

b,c

278,871

LHOME

Mortgage

Trust

350,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

b,d

355,302

250,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

b,d

253,313

Mello

Mortgage

Capital

Acceptance

488,281

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

b,c

391,147

Merrill

Lynch

Alternative

Note

Asset

Trust

77,527

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

26,604

New

Residential

Mortgage

Loan

Trust

946,920

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

b,c

758,548

OBX

Trust

350,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

b,c

314,260

Palisades

Mortgage

Loan

Trust

307,213

3.487%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

b

305,410

PRPM,

LLC

325,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

b,d

300,269

Residential

Accredit

Loans,

Inc.

Trust

72,217

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

62,138

Residential

Asset

Securitization

Trust

395,477

5.375%, 

7/25/2035,

Ser.

2005-A8CB,

Class

A9

220,305

Roc

Mortgage

Trust

151,267

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

b,c

151,267

Saluda

Grade

Alternative

Mortgage

Trust

525,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

b,d

530,294

450,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

b,d

453,497

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

208

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Collateralized

Mortgage

Obligations  1.4%

-

continued

Sequoia

Mortgage

Trust

$

182,322

3.972%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

c

$

120,900

TRK

Trust

305,216

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

b,c

263,201

TVC

Mortgage

Trust

350,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

b,d

348,493

Vericrest

Opportunity

Loan

Transferee

87,489

5.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

b,d

87,488

Verus

Securitization

Trust

187,177

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

b,c

164,401

Total

15,376,727

Commercial

Mortgage-Backed

Securities  0.3%

BANK

2022-BNK39

2,728,302

0.427%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

c,g

66,544

BBCMS

Mortgage

Trust

3,979,531

1.152%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

c,g

279,329

2,902,059

1.852%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

c,g

210,565

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

975,000

5.180%, 

3/25/2029,

Ser.

K520,

Class

A2

c

992,667

450,000

4.791%, 

9/25/2029,

Ser.

K529,

Class

A2

e

451,725

1,000,000

4.489%, 

9/25/2034,

Ser.

K-165,

Class

A2

e

969,700

Morgan

Stanley

Capital

I

Trust

2,595,746

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

c,g

197,136

ROCK

Trust

375,000

5.388%, 

11/13/2041,

Ser.

2024-CNTR,

Class

A

b

376,808

Total

3,544,474

Communications

Services  0.9%

AMC

Networks,

Inc.

85,000

10.250%, 

1/15/2029

b

90,737

American

Tower

Corporation

75,000

3.375%, 

10/15/2026

73,370

135,000

5.800%, 

11/15/2028

138,874

135,000

2.900%, 

1/15/2030

122,000

80,000

5.000%, 

1/31/2030

79,626

87,000

5.650%, 

3/15/2033

88,469

AppLovin

Corporation

127,000

5.500%, 

12/1/2034

126,467

AT&T,

Inc.

135,000

5.700%, 

3/1/2057

129,490

204,000

3.650%, 

6/1/2051

143,916

301,000

3.500%, 

9/15/2053

203,271

135,000

5.400%, 

2/15/2034

135,708

200,000

4.900%, 

8/15/2037

188,509

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Communications

Services  0.9%

-

continued

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

$

160,000

5.125%, 

5/1/2027

b

$

157,045

16,000

5.000%, 

2/1/2028

b

15,575

57,000

5.375%, 

6/1/2029

b

55,088

115,000

4.750%, 

3/1/2030

b

106,520

141,000

4.500%, 

8/15/2030

a,b

128,281

54,000

4.250%, 

2/1/2031

b

47,905

134,000

4.750%, 

2/1/2032

b

119,240

36,000

4.500%, 

6/1/2033

b

30,545

125,000

4.250%, 

1/15/2034

b

102,121

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

453,000

4.200%, 

3/15/2028

439,531

147,000

6.100%, 

6/1/2029

150,348

360,000

3.500%, 

6/1/2041

249,444

Clear

Channel

Outdoor

Holdings,

Inc.

90,000

7.875%, 

4/1/2030

b

93,136

Clear

Channel

Worldwide

Holdings,

Inc.

70,000

5.125%, 

8/15/2027

b

68,188

Comcast

Corporation

204,000

5.350%, 

5/15/2053

187,158

145,000

4.400%, 

8/15/2035

133,652

240,000

4.750%, 

3/1/2044

210,457

Crown

Castle,

Inc.

133,000

4.900%, 

9/1/2029

132,204

Deluxe

Corporation

82,000

8.125%, 

9/15/2029

b

84,338

Deutsche

Telekom

International

Finance

BV

339,000

8.750%, 

6/15/2030

394,528

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

240,000

5.875%, 

8/15/2027

b

237,669

FiberCop

SPA

125,000

6.000%, 

9/30/2034

b

119,861

Frontier

Communications

Holdings,

LLC

124,000

5.875%, 

10/15/2027

b

124,036

GCI,

LLC

64,000

4.750%, 

10/15/2028

b

60,380

Gray

Media,

Inc.

36,000

10.500%, 

7/15/2029

b

37,686

Iliad

Holding

SASU

93,000

8.500%, 

4/15/2031

b

99,867

57,000

7.000%, 

4/15/2032

b

57,796

Intelsat

Jackson

Holdings

SA

92,000

6.500%, 

3/15/2030

b

83,116

Lamar

Media

Corporation

56,000

3.625%, 

1/15/2031

50,010

LCPR

Senior

Secured

Financing

DAC

141,000

6.750%, 

10/15/2027

b

129,042

Level

3

Financing,

Inc.

18,000

3.625%, 

1/15/2029

b

13,860

34,589

10.500%, 

4/15/2029

b

38,744

34,589

11.000%, 

11/15/2029

b

39,213

49,000

10.500%, 

5/15/2030

b

53,396

17,000

10.750%, 

12/15/2030

b

19,134

43,000

4.000%, 

4/15/2031

b

33,540

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

209

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Communications

Services  0.9%

-

continued

Lumen

Technologies,

Inc.

$

19,917

4.125%, 

4/15/2030

b

$

17,456

McGraw-Hill

Education,

Inc.

104,000

5.750%, 

8/1/2028

b

102,366

Meta

Platforms,

Inc.

102,000

5.600%, 

5/15/2053

101,688

185,000

5.400%, 

8/15/2054

179,488

Netflix,

Inc.

138,000

5.375%, 

11/15/2029

b

140,812

180,000

4.875%, 

6/15/2030

b

179,542

Nexstar

Media,

Inc.

43,000

5.625%, 

7/15/2027

b

42,411

54,000

4.750%, 

11/1/2028

b

50,919

Omnicom

Group,

Inc.

90,000

4.200%, 

6/1/2030

86,821

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

10,000

4.625%, 

3/15/2030

a,b

9,296

Paramount

Global

30,000

6.375%, 

3/30/2062

c

29,243

Playtika

Holding

Corporation

87,000

4.250%, 

3/15/2029

b

80,240

Rogers

Communications,

Inc.

166,000

5.000%, 

2/15/2029

165,134

218,000

5.300%, 

2/15/2034

211,451

Sinclair

Television

Group,

Inc.

41,000

8.125%, 

2/15/2033

b,f

41,228

Sirius

XM

Radio,

LLC

110,000

5.000%, 

8/1/2027

b

108,016

65,000

4.000%, 

7/15/2028

b

60,782

55,000

4.125%, 

7/1/2030

b

49,161

Sprint

Capital

Corporation

335,000

8.750%, 

3/15/2032

400,229

Take-Two

Interactive

Software,

Inc.

81,000

5.600%, 

6/12/2034

81,470

TEGNA,

Inc.

110,000

4.625%, 

3/15/2028

105,357

T-Mobile

USA,

Inc.

340,000

3.600%, 

11/15/2060

224,822

200,000

4.850%, 

1/15/2029

199,430

210,000

4.375%, 

4/15/2040

182,468

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

16,000

10.500%, 

2/15/2028

b

17,107

109,000

4.750%, 

4/15/2028

b

103,526

42,000

6.500%, 

2/15/2029

b

38,316

Univision

Communications,

Inc.

14,000

8.000%, 

8/15/2028

b

14,312

115,000

4.500%, 

5/1/2029

b

104,723

52,000

7.375%, 

6/30/2030

b

51,307

61,000

8.500%, 

7/31/2031

b

61,269

Verizon

Communications,

Inc.

204,000

3.000%, 

11/20/2060

118,685

475,000

2.650%, 

11/20/2040

326,319

310,000

3.400%, 

3/22/2041

235,323

Viasat,

Inc.

36,000

5.625%, 

4/15/2027

a,b

34,964

Virgin

Media

Finance

plc

42,000

5.000%, 

7/15/2030

b

36,573

Virgin

Media

Secured

Finance

plc

88,000

5.500%, 

5/15/2029

b

84,257

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Communications

Services  0.9%

-

continued

VMED

O2

UK

Financing

I

plc

$

42,000

4.750%, 

7/15/2031

b

$

36,901

36,000

7.750%, 

4/15/2032

b

36,492

Vodafone

Group

plc

52,000

5.125%, 

6/4/2081

c

40,152

VZ

Secured

Financing

BV

140,000

5.000%, 

1/15/2032

b

125,089

Warnermedia

Holdings,

Inc.

313,000

4.054%, 

3/15/2029

293,843

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

47,000

8.250%, 

10/1/2031

b

48,646

Zegona

Finance

plc

31,000

8.625%, 

7/15/2029

b

33,092

Ziggo

Bond

Company

BV

41,000

5.125%, 

2/28/2030

b

37,288

Ziggo

BV

38,000

4.875%, 

1/15/2030

b

35,596

Total

10,386,701

Consumer

Cyclical  1.1%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

25,000

3.875%, 

1/15/2028

b

23,859

55,000

4.375%, 

1/15/2028

b

52,896

37,000

6.125%, 

6/15/2029

b

37,504

64,000

5.625%, 

9/15/2029

b

63,727

Adient

Global

Holdings,

Ltd.

24,000

8.250%, 

4/15/2031

a,b

24,891

37,000

7.500%, 

2/15/2033

b

37,493

ADT

Security

Corporation

57,000

4.125%, 

8/1/2029

b

53,556

57,000

4.875%, 

7/15/2032

b

53,035

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

170,000

4.625%, 

6/1/2028

b

162,295

Allison

Transmission,

Inc.

28,000

3.750%, 

1/30/2031

b

24,986

Amazon.com,

Inc.

200,000

3.875%, 

8/22/2037

176,697

American

Axle

&

Manufacturing,

Inc.

99,000

5.000%, 

10/1/2029

a

90,822

American

Honda

Finance

Corporation

187,000

5.050%, 

7/10/2031

186,430

Anywhere

Real

Estate

Group,

LLC/Anywhere

Co-Issuer

Corporation

19,000

7.000%, 

4/15/2030

a,b

17,432

Arko

Corporation

63,000

5.125%, 

11/15/2029

b

58,126

Asbury

Automotive

Group,

Inc.

61,000

5.000%, 

2/15/2032

b

57,075

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

70,000

4.625%, 

8/1/2029

b

64,823

20,000

4.625%, 

4/1/2030

b

18,419

Aston

Martin

Capital

Holdings,

Ltd.

62,000

10.000%, 

3/31/2029

b

61,533

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

210

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Consumer

Cyclical  1.1%

-

continued

Bath

&

Body

Works,

Inc.

$

29,000

6.950%, 

3/1/2033

$

29,457

Beazer

Homes

USA,

Inc.

59,000

7.500%, 

3/15/2031

b

59,491

Belron

UK

Finance

plc

30,000

5.750%, 

10/15/2029

b

29,731

BorgWarner,

Inc.

81,000

4.950%, 

8/15/2029

80,708

Boyd

Gaming

Corporation

105,000

4.750%, 

6/15/2031

b

97,962

Boyne

USA,

Inc.

57,000

4.750%, 

5/15/2029

b

54,184

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

52,000

4.875%, 

2/15/2030

b

47,570

Caesars

Entertainment,

Inc.

155,000

4.625%, 

10/15/2029

b

146,331

43,000

6.500%, 

2/15/2032

b

43,535

39,000

6.000%, 

10/15/2032

a,b

37,930

Carnival

Corporation

43,000

7.625%, 

3/1/2026

b

43,074

190,000

5.750%, 

3/1/2027

b

190,397

83,000

4.000%, 

8/1/2028

b

79,217

22,000

6.000%, 

5/1/2029

b

22,043

Carvana

Company

28,361

0.000%,PIK

12.000%,

12/1/2028

b,h

30,551

Cedar

Fair,

LP/Canada's

Wonderland

Company/Magnum

Management

Corporation/

Millennium

Operations,

LLC

17,000

5.375%, 

4/15/2027

16,926

82,000

5.250%, 

7/15/2029

79,067

Churchill

Downs,

Inc.

70,000

4.750%, 

1/15/2028

b

68,208

41,000

6.750%, 

5/1/2031

b

41,696

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

48,000

6.750%, 

5/15/2028

b

48,899

86,000

6.750%, 

2/15/2030

b

87,349

Crocs,

Inc.

35,000

4.250%, 

3/15/2029

b

32,551

Cushman

&

Wakefield

US

Borrower,

LLC

17,000

6.750%, 

5/15/2028

b

17,141

Daimler

Trucks

Finance

North

America,

LLC

213,000

2.000%, 

12/14/2026

b

202,505

Dana,

Inc.

35,000

5.625%, 

6/15/2028

34,764

52,000

4.500%, 

2/15/2032

a

48,976

eG

Global

Finance

plc

17,000

12.000%, 

11/30/2028

b

19,059

Expedia

Group,

Inc.

305,000

3.250%, 

2/15/2030

281,396

Ford

Motor

Credit

Company,

LLC

200,000

2.300%, 

2/10/2025

199,891

200,000

5.850%, 

5/17/2027

202,208

203,000

2.900%, 

2/10/2029

182,810

169,000

7.122%, 

11/7/2033

176,766

Forestar

Group,

Inc.

36,000

3.850%, 

5/15/2026

b

35,167

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Consumer

Cyclical  1.1%

-

continued

Gap,

Inc.

$

25,000

3.625%, 

10/1/2029

b

$

22,742

41,000

3.875%, 

10/1/2031

b

35,959

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

68,000

7.750%, 

5/31/2032

b

69,279

General

Motors

Company

103,000

6.125%, 

10/1/2025

103,731

General

Motors

Financial

Company,

Inc.

65,000

5.400%, 

5/8/2027

65,661

233,000

5.800%, 

1/7/2029

237,316

177,000

4.900%, 

10/6/2029

174,092

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

51,000

8.750%, 

1/15/2032

b

45,122

GLP

Capital,

LP

255,000

5.750%, 

6/1/2028

258,007

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

35,000

3.500%, 

3/1/2029

b

32,350

Goodyear

Tire

&

Rubber

Company

35,000

4.875%, 

3/15/2027

34,329

36,000

5.000%, 

7/15/2029

33,585

Group

1

Automotive,

Inc.

27,000

6.375%, 

1/15/2030

b

27,443

Hanesbrands,

Inc.

40,000

4.875%, 

5/15/2026

b

39,683

20,000

9.000%, 

2/15/2031

a,b

21,370

Harley-Davidson

Financial

Services,

Inc.

126,000

5.950%, 

6/11/2029

b

126,845

Hilton

Domestic

Operating

Company,

Inc.

159,000

4.875%, 

1/15/2030

153,986

17,000

4.000%, 

5/1/2031

b

15,497

101,000

3.625%, 

2/15/2032

b

88,808

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

123,000

5.000%, 

6/1/2029

b

117,177

Home

Depot,

Inc.

205,000

5.400%, 

9/15/2040

204,038

120,000

4.250%, 

4/1/2046

100,377

345,000

3.900%, 

6/15/2047

270,524

Hyundai

Capital

America

225,000

1.800%, 

1/10/2028

b

205,335

113,000

5.300%, 

6/24/2029

b

113,566

International

Game

Technology

plc

121,000

5.250%, 

1/15/2029

b

119,066

Jacobs

Entertainment,

Inc.

56,000

6.750%, 

2/15/2029

b

55,019

Jaguar

Land

Rover

Automotive

plc

41,000

5.500%, 

7/15/2029

b

40,332

K

Hovnanian

Enterprises,

Inc.

31,000

11.750%, 

9/30/2029

b

33,700

KB

Home

105,000

4.800%, 

11/15/2029

100,697

20,000

4.000%, 

6/15/2031

17,912

L

Brands,

Inc.

150,000

6.625%, 

10/1/2030

b

152,722

57,000

6.875%, 

11/1/2035

58,819

Las

Vegas

Sands

Corporation

93,000

5.900%, 

6/1/2027

94,265

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

211

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Consumer

Cyclical  1.1%

-

continued

Life

Time,

Inc.

$

51,000

6.000%, 

11/15/2031

b

$

51,009

Light

&

Wonder

International,

Inc.

33,000

7.250%, 

11/15/2029

b

34,043

Live

Nation

Entertainment,

Inc.

38,000

4.750%, 

10/15/2027

b

37,245

Lowe's

Companies,

Inc.

136,000

5.625%, 

4/15/2053

130,729

184,000

2.625%, 

4/1/2031

160,801

Macy's

Retail

Holdings,

LLC

38,000

5.875%, 

4/1/2029

a,b

37,226

35,000

6.125%, 

3/15/2032

a,b

33,100

40,000

4.500%, 

12/15/2034

32,816

Marriott

International,

Inc./MD

205,000

4.625%, 

6/15/2030

201,013

Match

Group

Holdings

II,

LLC

77,000

4.125%, 

8/1/2030

b

69,556

Mattamy

Group

Corporation

77,000

5.250%, 

12/15/2027

b

75,439

McDonald's

Corporation

282,000

4.450%, 

3/1/2047

237,458

Melco

Resorts

Finance,

Ltd.

96,000

5.375%, 

12/4/2029

b

88,489

90,000

7.625%, 

4/17/2032

b

89,845

MGM

Resorts

International

36,000

4.625%, 

9/1/2026

35,678

37,000

6.125%, 

9/15/2029

37,029

Michaels

Companies,

Inc.

51,000

5.250%, 

5/1/2028

b

39,660

NCL

Corporation,

Ltd.

6,000

5.875%, 

3/15/2026

b

6,022

90,000

5.875%, 

2/15/2027

b

90,413

76,000

6.750%, 

2/1/2032

b

77,187

Nordstrom,

Inc.

46,000

4.250%, 

8/1/2031

40,568

Parkland

Corporation

37,000

6.625%, 

8/15/2032

b

37,086

PENN

Entertainment,

Inc.

85,000

4.125%, 

7/1/2029

a,b

77,431

PetSmart,

Inc./PetSmart

Finance

Corporation

117,000

4.750%, 

2/15/2028

b

112,134

35,000

7.750%, 

2/15/2029

b

34,887

Phinia,

Inc.

53,000

6.625%, 

10/15/2032

b

53,110

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

45,000

5.750%, 

4/15/2026

b

45,109

QVC,

Inc.

22,000

6.875%, 

4/15/2029

b

18,344

Rakuten

Group,

Inc.

52,000

11.250%, 

2/15/2027

b

56,837

60,000

9.750%, 

4/15/2029

b

65,532

Raven

Acquisition

Holdings,

LLC

36,000

6.875%, 

11/15/2031

b

35,917

Royal

Caribbean

Cruises,

Ltd.

184,000

4.250%, 

7/1/2026

b

181,472

24,000

5.625%, 

9/30/2031

b

23,822

27,000

6.000%, 

2/1/2033

b

27,214

S&S

Holdings,

LLC

74,000

8.375%, 

10/1/2031

b

74,256

Saks

Global

Enterprises,

LLC

85,000

11.000%, 

12/15/2029

b

81,396

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Consumer

Cyclical  1.1%

-

continued

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

$

39,000

6.625%, 

3/1/2030

b

$

37,972

SeaWorld

Parks

and

Entertainment,

Inc.

84,000

5.250%, 

8/15/2029

b

81,179

Service

Corporation

International/

US

35,000

3.375%, 

8/15/2030

31,060

25,000

4.000%, 

5/15/2031

22,586

56,000

5.750%, 

10/15/2032

55,026

Six

Flags

Entertainment

Corporation

17,000

7.250%, 

5/15/2031

b

17,512

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc.

17,000

6.625%, 

5/1/2032

b

17,368

Six

Flags

Theme

Parks,

Inc.

25,000

7.000%, 

7/1/2025

a,b

25,039

Sonic

Automotive,

Inc.

44,000

4.875%, 

11/15/2031

b

40,580

Staples,

Inc.

71,000

10.750%, 

9/1/2029

b

69,583

Station

Casinos,

LLC

74,000

4.625%, 

12/1/2031

b

67,176

Target

Corporation

204,000

2.950%, 

1/15/2052

a

130,128

Tenneco,

Inc.

75,000

8.000%, 

11/17/2028

b

71,591

Toyota

Motor

Credit

Corporation

64,000

4.800%, 

1/5/2034

62,264

162,000

5.350%, 

1/9/2035

162,849

Uber

Technologies,

Inc.

118,000

5.350%, 

9/15/2054

109,114

141,000

4.800%, 

9/15/2034

135,003

VICI

Properties,

LP/VICI

Note

Company,

Inc.

224,000

4.625%, 

6/15/2025

b

223,501

69,000

5.750%, 

2/1/2027

b

69,643

99,000

4.125%, 

8/15/2030

b

91,897

Victoria's

Secret

&

Company

104,000

4.625%, 

7/15/2029

a,b

95,542

Victra

Holdings,

LLC/Victra

Finance

Corporation

25,000

8.750%, 

9/15/2029

b

26,474

Viking

Cruises,

Ltd.

177,000

5.875%, 

9/15/2027

b

176,670

Walgreens

Boots

Alliance,

Inc.

61,000

3.200%, 

4/15/2030

50,660

Walmart,

Inc.

170,000

4.500%, 

9/9/2052

148,578

WASH

Multifamily

Acquisition,

Inc.

54,000

5.750%, 

4/15/2026

b

53,970

Wyndham

Hotels

&

Resorts,

Inc.

55,000

4.375%, 

8/15/2028

b

52,843

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

32,000

5.125%, 

10/1/2029

b

31,015

84,000

7.125%, 

2/15/2031

b

87,833

Yum!

Brands,

Inc.

105,000

4.750%, 

1/15/2030

b

100,802

ZF

North

America

Capital,

Inc.

55,000

7.125%, 

4/14/2030

b

54,998

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

212

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Consumer

Cyclical  1.1%

-

continued

$

36,000

6.750%, 

4/23/2030

b

$

35,374

Total

12,268,216

Consumer

Non-Cyclical  1.1%

1375209

B.C.,

Ltd.

35,000

9.000%, 

1/30/2028

a,b

35,051

Abbott

Laboratories

237,000

4.750%, 

11/30/2036

229,657

AbbVie,

Inc.

65,000

5.400%, 

3/15/2054

62,708

379,000

4.500%, 

5/14/2035

356,361

149,000

5.350%, 

3/15/2044

145,882

Acadia

Healthcare

Company,

Inc.

53,000

5.000%, 

4/15/2029

b

50,398

AdaptHealth,

LLC

155,000

4.625%, 

8/1/2029

b

142,473

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

110,000

4.625%, 

1/15/2027

b

108,042

117,000

3.500%, 

3/15/2029

b

107,633

Altria

Group,

Inc.

136,000

6.875%, 

11/1/2033

148,142

Amgen,

Inc.

35,000

4.200%, 

2/22/2052

27,176

206,000

5.600%, 

3/2/2043

201,969

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

269,000

4.700%, 

2/1/2036

254,344

Anheuser-Busch

InBev

Worldwide,

Inc.

167,000

5.550%, 

1/23/2049

163,824

Archer-Daniels-Midland

Company

260,000

2.700%, 

9/15/2051

155,513

AstraZeneca

plc

360,000

3.000%, 

5/28/2051

236,823

BAT

Capital

Corporation

137,000

7.079%, 

8/2/2043

148,803

Bausch

+

Lomb

Corporation

21,000

8.375%, 

10/1/2028

b

21,986

Bausch

Health

Companies,

Inc.

77,000

5.500%, 

11/1/2025

b

75,556

80,000

4.875%, 

6/1/2028

a,b

64,811

43,000

11.000%, 

9/30/2028

b

40,104

Becton,

Dickinson

and

Company

101,000

3.794%, 

5/20/2050

75,136

25,000

3.700%, 

6/6/2027

24,470

BellRing

Brands,

Inc.

58,000

7.000%, 

3/15/2030

b

60,120

Bristol-Myers

Squibb

Company

342,000

3.550%, 

3/15/2042

266,082

Bunge,

Ltd.

Finance

Corporation

47,000

4.650%, 

9/17/2034

44,530

Campbell's

Company

122,000

5.400%, 

3/21/2034

121,552

Cargill,

Inc.

206,000

3.125%, 

5/25/2051

b

135,570

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

32,000

9.500%, 

10/15/2029

b

31,871

Cencora,

Inc.

105,000

5.150%, 

2/15/2035

102,556

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Consumer

Non-Cyclical  1.1%

-

continued

Central

Garden

&

Pet

Company

$

47,000

4.125%, 

10/15/2030

$

42,731

Champ

Acquisition

Corporation

29,000

8.375%, 

12/1/2031

b

30,203

Charles

River

Laboratories

International,

Inc.

41,000

4.000%, 

3/15/2031

b

36,857

CHS/Community

Health

Systems,

Inc.

76,000

5.625%, 

3/15/2027

b

73,792

24,000

8.000%, 

12/15/2027

b

23,846

47,000

6.000%, 

1/15/2029

b

42,842

44,000

4.750%, 

2/15/2031

b

35,905

50,000

10.875%, 

1/15/2032

b

51,499

Conagra

Brands,

Inc.

230,000

1.375%, 

11/1/2027

209,473

Concentra

Escrow

Issuer

Corporation

30,000

6.875%, 

7/15/2032

b

31,022

Constellation

Brands,

Inc.

169,000

3.600%, 

2/15/2028

162,993

110,000

2.875%, 

5/1/2030

98,372

CVS

Health

Corporation

58,000

7.000%, 

3/10/2055

c

58,584

130,000

4.780%, 

3/25/2038

114,186

184,000

6.000%, 

6/1/2044

176,563

DaVita,

Inc.

28,000

3.750%, 

2/15/2031

b

24,640

71,000

6.875%, 

9/1/2032

b

71,997

Edgewell

Personal

Care

Company

85,000

5.500%, 

6/1/2028

b

83,805

Eli

Lilly

&

Company

102,000

4.950%, 

2/27/2063

91,187

Embecta

Corporation

42,000

5.000%, 

2/15/2030

b

39,053

32,000

6.750%, 

2/15/2030

b

30,563

Encompass

Health

Corporation

54,000

4.500%, 

2/1/2028

52,713

Endo

Finance

Holdings,

Inc.

35,000

8.500%, 

4/15/2031

a,b

37,438

Energizer

Holdings,

Inc.

91,000

4.750%, 

6/15/2028

b

87,407

Fortrea

Holdings,

Inc.

17,000

7.500%, 

7/1/2030

a,b

17,067

GE

HealthCare

Technologies,

Inc.

133,000

6.377%, 

11/22/2052

142,875

General

Mills,

Inc.

54,000

4.950%, 

3/29/2033

52,812

Grifols

SA

41,000

4.750%, 

10/15/2028

b

37,930

HCA,

Inc.

234,000

3.500%, 

9/1/2030

213,816

88,000

5.450%, 

9/15/2034

86,203

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

73,000

7.875%, 

9/1/2025

b

72,961

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

37,000

12.250%, 

4/15/2029

b

38,852

40,000

4.875%, 

6/1/2029

b

27,045

Illumina,

Inc.

70,000

4.650%, 

9/9/2026

69,787

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

213

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Consumer

Non-Cyclical  1.1%

-

continued

Imperial

Brands

Finance

plc

$

200,000

3.875%, 

7/26/2029

b

$

189,608

Jazz

Securities

DAC

26,000

4.375%, 

1/15/2029

b

24,766

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

135,000

5.500%, 

1/15/2030

135,237

204,000

3.000%, 

5/15/2032

171,960

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

139,000

5.950%, 

4/20/2035

b

140,853

Johnson

&

Johnson

128,000

5.250%, 

6/1/2054

125,551

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

67,000

9.000%, 

2/15/2029

b

69,638

Kimberly-Clark

Corporation

220,000

3.900%, 

5/4/2047

172,556

Kraft

Heinz

Foods

Company

136,000

4.375%, 

6/1/2046

110,696

Lamb

Weston

Holdings,

Inc.

37,000

4.125%, 

1/31/2030

b

34,276

37,000

4.375%, 

1/31/2032

b

33,664

LifePoint

Health,

Inc.

68,000

9.875%, 

8/15/2030

b

72,542

43,000

11.000%, 

10/15/2030

b

47,544

26,000

10.000%, 

6/1/2032

b

25,346

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

42,000

6.250%, 

4/1/2029

b

42,677

Medtronic,

Inc.

204,000

4.375%, 

3/15/2035

192,996

Mozart

Debt

Merger

Sub,

Inc.

91,000

3.875%, 

4/1/2029

b

84,913

112,000

5.250%, 

10/1/2029

b

108,520

MPH

Acquisition

Holdings,

LLC

18,334

5.750%, 

12/31/2030

b

14,667

9,575

11.500%, 

12/31/2030

b

8,235

Newell

Brands,

Inc.

36,000

6.375%, 

9/15/2027

36,645

36,000

6.625%, 

9/15/2029

a

36,929

22,000

6.375%, 

5/15/2030

22,275

Novartis

Capital

Corporation

104,000

4.700%, 

9/18/2054

92,201

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

49,000

4.125%, 

4/30/2028

b

46,476

126,000

5.125%, 

4/30/2031

b

114,060

Owens

&

Minor,

Inc.

61,000

6.625%, 

4/1/2030

a,b

58,738

PepsiCo,

Inc.

135,000

4.200%, 

7/18/2052

109,514

Performance

Food

Group,

Inc.

79,000

4.250%, 

8/1/2029

b

74,274

50,000

6.125%, 

9/15/2032

b

50,105

Perrigo

Finance

Unlimited

Company

58,000

4.900%, 

6/15/2030

54,689

33,000

6.125%, 

9/30/2032

32,360

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Consumer

Non-Cyclical  1.1%

-

continued

Pfizer

Investment

Enterprises,

Private

Ltd.

$

306,000

5.300%, 

5/19/2053

$

286,519

134,000

5.110%, 

5/19/2043

126,637

Philip

Morris

International,

Inc.

66,000

5.125%, 

2/13/2031

66,337

204,000

5.375%, 

2/15/2033

204,682

156,000

4.900%, 

11/1/2034

150,486

Post

Holdings,

Inc.

52,000

4.625%, 

4/15/2030

b

48,370

80,000

4.500%, 

9/15/2031

b

72,336

48,000

6.250%, 

10/15/2034

b

46,776

Prime

Healthcare

Services,

Inc.

54,000

9.375%, 

9/1/2029

b

51,351

Radiology

Partners,

Inc.

29,000

7.775%, 

1/31/2029

b

28,737

Roche

Holdings,

Inc.

138,000

4.000%, 

11/28/2044

b

113,465

Royalty

Pharma

plc

115,000

5.150%, 

9/2/2029

114,922

Select

Medical

Corporation

35,000

6.250%, 

12/1/2032

b

34,385

Simmons

Foods,

Inc.

101,000

4.625%, 

3/1/2029

b

94,129

Sotera

Health

Holdings,

LLC

36,000

7.375%, 

6/1/2031

b

36,656

Spectrum

Brands,

Inc.

8,000

3.875%, 

3/15/2031

b

6,848

Star

Parent,

Inc.

35,000

9.000%, 

10/1/2030

b

36,831

Stryker

Corporation

116,000

5.200%, 

2/10/2035

f

115,218

Surgery

Center

Holdings,

Inc.

35,000

7.250%, 

4/15/2032

b

34,913

Sysco

Corporation

205,000

6.600%, 

4/1/2040

222,316

Takeda

Pharmaceutical

Company,

Ltd.

200,000

3.175%, 

7/9/2050

130,071

200,000

5.650%, 

7/5/2044

197,524

Tenet

Healthcare

Corporation

173,000

5.125%, 

11/1/2027

171,122

83,000

4.375%, 

1/15/2030

77,650

82,000

6.750%, 

5/15/2031

83,916

Teva

Pharmaceutical

Finance

Company,

LLC

36,000

6.150%, 

2/1/2036

36,005

Teva

Pharmaceutical

Finance

Netherlands

III

BV

39,000

3.150%, 

10/1/2026

37,790

US

Acute

Care

Solutions,

LLC

65,000

9.750%, 

5/15/2029

b

66,099

Viterra

Finance

BV

169,000

3.200%, 

4/21/2031

b

148,212

Wyeth,

LLC

135,000

6.500%, 

2/1/2034

147,298

Zoetis,

Inc.

318,000

4.700%, 

2/1/2043

284,456

Total

11,912,730

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

214

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Energy  0.8%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

$

32,000

7.500%, 

10/1/2029

b

$

32,818

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

72,000

5.375%, 

6/15/2029

b

70,392

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

52,000

6.250%, 

4/1/2028

b

52,257

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

72,000

8.250%, 

12/31/2028

b

73,482

36,000

5.875%, 

6/30/2029

b

35,422

Baytex

Energy

Corporation

68,000

8.500%, 

4/30/2030

b

70,057

20,000

7.375%, 

3/15/2032

b

19,711

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

57,000

7.000%, 

7/15/2029

b

58,552

BP

Capital

Markets

America,

Inc.

356,000

2.939%, 

6/4/2051

221,053

Buckeye

Partners,

LP

49,000

4.500%, 

3/1/2028

b

47,184

34,000

6.875%, 

7/1/2029

b

34,808

16,000

6.750%, 

2/1/2030

b

16,277

California

Resources

Corporation

43,000

8.250%, 

6/15/2029

b

44,208

Canadian

Natural

Resources,

Ltd.

50,000

5.000%, 

12/15/2029

b

49,406

95,000

2.950%, 

7/15/2030

84,862

Cheniere

Energy

Partners,

LP

444,000

4.500%, 

10/1/2029

430,473

Cheniere

Energy,

Inc.

37,000

5.650%, 

4/15/2034

36,988

Civitas

Resources,

Inc.

51,000

8.375%, 

7/1/2028

b

53,339

92,000

8.750%, 

7/1/2031

b

97,029

CNX

Resources

Corporation

40,000

6.000%, 

1/15/2029

b

39,644

Columbia

Pipelines

Holding

Company,

LLC

134,000

6.042%, 

8/15/2028

b

137,699

Columbia

Pipelines

Operating

Company,

LLC

33,000

5.927%, 

8/15/2030

b

34,050

Comstock

Resources,

Inc.

69,000

6.750%, 

3/1/2029

b

67,755

75,000

5.875%, 

1/15/2030

b

70,981

ConocoPhillips

Company

162,000

4.850%, 

1/15/2032

159,247

Continental

Resources,

Inc.

237,000

2.268%, 

11/15/2026

b

225,893

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

76,000

5.500%, 

6/15/2031

b

73,282

Crescent

Energy

Finance,

LLC

107,000

7.625%, 

4/1/2032

b

107,741

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

77,000

8.625%, 

3/15/2029

b

80,758

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

28,000

8.500%, 

10/1/2030

b

29,185

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Energy  0.8%

-

continued

Diamondback

Energy,

Inc.

$

184,000

5.750%, 

4/18/2054

$

172,762

DT

Midstream,

Inc.

57,000

4.125%, 

6/15/2029

b

53,889

Eastern

Energy

Gas

Holdings,

LLC

186,000

5.800%, 

1/15/2035

189,125

Enbridge,

Inc.

190,000

5.250%, 

4/5/2027

192,050

Enerflex,

Ltd.

27,000

9.000%, 

10/15/2027

b

28,027

Energy

Transfer,

LP

84,000

8.000%, 

5/15/2054

c

88,654

110,000

4.000%, 

10/1/2027

107,701

50,000

5.150%, 

2/1/2043

44,322

275,000

6.000%, 

6/15/2048

266,481

EnLink

Midstream

Partners,

LP

65,000

5.600%, 

4/1/2044

60,020

Enterprise

Products

Operating,

LLC

175,000

3.300%, 

2/15/2053

115,030

EQM

Midstream

Partners,

LP

97,000

4.750%, 

1/15/2031

b

92,353

Exxon

Mobil

Corporation

300,000

3.452%, 

4/15/2051

210,574

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

57,000

8.875%, 

4/15/2030

59,088

86,000

7.875%, 

5/15/2032

86,144

Gulfport

Energy

Operating

Corporation

24,000

6.750%, 

9/1/2029

b

24,423

Halliburton

Company

136,000

5.000%, 

11/15/2045

121,375

Harvest

Midstream

I,

LP

85,000

7.500%, 

9/1/2028

b

86,935

Hess

Midstream

Operations,

LP

78,000

4.250%, 

2/15/2030

b

72,960

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

125,000

5.750%, 

2/1/2029

b

121,492

35,000

6.000%, 

4/15/2030

b

33,938

37,000

6.250%, 

4/15/2032

b

35,138

Howard

Midstream

Energy

Partners,

LLC

99,000

7.375%, 

7/15/2032

b

102,917

ITT

Holdings,

LLC

90,000

6.500%, 

8/1/2029

b

84,115

Kodiak

Gas

Services,

LLC

43,000

7.250%, 

2/15/2029

b

44,260

Laredo

Petroleum,

Inc.

70,000

7.750%, 

7/31/2029

a,b

70,250

MEG

Energy

Corporation

55,000

5.875%, 

2/1/2029

b

54,155

Moss

Creek

Resources

Holdings,

Inc.

37,000

8.250%, 

9/1/2031

b

36,877

MPLX,

LP

272,000

4.950%, 

9/1/2032

263,788

52,000

5.000%, 

3/1/2033

50,203

Nabors

Industries,

Inc.

35,000

7.375%, 

5/15/2027

b

35,256

88,000

9.125%, 

1/31/2030

b

91,344

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

215

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Energy  0.8%

-

continued

National

Fuel

Gas

Company

$

244,000

5.500%, 

1/15/2026

$

245,205

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

29,000

8.125%, 

2/15/2029

b

29,758

43,000

8.375%, 

2/15/2032

b

44,234

Noble

Finance

II,

LLC

72,000

8.000%, 

4/15/2030

b

73,256

Northern

Oil

and

Gas,

Inc.

69,000

8.750%, 

6/15/2031

b

72,352

NuStar

Logistics,

LP

70,000

6.375%, 

10/1/2030

71,289

Occidental

Petroleum

Corporation

50,000

5.000%, 

8/1/2027

50,036

ONEOK,

Inc.

99,000

5.700%, 

11/1/2054

91,968

74,000

5.000%, 

3/1/2026

74,166

108,000

4.750%, 

10/15/2031

104,491

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

56,000

6.000%, 

2/15/2028

55,191

Permian

Resources

Operating,

LLC

67,000

6.250%, 

2/1/2033

b

67,162

Prairie

Acquiror,

LP

57,000

9.000%, 

8/1/2029

b

58,947

Precision

Drilling

Corporation

47,000

6.875%, 

1/15/2029

b

47,407

Range

Resources

Corporation

56,000

4.750%, 

2/15/2030

b

53,259

Rockies

Express

Pipeline,

LLC

90,000

4.950%, 

7/15/2029

b

86,283

Saturn

Oil

&

Gas,

Inc.

43,000

9.625%, 

6/15/2029

b

42,920

Schlumberger

Holdings

Corporation

55,000

5.000%, 

5/29/2027

b

55,409

SM

Energy

Company

50,000

6.500%, 

7/15/2028

50,055

24,000

7.000%, 

8/1/2032

b

23,965

South

Bow

USA

Infrastructure

Holdings,

LLC

91,000

5.026%, 

10/1/2029

b

89,538

38,000

5.584%, 

10/1/2034

b

36,955

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

35,000

5.875%, 

3/1/2027

34,840

Suncor

Energy,

Inc.

216,000

7.150%, 

2/1/2032

233,960

Sunoco,

LP

104,000

7.000%, 

5/1/2029

b

107,495

Sunoco,

LP/Sunoco

Finance

Corporation

54,000

5.875%, 

3/15/2028

54,052

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

126,000

5.500%, 

1/15/2028

b

123,253

52,000

7.375%, 

2/15/2029

b

52,929

Talos

Production,

Inc.

37,000

9.000%, 

2/1/2029

b

38,478

Targa

Resources

Corporation

238,000

4.200%, 

2/1/2033

217,077

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Energy  0.8%

-

continued

TGNR

Intermediate

Holdings,

LLC

$

73,000

5.500%, 

10/15/2029

b

$

69,319

TotalEnergies

Capital

SA

93,000

5.275%, 

9/10/2054

86,147

Transocean,

Inc.

85,850

8.750%, 

2/15/2030

b

89,539

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

60,000

7.125%, 

3/15/2029

b

61,400

Valaris,

Ltd.

69,000

8.375%, 

4/30/2030

b

70,860

Venture

Global

Calcasieu

Pass,

LLC

51,000

3.875%, 

8/15/2029

b

47,176

55,000

4.125%, 

8/15/2031

b

49,723

Venture

Global

LNG,

Inc.

128,000

8.125%, 

6/1/2028

b

133,766

63,000

9.000%, 

9/30/2029

b,c,i

65,651

50,000

7.000%, 

1/15/2030

b

51,104

140,000

8.375%, 

6/1/2031

b

147,345

70,000

9.875%, 

2/1/2032

b

77,058

Viridien

SA

17,000

8.750%, 

4/1/2027

b

17,183

Western

Midstream

Operating,

LP

135,000

6.350%, 

1/15/2029

139,614

68,000

6.150%, 

4/1/2033

69,334

Williams

Companies,

Inc.

225,000

7.500%, 

1/15/2031

249,449

58,000

5.600%, 

3/15/2035

58,216

Total

9,519,013

Financials  3.0%

Acrisure,

LLC/Acrisure

Finance,

Inc.

24,000

4.250%, 

2/15/2029

b

22,707

35,000

7.500%, 

11/6/2030

b

36,187

AEGON

Funding

Company,

LLC

200,000

5.500%, 

4/16/2027

a,b

201,661

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

151,000

6.100%, 

1/15/2027

154,247

175,000

3.875%, 

1/23/2028

170,243

173,000

5.375%, 

12/15/2031

172,837

150,000

3.400%, 

10/29/2033

128,024

AG

TTMT

Escrow

Issuer,

LLC

27,000

8.625%, 

9/30/2027

b

28,093

Agree,

LP

95,000

5.625%, 

6/15/2034

95,504

Air

Lease

Corporation

36,000

4.650%, 

6/15/2026

c,i

35,128

309,000

3.000%, 

2/1/2030

279,529

Aircastle,

Ltd.

225,000

5.250%, 

8/11/2025

b

225,257

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

35,000

4.250%, 

10/15/2027

b

33,863

70,000

6.750%, 

4/15/2028

b

70,739

49,000

7.000%, 

1/15/2031

b

49,859

Ally

Financial,

Inc.

270,000

8.000%, 

11/1/2031

302,930

54,000

6.700%, 

2/14/2033

55,523

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

216

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Financials  3.0%

-

continued

American

Express

Company

$

65,000

5.098%, 

2/16/2028

c

$

65,464

80,000

5.043%, 

7/26/2028

c

80,519

77,000

5.085%, 

1/30/2031

c

77,271

American

International

Group,

Inc.

266,000

5.125%, 

3/27/2033

263,565

AmWINS

Group,

Inc.

29,000

6.375%, 

2/15/2029

b

29,336

85,000

4.875%, 

6/30/2029

b

80,959

ANZ

Bank

New

Zealand,

Ltd.

200,000

5.548%, 

8/11/2032

b,c

201,156

Aon

North

America,

Inc.

100,000

5.750%, 

3/1/2054

98,142

Apollo

Debt

Solutions

BDC

138,000

6.700%, 

7/29/2031

b

142,661

Ares

Capital

Corporation

101,000

3.250%, 

7/15/2025

100,313

200,000

3.875%, 

1/15/2026

197,892

157,000

2.150%, 

7/15/2026

150,703

116,000

5.875%, 

3/1/2029

117,444

Ares

Strategic

Income

Fund

112,000

5.600%, 

2/15/2030

b

110,630

Arthur

J.

Gallagher

&

Company

34,000

6.750%, 

2/15/2054

37,488

50,000

5.750%, 

7/15/2054

48,936

176,000

5.000%, 

2/15/2032

172,924

Avolon

Holdings

Funding,

Ltd.

135,000

4.250%, 

4/15/2026

b

133,600

70,000

4.950%, 

1/15/2028

b

69,478

165,000

5.750%, 

3/1/2029

b

167,061

Azorra

Finance,

Ltd.

91,000

7.750%, 

4/15/2030

b

92,095

Banco

Santander

SA

200,000

4.175%, 

3/24/2028

c

196,522

Bank

of

America

Corporation

225,000

1.734%, 

7/22/2027

c

215,308

172,000

3.824%, 

1/20/2028

c

168,946

119,000

5.202%, 

4/25/2029

c

120,023

180,000

2.087%, 

6/14/2029

c

164,218

125,000

2.496%, 

2/13/2031

c

110,680

325,000

1.922%, 

10/24/2031

c

273,254

204,000

2.972%, 

2/4/2033

c

176,423

409,000

4.571%, 

4/27/2033

c

391,218

203,000

5.872%, 

9/15/2034

c

209,259

80,000

5.468%, 

1/23/2035

c

80,191

186,000

5.425%, 

8/15/2035

c

181,289

275,000

3.846%, 

3/8/2037

c

244,434

Bank

of

New

York

Mellon

Corporation

135,000

6.317%, 

10/25/2029

c

141,844

Barclays

plc

34,000

6.125%, 

12/15/2025

c,i

34,080

204,000

6.496%, 

9/13/2027

c

208,848

210,000

4.972%, 

5/16/2029

c

209,229

200,000

4.942%, 

9/10/2030

c

196,951

200,000

5.746%, 

8/9/2033

c

201,197

Belrose

Funding

Trust

260,000

2.330%, 

8/15/2030

b

221,191

Berkshire

Hathaway

Finance

Corporation

272,000

2.850%, 

10/15/2050

170,005

BlackRock

Funding,

Inc.

66,000

5.250%, 

3/14/2054

62,511

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Financials  3.0%

-

continued

Blackstone

Private

Credit

Fund

$

110,000

5.600%, 

11/22/2029

b

$

108,741

130,000

6.250%, 

1/25/2031

132,213

Blue

Owl

Capital

Corporation

II

102,000

8.450%, 

11/15/2026

106,741

Blue

Owl

Credit

Income

Corporation

170,000

4.700%, 

2/8/2027

168,096

Blue

Owl

Technology

Finance

Corporation

90,000

4.750%, 

12/15/2025

b

89,286

139,000

6.100%, 

3/15/2028

b

139,493

Blue

Owl

Technology

Finance

Corporation

II

130,000

6.750%, 

4/4/2029

131,949

BNP

Paribas

SA

200,000

5.283%, 

11/19/2030

b,c

199,299

340,000

3.132%, 

1/20/2033

b,c

292,621

BPCE

SA

315,000

3.500%, 

10/23/2027

b

302,111

Burford

Capital

Global

Finance,

LLC

82,000

9.250%, 

7/1/2031

b

87,847

Camden

Property

Trust

150,000

3.150%, 

7/1/2029

139,879

Capital

One

Financial

Corporation

200,000

4.200%, 

10/29/2025

199,028

46,000

5.700%, 

2/1/2030

c

46,766

Charles

Schwab

Corporation

136,000

6.136%, 

8/24/2034

c

142,931

Chubb

INA

Holdings,

LLC

138,000

4.350%, 

11/3/2045

116,248

Citadel,

LP

115,000

6.375%, 

1/23/2032

b

116,947

Citigroup,

Inc.

160,000

3.200%, 

10/21/2026

156,094

240,000

3.668%, 

7/24/2028

c

233,072

225,000

3.520%, 

10/27/2028

c

217,106

82,000

5.174%, 

2/13/2030

c

82,231

289,000

4.910%, 

5/24/2033

c

279,767

167,000

6.174%, 

5/25/2034

c

170,198

157,000

6.020%, 

1/24/2036

c

157,620

Citizens

Financial

Group,

Inc.

80,000

5.718%, 

7/23/2032

c

80,733

CNA

Financial

Corporation

99,000

5.125%, 

2/15/2034

96,816

Comerica,

Inc.

48,000

5.982%, 

1/30/2030

c

48,471

Constellation

Insurance,

Inc.

41,000

6.800%, 

1/24/2030

b

40,343

Cooperatieve

Rabobank

UA

273,000

5.564%, 

2/28/2029

b,c

277,730

Corebridge

Financial,

Inc.

64,000

6.375%, 

9/15/2054

c

63,280

102,000

4.350%, 

4/5/2042

85,083

Cousins

Properties,

LP

36,000

5.375%, 

2/15/2032

35,482

Credit

Acceptance

Corporation

65,000

9.250%, 

12/15/2028

b

69,261

Credit

Suisse

Group

AG

200,000

7.250%, 

N/A

*,j

17,000

Deutsche

Bank

AG/New

York,

NY

212,000

5.373%, 

1/10/2029

c

212,580

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

217

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Financials  3.0%

-

continued

$

150,000

6.819%, 

11/20/2029

c

$

157,990

300,000

3.729%, 

1/14/2032

c

264,031

Discover

Bank

260,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

c

263,466

Diversified

Healthcare

Trust

42,000

Zero

Coupon, 

1/15/2026

b

39,954

Drawbridge

Special

Opportunities

Fund,

LP

122,000

3.875%, 

2/15/2026

b

119,190

Elevance

Health,

Inc.

250,000

3.125%, 

5/15/2050

160,279

220,000

4.625%, 

5/15/2042

192,006

EPR

Properties

105,000

4.950%, 

4/15/2028

103,641

Fairfax

Financial

Holdings,

Ltd.

127,000

6.350%, 

3/22/2054

129,810

FirstCash,

Inc.

88,000

5.625%, 

1/1/2030

b

86,132

First-Citizens

Bank

&

Trust

Company

119,000

6.125%, 

3/9/2028

122,268

Five

Corners

Funding

Trust

IV

136,000

5.997%, 

2/15/2053

b

136,788

Fortress

Transportation

and

Infrastructure

Investors,

LLC

37,000

5.500%, 

5/1/2028

b

36,166

82,000

7.000%, 

5/1/2031

b

83,105

50,000

7.000%, 

6/15/2032

b

50,690

35,000

5.875%, 

4/15/2033

b

33,487

Freedom

Mortgage

Corporation

34,000

7.625%, 

5/1/2026

b

34,180

Freedom

Mortgage

Holdings,

LLC

81,000

9.250%, 

2/1/2029

b

84,544

35,000

9.125%, 

5/15/2031

b

36,225

FS

KKR

Capital

Corporation

225,000

3.400%, 

1/15/2026

221,500

GGAM

Finance,

Ltd.

32,000

7.750%, 

5/15/2026

b

32,501

36,000

8.000%, 

6/15/2028

b

37,971

96,000

5.875%, 

3/15/2030

b

95,042

Global

Aircraft

Leasing

Company,

Ltd.

103,000

8.750%, 

9/1/2027

b

105,805

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

105,000

3.750%, 

12/15/2027

b

97,593

goeasy,

Ltd.

56,000

9.250%, 

12/1/2028

b

59,803

35,000

7.625%, 

7/1/2029

b

36,177

26,000

6.875%, 

5/15/2030

b

26,398

Goldman

Sachs

Bank

USA/New

York,

NY

193,000

5.414%, 

5/21/2027

c

194,683

Goldman

Sachs

BDC,

Inc.

86,000

6.375%, 

3/11/2027

87,836

Goldman

Sachs

Group,

Inc.

174,000

1.948%, 

10/21/2027

c

165,704

204,000

6.484%, 

10/24/2029

c

214,195

85,000

1.992%, 

1/27/2032

c

70,874

510,000

3.102%, 

2/24/2033

c

442,707

Healthpeak

OP,

LLC

47,000

3.400%, 

2/1/2025

47,000

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Financials  3.0%

-

continued

Highwoods

Realty,

LP

$

100,000

3.050%, 

2/15/2030

$

88,269

88,000

2.600%, 

2/1/2031

73,832

Howard

Hughes

Corporation

23,000

4.125%, 

2/1/2029

b

21,132

HSBC

Holdings

plc

225,000

5.402%, 

8/11/2033

c

223,717

HUB

International,

Ltd.

100,000

7.250%, 

6/15/2030

b

103,398

Huntington

Bancshares,

Inc./OH

165,000

5.709%, 

2/2/2035

c

165,132

138,000

6.141%, 

11/18/2039

c

138,557

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

35,000

6.250%, 

5/15/2026

34,951

142,000

5.250%, 

5/15/2027

137,632

Intesa

Sanpaolo

SPA

43,000

4.198%, 

6/1/2032

b,c

38,161

Invitation

Homes

Operating

Partnership,

LP

170,000

2.000%, 

8/15/2031

139,300

J.P.

Morgan

Chase

&

Company

52,000

4.000%, 

4/1/2025

c,i

51,829

270,000

1.578%, 

4/22/2027

c

260,035

150,000

2.947%, 

2/24/2028

c

144,654

184,000

4.979%, 

7/22/2028

c

184,750

275,000

4.203%, 

7/23/2029

c

268,924

175,000

2.522%, 

4/22/2031

c

154,809

265,000

1.953%, 

2/4/2032

c

222,055

273,000

4.586%, 

4/26/2033

c

262,767

204,000

4.912%, 

7/25/2033

c

199,989

135,000

5.766%, 

4/22/2035

c

138,466

94,000

5.502%, 

1/24/2036

c

94,558

124,000

5.534%, 

11/29/2045

c

121,775

Jackson

National

Life

Global

Funding

150,000

5.550%, 

7/2/2027

b

152,074

Jane

Street

Group/JSG

Finance,

Inc.

56,000

4.500%, 

11/15/2029

b

52,880

22,000

7.125%, 

4/30/2031

b

22,737

36,000

6.125%, 

11/1/2032

b

35,826

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

28,000

5.000%, 

8/15/2028

b

26,514

53,000

6.625%, 

10/15/2031

b

53,249

Jefferson

Capital

Holdings,

LLC

29,000

6.000%, 

8/15/2026

b

28,939

72,000

9.500%, 

2/15/2029

b

76,944

KeyBank

NA/Cleveland,

OH

169,000

5.000%, 

1/26/2033

163,103

Kilroy

Realty,

LP

68,000

4.250%, 

8/15/2029

64,010

58,000

6.250%, 

1/15/2036

57,147

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

36,000

4.250%, 

2/1/2027

b

35,021

95,000

4.750%, 

6/15/2029

b

90,369

Liberty

Mutual

Group,

Inc.

20,000

4.125%, 

12/15/2051

b,c

19,132

Lloyds

Banking

Group

plc

200,000

5.087%, 

11/26/2028

c

200,502

203,000

5.871%, 

3/6/2029

c

207,734

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

218

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Financials  3.0%

-

continued

Macquarie

Airfinance

Holdings,

Ltd.

$

34,000

6.400%, 

3/26/2029

b

$

35,036

83,000

5.150%, 

3/17/2030

b

81,647

17,000

6.500%, 

3/26/2031

b

17,620

Marsh

&

McLennan

Companies,

Inc.

51,000

5.450%, 

3/15/2053

48,832

Massachusetts

Mutual

Life

Insurance

Company

275,000

3.200%, 

12/1/2061

b

161,923

Mitsubishi

UFJ

Financial

Group,

Inc.

202,000

5.422%, 

2/22/2029

c

205,056

Molina

Healthcare,

Inc.

58,000

4.375%, 

6/15/2028

b

55,751

25,000

3.875%, 

5/15/2032

b

21,984

42,000

6.250%, 

1/15/2033

b

41,699

Morgan

Stanley

98,000

5.516%, 

11/19/2055

c

94,871

275,000

4.350%, 

9/8/2026

273,169

240,000

3.591%, 

7/22/2028

c

232,354

136,000

5.164%, 

4/20/2029

c

136,785

350,000

3.622%, 

4/1/2031

c

326,734

136,000

5.250%, 

4/21/2034

c

134,347

101,000

5.831%, 

4/19/2035

c

103,311

69,000

5.587%, 

1/18/2036

c

69,601

238,000

5.297%, 

4/20/2037

c

232,303

Morgan

Stanley

Direct

Lending

Fund

92,000

6.150%, 

5/17/2029

b

92,506

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

46,000

8.500%, 

2/15/2032

b,f

46,713

Nasdaq,

Inc.

150,000

3.250%, 

4/28/2050

100,514

Nationstar

Mortgage

Holdings,

Inc.

17,000

5.500%, 

8/15/2028

b

16,690

36,000

6.500%, 

8/1/2029

b

36,082

55,000

5.125%, 

12/15/2030

b

51,956

NatWest

Group

plc

100,000

4.445%, 

5/8/2030

c

97,006

202,000

6.475%, 

6/1/2034

c

208,103

Navient

Corporation

21,000

5.000%, 

3/15/2027

20,636

23,000

5.500%, 

3/15/2029

22,048

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

22,000

4.500%, 

9/30/2028

b

20,564

New

York

Life

Global

Funding

206,000

4.550%, 

1/28/2033

b

197,487

Nomura

Holdings,

Inc.

200,000

5.783%, 

7/3/2034

202,640

Omega

Healthcare

Investors,

Inc.

292,000

3.625%, 

10/1/2029

271,053

OneMain

Finance

Corporation

133,000

3.500%, 

1/15/2027

127,960

168,000

3.875%, 

9/15/2028

156,932

Panther

Escrow

Issuer,

LLC

101,000

7.125%, 

6/1/2031

b

103,431

Park

Intermediate

Holdings,

LLC

98,000

4.875%, 

5/15/2029

b

93,624

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Financials  3.0%

-

continued

PNC

Financial

Services

Group,

Inc.

$

67,000

6.615%, 

10/20/2027

c

$

69,063

PRA

Group,

Inc.

55,000

8.375%, 

2/1/2028

b

56,659

Prologis

Targeted

US

Logistics

Fund,

LP

135,000

5.250%, 

4/1/2029

b

136,375

55,000

5.250%, 

1/15/2035

b

53,819

Prologis,

LP

91,000

5.250%, 

3/15/2054

85,357

Prudential

Financial,

Inc.

258,000

5.125%, 

3/1/2052

c

243,244

Regency

Centers,

LP

190,000

4.125%, 

3/15/2028

186,223

101,000

5.250%, 

1/15/2034

99,841

Reinsurance

Group

of

America,

Inc.

138,000

5.750%, 

9/15/2034

139,040

RGA

Global

Funding

65,000

5.500%, 

1/11/2031

b

65,771

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

17,000

4.750%, 

10/15/2027

16,649

35,000

4.500%, 

2/15/2029

b

33,375

RLJ

Lodging

Trust,

LP

32,000

4.000%, 

9/15/2029

b

29,377

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

105,000

3.625%, 

3/1/2029

b

95,974

53,000

3.875%, 

3/1/2031

b

46,835

50,000

4.000%, 

10/15/2033

b

42,276

Ryan

Specialty,

LLC

18,000

4.375%, 

2/1/2030

b

16,983

83,000

5.875%, 

8/1/2032

b

82,243

Santander

Holdings

USA,

Inc.

67,000

6.499%, 

3/9/2029

c

69,250

58,000

6.174%, 

1/9/2030

c

59,488

Santander

UK

Group

Holdings

plc

360,000

1.673%, 

6/14/2027

c

343,811

Service

Properties

Trust

36,000

5.500%, 

12/15/2027

34,650

46,000

8.375%, 

6/15/2029

45,973

18,000

8.625%, 

11/15/2031

b

19,114

Simon

Property

Group,

LP

235,000

3.800%, 

7/15/2050

173,032

Sixth

Street

Lending

Partners

92,000

6.125%, 

7/15/2030

b

92,528

SLM

Corporation

40,000

4.200%, 

10/29/2025

39,919

29,000

6.500%, 

1/31/2030

29,272

Societe

Generale

SA

132,000

4.750%, 

11/24/2025

b

131,553

36,000

10.000%, 

11/14/2028

b,c,i

39,209

200,000

6.100%, 

4/13/2033

b,c

201,766

Standard

Chartered

plc

200,000

5.545%, 

1/21/2029

b,c

201,939

State

Street

Corporation

175,000

4.530%, 

2/20/2029

c

173,759

Sumitomo

Mitsui

Financial

Group,

Inc.

250,000

1.710%, 

1/12/2031

206,075

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

219

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Financials  3.0%

-

continued

Synchrony

Financial

$

68,000

5.935%, 

8/2/2030

c

$

68,889

36,000

7.250%, 

2/2/2033

37,671

Synovus

Bank

250,000

5.625%, 

2/15/2028

251,891

Toronto-Dominion

Bank

156,000

5.523%, 

7/17/2028

159,242

60,000

5.146%, 

9/10/2034

c

58,690

Truist

Financial

Corporation

133,000

6.047%, 

6/8/2027

c

135,063

97,000

5.125%, 

12/15/2027

a,c,i

95,160

170,000

5.122%, 

1/26/2034

c

165,521

85,000

5.711%, 

1/24/2035

c

85,846

U.S.

Bancorp

196,000

5.775%, 

6/12/2029

c

201,056

47,000

5.836%, 

6/12/2034

c

48,038

91,000

5.678%, 

1/23/2035

c

91,893

UBS

Group

AG

26,000

4.875%, 

2/12/2027

b,c,i

25,242

203,000

6.246%, 

9/22/2029

b,c

211,102

170,000

3.091%, 

5/14/2032

b,c

149,609

200,000

5.699%, 

2/8/2035

b,c

202,844

200,000

5.379%, 

9/6/2045

b,c

191,246

UniCredit

SPA

35,000

5.861%, 

6/19/2032

b,c

35,016

United

Wholesale

Mortgage,

LLC

95,000

5.500%, 

4/15/2029

b

92,106

UnitedHealth

Group,

Inc.

136,000

5.875%, 

2/15/2053

136,434

130,000

4.750%, 

5/15/2052

111,533

UWM

Holdings,

LLC

35,000

6.625%, 

2/1/2030

b

35,071

Vornado

Realty,

LP

26,000

3.400%, 

6/1/2031

a

22,333

Wells

Fargo

&

Company

26,000

3.900%, 

3/15/2026

c,i

25,545

114,000

3.000%, 

4/22/2026

111,836

163,000

3.000%, 

10/23/2026

158,445

290,000

4.900%, 

1/24/2028

c

290,128

204,000

3.526%, 

3/24/2028

c

198,363

128,000

5.707%, 

4/22/2028

c

130,113

300,000

2.393%, 

6/2/2028

c

283,602

128,000

5.574%, 

7/25/2029

c

130,412

112,000

5.389%, 

4/24/2034

c

111,114

307,000

4.900%, 

11/17/2045

268,896

XHR,

LP

38,000

4.875%, 

6/1/2029

b

36,107

18,000

6.625%, 

5/15/2030

b

18,194

Total

33,818,927

Foreign

Government  <0.1%

NBN

Company,

Ltd.

225,000

2.625%, 

5/5/2031

b

195,494

Saudi

Arabian

Oil

Company

123,000

5.250%, 

7/17/2034

b

121,643

Teine

Energy,

Ltd.

65,000

6.875%, 

4/15/2029

b

62,980

Total

380,117

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Mortgage-Backed

Securities  10.7%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

$

1,815,297

2.000%, 

1/1/2052

$

1,435,333

893,513

2.000%, 

5/1/2051

706,496

3,271,885

2.500%, 

5/1/2051

2,697,866

1,634,037

3.500%, 

5/1/2052

1,452,412

1,936,626

4.000%, 

5/1/2052

1,781,162

748,375

5.000%, 

7/1/2053

727,294

397,414

5.500%, 

7/1/2053

395,430

1,092,983

3.500%, 

8/1/2052

973,612

1,051,319

5.000%, 

8/1/2053

1,024,515

2,668,978

5.500%, 

9/1/2053

2,665,640

1,135,128

3.500%, 

9/1/2047

1,023,564

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

1,009,250

2.500%, 

7/1/2030

961,815

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

1,348,519

3.000%, 

12/1/2036

1,250,527

1,078,887

3.000%, 

8/1/2038

1,008,710

1,721,055

3.500%, 

5/1/2040

1,601,959

2,024,663

2.500%, 

4/1/2042

1,732,263

475,715

2.000%, 

5/1/2042

397,546

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

4,102,415

3.000%, 

1/1/2052

3,521,697

417,265

2.000%, 

2/1/2051

330,023

645,330

2.000%, 

2/1/2051

510,403

2,260,325

2.500%, 

2/1/2051

1,867,309

2,582,990

2.500%, 

2/1/2051

2,108,420

702,074

2.000%, 

3/1/2051

547,055

6,886,470

2.000%, 

3/1/2051

5,400,300

2,982,872

4.000%, 

3/1/2051

2,760,176

400,601

2.000%, 

3/1/2052

316,180

4,455,151

3.000%, 

3/1/2052

3,800,095

4,750,796

2.000%, 

4/1/2051

3,707,728

2,659,687

3.000%, 

4/1/2051

2,282,440

2,745,100

3.000%, 

5/1/2050

2,366,696

780,980

2.000%, 

5/1/2051

614,165

2,047,567

3.000%, 

5/1/2051

1,774,718

4,423,286

2.000%, 

6/1/2050

3,479,635

1,702,050

3.000%, 

6/1/2050

1,485,510

780,718

4.000%, 

6/1/2052

715,391

490,637

5.000%, 

6/1/2053

477,279

3,790,302

2.500%, 

7/1/2051

3,151,882

1,077,116

3.500%, 

7/1/2051

963,621

2,127,094

4.000%, 

7/1/2052

1,949,120

837,505

2.500%, 

8/1/2050

695,628

2,270,451

3.500%, 

8/1/2050

2,036,241

2,684,589

3.500%, 

8/1/2052

2,380,126

3,449,943

4.500%, 

8/1/2052

3,251,114

1,390,992

5.000%, 

8/1/2053

1,353,119

2,931,471

6.000%, 

8/1/2054

3,002,842

663,328

2.500%, 

9/1/2051

548,140

1,752,435

3.500%, 

9/1/2052

1,564,052

773,195

3.500%, 

9/1/2052

690,199

1,152,673

5.000%, 

9/1/2052

1,117,046

1,085,051

4.500%, 

9/1/2053

1,026,459

1,557,342

4.500%, 

9/1/2053

1,469,409

2,401,685

4.000%, 

10/1/2052

2,200,978

761,062

2.000%, 

11/1/2051

601,072

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

220

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Mortgage-Backed

Securities  10.7%

-

continued

$

1,035,768

3.500%, 

11/1/2052

$

927,254

3,119,621

2.000%, 

12/1/2050

2,452,645

4,475,933

2.500%, 

12/1/2051

3,687,038

1,992,512

4.500%, 

12/1/2052

1,886,862

4,950,000

5.500%, 

2/1/2041

f

4,888,388

3,600,000

5.000%, 

2/1/2042

f

3,476,121

1,775,000

6.000%, 

2/1/2042

f

1,787,060

1,331,491

3.500%, 

12/1/2047

1,203,245

3,800,000

3.000%, 

2/1/2048

f

3,231,281

3,050,000

3.500%, 

2/1/2049

f

2,698,535

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

4,459,049

2.500%, 

3/1/2062

3,533,024

1,159,928

3.500%, 

7/1/2061

1,008,054

1,223,969

4.000%, 

12/1/2061

1,110,938

Total

119,792,857

Technology  0.7%

Accenture

Capital,

Inc.

130,000

4.500%, 

10/4/2034

123,702

Adobe,

Inc.

186,000

5.300%, 

1/17/2035

188,084

Advanced

Micro

Devices,

Inc.

136,000

4.393%, 

6/1/2052

a

113,757

Amentum

Holdings,

Inc.

54,000

7.250%, 

8/1/2032

b

54,745

Analog

Devices,

Inc.

350,000

2.950%, 

10/1/2051

223,056

Apple,

Inc.

183,000

2.650%, 

2/8/2051

112,850

432,000

3.750%, 

9/12/2047

339,854

Automatic

Data

Processing,

Inc.

187,000

4.450%, 

9/9/2034

178,644

Block,

Inc.

37,000

3.500%, 

6/1/2031

32,925

154,000

6.500%, 

5/15/2032

b

157,405

Boost

Newco

Borrower,

LLC

103,000

7.500%, 

1/15/2031

b

107,829

Broadcom,

Inc.

86,000

3.469%, 

4/15/2034

b

74,314

272,000

3.137%, 

11/15/2035

b

221,079

200,000

3.187%, 

11/15/2036

b

160,416

125,000

4.926%, 

5/15/2037

b

118,152

Cadence

Design

Systems,

Inc.

60,000

4.700%, 

9/10/2034

57,579

Central

Parent,

Inc./CDK

Global,

Inc.

36,000

7.250%, 

6/15/2029

b

34,192

Cisco

Systems,

Inc.

67,000

5.300%, 

2/26/2054

64,881

Clarivate

Science

Holdings

Corporation

38,000

3.875%, 

7/1/2028

b

35,803

Cloud

Software

Group,

Inc.

216,000

6.500%, 

3/31/2029

b

212,326

Consensus

Cloud

Solutions,

Inc.

18,000

6.000%, 

10/15/2026

b

17,872

CoreLogic,

Inc.

22,000

4.500%, 

5/1/2028

b

20,599

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Technology  0.7%

-

continued

Dell

International,

LLC/EMC

Corporation

$

134,000

6.020%, 

6/15/2026

$

135,851

Dell,

Inc.

123,000

6.500%, 

4/15/2038

128,130

Diebold

Nixdorf,

Inc.

91,000

7.750%, 

3/31/2030

b

94,202

Fiserv,

Inc.

77,000

2.250%, 

6/1/2027

72,911

139,000

2.650%, 

6/1/2030

123,375

134,000

5.350%, 

3/15/2031

135,823

119,000

5.600%, 

3/2/2033

120,566

135,000

5.150%, 

8/12/2034

132,049

Gen

Digital,

Inc.

3,000

6.750%, 

9/30/2027

b

3,050

43,000

7.125%, 

9/30/2030

a,b

44,240

Global

Payments,

Inc.

131,000

5.950%, 

8/15/2052

126,829

204,000

5.300%, 

8/15/2029

204,828

Hewlett

Packard

Enterprise

Company

178,000

4.400%, 

9/25/2027

176,558

108,000

4.850%, 

10/15/2031

106,730

II-VI,

Inc.

33,000

5.000%, 

12/15/2029

b

31,758

Iron

Mountain,

Inc.

125,000

4.875%, 

9/15/2027

b

122,686

10,000

4.875%, 

9/15/2029

b

9,586

80,000

5.250%, 

7/15/2030

b

76,939

106,000

4.500%, 

2/15/2031

b

97,540

KLA

Corporation

204,000

3.300%, 

3/1/2050

141,085

Marvell

Technology,

Inc.

34,000

5.950%, 

9/15/2033

35,087

Mastercard,

Inc.

140,000

3.950%, 

2/26/2048

112,515

Microchip

Technology,

Inc.

29,000

5.050%, 

3/15/2029

28,952

NCR

Atleos

Corporation

29,000

9.500%, 

4/1/2029

b

31,597

NCR

Voyix

Corporation

52,000

5.000%, 

10/1/2028

b

50,115

31,000

5.125%, 

4/15/2029

b

29,566

Neptune

Bidco

US,

Inc.

136,000

9.290%, 

4/15/2029

b

115,937

NXP

BV/NXP

Funding,

LLC

110,000

5.550%, 

12/1/2028

111,990

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

80,000

4.300%, 

6/18/2029

77,774

180,000

3.250%, 

5/11/2041

131,300

Open

Text

Corporation

71,000

3.875%, 

12/1/2029

b

65,103

Open

Text

Holdings,

Inc.

115,000

4.125%, 

2/15/2030

b

105,450

Oracle

Corporation

136,000

6.900%, 

11/9/2052

150,862

164,000

4.800%, 

8/3/2028

164,100

118,000

5.250%, 

2/3/2032

117,730

58,000

4.700%, 

9/27/2034

54,733

225,000

3.850%, 

7/15/2036

192,134

408,000

4.000%, 

7/15/2046

313,070

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

221

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Technology  0.7%

-

continued

PayPal

Holdings,

Inc.

$

112,000

5.500%, 

6/1/2054

$

108,820

Pitney

Bowes,

Inc.

18,000

6.875%, 

3/15/2027

b

18,075

RingCentral,

Inc.

97,000

8.500%, 

8/15/2030

b

102,977

Rocket

Software,

Inc.

43,000

9.000%, 

11/28/2028

b

44,540

Roper

Technologies,

Inc.

165,000

1.750%, 

2/15/2031

136,179

Seagate

HDD

Cayman

69,925

9.625%, 

12/1/2032

79,488

Sensata

Technologies,

Inc.

37,000

4.375%, 

2/15/2030

b

34,263

20,000

3.750%, 

2/15/2031

b

17,650

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

30,000

4.625%, 

11/1/2026

b

29,675

9,000

6.750%, 

8/15/2032

b

9,242

SS&C

Technologies,

Inc.

66,000

5.500%, 

9/30/2027

b

65,828

18,000

6.500%, 

6/1/2032

b

18,294

Texas

Instruments,

Inc.

136,000

5.050%, 

5/18/2063

122,049

UKG,

Inc.

37,000

6.875%, 

2/1/2031

b

37,776

Verisk

Analytics,

Inc.

96,000

5.250%, 

6/5/2034

94,948

Viavi

Solutions,

Inc.

78,000

3.750%, 

10/1/2029

a,b

70,962

Visa,

Inc.

230,000

2.700%, 

4/15/2040

167,834

VMware,

LLC

108,000

4.650%, 

5/15/2027

107,752

200,000

2.200%, 

8/15/2031

166,823

Xerox

Holdings

Corporation

9,000

5.000%, 

8/15/2025

b

8,959

137,000

5.500%, 

8/15/2028

b

116,802

Total

8,181,751

Transportation  0.2%

Air

Canada

74,000

3.875%, 

8/15/2026

b

72,130

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

120,000

5.500%, 

4/20/2026

b

119,931

52,575

5.750%, 

4/20/2029

b

52,446

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

44,000

5.375%, 

3/1/2029

a,b

41,958

Burlington

Northern

Santa

Fe,

LLC

168,000

2.875%, 

6/15/2052

104,751

136,000

4.450%, 

3/15/2043

118,708

Canadian

Pacific

Railway

Company

136,000

4.700%, 

5/1/2048

118,460

CSX

Corporation

165,000

3.800%, 

4/15/2050

124,780

DCLI

Bidco,

LLC

33,000

7.750%, 

11/15/2029

b

33,935

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

285,000

4.750%, 

10/20/2028

b

283,207

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Transportation  0.2%

-

continued

ERAC

USA

Finance,

LLC

$

136,000

5.400%, 

5/1/2053

b

$

129,317

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

65,000

9.875%, 

9/20/2031

b

68,715

Mileage

Plus

Holdings,

LLC

170,000

6.500%, 

6/20/2027

b

171,499

OneSky

Flight,

LLC

89,000

8.875%, 

12/15/2029

b

91,173

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

127,000

5.750%, 

5/24/2026

b

128,325

Rand

Parent,

LLC

91,000

8.500%, 

2/15/2030

a,b

94,366

RXO,

Inc.

84,000

7.500%, 

11/15/2027

b

86,100

Stena

International

SA

57,000

7.250%, 

1/15/2031

b

58,241

Union

Pacific

Corporation

272,000

2.973%, 

9/16/2062

157,157

United

Airlines,

Inc.

77,000

4.375%, 

4/15/2026

b

75,887

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

20,000

7.875%, 

5/1/2027

b

20,008

42,000

6.375%, 

2/1/2030

a,b

38,490

Total

2,189,584

U.S.

Government

&

Agencies  11.0%

U.S.

Treasury

Bonds

188,000

3.625%, 

5/15/2053

152,926

4,000,000

1.625%, 

11/15/2050

2,088,125

2,300,000

4.750%, 

11/15/2053

2,273,047

2,190,000

5.250%, 

11/15/2028

2,261,859

550,000

4.375%, 

5/15/2040

527,893

7,335,000

1.375%, 

11/15/2040

4,563,745

2,000,000

3.000%, 

5/15/2042

1,573,203

4,999,000

2.500%, 

5/15/2046

3,417,871

7,300,000

2.875%, 

5/15/2049

5,187,563

U.S.

Treasury

Notes

5,000,000

0.250%, 

8/31/2025

4,885,781

1,700,000

5.000%, 

8/31/2025

1,706,163

2,500,000

4.250%, 

12/31/2025

2,499,785

7,440,000

2.625%, 

1/31/2026

7,322,515

3,610,000

0.500%, 

2/28/2026

3,469,407

9,300,000

2.500%, 

2/28/2026

9,131,528

20,100,000

4.625%, 

2/28/2026

20,175,061

6,000,000

4.375%, 

7/31/2026

6,013,359

4,000,000

3.500%, 

9/30/2026

3,955,000

167,000

4.625%, 

10/15/2026

168,083

4,200,000

0.500%, 

4/30/2027

3,870,234

2,285,000

2.250%, 

11/15/2027

2,167,001

4,700,000

3.875%, 

12/31/2027

4,654,836

1,700,000

0.750%, 

1/31/2028

1,534,781

3,400,000

3.500%, 

1/31/2028

3,330,274

3,200,000

3.625%, 

3/31/2028

3,141,250

5,450,000

2.875%, 

5/15/2028

5,219,652

1,800,000

3.750%, 

12/31/2028

1,764,141

4,100,000

3.500%, 

9/30/2029

3,957,301

5,095,000

1.375%, 

11/15/2031

4,185,065

5,025,000

4.125%, 

11/15/2032

4,914,097

3,300,000

4.500%, 

11/15/2033

3,295,488

Total

123,407,034

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

222

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Utilities  0.7%

AES

Corporation

$

271,000

3.950%, 

7/15/2030

b

$

250,699

Algonquin

Power

&

Utilities

Corporation

83,000

4.750%, 

1/18/2082

c

79,210

Alpha

Generation,

LLC

32,000

6.750%, 

10/15/2032

b

32,355

American

Water

Capital

Corporation

133,000

5.450%, 

3/1/2054

125,973

Appalachian

Power

Company

85,000

3.300%, 

6/1/2027

82,280

Berkshire

Hathaway

Energy

Company

228,000

4.500%, 

2/1/2045

196,477

Calpine

Corporation

115,000

4.500%, 

2/15/2028

b

111,576

CenterPoint

Energy,

Inc.

42,000

4.250%, 

11/1/2028

40,782

Commonwealth

Edison

Company

205,000

3.700%, 

3/1/2045

156,525

Consolidated

Edison

Company

of

New

York,

Inc.

69,000

4.500%, 

12/1/2045

58,587

325,000

4.125%, 

5/15/2049

254,902

Constellation

Energy

Generation,

LLC

68,000

6.125%, 

1/15/2034

70,696

Consumers

Energy

Company

175,000

4.350%, 

4/15/2049

145,736

Dominion

Energy,

Inc.

17,000

6.875%, 

2/1/2055

c

17,721

17,000

7.000%, 

6/1/2054

c

17,981

DTE

Electric

Company

115,000

3.700%, 

3/15/2045

88,329

Duke

Energy

Carolinas,

LLC

215,000

3.700%, 

12/1/2047

159,829

Duke

Energy

Corporation

24,000

6.450%, 

9/1/2054

c

24,074

194,000

5.450%, 

6/15/2034

193,331

Duke

Energy

Indiana,

LLC

185,000

3.750%, 

5/15/2046

138,193

Edison

International

30,000

7.875%, 

6/15/2054

a,c

27,999

Enel

Finance

International

NV

200,000

5.125%, 

6/26/2029

b

200,126

Entergy

Louisiana,

LLC

36,000

5.800%, 

3/15/2055

35,591

Essential

Utilities,

Inc.

66,000

4.800%, 

8/15/2027

66,005

Eversource

Energy

169,000

4.750%, 

5/15/2026

168,924

Exelon

Corporation

200,000

4.700%, 

4/15/2050

168,471

263,000

4.450%, 

4/15/2046

218,442

FirstEnergy

Corporation

170,000

4.850%, 

7/15/2047

144,522

Georgia

Power

Company

116,000

4.950%, 

5/17/2033

113,477

67,000

5.250%, 

3/15/2034

66,683

ITC

Holdings

Corporation

80,000

5.300%, 

7/1/2043

73,838

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Utilities  0.7%

-

continued

Jersey

Central

Power

&

Light

Company

$

150,000

2.750%, 

3/1/2032

b

$

127,788

Lightning

Power,

LLC

103,000

7.250%, 

8/15/2032

b

106,385

MidAmerican

Energy

Company

154,000

5.850%, 

9/15/2054

155,614

National

Rural

Utilities

Cooperative

Finance

Corporation

84,000

3.700%, 

3/15/2029

80,452

NextEra

Energy

Capital

Holdings,

Inc.

131,000

5.900%, 

3/15/2055

130,304

69,000

5.300%, 

3/15/2032

68,868

NextEra

Energy

Operating

Partners,

LP

119,000

3.875%, 

10/15/2026

b

113,952

NiSource,

Inc.

17,000

6.375%, 

3/31/2055

c

16,867

255,000

5.650%, 

2/1/2045

249,497

NRG

Energy,

Inc.

29,000

3.375%, 

2/15/2029

b

26,527

40,000

5.250%, 

6/15/2029

b

38,967

29,000

6.000%, 

2/1/2033

b

28,334

29,000

6.250%, 

11/1/2034

b

28,575

Pacific

Gas

and

Electric

Company

175,000

3.300%, 

12/1/2027

165,446

135,000

5.550%, 

5/15/2029

134,549

126,000

4.550%, 

7/1/2030

119,265

135,000

6.950%, 

3/15/2034

143,521

66,000

5.800%, 

5/15/2034

65,484

PG&E

Corporation

40,000

7.375%, 

3/15/2055

c

38,864

55,000

5.000%, 

7/1/2028

52,996

PPL

Capital

Funding,

Inc.

126,000

5.250%, 

9/1/2034

123,777

PPL

Electric

Utilities

Corporation

132,000

3.950%, 

6/1/2047

103,815

Public

Service

Company

of

Colorado

171,000

4.500%, 

6/1/2052

141,769

Public

Service

Enterprise

Group,

Inc.

135,000

5.875%, 

10/15/2028

139,493

San

Diego

Gas

&

Electric

Company

270,000

4.150%, 

5/15/2048

212,109

Southern

California

Edison

Company

52,000

5.450%, 

3/1/2035

50,389

Southern

Company

272,000

5.113%, 

8/1/2027

273,690

189,000

4.850%, 

3/15/2035

179,591

Southern

Company

Gas

Capital

Corporation

145,000

4.400%, 

5/30/2047

119,376

Southwestern

Electric

Power

Company

136,000

3.900%, 

4/1/2045

102,091

Talen

Energy

Supply,

LLC

66,000

8.625%, 

6/1/2030

b

70,402

TerraForm

Power

Operating,

LLC

155,000

5.000%, 

1/31/2028

b

149,358

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

223

Principal

Amount

Long-Term

Fixed

Income  33.6%

Value

Utilities  0.7%

-

continued

Virginia

Electric

and

Power

Company

$

48,000

5.350%, 

1/15/2054

$

44,736

125,000

4.600%, 

12/1/2048

105,341

Vistra

Corporation

35,000

8.000%, 

10/15/2026

b,c,i

35,884

87,000

7.000%, 

12/15/2026

b,c,i

87,291

Vistra

Operations

Company,

LLC

181,000

5.000%, 

7/31/2027

b

178,433

Xcel

Energy,

Inc.

102,000

4.600%, 

6/1/2032

97,273

Total

7,636,407

Total

Long-Term

Fixed

Income

(cost

$402,288,748)

376,848,154

Shares

Common

Stock

10.8%

Value

Communications

Services  0.6%

4,725

Alphabet,

Inc.,

Class

A

963,994

5,760

Alphabet,

Inc.,

Class

C

1,184,256

1,193

AMC

Networks,

Inc.

k

11,489

706

Bandwidth,

Inc.

k

12,546

9,674

Cargurus,

Inc.

k

379,221

16

Charter

Communications,

Inc.

k

5,528

2,754

Cogent

Communications

Holdings

207,486

4,617

E.W.

Scripps

Company

k

8,680

28

Electronic

Arts,

Inc.

3,441

382

Entravision

Communications

Corporation

821

1,886

Globalstar,

Inc.

k

2,886

2,081

iHeartMedia,

Inc.

k

4,620

412

Integral

Ad

Science

Holding

Corporation

k

4,330

1,235

Iridium

Communications,

Inc.

35,506

564

Liberty

Global,

Ltd.,

Class

A

k

6,492

1,117

Liberty

Latin

America,

Ltd.,

Class

A

k

6,903

201

Liberty

Media

Corporation-Liberty

Live

Group

k

14,792

2,225

Lumen

Technologies,

Inc.

k

10,991

1,349

Magnite,

Inc.

k

23,203

3,436

Meta

Platforms,

Inc.

2,368,022

812

Netflix,

Inc.

k

793,129

828

New

York

Times

Company

44,960

3,401

News

Corporation,

Class

A

95,636

97

Omnicom

Group,

Inc.

8,419

4,688

Pinterest,

Inc.

k

154,516

2,322

QuinStreet,

Inc.

k

54,939

239

Sinclair,

Inc.

3,501

878

Sirius

XM

Holdings,

Inc.

21,081

330

TechTarget,

Inc.

k

5,620

745

Telephone

and

Data

Systems,

Inc.

26,336

357

TKO

Group

Holdings,

Inc.

k

55,410

1,713

Trade

Desk,

Inc.

k

203,299

4,346

Verizon

Communications,

Inc.

171,189

207

Warner

Brothers

Discovery,

Inc.

k

2,161

Total

6,895,403

Consumer

Discretionary  1.3%

20

Adient

plc

k

349

3,128

Advance

Auto

Parts,

Inc.

151,708

13,541

Amazon.com,

Inc.

k

3,218,425

2,733

American

Axle

&

Manufacturing

Holdings,

Inc.

k

14,294

Shares

Common

Stock  10.8%

Value

Consumer

Discretionary  1.3%

-

continued

1,332

American

Eagle

Outfitters,

Inc.

$

21,498

331

Aptiv

plc

k

20,661

374

Autoliv,

Inc.

36,151

1,528

Bath

&

Body

Works,

Inc.

57,468

673

Best

Buy

Company,

Inc.

57,784

1,641

Boot

Barn

Holdings,

Inc.

k

263,955

601

BorgWarner,

Inc.

19,172

256

Bright

Horizons

Family

Solutions,

Inc.

k

31,386

2,064

Brunswick

Corporation

139,196

51

CarMax,

Inc.

k

4,368

105

Carvana

Company

k

25,985

28

Cavco

Industries,

Inc.

k

14,242

4,923

Champion

Homes,

Inc.

k

454,541

1,541

Chewy,

Inc.

k

60,068

3,693

Chipotle

Mexican

Grill,

Inc.

k

215,487

1,527

Columbia

Sportswear

Company

134,834

3,469

Cooper-Standard

Holdings,

Inc.

k

53,492

860

Coursera,

Inc.

k

6,631

437

Crocs,

Inc.

k

44,605

1,786

Dana,

Inc.

28,469

39

Darden

Restaurants,

Inc.

7,614

1,961

Deckers

Outdoor

Corporation

k

347,803

1,314

DoorDash,

Inc.

k

248,123

134

Dorman

Products,

Inc.

k

17,591

1,314

eBay,

Inc.

88,669

264

Etsy,

Inc.

k

14,496

353

Expedia

Group,

Inc.

k

60,345

42

Five

Below,

Inc.

k

3,939

666

Fox

Factory

Holding

Corporation

k

18,195

73

Frontdoor,

Inc.

k

4,371

110

GameStop

Corporation

k

2,959

1,967

Gap,

Inc.

47,346

558

Garmin,

Ltd.

120,444

3,099

Gentex

Corporation

80,326

762

Goodyear

Tire

&

Rubber

Company

k

6,759

1,425

Grand

Canyon

Education,

Inc.

k

250,287

548

Group

1

Automotive,

Inc.

250,156

2,988

Hanesbrands,

Inc.

k

24,263

428

Hasbro,

Inc.

24,755

2,527

Hilton

Worldwide

Holdings,

Inc.

647,089

1,574

Home

Depot,

Inc.

648,456

573

Installed

Building

Products,

Inc.

113,935

806

Latham

Group,

Inc.

k

5,884

2,267

Laureate

Education,

Inc.

k

42,438

1,095

La-Z-Boy,

Inc.

51,684

133

Lear

Corporation

12,514

385

Leggett

&

Platt,

Inc.

4,066

714

LKQ

Corporation

26,696

737

Lululemon

Athletica,

Inc.

k

305,265

655

Mattel,

Inc.

k

12,209

1,072

McDonald's

Corporation

309,486

1,460

Modine

Manufacturing

Company

k

148,117

442

Mohawk

Industries,

Inc.

k

54,057

720

NIKE,

Inc.

55,368

33

NVR,

Inc.

k

264,534

55

OneSpaWorld

Holdings,

Ltd.

1,175

534

O'Reilly

Automotive,

Inc.

k

691,220

1,554

Patrick

Industries,

Inc.

150,956

91

Planet

Fitness,

Inc.

k

9,843

415

Pool

Corporation

142,864

2,205

PUMA

SE

69,193

10,746

Qurate

Retail,

Inc.

3,794

64

Ralph

Lauren

Corporation

15,981

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

224

Shares

Common

Stock  10.8%

Value

Consumer

Discretionary  1.3%

-

continued

428

Revolve

Group,

Inc.

k

$

13,516

1,765

Ross

Stores,

Inc.

265,738

448

Service

Corporation

International/

US

34,998

4,595

SharkNinja,

Inc.

k

513,767

1,851

Solid

Power,

Inc.

k

2,573

390

Stitch

Fix,

Inc.

k

1,837

5,242

Stoneridge,

Inc.

k

27,101

158

Strategic

Education,

Inc.

15,520

400

Tapestry,

Inc.

29,176

4,193

Tesla,

Inc.

k

1,696,488

1,561

Texas

Roadhouse,

Inc.

282,697

48

TopBuild

Corporation

k

16,449

532

Travel

+

Leisure

Company

28,919

38

Ulta

Beauty,

Inc.

k

15,662

92

Vail

Resorts,

Inc.

15,651

352

Valvoline,

Inc.

k

13,063

1,971

VF

Corporation

51,187

184

Visteon

Corporation

k

15,467

418

Wingstop,

Inc.

124,522

4,963

Wyndham

Hotels

&

Resorts,

Inc.

521,214

Total

14,165,579

Consumer

Staples  0.4%

3,337

Altria

Group,

Inc.

174,292

641

BellRing

Brands,

Inc.

k

49,581

1,899

BJ's

Wholesale

Club

Holdings,

Inc.

k

188,096

604

Casey's

General

Stores,

Inc.

254,749

775

Celsius

Holdings,

Inc.

k

19,359

1,849

Colgate-Palmolive

Company

160,308

162

Costco

Wholesale

Corporation

158,741

2,662

e.l.f.

Beauty,

Inc.

k

265,960

3,137

J

&

J

Snack

Foods

Corporation

430,491

2,616

John

B.

Sanfilippo

&

Son,

Inc.

189,241

914

Kenvue,

Inc.

19,459

694

Keurig

Dr

Pepper,

Inc.

22,277

81

Kimberly-Clark

Corporation

10,528

1,120

Lancaster

Colony

Corporation

188,989

94

Maplebear,

Inc.

k

4,538

434

McCormick

&

Company,

Inc.

33,518

4,504

Philip

Morris

International,

Inc.

586,421

1,392

Procter

&

Gamble

Company

231,058

395

Sysco

Corporation

28,803

1,743

Turning

Point

Brands,

Inc.

111,099

951

Tyson

Foods,

Inc.

53,722

389

US

Foods

Holding

Corporation

k

27,592

2,240

Vita

Coco

Company,

Inc.

k

83,866

8,757

Walmart,

Inc.

859,587

Total

4,152,275

Energy  0.3%

824

Antero

Midstream

Corporation

13,217

1,725

Antero

Resources

Corporation

k

64,377

4,685

Archrock,

Inc.

131,602

8,136

Baker

Hughes

Company

375,721

2,317

Berry

Corporation

10,102

671

Cactus,

Inc.

40,065

312

ConocoPhillips

30,835

74

Coterra

Energy,

Inc.

2,051

905

Crescent

Energy

Company

13,629

3,282

Devon

Energy

Corporation

111,916

150

DT

Midstream,

Inc.

15,162

4,460

EOG

Resources,

Inc.

561,023

193

EQT

Corporation

9,866

Shares

Common

Stock  10.8%

Value

Energy  0.3%

-

continued

3,179

Expand

Energy

Corporation

$

322,986

4,958

Exxon

Mobil

Corporation

529,663

337

Gulfport

Energy

Corporation

k

60,158

411

Halliburton

Company

10,694

2,543

Hess

Midstream,

LP

103,017

2,853

Kinder

Morgan,

Inc.

78,400

401

Kodiak

Gas

Services,

Inc.

18,759

5,054

Kosmos

Energy,

Ltd.

k

16,072

5,613

Matador

Resources

Company

325,554

90

Natural

Gas

Services

Group,

Inc.

k

2,355

4,531

Noble

Corporation

plc

145,219

951

Oceaneering

International,

Inc.

k

23,632

1,054

Ovintiv,

Inc.

44,500

405

Par

Pacific

Holdings,

Inc.

k

6,772

145

Phillips

66

17,091

2,667

Schlumberger

NV

107,427

907

Sitio

Royalties

Corporation

18,267

657

SM

Energy

Company

24,940

548

Solaris

Energy

Infrastructure,

Inc.

14,955

549

Talos

Energy,

Inc.

k

5,446

15

Targa

Resources

Corporation

2,952

12,589

TechnipFMC

plc

378,300

538

Vital

Energy,

Inc.

k

17,162

2,477

Williams

Companies,

Inc.

137,300

Total

3,791,187

Financials  1.7%

442

1st

Source

Corporation

27,722

59

Affirm

Holdings,

Inc.

k

3,603

810

Allstate

Corporation

155,787

5,397

Ally

Financial,

Inc.

210,321

2,065

Amalgamated

Financial

Corporation

72,151

185

American

Express

Company

58,728

265

Ameriprise

Financial,

Inc.

143,990

402

Ameris

Bancorp

26,391

138

AMERISAFE,

Inc.

6,903

1,273

Annaly

Capital

Management,

Inc.

25,982

1,119

Arch

Capital

Group,

Ltd.

104,145

52

Arrow

Financial

Corporation

1,384

401

Arthur

J.

Gallagher

&

Company

121,030

640

Artisan

Partners

Asset

Management,

Inc.

28,602

3,546

Associated

Banc-Corp

89,146

188

Assurant,

Inc.

40,456

235

Assured

Guaranty,

Ltd.

22,231

130

Atlantic

Union

Bankshares

Corporation

4,910

8,095

AvidXchange

Holdings,

Inc.

k

85,807

90

Axis

Capital

Holdings,

Ltd.

8,192

270

Axos

Financial,

Inc.

k

18,881

8

BancFirst

Corporation

953

6,018

Bank

of

America

Corporation

278,633

24

Bank

of

Hawaii

Corporation

1,788

155

Bank

of

Marin

Bancorp

3,917

3,210

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

117,775

368

Bank

of

New

York

Mellon

Corporation

31,622

216

Bank

OZK

10,971

252

BankFinancial

Corporation

3,397

526

BankUnited,

Inc.

21,624

348

Bar

Harbor

Bankshares

11,025

473

BCB

Bancorp,

Inc.

5,123

1,361

Berkshire

Hathaway,

Inc.

k

637,860

638

Berkshire

Hills

Bancorp,

Inc.

18,764

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

225

Shares

Common

Stock  10.8%

Value

Financials  1.7%

-

continued

202

Block,

Inc.

k

$

18,346

3,430

Blue

Owl

Capital,

Inc.

89,214

33

BOK

Financial

Corporation

3,644

7,471

Bridgewater

Bancshares,

Inc.

k

105,491

389

Brighthouse

Financial,

Inc.

k

24,005

1,163

Brookline

Bancorp,

Inc.

14,223

659

Brown

&

Brown,

Inc.

68,971

73

Burke

&

Herbert

Financial

Services

Corporation

4,695

453

Business

First

Bancshares,

Inc.

12,226

172

Byline

Bancorp,

Inc.

5,046

472

Cadence

Bank

16,614

33

Camden

National

Corporation

1,497

29

Capital

City

Bank

Group,

Inc.

1,070

1,931

Capitol

Federal

Financial,

Inc.

11,489

1,007

Carlyle

Group,

Inc.

56,553

78

Cathay

General

Bancorp

3,704

2,191

Cboe

Global

Markets,

Inc.

447,687

7,718

Charles

Schwab

Corporation

638,433

791

Chimera

Investment

Corporation

11,778

40

ChoiceOne

Financial

Services,

Inc.

1,340

110

Cincinnati

Financial

Corporation

15,075

1,321

Citigroup,

Inc.

107,569

124

Citizens

Financial

Group,

Inc.

5,899

438

CNB

Financial

Corporation

11,081

664

CNO

Financial

Group,

Inc.

26,520

15

Coinbase

Global,

Inc.

k

4,370

485

Columbia

Banking

System,

Inc.

13,531

377

Comerica,

Inc.

25,380

355

Commerce

Bancshares,

Inc.

23,714

58

Community

Financial

System,

Inc.

3,801

1,248

Community

Trust

Bancorp,

Inc.

66,780

202

ConnectOne

Bancorp,

Inc.

5,119

171

Cullen/Frost

Bankers,

Inc.

23,837

291

Customers

Bancorp,

Inc.

k

16,581

80

CVB

Financial

Corporation

1,667

34

Diamond

Hill

Investment

Group,

Inc.

5,101

121

Discover

Financial

Services

24,332

965

Donnelley

Financial

Solutions,

Inc.

k

64,047

346

Eagle

Bancorp,

Inc.

9,069

471

East

West

Bancorp,

Inc.

48,499

188

Eastern

Bankshares,

Inc.

3,452

1,697

Ellington

Credit

Company

11,132

111

Employers

Holdings,

Inc.

5,457

442

Enact

Holdings,

Inc.

14,931

231

Enova

International,

Inc.

k

25,946

403

Enterprise

Financial

Services

Corporation

24,116

54

Equitable

Holdings,

Inc.

2,939

284

Equity

Bancshares,

Inc.

12,382

280

Essent

Group,

Ltd.

16,310

10,545

F.N.B.

Corporation

165,451

313

FactSet

Research

Systems,

Inc.

148,490

973

Federal

Agricultural

Mortgage

Corporation

192,440

2,258

Federated

Hermes,

Inc.

89,801

313

Fidelity

National

Information

Services,

Inc.

25,500

238

Fifth

Third

Bancorp

10,546

649

Financial

Institutions,

Inc.

17,114

89

First

American

Financial

Corporation

5,627

3,279

First

Bancorp/Puerto

Rico

68,072

511

First

Bancshares,

Inc.

19,597

2,684

First

Busey

Corporation

65,168

Shares

Common

Stock  10.8%

Value

Financials  1.7%

-

continued

69

First

Business

Financial

Services,

Inc.

$

3,565

4

First

Citizens

BancShares,

Inc./NC

8,819

613

First

Financial

Bancorp

17,176

216

First

Financial

Bankshares,

Inc.

8,048

240

First

Financial

Corporation

11,566

134

First

Hawaiian,

Inc.

3,701

1,710

First

Horizon

Corporation

37,432

253

First

Internet

Bancorp

8,240

67

First

Interstate

BancSystem,

Inc.

2,208

458

First

Merchants

Corporation

20,354

679

First

Mid-Illinois

Bancshares,

Inc.

25,754

1,962

Fiserv,

Inc.

k

423,870

235

Flagstar

Financial,

Inc.

2,780

604

Flushing

Financial

Corporation

8,426

171

Flywire

Corporation

k

3,305

4,046

Fulton

Financial

Corporation

82,296

6,152

Glacier

Bancorp,

Inc.

305,570

775

Great

Southern

Bancorp,

Inc.

45,562

616

Hamilton

Lane,

Inc.

98,055

489

Hancock

Whitney

Corporation

29,213

1,136

Hanmi

Financial

Corporation

27,287

131

Hanover

Insurance

Group,

Inc.

20,055

208

Hartford

Financial

Services

Group,

Inc.

23,202

48

HBT

Financial,

Inc.

1,167

284

Heartland

Financial

USA,

Inc.

18,366

271

Heritage

Commerce

Corporation

2,626

426

Home

BancShares,

Inc.

12,861

1,043

Hometrust

Bancshares,

Inc.

38,351

1,170

Hope

Bancorp,

Inc.

13,642

57

Horace

Mann

Educators

Corporation

2,202

827

Horizon

Bancorp,

Inc.

13,885

2,743

Houlihan

Lokey,

Inc.

498,458

452

Huntington

Bancshares,

Inc./OH

7,774

17

Independent

Bank

Corporation/MA

1,142

300

Independent

Bank

Corporation/MI

10,920

27

Interactive

Brokers

Group,

Inc.

5,871

6,440

Intercontinental

Exchange,

Inc.

1,029,305

1,526

Invesco,

Ltd.

29,345

66

Investar

Holding

Corporation

1,259

3,135

J.P.

Morgan

Chase

&

Company

837,985

1,703

Jack

Henry

&

Associates,

Inc.

296,475

1,989

Janus

Henderson

Group

plc

89,366

1,586

Kearny

Financial

Corporation/MD

10,943

1,639

KeyCorp

29,469

1,474

Kinsale

Capital

Group,

Inc.

651,420

192

LendingTree,

Inc.

k

8,627

61

Loews

Corporation

5,212

60

M&T

Bank

Corporation

12,074

157

MarketAxess

Holdings,

Inc.

34,639

1,460

Mastercard,

Inc.

810,928

372

Mercantile

Bank

Corporation

18,157

137

Metropolitan

Bank

Holding

Corporation

k

8,786

6,667

MGIC

Investment

Corporation

170,275

258

Mid

Penn

Bancorp,

Inc.

7,771

549

Midland

States

Bancorp,

Inc.

10,574

1,914

MidWestOne

Financial

Group,

Inc.

60,540

90

Morningstar,

Inc.

29,578

832

Mr.

Cooper

Group,

Inc.

k

86,370

1,074

MSCI,

Inc.

640,931

13,419

Nasdaq,

Inc.

1,104,920

9

Nelnet,

Inc.

992

67

Nicolet

Bankshares,

Inc.

7,513

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

226

Shares

Common

Stock  10.8%

Value

Financials  1.7%

-

continued

2,914

NMI

Holdings,

Inc.

k

$

112,539

38

Northeast

Community

Bancorp,

Inc.

942

2,521

Northern

Trust

Corporation

283,083

731

Northfield

Bancorp,

Inc.

8,531

24

Northrim

BanCorp,

Inc.

2,043

1,180

Northwest

Bancshares,

Inc.

15,588

3,869

OceanFirst

Financial

Corporation

69,487

1,836

OFG

Bancorp

78,416

832

Old

National

Bancorp

19,843

558

Old

Republic

International

Corporation

20,412

1,774

Old

Second

Bancorp,

Inc.

33,333

892

OneMain

Holdings,

Inc.

49,542

330

Orrstown

Financial

Services,

Inc.

11,992

115

Palomar

Holdings,

Inc.

k

12,405

11

Park

National

Corporation

1,867

184

Paymentus

Holdings,

Inc.

k

5,881

722

PayPal

Holdings,

Inc.

k

63,955

210

PCB

Bancorp

4,051

478

Peoples

Bancorp,

Inc./OH

15,607

226

Pinnacle

Financial

Partners,

Inc.

28,198

158

PNC

Financial

Services

Group,

Inc.

31,750

1,023

Popular,

Inc.

105,308

102

Principal

Financial

Group,

Inc.

8,410

2,373

Progressive

Corporation

584,802

2,350

Prosperity

Bancshares,

Inc.

188,000

1,182

Provident

Financial

Services,

Inc.

21,950

139

Prudential

Financial,

Inc.

16,786

3,201

Radian

Group,

Inc.

108,898

282

Regions

Financial

Corporation

6,948

62

Reinsurance

Group

of

America,

Inc.

14,127

512

Renasant

Corporation

19,907

1,149

Rithm

Capital

Corporation

13,225

4,317

RLI

Corporation

316,652

4,047

Robinhood

Markets,

Inc.

k

210,242

654

S&P

Global,

Inc.

341,002

2,250

SEI

Investments

Company

194,805

93

ServisFirst

Bancshares,

Inc.

8,432

352

Shore

Bancshares,

Inc.

5,755

95

Sierra

Bancorp

2,863

84

Simmons

First

National

Corporation

1,908

88

Southern

Missouri

Bancorp,

Inc.

5,208

201

Southside

Bancshares,

Inc.

6,317

298

SouthState

Corporation

31,466

113

Stellar

Bancorp,

Inc.

3,209

733

StepStone

Group,

Inc.

46,971

87

Stifel

Financial

Corporation

10,079

738

Synovus

Financial

Corporation

41,638

60

Texas

Capital

Bancshares,

Inc.

k

4,737

1,035

TPG

RE

Finance

Trust,

Inc.

8,704

3,186

TPG,

Inc.

214,258

4,099

Tradeweb

Markets,

Inc.

520,163

4,616

Triumph

Financial,

Inc.

k

355,709

2,056

Truist

Financial

Corporation

97,907

403

TrustCo

Bank

Corporation

NY

12,960

2,263

Trustmark

Corporation

84,862

557

U.S.

Bancorp

26,613

97

UMB

Financial

Corporation

11,436

297

United

Bankshares,

Inc.

11,434

176

United

Community

Banks,

Inc.

5,838

99

Unity

Bancorp,

Inc.

4,787

Shares

Common

Stock  10.8%

Value

Financials  1.7%

-

continued

428

Univest

Financial

Corporation

$

13,007

646

Unum

Group

49,258

677

Valley

National

Bancorp

6,960

517

Veritex

Holdings,

Inc.

13,856

51

Virtu

Financial,

Inc.

2,043

1,352

Visa,

Inc.

462,114

326

WaFd,

Inc.

9,676

52

Walker

&

Dunlop,

Inc.

4,996

510

Webster

Financial

Corporation

30,722

2,850

Wells

Fargo

&

Company

224,580

444

WesBanco,

Inc.

15,558

342

Westamerica

Bancorporation

17,702

4,205

Western

Alliance

Bancorp

369,493

4,943

Western

Union

Company

51,012

21

Willis

Towers

Watson

plc

6,921

184

Wintrust

Financial

Corporation

24,069

57

WSFS

Financial

Corporation

3,192

3,500

Zions

Bancorp

NA

202,510

Total

19,250,936

Health

Care  1.3%

5,121

Abbott

Laboratories

655,130

167

AbbVie,

Inc.

30,711

349

ACELYRIN,

Inc.

k

688

106

ADMA

Biologics,

Inc.

k

1,712

5,619

Agilent

Technologies,

Inc.

851,391

230

Agios

Pharmaceuticals,

Inc.

k

7,910

209

Align

Technology,

Inc.

k

45,794

222

Amgen,

Inc.

63,363

727

Amicus

Therapeutics,

Inc.

k

6,965

214

Anika

Therapeutics,

Inc.

k

3,651

291

Argenx

SE

ADR

k

190,643

57

Arvinas,

Inc.

k

1,004

134

Astria

Therapeutics,

Inc.

k

1,053

79

Biogen,

Inc.

k

11,370

754

Bio-Techne

Corporation

55,457

7,190

Boston

Scientific

Corporation

k

735,968

90

Bruker

Corporation

5,234

1,249

Cabaletta

Bio,

Inc.

k

2,985

759

CareDx,

Inc.

k

17,685

3,594

Caribou

Biosciences,

Inc.

k

5,139

658

Cencora,

Inc.

167,270

275

Centene

Corporation

k

17,608

1,465

Certara,

Inc.

k

20,847

31

Charles

River

Laboratories

International,

Inc.

k

5,108

248

Chemed

Corporation

139,376

4,299

Concentra

Group

Holdings

Parent,

Inc.

100,210

456

Cooper

Companies,

Inc.

k

44,027

504

CryoPort,

Inc.

k

3,800

4,178

Danaher

Corporation

930,608

490

Definitive

Healthcare

Corporation

k

2,381

889

Denali

Therapeutics,

Inc.

k

20,714

1,793

Dentsply

Sirona,

Inc.

35,430

2,302

Dexcom,

Inc.

k

199,883

166

Doximity,

Inc.

k

9,811

801

Editas

Medicine,

Inc.

k

1,049

854

Edwards

Lifesciences

Corporation

k

61,872

3,079

Elanco

Animal

Health,

Inc.

k

37,040

1,431

Eli

Lilly

&

Company

1,160,655

1,124

Enanta

Pharmaceuticals,

Inc.

k

5,744

4,150

Encompass

Health

Corporation

411,971

1,306

Exact

Sciences

Corporation

k

73,201

76

Exelixis,

Inc.

k

2,519

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

227

Shares

Common

Stock  10.8%

Value

Health

Care  1.3%

-

continued

1,170

Fate

Therapeutics,

Inc.

k

$

1,521

733

Fortrea

Holdings,

Inc.

k

12,322

4,518

Globus

Medical,

Inc.

k

418,909

1,166

GoodRx

Holdings,

Inc.

k

5,562

4,278

Haemonetics

Corporation

k

295,396

2,281

HealthEquity,

Inc.

k

251,868

263

Humana,

Inc.

77,119

1,536

IDEXX

Laboratories,

Inc.

k

648,269

22

Illumina,

Inc.

k

2,920

302

Incyte

Corporation

k

22,396

840

Inspire

Medical

Systems,

Inc.

k

162,540

528

Insulet

Corporation

k

146,985

552

Integra

LifeSciences

Holdings

Corporation

k

14,407

842

Intellia

Therapeutics,

Inc.

k

8,689

162

Intuitive

Surgical,

Inc.

k

92,645

113

IQVIA

Holding,

Inc.

k

22,754

644

iTeos

Therapeutics,

Inc.

k

4,856

614

Johnson

&

Johnson

93,420

377

Kura

Oncology,

Inc.

k

2,982

17

Labcorp

Holdings,

Inc.

4,247

11

Ligand

Pharmaceuticals,

Inc.

k

1,282

316

Medpace

Holdings,

Inc.

k

110,331

10,919

Medtronic

plc

991,664

330

Mettler-Toledo

International,

Inc.

k

450,265

354

Myriad

Genetics,

Inc.

k

4,485

1,300

Natera,

Inc.

k

229,996

555

Neurocrine

Biosciences,

Inc.

k

84,260

1,357

Nkarta,

Inc.

k

3,175

200

Novocure,

Ltd.

k

4,904

1,584

Penumbra,

Inc.

k

422,880

71

Phibro

Animal

Health

Corporation

1,549

165

Prestige

Consumer

Healthcare,

Inc.

k

12,667

6,720

Progyny,

Inc.

k

155,702

506

Prothena

Corporation

plc

k

7,200

80

PTC

Therapeutics,

Inc.

k

3,670

702

QIAGEN

NV

31,337

75

Quest

Diagnostics,

Inc.

12,233

60

Regeneron

Pharmaceuticals,

Inc.

k

40,379

2,184

Relay

Therapeutics,

Inc.

k

9,762

2,893

Repligen

Corporation

k

480,846

8

Revvity,

Inc.

1,009

702

Rocket

Pharmaceuticals,

Inc.

k

7,539

5,599

Royalty

Pharma

plc

176,816

3,481

RxSight,

Inc.

k

117,901

425

Sarepta

Therapeutics,

Inc.

k

48,331

8,072

scPharmaceuticals,

Inc.

k

26,799

385

STERIS

plc

84,950

11,026

Stevanato

Group

SPA

247,093

941

Stryker

Corporation

368,204

2,945

Sutro

Biopharma,

Inc.

k

5,654

158

Teleflex,

Inc.

28,478

243

Tenet

Healthcare

Corporation

k

34,236

1,142

Thermo

Fisher

Scientific,

Inc.

682,631

6,065

Twist

Bioscience

Corporation

k

317,624

148

United

Therapeutics

Corporation

k

51,973

501

UnitedHealth

Group,

Inc.

271,787

43

Veeva

Systems,

Inc.

k

10,030

2,163

Vericel

Corporation

k

126,622

1,292

Vertex

Pharmaceuticals,

Inc.

k

596,491

992

Viatris,

Inc.

11,190

8,642

Viemed

Healthcare,

Inc.

k

70,778

145

Waters

Corporation

k

60,245

383

Waystar

Holding

Corporation

k

15,393

Shares

Common

Stock  10.8%

Value

Health

Care  1.3%

-

continued

435

West

Pharmaceutical

Services,

Inc.

$

148,574

902

Xencor,

Inc.

k

16,489

402

Xenon

Pharmaceuticals,

Inc.

k

16,072

925

Zentalis

Pharmaceuticals,

Inc.

k

1,610

379

Zoetis,

Inc.

64,771

Total

15,102,661

Industrials  1.5%

617

A.O.

Smith

Corporation

41,524

247

AAR

Corporation

k

16,737

989

Advanced

Drainage

Systems,

Inc.

119,580

2,430

AECOM

256,219

4,378

Air

Lease

Corporation

202,264

129

Alaska

Air

Group,

Inc.

k

9,449

324

Allison

Transmission

Holdings,

Inc.

38,083

2,919

AMETEK,

Inc.

538,731

95

Applied

Industrial

Technologies,

Inc.

24,703

283

Arcosa,

Inc.

28,668

19

Argan,

Inc.

2,599

1,221

Armstrong

World

Industries,

Inc.

184,383

803

Array

Technologies,

Inc.

k

5,886

2,184

Atmus

Filtration

Technologies,

Inc.

91,335

2,092

Automatic

Data

Processing,

Inc.

633,897

112

Axon

Enterprise,

Inc.

k

73,044

735

AZEK

Company,

Inc.

k

37,654

11,133

Badger

Infrastructure

Solutions,

Ltd.

302,579

4,521

Barrett

Business

Services,

Inc.

195,895

974

Beacon

Roofing

Supply,

Inc.

k

115,263

210

Bloom

Energy

Corporation

a,k

4,952

1,554

Brady

Corporation

115,757

3,875

BWX

Technologies,

Inc.

437,604

1

CACI

International,

Inc.

k

386

793

Casella

Waste

Systems,

Inc.

k

85,279

160

Caterpillar,

Inc.

59,430

4,379

CECO

Environmental

Corporation

k

124,013

709

Clean

Harbors,

Inc.

k

165,197

167

CSG

Systems

International,

Inc.

9,818

32

CSW

Industrials,

Inc.

10,554

21,745

CSX

Corporation

714,758

47

Cummins,

Inc.

16,744

259

Curtiss-Wright

Corporation

89,857

3,035

Dayforce,

Inc.

k

214,696

407

DNOW,

Inc.

k

6,056

2

Dover

Corporation

407

353

EMCOR

Group,

Inc.

158,165

398

Energy

Recovery,

Inc.

k

5,707

5,545

Enerpac

Tool

Group

Corporation

250,579

17

ESCO

Technologies,

Inc.

2,257

11,143

ExlService

Holdings,

Inc.

k

560,047

540

Expeditors

International

of

Washington,

Inc.

61,333

4,545

Fastenal

Company

332,876

3,063

Ferguson

Enterprises,

Inc.

554,771

3,878

Flowserve

Corporation

242,840

307

Fortive

Corporation

24,968

658

Frontier

Group

Holdings,

Inc.

k

5,547

6,474

Gates

Industrial

Corporation

plc

k

133,947

2,024

Graco,

Inc.

170,360

2,359

Great

Lakes

Dredge

&

Dock

Corporation

k

25,925

118

Griffon

Corporation

8,941

6,908

Helios

Technologies,

Inc.

308,166

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

228

Shares

Common

Stock  10.8%

Value

Industrials  1.5%

-

continued

76

Herc

Holdings,

Inc.

$

15,501

3,485

Howmet

Aerospace,

Inc.

441,131

1,055

Hudson

Technologies,

Inc.

k

6,119

16

Huron

Consulting

Group,

Inc.

k

2,029

132

IDEX

Corporation

29,609

580

IES

Holdings,

Inc.

k

128,342

3,414

Ingersoll

Rand,

Inc.

320,233

560

ITT

Corporation

84,571

343

JB

Hunt

Transport

Services,

Inc.

58,728

431

Kirby

Corporation

k

47,044

3,497

Knight-Swift

Transportation

Holdings,

Inc.

199,644

3,961

Korn

Ferry

280,162

644

Kratos

Defense

&

Security

Solutions,

Inc.

k

21,490

1,387

Landstar

System,

Inc.

228,383

527

Leidos

Holdings,

Inc.

74,850

319

Lincoln

Electric

Holdings,

Inc.

63,411

43

Lindsay

Corporation

5,770

264

ManpowerGroup,

Inc.

15,898

1,488

Masco

Corporation

117,969

19,010

Masterbrand,

Inc.

k

329,253

66

McGrath

RentCorp

8,096

1,396

Miller

Industries,

Inc.

92,094

1,510

Moog,

Inc.

274,307

3,237

Mueller

Water

Products,

Inc.

74,451

2,616

nVent

Electric

plc

170,275

1,655

Old

Dominion

Freight

Line,

Inc.

307,185

150

Otis

Worldwide

Corporation

14,313

1,081

Owens

Corning,

Inc.

199,499

154

PACCAR,

Inc.

17,076

534

Parker-Hannifin

Corporation

377,565

173

Paylocity

Holding

Corporation

k

35,555

1,305

Pentair

plc

135,302

324

Quanta

Services,

Inc.

99,666

908

Regal

Rexnord

Corporation

144,127

72

Republic

Services,

Inc.

15,615

2,740

Robert

Half,

Inc.

177,525

789

Rockwell

Automation,

Inc.

219,681

69

Rush

Enterprises,

Inc.

4,192

98

Ryder

System,

Inc.

15,622

473

Saia,

Inc.

k

227,092

5,791

Schneider

National,

Inc.

172,282

2,861

Shoals

Technologies

Group,

Inc.

k

13,676

453

SkyWest,

Inc.

k

54,777

2,042

Southwest

Airlines

Company

62,710

110

SS&C

Technologies

Holdings,

Inc.

8,905

744

Stanley

Black

&

Decker,

Inc.

65,524

3,933

Timken

Company

315,702

2,009

Trane

Technologies

plc

728,765

14

TransDigm

Group,

Inc.

18,947

1,688

TransUnion

167,534

1,537

Uber

Technologies,

Inc.

k

102,748

1,913

UFP

Industries,

Inc.

221,238

178

UL

Solutions,

Inc.

9,596

281

Union

Pacific

Corporation

69,629

4,510

United

Airlines

Holdings,

Inc.

k

477,338

184

United

Rentals,

Inc.

139,483

1,971

Verisk

Analytics,

Inc.

566,544

638

Verra

Mobility

Corporation

k

16,837

71

Wabtec

Corporation

14,762

1,054

Waste

Connections,

Inc.

193,694

487

Waste

Management,

Inc.

107,267

282

Watsco,

Inc.

134,962

Shares

Common

Stock  10.8%

Value

Industrials  1.5%

-

continued

6,063

WNS

Holdings,

Ltd.

k

$

371,359

Total

16,934,084

Information

Technology  2.6%

272

Adobe,

Inc.

k

118,986

541

Advanced

Micro

Devices,

Inc.

k

62,729

1,306

Agilysys,

Inc.

k

117,827

283

Ambarella,

Inc.

k

21,712

15,435

Amphenol

Corporation

1,092,489

19,816

Apple,

Inc.

4,676,576

433

Applied

Materials,

Inc.

78,092

5,390

Arista

Networks,

Inc.

k

621,090

2,505

ASGN,

Inc.

k

220,966

37

Astera

Labs,

Inc.

k

3,752

62

Atlassian

Corporation

k

19,020

3,345

Autodesk,

Inc.

k

1,041,432

417

BILL

Holdings,

Inc.

k

40,353

6,992

Broadcom,

Inc.

1,547,120

337

CDW

Corporation

67,110

341

Cerence,

Inc.

k

4,249

2,673

Ciena

Corporation

k

232,925

603

Clearwater

Analytics

Holdings,

Inc.

k

16,980

224

Coherent

Corporation

k

20,270

6,528

Cohu,

Inc.

k

149,556

169

CommVault

Systems,

Inc.

k

26,915

83

Consensus

Cloud

Solutions,

Inc.

k

2,351

456

Credo

Technology

Group

Holding,

Ltd.

k

31,929

421

CrowdStrike

Holdings,

Inc.

k

167,587

867

CyberArk

Software,

Ltd.

k

321,640

538

Datadog,

Inc.

k

76,778

938

Descartes

Systems

Group,

Inc.

k

108,649

1,761

DocuSign,

Inc.

k

170,341

694

Dolby

Laboratories,

Inc.

58,109

2,919

Dynatrace

Holdings,

LLC

k

168,572

96

Elastic

NV

k

10,808

190

Enphase

Energy,

Inc.

k

11,833

208

F5,

Inc.

k

61,830

1,368

Fabrinet

k

295,775

94

Fair

Isaac

Corporation

k

176,115

112

FARO

Technologies,

Inc.

k

3,553

19

First

Solar,

Inc.

k

3,183

1,335

Flex,

Ltd.

k

55,603

511

Fortinet,

Inc.

k

51,550

3,728

Freshworks,

Inc.

k

69,341

330

Gartner,

Inc.

k

179,134

4,875

Gitlab,

Inc.

k

354,705

653

Globant

SA

k

139,298

2,411

Guidewire

Software,

Inc.

k

509,372

322

HubSpot,

Inc.

k

251,009

816

Impinj,

Inc.

k

103,542

296

International

Business

Machines

Corporation

75,687

133

IPG

Photonics

Corporation

k

9,753

231

Itron,

Inc.

k

24,800

12,151

JFrog,

Ltd.

k

422,369

237

Keysight

Technologies,

Inc.

k

42,269

4,488

Lattice

Semiconductor

Corporation

k

255,906

1,237

Littelfuse,

Inc.

294,851

22

MACOM

Technology

Solutions

Holdings,

Inc.

k

2,909

1,629

Marvell

Technology,

Inc.

183,849

9,933

Microsoft

Corporation

4,122,791

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

229

Shares

Common

Stock  10.8%

Value

Information

Technology  2.6%

-

continued

50

MicroStrategy,

Inc.

k

$

16,739

96

Mirion

Technologies,

Inc.

k

1,521

866

MongoDB,

Inc.

k

236,695

4

Monolithic

Power

Systems,

Inc.

2,549

1,193

Motorola

Solutions,

Inc.

559,815

610

Napco

Security

Technologies,

Inc.

22,387

203

nCino,

Inc.

k

6,904

1,106

NetApp,

Inc.

135,043

33,353

NVIDIA

Corporation

4,004,695

117

Okta,

Inc.

k

11,024

440

Olo,

Inc.

k

3,247

1,153

ON

Semiconductor

Corporation

k

60,348

1,792

Onto

Innovation,

Inc.

k

366,930

1,157

Oracle

Corporation

196,759

200

Palantir

Technologies,

Inc.

k

16,498

3,049

PDF

Solutions,

Inc.

k

84,945

2,762

Pegasystems,

Inc.

299,097

693

Plexus

Corporation

k

98,205

66

Procore

Technologies,

Inc.

k

5,251

1,073

PTC,

Inc.

k

207,604

499

Q2

Holdings,

Inc.

k

47,490

1,157

Qorvo,

Inc.

k

96,008

783

QUALCOMM,

Inc.

135,404

2,289

Salesforce,

Inc.

782,151

668

ServiceNow,

Inc.

k

680,278

1,134

Silicon

Laboratories,

Inc.

k

153,759

544

SolarWinds

Corporation

8,095

25

Super

Micro

Computer,

Inc.

k

713

137

TD

SYNNEX

Corporation

19,524

211

TE

Connectivity

plc

31,222

98

Teledyne

Technologies,

Inc.

k

50,110

318

Tenable

Holdings,

Inc.

k

13,703

8,100

Trimble,

Inc.

k

607,176

14,311

TTM

Technologies,

Inc.

k

351,907

319

Tyler

Technologies,

Inc.

k

191,923

79

Unity

Software,

Inc.

k

1,754

539

Universal

Display

Corporation

80,807

6,188

Varonis

Systems,

Inc.

k

280,688

1,149

VeriSign,

Inc.

k

247,035

96

Vontier

Corporation

3,701

1,213

Workiva,

Inc.

k

119,141

169

Xerox

Holdings

Corporation

1,443

Total

29,238,228

Materials  0.4%

570

Albemarle

Corporation

a

47,988

128

Alcoa

Corporation

4,521

361

Allegheny

Technologies,

Inc.

k

20,610

178

AptarGroup,

Inc.

27,973

730

Aspen

Aerogels,

Inc.

k

8,534

885

Avient

Corporation

37,967

3,178

Axalta

Coating

Systems,

Ltd.

k

114,217

149

Balchem

Corporation

23,834

812

Ball

Corporation

45,229

453

Celanese

Corporation

32,181

1,778

Chemours

Company

33,764

8,257

Constellium

SE

k

81,992

420

Corteva,

Inc.

27,414

4,893

DuPont

de

Nemours,

Inc.

375,782

78

Eagle

Materials,

Inc.

20,026

262

Eastman

Chemical

Company

26,108

4,068

Ecolab,

Inc.

1,017,773

1,766

Element

Solutions,

Inc.

45,581

1,053

FMC

Corporation

58,736

2,315

Greif,

Inc.

141,724

Shares

Common

Stock  10.8%

Value

Materials  0.4%

-

continued

3,322

Hecla

Mining

Company

$

18,869

245

Huntsman

Corporation

4,123

3,307

Ingevity

Corporation

k

149,973

235

Innospec,

Inc.

26,637

21

International

Flavors

&

Fragrances,

Inc.

1,829

10,288

Ivanhoe

Mines,

Ltd.

k

110,500

344

Kaiser

Aluminum

Corporation

24,080

288

Knife

River

Corporation

k

29,831

264

Koppers

Holdings,

Inc.

7,857

1,477

Linde

plc

658,919

30

LyondellBasell

Industries

NV

2,271

638

Magnera

Corporation

k

11,905

267

Martin

Marietta

Materials,

Inc.

145,280

362

Minerals

Technologies,

Inc.

27,762

1,581

Mosaic

Company

44,094

495

O-I

Glass,

Inc.

k

5,910

5,857

Olin

Corporation

171,552

278

Orion

SA

3,878

221

Packaging

Corporation

of

America

46,998

100

PPG

Industries,

Inc.

11,538

325

Radius

Recycling,

Inc.

3,903

145

Ranpak

Holdings

Corporation

k

1,061

533

Royal

Gold,

Inc.

74,524

961

RPM

International,

Inc.

121,663

530

Sealed

Air

Corporation

18,460

383

Sensient

Technologies

Corporation

28,920

689

Sonoco

Products

Company

32,824

1,166

Steel

Dynamics,

Inc.

149,481

147

Stepan

Company

9,318

1,523

Trinseo

plc

6,305

21,434

Tronox

Holdings

plc

220,127

250

United

States

Lime

&

Minerals,

Inc.

27,645

859

United

States

Steel

Corporation

31,654

164

Vulcan

Materials

Company

44,961

2,272

West

Fraser

Timber

Company,

Ltd.

197,164

Total

4,663,770

Real

Estate  0.4%

2,977

Agree

Realty

Corporation

216,041

1,104

Alexandria

Real

Estate

Equities,

Inc.

107,474

254

Alpine

Income

Property

Trust,

Inc.

4,282

385

American

Assets

Trust,

Inc.

9,348

1,265

Brixmor

Property

Group,

Inc.

32,966

4,941

Broadstone

Net

Lease,

Inc.

77,771

1,370

CBRE

Group,

Inc.

k

198,294

1,863

Chatham

Lodging

Trust

16,283

2,733

Compass,

Inc.

k

19,814

1,996

CoStar

Group,

Inc.

k

152,894

1,341

CTO

Realty

Growth,

Inc.

26,324

1,152

Curbline

Properties

Corporation

28,189

12,928

Cushman

and

Wakefield

plc

k

178,277

2,409

Douglas

Elliman,

Inc.

k

4,288

36

EastGroup

Properties,

Inc.

6,106

1,457

EPR

Properties

67,168

35

Equinix,

Inc.

31,978

22,181

Essential

Properties

Realty

Trust,

Inc.

712,010

72

Essex

Property

Trust,

Inc.

20,489

316

Extra

Space

Storage,

Inc.

48,664

862

First

Industrial

Realty

Trust,

Inc.

46,022

808

Getty

Realty

Corporation

25,056

1,880

Global

Net

Lease,

Inc.

13,517

212

Host

Hotels

&

Resorts,

Inc.

3,543

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

230

Shares

Common

Stock  10.8%

Value

Real

Estate  0.4%

-

continued

317

Howard

Hughes

Holdings,

Inc.

k

$

24,209

1,064

Independence

Realty

Trust,

Inc.

20,439

2,976

Industrial

Logistics

Properties

Trust

11,815

643

Innovative

Industrial

Properties,

Inc.

46,090

1,547

InvenTrust

Properties

Corporation

46,008

244

Invitation

Homes,

Inc.

7,601

176

Medical

Properties

Trust,

Inc.

825

8,315

National

Storage

Affiliates

Trust

308,902

2,622

NetSTREIT

Corporation

37,967

9,245

Outfront

Media,

Inc.

170,108

362

Park

Hotels

&

Resorts,

Inc.

4,883

3,183

Pebblebrook

Hotel

Trust

41,793

191

RE/MAX

Holdings,

Inc.

k

1,906

1,421

Rexford

Industrial

Realty,

Inc.

57,778

17,792

RLJ

Lodging

Trust

173,472

234

RMR

Group,

Inc.

4,369

101

Ryman

Hospitality

Properties

10,589

27,700

Sabra

Health

Care

REIT,

Inc.

462,867

345

Safehold,

Inc.

5,593

623

SBA

Communications

Corporation

123,080

770

Sila

Realty

Trust,

Inc.

19,142

5,282

STAG

Industrial,

Inc.

180,539

4,721

Tanger,

Inc.

154,943

3,995

Terreno

Realty

Corporation

261,353

17,326

Uniti

Group,

Inc.

94,427

38

Universal

Health

Realty

Income

Trust

1,484

1,046

Zillow

Group,

Inc.,

Class

A

k

82,843

2,447

Zillow

Group,

Inc.,

Class

C

k

201,192

Total

4,603,015

Utilities  0.3%

8,693

AES

Corporation

95,623

1,506

Alliant

Energy

Corporation

88,673

70

American

States

Water

Company

5,215

424

American

Water

Works

Company,

Inc.

52,848

58

Artesian

Resources

Corporation

1,798

873

Black

Hills

Corporation

51,271

1,059

Brookfield

Infrastructure

Corporation

44,182

777

California

Water

Service

Group

35,190

2,793

CenterPoint

Energy,

Inc.

90,968

1,753

Clearway

Energy,

Inc.,

Class

A

43,001

3,585

Clearway

Energy,

Inc.,

Class

C

92,959

109

Edison

International

5,886

605

Essential

Utilities,

Inc.

21,466

378

Eversource

Energy

21,803

2,674

Hawaiian

Electric

Industries,

Inc.

k

24,440

2,423

NiSource,

Inc.

90,378

1,260

Northwestern

Energy

Group,

Inc.

67,927

2,609

Portland

General

Electric

Company

107,334

1,696

Spire,

Inc.

120,348

32,596

UGI

Corporation

1,001,675

1,368

Vistra

Energy

Corporation

229,865

6,379

Xcel

Energy,

Inc.

428,669

8,617

XPLR

Infrastructure,

LP

90,823

Total

2,812,342

Total

Common

Stock

(cost

$88,184,020)

121,609,480

Shares

Private

Equity

Funds

0.8%

Value

Secondary  0.8%

1

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP

*,k,l

$

1,088,224

1

ASF

IX,

LP

*,k,l

931,965

1

ASF

VIII

Sidecar

(Cayman),

LP

*,k,l

353,022

1

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF

*,k,l

1,015,133

1

LCP

X

(Offshore),

LP

*,k,l

5,627,364

Total

9,015,708

Total

Private

Equity

Funds

(cost

$7,077,480)

9,015,708

Shares

Collateral

Held

for

Securities

Loaned

0.2%

Value

1,895,689

Thrivent

Cash

Management

Trust

1,895,689

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,895,689)

1,895,689

Shares

or

Principal

Amount

Short-Term

Investments

15.2%

Value

Federal

Home

Loan

Bank

Discount

Notes

7,500,000

4.293%,

2/5/2025

m,n

7,495,620

10,000,000

4.245%,

2/7/2025

m

9,991,824

10,000,000

4.235%,

2/10/2025

m

9,988,319

1,000,000

4.420%,

2/12/2025

m,n

998,598

400,000

4.395%,

2/14/2025

m,n

399,346

100,000

4.230%,

2/26/2025

m,n

99,696

3,500,000

4.230%,

3/7/2025

m,n

3,485,708

100,000

4.224%,

3/19/2025

m,n

99,452

300,000

4.215%,

5/2/2025

m,n

296,834

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

5,000,000

4.235%,

2/18/2025

m

4,989,488

Federal

National

Mortgage

Association

Discount

Notes

100,000

4.195%,

4/9/2025

m,n

99,207

Thrivent

Core

Short-Term

Reserve

Fund

12,236,894

4.630%

122,368,943

U.S.

Treasury

Bills

10,000,000

4.267%,

2/18/2025

m

9,982,302

280,000

4.397%,

2/20/2025

m,o

279,438

200,000

4.237%,

3/11/2025

m

199,154

Total

Short-Term

Investments

(cost

$170,741,698)

170,773,929

Total

Investments

(cost

$1,004,261,138)

101.5%

$1,138,441,181

Other

Assets

and

Liabilities,

Net

(1.5%)

(16,690,798)

Total

Net

Assets

100.0%

$1,121,750,383

a

All

or

a

portion

of

the

security

is

on

loan.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

January

31,

2025,

the

value

of

these

investments

was

$56,940,663

or

5.1%

of

total

net

assets.

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

231

c

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

d

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

January

31,

2025.

e

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

f

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

g

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

h

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

January

31,

2025.

i

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

j

Defaulted

security.  Interest

is

not

being

accrued.

k

Non-income

producing

security.

l

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

m

The

interest

rate

shown

reflects

the

yield.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderately

Conservative

Allocation

Fund

as

of

January

31,

2025

was

$9,032,708

or

0.81%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

January

31,

2025.

Security

Acquisition

Date

Cost

AlpInvest

Secondaries

Fund

(Offshore

Feeder)

VIII,

LP 

6/28/2024

$

838,000

ASF

IX,

LP 

3/18/2024

683,011

ASF

VIII

Sidecar

(Cayman),

LP 

6/28/2024

305,116

Credit

Suisse

Group

AG 

9/5/2018

200,000

Crown

Global

Secondaries

VI

Feeder

SA,

SICAV-RAIF 

2/15/2024

756,000

LCP

X

(Offshore),

LP 

10/25/2023

4,495,353

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,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

1,724,876

Common

Stock

102,631

Total

lending

$1,827,507

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,895,689

Net

amounts

due

to

counterparty

$68,182

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

232

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Moderately

Conservative

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Registered

Investment

Companies

U.S.

Affiliated

386,795,561

386,795,561

–

–

U.S.

Unaffiliated

5,058,806

5,058,806

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

8,403,693

–

8,403,693

–

Basic

Materials

2,927,661

–

2,927,661

–

Capital

Goods

7,102,262

–

7,102,262

–

Collateralized

Mortgage

Obligations

15,376,727

–

15,376,727

–

Commercial

Mortgage-Backed

Securities

3,544,474

–

3,544,474

–

Communications

Services

10,386,701

–

10,386,701

–

Consumer

Cyclical

12,268,216

–

12,268,216

–

Consumer

Non-Cyclical

11,912,730

–

11,912,730

–

Energy

9,519,013

–

9,519,013

–

Financials

33,818,927

–

33,818,927

–

Foreign

Government

380,117

–

380,117

–

Mortgage-Backed

Securities

119,792,857

–

119,792,857

–

Technology

8,181,751

–

8,181,751

–

Transportation

2,189,584

–

2,189,584

–

U.S.

Government

&

Agencies

123,407,034

–

123,407,034

–

Utilities

7,636,407

–

7,636,407

–

Common

Stock

Communications

Services

6,895,403

6,895,403

–

–

Consumer

Discretionary

14,165,579

14,096,386

69,193

–

Consumer

Staples

4,152,275

4,152,275

–

–

Energy

3,791,187

3,791,187

–

–

Financials

19,250,936

19,250,936

–

–

Health

Care

15,102,661

15,102,661

–

–

Industrials

16,934,084

16,631,505

302,579

–

Information

Technology

29,238,228

29,238,228

–

–

Materials

4,663,770

4,553,270

110,500

–

Real

Estate

4,603,015

4,603,015

–

–

Utilities

2,812,342

2,812,342

–

–

Private

Equity

Funds

Secondary

9,015,708

–

–

9,015,708

Short-Term

Investments

48,404,986

–

48,404,986

–

Subtotal

Investments

in

Securities

$947,732,695

$512,981,575

$425,735,412

$9,015,708

Other

Investments  *

Total

Affiliated

Short-Term

Investments

122,368,943

U.S.

Affiliated

Registered

Investment

Cos.

66,443,854

Collateral

Held

for

Securities

Loaned

1,895,689

Subtotal

Other

Investments

$190,708,486

Total

Investments

at

Value

$1,138,441,181

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Moderately

Conservative

Allocation

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

1,351,712

1,351,712

–

–

Total

Asset

Derivatives

$1,351,712

$1,351,712

$–

$–

Liability

Derivatives

Futures

Contracts

2,417,444

1,776,683

640,761

–

Total

Return

Swaps

200,194

–

200,194

–

Total

Liability

Derivatives

$2,617,638

$1,776,683

$840,955

$–

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

233

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Moderately

Conservative

Allocation

Fund's

futures

contracts

held

as

of

January

31,

2025.

Investments

and/or

cash

totaling

$8,011,381

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

69

March

2025

$

7,578,313

(

$

68,094)

CBOT

2-Yr.

U.S.

Treasury

Note

239

March

2025

49,109,524

34,851

CBOT

5-Yr.

U.S.

Treasury

Note

287

March

2025

30,642,155

(

108,044)

CBOT

U.S.

Long

Bond

88

March

2025

10,250,177

(

226,427)

CME

E-mini

Russell

2000

Index

1

March

2025

118,904

(

4,134)

CME

E-mini

S&P

500

Index

292

March

2025

89,481,216

(

899,366)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

87

March

2025

10,680,046

(

373,265)

ICE

mini

MSCI

EAFE

Index

238

March

2025

27,969,893

239,057

ICE

US

mini

MSCI

Emerging

Markets

Index

35

March

2025

1,952,165

(

43,965)

Ultra

10-Yr.

U.S.

Treasury

Note

35

March

2025

3,951,513

(

53,388)

Total

Futures

Long

Contracts

$

231,733,906

(

$

1,502,775)

CBOT

10-Yr.

U.S.

Treasury

Note

(27)

March

2025

(

$

2,965,285)

$

26,503

CME

E-mini

Russell

2000

Index

(178)

March

2025

(

20,581,922)

152,862

CME

E-mini

S&P

Mid-Cap

400

Index

(90)

March

2025

(

29,930,810)

680,810

CME

Euro

Foreign

Exchange

Currency

(97)

March

2025

(

12,819,570)

213,208

Eurex

Euro

STOXX

50

Index

(231)

March

2025

(

11,990,610)

(

640,761)

Ultra

10-Yr.

U.S.

Treasury

Note

(3)

March

2025

(

338,546)

4,421

Total

Futures

Short

Contracts

(

$

78,626,743)

$437,043

Total

Futures

Contracts

$

153,107,163

($1,065,732)

The

following

table

presents

Moderately

Conservative

Allocation

Fund's

total

return

swap

contracts

held

as

of

January

31,

2025.

Investments

totaling

$279,438

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Total

Return

Swaps                

Reference

Entity

Fund

Pays

#

Fund

Receives

Counter-

party

Termination

Date

Notional

Principal

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

S&P

MidCap

400

Total

Return

Index

Swap

Total

Return

EFFR

1

day

+

45bps

Goldman

Sachs

&

Co.

LLC

8/6/2025

$

1,601,913

(

$

200,194)

$

–

(

$

200,194)

Total

Return

Swaps

(

$

200,194)

$

–

($200,194)

#

Payment

made

on

Termination

Date

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

234

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderately

Conservative

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$32,148

$520

$1,599

$31,113

3,780

2.8%

Core

Emerging

Markets

Equity

8,880

277

–

8,779

935

0.8

Core

International

Equity

16,133

537

10

16,461

1,540

1.5

Core

Low

Volatility

Equity

693

54

–

714

62

0.1

Core

Mid

Cap

Value

7,338

663

–

7,598

683

0.7

Core

Small

Cap

Value

1,979

203

300

1,778

162

0.1

Global

Stock,

Class

S

2,296

262

–

2,399

86

0.2

High

Yield,

Class

S

23,812

372

699

23,598

5,553

2.1

Income,

Class

S

69,048

758

2,592

66,550

8,236

5.9

International

Allocation,

Class

S

25,647

742

–

26,043

2,420

2.3

Large

Cap

Growth,

Class

S

71,163

4,328

–

76,519

3,434

6.8

Large

Cap

Value,

Class

S

113,147

9,359

–

117,527

3,867

10.5

Limited

Maturity

Bond,

Class

S

39,091

389

1,369

38,173

3,079

3.4

Mid

Cap

Stock,

Class

S

26,013

1,065

10

27,132

723

2.4

Small

Cap

Stock,

Class

S

8,637

159

–

8,853

270

0.8

Total

U.S.

Affiliated

Registered

Investment

Companies

446,025

453,237

40.4

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

158,767

58,715

95,113

122,369

12,237

10.9

Total

Affiliated

Short-Term

Investments

158,767

122,369

10.9

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

3,210

15,449

16,763

1,896

1,896

0.2

Total

Collateral

Held

for

Securities

Loaned

3,210

1,896

0.2

Total

Value

$608,002

$577,502

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($339)

$383

$–

$519

Core

Emerging

Markets

Equity

–

(378)

–

277

Core

International

Equity

(1)

(198)

–

538

Core

Low

Volatility

Equity

Fund

–

(33)

26

28

Core

Mid

Cap

Value

–

(403)

521

142

Core

Small

Cap

Value

75

(179)

173

29

Global

Stock,

Class

S

–

(159)

218

43

High

Yield,

Class

S

(81)

194

–

372

Income,

Class

S

(273)

(391)

–

762

International

Allocation,

Class

S

–

(346)

–

743

Large

Cap

Growth,

Class

S

–

1,028

4,249

79

Large

Cap

Value,

Class

S

–

(4,979)

7,586

1,774

Limited

Maturity

Bond,

Class

S

4

58

–

389

Mid

Cap

Stock,

Class

S

(0)

64

931

135

Small

Cap

Stock,

Class

S

–

57

114

45

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

4

(4)

–

1,940

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$7,815

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

4

Total

Affiliated

Income

from

Securities

Loaned,

Net

$4

Total

($611)

($5,286)

$13,818

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

235

Principal

Amount

Long-Term

Fixed

Income

99.7%

Value

Alabama  1.4%

Black

Belt

Energy

Gas

District,

AL

Gas

Proj.

Rev.

$

5,000,000

5.250%,

10/1/2030,

Ser.

A

a

$

5,315,447

Black

Belt

Energy

Gas

District,

AL

Gas

Proj.

Rev.

Refg.

750,000

5.500%,

6/1/2049,

Ser.

D-1

a

794,581

Jacksonville,

AL

Public

Educational

Building

Auth.

Rev.

(JSU

Foundation)

(AGM

Insured)

2,000,000

5.250%,

8/1/2053,

Ser.

A

b

2,095,094

1,000,000

5.500%,

8/1/2058,

Ser.

A

b

1,061,722

2,000,000

5.250%,

8/1/2048,

Ser.

A

b

2,111,553

Jefferson

County,

AL

Sewer

Rev.

Refg.

Warrants

1,250,000

5.500%,

10/1/2053

1,339,935

1,500,000

5.250%,

10/1/2049

1,584,121

Mobile

County,

AL

Industrial

Development

Auth.

Solid

Waste

Disposal

Rev.

(AM/NS

Calvert,

LLC)

300,000

5.000%,

6/1/2054,

Ser.

A,

AMT

303,280

UAB

Medicine

Finance

Auth.,

AL

Rev.

Refg.

2,000,000

5.000%,

9/1/2041,

Ser.

B2

2,038,925

Total

16,644,658

Alaska  <0.1%

Valdez,

AK

Marine

Terminal

Rev.

Refg.

(Exxon

Pipeline

Company)

100,000

1.750%,

12/1/2033

a

100,000

Total

100,000

Arizona  3.4%

Arizona

Industrial

Development

Auth.

Education

Rev.

(Academies

of

Math

&

Science)

750,000

5.375%,

7/1/2053

c

755,640

275,000

5.250%,

7/1/2043

c

278,946

Arizona

Industrial

Development

Auth.

Education

Rev.

(Doral

Academy

of

Nevada

-

Fire

Mesa

and

Red

Rock

Campus)

800,000

5.000%,

7/15/2039,

Ser.

A

802,578

Arizona

Industrial

Development

Auth.

Education

Rev.

(Doral

Academy

of

Nevada

-

Pebble

Campus)

2,165,000

5.000%,

7/15/2050,

Ser.

A

c

2,049,765

Arizona

Industrial

Development

Auth.

Education

Rev.

(KIPP

Nashville)

300,000

5.000%,

7/1/2047,

Ser.

A

301,760

Arizona

Industrial

Development

Auth.

National

Charter

School

Revolving

Loan

Fund

Rev.

1,000,000

4.250%,

11/1/2052,

Ser.

A

927,218

1,000,000

5.250%,

11/1/2053,

Ser.

A

1,052,486

1,000,000

5.250%,

11/1/2048,

Ser.

A

1,061,119

Chandler,

AZ

Industrial

Development

Auth.

Rev.

(Intel

Corporation)

3,750,000

5.000%,

9/1/2027,

Ser.

2022-

2,

AMT

a

3,841,350

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Arizona  3.4%

-

continued

Glendale,

AZ

Industrial

Development

Auth.

Senior

Living

Fac.

Rev.

(Royal

Oaks

-

Inspirata

Pointe)

$

2,000,000

5.000%,

5/15/2056,

Ser.

A

$

1,863,738

Maricopa

County,

AZ

Industrial

Development

Auth.

Education

Fac.

Rev.

(Valley

Christian

Schools)

1,000,000

6.375%,

7/1/2058,

Ser.

A

c

982,482

Phoenix,

AZ

Civic

Improvement

Corporation

Airport

Rev.

2,000,000

5.000%,

7/1/2047,

Ser.

A,

AMT

2,014,312

10,000,000

5.000%,

7/1/2049,

Ser.

A

10,256,646

Phoenix,

AZ

Industrial

Development

Auth.

Healthcare

Fac.

Rev.

(Mayo

Clinic)

11,330,000

1.500%,

11/15/2052,

Ser.

A

a

11,330,000

Phoenix-Mesa,

AZ

Gateway

Airport

Auth.

Special

Fac.

Rev.

(Mesa)

1,450,000

5.000%,

7/1/2038,

AMT

1,455,174

Yavapai

County,

AZ

Industrial

Development

Auth.

Hospital

Fac.

Rev.

Refg.

(Yavapai

Regional

Medical

Center)

500,000

5.000%,

8/1/2036

509,054

725,000

5.000%,

8/1/2039

743,309

Yuma,

AZ

Industrial

Development

Auth.

Hospital

Rev.

Refg.

(Yuma

Regional

Medical

Center)

1,000,000

5.250%,

8/1/2054,

Ser.

A

1,055,337

Total

41,280,914

Arkansas  0.1%

Arkansas

Development

Finance

Auth.

Environmental

Rev.

(United

States

Steel

Corporation)

750,000

5.700%,

5/1/2053,

AMT

785,295

Pulaski

County,

AR

Hospital

Rev.

(Arkansas

Children's

Hospital)

500,000

5.250%,

3/1/2053

529,073

Total

1,314,368

California  5.9%

Beverly

Hills

Unified

School

District,

Los

Angeles

County,

CA

GO

(2008

Election)

10,000,000

Zero

Coupon,

8/1/2031

8,120,658

Burbank-Glendale-Pasadena,

CA

Airport

Auth.

Rev.

(AGM

Insured)

500,000

4.500%,

7/1/2054,

Ser.

B,

AMT

b

490,779

525,000

4.375%,

7/1/2049,

Ser.

B,

AMT

b

512,789

California

Community

Choice

Financing

Auth.

Rev.

(Clean

Energy)

1,750,000

5.000%,

8/1/2029,

Ser.

A-1

a

1,824,171

5,000,000

5.500%,

11/1/2028,

Ser.

D

a

5,278,956

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

236

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

California  5.9%

-

continued

California

County

Tobacco

Securitization

Agency

Rev.

Refg.

(Sonoma

County

Securitization

Corporation)

$

90,000

5.000%,

6/1/2049,

Ser.

B-1

$

90,850

California

Educational

Fac.

Auth.

Rev.

(Stanford

University)

5,000,000

5.250%,

4/1/2040

6,147,484

8,300,000

5.000%,

6/1/2046,

Ser.

U-7

9,797,039

California

Municipal

Finance

Auth.

Mobile

Home

Park

Rev.

(Caritas)

900,000

5.250%,

8/15/2053,

Ser.

A

933,673

800,000

5.250%,

8/15/2058,

Ser.

A

827,907

California

Municipal

Finance

Auth.

Rev.

Refg.

(HumanGood

-

CA

Obligated

Group)

1,385,000

5.000%,

10/1/2044,

Ser.

A

1,393,285

California

Municipal

Finance

Auth.

School

Fac.

Rev.

(St.

Mary's

School

-

Aliso

Viejo)

435,000

5.750%,

5/1/2054,

Ser.

A

c

445,632

140,000

5.875%,

5/1/2059,

Ser.

A

c

143,967

California

Municipal

Finance

Auth.

Solid

Waste

Disposal

Rev.

(Waste

Management,

Inc.)

1,000,000

4.125%,

10/1/2041,

Ser.

A,

AMT

a

1,000,896

California

Pollution

Control

Financing

Auth.

Water

Furnishing

Rev.

(Poseidon

Resources,

LP

Desalination)

1,000,000

5.000%,

7/1/2037,

AMT

c

1,066,243

550,000

5.000%,

7/1/2038,

AMT

c

583,232

500,000

5.000%,

11/21/2045,

AMT

c

516,378

California

Public

Finance

Auth.

Health

Care

Fac.

Rev.

(Hazelden

Betty

Ford

Foundation)

1,000,000

5.000%,

11/1/2054,

Ser.

A

1,040,307

California

Statewide

Communities

Development

Auth.

Rev.

(Enloe

Medical

Center)

(AGM

Insured)

500,000

5.250%,

8/15/2052,

Ser.

A

b

528,800

1,000,000

5.375%,

8/15/2057,

Ser.

A

b

1,063,450

California

Various

Purpose

GO

500,000

4.000%,

10/1/2050

493,498

10,000

5.250%,

4/1/2029

10,022

Eastern

California

Municipal

Water

District

Water

and

Wastewater

Rev.

Refg.

215,000

1.400%,

7/1/2046,

Ser.

A

a

215,000

San

Diego

County,

CA

Regional

Airport

Auth.

Rev.

2,500,000

5.000%,

7/1/2053,

Ser.

B,

AMT

2,576,571

5,145,000

5.250%,

7/1/2058,

Ser.

B,

AMT

5,408,363

San

Francisco,

CA

City

&

County

Airport

Commission

International

Airport

Rev.

7,500,000

5.500%,

5/1/2055,

Ser.

A,

AMT

d

8,108,396

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

California  5.9%

-

continued

Santa

Monica

Community

College

District,

Los

Angeles

County,

CA

GO

$

5,000,000

Zero

Coupon,

8/1/2025,

Ser.

C

$

4,920,324

University

of

California

Regents

Medical

Center

Rev.

7,500,000

5.000%,

5/15/2047,

Ser.

P

8,046,833

Total

71,585,503

Colorado  3.9%

Canyons

Metropolitan

District

No.

5,

CO

LTGO

Rev.

Refg.

(BAM

Insured)

1,500,000

5.250%,

12/1/2059,

Ser.

A

b

1,608,596

CCP

Metropolitan

District

No.

3,

CO

LTGO

Refg.

750,000

5.000%,

12/1/2053

747,977

Centerra

Metropolitan

District

No.

1,

Larimer

County,

CO

Special

Rev.

750,000

6.500%,

12/1/2053

770,455

Colorado

Educational

and

Cultural

Fac.

Auth.

Charter

School

Rev.

Refg.

(Union

Colony

School)

600,000

5.000%,

4/1/2038

613,886

475,000

5.000%,

4/1/2048

477,694

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

Refg.

(American

Academy)

2,500,000

5.000%,

12/1/2050

2,506,534

2,500,000

5.000%,

12/1/2055

2,494,010

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

Refg.

(Global

Village

Academy

-

Northglenn)

1,155,000

5.000%,

12/1/2050

c

1,086,678

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

Refg.

(High

Point

Academy)

2,825,000

4.000%,

7/1/2040,

Ser.

A

2,675,769

Colorado

Health

Fac.

Auth.

Hospital

Rev.

Refg.

(Covenant

Living

Communities

and

Services)

1,340,000

4.000%,

12/1/2050,

Ser.

A

1,153,888

Colorado

Health

Fac.

Auth.

Hospital

Rev.

Refg.

(Intermountain

Healthcare)

5,000,000

4.000%,

5/15/2052,

Ser.

A

4,712,939

Colorado

Health

Fac.

Auth.

Rev.

Refg.

(CommonSpirit

Health)

2,000,000

5.250%,

12/1/2054,

Ser.

A

2,110,213

10,000,000

4.000%,

8/1/2049,

Ser.

A-2

9,012,903

Colorado

High

Performance

Transportation

Enterprise

Rev.

6,300,000

5.000%,

12/31/2047

6,299,842

Colorado

School

of

Mines

Institutional

Enterprise

Rev.

1,740,000

5.000%,

12/1/2047,

Ser.

A

1,763,564

Denver,

CO

City

&

County

Airport

System

Rev.

Refg.

1,250,000

5.750%,

11/15/2045,

Ser.

D,

AMT

1,369,465

Denver,

CO

Health

and

Hospital

Auth.

Healthcare

Rev.

Refg.

1,500,000

5.000%,

12/1/2034,

Ser.

A

c

1,529,865

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

237

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Colorado  3.9%

-

continued

Eagle

County,

CO

Air

Terminal

Corporation

Rev.

(Airport

Terminal)

$

1,000,000

5.000%,

5/1/2041,

Ser.

B,

AMT

$

1,002,228

Park

Creek,

CO

Metropolitan

District

Rev.

3,000,000

5.000%,

12/1/2041,

Ser.

A

3,026,959

2,250,000

5.000%,

12/1/2046,

Ser.

A

2,265,464

Total

47,228,929

Connecticut  1.1%

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(Connecticut

Children's

Medical

Center)

850,000

4.250%,

7/15/2053,

Ser.

E

805,062

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(Hartford

Healthcare)

2,000,000

4.000%,

7/1/2046,

Ser.

A

1,826,491

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(McLean

Issue)

1,000,000

5.000%,

1/1/2045,

Ser.

A

c

911,039

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(Quinnipiac

University)

5,000,000

5.250%,

7/1/2053,

Ser.

N

5,237,572

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(Sacred

Heart

University)

500,000

4.000%,

7/1/2045,

Ser.

K

477,576

4,000,000

5.000%,

7/1/2047,

Ser.

L

4,146,389

Total

13,404,129

Delaware  0.9%

Delaware

Economic

Development

Auth.

Charter

School

Rev.

(Newark

Charter

School,

Inc.)

2,000,000

5.000%,

9/1/2050

2,007,985

600,000

4.000%,

9/1/2051

509,436

Delaware

Economic

Development

Auth.

Retirement

Communities

Rev.

(Acts

Retirement-Life

Communities,

Inc.)

1,000,000

5.250%,

11/15/2053,

Ser.

B

1,030,252

Kent

County,

DE

Student

Housing

and

Dining

Fac.

Rev.

(CHF-

Dover,

LLC

-

Delaware

State

University)

870,000

5.000%,

7/1/2040,

Ser.

A

878,439

500,000

5.000%,

7/1/2048,

Ser.

A

498,814

University

of

Delaware

Rev.

5,800,000

1.750%,

11/1/2034,

Ser.

B

a

5,800,000

Total

10,724,926

District

Of

Columbia  0.7%

District

of

Columbia

Rev.

(D.C.

Smart

Street

Lighting)

1,000,000

5.500%,

2/29/2036,

Ser.

A,

AMT

1,132,622

1,000,000

5.500%,

8/31/2036,

Ser.

A,

AMT

1,133,757

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

District

Of

Columbia  0.7%

-

continued

Metropolitan

Washington

DC

Airports

Auth.

Airport

System

Rev.

Refg.

$

1,000,000

4.500%,

10/1/2053,

Ser.

A,

AMT

$

981,461

1,000,000

5.250%,

10/1/2053,

Ser.

A,

AMT

1,043,675

2,000,000

5.500%,

10/1/2054,

Ser.

A,

AMT

2,145,727

1,000,000

5.250%,

10/1/2049,

Ser.

A,

AMT

1,056,678

Metropolitan

Washington

DC

Airports

Auth.

Dulles

Toll

Road

Rev.

Refg.

(Dulles

Metrorail

&

Capital

Improvement)

(AGM

Insured)

1,000,000

4.000%,

10/1/2049

b

940,412

Total

8,434,332

Florida  5.9%

Alachua

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

(Oak

Hammock

at

the

University

of

Florida,

Inc.)

1,215,000

4.000%,

10/1/2046

1,040,051

500,000

4.000%,

10/1/2046

428,004

Cape

Coral,

FL

Utility

Improvement

Assessment

Refg.

(North

1

West

Area)

(BAM

Insured)

3,750,000

5.650%,

3/1/2054

b

4,080,705

Capital

Projects,

FL

Finance

Auth.

Student

Housing

Rev.

(Provident

Group

-

Continuum

Properties)

600,000

5.000%,

11/1/2053,

Ser.

A-1

579,094

Capital

Trust

Agency,

FL

Educational

Fac.

Rev.

(Liza

Jackson

Preparatory

School,

Inc.)

1,600,000

5.000%,

8/1/2055,

Ser.

A

1,547,778

CityPlace

Community

Development

District,

FL

SAB

Refg.

1,050,000

5.000%,

5/1/2026

1,060,896

Escambia

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

(Baptist

Health

Care

Corporation

Obligated

Group)

5,000,000

4.000%,

8/15/2045,

Ser.

A

4,504,297

Florida

Development

Finance

Corporation

Educational

Fac.

Lease

Rev.

Refg.

(Seaside

Community

Charter

School)

1,400,000

5.750%,

6/15/2047,

Ser.

A

1,451,343

Florida

Development

Finance

Corporation

Educational

Fac.

Rev.

(Mater

Academy)

1,000,000

5.000%,

6/15/2052,

Ser.

A

993,596

Florida

Development

Finance

Corporation

Educational

Fac.

Rev.

(River

City

Science

Academy)

245,000

5.000%,

7/1/2051,

Ser.

A-1

244,407

250,000

4.000%,

7/1/2055,

Ser.

A

204,904

Florida

Development

Finance

Corporation

Healthcare

Fac.

Rev.

(Tampa

General

Hospital)

2,250,000

4.500%,

8/1/2055,

Ser.

A

2,149,544

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

238

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Florida  5.9%

-

continued

Florida

Higher

Educational

Fac.

Financing

Auth.

Educational

Rev.

(Ringling

College)

$

5,000,000

5.000%,

3/1/2042

$

5,029,682

Florida

Municipal

Power

Agency

Rev.

1,000,000

5.000%,

10/1/2030,

Ser.

B

1,012,021

840,000

5.000%,

10/1/2031,

Ser.

B

849,767

Greater

Orlando,

FL

Aviation

Auth.

Airport

Fac.

Rev.

3,600,000

5.250%,

10/1/2051,

AMT

3,799,988

3,655,000

4.000%,

10/1/2052,

Ser.

A,

AMT

3,319,223

Lee

County,

FL

Airport

Rev.

1,000,000

5.250%,

10/1/2054,

AMT

1,043,435

Lee

County,

FL

Industrial

Development

Auth.

Health

Care

Fac.

Rev.

(Cypress

Cove

at

Healthpark,

FL,

Inc.)

700,000

5.250%,

10/1/2052,

Ser.

A

642,179

Lee

County,

FL

Industrial

Development

Auth.

Hospital

Rev.

Refg.

(Lee

Health

System,

Inc.)

1,000,000

5.000%,

4/1/2044,

Ser.

A-1

1,021,373

Miami-Dade

County,

FL

Industrial

Development

Auth.

Rev.

(Pinecrest

Academy,

Inc.)

1,500,000

5.250%,

9/15/2044

1,468,276

Miami-Dade

County,

FL

Public

Fac.

Rev.

(Jackson

Health

System)

5,000,000

5.000%,

6/1/2035,

Ser.

A

5,018,321

Miami-Dade

County,

FL

Seaport

Rev.

Refg.

1,000,000

5.250%,

10/1/2052,

Ser.

A,

AMT

1,025,097

Orange

County,

FL

Health

Fac.

Auth.

Hospital

Rev.

(Orlando

Health

Obligated

Group)

1,500,000

4.500%,

10/1/2056,

Ser.

A

1,470,226

1,250,000

5.250%,

10/1/2056,

Ser.

A

1,332,048

1,250,000

5.000%,

10/1/2047,

Ser.

A

1,283,051

Orange

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

(Presbyterian

Retirement

Communities

Obligated

Group)

2,750,000

5.000%,

8/1/2054

2,788,582

Osceola

County,

FL

Transportation

Rev.

Refg.

2,450,000

Zero

Coupon,

10/1/2043,

Ser.

A-2

1,007,360

Palm

Beach

County,

FL

Health

Fac.

Auth.

Hospital

Rev.

(Jupiter

Medical

Center,

Inc.)

1,000,000

5.000%,

11/1/2052,

Ser.

A

1,000,243

500,000

5.000%,

11/1/2047,

Ser.

A

503,909

Palm

Beach

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

(Lifespace

Communities,

Inc.)

3,000,000

5.000%,

5/15/2038,

Ser.

C

3,001,346

Sarasota

County,

FL

Public

Hospital

District

Rev.

(Sarasota

Memorial

Hospital)

8,000,000

4.000%,

7/1/2052

7,168,204

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Florida  5.9%

-

continued

Seminole

County,

FL

Industrial

Development

Auth.

Educational

Fac.

Rev.

(Galileo

Schools

for

Gifted

Learning)

$

300,000

4.000%,

6/15/2056,

Ser.

A

c

$

242,614

Tampa,

FL

Hospital

Rev.

Refg.

(H.

Lee

Moffitt

Cancer

Center)

5,000,000

5.000%,

7/1/2037,

Ser.

B

5,067,140

Village

Community

Development

District

No.

15,

Wildwood,

FL

SAB

300,000

5.250%,

5/1/2054

c

307,019

800,000

4.800%,

5/1/2055

c

782,771

Volusia

County,

FL

Educational

Fac.

Auth.

Rev.

Refg.

(Embry-

Riddle

Aeronautical

University,

Inc.)

3,000,000

5.000%,

10/15/2049,

Ser.

A

3,056,021

Total

71,524,515

Georgia  2.0%

Atlanta,

GA

Airport

Passenger

Fac.

Charge

Rev.

1,630,000

5.250%,

7/1/2044,

Ser.

E,

AMT

1,745,131

Atlanta,

GA

Airport

Rev.

2,500,000

5.000%,

7/1/2053,

Ser.

C,

AMT

2,573,050

3,500,000

5.000%,

7/1/2047,

Ser.

B,

AMT

3,604,480

2,655,000

5.000%,

7/1/2048,

Ser.

C,

AMT

2,747,259

Columbia

County,

GA

Hospital

Auth.

Rev.

(Wellstar

Health

System,

Inc.)

1,875,000

5.125%,

4/1/2048,

Ser.

A

1,976,086

George

L.

Smith

II

GA

World

Congress

Center

Auth.

Rev.

(Convention

Center

Hotel)

250,000

4.000%,

1/1/2054,

Ser.

A

220,167

Main

Street

Natural

Gas,

Inc.,

GA

Gas

Supply

Rev.

1,750,000

5.000%,

5/15/2028,

Ser.

A

1,819,272

1,920,000

5.000%,

5/15/2033,

Ser.

A

1,982,139

1,900,000

5.000%,

5/15/2034,

Ser.

A

1,952,443

Municipal

Electric

Auth.

of

Georgia

Rev.

(Plant

Vogtle

Units

3

&

4)

250,000

5.000%,

1/1/2056,

Ser.

A

253,353

Municipal

Electric

Auth.

of

Georgia

Rev.

Refg.

(Plant

Vogtle

Units

3

&

4)

2,000,000

5.000%,

7/1/2052,

Ser.

A

2,067,738

Private

Colleges

and

Universities

Auth.,

GA

Rev.

Refg.

(Mercer

University)

2,600,000

5.250%,

10/1/2051

2,734,969

Total

23,676,087

Guam  0.1%

Guam

Port

Auth.

Rev.

250,000

5.000%,

7/1/2048,

Ser.

A

251,101

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

239

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Guam  0.1%

-

continued

Guam

Power

Auth.

Rev.

Refg.

$

700,000

5.000%,

10/1/2034,

Ser.

A

$

760,885

Total

1,011,986

Hawaii  0.1%

Hawaii

Department

of

Transportation

Airport

Division

Lease

Rev.

COP

1,600,000

5.000%,

8/1/2028,

AMT

1,600,956

Total

1,600,956

Idaho  0.5%

College

of

Western

Idaho

Annual

Appropriation

COP

3,800,000

5.000%,

8/1/2052

3,847,001

Idaho

Health

Fac.

Auth.

Rev.

Refg.

(St.

Luke's

Health

System)

1,000,000

4.000%,

3/1/2051,

Ser.

A

917,814

800,000

4.000%,

3/1/2046,

Ser.

A

747,478

Total

5,512,293

Illinois  4.4%

Chicago,

IL

Metropolitan

Water

Reclamation

District

GO

Refg.

6,550,000

5.250%,

12/1/2032,

Ser.

C

7,554,536

Chicago,

IL

O'Hare

International

Airport

Rev.

2,000,000

5.500%,

1/1/2055,

Ser.

A,

AMT

2,104,080

1,000,000

5.000%,

1/1/2047,

Ser.

D,

AMT

1,005,366

1,000,000

5.000%,

1/1/2047,

Ser.

G,

AMT

1,005,365

Chicago,

IL

O'Hare

International

Airport

Rev.

Refg.

5,000,000

5.000%,

1/1/2048,

Ser.

B

5,130,256

Chicago,

IL

Wastewater

Transmission

Rev.

(AGM

Insured)

5,000,000

5.250%,

1/1/2058,

Ser.

A

b

5,306,865

Chicago,

IL

Waterworks

Rev.

(AGM

Insured)

1,500,000

5.250%,

11/1/2053,

Ser.

A

b

1,594,163

Illinois

Finance

Auth.

Rev.

(DePaul

University)

1,000,000

5.000%,

10/1/2041

1,011,482

Illinois

Finance

Auth.

Rev.

(Plymouth

Place,

Inc.)

800,000

6.500%,

5/15/2047,

Ser.

A

856,375

Illinois

Finance

Auth.

Rev.

Refg.

(DePaul

College

Prep

Foundation)

250,000

5.625%,

8/1/2053,

Ser.

A

c

262,885

Illinois

Finance

Auth.

Rev.

Refg.

(Presbyterian

Homes)

2,500,000

4.000%,

5/1/2050,

Ser.

A

2,118,413

Illinois

Finance

Auth.

Rev.

Refg.

(Rosalind

Franklin

University)

1,750,000

5.000%,

8/1/2042,

Ser.

A

1,762,428

2,100,000

5.000%,

8/1/2047,

Ser.

A

2,103,188

Illinois

Finance

Auth.

Student

Housing

and

Academic

Fac.

Rev.

(University

of

Illinois

at

Chicago)

500,000

5.000%,

2/15/2032,

Ser.

A

507,944

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Illinois  4.4%

-

continued

$

2,885,000

5.000%,

2/15/2037

$

2,913,654

1,000,000

5.000%,

2/15/2047,

Ser.

A

1,000,319

Illinois

GO

1,000,000

5.500%,

5/1/2047,

Ser.

B

1,079,143

Illinois

Toll

Highway

Auth.

Rev.

3,610,000

5.000%,

1/1/2045,

Ser.

A

3,787,780

Metropolitan

Pier

and

Exposition

Auth.,

IL

Rev.

(McCormick

Place

Expansion)

(NATL-RE

Insured)

10,100,000

Zero

Coupon,

6/15/2035,

Ser.

A

b

6,840,614

Metropolitan

Pier

and

Exposition

Auth.,

IL

Rev.

Refg.

(McCormick

Place

Expansion)

500,000

5.000%,

6/15/2042,

Ser.

B

522,464

2,000,000

Zero

Coupon,

12/15/2047,

Ser.

B

e

1,432,054

Peoria,

IL

GO

(AGM

Insured)

1,250,000

4.000%,

1/1/2039,

Ser.

A

b

1,239,592

1,750,000

4.375%,

1/1/2042,

Ser.

A

b

1,776,028

Total

52,914,994

Indiana  1.4%

Indiana

Finance

Auth.

Health

Fac.

Rev.

(Margaret

Mary

Health)

1,650,000

5.750%,

3/1/2054,

Ser.

A

1,747,956

Indiana

Finance

Auth.

Hospital

Rev.

(Reid

Health)

(AGM

Insured)

4,750,000

4.250%,

1/1/2047

b

4,560,737

Indiana

Finance

Auth.

Student

Housing

Rev.

(Tippecanoe,

LLC

Student

Housing)

600,000

5.125%,

6/1/2058,

Ser.

A

608,296

2,250,000

5.375%,

6/1/2064,

Ser.

A

2,303,715

Indianapolis,

IN

Local

Public

Improvement

Bank

Convention

Center

Hotel

Rev.

1,000,000

6.000%,

3/1/2053,

Ser.

E

1,066,000

750,000

6.125%,

3/1/2057,

Ser.

E

800,310

Northern

Indiana

Commuter

Transportation

District

Industrial

Rev.

1,000,000

5.000%,

1/1/2054

1,043,964

St.

Joseph

County,

IN

Economic

Development

Rev.

(St.

Mary's

College)

3,705,000

5.000%,

4/1/2043,

Ser.

2019

3,767,581

Valparaiso,

IN

Exempt

Fac.

Rev.

Refg.

(Pratt

Paper,

LLC)

350,000

5.000%,

1/1/2054,

AMT

c

354,333

Total

16,252,892

Iowa  0.8%

Iowa

Finance

Auth.

Rev.

(Lifespace

Communities,

Inc.)

6,350,000

5.000%,

5/15/2043,

Ser.

A

6,375,880

Iowa

Higher

Education

Loan

Auth.

Fac.

Rev.

(Des

Moines

University)

2,500,000

4.000%,

10/1/2050

2,204,393

650,000

5.375%,

10/1/2052

670,143

Total

9,250,416

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

240

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Kansas  0.5%

Lenexa,

KS

Health

Care

Fac.

Rev.

Refg.

(Lakeview

Village,

Inc.)

$

2,750,000

5.000%,

5/15/2039,

Ser.

A

$

2,764,036

Overland

Park,

KS

Sales

Tax

Special

Obligation

Rev.

(Bluhawk

Sports

Park)

350,000

6.500%,

11/15/2042,

Ser.

A

c

357,819

University

of

Kansas

Hospital

Auth.

Health

Fac.

Rev.

Refg.

3,410,000

5.000%,

3/1/2047,

Ser.

A

3,454,539

Total

6,576,394

Kentucky  1.0%

Hazard,

KY

Healthcare

Rev.

(Appalachian

Regional

Healthcare)

1,000,000

4.000%,

7/1/2041

929,700

Kenton

County,

KY

Airport

Board

Rev.

1,000,000

5.250%,

1/1/2054,

Ser.

A,

AMT

1,039,255

1,125,000

5.250%,

1/1/2049,

Ser.

A,

AMT

1,177,647

Louisville

&

Jefferson

County,

KY

Metropolitan

Government

Hospital

Rev.

(University

of

Louisville

Health)

8,000,000

5.000%,

5/15/2052,

Ser.

A

8,159,447

Paducah,

KY

Electric

Plant

Board

Rev.

(AGM

Insured)

750,000

5.000%,

10/1/2035,

Ser.

A

b

766,544

Total

12,072,593

Louisiana  0.7%

Louisiana

Local

Government

Environmental

Fac.

and

Community

Development

Auth.

Rev.

(Caddo-Bossier

Parishes

Port

Commission)

(AGM

Insured)

850,000

5.000%,

4/1/2053,

Ser.

B

b

877,816

Louisiana

Public

Fac.

Auth.

Rev.

(I-10

Calcasieu

River

Bridge

Public-Private

Partnership)

2,500,000

5.500%,

9/1/2059,

AMT

2,644,892

Louisiana

Stadium

and

Exposition

District

Rev.

Refg.

2,000,000

5.250%,

7/1/2053,

Ser.

A

2,107,886

1,500,000

5.000%,

7/1/2048,

Ser.

A

1,565,705

Port

of

New

Orleans,

LA

Board

of

Commissioners

Port

Fac.

Rev.

Refg.

(AGM

Insured)

1,500,000

5.000%,

4/1/2043,

Ser.

B,

AMT

b

1,523,557

Total

8,719,856

Maine  0.1%

Maine

Health

and

Higher

Educational

Fac.

Auth.

Rev.

Refg.

(University

of

New

England)

1,000,000

4.000%,

7/1/2046,

Ser.

A

949,720

Total

949,720

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Maryland  1.5%

Baltimore

County,

MD

Rev.

Refg.

(Oak

Crest

Village,

Inc.

Fac.)

$

2,000,000

4.000%,

1/1/2050

$

1,732,424

Maryland

Department

of

Transportation

Rev.

(Baltimore/

Washington

International

Thurgood

Marshall

Airport)

(AGC

Insured)

5,000,000

5.250%,

8/1/2054,

Ser.

A,

AMT

b

5,269,373

4,250,000

5.250%,

8/1/2049,

Ser.

A,

AMT

b

4,513,229

Maryland

Economic

Development

Corporation

Student

Housing

Rev.

(Morgan

State

University)

1,000,000

5.750%,

7/1/2053,

Ser.

A

1,076,996

1,325,000

6.000%,

7/1/2058,

Ser.

A

1,443,823

Maryland

Economic

Development

Corporation

Student

Housing

Rev.

(University

of

Maryland,

College

Park

-

Leonardtown)

(AGM

Insured)

2,000,000

5.125%,

7/1/2059

b

2,081,842

Maryland

Health

and

Higher

Educational

Fac.

Auth.

Rev.

(Loyola

University)

1,000,000

5.000%,

10/1/2045

1,000,117

Maryland

Health

and

Higher

Educational

Fac.

Auth.

Rev.

Refg.

(Frederick

Health

System)

200,000

4.000%,

7/1/2050

177,886

600,000

5.250%,

7/1/2053

622,162

200,000

4.000%,

7/1/2045

184,668

Total

18,102,520

Massachusetts  2.8%

Massachusetts

Bay

Transportation

Auth.

Sales

Tax

Rev.

(NATL-RE

Insured)

5,000,000

5.500%,

7/1/2025,

Ser.

B

b

5,057,166

Massachusetts

Development

Finance

Agency

Rev.

(Merrimack

College)

800,000

5.000%,

7/1/2052

792,539

Massachusetts

Development

Finance

Agency

Rev.

Refg.

(Boston

Medical

Center)

4,000,000

5.250%,

7/1/2052,

Ser.

G

4,155,504

Massachusetts

Development

Finance

Agency

Rev.

Refg.

(Northeastern

University)

2,750,000

5.000%,

10/1/2044

2,962,457

Massachusetts

Development

Finance

Agency

Rev.

Refg.

(Southcoast

Health

System

Obligated

Group)

500,000

4.000%,

7/1/2046,

Ser.

G

454,627

Massachusetts

GO

3,125,000

5.000%,

9/1/2048,

Ser.

E

3,211,563

Massachusetts

Health

&

Educational

Fac.

Auth.

Rev.

(Massachusetts

Institute

of

Technology)

9,295,000

5.250%,

7/1/2033,

Ser.

L

11,004,169

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

241

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Massachusetts  2.8%

-

continued

Massachusetts

Health

&

Educational

Fac.

Auth.

Rev.

(Tufts

University)

$

5,400,000

5.500%,

2/15/2028,

Ser.

M

$

5,819,816

Total

33,457,841

Michigan  3.5%

Grand

Valley

State

University,

MI

Rev.

1,850,000

5.000%,

12/1/2031,

Ser.

A

1,855,278

Great

Lakes

Water

Auth.,

MI

Sewage

Disposal

System

Rev.

5,000,000

5.500%,

7/1/2052,

Ser.

B

5,360,460

Great

Lakes

Water

Auth.,

MI

Water

Supply

System

Rev.

10,000,000

5.000%,

7/1/2046,

Ser.

A

10,073,764

Michigan

Finance

Auth.

Higher

Education

Fac.

Limited

Obligation

Rev.

Refg.

(Calvin

University)

1,300,000

4.000%,

9/1/2050

1,119,452

2,110,000

4.000%,

9/1/2046

1,867,814

Michigan

Strategic

Fund

Limited

Obligation

Rev.

(I-75

Improvement)

535,000

5.000%,

12/31/2033,

AMT

550,880

7,775,000

5.000%,

12/31/2043,

AMT

7,865,495

5,110,000

5.000%,

6/30/2048,

AMT

5,140,958

Saginaw,

MI

City

School

District

UTGO

2,500,000

4.000%,

5/1/2050

2,325,648

University

of

Michigan

Rev.

200,000

1.650%,

4/1/2038,

Ser.

A

a

200,000

Wayne

County,

MI

Airport

Auth.

Rev.

(Detroit

Metropolitan

Wayne

County

Airport)

(AGM

Insured)

3,965,000

5.250%,

12/1/2048,

Ser.

A

b

4,315,390

1,750,000

5.500%,

12/1/2048,

Ser.

B,

AMT

b

1,890,962

Total

42,566,101

Minnesota  3.8%

Bethel,

MN

Housing

and

Health

Care

Fac.

Rev.

Refg.

500,000

6.250%,

3/1/2054,

Ser.

A

504,618

Center

City,

MN

Health

Care

Fac.

Rev.

Refg.

(Hazelden

Betty

Ford

Foundation)

795,000

5.000%,

11/1/2047

834,733

Deephaven,

MN

Charter

School

Lease

Rev.

(Eagle

Ridge

Academy)

2,360,000

5.000%,

7/1/2043,

Ser.

A

2,368,394

Duluth,

MN

Economic

Development

Auth.

Health

Care

Fac.

Rev.

(St.

Luke's

Hospital

of

Duluth

Obligated

Group)

2,500,000

5.250%,

6/15/2052,

Ser.

B

2,653,578

2,500,000

5.250%,

6/15/2047,

Ser.

B

2,663,883

Ham

Lake,

MN

Charter

School

Lease

Rev.

(DaVinci

Academy

of

Arts

and

Science)

340,000

5.000%,

7/1/2036,

Ser.

A

330,042

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Minnesota  3.8%

-

continued

Minneapolis,

MN

Health

Care

System

Rev.

Refg.

(Fairview

Health

Services)

$

5,000,000

5.000%,

11/15/2049,

Ser.

A

$

5,009,844

Minneapolis,

MN

Student

Housing

Rev.

(Riverton

Community

Housing)

500,000

5.000%,

8/1/2053

c

480,414

Minneapolis-St.

Paul,

MN

Metropolitan

Airports

Commission

Rev.

Refg.

1,500,000

4.250%,

1/1/2052,

Ser.

A

1,471,772

1,045,000

5.250%,

1/1/2047,

Ser.

B,

AMT

1,088,495

Minnesota

Agricultural

and

Economic

Development

Board

Health

Care

Fac.

Rev.

(HealthPartners

Obligated

Group)

2,500,000

5.250%,

1/1/2054

2,662,394

Minnesota

Higher

Education

Fac.

Auth.

Rev.

(University

of

St.

Thomas)

1,500,000

5.000%,

10/1/2052,

Ser.

A

1,547,405

4,000,000

5.000%,

10/1/2052,

Ser.

B

4,126,414

Minnesota

Higher

Education

Fac.

Auth.

Rev.

Refg.

(Gustavus

Adolphus

College)

4,250,000

5.000%,

10/1/2047

4,265,697

Minnesota

Higher

Education

Fac.

Auth.

Rev.

Refg.

(St.

Catherine

University)

1,015,000

5.000%,

10/1/2045,

Ser.

A

986,243

North

Oaks,

MN

Senior

Housing

Rev.

Refg.

(Waverly

Gardens)

4,000,000

5.000%,

10/1/2047

4,010,722

St.

Joseph,

MN

Senior

Housing

&

Healthcare

Rev.

(Woodcrest

of

Country

Manor)

1,275,000

5.000%,

7/1/2055,

Ser.

A

1,173,194

St.

Paul,

MN

Housing

&

Redevelopment

Auth.

Health

Care

Fac.

Rev.

Refg.

(HealthPartners)

5,945,000

5.000%,

7/1/2032,

Ser.

A

5,974,703

St.

Paul,

MN

Housing

&

Redevelopment

Auth.

Health

Care

Rev.

Refg.

(Fairview

Health

Services)

1,945,000

5.000%,

11/15/2047,

Ser.

A

1,953,474

St.

Paul,

MN

Housing

&

Redevelopment

Auth.

Rev.

Refg.

(Rossy

&

Richard

Shaller

Family

Sholom

East

Campus)

1,000,000

5.000%,

10/1/2043

865,718

Wayzata,

MN

Senior

Housing

Rev.

Refg.

(Folkestone

Senior

Living

Community)

500,000

5.000%,

8/1/2049

500,739

Woodbury,

MN

Charter

School

Lease

Rev.

Refg.

(MSA

Building

Company)

250,000

4.000%,

12/1/2050

203,636

Total

45,676,112

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

242

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Mississippi  0.4%

Medical

Center

Educational

Building

Corporation

Rev.

(Colony

Park

Teaching

Campus)

$

5,000,000

4.000%,

6/1/2053,

Ser.

A

$

4,677,951

Total

4,677,951

Missouri  1.1%

Kansas

City,

MO

Industrial

Development

Auth.

Airport

Rev.

(Kansas

City

International

Airport)

(AGM

Insured)

5,000,000

4.000%,

3/1/2050,

Ser.

A,

AMT

b

4,582,034

Lee's

Summit,

MO

Industrial

Development

Auth.

Senior

Living

Fac.

Rev.

Refg.

(John

Knox

Village)

500,000

5.750%,

8/15/2059,

Ser.

A

516,810

1,200,000

5.000%,

8/15/2042,

Ser.

A

1,158,400

Missouri

Health

and

Educational

Fac.

Auth.

Health

Fac.

Rev.

(Mercy

Health)

2,000,000

5.000%,

12/1/2052

2,092,488

Missouri

Health

and

Educational

Fac.

Auth.

Rev.

Refg.

(Lake

Regional

Health

System)

1,200,000

4.000%,

2/15/2051

1,030,425

Ozark,

MO

R-6

School

District

COP

530,000

5.000%,

4/1/2042

559,514

250,000

5.000%,

4/1/2045

260,740

Taney

County,

MO

Industrial

Development

Auth.

Sales

Tax

Rev.

(Big

Cedar

Infrastructure)

2,750,000

6.000%,

10/1/2049

c

2,751,250

Total

12,951,661

Montana  0.5%

Montana

Fac.

Finance

Auth.

Health

Care

Fac.

Rev.

(Montana

Children's

Home

and

Hospital)

4,000,000

4.000%,

7/1/2050,

Ser.

A

2,688,466

1,000,000

4.000%,

7/1/2044

727,035

Montana

Fac.

Finance

Auth.

Health

Fac.

Rev.

Refg.

(Bozeman

Deaconess

Health

Services

Obligated

Group)

2,750,000

4.000%,

6/1/2045,

Ser.

A

2,586,372

Total

6,001,873

Nebraska  1.5%

Dodge

County,

NE

School

District

No.

1

UTGO

(Fremont

Public

Schools)

(AGM

Insured)

3,000,000

5.000%,

12/15/2048

b

3,183,462

Douglas

County,

NE

Hospital

Auth.

No.

2

Health

Fac.

Rev.

(Children's

Hospital)

2,105,000

5.000%,

11/15/2047

2,116,959

Omaha,

NE

Airport

Auth.

Airport

Fac.

Rev.

(AGC

Insured)

3,400,000

5.250%,

12/15/2054,

AMT

b

3,585,931

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Nebraska  1.5%

-

continued

Omaha,

NE

Public

Power

District

Electric

Rev.

$

8,275,000

5.000%,

2/1/2046,

Ser.

A

$

8,653,658

Total

17,540,010

Nevada  0.7%

Carson

City,

NV

Hospital

Rev.

Refg.

(Carson

Tahoe

Regional

Medical

Center)

1,500,000

5.000%,

9/1/2042,

Ser.

A

1,519,707

3,250,000

5.000%,

9/1/2047,

Ser.

A

3,274,845

Las

Vegas,

NV

Convention

and

Visitors

Auth.

Convention

Center

Expansion

and

Renovation

Rev.

1,000,000

5.000%,

7/1/2049,

Ser.

A

1,052,426

Las

Vegas,

NV

Special

Improvement

District

No.

817

SAB

(Summerlin

Village

29)

100,000

6.000%,

6/1/2053

103,172

350,000

6.000%,

6/1/2048

364,487

Reno-Tahoe,

NV

Airport

Auth.

Rev.

(Reno-Tahoe

International

Airport)

750,000

5.250%,

7/1/2054,

Ser.

A,

AMT

780,761

1,000,000

5.250%,

7/1/2049,

Ser.

A,

AMT

1,048,904

Total

8,144,302

New

Hampshire  1.0%

National

Finance

Auth.,

NH

Rev.

(Abilene

Christian

University

Energy)

6,000,000

5.250%,

11/1/2054,

Ser.

A

6,199,203

National

Finance

Auth.,

NH

Rev.

(Presbyterian

Senior

Living)

750,000

5.250%,

7/1/2048,

Ser.

A

786,241

New

Hampshire

Health

and

Education

Fac.

Auth.

Rev.

(BAM

Insured)

5,000,000

5.000%,

8/1/2059,

Ser.

A

b

5,427,030

Total

12,412,474

New

Jersey  2.4%

Camden

County,

NJ

Improvement

Auth.

School

Rev.

(Kipp:

Cooper

Norcross

Academy

-

2022)

400,000

6.000%,

6/15/2052

423,782

750,000

6.000%,

6/15/2047

799,262

New

Jersey

Economic

Development

Auth.

Rev.

1,485,000

5.000%,

6/15/2043,

Ser.

EEE

f

1,604,459

2,515,000

5.000%,

6/15/2043,

Ser.

EEE

2,596,386

New

Jersey

Health

Care

Fac.

Financing

Auth.

Rev.

(RWJ

Barnabas

Health)

3,015,000

4.000%,

7/1/2051,

Ser.

A

2,870,419

New

Jersey

Transportation

Trust

Fund

Auth.

Rev.

10,000,000

4.000%,

6/15/2050,

Ser.

BB

9,557,828

500,000

5.500%,

6/15/2050,

Ser.

CC

f

593,079

New

Jersey

Turnpike

Auth.

Rev.

1,000,000

4.125%,

1/1/2054,

Ser.

B

983,753

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

243

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

New

Jersey  2.4%

-

continued

Tobacco

Settlement

Financing

Corporation,

NJ

Rev.

Refg.

$

8,950,000

5.250%,

6/1/2046,

Ser.

A

$

9,112,978

Total

28,541,946

New

York  8.4%

Buffalo

&

Erie

County,

NY

Industrial

Land

Development

Corporation

Rev.

1,500,000

5.000%,

8/1/2047,

Ser.

A

1,495,858

Build

NYC

Resource

Corporation,

NY

Rev.

(East

Harlem

Scholars

Academy

Charter

School)

345,000

5.750%,

6/1/2052

c

360,709

Build

NYC

Resource

Corporation,

NY

Rev.

(Global

Community

Charter

School)

1,275,000

5.000%,

6/15/2052,

Ser.

A

1,239,729

Build

NYC

Resource

Corporation,

NY

Rev.

(Unity

Preparatory

Charter

School

of

Brooklyn)

1,075,000

5.500%,

6/15/2053,

Ser.

A

c

1,103,181

Metropolitan

Transportation

Auth.,

NY

Rev.

2,750,000

5.000%,

11/15/2045,

Ser.

A-2

a

2,930,531

Monroe

County,

NY

Industrial

Development

Corporation

Rev.

(True

North

Rochester

Preparatory

Charter

School)

1,000,000

5.000%,

6/1/2050,

Ser.

A

c

1,004,599

New

York

City,

NY

GO

2,250,000

4.500%,

5/1/2049,

Ser.

D-1

2,273,104

New

York

City,

NY

Municipal

Water

Finance

Auth.

Water

and

Sewer

System

Rev.

17,000,000

4.000%,

6/15/2051,

Ser.

AA-1

16,113,363

4,000,000

4.125%,

6/15/2047,

Ser.

DD

3,919,139

1,275,000

1.750%,

6/15/2048,

Ser.

AA-1

a

1,275,000

New

York

City,

NY

Transitional

Finance

Auth.

Building

Aid

Rev.

16,625,000

5.000%,

7/15/2043,

Ser

S-1

17,148,530

New

York

City,

NY

Transitional

Finance

Auth.

Future

Tax

Secured

Rev.

3,000,000

4.000%,

5/1/2053,

Ser.

A-1

2,835,980

New

York

City,

NY

Transitional

Finance

Auth.

Rev.

1,200,000

5.500%,

5/1/2052,

Ser.

D

1,332,978

New

York

Dormitory

Auth.

Personal

Income

Tax

Rev.

Refg.

8,310,000

5.000%,

2/15/2043,

Ser.

B

8,560,511

10,000

5.000%,

2/15/2043,

Ser.

B

f

10,526

10,000

5.000%,

2/15/2043,

Ser.

B

f

10,526

New

York

Dormitory

Auth.

Rev.

Refg.

(Yeshiva

University)

1,500,000

5.000%,

7/15/2050,

Ser.

A

1,500,286

2,200,000

5.000%,

7/15/2042,

Ser.

A

2,237,588

New

York

Transportation

Development

Corporation

Exempt

Fac.

Rev.

(State

Thruway

Service

Areas)

750,000

4.000%,

4/30/2053,

AMT

626,685

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

New

York  8.4%

-

continued

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(John

F.

Kennedy

International

Airport

New

Terminal

One)

$

3,000,000

6.000%,

6/30/2054,

AMT

$

3,228,390

8,500,000

5.500%,

6/30/2060,

AMT

8,913,513

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(LaGuardia

Airport

)

775,000

5.000%,

1/1/2036,

AMT

793,218

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(LaGuardia

Airport

Terminal

C&D

Redevelopment)

500,000

6.000%,

4/1/2035,

AMT

558,141

750,000

5.625%,

4/1/2040,

AMT

799,063

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(Terminal

4

John

F.

Kennedy

International

Airport)

1,000,000

5.000%,

12/1/2039,

AMT

1,041,273

1,000,000

5.000%,

12/1/2040,

AMT

1,040,457

1,000,000

5.000%,

12/1/2041,

AMT

1,035,262

600,000

5.000%,

12/1/2042,

AMT

618,418

New

York

Urban

Development

Corporation

Rev.

15,000,000

4.000%,

3/15/2045,

Ser.

A

14,545,938

Oneida

Indian

Nation,

NY

Tax

Rev.

250,000

6.000%,

9/1/2043,

Ser.

B

c

272,262

Port

Auth.

of

New

York

&

New

Jersey

Rev.

Refg.

1,715,000

5.000%,

9/15/2048,

Ser.

207,

AMT

1,731,303

Troy,

NY

Capital

Resource

Corporation

Rev.

Refg.

(Rensselaer

Polytechnic

Institute)

750,000

5.000%,

9/1/2039,

Ser.

A

788,207

Total

101,344,268

North

Carolina  0.9%

Appalachian

State

University,

NC

Rev.

2,510,000

5.000%,

5/1/2044

2,577,448

Charlotte,

NC

Airport

Rev.

Refg.

(Charlotte

Douglas

International

Airport)

2,500,000

4.250%,

7/1/2052,

Ser.

B,

AMT

2,357,171

Fuquay-Varina,

NC

Combined

Utilities

Rev.

1,325,000

4.000%,

2/1/2044,

Ser.

B

1,300,716

Greater

Asheville,

NC

Regional

Airport

Auth.

Rev.

(AGM

Insured)

750,000

5.250%,

7/1/2053,

AMT

b

781,161

1,000,000

5.250%,

7/1/2048,

AMT

b

1,050,665

North

Carolina

Medical

Care

Commission

Health

Care

Fac.

Rev.

(Presbyterian

Homes)

1,250,000

5.000%,

10/1/2050,

Ser.

A

1,269,241

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

244

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

North

Carolina  0.9%

-

continued

North

Carolina

Medical

Care

Commission

Retirement

Fac.

First

Mortgage

Rev.

(United

Methodist

Retirement

Homes)

$

750,000

5.125%,

10/1/2054,

Ser.

A

$

767,312

North

Carolina

Medical

Care

Commission

Retirement

Fac.

Rev.

Refg.

(Plantation

Village,

Inc.)

1,500,000

4.000%,

1/1/2052,

Ser.

A

1,237,726

Total

11,341,440

North

Dakota  0.5%

Grand

Forks,

ND

Health

Care

System

Rev.

(Altru

Health

System)

(AGM

Insured)

250,000

5.000%,

12/1/2053,

Ser.

A

b

254,947

250,000

5.000%,

12/1/2048,

Ser.

A

b

257,099

Horace,

ND

Refg.

Improvement

UTGO

1,800,000

5.000%,

5/1/2048,

Ser.

A

1,814,289

University

of

North

Dakota

COP

(Infrastructure

Energy

Improvement)

3,775,000

5.000%,

4/1/2048,

Ser.

A

3,831,725

Total

6,158,060

Ohio  4.0%

Akron

Bath

and

Copley

Joint

Township,

OH

Hospital

Fac.

Rev.

Refg.

(Summa

Health

System)

1,600,000

4.000%,

11/15/2037

1,536,506

American

Municipal

Power

Ohio,

Inc.

Rev.

(Greenup

Hydroelectric)

1,000,000

5.000%,

2/15/2041,

Ser.

A

1,012,432

Bowling

Green

State

University,

OH

Rev.

Refg.

500,000

4.000%,

6/1/2045,

Ser.

A

485,046

Buckeye

Tobacco

Settlement

Financing

Auth.,

OH

Rev.

Refg.

7,000,000

5.000%,

6/1/2055,

Ser.

B-2

6,296,041

Columbus,

OH

Regional

Airport

Auth.

Rev.

Refg.

(John

Glenn

Columbus

International

Airport)

1,350,000

5.250%,

1/1/2045,

Ser.

A,

AMT

d

1,435,372

Dayton-Montgomery

County,

OH

Port

Auth.

Development

Rev.

(Dayton

Regional

STEM

Schools,

Inc.)

1,000,000

5.000%,

12/1/2054

1,002,591

500,000

5.000%,

12/1/2044

510,157

Hamilton

County,

OH

Healthcare

Rev.

(Life

Enriching

Communities)

1,000,000

5.750%,

1/1/2053,

Ser.

A

1,052,062

Montgomery

County,

OH

Health

Care

Fac.

Rev.

Refg.

(Solvita)

300,000

5.250%,

9/1/2054

311,886

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Ohio  4.0%

-

continued

Montgomery

County,

OH

Hospital

Fac.

Improvement

Rev.

Refg.

(Kettering

Health

Network

Obligated

Group)

$

800,000

4.000%,

8/1/2051

$

716,837

Montgomery

County,

OH

Hospital

Fac.

Rev.

Refg.

(Dayton

Children's

Hospital)

1,500,000

4.000%,

8/1/2046

1,407,711

Ohio

Higher

Educational

Fac.

Commission

Rev.

(Cleveland

Clinic

Health

System

Obligated

Group)

800,000

1.850%,

1/1/2039,

Ser.

B-2

a

800,000

Ohio

Higher

Educational

Fac.

Commission

Rev.

(Kenyon

College)

3,025,000

5.000%,

7/1/2042

3,082,006

Ohio

Higher

Educational

Fac.

Commission

Rev.

Refg.

(University

of

Findlay)

2,400,000

5.000%,

3/1/2034

2,410,216

Ohio

Higher

Educational

Fac.

Commission

Rev.

Refg.

(Xavier

University

2024)

1,250,000

5.250%,

5/1/2054

1,291,747

1,400,000

5.250%,

5/1/2049

1,461,466

Ohio

Turnpike

Commission

Rev.

8,945,000

5.700%,

2/15/2034,

Ser.

A-4

10,202,790

Ohio

Turnpike

Commission

Rev.

Refg.

(NATL-RE

Insured)

10,000,000

5.500%,

2/15/2026,

Ser.

A

b

10,148,994

Ohio

University

Athens

General

Receipts

Rev.

500,000

5.250%,

12/1/2052

541,985

750,000

5.250%,

12/1/2054

811,996

Port

of

Greater

Cincinnati,

OH

Development

Auth.

Rev.

Refg.

(Duke

Energy

Convention

Center)

750,000

5.000%,

12/1/2053,

Ser.

B

774,779

500,000

5.000%,

12/1/2063,

Ser.

B

512,345

Port

of

Greater

Cincinnati,

OH

Development

Auth.

Rev.

Refg.

(Duke

Energy

Convention

Center)

(AGM

Insured)

750,000

4.375%,

12/1/2058,

Ser.

B

b

742,814

Total

48,547,779

Oklahoma  1.0%

Oklahoma

Turnpike

Auth.

Rev.

2,500,000

5.000%,

1/1/2042,

Ser.

A

2,530,799

5,665,000

5.000%,

1/1/2047,

Ser.

C

5,755,997

Oklahoma

Water

Resources

Board

Loan

Program

Rev.

2,005,000

5.000%,

10/1/2040,

Ser.

A

2,052,920

Osage

County,

OK

Industrial

Auth.

Use

Tax

Rev.

1,000,000

6.500%,

9/1/2040

1,067,560

Total

11,407,276

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

245

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Oregon  1.8%

Astoria,

OR

Hospital

Fac.

Auth.

Rev.

(Columbia

Memorial

Hospital)

$

250,000

5.250%,

8/1/2054

$

259,244

750,000

5.250%,

8/1/2044

797,688

500,000

5.250%,

8/1/2049

522,275

Clackamas

&

Washington

Counties,

OR

Joint

School

District

No.

3

GO

(West

Linn-Wilsonville

Schools)

700,000

Zero

Coupon,

6/15/2040,

Ser.

A

358,575

Clackamas

County,

OR

School

District

No.

62C

UTGO

3,500,000

5.000%,

6/15/2049,

Ser.

B

3,595,428

Multnomah

&

Clackamas

Counties,

OR

School

District

GO

520,000

Zero

Coupon,

6/15/2035,

Ser.

A

338,159

Port

of

Portland,

OR

Airport

Rev.

(Portland

International

Airport)

5,000,000

5.000%,

7/1/2052,

Ser.

28,

AMT

5,102,352

Port

of

Portland,

OR

Airport

Rev.

Refg.

(Portland

International

Airport)

4,750,000

5.000%,

7/1/2044,

Ser.

25B,

AMT

4,837,753

Salem,

OR

Hospital

Fac.

Auth.

Rev.

Refg.

(Capital

Manor)

400,000

4.000%,

5/15/2057

313,518

Salem-Keizer

School

District

No.

24J,

Marion

and

Polk

Counties,

OR

GO

5,000,000

Zero

Coupon,

6/15/2028,

Ser.

B

4,475,327

Warm

Springs,

OR

Reservation

Confederated

Tribes

Hydroelectric

Rev.

Refg.

(Pelton-

Round

Butte)

800,000

5.000%,

11/1/2039,

Ser.

B

c

840,667

Total

21,440,986

Pennsylvania  3.7%

Allegheny

County,

PA

Airport

Auth.

Rev.

(Pittsburgh

International

Airport)

1,650,000

5.000%,

1/1/2051,

Ser.

A,

AMT

1,678,396

Allegheny

County,

PA

Airport

Auth.

Rev.

(Pittsburgh

International

Airport)

(AGM

Insured)

1,500,000

5.500%,

1/1/2053,

Ser.

A,

AMT

b

1,600,194

4,500,000

5.500%,

1/1/2048,

Ser.

A,

AMT

b

4,831,046

Berks

County,

PA

Industrial

Development

Auth.

Healthcare

Fac.

Rev.

Refg.

(Highlands

at

Wyomissing)

460,000

5.000%,

5/15/2043

f

471,624

410,000

5.000%,

5/15/2048

f

420,360

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Pennsylvania  3.7%

-

continued

Cumberland

County,

PA

Municipal

Auth.

Rev.

Refg.

(Diakon

Lutheran

Social

Ministries)

$

455,000

5.000%,

1/1/2038

$

455,139

Northampton

County,

PA

General

Purpose

Auth.

Hospital

Rev.

Refg.

(St.

Luke's

University

Health

Network)

8,330,000

5.250%,

8/15/2053,

Ser.

A-1

8,786,681

Pennsylvania

Economic

Development

Financing

Auth.

Rev.

(Penndot

Major

Bridges

Package

One)

1,500,000

6.000%,

6/30/2061,

AMT

1,633,767

Pennsylvania

Economic

Development

Financing

Auth.

Rev.

(Presbyterian

Senior

Living)

1,000,000

5.250%,

7/1/2049,

Ser.

B-1

1,045,754

Pennsylvania

Economic

Development

Financing

Auth.

Rev.

(Villanova

University)

2,200,000

4.000%,

8/1/2054

2,093,275

Pennsylvania

Economic

Development

Financing

Auth.

Rev.

Refg.

(Presbyterian

Senior

Living)

1,000,000

4.000%,

7/1/2046

899,113

Pennsylvania

Economic

Development

Financing

Auth.

Rev.

Refg.

(UPMC)

2,000,000

5.000%,

2/15/2047,

Ser.

A

2,075,446

Pennsylvania

Turnpike

Commission

Turnpike

Rev.

(AGM

Insured)

8,000,000

6.250%,

6/1/2033,

Ser.

C

b

8,310,119

Pennsylvania

Turnpike

Commission

Turnpike

Rev.

(BAM

Insured)

6,090,000

Zero

Coupon,

12/1/2041,

Ser.

A-3

b

2,818,964

Pennsylvania

Turnpike

Commission

Turnpike

Rev.

Refg.

7,000,000

5.250%,

12/1/2053,

Ser.

A

7,577,195

Total

44,697,073

Puerto

Rico  0.5%

Puerto

Rico

Sales

Tax

Financing

Corporation

Rev.

1,000,000

4.750%,

7/1/2053,

Ser.

A-1

980,871

5,296,000

4.550%,

7/1/2040,

Ser.

A-1

5,307,350

Total

6,288,221

South

Carolina  2.2%

Charleston

County,

SC

Airport

District

Airport

System

Rev.

1,250,000

5.250%,

7/1/2054,

Ser.

A,

AMT

1,301,268

1,075,000

5.250%,

7/1/2049,

Ser.

A,

AMT

1,127,572

South

Carolina

Jobs-Economic

Development

Auth.

Health

Care

Fac.

Rev.

(Novant

Health

Obligated

Group)

5,000,000

4.500%,

11/1/2054,

Ser.

A

4,935,261

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

246

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

South

Carolina  2.2%

-

continued

South

Carolina

Jobs-Economic

Development

Auth.

Hospital

Fac.

Rev.

Refg.

(Bon

Secours

Mercy

Health,

Inc.)

$

2,000,000

5.000%,

12/1/2046,

Ser.

A

$

2,056,026

South

Carolina

Jobs-Economic

Development

Auth.

Hospital

Rev.

(AnMed

Health)

5,000,000

5.250%,

2/1/2053

5,299,280

4,500,000

4.250%,

2/1/2048

4,404,887

South

Carolina

Jobs-Economic

Development

Auth.

Rev.

(Bishop

Gadsden

Episcopal

Retirement

Community)

2,460,000

5.000%,

4/1/2054,

Ser.

A

2,474,882

South

Carolina

Jobs-Economic

Development

Auth.

Rev.

Refg.

(Life

Communities,

Inc.)

2,000,000

5.000%,

11/15/2047,

Ser.

C

2,030,404

South

Carolina

Public

Service

Auth.

Rev.

Refg.

1,000,000

5.250%,

12/1/2054,

Ser.

B

1,066,895

South

Carolina

Public

Service

Auth.

Rev.

Refg.

(AGM

Insured)

1,250,000

5.000%,

12/1/2054,

Ser.

B

b

1,306,879

Total

26,003,354

South

Dakota  0.1%

Lincoln

County,

SD

Economic

Development

Rev.

(Augustana

College

Association)

850,000

4.000%,

8/1/2051

695,078

South

Dakota

Board

of

Regents

Housing

&

Auxiliary

Fac.

System

Rev.

1,000,000

5.000%,

4/1/2033,

Ser.

B

1,001,449

Total

1,696,527

Tennessee  0.2%

Metropolitan

Government

of

Nashville

and

Davidson

County,

TN

Health

and

Educational

Fac.

Rev.

(Trevecca

Nazarene

University)

1,430,000

4.000%,

10/1/2051,

Ser.

B

1,206,393

Metropolitan

Nashville,

TN

Airport

Auth.

Rev.

1,000,000

5.500%,

7/1/2052,

Ser.

B,

AMT

1,059,839

Total

2,266,232

Texas  12.4%

Arlington,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(Cypress

Christian

School)

1,000,000

6.000%,

6/1/2053

c

1,022,918

750,000

6.250%,

6/1/2063

c

770,879

Arlington,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(Great

Hearts

America)

(PSF-GTD

Insured)

3,180,000

4.000%,

8/15/2055,

Ser.

A

b

2,818,854

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Texas  12.4%

-

continued

Arlington,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(Harmony

Public

Schools)

(PSF-GTD

Insured)

$

4,000,000

4.000%,

2/15/2054

b

$

3,675,126

Austin,

TX

Airport

System

Rev.

1,000,000

5.000%,

11/15/2052,

AMT

1,021,298

Central

Texas

Regional

Mobility

Auth.

Rev.

500,000

5.000%,

1/1/2045,

Ser.

E

519,836

1,000,000

5.000%,

1/1/2046,

Ser.

B

1,044,529

Clifton,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(IDEA

Public

Schools)

(PSF-

GTD

Insured)

4,605,000

5.000%,

8/15/2039

b

4,610,175

Clifton,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(International

Leadership

of

Texas,

Inc.)

(PSF-GTD

Insured)

3,500,000

4.250%,

8/15/2052

b

3,401,803

Dallas

and

Fort

Worth,

TX

International

Airport

Rev.

Refg.

2,000,000

4.000%,

11/1/2045,

Ser.

B

1,947,173

Denton,

TX

Independent

School

District

UTGO

(PSF-GTD

Insured)

2,580,000

5.000%,

8/15/2053

b

2,721,922

Galveston,

TX

Wharves

&

Terminal

Rev.

600,000

5.500%,

8/1/2042,

Ser.

A,

AMT

642,900

400,000

5.500%,

8/1/2043,

Ser.

A,

AMT

428,278

1,000,000

6.000%,

8/1/2043,

AMT

1,099,800

500,000

5.500%,

8/1/2044,

Ser.

A,

AMT

534,252

Georgetown,

TX

Utility

System

Rev.

(AGM

Insured)

7,000,000

4.250%,

8/15/2047

b

6,783,777

Greater

Texas

Cultural

Education

Fac.

Finance

Corporation

Rev.

(Texas

Biomedical

Research

Institute)

5,500,000

5.250%,

6/1/2054,

Ser.

A

5,650,543

Greater

Texoma,

TX

Utility

Auth.

Contract

Rev.

(City

of

Sherman)

(AGM

Insured)

6,000,000

4.250%,

10/1/2053

b

5,749,542

Harris

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Rev.

(First

Mortgage

Brazos

Presbyterian

Homes,

Inc.)

160,000

5.000%,

1/1/2033,

Ser.

A

160,110

Harris

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Rev.

Refg.

(Memorial

Hermann

Health

System)

7,000,000

4.125%,

7/1/2052,

Ser.

A

6,544,157

Harris

County,

TX

Industrial

Development

Corporation

Rev.

(Exxon)

200,000

1.840%,

8/15/2027

a

200,000

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

247

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Texas  12.4%

-

continued

Harris

County,

TX

Toll

Road

Rev.

$

5,000,000

4.000%,

8/15/2049,

Ser.

A

$

4,679,145

Houston,

TX

Airport

System

Rev.

(United

Airlines,

Inc.

Terminal

Improvement)

350,000

5.500%,

7/15/2038,

Ser.

B,

AMT

375,839

Houston,

TX

Airport

System

Rev.

Refg.

(AGM

Insured)

5,250,000

4.500%,

7/1/2053,

Ser.

A,

AMT

b

5,104,581

3,000,000

5.250%,

7/1/2053,

Ser.

A,

AMT

b

3,154,498

Houston,

TX

Water

and

Sewer

System

Rev.

Refg.

(AGM

Insured)

10,000,000

5.750%,

12/1/2032,

Ser.

A

b,f

11,911,615

Irving,

TX

Rev.

Refg.

2,325,000

5.000%,

8/15/2043

2,286,142

Lower

Colorado

River,

TX

Auth.

Rev.

Refg.

(LCRA

Transmission

Services

Corporation)

(AGM

Insured)

6,000,000

5.500%,

5/15/2053

b

6,506,339

2,000,000

5.500%,

5/15/2048

b

2,168,465

Midland

County,

TX

Hospital

District

Rev.

(BAM

Insured)

1,250,000

5.250%,

5/15/2054,

Ser.

A

b

1,344,469

New

Hope

Cultural

Education

Fac.

Finance

Corporation,

TX

Retirement

Fac.

Rev.

(Army

Retirement

Residence

Foundation)

1,500,000

5.750%,

7/15/2052

1,521,909

New

Hope

Cultural

Education

Fac.

Finance

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

1,000,519

North

East

Independent

School

District,

Bexar

County,

TX

UTGO

Refg.

(PSF-GTD

Insured)

5,000,000

5.250%,

2/1/2028

b

5,344,228

2,000,000

5.250%,

2/1/2029

b

2,177,143

North

Texas

Tollway

Auth.

System

Rev.

Refg.

(AGC

Insured)

5,000,000

Zero

Coupon,

1/1/2028,

Ser.

D

b

4,532,256

Port

Freeport,

TX

Rev.

3,700,000

5.000%,

6/1/2049,

Ser.

A,

AMT

3,710,937

Red

River

Education

Finance

Corporation,

TX

Higher

Education

Rev.

Refg.

(St.

Edwards

University)

2,130,000

5.000%,

6/1/2046

2,013,028

San

Antonio,

TX

Electric

and

Gas

Systems

Rev.

3,000,000

5.500%,

2/1/2050,

Ser.

A

3,287,179

1,500,000

5.250%,

2/1/2049,

Ser.

A

1,625,750

Southwest

Texas

Higher

Education

Auth.

Rev.

Refg.

(Southern

Methodist

University)

600,000

5.000%,

10/1/2039

616,045

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Texas  12.4%

-

continued

Tarrant

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Hospital

Rev.

(Baylor

Scott

and

White

Health)

$

500,000

5.000%,

11/15/2051,

Ser.

D

$

522,306

750,000

5.500%,

11/15/2047,

Ser.

D

817,184

Tarrant

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Rev.

Refg.

(Trinity

Terrace)

1,000,000

5.000%,

10/1/2049

1,043,867

Texas

Municipal

Gas

Acquisition

and

Supply

Corporation

III

Rev.

Refg.

1,000,000

5.000%,

12/15/2031

1,058,914

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Rev.

(North

Tarrant

Express)

3,000,000

5.500%,

12/31/2058,

AMT

3,206,840

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Rev.

(Segment

3C)

15,380,000

5.000%,

6/30/2058,

AMT

15,524,801

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Rev.

Refg.

(LBJ

Infrastructure

Group,

LLC)

500,000

4.000%,

12/31/2039,

Ser.

A

492,472

4,275,000

4.000%,

6/30/2040,

Ser.

A

4,191,941

Texas

Technical

College

System

Rev.

(Financing

System

Improvement)

(AGM

Insured)

3,000,000

6.000%,

8/1/2054,

Ser.

A

b

3,343,449

Upper

Trinity,

TX

Regional

Water

District

Water

Rev.

Refg.

(BAM

Insured)

2,500,000

4.375%,

8/1/2054

b

2,404,497

Waco,

TX

Educational

Finance

Corporation

Rev.

(Baylor

University)

2,605,000

4.000%,

3/1/2051

2,369,398

Total

149,683,628

Utah  1.9%

Black

Desert

Public

Infrastructure

District,

UT

SAB

(Black

Desert

Assessment

Area

No.1)

1,000,000

5.625%,

12/1/2053

c

1,007,530

Intermountain

Power

Agency,

UT

Power

Supply

Rev.

Refg.

250,000

5.000%,

7/1/2044,

Ser.

A

261,855

2,000,000

5.000%,

7/1/2045,

Ser.

A

2,088,827

Jordan

Valley,

UT

Water

Conservancy

District

Rev.

3,420,000

5.000%,

10/1/2044,

Ser.

A

3,541,516

3,000,000

5.000%,

10/1/2049,

Ser.

A

3,084,455

Lehi,

UT

Franchise

and

Sales

Tax

Rev.

(Broadband)

(AGM

Insured)

1,825,000

4.000%,

2/1/2048

b

1,713,303

Orem,

UT

GO

6,880,000

5.000%,

12/1/2046

7,132,763

Salt

Lake

City,

UT

Airport

Rev.

1,000,000

5.000%,

7/1/2042,

Ser.

A,

AMT

1,012,836

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

248

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Utah  1.9%

-

continued

$

1,000,000

5.250%,

7/1/2048,

Ser.

A,

AMT

$

1,018,410

1,125,000

5.250%,

7/1/2048,

Ser.

A,

AMT

1,180,392

Utah

Charter

School

Finance

Auth.

Rev.

(Utah

Charter

Academies)

800,000

5.000%,

10/15/2048

803,101

Utah

Infrastructure

Agency

Telecommunication

Rev.

350,000

6.000%,

10/15/2047

381,740

Total

23,226,728

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

3,040,263

1,000,000

5.000%,

12/1/2036,

Ser.

A

1,012,444

Total

4,052,707

Virginia  2.6%

Fairfax

County,

VA

Industrial

Development

Auth.

Health

Care

Rev.

Refg.

(Inova

Health

System)

5,000,000

4.000%,

5/15/2042

4,980,054

James

City

County,

VA

Economic

Development

Auth.

Residential

Care

Fac.

Rev.

(Williamsburg

Landing)

650,000

6.875%,

12/1/2058,

Ser.

A

714,514

Roanoke,

VA

Economic

Development

Auth.

Hospital

Rev.

Refg.

(Carilion

Clinic

Obligated

Group)

5,000,000

4.000%,

7/1/2051,

Ser.

A

4,767,823

Virginia

Small

Business

Financing

Auth.

Residential

Care

Fac.

Rev.

(LifeSpire

of

Virginia)

1,000,000

5.500%,

12/1/2054,

Ser.

A

1,049,378

Virginia

Small

Business

Financing

Auth.

Rev.

(Transform

66

P3)

610,000

5.000%,

12/31/2047,

AMT

614,797

6,575,000

5.000%,

12/31/2049,

AMT

6,615,933

10,610,000

5.000%,

12/31/2052,

AMT

10,660,202

Virginia

Small

Business

Financing

Auth.

Rev.

Refg.

(95

Express

Lanes,

LLC)

500,000

4.000%,

1/1/2048,

AMT

443,045

Virginia

Small

Business

Financing

Auth.

Rev.

Refg.

(Elizabeth

River

Crossings

OpCo,

LLC)

500,000

4.000%,

1/1/2039,

AMT

483,285

1,000,000

4.000%,

1/1/2040,

AMT

957,419

Virginia

Small

Business

Financing

Auth.

Rev.

Refg.

(Virginia

State

University

Real

Estate

Foundation)

100,000

1.630%,

7/1/2030

a

100,000

Total

31,386,450

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Washington  1.7%

Grant

County,

WA

Public

Hospital

District

No.

2

UTGO

(Quincy

Valley

Medical

Center)

$

3,250,000

5.000%,

12/1/2044

$

3,219,188

Kalispel

Tribe

of

Indians,

WA

Rev.

750,000

5.250%,

1/1/2038,

Ser.

A

*

768,240

Port

of

Seattle,

WA

Rev.

Refg.

2,250,000

5.250%,

7/1/2049,

Ser.

B,

AMT

2,369,117

Skagit

County,

WA

Public

Hospital

District

No.

1

Hospital

Rev.

(Skagit

Regional

Health)

1,750,000

5.500%,

12/1/2054

1,833,280

Snohomish

County,

WA

Housing

Auth.

Rev.

3,005,000

5.000%,

4/1/2041

3,079,188

Washington

Health

Care

Fac.

Auth.

Rev.

(Seattle

Cancer

Care

Alliance)

650,000

4.000%,

12/1/2045

c

595,702

Washington

Health

Care

Fac.

Auth.

Rev.

Refg.

(Seattle

Cancer

Care

Alliance)

2,000,000

4.000%,

9/1/2050

1,794,825

Washington

Higher

Education

Fac.

Auth.

Rev.

(Seattle

University)

500,000

4.000%,

5/1/2050

445,677

450,000

4.000%,

5/1/2045

420,216

Washington

Housing

Finance

Commission

Certificates

Rev.

998,166

4.221%,

3/20/2040,

Ser.

A

a

966,565

Washington

Housing

Finance

Commission

Nonprofit

Housing

Rev.

Refg.

(Emerald

Heights)

1,200,000

5.000%,

7/1/2048,

Ser.

A

1,234,666

Washington

Housing

Finance

Commission

Nonprofit

Rev.

(Radford

Court

and

Nordheim

Court

Portfolio)

1,000,000

5.500%,

7/1/2059

1,060,501

Washington

Housing

Finance

Commission

Nonprofit

Rev.

Refg.

(Seattle

Academy

of

Arts

and

Sciences)

1,340,000

6.125%,

7/1/2053

c

1,451,372

1,250,000

6.250%,

7/1/2059

c

1,357,847

Total

20,596,384

West

Virginia  1.2%

Ohio

County,

WV

Commission

TIF

Rev.

Refg.

(Highlands)

750,000

5.250%,

6/1/2053

758,321

500,000

5.250%,

6/1/2044

513,189

West

Virginia

Hospital

Finance

Auth.

Rev.

(West

Virginia

University

Health

System

Obligated

Group)

2,000,000

4.375%,

6/1/2053,

Ser.

A

1,912,380

2,000,000

4.250%,

6/1/2047,

Ser.

A

1,922,158

West

Virginia

Parkways

Auth.

Turnpike

Toll

Rev.

10,000,000

4.000%,

6/1/2051

9,449,174

Total

14,555,222

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

249

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Wisconsin  2.2%

Public

Finance

Auth.,

WI

Charter

School

Rev.

(Quality

Education

Academy)

$

475,000

6.250%,

7/15/2053,

Ser.

A

c

$

504,404

750,000

6.500%,

7/15/2063,

Ser.

A

c

803,781

Public

Finance

Auth.,

WI

Education

Rev.

(Unity

Classical

Charter

School;

A

Challenge

Foundation

Academy)

500,000

6.875%,

7/1/2053

c

518,992

750,000

7.000%,

7/1/2058

c

778,214

Public

Finance

Auth.,

WI

Hospital

Rev.

Refg.

(WakeMed

Hospital)

2,000,000

5.000%,

10/1/2044,

Ser.

A

2,038,205

Public

Finance

Auth.,

WI

Hotel

Rev.

(Grand

Hyatt

San

Antonio

Hotel

Acquisition)

1,000,000

5.000%,

2/1/2052,

Ser.

A

1,014,806

Public

Finance

Auth.,

WI

Proj.

Rev.

(CFP3

-

Eastern

Michigan

University

Student

Housing)

(BAM

Insured)

1,000,000

5.500%,

7/1/2052,

Ser.

A-1

b

1,069,685

Public

Finance

Auth.,

WI

Retirement

Communities

Rev.

(Acts

Retirement

-

Life

Communities,

Inc.)

3,000,000

5.000%,

11/15/2041,

Ser.

A

3,108,502

Public

Finance

Auth.,

WI

Rev.

(AFCO

Airport

Real

Estate

Group)

400,000

5.250%,

7/1/2053,

AMT

399,672

920,000

5.500%,

7/1/2043,

AMT

958,281

Public

Finance

Auth.,

WI

Rev.

(Fargo-Moorhead

Metropolitan

Area

Flood

Risk

Management)

2,500,000

4.000%,

3/31/2056,

AMT

2,059,562

4,000,000

4.000%,

9/30/2051,

AMT

3,377,293

Public

Finance

Auth.,

WI

Student

Housing

Fac.

Rev.

(Aggie

Apartment

Life

Holding

Corporation

II,

LLC)

575,000

5.250%,

6/1/2054,

Ser.

A

583,715

Public

Finance

Auth.,

WI

Student

Housing

Rev.

(CHF-Manoa,

LLC)

2,000,000

5.750%,

7/1/2063,

Ser.

A

c

2,107,541

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

(Bellin

Memorial

Hospital,

Inc.)

1,250,000

5.500%,

12/1/2052,

Ser.

A

1,338,229

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

(Dickson

Hollow

Phase

II)

750,000

6.000%,

10/1/2049

775,704

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

(Marshfield

Clinic

Health

System,

Inc.)

1,000,000

5.500%,

2/15/2054,

Ser.

A

1,075,827

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

(Three

Pillars

Senior

Living

Communities)

1,000,000

4.000%,

8/15/2055,

Ser.

A

812,638

500,000

5.750%,

8/15/2059,

Ser.

A

531,034

Principal

Amount

Long-Term

Fixed

Income  99.7%

Value

Wisconsin  2.2%

-

continued

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Benevolent

Corporation

Cedar

Community)

$

870,000

5.000%,

6/1/2037

$

863,745

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Marshfield

Clinic

Health

Systems,

Inc.)

2,000,000

5.000%,

2/15/2047,

Ser.

C

1,952,491

Total

26,672,321

Total

Long-Term

Fixed

Income

(cost

$1,219,314,461)

1,202,217,908

Principal

Amount

Short-Term

Investments

<0.1%

g

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.395%,

2/14/2025

h

99,836

Total

Short-Term

Investments

(cost

$99,841)

99,836

Total

Investments

(cost

$1,219,414,302)

99.7%

$1,202,317,744

Other

Assets

and

Liabilities,

Net

0.3%

3,244,279

Total

Net

Assets

100.0%

$1,205,562,023

a

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

b

To

reduce

certain

risks

associated

with

securities

issued

by

municipalities,

which

may

include

but

are

not

limited

to

economic

development

in

a

specific

industry

or

municipality,

the

principal

and/or

interest

payments

are

guaranteed

by

the

bond

insurance

company

or

government

agency

identified.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

January

31,

2025,

the

value

of

these

investments

was

$30,389,570

or

2.5%

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,

2025.

f

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.

g

The

interest

rate

shown

reflects

the

yield.

h

All

or

a

portion

of

the

se

curity

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

futures

contracts.

Municipal

Bond

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

250

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Municipal

Bond

Fund

as

of

January

31,

2025

was

$768,240

or

0.06%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

January

31,

2025.

Security

Acquisition

Date

Cost

Kalispel

Tribe

of

Indians,

WA

Rev.,

1/1/2038

5/17/2018

$

738,234

Definitions:

AGC

-

Assured

Guaranty,

Ltd

AGM

-

Assured

Guaranty

Municipal

Corporation

AMT

-

Subject

to

Alternative

Minimum

Tax

Auth.

-

Authority

BAM

-

Build

America

Mutual

COP

-

Certificate

of

Participation

Fac.

-

Facility/Facilities

GO

-

General

Obligation

LTGO

-

Limited

Tax

General

Obligation

NATL-RE

-

National

Public

Finance

Guarantee

Corporation

Proj.

-

Project

PSF-GTD

-

Permanent

School

Fund

Guarantee

Program

Refg.

-

Refunding

Rev.

-

Revenue

SAB

-

Special

Assessment

Bonds

Ser.

-

Series

TIF

-

Tax

Increment

Financing

UTGO

-

Unlimited

Tax

General

Obligation

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Municipal

Bond

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Education

225,134,061

–

225,134,061

–

Electric

Revenue

34,529,254

–

34,529,254

–

Escrowed/Pre-refunded

15,022,189

–

15,022,189

–

General

Obligation

69,721,173

–

69,721,173

–

Health

Care

259,388,492

–

259,388,492

–

Housing

Finance

28,600,280

–

28,600,280

–

Industrial

Development

Revenue

40,931,551

–

40,931,551

–

Other

Revenue

56,347,547

–

56,347,547

–

Tax

Revenue

64,866,181

–

64,866,181

–

Transportation

329,428,109

–

329,428,109

–

Water

&

Sewer

78,249,071

–

78,249,071

–

Short-Term

Investments

99,836

–

99,836

–

Total

Investments

at

Value

$1,202,317,744

$–

$1,202,317,744

$–

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

251

Principal

Amount

Long-Term

Fixed

Income

80.4%

Value

Asset-Backed

Securities  14.4%

Affirm

Asset

Securitization

Trust

$

1,000,000

6.820%, 

9/15/2028,

Ser.

2023-B,

Class

A

a

$

1,012,090

92,496

7.110%, 

11/15/2028,

Ser.

2023-X1,

Class

A

a

92,632

1,800,000

5.610%, 

2/15/2029,

Ser.

2024-A,

Class

A

a

1,813,382

AGL

CLO

13,

Ltd.

2,000,000

6.205%, 

(TSFR3M

+

1.912%),

10/20/2034,

Ser.

2021-13A,

Class

B

a,b

2,004,508

AMSR

Trust

1,079,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

a

974,945

Anchorage

Capital

CLO

16,

Ltd.

1,550,000

6.955%, 

(TSFR3M

+

2.662%),

1/19/2035,

Ser.

2020-16A,

Class

CR

a,b

1,550,000

Anchorage

Capital

CLO

20,

Ltd.

2,100,000

7.493%, 

(TSFR3M

+

3.200%),

1/20/2035,

Ser.

2021-20A,

Class

DR

a,b

2,116,592

Anchorage

Capital

CLO

21,

Ltd.

1,500,000

6.193%, 

(TSFR3M

+

1.900%),

10/20/2034,

Ser.

2021-21A,

Class

CR

a,b

1,504,500

Balboa

Bay

Loan

Funding,

Ltd.

2,000,000

6.043%, 

(TSFR3M

+

1.750%),

10/20/2035,

Ser.

2020-1A,

Class

BRR

a,b

2,001,092

Ballyrock

CLO,

Ltd.

2,150,000

6.105%, 

(TSFR3M

+

1.812%),

10/20/2031,

Ser.

2020-2A,

Class

A2R

a,b

2,153,552

Barings

Loan

Partners

CLO,

Ltd.

2

1,250,000

5.947%, 

(TSFR3M

+

1.650%),

1/20/2034,

Ser.

LP-

2A,

Class

CR

a,b,c

1,250,000

Business

Jet

Securities,

LLC

956,377

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

933,316

1,333,259

6.197%, 

5/15/2039,

Ser.

2024-1A,

Class

A

a

1,355,298

1,013,695

5.364%, 

9/15/2039,

Ser.

2024-2A,

Class

A

a

1,002,826

Capital

Automotive

REIT

1,578,667

4.400%, 

10/15/2054,

Ser.

2024-3A,

Class

A1

a

1,509,597

CarVal

CLO

I,

Ltd.

1,225,000

6.158%, 

(TSFR3M

+

1.850%),

7/16/2031,

Ser.

2018-1A,

Class

BR

a,b

1,228,011

CarVal

CLO

III,

Ltd.

2,000,000

5.432%, 

(TSFR3M

+

1.400%),

7/20/2032,

Ser.

2019-2A,

Class

BR2

a,b

2,002,326

CarVal

CLO

IV,

Ltd.

1,600,000

6.305%, 

(TSFR3M

+

2.012%),

7/20/2034,

Ser.

2021-1A,

Class

B

a,b

1,603,678

CarVal

CLO,

Ltd.

1,100,000

7.993%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

a,b

1,106,343

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Asset-Backed

Securities  14.4%

-

continued

Cascade

Funding

Mortgage

Trust,

LLC

$

353,079

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,b

$

349,576

CIFC

Funding,

Ltd.

1,000,000

6.005%, 

(TSFR3M

+

1.712%),

4/20/2034,

Ser.

2015-4A,

Class

A2R2

a,b

1,002,489

College

Avenue

Student

Loans,

LLC

162,649

6.075%, 

(TSFR1M

+

1.764%),

11/26/2046,

Ser.

2017-A,

Class

A1

a,b

164,076

Dryden

109

CLO,

Ltd.

9,000,000

6.293%, 

(TSFR3M

+

2.000%),

4/20/2035,

Ser.

2022-109A,

Class

B

a,b

9,020,628

Dryden

85

CLO,

Ltd.

2,865,000

6.402%, 

(TSFR3M

+

2.100%),

7/15/2037,

Ser.

2020-85A,

Class

CR2

a,b

2,897,526

Education

Funding

Trust

603,370

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

562,906

Elmwood

CLO

28,

Ltd.

1,300,000

6.203%, 

(TSFR3M

+

1.900%),

4/17/2037,

Ser.

2024-4A,

Class

B

a,b

1,306,553

FirstKey

Homes

Trust

2,310,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

2,253,751

FRTKL

Trust

500,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

a

471,581

GMAC

Mortgage

Corporation

Loan

Trust

46,368

4.925%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,d

23,486

Hertz

Vehicle

Financing

III,

LLC

600,000

6.120%, 

1/25/2029,

Ser.

2024-1A,

Class

B

a

604,612

Home

Equity

Asset

Trust

1,032,197

5.745%, 

(TSFR1M

+

1.434%),

8/25/2033,

Ser.

2003-2,

Class

M1

b

982,053

Home

Partners

of

America

Trust

1,253,116

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

a

1,072,126

Hotwire

Funding,

LLC

1,350,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

1,367,415

HTAP

961,215

7.000%, 

4/25/2037,

Ser.

2024-1,

Class

A

a

954,938

HTAP

Issuer

Trust

1,442,749

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

1,418,315

Huntington

Bank

Auto

Credit-

Linked

Notes

1,353,047

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

1,361,244

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

252

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Asset-Backed

Securities  14.4%

-

continued

KKR

Static

CLO

I,

Ltd.

$

2,000,000

5.743%, 

(TSFR3M

+

1.450%),

7/20/2031,

Ser.

2022-1A,

Class

BR2

a,b

$

2,002,648

Long

Beach

Mortgage

Loan

Trust

930,618

5.925%, 

(TSFR1M

+

1.614%),

9/25/2034,

Ser.

2004-5,

Class

M3

b

953,441

Madison

Park

Funding

LVIII,

Ltd.

1,350,000

6.250%, 

(TSFR3M

+

1.950%),

4/25/2037,

Ser.

2024-58A,

Class

B

a,b

1,364,155

Madison

Park

Funding

XVIII,

Ltd.

1,850,000

6.455%, 

(TSFR3M

+

2.162%),

10/21/2030,

Ser.

2015-18A,

Class

CRR

a,b

1,854,101

MetroNet

Infrastructure

Issuer,

LLC

1,500,000

6.230%, 

4/20/2054,

Ser.

2024-1A,

Class

A2

a

1,530,375

MFA

Trust

1,833,212

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

e

1,839,717

Myers

Park

CLO,

Ltd.

1,275,000

5.955%, 

(TSFR3M

+

1.662%),

10/20/2030,

Ser.

2018-1A,

Class

A2

a,b

1,278,187

Neuberger

Berman

CLO,

Ltd.

1,500,000

7.564%, 

(TSFR3M

+

3.262%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

a,b

1,504,642

OZLM

XVII,

Ltd.

1,600,000

6.293%, 

(TSFR3M

+

2.000%),

7/20/2030,

Ser.

2017-17A,

Class

BRR

a,b

1,605,672

Pagaya

AI

Debt

Grantor

Trust

876,603

5.331%, 

1/15/2032,

Ser.

2024-8,

Class

A

a

879,457

2,000,000

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

1,998,781

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

802,154

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

809,682

Pagaya

AI

Debt

Trust

26,052

7.556%, 

7/15/2030,

Ser.

2023-1,

Class

A

a

26,071

Palmer

Square

Loan

Funding,

Ltd.

1,750,000

6.852%, 

(TSFR3M

+

2.550%),

10/15/2032,

Ser.

2024-1A,

Class

C

a,b

1,759,711

1,250,000

6.150%, 

(TSFR3M

+

1.700%),

1/15/2033,

Ser.

2024-2A,

Class

B

a,b

1,250,706

PPM

CLO

3,

Ltd.

2,100,000

6.115%, 

(TSFR3M

+

1.812%),

4/17/2034,

Ser.

2019-3A,

Class

BR

a,b

2,101,098

Pretium

Mortgage

Credit

Partners,

LLC

750,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

a,e

724,253

1,429,831

7.021%, 

2/25/2054,

Ser.

2024-NPL2,

Class

A1

a,e

1,435,695

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Asset-Backed

Securities  14.4%

-

continued

$

1,233,258

7.143%, 

3/25/2054,

Ser.

2024-RN1,

Class

A1

a,e

$

1,238,229

1,251,820

7.520%, 

4/27/2054,

Ser.

2024-NPL3,

Class

A1

a,e

1,264,796

945,266

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

a,e

930,725

1,296,484

6.996%, 

7/25/2054,

Ser.

2024-NPL4,

Class

A1

a,e

1,302,345

961,283

5.487%, 

10/25/2051,

Ser.

2021-NPL5,

Class

A1

a,e

961,069

Progress

Residential

Trust

1,200,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

a

1,163,813

PRPM,

LLC

1,191,170

6.474%, 

7/25/2026,

Ser.

2021-6,

Class

A2

a,e

1,174,182

RCO

VII

Mortgage,

LLC

1,175,604

7.021%, 

1/25/2029,

Ser.

2024-1,

Class

A1

a,e

1,179,225

Renaissance

Home

Equity

Loan

Trust

389,900

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

e

140,143

Rockford

Tower

CLO,

Ltd.

2,000,000

6.342%, 

(TSFR3M

+

1.900%),

1/15/2038,

Ser.

2021-3A,

Class

C1AR

a,b

2,015,402

RR

8,

Ltd.

1,700,000

6.002%, 

(TSFR3M

+

1.700%),

7/15/2037,

Ser.

2020-8A,

Class

A2R

a,b

1,707,580

Saxon

Asset

Securities

Trust

335,414

2.491%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

289,493

Sculptor

CLO

XXVIII,

Ltd.

1,600,000

6.247%, 

(TSFR3M

+

1.950%),

1/20/2035,

Ser.

28A,

Class

CR

a,b,c

1,600,000

1,870,000

6.955%, 

(TSFR3M

+

2.662%),

1/20/2035,

Ser.

28A,

Class

C

a,b

1,870,000

Shackleton

CLO,

Ltd.

930,000

6.755%, 

(TSFR3M

+

2.462%),

10/20/2034,

Ser.

2021-16A,

Class

C

a,b

932,304

Signal

Peak

CLO

1,

Ltd.

1,750,000

6.295%, 

(TSFR3M

+

1.950%),

4/17/2034,

Ser.

2014-1A,

Class

CR4

a,b

1,751,110

1,625,000

7.845%, 

(TSFR3M

+

3.500%),

4/17/2034,

Ser.

2014-1A,

Class

DR4

a,b

1,633,327

Silver

Point

CLO

2,

Ltd.

800,000

6.993%, 

(TSFR3M

+

2.700%),

4/20/2035,

Ser.

2023-2A,

Class

A2

a,b

802,937

Stanwich

Mortgage

Loan

Company,

LLC

99,684

6.235%, 

10/16/2026,

Ser.

2021-NPB1,

Class

A1

a

99,853

Symphony

CLO

XX,

Ltd.

1,000,000

7.308%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

1,003,839

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

253

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Asset-Backed

Securities  14.4%

-

continued

TCW

CLO,

Ltd.

$

1,250,000

6.330%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b

$

1,249,949

3,090,000

6.259%, 

(TSFR3M

+

1.750%),

10/20/2037,

Ser.

2024-3A,

Class

B

a,b

3,106,881

Tricon

Residential

Trust

1,250,000

5.700%, 

6/20/2040,

Ser.

2024-SFR2,

Class

B

a

1,252,653

Uniti

Fiber

Abs

Issuer,

LLC

2,000,000

5.877%, 

4/20/2055,

Ser.

2025-1A,

Class

A2

a,c,f

2,012,734

Unlock

HEA

Trust

1,288,029

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

1,274,194

1,455,027

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

1,438,315

1,324,145

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

1,287,462

Upstart

Securitization

Trust

202,894

6.770%, 

6/20/2033,

Ser.

2023-2,

Class

A

a

203,550

VERDE

CLO,

Ltd.

2,100,000

7.502%, 

(TSFR3M

+

3.200%),

4/15/2032,

Ser.

2019-1A,

Class

DRR

a,b

2,131,286

Vericrest

Opportunity

Loan

Transferee

1,211,599

8.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

a

1,210,766

1,529,689

8.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

a

1,528,761

1,567,711

4.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a,e

1,552,410

235,420

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a,e

233,188

207,181

5.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

a,e

207,285

1,145,050

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a,e

1,127,077

252,271

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,e

241,023

Voya

CLO,

Ltd.

1,650,000

6.269%, 

(TSFR3M

+

1.962%),

7/16/2034,

Ser.

2020-1A,

Class

BR

a,b

1,655,788

1,600,000

6.155%, 

(TSFR3M

+

1.862%),

10/20/2034,

Ser.

2021-2A,

Class

B

a,b

1,602,866

Whitebox

CLO

I,

Ltd.

2,500,000

6.297%, 

(TSFR3M

+

2.000%),

7/24/2036,

Ser.

2019-1A,

Class

CRR

a,b

2,504,983

Whitebox

CLO

IV,

Ltd.

1,500,000

6.893%, 

(TSFR3M

+

2.600%),

4/20/2036,

Ser.

2023-4A,

Class

B

a,b

1,509,065

Wind

River

CLO,

Ltd.

750,000

6.555%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

751,339

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Asset-Backed

Securities  14.4%

-

continued

$

1,500,000

6.143%, 

(TSFR3M

+

1.850%),

7/20/2035,

Ser.

2022-1A,

Class

B1R

a,b

$

1,504,941

Total

130,593,243

Basic

Materials  1.4%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

303,000

8.625%, 

6/15/2029

a

319,987

ATI,

Inc.

376,000

7.250%, 

8/15/2030

389,569

Avient

Corporation

308,000

6.250%, 

11/1/2031

a

307,392

Axalta

Coating

Systems

Dutch

Holding

B

BV

234,000

7.250%, 

2/15/2031

a

243,695

Cascades,

Inc./Cascades

USA,

Inc.

404,000

5.125%, 

1/15/2026

a

400,502

Cerdia

Finanz

GmbH

352,000

9.375%, 

10/3/2031

a

367,594

Chemours

Company

492,000

5.750%, 

11/15/2028

a

466,780

Cleveland-Cliffs,

Inc.

200,000

5.875%, 

6/1/2027

200,260

420,000

4.625%, 

3/1/2029

a

391,391

239,000

6.875%, 

11/1/2029

a

239,740

182,000

4.875%, 

3/1/2031

a

164,844

141,000

7.375%, 

5/1/2033

a

140,221

182,000

6.250%, 

10/1/2040

g

156,486

Consolidated

Energy

Finance

SA

730,000

5.625%, 

10/15/2028

a

649,700

Ecolab,

Inc.

194,000

2.125%, 

2/1/2032

161,671

First

Quantum

Minerals,

Ltd.

225,000

6.875%, 

10/15/2027

a

224,665

FMC

Corporation

167,000

5.150%, 

5/18/2026

167,621

FMG

Resources

August

2006,

Pty.

Ltd.

101,000

4.500%, 

9/15/2027

a

98,444

182,000

5.875%, 

4/15/2030

a

179,930

Glencore

Funding,

LLC

220,000

4.000%, 

3/27/2027

a

216,426

Hecla

Mining

Company

215,000

7.250%, 

2/15/2028

218,021

Hudbay

Minerals,

Inc.

304,000

4.500%, 

4/1/2026

a

300,651

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

215,000

9.000%, 

7/1/2028

a

216,914

INEOS

Finance

plc

541,000

7.500%, 

4/15/2029

a

551,693

International

Flavors

&

Fragrances,

Inc.

261,000

1.230%, 

10/1/2025

a

254,652

Magnera

Corporation

445,000

7.250%, 

11/15/2031

a

438,881

Mercer

International,

Inc.

216,000

5.125%, 

2/1/2029

191,604

Methanex

Corporation

270,000

5.125%, 

10/15/2027

265,769

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

254

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Basic

Materials  1.4%

-

continued

$

180,000

5.250%, 

12/15/2029

g

$

175,281

Methanex

US

Operations,

Inc.

188,000

6.250%, 

3/15/2032

a

187,638

Mineral

Resources,

Ltd.

288,000

9.250%, 

10/1/2028

a

304,602

122,000

8.500%, 

5/1/2030

a

126,219

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

253,000

5.350%, 

3/15/2034

253,184

Novelis

Corporation

81,000

3.250%, 

11/15/2026

a

78,268

155,000

4.750%, 

1/30/2030

a

145,637

190,000

3.875%, 

8/15/2031

a

166,436

Nutrien,

Ltd.

292,000

4.000%, 

12/15/2026

288,077

Peabody

Energy

Corporation,

Convertible

235,000

3.250%, 

3/1/2028

273,892

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

373,000

5.375%, 

11/1/2026

a,g

370,064

Sherwin-Williams

Company

244,000

4.800%, 

9/1/2031

240,843

Smurfit

Kappa

Treasury,

ULC

249,000

5.777%, 

4/3/2054

a

245,027

SNF

Group

SACA

512,000

3.375%, 

3/15/2030

a

450,784

SunCoke

Energy,

Inc.

608,000

4.875%, 

6/30/2029

a

560,558

Taseko

Mines,

Ltd.

371,000

8.250%, 

5/1/2030

a

379,784

Tronox,

Inc.

184,000

4.625%, 

3/15/2029

a,g

166,640

Westlake

Corporation

148,000

3.600%, 

8/15/2026

145,297

WR

Grace

Holdings,

LLC

126,000

4.875%, 

6/15/2027

a

123,168

Total

12,606,502

Capital

Goods  2.9%

Advanced

Drainage

Systems,

Inc.

369,000

6.375%, 

6/15/2030

a

372,430

AECOM

48,000

5.125%, 

3/15/2027

47,732

Amsted

Industries,

Inc.

407,000

5.625%, 

7/1/2027

a

404,265

65,000

4.625%, 

5/15/2030

a

61,063

Array

Technologies,

Inc.,

Convertible

299,000

1.000%, 

12/1/2028

g

231,725

BAE

Systems

plc

200,000

5.500%, 

3/26/2054

a,g

193,546

Boeing

Company

161,000

6.858%, 

5/1/2054

172,759

479,000

5.930%, 

5/1/2060

447,091

561,000

2.196%, 

2/4/2026

546,520

220,000

3.250%, 

3/1/2028

208,147

510,000

5.150%, 

5/1/2030

506,761

81,000

6.528%, 

5/1/2034

85,573

Bombardier,

Inc.

272,000

6.000%, 

2/15/2028

a

271,447

372,000

7.250%, 

7/1/2031

a

384,119

514,000

7.000%, 

6/1/2032

a,g

524,132

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Capital

Goods  2.9%

-

continued

Builders

FirstSource,

Inc.

$

310,000

5.000%, 

3/1/2030

a

$

296,851

Camelot

Return

Merger

Sub,

Inc.

271,000

8.750%, 

8/1/2028

a

266,179

Canpack

SA/Canpack

US,

LLC

573,000

3.875%, 

11/15/2029

a

517,682

Carrier

Global

Corporation

252,000

2.722%, 

2/15/2030

226,126

Chart

Industries,

Inc.

554,000

7.500%, 

1/1/2030

a

578,782

Clean

Harbors,

Inc.

367,000

6.375%, 

2/1/2031

a

372,285

Clydesdale

Acquisition

Holdings,

Inc.

75,000

6.625%, 

4/15/2029

a

75,731

Crown

Cork

&

Seal

Company,

Inc.

257,000

7.375%, 

12/15/2026

265,691

Deere

&

Company

210,000

5.700%, 

1/19/2055

215,236

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

558,000

6.625%, 

12/15/2030

a

564,406

ESAB

Corporation

329,000

6.250%, 

4/15/2029

a

333,429

Fluor

Corporation,

Convertible

264,000

1.125%, 

8/15/2029

328,126

GFL

Environmental,

Inc.

191,000

3.750%, 

8/1/2025

a

189,786

409,000

4.000%, 

8/1/2028

a

389,398

545,000

3.500%, 

9/1/2028

a

513,739

Greenbrier

Companies,

Inc.,

Convertible

174,000

2.875%, 

4/15/2028

224,199

H&E

Equipment

Services,

Inc.

602,000

3.875%, 

12/15/2028

a

600,911

Herc

Holdings,

Inc.

109,000

5.500%, 

7/15/2027

a

108,583

295,000

6.625%, 

6/15/2029

a

301,499

Honeywell

International,

Inc.

325,000

5.250%, 

3/1/2054

304,868

Howmet

Aerospace,

Inc.

280,000

6.750%, 

1/15/2028

294,987

Huntington

Ingalls

Industries,

Inc.

221,000

4.200%, 

5/1/2030

210,090

Ingersoll

Rand,

Inc.

275,000

5.176%, 

6/15/2029

277,590

80,000

5.700%, 

8/14/2033

81,859

JBT

Marel

Corporation,

Convertible

195,000

0.250%, 

5/15/2026

200,441

John

Deere

Capital

Corporation

432,000

4.400%, 

9/8/2031

419,806

138,000

3.900%, 

6/7/2032

128,407

79,000

5.150%, 

9/8/2033

79,664

L3Harris

Technologies,

Inc.

169,000

5.400%, 

1/15/2027

171,199

Lockheed

Martin

Corporation

220,000

5.200%, 

2/15/2064

201,588

Martin

Marietta

Materials,

Inc.

165,000

5.150%, 

12/1/2034

161,792

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

111,000

6.750%, 

4/1/2032

a

112,339

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

255

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Capital

Goods  2.9%

-

continued

MIWD

Holdco

II,

LLC

$

132,000

5.500%, 

2/1/2030

a

$

125,654

Mueller

Water

Products,

Inc.

313,000

4.000%, 

6/15/2029

a

292,227

Nesco

Holdings

II,

Inc.

565,000

5.500%, 

4/15/2029

a

534,018

New

Enterprise

Stone

and

Lime

Company,

Inc.

602,000

5.250%, 

7/15/2028

a

587,690

Northrop

Grumman

Corporation

327,000

5.200%, 

6/1/2054

302,417

82,000

4.700%, 

3/15/2033

79,542

OI

European

Group

BV

394,000

4.750%, 

2/15/2030

a

358,019

Otis

Worldwide

Corporation

166,000

2.056%, 

4/5/2025

165,364

Owens-Brockway

Glass

Container,

Inc.

298,000

6.625%, 

5/13/2027

a

298,980

146,000

7.375%, 

6/1/2032

a

140,231

Parker-Hannifin

Corporation

167,000

4.250%, 

9/15/2027

165,428

Patrick

Industries,

Inc.,

Convertible

118,000

1.750%, 

12/1/2028

182,575

Quikrete

Holdings,

Inc.

705,000

6.375%, 

3/1/2032

a,c

706,755

Republic

Services,

Inc.

124,000

3.950%, 

5/15/2028

121,099

156,000

5.000%, 

12/15/2033

153,340

Resideo

Funding,

Inc.

379,000

6.500%, 

7/15/2032

a

382,436

Reworld

Holding

Corporation

300,000

4.875%, 

12/1/2029

a

279,379

Roller

Bearing

Company

of

America,

Inc.

376,000

4.375%, 

10/15/2029

a

353,675

RTX

Corporation

248,000

5.750%, 

1/15/2029

256,372

798,000

4.500%, 

6/1/2042

693,762

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

290,000

6.125%, 

2/1/2028

a

292,629

Smyrna

Ready

Mix

Concrete,

LLC

498,000

8.875%, 

11/15/2031

a

530,893

Spirit

AeroSystems,

Inc.

188,000

3.850%, 

6/15/2026

184,725

170,000

4.600%, 

6/15/2028

163,892

111,000

9.750%, 

11/15/2030

a

122,801

SRM

Escrow

Issuer,

LLC

132,000

6.000%, 

11/1/2028

a

130,863

Standard

Industries,

Inc./NY

181,000

4.750%, 

1/15/2028

a

176,096

181,000

3.375%, 

1/15/2031

a

158,446

Textron,

Inc.

221,000

3.650%, 

3/15/2027

215,735

TopBuild

Corporation

122,000

4.125%, 

2/15/2032

a

109,136

Trane

Technologies

Financing,

Ltd.

179,000

5.100%, 

6/13/2034

177,617

TransDigm,

Inc.

174,000

6.750%, 

8/15/2028

a

177,083

604,000

7.125%, 

12/1/2031

a

623,703

515,000

6.625%, 

3/1/2032

a

523,792

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Capital

Goods  2.9%

-

continued

$

462,000

6.000%, 

1/15/2033

a

$

455,889

Trivium

Packaging

Finance

252,000

5.500%, 

8/15/2026

a

250,741

United

Rentals

North

America,

Inc.

680,000

4.875%, 

1/15/2028

670,594

340,000

4.000%, 

7/15/2030

314,762

Veralto

Corporation

167,000

5.350%, 

9/18/2028

169,730

Waste

Connections,

Inc.

70,000

3.200%, 

6/1/2032

61,608

Waste

Pro

USA,

Inc.

406,000

7.000%, 

2/1/2033

a

410,518

WESCO

Distribution,

Inc.

174,000

7.250%, 

6/15/2028

a

177,300

184,000

6.375%, 

3/15/2029

a

187,446

129,000

6.625%, 

3/15/2032

a

131,892

Total

26,067,433

Collateralized

Mortgage

Obligations  9.2%

A&D

Mortgage

Trust

605,000

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,e

612,453

1,058,750

6.701%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A2

a,e

1,068,174

1,068,739

5.464%, 

8/25/2069,

Ser.

2024-NQM4,

Class

A1

a

1,063,264

ACRA

Trust

1,724,425

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,e

1,719,878

Arroyo

Mortgage

Trust

1,500,000

3.269%, 

12/25/2056,

Ser.

2022-1,

Class

A1B

a,e

1,350,412

Banc

of

America

Alternative

Loan

Trust

707,493

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

616,995

Banc

of

America

Mortgage

Securities

Trust

116,802

5.775%, 

9/25/2035,

Ser.

2005-H,

Class

2A1

b

102,097

190,083

6.404%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

178,393

CAFL

Issuer,

LLC

2,013,000

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a,e

2,000,184

CHL

Mortgage

Pass-Through

Trust

74,927

6.744%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

72,458

204,682

6.000%, 

4/25/2037,

Ser.

2007-3,

Class

A18

96,926

136,454

6.000%, 

4/25/2037,

Ser.

2007-3,

Class

A33

64,617

482,278

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

207,771

CHNGE

Mortgage

Trust

1,196,203

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

1,131,983

555,245

5.000%, 

5/25/2067,

Ser.

2022-3,

Class

A1

a,b

547,929

558,088

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,e

561,757

1,283,685

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,e

1,279,175

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

256

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Collateralized

Mortgage

Obligations  9.2%

-

continued

$

661,937

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,e

$

669,556

823,460

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

a,e

820,695

CIM

Trust

963,148

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

a,e

969,854

Citigroup

Mortgage

Loan

Trust,

Inc.

194,971

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

188,160

824,460

5.251%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

730,847

COLT

Mortgage

Loan

Trust

1,110,772

6.328%, 

12/25/2068,

Ser.

2024-INV1,

Class

A2

a,e

1,118,619

Countrywide

Alternative

Loan

Trust

240,577

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

194,707

316,261

5.500%, 

5/25/2035,

Ser.

2005-J3,

Class

1A5

249,224

323,966

5.500%, 

10/25/2035,

Ser.

2005-46CB,

Class

A8

224,086

93,959

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

73,901

174,445

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

59,159

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

193,905

5.190%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

157,604

CSMC

Trust

634,729

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,b

634,340

275,706

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

232,013

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

442,400

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

392,304

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

639,470

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

619,442

1,068,048

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

844,899

1,250,000

5.000%, 

9/25/2054,

Ser.

5473,

Class

HL

1,209,270

11,865,495

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

h

928,061

224,874

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

h

4,175

276,345

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

h

6,724

767,390

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

h

63,098

757,592

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

h

31,312

Federal

Home

Loan

Mortgage

Corporation

STRIPS

951,354

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

h

91,883

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Collateralized

Mortgage

Obligations  9.2%

-

continued

Federal

National

Mortgage

Association

-

REMIC

$

1,300,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

$

1,189,336

728,926

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

715,171

209,492

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

h

4,456

288,267

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

h

5,859

303,082

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

h

3,638

839,770

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

h

20,691

666,326

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

h

15,439

220,795

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

h

5,011

561,149

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

h

11,907

198,988

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

h

5,287

486,944

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

h

11,297

411,872

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

h

11,111

181,924

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

h

1,366

659,121

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

h

49,629

First

Horizon

Alternative

Mortgage

Securities

Trust

95,608

5.576%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

88,165

Flagstar

Mortgage

Trust

1,388,356

3.000%, 

3/25/2050,

Ser.

2020-1INV,

Class

A3

a,b

1,177,582

1,576,018

2.500%, 

8/25/2051,

Ser.

2021-6INV,

Class

A4

a,b

1,265,494

695,679

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

614,322

GCAT

Trust

2,232,759

6.500%, 

1/25/2054,

Ser.

2024-INV1,

Class

2A2

a,b

2,271,024

818,740

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

751,245

1,609,149

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

1,608,835

GMAC

Mortgage

Corporation

Loan

Trust

351,810

3.863%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

299,499

GMACM

Mortgage

Loan

Trust

12,452

3.666%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

10,732

GS

Mortgage-Backed

Securities

Trust

1,367,047

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

1,361,494

Home

RE,

Ltd.

1,400,000

8.951%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

1,452,408

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

257

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Collateralized

Mortgage

Obligations  9.2%

-

continued

$

593,520

7.851%, 

(SOFR30A

+

3.500%),

10/25/2034,

Ser.

2022-1,

Class

M1B

a,b

$

596,982

IndyMac

IMJA

Mortgage

Loan

Trust

281,248

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

115,274

IndyMac

INDA

Mortgage

Loan

Trust

1,483,843

3.809%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

1,153,750

J.P.

Morgan

Alternative

Loan

Trust

289,986

4.975%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

b

217,062

J.P.

Morgan

Mortgage

Trust

402,849

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

340,842

933,265

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

918,349

160,429

6.345%, 

7/25/2035,

Ser.

2007-A1,

Class

2A1

b

152,816

LHOME

Mortgage

Trust

1,400,000

7.628%, 

11/25/2028,

Ser.

2023-RTL4,

Class

A1

a,e

1,421,208

1,700,000

7.017%, 

1/25/2029,

Ser.

2024-RTL1,

Class

A1

a,e

1,719,097

1,225,000

7.128%, 

3/25/2029,

Ser.

2024-RTL2,

Class

A1

a,e

1,242,214

1,000,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,e

1,013,252

1,625,000

5.921%, 

7/25/2039,

Ser.

2024-RTL4,

Class

A1

a,e

1,631,396

Merrill

Lynch

Alternative

Note

Asset

Trust

503,922

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

172,928

MFA

Trust

251,669

3.875%, 

9/25/2056,

Ser.

2022-CHM1,

Class

A1

a,e

241,836

1,800,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,e

1,811,746

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

1,493,635

4.885%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

1,307,515

New

Residential

Mortgage

Loan

Trust

1,800,000

3.879%, 

1/25/2064,

Ser.

2024-RPL1,

Class

B2

a,b

1,391,999

NYMT

Loan

Trust

1,150,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,e

1,162,480

1,750,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,e

1,764,518

PMT

Loan

Trust

1,800,000

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

a,b

1,808,156

Pretium

Mortgage

Credit

Partners,

LLC

900,000

8.956%, 

10/25/2054,

Ser.

2024-NPL7,

Class

A2

a,e

900,629

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Collateralized

Mortgage

Obligations  9.2%

-

continued

PRKCM

Trust

$

272,772

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

$

274,639

639,717

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,e

652,675

PRPM,

LLC

1,191,735

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,e

1,157,520

1,300,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,e

1,201,076

1,046,279

7.026%, 

3/25/2029,

Ser.

2024-2,

Class

A1

a,e

1,052,992

1,967,884

5.689%, 

9/25/2029,

Ser.

2024-5,

Class

A1

a,e

1,961,587

1,554,712

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,e

1,556,177

1,750,000

8.835%, 

12/25/2029,

Ser.

2024-7,

Class

A2

a,e

1,750,041

Radnor

Re,

Ltd.

2,000,000

7.251%, 

(SOFR30A

+

2.900%),

9/25/2034,

Ser.

2024-1,

Class

M1B

a,b

2,020,205

Residential

Accredit

Loans,

Inc.

Trust

255,767

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

220,071

361,064

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

278,749

176,327

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

144,488

Residential

Funding

Mortgage

Security

I

Trust

200,129

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

156,842

Roc

Mortgage

Trust

363,986

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

363,986

1,750,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,e

1,741,233

Saluda

Grade

Alternative

Mortgage

Trust

1,750,000

7.762%, 

4/25/2030,

Ser.

2024-RTL5,

Class

A1

a,e

1,767,648

1,650,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,e

1,662,822

Sequoia

Mortgage

Trust

165,039

3.972%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

109,439

Structured

Adjustable

Rate

Mortgage

Loan

Trust

91,485

5.166%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

77,499

Toorak

Mortgage

Trust

1,300,000

7.333%, 

2/25/2031,

Ser.

2024-1,

Class

A1

a,e

1,311,116

Triangle

Re,

Ltd.

849,912

7.751%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

862,348

TVC

Mortgage

Trust

1,000,000

8.250%, 

11/25/2027,

Ser.

2023-RTL1,

Class

A1

a,e

1,009,404

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

258

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Collateralized

Mortgage

Obligations  9.2%

-

continued

$

1,550,000

5.545%, 

7/25/2039,

Ser.

2024-RRTL1,

Class

A1

a,e

$

1,543,324

Verus

Securitization

Trust

1,743,713

2.137%, 

10/25/2066,

Ser.

2021-7,

Class

A2

a,b

1,504,003

686,314

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

605,696

898,961

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

a,e

902,850

Washington

Mutual

Mortgage

Pass-Through

Certificates

302,550

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

254,172

Total

83,366,048

Commercial

Mortgage-Backed

Securities  0.6%

BANK

2018-BNK12

1,750,000

4.342%, 

5/15/2061,

Ser.

2018-BN12,

Class

AS

b

1,677,304

BANK

2022-BNK39

13,393,481

0.427%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

b,h

326,670

BBCMS

Mortgage

Trust

7,109,433

1.152%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,h

499,021

Velocity

Commercial

Capital

Loan

Trust

760,184

6.550%, 

1/25/2054,

Ser.

2024-1,

Class

A

a,b

766,804

1,041,485

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

1,051,665

862,686

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

a,b

882,102

Total

5,203,566

Communications

Services  3.6%

AMC

Networks,

Inc.

93,000

10.250%, 

1/15/2029

a

99,277

American

Tower

Corporation

247,000

4.400%, 

2/15/2026

245,898

144,000

1.450%, 

9/15/2026

136,646

243,000

5.500%, 

3/15/2028

247,094

160,000

5.800%, 

11/15/2028

164,591

192,000

3.800%, 

8/15/2029

182,049

333,000

5.000%, 

1/31/2030

331,444

AppLovin

Corporation

370,000

5.500%, 

12/1/2034

368,447

AT&T,

Inc.

300,000

5.700%, 

3/1/2057

287,756

792,000

3.550%, 

9/15/2055

531,580

433,000

4.300%, 

2/15/2030

420,313

158,000

5.400%, 

2/15/2034

158,829

Bell

Telephone

Company

of

Canada

157,000

5.100%, 

5/11/2033

152,667

Cable

One,

Inc.,

Convertible

84,000

1.125%, 

3/15/2028

69,250

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

250,000

5.500%, 

5/1/2026

a

249,069

515,000

5.125%, 

5/1/2027

a

505,488

178,000

5.000%, 

2/1/2028

a

173,269

145,000

5.375%, 

6/1/2029

a

140,135

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Communications

Services  3.6%

-

continued

$

351,000

6.375%, 

9/1/2029

a

$

351,206

1,120,000

4.750%, 

3/1/2030

a

1,037,415

161,000

4.500%, 

8/15/2030

a

146,477

351,000

4.250%, 

2/1/2031

a

311,383

119,000

4.750%, 

2/1/2032

a

105,892

472,000

4.250%, 

1/15/2034

a

385,610

CenterPoint

Energy,

Inc.,

Convertible

6,766

3.369%, 

9/15/2029

275,106

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

840,000

4.200%, 

3/15/2028

815,024

221,000

5.050%, 

3/30/2029

217,302

234,000

6.550%, 

6/1/2034

239,332

Clear

Channel

Outdoor

Holdings,

Inc.

465,000

7.875%, 

4/1/2030

a

481,203

Clear

Channel

Worldwide

Holdings,

Inc.

360,000

5.125%, 

8/15/2027

a

350,682

Comcast

Corporation

483,000

5.650%, 

6/1/2054

464,034

476,000

3.400%, 

4/1/2030

442,831

Connect

Finco

SARL/Connect

US

Finco,

LLC

184,000

9.000%, 

9/15/2029

a

164,924

Crown

Castle,

Inc.

205,000

2.900%, 

3/15/2027

197,250

114,000

4.900%, 

9/1/2029

113,318

Deluxe

Corporation

419,000

8.125%, 

9/15/2029

a

430,945

Deutsche

Telekom

International

Finance

BV

499,000

8.750%, 

6/15/2030

580,736

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

1,249,000

5.875%, 

8/15/2027

a

1,236,868

FiberCop

SPA

630,000

6.000%, 

9/30/2034

a

604,098

Frontier

Communications

Holdings,

LLC

610,000

5.875%, 

10/15/2027

a

610,175

GCI,

LLC

483,000

4.750%, 

10/15/2028

a

455,678

Gray

Media,

Inc.

154,000

10.500%, 

7/15/2029

a,g

161,212

Iliad

Holding

SASU

476,000

8.500%, 

4/15/2031

a

511,145

254,000

7.000%, 

4/15/2032

a

257,545

Intelsat

Jackson

Holdings

SA

478,000

6.500%, 

3/15/2030

a

431,842

Lamar

Media

Corporation

267,000

3.625%, 

1/15/2031

238,439

LCPR

Senior

Secured

Financing

DAC

715,000

6.750%, 

10/15/2027

a

654,362

Level

3

Financing,

Inc.

94,000

3.625%, 

1/15/2029

a

72,380

180,254

10.500%, 

4/15/2029

a

201,909

180,255

11.000%, 

11/15/2029

a

204,353

265,000

10.500%, 

5/15/2030

a

288,773

89,000

10.750%, 

12/15/2030

a

100,170

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

259

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Communications

Services  3.6%

-

continued

$

218,000

4.000%, 

4/15/2031

a

$

170,040

Lumen

Technologies,

Inc.

104,562

4.125%, 

4/15/2030

a

91,643

McGraw-Hill

Education,

Inc.

541,000

5.750%, 

8/1/2028

a

532,501

Meta

Platforms,

Inc.

333,000

5.550%, 

8/15/2064

323,447

169,000

3.850%, 

8/15/2032

157,394

342,000

4.750%, 

8/15/2034

333,849

Nexstar

Media,

Inc.

221,000

5.625%, 

7/15/2027

a

217,971

282,000

4.750%, 

11/1/2028

a

265,908

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

50,000

4.625%, 

3/15/2030

a,g

46,479

Paramount

Global

404,000

6.375%, 

3/30/2062

b

393,811

Playtika

Holding

Corporation

422,000

4.250%, 

3/15/2029

a

389,209

Rogers

Communications,

Inc.

205,000

5.250%, 

3/15/2082

a,b,g

200,821

266,000

5.000%, 

2/15/2029

264,612

438,000

5.300%, 

2/15/2034

424,842

Sinclair

Television

Group,

Inc.

91,000

8.125%, 

2/15/2033

a,c

91,506

Sirius

XM

Radio,

LLC

416,000

5.000%, 

8/1/2027

a

408,496

510,000

4.000%, 

7/15/2028

a

476,904

130,000

4.125%, 

7/1/2030

a

116,198

Sprint

Capital

Corporation

511,000

6.875%, 

11/15/2028

542,133

220,000

8.750%, 

3/15/2032

262,837

Take-Two

Interactive

Software,

Inc.

172,000

5.600%, 

6/12/2034

172,997

TEGNA,

Inc.

566,000

4.625%, 

3/15/2028

542,109

Telenet

Finance

Luxembourg

Notes

SARL

600,000

5.500%, 

3/1/2028

a

579,000

T-Mobile

USA,

Inc.

160,000

5.500%, 

1/15/2055

151,453

344,000

5.250%, 

6/15/2055

313,192

338,000

3.375%, 

4/15/2029

316,679

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

76,000

10.500%, 

2/15/2028

a

81,258

557,000

4.750%, 

4/15/2028

a

529,030

216,000

6.500%, 

2/15/2029

a

197,054

Univision

Communications,

Inc.

74,000

8.000%, 

8/15/2028

a

75,647

594,000

4.500%, 

5/1/2029

a

540,919

270,000

7.375%, 

6/30/2030

a

266,402

179,000

8.500%, 

7/31/2031

a

179,789

Verizon

Communications,

Inc.

207,000

5.500%, 

2/23/2054

198,453

552,000

3.150%, 

3/22/2030

506,811

296,000

2.355%, 

3/15/2032

246,237

230,000

4.780%, 

2/15/2035

a

219,303

Viasat,

Inc.

188,000

5.625%, 

4/15/2027

a,g

182,591

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Communications

Services  3.6%

-

continued

Virgin

Media

Finance

plc

$

214,000

5.000%, 

7/15/2030

a

$

186,348

Virgin

Media

Secured

Finance

plc

460,000

5.500%, 

5/15/2029

a

440,433

VMED

O2

UK

Financing

I

plc

218,000

4.750%, 

7/15/2031

a

191,534

192,000

7.750%, 

4/15/2032

a

194,625

Vodafone

Group

plc

270,000

5.125%, 

6/4/2081

b

208,481

175,000

5.875%, 

6/28/2064

168,206

352,000

7.000%, 

4/4/2079

b

366,310

VZ

Secured

Financing

BV

718,000

5.000%, 

1/15/2032

a

641,526

Walt

Disney

Company

123,000

3.800%, 

3/22/2030

118,002

Warnermedia

Holdings,

Inc.

705,000

4.054%, 

3/15/2029

661,852

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

245,000

8.250%, 

10/1/2031

a

253,580

Zegona

Finance

plc

170,000

8.625%, 

7/15/2029

a

181,475

Ziggo

Bond

Company

BV

217,000

5.125%, 

2/28/2030

a,g

197,355

Ziggo

BV

198,000

4.875%, 

1/15/2030

a

185,477

Total

32,608,150

Consumer

Cyclical  5.0%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

127,000

3.875%, 

1/15/2028

a

121,204

281,000

4.375%, 

1/15/2028

a

270,251

190,000

6.125%, 

6/15/2029

a

192,588

328,000

5.625%, 

9/15/2029

a

326,603

Adient

Global

Holdings,

Ltd.

123,000

8.250%, 

4/15/2031

a,g

127,565

188,000

7.500%, 

2/15/2033

a

190,506

ADT

Security

Corporation

149,000

4.125%, 

8/1/2029

a

139,997

149,000

4.875%, 

7/15/2032

a

138,635

Alimentation

Couche-Tard,

Inc.

279,000

5.617%, 

2/12/2054

a

264,320

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

815,000

4.625%, 

6/1/2028

a

778,060

30,000

4.625%, 

6/1/2028

a

28,603

Allison

Transmission,

Inc.

142,000

3.750%, 

1/30/2031

a

126,714

Amazon.com,

Inc.

147,000

1.500%, 

6/3/2030

125,197

164,000

4.700%, 

12/1/2032

162,717

American

Axle

&

Manufacturing,

Inc.

516,000

5.000%, 

10/1/2029

g

473,375

American

Honda

Finance

Corporation

365,000

5.050%, 

7/10/2031

363,887

241,000

4.900%, 

1/10/2034

g

232,560

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

260

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Consumer

Cyclical  5.0%

-

continued

Anywhere

Real

Estate

Group,

LLC/Anywhere

Co-Issuer

Corporation

$

99,000

7.000%, 

4/15/2030

a,g

$

90,831

Arko

Corporation

342,000

5.125%, 

11/15/2029

a,g

315,542

Asbury

Automotive

Group,

Inc.

313,000

5.000%, 

2/15/2032

a

292,860

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

310,000

4.625%, 

8/1/2029

a

287,075

156,000

4.625%, 

4/1/2030

a

143,671

Aston

Martin

Capital

Holdings,

Ltd.

320,000

10.000%, 

3/31/2029

a

317,592

Bath

&

Body

Works,

Inc.

148,000

6.950%, 

3/1/2033

150,330

Beazer

Homes

USA,

Inc.

310,000

7.500%, 

3/15/2031

a

312,578

Belron

UK

Finance

plc

355,000

5.750%, 

10/15/2029

a

351,813

Best

Buy

Company,

Inc.

147,000

1.950%, 

10/1/2030

124,556

Booking

Holdings,

Inc.,

Convertible

106,000

0.750%, 

5/1/2025

267,042

Boyd

Gaming

Corporation

480,000

4.750%, 

6/15/2031

a

447,824

Boyne

USA,

Inc.

297,000

4.750%, 

5/15/2029

a

282,325

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

273,000

4.875%, 

2/15/2030

a

249,741

Burlington

Stores,

Inc.,

Convertible

94,000

2.250%, 

4/15/2025

121,589

115,000

1.250%, 

12/15/2027

171,580

Caesars

Entertainment,

Inc.

2,000

8.125%, 

7/1/2027

a

2,021

799,000

4.625%, 

10/15/2029

a,g

754,311

220,000

6.500%, 

2/15/2032

a

222,740

201,000

6.000%, 

10/15/2032

a

195,484

Carnival

Corporation

436,000

7.625%, 

3/1/2026

a

436,754

785,000

5.750%, 

3/1/2027

a

786,642

435,000

4.000%, 

8/1/2028

a

415,173

114,000

6.000%, 

5/1/2029

a

114,220

Carnival

Corporation,

Convertible

280,000

5.750%, 

12/1/2027

614,880

Carvana

Company

73,050

0.000%,PIK

12.000%,

12/1/2028

a,i

78,690

Cedar

Fair,

LP/Canada's

Wonderland

Company/Magnum

Management

Corporation/

Millennium

Operations,

LLC

90,000

5.375%, 

4/15/2027

89,610

497,000

5.250%, 

7/15/2029

479,225

Churchill

Downs,

Inc.

290,000

4.750%, 

1/15/2028

a

282,577

223,000

6.750%, 

5/1/2031

a

226,786

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

247,000

6.750%, 

5/15/2028

a

251,625

354,000

6.750%, 

2/15/2030

a

359,554

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Consumer

Cyclical  5.0%

-

continued

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

$

38,000

0.625%, 

6/15/2026

g

$

36,291

Crocs,

Inc.

179,000

4.250%, 

3/15/2029

a

166,477

Cushman

&

Wakefield

US

Borrower,

LLC

90,000

6.750%, 

5/15/2028

a

90,744

Daimler

Trucks

Finance

North

America,

LLC

150,000

5.400%, 

9/20/2028

a

152,103

Dana,

Inc.

180,000

5.625%, 

6/15/2028

178,784

267,000

4.500%, 

2/15/2032

g

251,473

eG

Global

Finance

plc

90,000

12.000%, 

11/30/2028

a

100,899

Expedia

Group,

Inc.

220,000

3.250%, 

2/15/2030

202,974

Expedia

Group,

Inc.,

Convertible

168,000

Zero

Coupon, 

2/15/2026

164,373

Ford

Motor

Company,

Convertible

301,000

Zero

Coupon, 

3/15/2026

293,475

Ford

Motor

Credit

Company,

LLC

266,000

5.850%, 

5/17/2027

268,937

255,000

2.900%, 

2/10/2029

229,638

275,000

7.122%, 

11/7/2033

287,638

Forestar

Group,

Inc.

187,000

3.850%, 

5/15/2026

a

182,675

Gap,

Inc.

130,000

3.625%, 

10/1/2029

a

118,256

209,000

3.875%, 

10/1/2031

a

183,304

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

256,000

7.750%, 

5/31/2032

a

260,816

General

Motors

Financial

Company,

Inc.

544,000

2.900%, 

2/26/2025

543,277

135,000

2.750%, 

6/20/2025

133,964

250,000

5.800%, 

6/23/2028

255,394

204,000

5.800%, 

1/7/2029

207,779

412,000

4.900%, 

10/6/2029

405,231

200,000

5.700%, 

9/30/2030

b,j

194,642

121,000

5.750%, 

2/8/2031

122,684

306,000

5.950%, 

4/4/2034

306,879

Genting

New

York,

LLC/GENNY

Capital,

Inc.

296,000

7.250%, 

10/1/2029

a

304,285

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

150,000

8.750%, 

1/15/2032

a

132,711

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

180,000

3.500%, 

3/1/2029

a

166,372

Goodyear

Tire

&

Rubber

Company

180,000

4.875%, 

3/15/2027

176,550

185,000

5.000%, 

7/15/2029

g

172,589

Hanesbrands,

Inc.

207,000

4.875%, 

5/15/2026

a

205,359

101,000

9.000%, 

2/15/2031

a

107,920

Harley-Davidson

Financial

Services,

Inc.

264,000

5.950%, 

6/11/2029

a

265,770

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

261

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Consumer

Cyclical  5.0%

-

continued

Hilton

Domestic

Operating

Company,

Inc.

$

646,000

4.875%, 

1/15/2030

$

625,629

90,000

4.000%, 

5/1/2031

a

82,041

519,000

3.625%, 

2/15/2032

a

456,349

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

643,000

5.000%, 

6/1/2029

a

612,562

Home

Depot,

Inc.

181,000

5.300%, 

6/25/2054

172,189

181,000

5.400%, 

6/25/2064

173,124

208,000

3.250%, 

4/15/2032

186,277

Hyundai

Capital

America

115,000

5.500%, 

3/30/2026

a

115,864

221,000

3.000%, 

2/10/2027

a

212,980

166,000

6.500%, 

1/16/2029

a

173,730

Hyundai

Capital

Services,

Inc.

200,000

5.125%, 

2/5/2027

a

200,909

International

Game

Technology

plc

591,000

5.250%, 

1/15/2029

a

581,553

Jacobs

Entertainment,

Inc.

300,000

6.750%, 

2/15/2029

a

294,744

Jaguar

Land

Rover

Automotive

plc

217,000

5.500%, 

7/15/2029

a,g

213,462

K

Hovnanian

Enterprises,

Inc.

122,000

11.750%, 

9/30/2029

a

132,625

KB

Home

440,000

4.800%, 

11/15/2029

421,968

177,000

4.000%, 

6/15/2031

158,520

L

Brands,

Inc.

699,000

6.625%, 

10/1/2030

a

711,684

248,000

6.875%, 

11/1/2035

255,913

Las

Vegas

Sands

Corporation

168,000

5.900%, 

6/1/2027

170,285

Life

Time,

Inc.

263,000

6.000%, 

11/15/2031

a

263,047

Light

&

Wonder

International,

Inc.

165,000

7.250%, 

11/15/2029

a

170,215

Live

Nation

Entertainment,

Inc.

201,000

4.750%, 

10/15/2027

a

197,007

Live

Nation

Entertainment,

Inc.,

Convertible

233,000

3.125%, 

1/15/2029

344,980

265,000

2.875%, 

1/15/2030

a

275,865

Lowe's

Companies,

Inc.

335,000

4.500%, 

4/15/2030

329,633

Macy's

Retail

Holdings,

LLC

193,000

5.875%, 

4/1/2029

a,g

189,068

179,000

6.125%, 

3/15/2032

a

169,285

Marriott

International,

Inc./MD

165,000

4.900%, 

4/15/2029

164,915

220,000

4.625%, 

6/15/2030

215,721

Marriott

Vacations

Worldwide

Corporation,

Convertible

118,000

Zero

Coupon, 

1/15/2026

112,914

304,000

3.250%, 

12/15/2027

284,392

Match

Group

Holdings

II,

LLC

392,000

4.125%, 

8/1/2030

a

354,102

Mattamy

Group

Corporation

411,000

5.250%, 

12/15/2027

a

402,666

McDonald's

Corporation

152,000

4.950%, 

8/14/2033

g

150,929

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Consumer

Cyclical  5.0%

-

continued

Melco

Resorts

Finance,

Ltd.

$

498,000

5.375%, 

12/4/2029

a

$

459,038

460,000

7.625%, 

4/17/2032

a

459,209

Meritage

Homes

Corporation,

Convertible

115,000

1.750%, 

5/15/2028

a

115,230

MGM

Resorts

International

191,000

6.125%, 

9/15/2029

191,150

Michaels

Companies,

Inc.

265,000

5.250%, 

5/1/2028

a

206,076

NCL

Corporation,

Ltd.

35,000

5.875%, 

3/15/2026

a

35,128

431,000

5.875%, 

2/15/2027

a

432,977

392,000

6.750%, 

2/1/2032

a

398,121

Nordstrom,

Inc.

225,000

4.250%, 

8/1/2031

198,431

PENN

Entertainment,

Inc.

450,000

4.125%, 

7/1/2029

a,g

409,927

PetSmart,

Inc./PetSmart

Finance

Corporation

605,000

4.750%, 

2/15/2028

a

579,840

181,000

7.750%, 

2/15/2029

a

180,416

Phinia,

Inc.

271,000

6.625%, 

10/15/2032

a

271,560

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

233,000

5.750%, 

4/15/2026

a

233,564

QVC,

Inc.

113,000

6.875%, 

4/15/2029

a,g

94,221

Rakuten

Group,

Inc.

269,000

11.250%, 

2/15/2027

a

294,022

310,000

9.750%, 

4/15/2029

a

338,581

250,000

8.125%, 

12/15/2029

a,b,j

246,669

Raven

Acquisition

Holdings,

LLC

188,000

6.875%, 

11/15/2031

a

187,565

Royal

Caribbean

Cruises,

Ltd.

792,000

4.250%, 

7/1/2026

a

781,118

122,000

5.625%, 

9/30/2031

a

121,095

S&S

Holdings,

LLC

345,000

8.375%, 

10/1/2031

a

346,194

Saks

Global

Enterprises,

LLC

181,000

11.000%, 

12/15/2029

a

173,326

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

5,000

6.625%, 

3/1/2030

a

4,868

SeaWorld

Parks

and

Entertainment,

Inc.

432,000

5.250%, 

8/15/2029

a

417,490

Service

Corporation

International/

US

180,000

3.375%, 

8/15/2030

159,738

127,000

4.000%, 

5/15/2031

114,738

286,000

5.750%, 

10/15/2032

281,027

Six

Flags

Entertainment

Corporation

90,000

7.250%, 

5/15/2031

a

92,712

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc.

90,000

6.625%, 

5/1/2032

a

91,946

Six

Flags

Theme

Parks,

Inc.

98,000

7.000%, 

7/1/2025

a,g

98,154

Sonic

Automotive,

Inc.

225,000

4.875%, 

11/15/2031

a

207,509

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

262

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Consumer

Cyclical  5.0%

-

continued

Staples,

Inc.

$

367,000

10.750%, 

9/1/2029

a

$

359,676

Station

Casinos,

LLC

422,000

4.625%, 

12/1/2031

a

383,084

Tenneco,

Inc.

386,000

8.000%, 

11/17/2028

a

368,455

Toyota

Motor

Credit

Corporation

162,000

5.550%, 

11/20/2030

167,457

175,000

4.800%, 

1/5/2034

170,255

403,000

5.350%, 

1/9/2035

405,111

Tractor

Supply

Company

151,000

5.250%, 

5/15/2033

150,812

Uber

Technologies,

Inc.

255,000

5.350%, 

9/15/2054

235,797

315,000

4.800%, 

9/15/2034

301,602

Uber

Technologies,

Inc.,

Convertible

148,000

Zero

Coupon, 

12/15/2025

153,970

281,000

0.875%, 

12/1/2028

325,960

VICI

Properties,

LP/VICI

Note

Company,

Inc.

496,000

5.750%, 

2/1/2027

a

500,620

Victoria's

Secret

&

Company

539,000

4.625%, 

7/15/2029

a,g

495,167

Viking

Cruises,

Ltd.

923,000

5.875%, 

9/15/2027

a

921,282

Volkswagen

Group

of

America

Finance,

LLC

68,000

3.350%, 

5/13/2025

a

67,726

Walgreens

Boots

Alliance,

Inc.

312,000

3.200%, 

4/15/2030

259,113

WASH

Multifamily

Acquisition,

Inc.

242,000

5.750%, 

4/15/2026

a

241,868

Wyndham

Hotels

&

Resorts,

Inc.

282,000

4.375%, 

8/15/2028

a

270,940

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

151,000

5.125%, 

10/1/2029

a

146,351

165,000

7.125%, 

2/15/2031

a

172,529

Yum!

Brands,

Inc.

536,000

4.750%, 

1/15/2030

a

514,572

ZF

North

America

Capital,

Inc.

303,000

7.125%, 

4/14/2030

a

302,992

188,000

6.750%, 

4/23/2030

a

184,732

Total

45,069,144

Consumer

Non-Cyclical  4.4%

1375209

B.C.,

Ltd.

179,000

9.000%, 

1/30/2028

a,g

179,260

AbbVie,

Inc.

406,000

5.500%, 

3/15/2064

390,136

607,000

4.500%, 

5/14/2035

570,742

247,000

5.350%, 

3/15/2044

241,831

Acadia

Healthcare

Company,

Inc.

270,000

5.000%, 

4/15/2029

a

256,743

AdaptHealth,

LLC

797,000

4.625%, 

8/1/2029

a

732,587

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

567,000

4.625%, 

1/15/2027

a

556,907

601,000

3.500%, 

3/15/2029

a

552,883

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Consumer

Non-Cyclical  4.4%

-

continued

Altria

Group,

Inc.

$

166,000

6.200%, 

11/1/2028

$

172,785

Amgen,

Inc.

247,000

5.150%, 

3/2/2028

249,791

Anheuser-Busch

InBev

Worldwide,

Inc.

295,000

4.750%, 

1/23/2029

295,211

487,000

5.000%, 

6/15/2034

480,200

ANI

Pharmaceuticals,

Inc.,

Convertible

142,000

2.250%, 

9/1/2029

a

146,806

AstraZeneca

Finance,

LLC

299,000

1.750%, 

5/28/2028

272,757

258,000

5.000%, 

2/26/2034

255,383

BAT

Capital

Corporation

202,000

6.343%, 

8/2/2030

213,351

141,000

7.750%, 

10/19/2032

159,988

Bausch

+

Lomb

Corporation

106,000

8.375%, 

10/1/2028

a

110,978

Bausch

Health

Companies,

Inc.

396,000

5.500%, 

11/1/2025

a

388,575

413,000

4.875%, 

6/1/2028

a

334,586

200,000

11.000%, 

9/30/2028

a,g

186,529

Becton,

Dickinson

and

Company

165,000

4.693%, 

2/13/2028

164,764

221,000

2.823%, 

5/20/2030

198,534

BellRing

Brands,

Inc.

314,000

7.000%, 

3/15/2030

a

325,478

BioMarin

Pharmaceutical,

Inc.,

Convertible

223,000

1.250%, 

5/15/2027

205,798

Bio-Rad

Laboratories,

Inc.

204,000

3.300%, 

3/15/2027

197,878

Bristol-Myers

Squibb

Company

331,000

5.550%, 

2/22/2054

321,317

166,000

5.750%, 

2/1/2031

173,323

82,000

5.900%, 

11/15/2033

86,212

Bunge,

Ltd.

Finance

Corporation

99,000

4.650%, 

9/17/2034

93,798

Campbell's

Company

526,000

5.400%, 

3/21/2034

524,069

Cargill,

Inc.

288,000

2.125%, 

11/10/2031

a

241,237

CD&R

Smokey

Buyer,

Inc./Radio

Systems

Corporation

166,000

9.500%, 

10/15/2029

a

165,333

Cencora,

Inc.

334,000

5.150%, 

2/15/2035

326,226

Central

Garden

&

Pet

Company

244,000

4.125%, 

10/15/2030

221,837

Champ

Acquisition

Corporation

150,000

8.375%, 

12/1/2031

a

156,221

Charles

River

Laboratories

International,

Inc.

217,000

4.000%, 

3/15/2031

a

195,073

Chefs'

Warehouse,

Inc.,

Convertible

209,000

2.375%, 

12/15/2028

283,966

CHS/Community

Health

Systems,

Inc.

397,000

5.625%, 

3/15/2027

a

385,466

136,000

8.000%, 

12/15/2027

a

135,126

267,000

6.000%, 

1/15/2029

a

243,378

241,000

4.750%, 

2/15/2031

a

196,662

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

263

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Consumer

Non-Cyclical  4.4%

-

continued

$

257,000

10.875%, 

1/15/2032

a

$

264,703

Cigna

Group

167,000

5.600%, 

2/15/2054

156,586

213,000

2.400%, 

3/15/2030

187,660

Coca-Cola

Company

161,000

5.300%, 

5/13/2054

155,160

Concentra

Escrow

Issuer

Corporation

163,000

6.875%, 

7/15/2032

a

168,550

Constellation

Brands,

Inc.

163,000

4.800%, 

1/15/2029

161,995

295,000

3.150%, 

8/1/2029

272,542

110,000

4.900%, 

5/1/2033

105,688

CVS

Health

Corporation

165,000

7.000%, 

3/10/2055

b

166,660

318,000

6.050%, 

6/1/2054

302,854

144,000

6.750%, 

12/10/2054

b

142,371

168,000

5.000%, 

2/20/2026

168,297

115,000

4.300%, 

3/25/2028

112,288

488,000

4.780%, 

3/25/2038

428,635

515,000

6.000%, 

6/1/2044

494,184

DaVita,

Inc.

206,000

3.750%, 

2/15/2031

a

181,282

319,000

6.875%, 

9/1/2032

a

323,477

Diageo

Capital

plc

129,000

2.000%, 

4/29/2030

112,083

250,000

5.625%, 

10/5/2033

256,881

Edgewell

Personal

Care

Company

385,000

5.500%, 

6/1/2028

a

379,589

Eli

Lilly

&

Company

328,000

5.000%, 

2/9/2054

301,447

310,000

4.700%, 

2/27/2033

304,880

Embecta

Corporation

218,000

5.000%, 

2/15/2030

a

202,704

175,000

6.750%, 

2/15/2030

a

167,140

Encompass

Health

Corporation

280,000

4.500%, 

2/1/2028

273,328

Endo

Finance

Holdings,

Inc.

179,000

8.500%, 

4/15/2031

a,g

191,468

Energizer

Holdings,

Inc.

195,000

4.750%, 

6/15/2028

a,g

187,300

475,000

4.375%, 

3/31/2029

a

444,089

Envista

Holdings

Corporation,

Convertible

15,000

2.375%, 

6/1/2025

g

16,200

107,000

1.750%, 

8/15/2028

96,835

Fortrea

Holdings,

Inc.

61,000

7.500%, 

7/1/2030

a,g

61,240

GE

HealthCare

Technologies,

Inc.

274,000

6.377%, 

11/22/2052

294,345

General

Mills,

Inc.

62,000

4.950%, 

3/29/2033

60,636

Gilead

Sciences,

Inc.

160,000

5.250%, 

10/15/2033

160,894

HCA,

Inc.

171,000

5.950%, 

9/15/2054

163,629

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

375,000

7.875%, 

9/1/2025

a

374,800

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

191,000

12.250%, 

4/15/2029

a

200,561

206,000

4.875%, 

6/1/2029

a

139,283

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Consumer

Non-Cyclical  4.4%

-

continued

Insulet

Corporation,

Convertible

$

434,000

0.375%, 

9/1/2026

$

574,829

Integer

Holdings

Corporation,

Convertible

233,000

2.125%, 

2/15/2028

396,333

Jazz

Investments

I,

Ltd.,

Convertible

290,000

2.000%, 

6/15/2026

296,525

247,000

3.125%, 

9/15/2030

a

267,378

Jazz

Securities

DAC

125,000

4.375%, 

1/15/2029

a

119,069

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

395,000

2.500%, 

1/15/2027

376,450

173,000

3.625%, 

1/15/2032

153,070

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

342,000

5.950%, 

4/20/2035

a

346,559

Johnson

&

Johnson

322,000

5.250%, 

6/1/2054

315,841

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

344,000

9.000%, 

2/15/2029

a

357,544

Keurig

Dr

Pepper,

Inc.

272,000

3.200%, 

5/1/2030

249,201

344,000

5.300%, 

3/15/2034

343,743

Kraft

Heinz

Foods

Company

152,000

6.750%, 

3/15/2032

165,025

Kroger

Company

124,000

4.500%, 

1/15/2029

122,615

Lamb

Weston

Holdings,

Inc.

176,000

4.125%, 

1/31/2030

a

163,045

190,000

4.375%, 

1/31/2032

a

172,868

LifePoint

Health,

Inc.

353,000

9.875%, 

8/15/2030

a

376,576

216,000

11.000%, 

10/15/2030

a

238,825

136,000

10.000%, 

6/1/2032

a

132,580

Mattel,

Inc.

415,000

3.375%, 

4/1/2026

a

407,148

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

218,000

6.250%, 

4/1/2029

a

221,515

Medtronic

Global

Holdings

SCA

160,000

4.500%, 

3/30/2033

154,051

Mozart

Debt

Merger

Sub,

Inc.

490,000

3.875%, 

4/1/2029

a

457,222

585,000

5.250%, 

10/1/2029

a

566,825

MPH

Acquisition

Holdings,

LLC

97,063

5.750%, 

12/31/2030

a

77,650

50,692

11.500%, 

12/31/2030

a

43,595

Nestle

Capital

Corporation

200,000

5.100%, 

3/12/2054

a

187,777

Newell

Brands,

Inc.

186,000

6.375%, 

9/15/2027

189,332

185,000

6.625%, 

9/15/2029

g

189,775

112,000

6.375%, 

5/15/2030

113,400

Novartis

Capital

Corporation

429,000

4.700%, 

9/18/2054

380,330

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

253,000

4.125%, 

4/30/2028

a

239,965

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

264

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Consumer

Non-Cyclical  4.4%

-

continued

$

491,000

5.125%, 

4/30/2031

a

$

444,471

Owens

&

Minor,

Inc.

319,000

6.625%, 

4/1/2030

a,g

307,169

PepsiCo,

Inc.

351,000

5.250%, 

7/17/2054

336,258

Performance

Food

Group,

Inc.

396,000

4.250%, 

8/1/2029

a

372,312

254,000

6.125%, 

9/15/2032

a

254,534

Perrigo

Finance

Unlimited

Company

302,000

4.900%, 

6/15/2030

284,761

167,000

6.125%, 

9/30/2032

163,763

Philip

Morris

International,

Inc.

322,000

4.875%, 

2/15/2028

323,700

141,000

5.625%, 

11/17/2029

145,463

174,000

5.125%, 

2/13/2031

174,889

141,000

5.750%, 

11/17/2032

145,398

256,000

5.250%, 

2/13/2034

254,099

214,000

4.900%, 

11/1/2034

206,436

Post

Holdings,

Inc.

270,000

4.625%, 

4/15/2030

a

251,153

425,000

4.500%, 

9/15/2031

a

384,287

249,000

6.250%, 

10/15/2034

a

242,649

Post

Holdings,

Inc.,

Convertible

423,000

2.500%, 

8/15/2027

472,703

Radiology

Partners,

Inc.

148,000

7.775%, 

1/31/2029

a

146,659

Roche

Holdings,

Inc.

250,000

5.218%, 

3/8/2054

a

238,464

200,000

2.076%, 

12/13/2031

a

167,152

Royalty

Pharma

plc

343,000

1.200%, 

9/2/2025

335,856

238,000

5.150%, 

9/2/2029

237,839

Select

Medical

Corporation

169,000

6.250%, 

12/1/2032

a

166,029

Simmons

Foods,

Inc.

523,000

4.625%, 

3/1/2029

a

487,418

Sotera

Health

Holdings,

LLC

192,000

7.375%, 

6/1/2031

a

195,497

Spectrum

Brands,

Inc.,

Convertible

243,000

3.375%, 

6/1/2029

a

237,533

Star

Parent,

Inc.

170,000

9.000%, 

10/1/2030

a

178,891

Stryker

Corporation

333,000

5.200%, 

2/10/2035

c

330,754

Surgery

Center

Holdings,

Inc.

92,000

7.250%, 

4/15/2032

a

91,771

Sysco

Corporation

128,000

5.950%, 

4/1/2030

133,098

Takeda

Pharmaceutical

Company,

Ltd.

280,000

5.650%, 

7/5/2054

271,082

297,000

5.000%, 

11/26/2028

298,724

200,000

5.650%, 

7/5/2044

197,524

Tenet

Healthcare

Corporation

920,000

5.125%, 

11/1/2027

910,015

545,000

4.375%, 

1/15/2030

509,872

404,000

6.750%, 

5/15/2031

413,441

Teva

Pharmaceutical

Finance

Netherlands

III

BV

228,000

3.150%, 

10/1/2026

220,928

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Consumer

Non-Cyclical  4.4%

-

continued

Unilever

Capital

Corporation

$

225,000

5.000%, 

12/8/2033

$

224,945

US

Acute

Care

Solutions,

LLC

344,000

9.750%, 

5/15/2029

a

349,815

Varex

Imaging

Corporation,

Convertible

153,000

4.000%, 

6/1/2025

152,842

Viterra

Finance

BV

324,000

3.200%, 

4/21/2031

a

284,145

Winnebago

Industries,

Inc.,

Convertible

112,000

3.250%, 

1/15/2030

a

102,480

Wyeth,

LLC

382,000

6.500%, 

2/1/2034

416,799

Zoetis,

Inc.

236,000

5.600%, 

11/16/2032

243,427

Total

40,475,695

Energy  3.9%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

166,000

7.500%, 

10/1/2029

a

170,245

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

363,000

5.375%, 

6/15/2029

a

354,892

APA

Corporation

239,000

4.375%, 

10/15/2028

a

231,892

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

266,000

6.250%, 

4/1/2028

a

267,316

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

367,000

8.250%, 

12/31/2028

a

374,553

183,000

5.875%, 

6/30/2029

a

180,063

Baytex

Energy

Corporation

372,000

8.500%, 

4/30/2030

a

383,252

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

294,000

7.000%, 

7/15/2029

a

302,004

BP

Capital

Markets

America,

Inc.

531,000

4.234%, 

11/6/2028

521,736

259,000

4.812%, 

2/13/2033

251,004

500,000

5.227%, 

11/17/2034

493,452

BP

Capital

Markets

plc

191,000

4.875%, 

3/22/2030

b,j

183,942

301,000

6.450%, 

12/1/2033

b,j

307,339

Buckeye

Partners,

LP

254,000

4.500%, 

3/1/2028

a

244,585

173,000

6.875%, 

7/1/2029

a

177,111

California

Resources

Corporation

220,000

8.250%, 

6/15/2029

a

226,178

Cheniere

Energy

Partners,

LP

146,000

4.500%, 

10/1/2029

141,552

146,000

3.250%, 

1/31/2032

126,665

259,000

5.950%, 

6/30/2033

264,650

Cheniere

Energy,

Inc.

158,000

5.650%, 

4/15/2034

157,949

Civitas

Resources,

Inc.

285,000

8.375%, 

7/1/2028

a

298,073

451,000

8.750%, 

7/1/2031

a

475,653

CNX

Resources

Corporation

215,000

6.000%, 

1/15/2029

a

213,087

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

265

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Energy  3.9%

-

continued

CNX

Resources

Corporation,

Convertible

$

153,000

2.250%, 

5/1/2026

$

328,108

Columbia

Pipelines

Holding

Company,

LLC

167,000

6.055%, 

8/15/2026

a

169,350

317,000

6.042%, 

8/15/2028

a

325,751

Comstock

Resources,

Inc.

359,000

6.750%, 

3/1/2029

a

352,525

344,000

5.875%, 

1/15/2030

a

325,564

ConocoPhillips

Company

500,000

4.850%, 

1/15/2032

491,502

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

216,000

5.500%, 

6/15/2031

a

208,275

Crescent

Energy

Finance,

LLC

552,000

7.625%, 

4/1/2032

a

555,821

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

402,000

8.625%, 

3/15/2029

a

421,619

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

141,000

8.500%, 

10/1/2030

a

146,966

Diamondback

Energy,

Inc.

381,000

5.750%, 

4/18/2054

357,730

DT

Midstream,

Inc.

290,000

4.125%, 

6/15/2029

a

274,171

Eastern

Energy

Gas

Holdings,

LLC

512,000

5.800%, 

1/15/2035

520,602

Enbridge,

Inc.

285,000

7.375%, 

1/15/2083

b

290,644

290,000

7.625%, 

1/15/2083

b

303,937

244,000

5.950%, 

4/5/2054

240,070

78,000

5.700%, 

3/8/2033

79,024

Enerflex,

Ltd.

142,000

9.000%, 

10/15/2027

a

147,403

Energy

Transfer,

LP

161,000

5.950%, 

5/15/2054

154,905

564,000

8.000%, 

5/15/2054

b

595,249

161,000

6.050%, 

9/1/2054

156,890

310,000

6.750%, 

5/15/2025

b,j

308,938

169,000

4.400%, 

3/15/2027

167,674

64,000

7.125%, 

5/15/2030

b,j

64,906

169,000

6.400%, 

12/1/2030

178,393

Enterprise

Products

Operating,

LLC

264,000

5.550%, 

2/16/2055

253,852

148,000

4.150%, 

10/16/2028

145,022

215,000

7.733%, 

(TSFR3M

+

3.248%),

8/16/2077

b

214,594

EQM

Midstream

Partners,

LP

458,000

4.750%, 

1/15/2031

a

436,059

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

293,000

8.875%, 

4/15/2030

303,734

439,000

7.875%, 

5/15/2032

439,737

Gulfport

Energy

Operating

Corporation

128,000

6.750%, 

9/1/2029

a

130,256

Harvest

Midstream

I,

LP

431,000

7.500%, 

9/1/2028

a

440,811

Hess

Midstream

Operations,

LP

405,000

4.250%, 

2/15/2030

a

378,833

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Energy  3.9%

-

continued

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

$

286,000

5.750%, 

2/1/2029

a

$

277,974

180,000

6.000%, 

4/15/2030

a

174,539

610,000

6.250%, 

4/15/2032

a

579,302

Howard

Midstream

Energy

Partners,

LLC

516,000

7.375%, 

7/15/2032

a

536,417

ITT

Holdings,

LLC

530,000

6.500%, 

8/1/2029

a

495,343

Kinder

Morgan,

Inc.

348,000

5.950%, 

8/1/2054

338,344

Kodiak

Gas

Services,

LLC

222,000

7.250%, 

2/15/2029

a

228,504

Laredo

Petroleum,

Inc.

522,000

7.750%, 

7/31/2029

a

523,868

MEG

Energy

Corporation

283,000

5.875%, 

2/1/2029

a

278,651

MPLX,

LP

370,000

1.750%, 

3/1/2026

358,377

82,000

5.000%, 

3/1/2033

79,166

130,000

5.500%, 

6/1/2034

128,423

Nabors

Industries,

Inc.

180,000

7.375%, 

5/15/2027

a

181,316

459,000

9.125%, 

1/31/2030

a

476,442

National

Fuel

Gas

Company

296,000

5.500%, 

1/15/2026

297,461

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

147,000

8.125%, 

2/15/2029

a

150,842

221,000

8.375%, 

2/15/2032

a

227,343

Noble

Finance

II,

LLC

179,000

8.000%, 

4/15/2030

a

182,123

Northern

Oil

and

Gas,

Inc.

372,000

8.750%, 

6/15/2031

a

390,072

Northern

Oil

and

Gas,

Inc.,

Convertible

222,000

3.625%, 

4/15/2029

255,078

NuStar

Logistics,

LP

359,000

6.375%, 

10/1/2030

365,610

Occidental

Petroleum

Corporation

204,000

5.000%, 

8/1/2027

204,149

330,000

8.875%, 

7/15/2030

377,529

ONEOK,

Inc.

344,000

5.700%, 

11/1/2054

319,565

157,000

5.650%, 

11/1/2028

160,429

246,000

4.750%, 

10/15/2031

238,007

Ovintiv,

Inc.

201,000

5.650%, 

5/15/2028

204,268

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

281,000

6.000%, 

2/15/2028

276,939

Permian

Resources

Operating,

LLC

384,000

6.250%, 

2/1/2033

a

384,929

Permian

Resources

Operating,

LLC,

Convertible

77,000

3.250%, 

4/1/2028

197,271

Pioneer

Natural

Resources

Company

184,000

1.900%, 

8/15/2030

157,405

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

314,000

4.650%, 

10/15/2025

313,810

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

266

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Energy  3.9%

-

continued

Prairie

Acquiror,

LP

$

295,000

9.000%, 

8/1/2029

a

$

305,075

Precision

Drilling

Corporation

211,000

6.875%, 

1/15/2029

a

212,827

Range

Resources

Corporation

299,000

4.750%, 

2/15/2030

a,g

284,364

Rockies

Express

Pipeline,

LLC

462,000

4.950%, 

7/15/2029

a

442,920

Saturn

Oil

&

Gas,

Inc.

215,000

9.625%, 

6/15/2029

a,g

214,599

Schlumberger

Holdings

Corporation

93,000

4.300%, 

5/1/2029

a

90,797

SM

Energy

Company

220,000

6.500%, 

7/15/2028

220,242

127,000

7.000%, 

8/1/2032

a

126,817

South

Bow

USA

Infrastructure

Holdings,

LLC

122,000

5.584%, 

10/1/2034

a

118,646

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

180,000

5.875%, 

3/1/2027

179,175

Suncor

Energy,

Inc.

160,000

7.150%, 

2/1/2032

173,303

Sunoco,

LP

541,000

7.000%, 

5/1/2029

a

559,180

Sunoco,

LP/Sunoco

Finance

Corporation

246,000

5.875%, 

3/15/2028

246,237

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

638,000

5.500%, 

1/15/2028

a

624,089

269,000

7.375%, 

2/15/2029

a

273,808

Talos

Production,

Inc.

192,000

9.000%, 

2/1/2029

a

199,670

Targa

Resources

Partners,

LP

355,000

4.875%, 

2/1/2031

344,001

TGNR

Intermediate

Holdings,

LLC

396,000

5.500%, 

10/15/2029

a

376,034

TotalEnergies

Capital

SA

489,000

5.488%, 

4/5/2054

465,122

TransCanada

Trust

342,000

5.875%, 

8/15/2076

b

337,006

Transocean,

Inc.

154,700

8.750%, 

2/15/2030

a

161,347

UGI

Corporation,

Convertible

103,000

5.000%, 

6/1/2028

a

124,372

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

315,000

7.125%, 

3/15/2029

a

322,348

Valaris,

Ltd.

377,000

8.375%, 

4/30/2030

a

387,161

Venture

Global

Calcasieu

Pass,

LLC

262,000

3.875%, 

8/15/2029

a

242,357

275,000

4.125%, 

8/15/2031

a

248,615

Venture

Global

LNG,

Inc.

667,000

8.125%, 

6/1/2028

a

697,048

328,000

9.000%, 

9/30/2029

a,b,j

341,800

759,000

8.375%, 

6/1/2031

a

798,818

360,000

9.875%, 

2/1/2032

a

396,297

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Energy  3.9%

-

continued

Viridien

SA

$

90,000

8.750%, 

4/1/2027

a

$

90,971

Williams

Companies,

Inc.

370,000

4.900%, 

3/15/2029

368,377

147,000

2.600%, 

3/15/2031

126,918

195,000

5.600%, 

3/15/2035

195,725

Total

35,911,670

Financials  11.0%

Acrisure,

LLC/Acrisure

Finance,

Inc.

127,000

4.250%, 

2/15/2029

a

120,157

180,000

7.500%, 

11/6/2030

a

186,103

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

160,000

6.950%, 

3/10/2055

b

164,022

220,000

6.500%, 

7/15/2025

221,383

150,000

6.100%, 

1/15/2027

153,226

243,000

5.750%, 

6/6/2028

248,791

384,000

3.000%, 

10/29/2028

357,734

412,000

5.375%, 

12/15/2031

411,611

Agree,

LP

163,000

5.625%, 

6/15/2034

163,864

Air

Lease

Corporation

133,000

2.300%, 

2/1/2025

133,000

48,000

3.375%, 

7/1/2025

47,703

472,000

4.650%, 

6/15/2026

b,j

460,571

147,000

3.125%, 

12/1/2030

131,328

Aircastle,

Ltd.

300,000

5.250%, 

6/15/2026

a,b,j

295,925

147,000

2.850%, 

1/26/2028

a

137,373

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

178,000

4.250%, 

10/15/2027

a

172,218

408,000

6.750%, 

4/15/2028

a

412,308

258,000

7.000%, 

1/15/2031

a

262,524

Ally

Financial,

Inc.

469,000

4.700%, 

5/15/2026

b,j

449,696

541,000

8.000%, 

11/1/2031

606,982

280,000

6.700%, 

2/14/2033

287,897

American

Express

Company

320,000

3.550%, 

9/15/2026

b,j

308,509

320,000

6.338%, 

10/30/2026

b

323,660

American

International

Group,

Inc.

317,000

5.125%, 

3/27/2033

314,099

AmWINS

Group,

Inc.

147,000

6.375%, 

2/15/2029

a

148,701

437,000

4.875%, 

6/30/2029

a

416,225

Aon

North

America,

Inc.

328,000

5.750%, 

3/1/2054

321,907

Apollo

Debt

Solutions

BDC

300,000

6.700%, 

7/29/2031

a

310,132

Ares

Capital

Corporation

70,000

4.250%, 

3/1/2025

69,949

371,000

2.150%, 

7/15/2026

356,120

194,000

5.875%, 

3/1/2029

196,416

Ares

Strategic

Income

Fund

265,000

5.600%, 

2/15/2030

a

261,758

Arthur

J.

Gallagher

&

Company

246,000

5.750%, 

7/15/2054

240,764

222,000

5.000%, 

2/15/2032

218,120

Assurant,

Inc.

239,000

6.100%, 

2/27/2026

240,981

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

267

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Financials  11.0%

-

continued

Aviation

Capital

Group,

LLC

$

142,000

4.875%, 

10/1/2025

a

$

141,901

Avolon

Holdings

Funding,

Ltd.

309,000

4.250%, 

4/15/2026

a

305,795

321,000

5.750%, 

3/1/2029

a

325,010

Azorra

Finance,

Ltd.

469,000

7.750%, 

4/15/2030

a

474,642

Banco

Santander

Mexico

SA

300,000

5.621%, 

12/10/2029

a

300,264

Banco

Santander

SA

82,000

4.750%, 

11/12/2026

b,g,j

78,532

200,000

4.175%, 

3/24/2028

b

196,522

200,000

6.921%, 

8/8/2033

212,344

Bank

of

America

Corporation

250,000

6.100%, 

3/17/2025

b,j

249,677

735,000

1.197%, 

10/24/2026

b

716,484

365,000

6.125%, 

4/27/2027

b,j

369,061

218,000

1.734%, 

7/22/2027

b

208,609

283,000

4.376%, 

4/27/2028

b

280,255

442,000

3.593%, 

7/21/2028

b

429,008

218,000

4.948%, 

7/22/2028

b

218,681

370,000

5.819%, 

9/15/2029

b

380,262

824,000

3.974%, 

2/7/2030

b

792,904

526,000

5.162%, 

1/24/2031

b

527,630

525,000

2.687%, 

4/22/2032

b

455,512

216,000

2.572%, 

10/20/2032

b

183,757

275,000

2.972%, 

2/4/2033

b

237,825

241,000

5.468%, 

1/23/2035

b

241,577

677,000

5.425%, 

8/15/2035

b

659,852

140,000

3.846%, 

3/8/2037

b

124,439

Bank

of

Montreal

235,000

5.203%, 

2/1/2028

237,583

140,000

3.088%, 

1/10/2037

b

116,393

Bank

of

New

York

Mellon

Corporation

165,000

6.317%, 

10/25/2029

b

173,365

218,000

4.596%, 

7/26/2030

b

215,347

165,000

6.474%, 

10/25/2034

b

178,218

Bank

of

Nova

Scotia

163,000

4.900%, 

6/4/2025

b,j

162,492

Barclays

plc

262,000

6.125%, 

12/15/2025

b,j

262,618

562,000

2.852%, 

5/7/2026

b

558,894

200,000

5.501%, 

8/9/2028

b

202,244

223,000

4.972%, 

5/16/2029

b

222,181

482,000

4.942%, 

9/10/2030

b

474,651

200,000

6.224%, 

5/9/2034

b

206,861

160,000

7.119%, 

6/27/2034

b

171,137

BlackRock

Funding,

Inc.

162,000

5.250%, 

3/14/2054

153,436

Blackstone

Private

Credit

Fund

400,000

5.600%, 

11/22/2029

a

395,420

Blue

Owl

Capital

Corporation

II

163,000

8.450%, 

11/15/2026

170,576

Blue

Owl

Credit

Income

Corporation

209,000

4.700%, 

2/8/2027

206,659

Blue

Owl

Technology

Finance

Corporation

73,000

4.750%, 

12/15/2025

a

72,421

221,000

3.750%, 

6/17/2026

a

214,472

420,000

6.100%, 

3/15/2028

a

421,491

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Financials  11.0%

-

continued

Blue

Owl

Technology

Finance

Corporation

II

$

80,000

6.750%, 

4/4/2029

$

81,199

BNP

Paribas

SA

200,000

3.132%, 

1/20/2033

a,b

172,130

BPCE

SA

250,000

5.876%, 

1/14/2031

a,b

253,859

Brixmor

Operating

Partnership,

LP

245,000

2.250%, 

4/1/2028

225,004

Burford

Capital

Global

Finance,

LLC

427,000

9.250%, 

7/1/2031

a

457,449

Capital

One

Financial

Corporation

132,000

3.950%, 

9/1/2026

b,g,j

127,324

206,000

3.273%, 

3/1/2030

b

191,320

Centene

Corporation

637,000

3.000%, 

10/15/2030

551,554

Charles

Schwab

Corporation

469,000

5.375%, 

6/1/2025

b,j

467,016

324,000

0.900%, 

3/11/2026

311,301

304,000

4.000%, 

6/1/2026

b,j

296,669

200,000

2.000%, 

3/20/2028

g

184,369

158,000

6.136%, 

8/24/2034

b

166,052

Citadel,

LP

320,000

6.375%, 

1/23/2032

a

325,418

Citibank

NA

250,000

5.570%, 

4/30/2034

254,236

Citigroup,

Inc.

235,000

4.000%, 

12/10/2025

b,j

231,628

320,000

3.875%, 

2/18/2026

b,j

313,342

522,000

1.122%, 

1/28/2027

b

503,597

974,000

1.462%, 

6/9/2027

b

931,594

285,000

3.070%, 

2/24/2028

b

275,120

145,000

7.375%, 

5/15/2028

b,g,j

150,489

248,000

7.625%, 

11/15/2028

b,j

259,793

589,000

4.075%, 

4/23/2029

b

574,727

128,000

7.125%, 

8/15/2029

b,j

131,351

156,000

6.174%, 

5/25/2034

b

158,987

225,000

7.000%, 

8/15/2034

b,j

234,451

375,000

6.020%, 

1/24/2036

b

376,480

Citizens

Financial

Group,

Inc.

272,000

4.000%, 

10/6/2026

b,j

259,650

195,000

5.718%, 

7/23/2032

b

196,786

CNA

Financial

Corporation

341,000

5.125%, 

2/15/2034

333,478

Coinbase

Global,

Inc.,

Convertible

264,000

0.500%, 

6/1/2026

293,040

242,000

0.250%, 

4/1/2030

a

282,173

Comerica,

Inc.

100,000

5.625%, 

7/1/2025

b,j

99,664

92,000

5.982%, 

1/30/2030

b

92,903

Commonwealth

Bank

of

Australia

177,000

2.688%, 

3/11/2031

a

151,615

Constellation

Insurance,

Inc.

202,000

6.800%, 

1/24/2030

a

198,763

Cooperatieve

Rabobank

UA

135,000

1.339%, 

6/24/2026

a,b

133,153

COPT

Defense

Properties,

LP

292,000

2.250%, 

3/15/2026

283,516

COPT

Defense

Properties,

LP,

Convertible

52,000

5.250%, 

9/15/2028

a

58,526

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

268

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Financials  11.0%

-

continued

Corebridge

Financial,

Inc.

$

320,000

6.375%, 

9/15/2054

b

$

316,401

218,000

6.875%, 

12/15/2052

b

224,194

161,000

6.050%, 

9/15/2033

166,335

147,000

5.750%, 

1/15/2034

149,527

Cousins

Properties,

LP

141,000

5.375%, 

2/15/2032

138,969

Credit

Acceptance

Corporation

334,000

9.250%, 

12/15/2028

a

355,897

Credit

Agricole

SA

147,000

3.250%, 

1/14/2030

a

133,629

Credit

Suisse

Group

AG

138,000

7.250%, 

N/A

*,k

11,730

222,000

7.500%, 

N/A

*,k

18,870

Dai-ichi

Life

Insurance

Company,

Ltd.

290,000

6.200%, 

1/16/2035

a,b,j

294,015

Deutsche

Bank

AG/New

York,

NY

502,000

2.129%, 

11/24/2026

b

490,883

280,000

2.311%, 

11/16/2027

b

266,981

230,000

6.819%, 

11/20/2029

b

242,251

209,000

3.742%, 

1/7/2033

b

180,180

Digital

Realty

Trust,

LP,

Convertible

184,000

1.875%, 

11/15/2029

a

185,748

Discover

Bank

295,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

298,932

Discover

Financial

Services

72,000

6.700%, 

11/29/2032

76,987

Diversified

Healthcare

Trust

214,000

Zero

Coupon, 

1/15/2026

a

203,577

Drawbridge

Special

Opportunities

Fund,

LP

628,000

3.875%, 

2/15/2026

a

613,535

Elevance

Health,

Inc.

322,000

5.650%, 

6/15/2054

307,740

452,000

2.550%, 

3/15/2031

392,024

Encore

Capital

Group,

Inc.

93,000

9.250%, 

4/1/2029

a

99,667

Encore

Capital

Group,

Inc.,

Convertible

167,000

4.000%, 

3/15/2029

172,761

Extra

Space

Storage,

LP

180,000

5.900%, 

1/15/2031

186,219

144,000

2.400%, 

10/15/2031

120,508

Fairfax

Financial

Holdings,

Ltd.

245,000

6.350%, 

3/22/2054

250,422

Federal

Realty

OP,

LP,

Convertible

51,000

3.250%, 

1/15/2029

a

51,790

Fifth

Third

Bancorp

253,000

4.500%, 

9/30/2025

b,j

249,642

145,000

4.772%, 

7/28/2030

b

142,628

Fifth

Third

Bank

NA

398,000

3.850%, 

3/15/2026

393,557

FirstCash,

Inc.

448,000

5.625%, 

1/1/2030

a

438,492

Five

Corners

Funding

Trust

III

220,000

5.791%, 

2/15/2033

a

224,522

Fortress

Transportation

and

Infrastructure

Investors,

LLC

188,000

5.500%, 

5/1/2028

a

183,760

427,000

7.000%, 

5/1/2031

a

432,753

206,000

7.000%, 

6/15/2032

a

208,845

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Financials  11.0%

-

continued

$

180,000

5.875%, 

4/15/2033

a

$

172,219

Freedom

Mortgage

Holdings,

LLC

418,000

9.250%, 

2/1/2029

a

436,287

179,000

9.125%, 

5/15/2031

a

185,264

FS

KKR

Capital

Corporation

146,000

3.400%, 

1/15/2026

143,729

146,000

2.625%, 

1/15/2027

138,688

GGAM

Finance,

Ltd.

167,000

7.750%, 

5/15/2026

a

169,617

185,000

8.000%, 

6/15/2028

a

195,131

12,000

6.875%, 

4/15/2029

a

12,244

492,000

5.875%, 

3/15/2030

a

487,089

Global

Aircraft

Leasing

Company,

Ltd.

534,000

8.750%, 

9/1/2027

a

548,540

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

542,000

3.750%, 

12/15/2027

a

503,765

goeasy,

Ltd.

285,000

9.250%, 

12/1/2028

a

304,355

185,000

7.625%, 

7/1/2029

a

191,220

135,000

6.875%, 

5/15/2030

a

137,065

Goldman

Sachs

BDC,

Inc.

177,000

6.375%, 

3/11/2027

180,778

Goldman

Sachs

Group,

Inc.

235,000

7.379%, 

(H15T

5Y

+

3.623%),

8/10/2025

b,j

236,439

206,000

0.855%, 

2/12/2026

b

205,797

330,000

3.650%, 

8/10/2026

b,j

317,195

300,000

4.125%, 

11/10/2026

b,j

289,919

429,000

1.948%, 

10/21/2027

b

408,546

141,000

2.640%, 

2/24/2028

b

134,902

573,000

3.615%, 

3/15/2028

b

558,828

284,000

4.482%, 

8/23/2028

b

281,484

294,000

3.814%, 

4/23/2029

b

284,173

148,000

3.800%, 

3/15/2030

139,666

148,000

2.615%, 

4/22/2032

b

127,065

146,000

2.383%, 

7/21/2032

b

123,075

147,000

6.125%, 

11/10/2034

b,j

143,584

354,000

5.330%, 

7/23/2035

b

348,294

555,000

5.016%, 

10/23/2035

b

533,211

Hartford

Financial

Services

Group,

Inc.

148,000

2.800%, 

8/19/2029

135,517

136,000

6.910%, 

(TSFR3M

+

2.387%),

2/12/2047

a,b

126,656

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

13,000

Zero

Coupon, 

5/1/2025

a

14,105

63,000

3.750%, 

8/15/2028

a

74,875

HSBC

Holdings

plc

162,000

1.645%, 

4/18/2026

b

160,953

200,000

6.161%, 

3/9/2029

b

205,958

413,000

4.583%, 

6/19/2029

b

405,844

176,000

2.804%, 

5/24/2032

b

151,152

HUB

International,

Ltd.

521,000

7.250%, 

6/15/2030

a

538,703

Huntington

Bancshares,

Inc./OH

146,000

4.450%, 

10/15/2027

b,j

140,284

440,000

5.709%, 

2/2/2035

b

440,353

326,000

6.141%, 

11/18/2039

b

327,316

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

269

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Financials  11.0%

-

continued

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

$

179,000

6.250%, 

5/15/2026

$

178,751

728,000

5.250%, 

5/15/2027

705,607

ING

Groep

NV

292,000

1.726%, 

4/1/2027

b

281,817

200,000

6.083%, 

9/11/2027

b

203,752

Intercontinental

Exchange,

Inc.

208,000

4.350%, 

6/15/2029

204,189

Intesa

Sanpaolo

SPA

224,000

4.198%, 

6/1/2032

a,b

198,792

Invitation

Homes

Operating

Partnership,

LP

223,000

2.000%, 

8/15/2031

182,729

J.P.

Morgan

Chase

&

Company

344,000

4.600%, 

2/1/2025

b,j

344,000

273,000

4.000%, 

4/1/2025

b,j

272,104

285,000

3.650%, 

6/1/2026

b,j

277,735

471,000

1.045%, 

11/19/2026

b

457,571

294,000

1.578%, 

4/22/2027

b

283,149

265,000

2.947%, 

2/24/2028

b

255,555

442,000

4.005%, 

4/23/2029

b

430,845

146,000

2.069%, 

6/1/2029

b

133,504

145,000

6.500%, 

4/1/2030

b,c,j

146,608

589,000

4.493%, 

3/24/2031

b

575,725

141,000

2.963%, 

1/25/2033

b

122,605

147,000

4.912%, 

7/25/2033

b

144,109

142,000

5.717%, 

9/14/2033

b

144,689

172,000

5.350%, 

6/1/2034

b

172,458

159,000

6.254%, 

10/23/2034

b

168,477

81,000

5.336%, 

1/23/2035

b

80,808

273,000

5.766%, 

4/22/2035

b

280,009

262,000

5.502%, 

1/24/2036

b

263,555

385,000

5.534%, 

11/29/2045

b

378,093

Jane

Street

Group/JSG

Finance,

Inc.

292,000

4.500%, 

11/15/2029

a

275,731

113,000

7.125%, 

4/30/2031

a

116,787

188,000

6.125%, 

11/1/2032

a

187,093

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

151,000

5.000%, 

8/15/2028

a

142,987

274,000

6.625%, 

10/15/2031

a

275,288

Jefferson

Capital

Holdings,

LLC

147,000

6.000%, 

8/15/2026

a

146,689

368,000

9.500%, 

2/15/2029

a

393,271

KeyBank

NA/Cleveland,

OH

221,000

3.900%, 

4/13/2029

209,229

300,000

5.000%, 

1/26/2033

289,532

Kilroy

Realty,

LP

255,000

4.250%, 

8/15/2029

240,037

114,000

6.250%, 

1/15/2036

112,323

Kite

Realty

Group,

LP,

Convertible

7,000

0.750%, 

4/1/2027

a

7,173

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

142,000

4.250%, 

2/1/2027

a

138,140

490,000

4.750%, 

6/15/2029

a

466,112

Liberty

Mutual

Group,

Inc.

101,000

4.125%, 

12/15/2051

a,b

96,618

Lincoln

National

Corporation

235,000

7.105%, 

(TSFR3M

+

2.619%),

2/18/2025

b

197,446

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Financials  11.0%

-

continued

Lloyds

Banking

Group

plc

$

806,000

1.627%, 

5/11/2027

b

$

773,897

M&T

Bank

Corporation

427,000

3.500%, 

9/1/2026

b,j

402,423

Macquarie

Airfinance

Holdings,

Ltd.

69,000

6.400%, 

3/26/2029

a

71,102

197,000

5.150%, 

3/17/2030

a

193,789

89,000

6.500%, 

3/26/2031

a

92,248

Macquarie

Group,

Ltd.

293,000

1.629%, 

9/23/2027

a,b

278,121

Marsh

&

McLennan

Companies,

Inc.

151,000

2.375%, 

12/15/2031

127,396

MetLife,

Inc.

240,000

3.850%, 

9/15/2025

b,j

237,712

220,000

5.875%, 

3/15/2028

b,j

219,394

292,000

6.400%, 

12/15/2036

298,223

Metropolitan

Life

Global

Funding

I

285,000

2.950%, 

4/9/2030

a

258,660

Mid-America

Apartments,

LP

295,000

4.200%, 

6/15/2028

289,382

Mitsubishi

UFJ

Financial

Group,

Inc.

290,000

1.538%, 

7/20/2027

b

276,909

Mizuho

Financial

Group,

Inc.

425,000

1.554%, 

7/9/2027

b

405,967

288,000

2.564%, 

9/13/2031

242,638

158,000

5.748%, 

7/6/2034

b

161,707

Molina

Healthcare,

Inc.

299,000

4.375%, 

6/15/2028

a

287,406

127,000

3.875%, 

5/15/2032

a

111,680

216,000

6.250%, 

1/15/2033

a

214,450

Morgan

Stanley

258,000

5.516%, 

11/19/2055

b

249,761

100,000

2.630%, 

2/18/2026

b

99,908

294,000

2.188%, 

4/28/2026

b

292,186

251,000

0.985%, 

12/10/2026

b

243,008

294,000

1.593%, 

5/4/2027

b

282,735

290,000

1.512%, 

7/20/2027

b

276,647

102,000

5.123%, 

2/1/2029

b

102,591

1,041,000

3.622%, 

4/1/2031

b

971,802

141,000

2.943%, 

1/21/2033

b

121,555

146,000

4.889%, 

7/20/2033

b

141,706

155,000

5.250%, 

4/21/2034

b

153,116

181,000

5.424%, 

7/21/2034

b

181,005

129,000

5.831%, 

4/19/2035

b

131,951

199,000

5.587%, 

1/18/2036

b

200,732

284,000

2.484%, 

9/16/2036

b

233,433

Nasdaq,

Inc.

167,000

5.350%, 

6/28/2028

169,722

Nationstar

Mortgage

Holdings,

Inc.

91,000

5.500%, 

8/15/2028

a

89,340

283,000

5.125%, 

12/15/2030

a

267,338

NatWest

Group

plc

147,000

4.892%, 

5/18/2029

b

146,058

425,000

6.475%, 

6/1/2034

b

437,841

Navient

Corporation

108,000

5.000%, 

3/15/2027

106,126

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

117,000

4.500%, 

9/30/2028

a

109,364

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

270

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Financials  11.0%

-

continued

New

Mountain

Finance

Corporation,

Convertible

$

25,000

7.500%, 

10/15/2025

$

25,312

New

York

Life

Global

Funding

159,000

4.550%, 

1/28/2033

a

152,430

168,000

5.000%, 

1/9/2034

a

165,553

Nippon

Life

Insurance

Company

700,000

5.950%, 

4/16/2054

a,b

705,690

NNN

REIT,

Inc.

147,000

2.500%, 

4/15/2030

129,275

Nomura

Holdings,

Inc.

218,000

2.172%, 

7/14/2028

198,086

269,000

5.783%, 

7/3/2034

272,551

Omega

Healthcare

Investors,

Inc.

150,000

4.750%, 

1/15/2028

148,966

OneMain

Finance

Corporation

693,000

3.500%, 

1/15/2027

666,739

875,000

3.875%, 

9/15/2028

817,356

Panther

Escrow

Issuer,

LLC

518,000

7.125%, 

6/1/2031

a

530,468

Park

Intermediate

Holdings,

LLC

489,000

4.875%, 

5/15/2029

a

467,163

Pebblebrook

Hotel

Trust,

Convertible

551,000

1.750%, 

12/15/2026

513,862

Pine

Street

Trust

III

113,000

6.223%, 

5/15/2054

a

114,671

PNC

Bank

NA

148,000

2.700%, 

10/22/2029

133,547

PNC

Financial

Services

Group,

Inc.

196,000

6.200%, 

9/15/2027

b,j

197,694

169,000

5.582%, 

6/12/2029

b

172,592

290,000

6.250%, 

3/15/2030

b,j

291,290

170,000

6.875%, 

10/20/2034

b

186,269

PRA

Group,

Inc.

281,000

8.375%, 

2/1/2028

a

289,478

Prologis

Targeted

US

Logistics

Fund,

LP

265,000

5.250%, 

4/1/2029

a

267,698

162,000

5.250%, 

1/15/2035

a

158,521

Prologis,

LP

192,000

5.250%, 

3/15/2054

180,095

Provident

Financing

Trust

I

108,000

7.405%, 

3/15/2038

113,888

Prudential

Financial,

Inc.

141,000

5.125%, 

3/1/2052

b

132,936

217,000

6.750%, 

3/1/2053

b

224,855

402,000

6.500%, 

3/15/2054

b

408,461

100,000

3.700%, 

10/1/2050

b

89,115

Realty

Income

Corporation

147,000

4.875%, 

6/1/2026

147,352

329,000

3.200%, 

1/15/2027

319,590

173,000

3.950%, 

8/15/2027

170,240

Redwood

Trust,

Inc.,

Convertible

19,000

7.750%, 

6/15/2027

18,658

Regency

Centers,

LP

243,000

5.250%, 

1/15/2034

240,212

Regions

Financial

Corporation

160,000

2.250%, 

5/18/2025

158,888

235,000

5.750%, 

6/15/2025

b,j

234,672

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Financials  11.0%

-

continued

Reinsurance

Group

of

America,

Inc.

$

157,000

6.000%, 

9/15/2033

$

161,482

267,000

5.750%, 

9/15/2034

269,013

Rexford

Industrial

Realty,

LP,

Convertible

56,000

4.375%, 

3/15/2027

a,g

55,580

94,000

4.125%, 

3/15/2029

a

92,214

RGA

Global

Funding

188,000

5.500%, 

1/11/2031

a

190,231

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

90,000

4.750%, 

10/15/2027

88,141

182,000

4.500%, 

2/15/2029

a

173,548

RLJ

Lodging

Trust,

LP

166,000

4.000%, 

9/15/2029

a

152,391

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

435,000

3.625%, 

3/1/2029

a

397,607

388,000

3.875%, 

3/1/2031

a

342,869

262,000

4.000%, 

10/15/2033

a

221,525

Ryan

Specialty,

LLC

95,000

4.375%, 

2/1/2030

a,g

89,633

214,000

5.875%, 

8/1/2032

a

212,049

Santander

Holdings

USA,

Inc.

137,000

2.490%, 

1/6/2028

b

130,553

Santander

UK

Group

Holdings

plc

286,000

1.673%, 

6/14/2027

b

273,139

Service

Properties

Trust

188,000

5.500%, 

12/15/2027

180,951

240,000

8.375%, 

6/15/2029

239,859

98,000

8.625%, 

11/15/2031

a

104,065

Simon

Property

Group,

LP

244,000

2.650%, 

7/15/2030

217,588

164,000

6.250%, 

1/15/2034

174,051

Sixth

Street

Lending

Partners

245,000

6.125%, 

7/15/2030

a

246,406

SLM

Corporation

180,000

4.200%, 

10/29/2025

179,633

54,000

6.500%, 

1/31/2030

54,506

Societe

Generale

SA

165,000

1.488%, 

12/14/2026

a,b

160,027

188,000

10.000%, 

11/14/2028

a,b,j

204,759

360,000

6.100%, 

4/13/2033

a,b

363,178

240,000

8.500%, 

3/25/2034

a,b,j

243,997

Standard

Chartered

plc

200,000

2.608%, 

1/12/2028

a,b

190,980

435,000

5.545%, 

1/21/2029

a,b

439,218

Starwood

Property

Trust,

Inc.,

Convertible

142,000

6.750%, 

7/15/2027

149,315

State

Street

Corporation

141,000

6.700%, 

3/15/2029

b,j

143,763

138,000

4.421%, 

5/13/2033

b

131,394

Sumitomo

Life

Insurance

Company

320,000

3.375%, 

4/15/2081

a,b

282,220

Sumitomo

Mitsui

Financial

Group,

Inc.

200,000

2.174%, 

1/14/2027

190,736

550,000

5.716%, 

9/14/2028

564,510

221,000

2.142%, 

9/23/2030

187,751

200,000

5.766%, 

1/13/2033

205,721

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

271

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Financials  11.0%

-

continued

Summit

Hotel

Properties,

Inc.,

Convertible

$

175,000

1.500%, 

2/15/2026

$

168,437

Synchrony

Financial

151,000

5.935%, 

8/2/2030

b

152,975

188,000

7.250%, 

2/2/2033

196,726

Synovus

Bank

155,000

5.625%, 

2/15/2028

156,173

Toronto-Dominion

Bank

160,000

8.125%, 

10/31/2082

b

167,178

350,000

5.264%, 

12/11/2026

353,838

246,000

5.523%, 

7/17/2028

251,113

138,000

4.456%, 

6/8/2032

131,063

177,000

5.146%, 

9/10/2034

b

173,136

Truist

Bank

147,000

2.250%, 

3/11/2030

127,389

Truist

Financial

Corporation

330,000

6.047%, 

6/8/2027

b

335,118

121,000

1.887%, 

6/7/2029

b

109,423

470,000

5.100%, 

3/1/2030

b,j

451,905

345,000

5.153%, 

8/5/2032

b

342,252

234,000

5.711%, 

1/24/2035

b

236,328

U.S.

Bancorp

218,000

4.548%, 

7/22/2028

b

216,672

82,000

5.836%, 

6/12/2034

b

83,811

224,000

5.678%, 

1/23/2035

b

226,197

UBS

Group

AG

409,000

4.875%, 

2/12/2027

a,b,j

397,081

269,000

3.869%, 

1/12/2029

a,b

260,702

200,000

5.699%, 

2/8/2035

a,b

202,844

200,000

5.379%, 

9/6/2045

a,b

191,246

UniCredit

SPA

181,000

5.861%, 

6/19/2032

a,b

181,084

United

Wholesale

Mortgage,

LLC

494,000

5.500%, 

4/15/2029

a

478,950

UnitedHealth

Group,

Inc.

486,000

5.375%, 

4/15/2054

454,863

283,000

4.200%, 

5/15/2032

267,536

USB

Realty

Corporation

241,000

5.711%, 

(TSFR3M

+

1.409%),

1/15/2027

a,b,j

193,243

Ventas

Realty,

LP,

Convertible

129,000

3.750%, 

6/1/2026

149,059

Vornado

Realty,

LP

135,000

3.400%, 

6/1/2031

g

115,962

Wells

Fargo

&

Company

469,000

3.900%, 

3/15/2026

b,j

460,797

346,000

2.188%, 

4/30/2026

b

343,801

138,000

3.526%, 

3/24/2028

b

134,187

294,000

3.584%, 

5/22/2028

b

285,630

218,000

4.808%, 

7/25/2028

b

217,502

289,000

7.625%, 

9/15/2028

b,j

307,422

649,000

4.478%, 

4/4/2031

b

630,400

108,000

5.389%, 

4/24/2034

b

107,145

157,000

5.557%, 

7/25/2034

b

157,495

166,000

6.491%, 

10/23/2034

b

176,967

636,000

5.499%, 

1/23/2035

b

635,820

Welltower

OP,

LLC,

Convertible

266,000

2.750%, 

5/15/2028

a

386,498

Westpac

Banking

Corporation

221,000

4.110%, 

7/24/2034

b

208,693

Willis

North

America,

Inc.

164,000

5.900%, 

3/5/2054

160,879

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Financials  11.0%

-

continued

$

295,000

4.500%, 

9/15/2028

$

290,527

XHR,

LP

210,000

4.875%, 

6/1/2029

a

199,539

94,000

6.625%, 

5/15/2030

a

95,014

Zions

Bancorp

NA

350,000

6.816%, 

11/19/2035

b

359,788

Total

100,364,246

Foreign

Government  0.1%

NBN

Company,

Ltd.

265,000

2.625%, 

5/5/2031

a

230,249

Saudi

Arabian

Oil

Company

250,000

5.750%, 

7/17/2054

a

233,750

Teine

Energy,

Ltd.

350,000

6.875%, 

4/15/2029

a

339,125

Total

803,124

Mortgage-Backed

Securities  11.3%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

453,824

2.000%, 

1/1/2052

358,833

3,523,568

2.500%, 

5/1/2051

2,905,394

1,858,717

3.500%, 

5/1/2052

1,652,119

1,318,554

4.000%, 

5/1/2052

1,212,706

3,130,853

5.000%, 

7/1/2053

3,042,663

223,685

5.000%, 

8/1/2053

217,982

1,048,527

5.500%, 

9/1/2053

1,047,216

851,346

3.500%, 

9/1/2047

767,673

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

1,167,505

2.500%, 

7/1/2030

1,112,632

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

967,632

3.500%, 

5/1/2040

900,672

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,966,066

3.000%, 

1/1/2052

2,546,204

227,599

2.000%, 

2/1/2051

180,013

358,516

2.000%, 

2/1/2051

283,557

1,614,369

2.500%, 

2/1/2051

1,317,762

3,095,248

2.000%, 

3/1/2051

2,427,262

4,048,184

4.000%, 

3/1/2051

3,745,953

3,188,090

3.000%, 

3/1/2052

2,719,334

2,533,758

2.000%, 

4/1/2051

1,977,455

1,934,318

3.000%, 

4/1/2051

1,659,956

1,964,914

3.000%, 

5/1/2050

1,694,056

429,539

2.000%, 

5/1/2051

337,791

201,938

3.000%, 

6/1/2050

176,247

1,251,733

4.000%, 

6/1/2052

1,146,994

1,355,094

5.000%, 

6/1/2053

1,318,198

2,332,493

2.500%, 

7/1/2051

1,939,620

235,007

3.500%, 

7/1/2051

210,245

3,445,893

4.000%, 

7/1/2052

3,157,574

808,127

3.500%, 

8/1/2050

724,764

1,666,297

3.500%, 

8/1/2052

1,477,319

4,447,516

4.500%, 

8/1/2052

4,191,195

296,441

5.000%, 

8/1/2053

288,370

1,670,927

3.500%, 

9/1/2052

1,491,305

486,008

3.500%, 

9/1/2052

433,840

267,585

5.000%, 

9/1/2052

259,314

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

272

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Mortgage-Backed

Securities  11.3%

-

continued

$

3,366,607

4.500%, 

9/1/2053

$

3,176,516

1,220,683

4.500%, 

9/1/2053

1,154,766

2,236,051

4.000%, 

10/1/2052

2,049,186

418,584

2.000%, 

11/1/2051

330,590

630,467

3.500%, 

11/1/2052

564,416

1,746,988

2.000%, 

12/1/2050

1,373,481

3,221,934

4.500%, 

12/1/2052

3,051,096

14,050,000

5.500%, 

2/1/2041

c

13,875,121

15,250,000

6.000%, 

2/1/2042

c

15,353,614

998,618

3.500%, 

12/1/2047

902,434

4,000,000

3.000%, 

2/1/2048

c

3,401,348

5,450,000

3.500%, 

2/1/2049

c

4,821,973

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

1,980,342

2.500%, 

3/1/2062

1,569,078

1,128,997

3.500%, 

7/1/2061

981,173

1,145,003

4.000%, 

12/1/2061

1,039,264

Total

102,566,274

Technology  3.1%

Accenture

Capital,

Inc.

299,000

4.500%, 

10/4/2034

284,515

Adobe,

Inc.

512,000

5.300%, 

1/17/2035

517,736

Advanced

Micro

Devices,

Inc.

138,000

3.924%, 

6/1/2032

g

128,732

Akamai

Technologies,

Inc.,

Convertible

261,000

0.125%, 

5/1/2025

283,185

92,000

0.375%, 

9/1/2027

94,714

174,000

1.125%, 

2/15/2029

174,087

Analog

Devices,

Inc.

72,000

2.100%, 

10/1/2031

60,757

Apple,

Inc.

227,000

1.650%, 

2/8/2031

192,234

799,000

3.750%, 

9/12/2047

628,572

Automatic

Data

Processing,

Inc.

422,000

4.450%, 

9/9/2034

403,143

Block,

Inc.

190,000

3.500%, 

6/1/2031

169,075

793,000

6.500%, 

5/15/2032

a

810,532

Block,

Inc.,

Convertible

406,000

0.250%, 

11/1/2027

353,829

Boost

Newco

Borrower,

LLC

525,000

7.500%, 

1/15/2031

a

549,613

Broadcom,

Inc.

137,000

4.000%, 

4/15/2029

a

132,208

172,000

4.800%, 

10/15/2034

164,691

Cadence

Design

Systems,

Inc.

157,000

4.700%, 

9/10/2034

150,666

Central

Parent,

Inc./CDK

Global,

Inc.

185,000

7.250%, 

6/15/2029

a

175,709

Cisco

Systems,

Inc.

325,000

5.350%, 

2/26/2064

311,171

Clarivate

Science

Holdings

Corporation

198,000

3.875%, 

7/1/2028

a

186,555

Cloud

Software

Group,

Inc.

1,109,000

6.500%, 

3/31/2029

a

1,090,134

Consensus

Cloud

Solutions,

Inc.

92,000

6.000%, 

10/15/2026

a

91,344

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Technology  3.1%

-

continued

CoreLogic,

Inc.

$

111,000

4.500%, 

5/1/2028

a

$

103,931

CSG

Systems

International,

Inc.,

Convertible

200,000

3.875%, 

9/15/2028

210,976

Dayforce,

Inc.,

Convertible

439,000

0.250%, 

3/15/2026

423,196

Dell

International,

LLC/EMC

Corporation

99,000

5.300%, 

10/1/2029

99,991

Dell,

Inc.

231,000

6.500%, 

4/15/2038

240,635

Diebold

Nixdorf,

Inc.

141,000

7.750%, 

3/31/2030

a

145,961

Fiserv,

Inc.

341,000

5.350%, 

3/15/2031

345,638

80,000

5.600%, 

3/2/2033

81,052

341,000

5.450%, 

3/15/2034

340,739

304,000

5.150%, 

8/12/2034

297,354

Gen

Digital,

Inc.

16,000

6.750%, 

9/30/2027

a

16,265

220,000

7.125%, 

9/30/2030

a

226,343

Global

Payments,

Inc.

192,000

5.950%, 

8/15/2052

185,887

64,000

2.650%, 

2/15/2025

63,917

213,000

4.950%, 

8/15/2027

213,523

147,000

3.200%, 

8/15/2029

135,527

Global

Payments,

Inc.,

Convertible

283,000

1.500%, 

3/1/2031

a

277,057

Hewlett

Packard

Enterprise

Company

265,000

4.850%, 

10/15/2031

261,883

IBM

International

Capital

Private,

Ltd.

250,000

5.300%, 

2/5/2054

229,970

II-VI,

Inc.

170,000

5.000%, 

12/15/2029

a

163,602

InterDigital,

Inc.,

Convertible

212,000

3.500%, 

6/1/2027

503,899

Iron

Mountain,

Inc.

122,000

4.875%, 

9/15/2027

a

119,742

655,000

5.000%, 

7/15/2028

a

638,129

485,000

4.875%, 

9/15/2029

a

464,944

13,000

5.250%, 

7/15/2030

a

12,503

618,000

4.500%, 

2/15/2031

a

568,679

Jabil,

Inc.

155,000

5.450%, 

2/1/2029

156,612

Marvell

Technology,

Inc.

147,000

2.950%, 

4/15/2031

129,480

Mastercard,

Inc.

137,000

2.000%, 

11/18/2031

114,573

160,000

4.875%, 

5/9/2034

157,872

Microchip

Technology,

Inc.

117,000

5.050%, 

3/15/2029

116,804

Microchip

Technology,

Inc.,

Convertible

188,000

0.750%, 

6/1/2030

a

174,443

MKS

Instruments,

Inc.,

Convertible

523,000

1.250%, 

6/1/2030

a

530,716

Moody's

Corporation

141,000

4.250%, 

8/8/2032

133,679

NCR

Atleos

Corporation

148,000

9.500%, 

4/1/2029

a

161,252

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

273

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Technology  3.1%

-

continued

NCR

Voyix

Corporation

$

272,000

5.000%, 

10/1/2028

a

$

262,139

149,000

5.125%, 

4/15/2029

a

142,110

Neptune

Bidco

US,

Inc.

704,000

9.290%, 

4/15/2029

a

600,145

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

70,000

2.700%, 

5/1/2025

69,646

147,000

4.300%, 

6/18/2029

142,909

ON

Semiconductor

Corporation,

Convertible

215,000

Zero

Coupon, 

5/1/2027

252,112

286,000

0.500%, 

3/1/2029

256,945

Open

Text

Holdings,

Inc.

645,000

4.125%, 

2/15/2030

a

591,437

Oracle

Corporation

356,000

5.375%, 

9/27/2054

325,381

556,000

6.900%, 

11/9/2052

616,759

141,000

6.150%, 

11/9/2029

147,814

494,000

2.950%, 

4/1/2030

447,627

495,000

5.250%, 

2/3/2032

493,866

208,000

6.250%, 

11/9/2032

219,806

PayPal

Holdings,

Inc.

322,000

5.500%, 

6/1/2054

312,858

Pitney

Bowes,

Inc.

92,000

6.875%, 

3/15/2027

a

92,384

Progress

Software

Corporation,

Convertible

77,000

1.000%, 

4/15/2026

85,624

51,000

3.500%, 

3/1/2030

a

55,845

RingCentral,

Inc.

485,000

8.500%, 

8/15/2030

a

514,885

Rocket

Software,

Inc.

222,000

9.000%, 

11/28/2028

a

229,951

S&P

Global,

Inc.

138,000

2.900%, 

3/1/2032

120,527

Salesforce.com,

Inc.

421,000

1.950%, 

7/15/2031

355,492

Seagate

HDD

Cayman

356,220

9.625%, 

12/1/2032

404,935

Semtech

Corporation,

Convertible

153,000

1.625%, 

11/1/2027

289,511

Sensata

Technologies

BV

184,000

4.000%, 

4/15/2029

a

170,298

Sensata

Technologies,

Inc.

192,000

4.375%, 

2/15/2030

a

177,799

104,000

3.750%, 

2/15/2031

a

91,779

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

150,000

4.625%, 

11/1/2026

a

148,377

SK

Hynix,

Inc.

300,000

5.500%, 

1/16/2027

a

302,777

SS&C

Technologies,

Inc.

338,000

5.500%, 

9/30/2027

a

337,119

94,000

6.500%, 

6/1/2032

a

95,538

Synaptics,

Inc.,

Convertible

209,000

0.750%, 

12/1/2031

a

226,353

Texas

Instruments,

Inc.

167,000

5.150%, 

2/8/2054

156,014

UKG,

Inc.

187,000

6.875%, 

2/1/2031

a

190,920

Verint

Systems,

Inc.,

Convertible

113,000

0.250%, 

4/15/2026

106,503

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Technology  3.1%

-

continued

Verisk

Analytics,

Inc.

$

449,000

5.250%, 

6/5/2034

$

444,082

Viavi

Solutions,

Inc.

413,000

3.750%, 

10/1/2029

a

375,736

Viavi

Solutions,

Inc.,

Convertible

154,000

1.625%, 

3/15/2026

169,015

Vishay

Intertechnology,

Inc.,

Convertible

310,000

2.250%, 

9/15/2030

279,310

VMware,

LLC

291,000

1.400%, 

8/15/2026

276,666

554,000

4.700%, 

5/15/2030

543,189

189,000

2.200%, 

8/15/2031

157,648

Western

Digital

Corporation,

Convertible

389,000

3.000%, 

11/15/2028

547,460

Xerox

Holdings

Corporation

45,000

5.000%, 

8/15/2025

a

44,796

722,000

5.500%, 

8/15/2028

a

615,553

Xerox

Holdings

Corporation,

Convertible

245,000

3.750%, 

3/15/2030

a

182,899

Xilinx,

Inc.

80,000

2.375%, 

6/1/2030

70,784

Ziff

Davis,

Inc.,

Convertible

121,000

3.625%, 

3/1/2028

a

117,673

Total

27,858,972

Transportation  0.7%

Air

Canada

375,000

3.875%, 

8/15/2026

a

365,525

Air

Transport

Services

Group,

Inc.,

Convertible

162,000

3.875%, 

8/15/2029

160,947

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

608,750

5.500%, 

4/20/2026

a

608,402

180,319

5.750%, 

4/20/2029

a

179,878

Avianca

Midco

2

plc

200,000

9.625%, 

2/14/2030

a,c

195,000

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

223,000

5.375%, 

3/1/2029

a,g

212,653

Burlington

Northern

Santa

Fe,

LLC

161,000

5.500%, 

3/15/2055

158,007

Canadian

Pacific

Railway

Company

300,000

1.750%, 

12/2/2026

284,752

DCLI

Bidco,

LLC

169,000

7.750%, 

11/15/2029

a

173,791

Delta

Air

Lines,

Inc.

276,000

4.375%, 

4/19/2028

270,819

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

83,158

4.500%, 

10/20/2025

a

82,782

ERAC

USA

Finance,

LLC

334,000

5.200%, 

10/30/2034

a

330,359

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

275,000

9.875%, 

9/20/2031

a

290,718

Mileage

Plus

Holdings,

LLC

198,500

6.500%, 

6/20/2027

a

200,251

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

274

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Transportation  0.7%

-

continued

Norfolk

Southern

Corporation

$

232,000

4.450%, 

3/1/2033

$

221,544

OneSky

Flight,

LLC

147,000

8.875%, 

12/15/2029

a

150,588

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

135,000

1.200%, 

11/15/2025

a

131,210

195,000

5.750%, 

5/24/2026

a

197,035

148,000

1.700%, 

6/15/2026

a

141,824

Rand

Parent,

LLC

429,000

8.500%, 

2/15/2030

a,g

444,869

RXO,

Inc.

449,000

7.500%, 

11/15/2027

a

460,225

Ryder

System,

Inc.

124,000

2.850%, 

3/1/2027

119,203

Southwest

Airlines

Company

147,000

5.125%, 

6/15/2027

147,878

Southwest

Airlines

Company,

Convertible

242,000

1.250%, 

5/1/2025

241,637

Stena

International

SA

295,000

7.250%, 

1/15/2031

a

301,421

United

Airlines,

Inc.

418,000

4.375%, 

4/15/2026

a

411,956

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

113,000

7.875%, 

5/1/2027

a

113,046

218,000

6.375%, 

2/1/2030

a,g

199,781

Total

6,796,101

U.S.

Government

&

Agencies  5.8%

U.S.

Treasury

Notes

800,000

4.750%, 

7/31/2025

801,781

3,500,000

4.250%, 

12/31/2025

3,499,699

5,600,000

4.625%, 

6/30/2026

5,630,625

24,100,000

4.375%, 

7/31/2026

24,153,660

7,750,000

1.250%, 

12/31/2026

7,334,043

5,300,000

4.125%, 

7/31/2028

5,274,535

2,850,000

4.125%, 

11/15/2032

2,787,100

2,965,000

3.375%, 

5/15/2033

2,734,749

600,000

4.500%, 

11/15/2033

599,180

Total

52,815,372

Utilities  3.0%

AES

Corporation

140,000

7.600%, 

1/15/2055

b

142,529

239,000

3.950%, 

7/15/2030

a

221,097

Algonquin

Power

&

Utilities

Corporation

656,000

4.750%, 

1/18/2082

b

626,042

Alliant

Energy

Corporation,

Convertible

107,000

3.875%, 

3/15/2026

g

109,906

Alpha

Generation,

LLC

163,000

6.750%, 

10/15/2032

a

164,810

Ameren

Corporation

148,000

1.750%, 

3/15/2028

134,380

American

Electric

Power

Company,

Inc.

192,000

6.950%, 

12/15/2054

b

195,999

147,000

2.300%, 

3/1/2030

128,334

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Utilities  3.0%

-

continued

American

Water

Capital

Corporation

$

256,000

5.450%, 

3/1/2054

$

242,474

American

Water

Capital

Corporation,

Convertible

168,000

3.625%, 

6/15/2026

166,085

Arizona

Public

Service

Company

162,000

5.550%, 

8/1/2033

162,351

Atmos

Energy

Corporation

175,000

5.000%, 

12/15/2054

156,366

Calpine

Corporation

593,000

4.500%, 

2/15/2028

a

575,343

CenterPoint

Energy,

Inc.

160,000

7.000%, 

2/15/2055

b

163,200

75,000

6.700%, 

5/15/2055

b

74,585

182,000

1.450%, 

6/1/2026

174,447

220,000

2.650%, 

6/1/2031

189,920

CenterPoint

Energy,

Inc.,

Convertible

169,000

4.250%, 

8/15/2026

174,154

CMS

Energy

Corporation,

Convertible

136,000

3.375%, 

5/1/2028

140,420

Consolidated

Edison

Company

of

New

York,

Inc.

482,000

5.700%, 

5/15/2054

474,292

Constellation

Energy

Generation,

LLC

244,000

5.750%, 

3/15/2054

234,110

153,000

5.800%, 

3/1/2033

156,011

Dominion

Energy,

Inc.

230,000

6.875%, 

2/1/2055

b

239,761

230,000

7.000%, 

6/1/2054

b

243,273

210,000

4.350%, 

1/15/2027

b,j

203,838

148,000

3.375%, 

4/1/2030

136,282

DTE

Energy

Company

163,000

4.875%, 

6/1/2028

162,880

Duke

Energy

Carolinas,

LLC

480,000

5.400%, 

1/15/2054

457,157

Duke

Energy

Corporation

323,000

3.250%, 

1/15/2082

b

304,998

272,000

5.800%, 

6/15/2054

263,463

273,000

6.450%, 

9/1/2054

b

273,838

328,000

2.450%, 

6/1/2030

288,532

142,000

4.500%, 

8/15/2032

135,206

158,000

5.750%, 

9/15/2033

162,036

Duke

Energy

Corporation,

Convertible

269,000

4.125%, 

4/15/2026

279,222

Duke

Energy

Ohio,

Inc.

164,000

5.550%, 

3/15/2054

157,508

Edison

International

306,000

7.875%, 

6/15/2054

b,g

285,585

183,000

4.950%, 

4/15/2025

182,721

240,000

5.000%, 

12/15/2026

b,g,j

215,284

Enel

Finance

International

NV

286,000

1.625%, 

7/12/2026

a

273,353

340,000

5.125%, 

6/26/2029

a

340,214

Entergy

Corporation

148,000

1.900%, 

6/15/2028

134,182

Entergy

Louisiana,

LLC

330,000

5.800%, 

3/15/2055

326,250

Evergy,

Inc.,

Convertible

187,000

4.500%, 

12/15/2027

207,509

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

275

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Utilities  3.0%

-

continued

Eversource

Energy

$

299,000

4.600%, 

7/1/2027

$

297,576

Exelon

Corporation

663,000

5.600%, 

3/15/2053

632,363

147,000

4.050%, 

4/15/2030

140,407

Fells

Point

Funding

Trust

269,000

3.046%, 

1/31/2027

a

258,969

FirstEnergy

Corporation,

Convertible

238,000

4.000%, 

5/1/2026

239,309

Georgia

Power

Company

87,000

4.950%, 

5/17/2033

85,108

ITC

Holdings

Corporation

142,000

4.950%, 

9/22/2027

a

142,110

Jersey

Central

Power

&

Light

Company

288,000

2.750%, 

3/1/2032

a

245,353

Lightning

Power,

LLC

337,000

7.250%, 

8/15/2032

a

348,074

MidAmerican

Energy

Company

638,000

5.300%, 

2/1/2055

598,918

National

Rural

Utilities

Cooperative

Finance

Corporation

173,000

4.850%, 

2/7/2029

173,067

NextEra

Energy

Capital

Holdings,

Inc.

388,000

5.900%, 

3/15/2055

385,939

250,000

3.800%, 

3/15/2082

b

238,856

256,000

6.750%, 

6/15/2054

b

261,875

161,000

6.051%, 

3/1/2025

161,155

147,000

2.250%, 

6/1/2030

127,763

250,000

5.300%, 

3/15/2032

249,523

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

122,000

3.000%, 

3/1/2027

a

140,727

NextEra

Energy

Operating

Partners,

LP

611,000

3.875%, 

10/15/2026

a

585,084

NiSource,

Inc.

162,000

6.375%, 

3/31/2055

b

160,735

140,000

6.950%, 

11/30/2054

b

142,770

148,000

2.950%, 

9/1/2029

135,925

Northern

States

Power

Company/

MN

166,000

5.400%, 

3/15/2054

159,053

NRG

Energy,

Inc.

137,000

2.000%, 

12/2/2025

a

133,665

221,000

10.250%, 

3/15/2028

a,b,j

245,075

156,000

3.375%, 

2/15/2029

a

142,699

230,000

5.250%, 

6/15/2029

a

224,061

151,000

6.000%, 

2/1/2033

a

147,533

151,000

6.250%, 

11/1/2034

a

148,787

NRG

Energy,

Inc.,

Convertible

112,000

2.750%, 

6/1/2048

279,227

Oncor

Electric

Delivery

Company,

LLC

291,000

5.550%, 

6/15/2054

280,860

Pacific

Gas

and

Electric

Company

164,000

6.750%, 

1/15/2053

169,602

341,000

5.550%, 

5/15/2029

339,860

323,000

6.950%, 

3/15/2034

343,387

PG&E

Corporation

280,000

7.375%, 

3/15/2055

b

272,048

285,000

5.000%, 

7/1/2028

274,616

Principal

Amount

Long-Term

Fixed

Income  80.4%

Value

Utilities  3.0%

-

continued

PG&E

Corporation,

Convertible

$

469,000

4.250%, 

12/1/2027

a

$

477,199

Pinnacle

West

Capital

Corporation,

Convertible

49,000

4.750%, 

6/15/2027

a

51,916

PPL

Capital

Funding,

Inc.

314,000

5.250%, 

9/1/2034

308,459

PPL

Capital

Funding,

Inc.,

Convertible

165,000

2.875%, 

3/15/2028

174,982

Public

Service

Enterprise

Group,

Inc.

173,000

5.875%, 

10/15/2028

178,758

147,000

1.600%, 

8/15/2030

122,737

San

Diego

Gas

&

Electric

Company

164,000

5.550%, 

4/15/2054

155,598

Sempra

148,000

6.550%, 

4/1/2055

b

144,441

148,000

6.625%, 

4/1/2055

b

146,024

146,000

6.400%, 

10/1/2054

b

140,632

148,000

6.875%, 

10/1/2054

b

147,691

148,000

4.875%, 

10/15/2025

b,j

146,458

Southern

California

Edison

Company

326,000

5.450%, 

6/1/2031

324,468

Southern

Company

425,000

5.700%, 

10/15/2032

436,054

394,000

4.850%, 

3/15/2035

374,384

135,000

4.000%, 

1/15/2051

b

132,958

396,000

3.750%, 

9/15/2051

b

384,497

Southern

Company,

Convertible

313,000

3.875%, 

12/15/2025

330,215

155,000

4.500%, 

6/15/2027

a

162,905

Talen

Energy

Supply,

LLC

328,000

8.625%, 

6/1/2030

a

349,879

TerraForm

Power

Operating,

LLC

915,000

5.000%, 

1/31/2028

a

881,696

TXNM

Energy,

Inc.,

Convertible

253,000

5.750%, 

6/1/2054

a

288,977

Virginia

Electric

and

Power

Company

286,000

5.350%, 

1/15/2054

266,552

Vistra

Corporation

182,000

8.000%, 

10/15/2026

a,b,j

186,598

448,000

7.000%, 

12/15/2026

a,b,j

449,498

Vistra

Operations

Company,

LLC

943,000

5.000%, 

7/31/2027

a

929,628

WEC

Energy

Group,

Inc.,

Convertible

142,000

4.375%, 

6/1/2027

a

154,851

126,000

4.375%, 

6/1/2029

a

139,293

Xcel

Energy,

Inc.

154,000

4.000%, 

6/15/2028

149,231

210,000

4.600%, 

6/1/2032

200,269

XPLR

Infrastructure,

LP,

Convertible

320,000

Zero

Coupon, 

11/15/2025

a

303,680

Total

27,632,554

Total

Long-Term

Fixed

Income

(cost

$738,928,047)

730,738,094

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

276

Shares

Registered

Investment

Companies  

15.4%

Value

U.S.

Affiliated  

8.9%  

9,814,636

Thrivent

Core

Emerging

Markets

Debt

Fund

$

80,774,458

Total

80,774,458

U.S.

Unaffiliated  

6.5%  

28,898

abrdn

Asia-Pacific

Income

Fund,

Inc.

447,630

97,201

abrdn

Income

Credit

Strategies

Fund

592,926

24,637

abrdn

Total

Dynamic

Dividend

Fund

213,849

59,789

AllianceBernstein

Global

High

Income

Fund,

Inc.

653,494

82,040

Allspring

Income

Opportunities

Fund

579,202

3,133

Barings

Global

Short

Duration

High

Yield

Fund

50,003

16,526

BlackRock

Capital

Allocation

Term

Trust

255,327

10,139

BlackRock

Core

Bond

Trust

107,169

55,654

BlackRock

Corporate

High

Yield

Fund,

Inc.

550,975

65,189

BlackRock

Credit

Allocation

Income

Trust

704,041

4,697

BlackRock

Debt

Strategies

Fund,

Inc.

50,493

10,263

BlackRock

Enhanced

Equity

Dividend

Trust

90,212

47,103

BlackRock

Enhanced

Global

Dividend

Trust

531,322

39,831

BlackRock

Enhanced

International

Dividend

Trust

220,265

1,490

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

19,579

20,325

BlackRock

Income

Trust,

Inc.

236,176

39,295

BlackRock

Multi-Sector

Income

Trust

580,387

50,130

Blackstone

Strategic

Credit

2027

Term

Fund

625,121

4,648

BNY

Mellon

High

Yield

Strategies

Fund

12,131

33,107

Cornerstone

Strategic

Investment

Fund,

Inc.

295,315

55,900

Eaton

Vance

Limited

Duration

Income

Fund

570,739

24,847

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

210,951

81,500

Invesco

Senior

Loan

ETF

1,715,575

376,692

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

g

14,046,845

58,009

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

g

6,233,647

12,000

iShares

Preferred

and

Income

Securities

ETF

g

381,720

102,539

Nuveen

Credit

Strategies

Income

Fund

573,193

4,088

Nuveen

Floating

Rate

Income

Fund/Closed-End

Fund

35,157

1,185

Nuveen

Global

High

Income

Fund

15,725

43,598

Nuveen

Preferred

Income

Opportunities

Fund

347,040

40,107

PGIM

Global

High

Yield

Fund,

Inc.

520,188

46,978

PGIM

High

Yield

Bond

Fund,

Inc.

649,706

23,302

Pimco

Dynamic

Income

Fund

450,661

33,906

PIMCO

High

Income

Fund

167,496

Shares

Registered

Investment

Companies  15.4%

Value

U.S.

Unaffiliated  

6.5%  -

continued

36,130

PIMCO

Income

Strategy

Fund

II

$

271,336

95,413

SPDR

Bloomberg

High

Yield

Bond

ETF

g

9,232,162

5,324

Tri-Continental

Corporation

173,988

146,615

Vanguard

Intermediate-Term

Corporate

Bond

ETF

g

11,846,492

29,131

Vanguard

Short-Term

Corporate

Bond

ETF

2,285,910

44,269

Virtus

Convertible

&

Income

Fund

160,696

40,673

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

530,783

9,286

Virtus

Equity

&

Convertible

Income

Fund

231,314

830

Voya

Asia

Pacific

High

Dividend

Equity

Income

Fund

5,129

75,432

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

411,104

10,605

Western

Asset

Diversified

Income

Fund

159,287

139,725

Western

Asset

High

Income

Opportunity

Fund,

Inc.

556,105

Total

58,598,566

Total

Registered

Investment

Companies

(cost

$148,152,713)

139,373,024

Shares

Collateral

Held

for

Securities

Loaned

5.7%

Value

51,488,085

Thrivent

Cash

Management

Trust

51,488,085

Total

Collateral

Held

for

Securities

Loaned

(cost

$51,488,085)

51,488,085

Shares

Preferred

Stock

1.2%

Value

Basic

Materials  <0.1%

6,928

Albemarle

Corporation,

Convertible,

7.250%

280,723

Total

280,723

Capital

Goods  0.1%

13,173

Boeing

Company,

Convertible,

6.000%

790,248

Total

790,248

Communications

Services  0.1%

23,300

AT&T,

Inc.,

4.750%

j

449,224

12,500

Telephone

and

Data

Systems,

Inc.,

6.000%

j

242,500

Total

691,724

Financials  0.9%

5,825

AEGON

Funding

Company,

LLC,

5.100%

119,995

12,700

Allstate

Corporation,

5.100%

j

284,607

4,628

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

412,262

4,875

Ares

Management

Corporation,

Convertible,

6.750%

295,864

7,000

Athene

Holding,

Ltd.,

5.625%

j

144,200

18,900

Bank

of

America

Corporation,

4.250%

j

344,547

14,375

Bank

of

America

Corporation,

4.375%

j

272,550

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

277

Shares

Preferred

Stock  1.2%

Value

Financials  0.9%

-

continued

7,200

Bank

of

America

Corporation,

4.750%

j

$

147,816

14,375

Bank

of

America

Corporation,

5.000%

j

310,212

436

Bank

of

America

Corporation,

Convertible,

7.250%

j

533,664

3,500

Capital

One

Financial

Corporation,

4.800%

j

66,850

14,275

Capital

One

Financial

Corporation,

5.000%

j

286,499

3,500

Charles

Schwab

Corporation,

4.450%

j

69,160

2,150

Citizens

Financial

Group,

Inc.,

7.375%

j

57,233

5,800

Corebridge

Financial,

Inc.,

6.375%

142,912

5,775

Equitable

Holdings,

Inc.,

5.250%

j

123,643

7,000

Fifth

Third

Bancorp,

4.950%

j

157,080

7,000

Huntington

Bancshares,

Inc./OH,

4.500%

j

126,140

14,500

J.P.

Morgan

Chase

&

Company,

4.200%

j

266,945

14,375

J.P.

Morgan

Chase

&

Company,

4.625%

g,j

289,944

12,500

J.P.

Morgan

Chase

&

Company,

4.750%

j

261,000

3,500

KeyCorp,

5.650%

j

75,950

10,650

KeyCorp,

6.200%

b,j

260,179

3,500

MetLife,

Inc.,

4.750%

j

73,430

8,650

Morgan

Stanley,

4.250%

j

159,506

5,500

Morgan

Stanley,

5.850%

b,j

134,035

13,100

Morgan

Stanley,

7.125%

b,j

334,443

11,475

Public

Storage,

4.125%

j

200,354

2,450

Public

Storage,

4.625%

j

47,628

625

Public

Storage,

4.700%

j

12,306

7,000

Regions

Financial

Corporation,

4.450%

j

125,650

2,650

Regions

Financial

Corporation,

5.700%

b,j

65,561

1,400

Synovus

Financial

Corporation,

8.397%

b,j

36,162

7,000

Truist

Financial

Corporation,

4.750%

j

143,850

8,600

U.S.

Bancorp,

4.000%

j

150,242

15,500

Wells

Fargo

&

Company,

4.250%

j

281,325

14,375

Wells

Fargo

&

Company,

4.375%

j

269,819

7,000

Wells

Fargo

&

Company,

4.700%

j

139,930

10,000

Wells

Fargo

&

Company,

4.750%

j

202,200

541

Wells

Fargo

&

Company,

Convertible,

7.500%

j

643,195

Total

8,068,888

Technology  <0.1%

4,627

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

282,848

Total

282,848

Utilities  0.1%

17,600

CMS

Energy

Corporation,

4.200%

j

320,144

3,456

NextEra

Energy,

Inc.,

Convertible,

6.926%

143,355

1,694

Nextera

Energy,

Inc.,

Convertible,

7.234%

75,654

3,534

NextEra

Energy,

Inc.,

Convertible,

7.299%

172,318

Shares

Preferred

Stock  1.2%

Value

Utilities  0.1%

-

continued

12,000

Southern

Company,

4.950%

$

249,120

Total

960,591

Total

Preferred

Stock

(cost

$12,210,260)

11,075,022

Shares

Common

Stock

<0.1%

Value

Communications

Services  <0.1%

182

Liberty

Media

Corporation-Liberty

Formula

One

Group

l

17,417

Total

17,417

Consumer

Discretionary  <0.1%

43

Cracker

Barrel

Old

Country

Store,

Inc.

2,794

Total

2,794

Financials  <0.1%

1,070

AGNC

Investment

Corporation

10,668

596

Annaly

Capital

Management,

Inc.

12,164

1,137

Apollo

Commercial

Real

Estate

Finance,

Inc.

10,074

547

Chimera

Investment

Corporation

8,145

4,088

Nuveen

Floating

Rate

Income

Fund/Closed-End

Fund,

DRIP

l

68

1,935

Rithm

Capital

Corporation

22,272

Total

63,391

Materials  <0.1%

2,570

United

States

Steel

Corporation

94,705

Total

94,705

Real

Estate  <0.1%

346

Kite

Realty

Group

Trust

8,010

Total

8,010

Total

Common

Stock

(cost

$205,858)

186,317

Shares

or

Principal

Amount

Short-Term

Investments

7.3%

Value

Federal

Home

Loan

Bank

Discount

Notes

500,000

4.420%,

2/12/2025

m,n

499,299

100,000

4.220%,

3/14/2025

m,n

99,510

Thrivent

Core

Short-Term

Reserve

Fund

6,364,919

4.630%

63,649,191

U.S.

Treasury

Bills

920,000

4.235%,

2/18/2025

m

918,372

200,000

4.343%,

2/20/2025

m,o

199,599

270,000

4.205%,

3/20/2025

m

268,574

300,000

4.206%,

3/27/2025

m,o

298,168

Total

Short-Term

Investments

(cost

$65,917,277)

65,932,713

Total

Investments

(cost

$1,016,902,240)

110.0%

$998,793,255

Other

Assets

and

Liabilities,

Net

(10.0%)

(90,443,895)

Total

Net

Assets

100.0%

$908,349,360

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

278

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,

2025,

the

value

of

these

investments

was

$367,934,063

or

40.5%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

January

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

d

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

e

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

January

31,

2025.

f

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

g

All

or

a

portion

of

the

security

is

on

loan.

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

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,

2025.

j

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

k

Defaulted

security.  Interest

is

not

being

accrued.

l

Non-income

producing

security.

m

The

interest

rate

shown

reflects

the

yield.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Opportunity

Income

Plus

Fund

as

of

January

31,

2025

was

$30,600

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

January

31,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

5/17/2021

$

152,981

Credit

Suisse

Group

AG 

2/4/2016

235,124

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Opportunity

Income

Plus

Fund

as

of

January

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

8,643,100

Common

Stock

41,568,815

Total

lending

$50,211,915

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$51,488,085

Net

amounts

due

to

counterparty

$1,276,170

Definitions:

CLO

-

Collateralized

Loan

Obligation

DRIP

-

Dividend

Reinvestment

Plan

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

S&P

-

Standard

&

Poor's

Ser.

-

Series

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.

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

Reference

Rate

Index:

H15T

5Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

5

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

279

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Opportunity

Income

Plus

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

130,593,243

–

128,580,509

2,012,734

Basic

Materials

12,606,502

–

12,606,502

–

Capital

Goods

26,067,433

–

26,067,433

–

Collateralized

Mortgage

Obligations

83,366,048

–

83,366,048

–

Commercial

Mortgage-Backed

Securities

5,203,566

–

5,203,566

–

Communications

Services

32,608,150

–

32,608,150

–

Consumer

Cyclical

45,069,144

–

45,069,144

–

Consumer

Non-Cyclical

40,475,695

–

40,475,695

–

Energy

35,911,670

–

35,911,670

–

Financials

100,364,246

–

100,364,246

–

Foreign

Government

803,124

–

803,124

–

Mortgage-Backed

Securities

102,566,274

–

102,566,274

–

Technology

27,858,972

–

27,858,972

–

Transportation

6,796,101

–

6,796,101

–

U.S.

Government

&

Agencies

52,815,372

–

52,815,372

–

Utilities

27,632,554

–

27,632,554

–

Registered

Investment

Companies

U.S.

Unaffiliated

58,598,566

58,598,566

–

–

Preferred

Stock

Basic

Materials

280,723

280,723

–

–

Capital

Goods

790,248

790,248

–

–

Communications

Services

691,724

691,724

–

–

Financials

8,068,888

8,068,888

–

–

Technology

282,848

282,848

–

–

Utilities

960,591

960,591

–

–

Common

Stock

Communications

Services

17,417

17,417

–

–

Consumer

Discretionary

2,794

2,794

–

–

Financials

63,391

63,391

–

–

Materials

94,705

94,705

–

–

Real

Estate

8,010

8,010

–

–

Short-Term

Investments

2,283,522

–

2,283,522

–

Subtotal

Investments

in

Securities

$802,881,521

$69,859,905

$731,008,882

$2,012,734

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

80,774,458

Affiliated

Short-Term

Investments

63,649,191

Collateral

Held

for

Securities

Loaned

51,488,085

Subtotal

Other

Investments

$195,911,734

Total

Investments

at

Value

$998,793,255

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Opportunity

Income

Plus

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

35,288

35,288

–

–

Total

Asset

Derivatives

$35,288

$35,288

$–

$–

Liability

Derivatives

Credit

Default

Swaps

151,437

–

151,437

–

Total

Liability

Derivatives

$151,437

$–

$151,437

$–

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

280

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Opportunity

Income

Plus

Fund's

futures

contracts

held

as

of

January

31,

2025.

Investments

and/or

cash

totaling

$598,809

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

242

March

2025

$

49,725,962

$

35,288

Total

Futures

Long

Contracts

$

49,725,962

$

35,288

Total

Futures

Contracts

$

49,725,962

$35,288

The

following

table

presents

Opportunity

Income

Plus

Fund's

credit

default

swap

contracts

held

as

of

January

31,

2025.

Investments

totaling

$497,766

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

43,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2029

$

9,500,000

$

–

(

$

151,437)

(

$

151,437)

Total

Credit

Default

Swaps

$–

($151,437)

($151,437)

1

As

the

buyer

of

protection,

Opportunity

Income

Plus

Fund

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Opportunity

Income

Plus

Fund

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Opportunity

Income

Plus

Fund

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

281

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

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$74,693

$7,513

$1,545

$80,774

9,815

8.9%

Total

U.S.

Affiliated

Registered

Investment

Companies

74,693

80,774

8.9

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

49,780

84,347

70,478

63,649

6,365

7.0

Total

Affiliated

Short-Term

Investments

49,780

63,649

7.0

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

35,757

108,880

93,149

51,488

51,488

5.7

Total

Collateral

Held

for

Securities

Loaned

35,757

51,488

5.7

Total

Value

$160,230

$195,911

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($301)

$414

$–

$1,263

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

–

–

–

521

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$1,784

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

42

Total

Affiliated

Income

from

Securities

Loaned,

Net

$42

Total

($301)

$414

$–

Small

Cap

Growth

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

282

Shares

Common

Stock

98.1%

Value

Communications

Services  2.6%

122,701

Cargurus,

Inc.

a

$

4,809,879

52,971

QuinStreet,

Inc.

a

1,253,294

Total

6,063,173

Consumer

Discretionary  13.2%

18,863

Boot

Barn

Holdings,

Inc.

a

3,034,114

30,822

Champion

Homes,

Inc.

a

2,845,795

10,901

Grand

Canyon

Education,

Inc.

a

1,914,652

7,121

Group

1

Automotive,

Inc.

3,250,665

13,063

Installed

Building

Products,

Inc.

2,597,447

21,445

Modine

Manufacturing

Company

a

2,175,595

35,595

Patrick

Industries,

Inc.

3,457,698

20,749

SharkNinja,

Inc.

a

2,319,946

42,214

Stoneridge,

Inc.

a

218,246

15,759

Texas

Roadhouse,

Inc.

2,853,955

9,530

Wingstop,

Inc.

2,838,987

35,354

Wyndham

Hotels

&

Resorts,

Inc.

3,712,877

Total

31,219,977

Consumer

Staples  4.7%

22,139

BJ's

Wholesale

Club

Holdings,

Inc.

a

2,192,868

18,799

e.l.f.

Beauty,

Inc.

a

1,878,208

30,921

J

&

J

Snack

Foods

Corporation

4,243,289

5,837

Lancaster

Colony

Corporation

984,935

51,068

Vita

Coco

Company,

Inc.

a

1,911,986

Total

11,211,286

Energy  1.9%

7,980

Gulfport

Energy

Corporation

a

1,424,510

32,934

Matador

Resources

Company

1,910,172

37,503

TechnipFMC

plc

1,126,965

Total

4,461,647

Financials  7.8%

185,818

AvidXchange

Holdings,

Inc.

a

1,969,671

49,791

Glacier

Bancorp,

Inc.

2,473,119

13,571

Hamilton

Lane,

Inc.

2,160,232

15,696

Houlihan

Lokey,

Inc.

2,852,277

6,834

Kinsale

Capital

Group,

Inc.

3,020,218

23,306

RLI

Corporation

1,709,495

55,394

Triumph

Financial,

Inc.

a

4,268,661

Total

18,453,673

Health

Care  17.7%

3,036

Argenx

SE

ADR

a

1,988,975

30,347

Encompass

Health

Corporation

3,012,547

50,584

Globus

Medical,

Inc.

a

4,690,148

36,488

Haemonetics

Corporation

a

2,519,496

29,866

HealthEquity,

Inc.

a

3,297,804

19,185

Inspire

Medical

Systems,

Inc.

a

3,712,297

17,073

Natera,

Inc.

a

3,020,555

14,106

Penumbra,

Inc.

a

3,765,879

20,593

Repligen

Corporation

a

3,422,763

79,507

RxSight,

Inc.

a

2,692,902

183,164

scPharmaceuticals,

Inc.

a

608,104

123,114

Stevanato

Group

SPA

2,758,985

68,265

Twist

Bioscience

Corporation

a

3,575,038

49,216

Vericel

Corporation

a

2,881,105

Total

41,946,598

Industrials  23.1%

5,626

AAR

Corporation

a

381,218

49,608

Atmus

Filtration

Technologies,

Inc.

2,074,607

Shares

Common

Stock  98.1%

Value

Industrials  23.1%

-

continued

68,792

Badger

Infrastructure

Solutions,

Ltd.

$

1,869,669

22,118

Beacon

Roofing

Supply,

Inc.

a

2,617,444

24,807

BWX

Technologies,

Inc.

2,801,454

18,112

Casella

Waste

Systems,

Inc.

a

1,947,764

100,529

CECO

Environmental

Corporation

a

2,846,981

96,080

Enerpac

Tool

Group

Corporation

4,341,855

91,134

ExlService

Holdings,

Inc.

a

4,580,395

43,278

Flowserve

Corporation

2,710,068

147,666

Gates

Industrial

Corporation

plc

a

3,055,209

65,916

Helios

Technologies,

Inc.

2,940,513

5,243

IES

Holdings,

Inc.

a

1,160,171

44,609

Korn

Ferry

3,155,195

15,136

Landstar

System,

Inc.

2,492,294

187,238

Masterbrand,

Inc.

a

3,242,962

15,080

Moog,

Inc.

2,739,433

5,372

Saia,

Inc.

a

2,579,151

15,507

Timken

Company

1,244,747

13,761

UFP

Industries,

Inc.

1,591,460

70,851

WNS

Holdings,

Ltd.

a

4,339,624

Total

54,712,214

Information

Technology  23.1%

29,817

Agilysys,

Inc.

a

2,690,090

29,940

ASGN,

Inc.

a

2,641,007

9,820

CyberArk

Software,

Ltd.

a

3,643,024

21,390

Descartes

Systems

Group,

Inc.

a

2,477,604

13,186

Fabrinet

a

2,850,945

56,200

Gitlab,

Inc.

a

4,089,112

23,502

Guidewire

Software,

Inc.

a

4,965,267

18,614

Impinj,

Inc.

a

2,361,930

92,067

JFrog,

Ltd.

a

3,200,249

49,707

Lattice

Semiconductor

Corporation

a

2,834,293

14,247

Littelfuse,

Inc.

3,395,915

15,223

Onto

Innovation,

Inc.

a

3,117,061

69,531

PDF

Solutions,

Inc.

a

1,937,134

28,492

Pegasystems,

Inc.

3,085,399

25,891

Silicon

Laboratories,

Inc.

a

3,510,561

81,591

TTM

Technologies,

Inc.

a

2,006,323

70,505

Varonis

Systems,

Inc.

a

3,198,107

27,839

Workiva,

Inc.

a

2,734,346

Total

54,738,367

Materials  1.9%

187,908

Constellium

SE

a

1,865,927

52,118

Olin

Corporation

1,526,536

118,452

Tronox

Holdings

plc

1,216,502

Total

4,608,965

Real

Estate  2.1%

15,831

Agree

Realty

Corporation

1,148,856

58,378

National

Storage

Affiliates

Trust

2,168,743

23,631

Terreno

Realty

Corporation

1,545,940

Total

4,863,539

Total

Common

Stock

(cost

$187,321,207)

232,279,439

Small

Cap

Growth

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

283

Shares

Registered

Investment

Companies  

0.5%

Value

U.S.

Unaffiliated  

0.5%  

24,366

iShares

U.S.

Regional

Banks

ETF

$

1,294,809

Total

1,294,809

Total

Registered

Investment

Companies

(cost

$1,303,885)

1,294,809

Shares

Short-Term

Investments

1.1%

Value

Thrivent

Core

Short-Term

Reserve

Fund

270,049

4.630%

2,700,491

Total

Short-Term

Investments

(cost

$2,700,490)

2,700,491

Total

Investments

(cost

$191,325,582)

99.7%

$236,274,739

Other

Assets

and

Liabilities,

Net

0.3%

621,885

Total

Net

Assets

100.0%

$236,896,624

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.

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Small

Cap

Growth

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

6,063,173

6,063,173

–

–

Consumer

Discretionary

31,219,977

31,219,977

–

–

Consumer

Staples

11,211,286

11,211,286

–

–

Energy

4,461,647

4,461,647

–

–

Financials

18,453,673

18,453,673

–

–

Health

Care

41,946,598

41,946,598

–

–

Industrials

54,712,214

52,842,545

1,869,669

–

Information

Technology

54,738,367

54,738,367

–

–

Materials

4,608,965

4,608,965

–

–

Real

Estate

4,863,539

4,863,539

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

1,294,809

1,294,809

–

–

Subtotal

Investments

in

Securities

$233,574,248

$231,704,579

$1,869,669

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

2,700,491

Subtotal

Other

Investments

$2,700,491

Total

Investments

at

Value

$236,274,739

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Small

Cap

Growth

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

284

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Growth

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$3,929

$24,085

$25,314

$2,700

270

1.1%

Total

Affiliated

Short-Term

Investments

3,929

2,700

1.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

1,534

1,534

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$3,929

$2,700

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$–

$–

$–

$56

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$56

Cash

Management

Trust-

Collateral

Investment  

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

$–

$–

$–

Small

Cap

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

285

Shares

Common

Stock

99.4%

Value

Communications

Services  1.5%

674,880

Cogent

Communications

Holdings

$

50,845,459

Total

50,845,459

Consumer

Discretionary  12.4%

766,514

Advance

Auto

Parts,

Inc.

37,175,929

199,277

Boot

Barn

Holdings,

Inc.

a

32,053,706

505,302

Brunswick

Corporation

34,077,567

306,380

Champion

Homes,

Inc.

a

28,288,065

374,210

Columbia

Sportswear

Company

33,042,743

832,177

Cooper-Standard

Holdings,

Inc.

a

12,832,169

165,850

Grand

Canyon

Education,

Inc.

a

29,129,894

59,823

Group

1

Automotive,

Inc.

27,308,601

268,145

La-Z-Boy,

Inc.

12,656,444

127,215

Modine

Manufacturing

Company

a

12,905,962

538,699

PUMA

SE

16,904,463

477,503

SharkNinja,

Inc.

a

53,389,610

518,146

Stoneridge,

Inc.

a

2,678,815

213,490

Texas

Roadhouse,

Inc.

38,663,039

411,808

Wyndham

Hotels

&

Resorts,

Inc.

43,248,076

Total

414,355,083

Consumer

Staples  4.8%

205,327

e.l.f.

Beauty,

Inc.

a

20,514,220

226,294

J

&

J

Snack

Foods

Corporation

31,054,326

639,705

John

B.

Sanfilippo

&

Son,

Inc.

46,276,260

212,845

Lancaster

Colony

Corporation

35,915,465

430,230

Turning

Point

Brands,

Inc.

27,422,860

Total

161,183,131

Energy  4.1%

395,710

Expand

Energy

Corporation

40,204,136

616,612

Matador

Resources

Company

35,763,496

982,717

Noble

Corporation

plc

31,496,080

935,575

TechnipFMC

plc

28,114,029

Total

135,577,741

Financials  15.7%

760,741

Ally

Financial,

Inc.

29,646,077

786,520

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

28,857,419

1,830,410

Bridgewater

Bancshares,

Inc.

a

25,845,389

236,417

Donnelley

Financial

Solutions,

Inc.

a

15,690,996

2,399,685

F.N.B.

Corporation

37,651,058

238,489

Federal

Agricultural

Mortgage

Corporation

47,168,354

910,057

Glacier

Bancorp,

Inc.

45,202,531

293,139

Houlihan

Lokey,

Inc.

53,269,219

130,267

Kinsale

Capital

Group,

Inc.

57,570,198

516,722

Prosperity

Bancshares,

Inc.

41,337,760

808,374

RLI

Corporation

59,294,233

536,150

Triumph

Financial,

Inc.

a

41,315,719

465,034

Western

Alliance

Bancorp

40,862,538

Total

523,711,491

Health

Care  11.1%

60,991

Chemed

Corporation

34,276,942

1,055,348

Concentra

Group

Holdings

Parent,

Inc.

24,600,162

357,404

Encompass

Health

Corporation

35,479,495

655,700

Haemonetics

Corporation

a

45,276,085

76,973

Medpace

Holdings,

Inc.

a

26,875,123

173,354

Penumbra,

Inc.

a

46,280,317

1,192,910

Progyny,

Inc.

a

27,639,725

254,462

Repligen

Corporation

a

42,294,129

1,375,766

Stevanato

Group

SPA

30,830,916

Shares

Common

Stock  99.4%

Value

Health

Care  11.1%

-

continued

747,880

Twist

Bioscience

Corporation

a

$

39,166,475

2,116,977

Viemed

Healthcare,

Inc.

a

17,338,042

Total

370,057,411

Industrials  23.1%

1,072,661

Air

Lease

Corporation

49,556,938

1,989,219

Badger

Infrastructure

Solutions,

Ltd.

54,064,162

1,107,518

Barrett

Business

Services,

Inc.

47,988,755

283,603

BWX

Technologies,

Inc.

32,027,287

731,233

Dayforce,

Inc.

a

51,727,422

265,521

Enerpac

Tool

Group

Corporation

11,998,894

694,569

ExlService

Holdings,

Inc.

a

34,909,038

984,212

Helios

Technologies,

Inc.

43,905,697

86,185

IES

Holdings,

Inc.

a

19,071,017

856,753

Knight-Swift

Transportation

Holdings,

Inc.

48,912,029

489,938

Korn

Ferry

34,653,315

177,751

Landstar

System,

Inc.

29,268,480

2,642,674

Masterbrand,

Inc.

a

45,771,114

342,185

Miller

Industries,

Inc.

22,573,944

208,297

Moog,

Inc.

37,839,233

671,361

Robert

Half,

Inc.

43,497,479

1,418,674

Schneider

National,

Inc.

42,205,552

484,129

Timken

Company

38,861,035

321,300

UFP

Industries,

Inc.

37,158,345

724,253

WNS

Holdings,

Ltd.

a

44,360,496

Total

770,350,232

Information

Technology  12.7%

291,537

ASGN,

Inc.

a

25,716,479

456,727

Ciena

Corporation

a

39,799,191

1,611,630

Cohu,

Inc.

a

36,922,443

193,469

Fabrinet

a

41,829,933

86,961

Guidewire

Software,

Inc.

a

18,372,250

940,651

JFrog,

Ltd.

a

32,697,029

152,058

Littelfuse,

Inc.

36,244,545

133,040

Onto

Innovation,

Inc.

a

27,241,270

369,651

Pegasystems,

Inc.

40,029,507

171,098

Plexus

Corporation

a

24,246,298

2,495,283

TTM

Technologies,

Inc.

a

61,359,009

132,195

Universal

Display

Corporation

19,818,674

471,925

Varonis

Systems,

Inc.

a

21,406,518

Total

425,683,146

Materials  6.4%

531,937

Greif,

Inc.

32,565,183

724,867

Ingevity

Corporation

a

32,872,718

2,520,337

Ivanhoe

Mines,

Ltd.

a

27,070,190

873,516

Olin

Corporation

25,585,284

3,965,467

Tronox

Holdings

plc

40,725,346

61,013

United

States

Lime

&

Minerals,

Inc.

6,746,818

556,816

West

Fraser

Timber

Company,

Ltd.

48,320,492

Total

213,886,031

Real

Estate  5.4%

559,638

Agree

Realty

Corporation

40,612,930

3,167,268

Cushman

and

Wakefield

plc

a

43,676,626

1,410,174

National

Storage

Affiliates

Trust

52,387,964

648,730

Terreno

Realty

Corporation

42,439,916

Total

179,117,436

Utilities  2.2%

308,603

Northwestern

Energy

Group,

Inc.

16,636,788

Small

Cap

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

286

Definitions:

plc

-

Public

Limited

Company

Shares

Common

Stock  99.4%

Value

Utilities  2.2%

-

continued

638,773

Portland

General

Electric

Company

$

26,279,121

415,359

Spire,

Inc.

29,473,875

Total

72,389,784

Total

Common

Stock

(cost

$2,851,676,407)

3,317,156,945

Shares

Short-Term

Investments

0.4%

Value

Thrivent

Core

Short-Term

Reserve

Fund

1,233,109

4.630%

12,331,086

Total

Short-Term

Investments

(cost

$12,331,086)

12,331,086

Total

Investments

(cost

$2,864,007,493)

99.8%

$3,329,488,031

Other

Assets

and

Liabilities,

Net

0.2%

6,364,173

Total

Net

Assets

100.0%

$3,335,852,204

a

Non-income

producing

security.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

January

31,

2025,

in

valuing

Small

Cap

Stock

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

50,845,459

50,845,459

–

–

Consumer

Discretionary

414,355,083

397,450,620

16,904,463

–

Consumer

Staples

161,183,131

161,183,131

–

–

Energy

135,577,741

135,577,741

–

–

Financials

523,711,491

523,711,491

–

–

Health

Care

370,057,411

370,057,411

–

–

Industrials

770,350,232

716,286,070

54,064,162

–

Information

Technology

425,683,146

425,683,146

–

–

Materials

213,886,031

186,815,841

27,070,190

–

Real

Estate

179,117,436

179,117,436

–

–

Utilities

72,389,784

72,389,784

–

–

Subtotal

Investments

in

Securities

$3,317,156,945

$3,219,118,130

$98,038,815

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

12,331,086

Subtotal

Other

Investments

$12,331,086

Total

Investments

at

Value

$3,329,488,031

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Small

Cap

Stock

Fund

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

287

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Stock

Fund,

is

as

follows:

Fund

Value

10/31/2024

Gross

Purchases

Gross

Sales

Value

1/31/2025

Shares

Held

at

1/31/2025

%

of

Net

Assets

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$112,896

$237,429

$337,994

$12,331

1,233

0.4%

Total

Affiliated

Short-Term

Investments

112,896

12,331

0.4

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

49,664

124,882

174,546

–

–

–

Total

Collateral

Held

for

Securities

Loaned

49,664

–

–

Total

Value

$162,560

$12,331

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2024

-

1/31/2025

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.630%

$–

$–

$–

$859

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$859

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

15

Total

Affiliated

Income

from

Securities

Loaned,

Net

$15

Total

$–

$–

$–

Notes

to

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

288

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments 

—

The

Funds

record

their

investments

at

fair

value

using

market

quotations

when

they

are

readily

available

pursuant

to

Rule

2a-5. 

The

Funds'

investments

are

recorded

at

fair

value

determined

in

good

faith

when

market

quotations

are

not

readily

available. 

Securities

traded

on

U.S.

or

foreign

securities

exchanges

or

included

in

a

national

market

system

are

valued

at

the

last

sale

price

on

the

principal

exchange

as

of

the

close

of

regular

trading

on

such

exchange

or

the

official

closing

price

of

the

national

market

system.  Over-the-counter

securities

and

listed

securities

for

which

no

price

is

readily

available

are

valued

at

the

current

bid

price

considered

best

to

represent

the

value

at

that

time.

Security

prices

are

based

on

quotes

that

are

obtained

from

an

independent

pricing

service

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”).

The

pricing

service,

in

determining

values

of

fixed-income

securities,

takes

into

consideration

such

factors

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

and

other

yield

and

risk

factors

it

deems

relevant

in

determining

valuations.

Securities

which

cannot

be

valued

by

the

approved

pricing

service

are

valued

using

valuations

obtained

from

dealers

that

make

markets

in

the

securities.

Exchange-listed

options and

futures

contracts

are

valued

at

the

primary

exchange

settle

price. 

Exchange

cleared

swap

agreements are

valued at the

clearinghouse

end

of

day

price. 

Swap

agreements

not

cleared

on

exchanges will

be

valued at

the

mid-price

from

the

primary

approved pricing

service. 

Forward

foreign

currency

exchange

contracts

are

marked-to-

market

based

upon

foreign

currency

exchange

rates

provided

by

the

pricing

service.

Investments

in

open-ended

mutual

funds

are

valued

at

the

net

asset

value

at

the

close

of

each

business

day.

Thrivent

Money

Market

seeks

to

maintain

a stable

net

asset

value

of

$1.00

per

share,

pursuant

to

procedures

established

by

the

Board,

and

generally

utilizes

the

amortized

cost

method. 

Valuing securities

held

by

Money

Market

on

the

basis

of

amortized

cost

(which

approximates

market

value)

involves

a constant

amortization

of

premium

or

accretion

of discount

to

maturity.

Money

Market

will

not

value

a

security

at

amortized

cost,

but

will

instead

make

a

fair

value

determination

of

each

security,

if

it

determines

that

amortized

cost

is

not

approximately

the

same

as

the

fair

value

of

the

security. 

The

Board

has

chosen

the

Funds'

investment

Adviser

as

the

valuation

designee,

responsible

for daily

valuation

of

the

Funds'

securities.

The

Adviser

has

formed

a

Valuation

Committee

(the

“Committee”)

that

is

responsible

for

overseeing

the

Funds'

valuation

policies

in

accordance

with

Valuation

Policies

and

Procedures.

The

Committee

meets

on

a

monthly

and

on

an

as-

needed

basis

to

review

price

challenges,

price

overrides,

stale

prices,

shadow

prices,

manual

prices,

money

market

pricing,

international

fair

valuation,

and

other

securities

requiring

fair

valuation. 

Certain

Funds

may

invest

in

Private

Equity Funds

("Private

Funds"),

which

are

fair

valued

by

the

Funds

pursuant

to

valuation

procedures

designed

by

the

Committee.  Private

Funds

are

typically

valued

at

an

amount

equal

to

the

Net

Asset

Value

(NAV)

of

a

fund's

investment

in

the Private

Fund

when

this

information

is

readily

available

to

the

fund. 

This

is

commonly

referred

to

as

using

the

NAV

as

a

practical

expedient,

which

allows

for

the

estimation

of

the

fair

value

of

an

investment

in

an investment

company

based

on

the

NAV

of

the

investment

company,

if

it

is

calculated

in

a

manner

consistent

with

ASC

946. 

The

Committee

has

determined

that

for

the

Private

Funds

held

by

the

Funds,

if

the

NAV

of

the

Private

Fund

is

not

readily

available

for

the

daily

pricing

needs

of

the

Funds,

the

Committee,

pursuant

to

the

valuation

procedures,

will

adjust

the

daily

value

of

the Private

Fund

via

a

model

utilizing

unobservable

inputs. 

The

Committee

monitors

for

significant

events

occurring

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

that

could

have

a

material

impact

on

the

value

of

any

securities

that

are

held

by

the

Funds.

Examples

of

such

events

include

trading

halts,

national

news/events,

and

issuer-specific

developments.

If

the

Committee

decides

that

such

events

warrant

using

fair

value

estimates,

the

Committee

will

take

such

events

into

consideration

in

determining

the

fair

value

of

such

securities.

If

market

quotations

or

prices

are

not

readily

available

or

determined

to

be

unreliable,

the

securities

will

be

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

In

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP"),

the

various

inputs

used

to

determine

the

fair

value

of

the

Funds’

investments

are

summarized

in

three

broad

levels.  Level

1

includes

quoted

prices

in

active

markets

for

identical

securities;

typically

included

in

this

level

are

U.S.

equity

securities,

futures,

options

and

registered

investment

company

funds.  Level

2

includes

other

significant

observable

inputs

such

as

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk;

typically

included

in

this

level

are

fixed

income

securities,

international

securities,

swaps

and

forward

contracts.  Level

3

includes

significant

unobservable

inputs

such

as

the

Adviser’s

own

assumptions

and

broker

evaluations

in

determining

the

fair

value

of

investments.

The

valuation

levels

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

securities

or

other

investments. 

Investments

measured

using

net

asset

value

per

share

as

a

practical

expedient

for

fair

value

and

that

are

not

publicly

available

for

sale

are

not

categorized

within

the

fair

value

hierarchy.

Valuation

of

International

Securities

—

The

Funds

value

certain

foreign

securities

traded

on

foreign

exchanges

that

close

prior

to

the

close of

the

New

York

Stock

Exchange

using

a

fair

value

pricing

service. 

The

fair

value

pricing

service

uses

a

multi-factor

model

that

may

take

into

account

the

local

close,

relevant

general

and

sector

indices,

currency

fluctuation,

prices

of

other

securities

(including

ADRs,

New

York

registered

shares,

and

ETFs),

and

futures,

as

applicable,

to

determine

price

adjustments

for

each

Notes

to

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

289

security

in

order

to

reflect

the

effects

of

post-closing

events. 

The

Board

has

authorized

the

Adviser

to

make

fair

valuation

determinations

pursuant

to

policies

approved

by

the

Board.

Derivative

Financial

Instruments 

—

Each Fund,

with

the

exception

of the

Money

Market

Fund,

may

invest

in

derivatives, a

category

that

includes

options,

futures,

swaps,

foreign

currency

forward

contracts

and

hybrid

instruments. Derivatives are

financial

instruments

whose

value

is

derived

from

another

security,

an

index

or

a

currency.

Each applicable

Fund

may

use

derivatives

for

hedging

(attempting

to

offset

a

potential

loss

in

one

position

by

establishing

an

interest

in

an

opposite

position).

This

includes

the

use

of

currency-based

derivatives to

manage

the

risk

of its

positions

in

foreign

securities.

Each applicable

Fund

may

also

use

derivatives

for

replication

of

a

certain

asset

class

or

speculation

(investing

for

potential

income

or

capital

gain).

These

contracts

may

be

transacted

on

an

exchange

or

over-the-counter

("OTC").

A

derivative

may

incur

a loss

if

the

value

of

the

derivative

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

derivative.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

derivative

contract.

A

Fund’s

risk

of

loss

from

the

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

such

Fund.

With

exchange

traded

futures

and

centrally

cleared

swaps,

there

is

minimal

counterparty

credit

risk

to

the

Funds

because

the

exchange’s

clearinghouse,

as

counterparty

to

such

derivatives,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

derivative;

thus,

the

credit

risk

is

limited

to

the

failure

of

the

clearinghouse.

However,

credit

risk

still

exists

in

exchange

traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

broker’s

customer

accounts.

While

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

broker

for

all

its

clients,

U.S.

bankruptcy

laws

will

typically

allocate

that

shortfall

on

a

pro-rata

basis

across

all

of

the

broker’s

customers,

potentially

resulting

in

losses to

the

Funds.

Using

derivatives

to

hedge

can

guard

against

potential

risks,

but

it

also

adds

to

the

Funds'

expenses

and

can

eliminate

some

opportunities

for

gains.

In

addition,

a

derivative

used

for mitigating

exposure or

replication

may

not

accurately

track

the

value

of

the

underlying

asset.

Another

risk

with

derivatives

is

that

some

types

can

amplify

a

gain

or

loss,

potentially

earning

or

losing

substantially

more

money

than

the

actual

cost

of

the

derivative.

 In

order

to

define

their

contractual

rights

and

to

secure

rights

that

will

help

the

Funds

mitigate

their

counterparty

risk,

the

Funds

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

foreign

exchange

contracts

and

typically

includes,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

each

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivatives'

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

a

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

Note,

however,

that

bankruptcy

and

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

and

margin

requirements

vary

by

type

of

derivative.

Margin

requirements

are

established

by

the

broker

or

clearinghouse

for

exchange

traded

and

centrally

cleared

derivatives

(futures,

options,

and

centrally

cleared

swaps).

Brokers

can

ask

for

margining

in

excess

of

the

minimum requirements in

certain

situations.

Collateral

terms

are

contract

specific

for

OTC

derivatives

(foreign

currency

exchange

contracts,

options

and

swaps).

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark

to

market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

For

financial

reporting

purposes,

non-cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

has

been

noted

in

the

Schedule

of

Investments.

To

the

extent

amounts

due

to a

Fund

from

its

counterparties

are

not

fully

collateralized,

contractually

or

otherwise,

the

Fund

bears

the

risk

of

loss

from

counterparty

nonperformance.

The

Funds

attempt

to

mitigate

counterparty

risk

by

only

entering

into

agreements

with

counterparties

that

they

believe

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Options 

—

All

Funds,

with

the

exception

of the

Money

Market

Fund, may

buy

put

and

call

options

and

write

put

and

covered

call

options.

The

Funds

intend

to

use

such

derivative

instruments

as

hedges

to

facilitate

buying

or

selling

securities

or

to

provide

protection

against

adverse

movements

in

security

prices

or

interest

rates.

The

Funds

may

also

enter

into

options

contracts

to

protect

against

adverse

foreign

exchange

rate

fluctuations.

Option

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded.

A

Fund

will

realize

a

gain

or

loss

upon

expiration

or

closing

of

the

option

transaction.

When

an

option

is

exercised,

the

proceeds

upon

sale

for

a

written

call

option

or

the

cost

of

a

security

for

purchased

put

and

call

options

is

adjusted

by

the

amount

of

premium

received

or

paid.

Buying

put

options

tends

to

decrease

a

Fund’s

exposure

to

the

underlying

security

while

buying

call

options

tends

to

increase

a

Fund’s

exposure

to

the

underlying

security.

The

risk

associated

with

purchasing

put

and

call

options

is

limited

to

the

premium

paid.

There

is

no

significant

counterparty

risk

on

exchange-traded

options

as

the

exchange

guarantees

the

contract

against

default.

Writing

put

options

tends

to

increase

a

Fund’s

exposure

to

the

underlying

security

while

writing

call

options

tends

to

decrease

a

Fund’s

exposure

to

the

underlying

security.

The

writer

of

an

option

has

no

control

over

whether

the

underlying

security

may

be

bought

Notes

to

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

290

or

sold,

and

therefore

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

underlying

security.

The

counterparty

risk

for

purchased

options

arises

when

a

Fund

has

purchased

an

option,

exercises

that

option,

and

the

counterparty

doesn’t

buy

from

the

Fund

or

sell

to

the

Fund

the

underlying

asset

as

required.

In

the

case

where

a

Fund

has

written

an

option,

the

Fund

doesn’t

have

counterparty

risk.

Counterparty

risk

on

purchased

over-

the-counter

options

is

partially

mitigated

by

the

Fund’s

collateral

posting

requirements.

As

the

option

increases

in

value

to

the

Fund,

the

Fund

receives

collateral

from

the

counterparty.

Risks

of

loss

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

During

the three

months

ended

January

31,

2025,

none

of

the

Funds

invested

in

options.

Futures

Contracts 

—

All

Funds,

with

the

exception

of

the

Money

Market

Fund, may

use

futures

contracts

to

manage

the

exposure

to

interest

rate

and

market

or

currency

fluctuations.

Gains

or

losses

on

futures

contracts

can

offset

changes

in

the

yield

of

securities.

When

a

futures

contract

is

opened,

cash

or

other

investments

equal

to

the

required

“initial

margin

deposit”

are

held

on

deposit

with

and

pledged

to

the

broker.

Additional

securities

held

by

the

Funds

may

be

earmarked

to

cover

open

futures

contracts. A

futures

contract’s

daily

change

in

value

(“variation

margin”)

is

either

paid

to

or

received

from

the

broker,

and

is

recorded

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

realized

gain

or

loss

is

recorded

equal

to

the

difference

between

the

value

of

the

contract

when

opened

and

the

value

of

the

contract

when

closed.

Futures

contracts

involve,

to

varying

degrees,

risk

of

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Exchange-traded

futures

have

no

significant

counterparty

risk

as

the

exchange

guarantees

the

contracts

against

default.

During

the three

months

ended January

31,

2025, Aggressive

Allocation,

Balanced

Income

Plus,

Government

Bond,

High

Income

Municipal

Bond, Income, 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 three

months

ended January

31,

2025,

Aggressive

Allocation,

Balanced

Income

Plus, Global

Stock,

International

Allocation,

Moderate

Allocation,

Moderately

Aggressive

Allocation, and

Moderately

Conservative

Allocation used

equity

futures

to

manage

exposure

to

the

equities

markets.

During

the three

months

ended

January

31,

2025,

Aggressive

Allocation,

Balanced

Income

Plus,

Global

Stock,

International

Allocation,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation

used

foreign

exchange

futures

to

hedge

currency

risk. 

Swap

Agreements 

—

All

Funds,

with

the

exception

of

the

Money

Market

Fund, may enter

into

swap

transactions,

which

involve

swapping

one

or

more

investment

characteristics

of

a

security

or

a

basket

of

securities

with

another

party.

Such

transactions

include

market

risk,

risk

of

default

by

the

other

party

to

the

transaction,

risk

of

imperfect

correlation

and

manager

risk

and

may

involve

commissions

or

other

costs.

Swap

transactions

generally

do

not

involve

delivery

of

securities,

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

swap

transactions

is

generally

limited

to

the

net

amount

of

payments

that

the

Fund

is

contractually

obligated

to

make,

or

in

the

case

of

the

counterparty

defaulting,

the

net

amount

of

payments

that

the

Fund

is

contractually

entitled

to

receive.

Risks

of

loss

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

there

is

a

default

by

the

counterparty,

the

Fund

may

have

contractual

remedies

pursuant

to

the

agreements

related

to

the

transaction.

The

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded.

Swap

agreements

are

valued

at

the

clearinghouse

end

of

day

prices

as

furnished by

an

independent

pricing

service.

The

pricing

service

takes

into

account

such

factors

as

swap

curves,

default

probabilities,

recent

trades,

recovery

rates

and

other

factors

it

deems

relevant

in

determining

valuations.

Daily

fluctuations

in

the

value

of

the

centrally

cleared

credit

default

contracts

are

recorded

in

variation

margin

in

the

Statement

of

Assets

and

Liabilities

and

recorded

as

unrealized

gain

or

loss.

The

Fund

accrues

for

the

periodic

payment

and

amortizes

upfront

payments,

if

any,

on

swap

agreements

on

a

daily

basis

with

the

net

amount

recorded

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Receipts

and

payments

received

or

made

as

a

result

of

a

credit

event

or

termination

of

the

contract

are

also

recognized

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Collateral,

in

the

form

of

cash

or

securities,

may

be

required

to

be

held

with

the

Fund’s

custodian,

or

a

third

party,

in

connection

with

these

agreements.

Certain swap

agreements

are

over-the-counter. In

these

types

of

transactions,

the

Fund

is

exposed

to

counterparty

risk,

which

is

the

discounted

net

amount

of

payments

owed

to

the

Fund.

This

risk

is

partially

mitigated

by

the

Fund’s

collateral

posting

requirements.

As

the

swap

increases

in

value

to

the

Fund,

the

Fund

receives

collateral

from

the

counterparty.  Certain

interest

rate

and

credit

default

index

swaps

must

be

cleared

through

a

clearinghouse

or

central

counterparty.

Credit

Default

Swaps 

—

A

credit

default

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

credit

risk

of

a

particular

issuer,

basket

of

securities

or

reference

entity.

In

a

credit

default

swap

transaction,

a

buyer

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

The

seller

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

A

Notes

to

Schedule

of

Investments

as

of

January

31,

2025

(unaudited)

291

buyer

of

a

credit

default

swap

is

said

to

buy

protection

whereas

a

seller

of

a

credit

default

swap

is

said

to

sell

protection.

The

Funds

may

be

either

the

protection

seller

or

the

protection

buyer.

Certain

Funds

enter

into

credit

default

derivative

contracts

directly

through

credit

default

swaps

("CDS")

or

through

credit

default

swap

indices

("CDX

Indices").

CDX

Indices

are

static

pools

of

equally

weighted

credit

default

swaps

referencing

corporate

bonds

and/or

loans

designed

to increase

or

decrease diversified

credit

exposure

to

these

asset

classes.

Funds

sell

default

protection

and

assume

long-risk

positions

in

individual

credits

or

indices.

Index

positions

are

entered

into

to

gain

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure.

In

the

event

that

a

position

defaults,

by

going

into

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money,

within

any CDX

Indices

held,

the

maximum

potential

amount

of

future

payments

required

would

be

equal

to

the

pro-rata

share

of

that

position

within

the

index

based

on

the

notional

amount

of

the

index.

In

the

event

of

a

default

under

a

CDS

contract,

the

maximum

potential

amount

of

future

payments

would

be

the

notional

amount.

Funds

buy

default

protection

in

order

to

reduce

their

overall

credit

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure. 

If

a

default

event

as

specified

in

the

CDS

reference

entity

agreement

occurs,

the

Fund

has

the

option

to

receive

a

cash

payment

in

exchange

for

the

credit

loss

of

the

reference

entity

obligation

as

of

the

date

of

the

credit

event. 

A

realized

gain

or

loss

is

recorded

upon

a

default

event

or

the

maturity

or

termination

of

the

CDS

agreement. 

For

CDS,

the

default

events

could

be

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money

or

a

restructuring.

A

restructuring

is

a

change

in

the

underlying

obligations

which

could

include

a

reduction

in

interest

or

principal,

maturity

extension and

subordination

to

other

obligations.

During

the

three

months

ended January

31,

2025,

Balanced

Income

Plus and

Opportunity

Income

Plus

used

CDX

Indices

(comprised

of

credit

default

swaps)

to

help

manage

credit

risk

exposures

within

the

Fund.

Total

Rate

of

Return

Swaps

—

A

total

rate

of

return

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

total

return

of

a

particular

reference

asset.

A

total

return

swap

involves

commitments

to

pay

interest

in

exchange

for

a

market

linked

return

based

on

a

notional

amount.

To

the

extent

that

the

total

return

of

the

security,

group

of

securities,

or

index

underlying

the

transactions

exceeds

or

fall

short

of

the

offsetting

interest

obligation,

the

Funds

will

receive

a

payment

from

or

make

a

payment

to

the

counterparty.

The

Funds

may

take

a

"long"

or

"short"

position

with

respect

to

the

underlying

referenced

asset.

During

the

three

months

ended January

31,

2025,

Aggressive

Allocation,

Balanced

Income

Plus,

Global

Stock,

Moderately

Aggressive

Allocation,

Moderate

Allocation,

and

Moderately

Conservative

Allocation used

total

rate

of

return

swaps

to manage

exposure

to

the

equities

market.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements

in

the

Statement

of

Assets

and

Liabilities.

Securities

Lending 

— The

Trust

has

entered

into

a

Securities

Lending

Agreement

(the

“Agreement”)

with

Goldman

Sachs

Bank

USA,

doing

business

as

Goldman

Sachs

Agency

Lending

("GSAL").

The

Agreement

authorizes

GSAL

to

lend

securities

to

authorized

borrowers

on

behalf

of

the

Funds.

Pursuant

to

the

Agreement, loaned

securities

are

typically

initially

collateralized equal

to

at

least

102%

of

the

market

value

of

U.S.

securities

and

105% of

the

market

value

of non-U.S.

securities.

Daily

market

fluctuations

could

cause

the

value

of

loaned

securities

to

be

more

or

less

than

the

value

of

the

collateral

received.

Any

additional

collateral

is

adjusted

and

settled

on

the

next

business

day.

The

Trust

has

the

ability

to

recall

the

loans

at

any

time

and

could

do

so

in

order

to

vote

proxies

or

sell

the

loaned

securities.

All

cash

collateral

received

is

invested

in

Thrivent Cash Management Trust.

The

Funds

receive

dividends

and

interest

that

would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral.

Amounts

earned

on

investments

in

Thrivent Cash

Management Trust,

net

of

rebates,

fees

paid

to

GSAL

for

services

provided

and

any

other

securities

lending

expenses,

are

included

in

affiliated income

from

securities

loaned,

net on

the

Statement

of

Operations.

By

investing

any

cash

collateral

it

receives

in

these

transactions,

a

Fund

could

realize

additional

gains

or

losses.

If

the

borrower

fails

to

return

the

securities

or

the

invested

collateral

has

declined

in

value, a

Fund

could

lose

money. 

Generally,

in

the

event

of

borrower

default, a Fund

has

the

right

to

use

the

collateral

to

offset

any

losses

incurred.

However,

in

the

event a

Fund

is

delayed

or

prevented

from

exercising

its

right

to

dispose

of

the

collateral,

there

may

be

a

potential

loss.

Some

of

these

losses

may

be

indemnified

by

the

lending

agent.

 Additional

information

for

the

Funds’

policy

regarding

valuation

of

investments

and

other

significant

accounting

policies

can

be

obtained

by

referring

to

the

Funds’

most

recent

annual

or

semiannual

shareholder

report.