Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Principal

Amount

Long-Term

Fixed

Income

69.3%

Value

Asset-Backed

Securities  5.6%

AGL

CLO

13,

Ltd.

$

1,100,000

6.205%, 

(TSFR3M

+

1.912%),

10/20/2034,

Ser.

2021-13A,

Class

B

a,b

$

1,100,561

Anchorage

Capital

CLO

20,

Ltd.

850,000

7.493%, 

(TSFR3M

+

3.200%),

1/20/2035,

Ser.

2021-20A,

Class

DR

a,b

850,672

Anchorage

Capital

CLO

21,

Ltd.

1,225,000

6.193%, 

(TSFR3M

+

1.900%),

10/20/2034,

Ser.

2021-21A,

Class

CR

a,b

1,214,112

Balboa

Bay

Loan

Funding,

Ltd.

750,000

6.267%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

a,b

744,101

1,050,000

6.566%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

a,b

1,050,000

Barings

Loan

Partners

CLO,

Ltd.

2

1,500,000

5.955%, 

(TSFR3M

+

1.650%),

1/20/2034,

Ser.

LP-

2A,

Class

CR

a,b

1,484,013

Business

Jet

Securities,

LLC

763,163

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

744,143

1,543,273

6.197%, 

5/15/2039,

Ser.

2024-1A,

Class

A

a

1,571,857

CarVal

CLO

IV,

Ltd.

1,250,000

6.305%, 

(TSFR3M

+

2.012%),

7/20/2034,

Ser.

2021-1A,

Class

B

a,b

1,250,674

CarVal

CLO,

Ltd.

1,700,000

7.993%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

a,b

1,705,663

Cascade

Funding

Mortgage

Trust,

LLC

644,339

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,b

637,971

Hertz

Vehicle

Financing

III,

LLC

1,425,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

a

1,432,747

Hotwire

Funding,

LLC

1,500,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

1,526,687

HTAP

955,548

7.000%, 

4/25/2037,

Ser.

2024-1,

Class

A

a

950,218

HTAP

Issuer

Trust

683,986

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

675,458

MetroNet

Infrastructure

Issuer,

LLC

1,500,000

6.230%, 

4/20/2054,

Ser.

2024-1A,

Class

A2

a

1,534,539

MFA

Trust

725,242

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

c

726,243

Pagaya

AI

Debt

Grantor

Trust

1,002,835

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

1,002,222

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Asset-Backed

Securities  5.6%

-

continued

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

$

614,053

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

$

620,189

Palmer

Square

Loan

Funding,

Ltd.

250,000

6.150%, 

(TSFR3M

+

1.700%),

1/15/2033,

Ser.

2024-2A,

Class

B

a,b

247,666

825,000

5.921%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

a,b

824,413

Pretium

Mortgage

Credit

Partners,

LLC

1,900,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

a,c

1,852,416

1,173,741

7.143%, 

3/25/2054,

Ser.

2024-RN1,

Class

A1

a,c

1,181,091

1,650,000

8.232%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A2

a,c

1,653,474

1,426,046

7.520%, 

4/27/2054,

Ser.

2024-NPL3,

Class

A1

a,c

1,429,390

1,336,733

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

a,c

1,323,009

1,422,457

6.996%, 

7/25/2054,

Ser.

2024-NPL4,

Class

A1

a,c

1,422,929

RCO

VII

Mortgage,

LLC

969,220

7.021%, 

1/25/2029,

Ser.

2024-1,

Class

A1

a,c

971,910

Renaissance

Home

Equity

Loan

Trust

1,429,634

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

c

517,678

Saxon

Asset

Securities

Trust

567,623

3.654%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

500,440

Sculptor

CLO

XXVIII,

Ltd.

1,700,000

6.253%, 

(TSFR3M

+

1.950%),

1/20/2035,

Ser.

28A,

Class

CR

a,b

1,692,699

Signal

Peak

CLO

1,

Ltd.

1,100,000

6.240%, 

(TSFR3M

+

1.950%),

4/17/2034,

Ser.

2014-1A,

Class

CR4

a,b

1,089,543

Silver

Point

CLO

2,

Ltd.

1,800,000

6.993%, 

(TSFR3M

+

2.700%),

4/20/2035,

Ser.

2023-2A,

Class

A2

a,b

1,800,448

Stanwich

Mortgage

Loan

Company,

LLC

36,845

6.235%, 

10/16/2026,

Ser.

2021-NPB1,

Class

A1

a

36,906

Sunnova

Hestia

II

Issuer,

LLC

1,181,503

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,d

1,186,645

Symphony

CLO

XX,

Ltd.

1,050,000

7.308%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

1,050,870

TCW

CLO,

Ltd.

1,400,000

6.330%, 

(TSFR3M

+

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b

1,387,492

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Asset-Backed

Securities  5.6%

-

continued

Unlock

HEA

Trust

$

1,370,719

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

$

1,364,810

1,339,431

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

1,330,439

632,042

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

619,137

Upstart

Securitization

Trust

62,340

6.770%, 

6/20/2033,

Ser.

2023-2,

Class

A

a

62,469

Vericrest

Opportunity

Loan

Transferee

1,336,400

8.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

a

1,338,595

1,659,663

8.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

a

1,662,520

1,158,921

8.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a

1,161,137

342,861

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a

342,413

1,757,653

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a,c

1,756,351

407,300

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,c

399,483

Whitebox

CLO

I,

Ltd.

500,000

6.297%, 

(TSFR3M

+

2.000%),

7/24/2036,

Ser.

2019-1A,

Class

CRR

a,b

500,145

Whitebox

CLO

IV,

Ltd.

1,250,000

6.893%, 

(TSFR3M

+

2.600%),

4/20/2036,

Ser.

2023-4A,

Class

B

a,b

1,250,010

Wind

River

CLO,

Ltd.

950,000

6.555%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

950,309

Total

53,728,907

Basic

Materials  0.9%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

167,000

8.625%, 

6/15/2029

a

174,997

Alumina,

Pty.

Ltd.

200,000

6.125%, 

3/15/2030

a

199,492

ATI,

Inc.

268,000

7.250%, 

8/15/2030

276,238

Avient

Corporation

84,000

6.250%, 

11/1/2031

a

83,210

Axalta

Coating

Systems

Dutch

Holding

B

BV

163,000

7.250%, 

2/15/2031

a

168,107

Cascades,

Inc./Cascades

USA,

Inc.

297,000

5.125%, 

1/15/2026

a

294,292

Celanese

US

Holdings,

LLC

45,000

6.600%, 

11/15/2028

46,416

75,000

6.500%, 

4/15/2030

74,459

55,000

6.629%, 

7/15/2032

56,483

25,000

6.750%, 

4/15/2033

24,269

Cerdia

Finanz

GmbH

56,000

9.375%, 

10/3/2031

a

57,294

Chemours

Company

270,000

5.750%, 

11/15/2028

a

249,032

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Basic

Materials  0.9%

-

continued

Chevron

Phillips

Chemical

Company,

LLC

$

303,000

4.750%, 

5/15/2030

a

$

302,520

Cleveland-Cliffs,

Inc.

130,000

5.875%, 

6/1/2027

129,089

210,000

4.625%, 

3/1/2029

a

195,146

118,000

4.875%, 

3/1/2031

a

102,669

78,000

7.375%, 

5/1/2033

a

74,844

118,000

6.250%, 

10/1/2040

96,227

Consolidated

Energy

Finance

SA

409,000

5.625%, 

10/15/2028

a

351,740

Eastman

Chemical

Company

240,000

5.000%, 

8/1/2029

241,251

Ecolab,

Inc.

174,000

2.125%, 

2/1/2032

e

147,482

First

Quantum

Minerals,

Ltd.

70,000

6.875%, 

10/15/2027

a

69,944

FMC

Corporation

135,000

5.150%, 

5/18/2026

135,345

FMG

Resources

August

2006,

Pty.

Ltd.

118,000

5.875%, 

4/15/2030

a

116,529

Glencore

Funding,

LLC

196,000

4.000%, 

3/27/2027

a

193,325

Hecla

Mining

Company

160,000

7.250%, 

2/15/2028

161,509

Hudbay

Minerals,

Inc.

198,000

4.500%, 

4/1/2026

a

195,030

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

142,000

9.000%, 

7/1/2028

a

141,143

INEOS

Finance

plc

353,000

7.500%, 

4/15/2029

a

351,284

International

Flavors

&

Fragrances,

Inc.

201,000

1.230%, 

10/1/2025

a

197,308

Magnera

Corporation

179,000

7.250%, 

11/15/2031

a

174,097

Mercer

International,

Inc.

143,000

5.125%, 

2/1/2029

122,549

Methanex

Corporation

179,000

5.125%, 

10/15/2027

175,500

119,000

5.250%, 

12/15/2029

e

114,291

Methanex

US

Operations,

Inc.

102,000

6.250%, 

3/15/2032

a

99,352

Mineral

Resources,

Ltd.

192,000

9.250%, 

10/1/2028

a

191,979

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

200,000

5.350%, 

3/15/2034

201,843

Novelis

Corporation

53,000

3.250%, 

11/15/2026

a

51,237

124,000

4.750%, 

1/30/2030

a

115,618

150,000

3.875%, 

8/15/2031

a

130,411

Olin

Corporation

104,000

6.625%, 

4/1/2033

a

101,048

Peabody

Energy

Corporation,

Convertible

340,000

3.250%, 

3/1/2028

350,710

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

250,000

5.375%, 

11/1/2026

a

245,901

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Basic

Materials  0.9%

-

continued

Sherwin-Williams

Company

$

144,000

4.800%, 

9/1/2031

$

143,638

Smurfit

Kappa

Treasury,

ULC

210,000

5.777%, 

4/3/2054

a

207,096

SNF

Group

SACA

231,000

3.375%, 

3/15/2030

a

203,988

Steel

Dynamics,

Inc.

114,000

5.250%, 

5/15/2035

112,912

SunCoke

Energy,

Inc.

435,000

4.875%, 

6/30/2029

a

399,216

Taseko

Mines,

Ltd.

248,000

8.250%, 

5/1/2030

a

253,201

Tronox,

Inc.

124,000

4.625%, 

3/15/2029

a

106,049

United

States

Steel

Corporation,

Convertible

211,000

5.000%, 

11/1/2026

667,182

Total

9,074,492

Capital

Goods  1.6%

Advanced

Drainage

Systems,

Inc.

242,000

6.375%, 

6/15/2030

a

243,053

AECOM

27,000

5.125%, 

3/15/2027

26,789

Amsted

Industries,

Inc.

213,000

6.375%, 

3/15/2033

a

211,870

Axon

Enterprise,

Inc.

38,000

6.125%, 

3/15/2030

a

38,351

38,000

6.250%, 

3/15/2033

a

38,391

BAE

Systems

plc

200,000

5.500%, 

3/26/2054

a,e

197,567

Boeing

Company

136,000

6.858%, 

5/1/2054

147,723

222,000

2.196%, 

2/4/2026

217,205

197,000

3.250%, 

3/1/2028

187,986

293,000

5.150%, 

5/1/2030

294,817

68,000

6.528%, 

5/1/2034

72,861

Bombardier,

Inc.

258,000

7.250%, 

7/1/2031

a

258,878

338,000

7.000%, 

6/1/2032

a,e

336,538

Builders

FirstSource,

Inc.

250,000

5.000%, 

3/1/2030

a

238,940

Camelot

Return

Merger

Sub,

Inc.

177,000

8.750%, 

8/1/2028

a

145,804

Canpack

SA/Canpack

US,

LLC

366,000

3.875%, 

11/15/2029

a

331,669

Carrier

Global

Corporation

265,000

2.722%, 

2/15/2030

242,370

Chart

Industries,

Inc.

296,000

7.500%, 

1/1/2030

a

306,995

Clydesdale

Acquisition

Holdings,

Inc.

58,000

6.625%, 

4/15/2029

a

58,320

98,000

6.750%, 

4/15/2032

a

98,678

Crown

Cork

&

Seal

Company,

Inc.

142,000

7.375%, 

12/15/2026

146,024

Deere

&

Company

129,000

5.700%, 

1/19/2055

134,357

Emerson

Electric

Company

151,000

5.000%, 

3/15/2035

152,009

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

252,000

6.625%, 

12/15/2030

a

252,112

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Capital

Goods  1.6%

-

continued

ESAB

Corporation

$

98,000

6.250%, 

4/15/2029

a

$

99,430

Fluor

Corporation,

Convertible

271,000

1.125%, 

8/15/2029

287,937

GFL

Environmental,

Inc.

311,000

4.000%, 

8/1/2028

a

295,570

300,000

3.500%, 

9/1/2028

a

283,461

H&E

Equipment

Services,

Inc.

105,000

3.875%, 

12/15/2028

a

104,661

Herc

Holdings,

Inc.

76,000

5.500%, 

7/15/2027

a

75,681

194,000

6.625%, 

6/15/2029

a

194,623

Honeywell

International,

Inc.

272,000

5.250%, 

3/1/2054

258,892

Howmet

Aerospace,

Inc.

205,000

6.750%, 

1/15/2028

216,571

Huntington

Ingalls

Industries,

Inc.

196,000

4.200%, 

5/1/2030

188,224

Ingersoll

Rand,

Inc.

226,000

5.176%, 

6/15/2029

229,832

68,000

5.700%, 

8/14/2033

70,182

JBT

Marel

Corporation,

Convertible

266,000

0.250%, 

5/15/2026

265,308

John

Deere

Capital

Corporation

144,000

3.900%, 

6/7/2032

136,662

67,000

5.150%, 

9/8/2033

68,412

L3Harris

Technologies,

Inc.

144,000

5.400%, 

1/15/2027

146,064

Lockheed

Martin

Corporation

187,000

5.200%, 

2/15/2064

173,422

Martin

Marietta

Materials,

Inc.

111,000

5.150%, 

12/1/2034

110,308

MKS

Instruments,

Inc.,

Convertible

690,000

1.250%, 

6/1/2030

a

620,655

Mueller

Water

Products,

Inc.

249,000

4.000%, 

6/15/2029

a

231,330

Nesco

Holdings

II,

Inc.

284,000

5.500%, 

4/15/2029

a

262,111

New

Enterprise

Stone

and

Lime

Company,

Inc.

359,000

5.250%, 

7/15/2028

a

346,988

Northrop

Grumman

Corporation

275,000

5.200%, 

6/1/2054

257,568

63,000

4.700%, 

3/15/2033

62,152

OI

European

Group

BV

251,000

4.750%, 

2/15/2030

a

229,734

Owens-Brockway

Glass

Container,

Inc.

216,000

6.625%, 

5/13/2027

a

214,817

Parker-Hannifin

Corporation

120,000

4.250%, 

9/15/2027

119,734

Patrick

Industries,

Inc.,

Convertible

164,000

1.750%, 

12/1/2028

229,272

Quikrete

Holdings,

Inc.

377,000

6.375%, 

3/1/2032

a

379,394

Republic

Services,

Inc.

131,000

5.000%, 

12/15/2033

130,869

Resideo

Funding,

Inc.

246,000

6.500%, 

7/15/2032

a

245,412

Reworld

Holding

Corporation

111,000

4.875%, 

12/1/2029

a

103,243

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Capital

Goods  1.6%

-

continued

Roller

Bearing

Company

of

America,

Inc.

$

336,000

4.375%, 

10/15/2029

a

$

315,431

RTX

Corporation

204,000

5.750%, 

1/15/2029

212,389

575,000

4.500%, 

6/1/2042

505,771

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

188,000

6.125%, 

2/1/2028

a

188,271

Smyrna

Ready

Mix

Concrete,

LLC

343,000

8.875%, 

11/15/2031

a

355,360

Spirit

AeroSystems,

Inc.

90,000

4.600%, 

6/15/2028

86,330

60,000

9.750%, 

11/15/2030

a

66,231

SRM

Escrow

Issuer,

LLC

85,000

6.000%, 

11/1/2028

a

82,472

Standard

Industries,

Inc./NY

118,000

4.750%, 

1/15/2028

a

114,210

118,000

3.375%, 

1/15/2031

a

102,597

Textron,

Inc.

196,000

3.650%, 

3/15/2027

192,311

Trane

Technologies

Financing,

Ltd.

151,000

5.100%, 

6/13/2034

151,605

TransDigm,

Inc.

75,000

6.750%, 

8/15/2028

a

76,095

416,000

7.125%, 

12/1/2031

a

427,997

347,000

6.625%, 

3/1/2032

a

351,422

Trivium

Packaging

Finance

184,000

5.500%, 

8/15/2026

a

181,151

United

Rentals

North

America,

Inc.

310,000

4.000%, 

7/15/2030

286,022

Veralto

Corporation

139,000

5.350%, 

9/18/2028

142,342

Waste

Connections,

Inc.

70,000

3.200%, 

6/1/2032

62,799

Waste

Pro

USA,

Inc.

219,000

7.000%, 

2/1/2033

a

219,739

WESCO

Distribution,

Inc.

124,000

6.375%, 

3/15/2029

a

125,439

87,000

6.625%, 

3/15/2032

a

88,255

Total

15,352,065

Collateralized

Mortgage

Obligations  6.0%

A&D

Mortgage

Trust

336,561

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,c

341,433

ACRA

Trust

672,742

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,c

673,649

Alternative

Loan

Trust

526,857

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

272,824

Banc

of

America

Alternative

Loan

Trust

488,066

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

435,220

Banc

of

America

Mortgage

Securities

Trust

272,936

6.385%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

258,799

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Collateralized

Mortgage

Obligations  6.0%

-

continued

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

$

76,055

7.080%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

$

72,221

CAFL

Issuer,

LLC

1,674,887

4.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a

1,671,421

CHNGE

Mortgage

Trust

1,151,568

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

1,105,734

1,006,197

5.000%, 

5/25/2067,

Ser.

2022-3,

Class

A1

a,b

1,001,791

896,055

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,c

898,950

719,820

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,c

717,108

645,044

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,c

652,329

723,715

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

a,c

723,682

CIM

Trust

1,235,527

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

a,c

1,242,816

Citigroup

Mortgage

Loan

Trust,

Inc.

82,047

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

80,304

805,038

5.237%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

722,104

COLT

Mortgage

Loan

Trust

1,080,327

6.328%, 

12/25/2068,

Ser.

2024-INV1,

Class

A2

a,c

1,087,360

Countrywide

Alternative

Loan

Trust

406,393

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

333,685

218,667

4.149%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

180,441

142,157

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

113,606

CSMC

Trust

618,606

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,b

617,994

525,035

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

447,941

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

626,733

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

546,912

288,026

4.317%, 

8/25/2035,

Ser.

2005-AR1,

Class

2A3

b

254,947

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

2,555,839

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

2,504,211

1,480,675

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

1,203,692

5,830,310

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

f

567,974

11,690

2.500%, 

5/15/2027,

Ser.

4106,

Class

HI

f

11

289,834

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

f

4,941

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

5

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Collateralized

Mortgage

Obligations  6.0%

-

continued

$

388,286

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

f

$

8,840

497,960

3.000%, 

7/15/2027,

Ser.

4074,

Class

IO

f

11,434

206,761

2.500%, 

2/15/2028,

Ser.

4162,

Class

AI

f

4,331

434,862

2.500%, 

2/15/2028,

Ser.

4161,

Class

UI

f

9,724

719,363

2.500%, 

3/15/2028,

Ser.

4177,

Class

EI

f

17,693

1,041,250

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

f

83,242

689,502

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

f

46,990

843,641

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

f

34,135

Federal

Home

Loan

Mortgage

Corporation

STRIPS

1,314,310

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

f

124,389

Federal

National

Mortgage

Association

-

REMIC

1,500,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

1,413,055

1,316,836

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

1,306,536

601,332

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

f

11,924

361,198

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

f

6,709

416,733

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

f

4,167

395,438

3.500%, 

9/25/2027,

Ser.

2012-98,

Class

YI

f

8,596

1,188,063

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

f

27,112

829,274

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

f

17,790

287,156

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

f

6,089

737,721

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

f

14,521

194,229

2.500%, 

2/25/2028,

Ser.

2013-46,

Class

CI

f

2,332

289,389

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

f

7,204

183,576

3.000%, 

4/25/2028,

Ser.

2013-30,

Class

DI

f

4,904

159,382

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

f

814

947,128

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

f

70,216

First

Horizon

Alternative

Mortgage

Securities

Trust

148,941

6.079%, 

3/25/2035,

Ser.

2005-AA2,

Class

1A1

b

145,043

131,157

5.537%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

123,547

Flagstar

Mortgage

Trust

455,252

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

409,711

GCAT

Trust

1,036,832

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

962,289

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Collateralized

Mortgage

Obligations  6.0%

-

continued

$

311,273

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

$

313,875

GMAC

Mortgage

Corporation

Loan

Trust

272,693

3.962%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

235,795

Government

National

Mortgage

Association

53,498

4.000%, 

1/16/2027,

Ser.

2012-3,

Class

IO

f

558

GS

Mortgage-Backed

Securities

Trust

918,277

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

915,310

Home

RE,

Ltd.

1,550,000

8.940%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

1,603,514

755,314

7.840%, 

(SOFR30A

+

3.500%),

10/25/2034,

Ser.

2022-1,

Class

M1B

a,b

758,459

IndyMac

IMJA

Mortgage

Loan

Trust

949,211

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

386,812

J.P.

Morgan

Mortgage

Trust

688,864

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

592,051

995,221

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

985,504

69,853

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

72,067

346,046

5.373%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

246,260

LHOME

Mortgage

Trust

900,000

7.017%, 

1/25/2029,

Ser.

2024-RTL1,

Class

A1

a,c

909,620

750,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,c

758,896

Merrill

Lynch

Alternative

Note

Asset

Trust

891,555

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

306,194

MFA

Trust

1,500,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,c

1,511,771

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

1,599,954

4.895%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

1,385,877

NYMT

Loan

Trust

1,000,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,c

1,011,935

1,150,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,c

1,162,822

PMT

Loan

Trust

1,331,868

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

a,b

1,347,163

Pretium

Mortgage

Credit

Partners,

LLC

350,000

8.956%, 

10/25/2054,

Ser.

2024-NPL7,

Class

A2

a,c

349,443

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

6

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Collateralized

Mortgage

Obligations  6.0%

-

continued

PRKCM

Trust

$

1,137,717

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

$

1,145,317

1,092,531

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,c

1,114,973

PRPM,

LLC

1,092,454

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,c

1,069,559

1,000,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,c

926,596

778,730

5.689%, 

9/25/2029,

Ser.

2024-5,

Class

A1

a,c

777,716

475,703

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,c

474,955

750,000

8.835%, 

12/25/2029,

Ser.

2024-7,

Class

A2

a,c

750,067

Residential

Accredit

Loans,

Inc.

Trust

387,086

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

340,228

271,093

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

213,896

520,813

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

436,428

Residential

Asset

Securitization

Trust

417,551

4.962%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

397,347

Residential

Funding

Mortgage

Security

I

Trust

357,460

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

286,077

Roc

Mortgage

Trust

232,407

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

231,991

1,250,000

5.589%, 

10/25/2039,

Ser.

2024-RTL1,

Class

A1

a,c

1,247,581

Saluda

Grade

Alternative

Mortgage

Trust

2,000,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,c

2,012,877

Sequoia

Mortgage

Trust

405,287

3.576%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

271,222

Structured

Adjustable

Rate

Mortgage

Loan

Trust

173,767

5.160%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

150,724

Toorak

Mortgage

Trust

1,500,000

7.333%, 

2/25/2031,

Ser.

2024-1,

Class

A1

a,c

1,512,247

Triangle

Re,

Ltd.

1,363,243

7.740%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

1,382,524

TVC

Mortgage

Trust

1,500,000

8.250%, 

11/25/2027,

Ser.

2023-RTL1,

Class

A1

a,c

1,502,766

Verus

Securitization

Trust

1,039,305

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

925,764

1,025,947

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

a,c

1,028,561

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Collateralized

Mortgage

Obligations  6.0%

-

continued

Vontive

Mortgage

Trust

$

1,375,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

a,c

$

1,378,853

WaMu

Mortgage

Pass-Through

Certificates

125,105

6.600%, 

5/25/2033,

Ser.

2003-AR4,

Class

A7

b

123,381

Washington

Mutual

Mortgage

Pass-Through

Certificates

299,623

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

257,177

Total

58,430,190

Commercial

Mortgage-Backed

Securities  1.1%

BANK

2018-BNK12

1,000,000

4.341%, 

5/15/2061,

Ser.

2018-BN12,

Class

AS

b

971,849

BANK

2025-BNK49

7,500,000

0.835%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

b,f

369,568

BBCMS

Mortgage

Trust

5,966,655

1.150%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,f

415,377

Benchmark

Mortgage

Trust

1,450,000

6.090%, 

4/15/2058,

Ser.

2025-V14,

Class

AM

1,497,737

FirstKey

Homes

Trust

1,400,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

1,371,358

HTAP

Issuer

Trust

1,450,000

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

a

1,426,378

Progress

Residential

Trust

2,350,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

a

2,280,328

Silver

Hill

Trust

120,073

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,b

117,719

Velocity

Commercial

Capital

Loan

Trust

640,533

6.550%, 

1/25/2054,

Ser.

2024-1,

Class

A

a,b

646,077

532,931

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

539,502

957,424

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

a,b

990,078

Total

10,625,971

Communications

Services  2.3%

AMC

Networks,

Inc.

62,000

10.250%, 

1/15/2029

a

64,248

American

Tower

Corporation

260,000

4.400%, 

2/15/2026

259,425

125,000

1.450%, 

9/15/2026

119,530

191,000

5.500%, 

3/15/2028

195,515

136,000

5.800%, 

11/15/2028

141,009

196,000

3.800%, 

8/15/2029

188,194

191,000

5.000%, 

1/31/2030

192,562

324,000

4.900%, 

3/15/2030

325,714

AppLovin

Corporation

225,000

5.500%, 

12/1/2034

224,950

AT&T,

Inc.

224,000

5.700%, 

3/1/2057

216,448

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

7

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Communications

Services  2.3%

-

continued

$

688,000

3.550%, 

9/15/2055

$

466,261

407,000

4.300%, 

2/15/2030

400,701

136,000

5.400%, 

2/15/2034

138,186

Bell

Telephone

Company

of

Canada

165,000

7.000%, 

9/15/2055

b

164,866

134,000

5.100%, 

5/11/2033

132,257

Cable

One,

Inc.,

Convertible

178,000

1.125%, 

3/15/2028

141,291

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

433,000

5.125%, 

5/1/2027

a

426,478

42,000

5.000%, 

2/1/2028

a

40,760

16,000

4.750%, 

3/1/2030

a

14,839

695,000

4.500%, 

8/15/2030

a

632,663

291,000

4.250%, 

2/1/2031

a

257,863

204,000

4.750%, 

2/1/2032

a

181,131

360,000

4.250%, 

1/15/2034

a,e

296,100

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

537,000

4.200%, 

3/15/2028

526,624

196,000

5.050%, 

3/30/2029

195,095

199,000

6.550%, 

6/1/2034

204,706

Clear

Channel

Outdoor

Holdings,

Inc.

198,000

5.125%, 

8/15/2027

a

191,363

266,000

7.875%, 

4/1/2030

a

260,798

Comcast

Corporation

408,000

5.650%, 

6/1/2054

399,549

326,000

3.400%, 

4/1/2030

308,496

Crown

Castle,

Inc.

218,000

2.900%, 

3/15/2027

210,556

83,000

4.900%, 

9/1/2029

82,620

Deluxe

Corporation

144,000

8.125%, 

9/15/2029

a

144,841

Deutsche

Telekom

International

Finance

BV

368,000

8.750%, 

6/15/2030

431,864

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

642,000

5.875%, 

8/15/2027

a

622,127

49,000

8.875%, 

2/1/2030

a

46,757

162,000

10.000%, 

2/15/2031

a

155,552

FiberCop

SPA

262,000

6.000%, 

9/30/2034

a

238,622

Frontier

Communications

Holdings,

LLC

250,000

5.875%, 

10/15/2027

a

249,718

GCI,

LLC

250,000

4.750%, 

10/15/2028

a

230,469

Gray

Media,

Inc.

78,000

10.500%, 

7/15/2029

a

81,264

Iliad

Holding

SASU

313,000

8.500%, 

4/15/2031

a

328,263

160,000

7.000%, 

4/15/2032

a

160,212

LCPR

Senior

Secured

Financing

DAC

188,000

6.750%, 

10/15/2027

a

157,175

Level

3

Financing,

Inc.

51,000

3.625%, 

1/15/2029

a

37,868

119,524

10.500%, 

4/15/2029

a

131,476

119,524

11.000%, 

11/15/2029

a

133,214

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Communications

Services  2.3%

-

continued

$

213,000

10.500%, 

5/15/2030

a

$

228,228

McGraw-Hill

Education,

Inc.

355,000

5.750%, 

8/1/2028

a

346,633

Meta

Platforms,

Inc.

267,000

5.550%, 

8/15/2064

262,701

132,000

3.850%, 

8/15/2032

124,849

250,000

4.750%, 

8/15/2034

248,225

Nexstar

Media,

Inc.

145,000

5.625%, 

7/15/2027

a

142,843

155,000

4.750%, 

11/1/2028

a,e

145,153

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

137,000

4.625%, 

3/15/2030

a,e

125,252

Paramount

Global

320,000

6.375%, 

3/30/2062

b

312,215

Playtika

Holding

Corporation

189,000

4.250%, 

3/15/2029

a

166,376

Rogers

Communications,

Inc.

250,000

5.250%, 

3/15/2082

a,b

244,381

75,000

7.000%, 

4/15/2055

b

75,290

278,000

7.125%, 

4/15/2055

b

277,057

204,000

5.000%, 

2/15/2029

204,183

107,000

5.300%, 

2/15/2034

105,034

Sinclair

Television

Group,

Inc.

50,000

8.125%, 

2/15/2033

a

49,339

Sirius

XM

Radio,

LLC

495,000

5.000%, 

8/1/2027

a

483,634

275,000

4.000%, 

7/15/2028

a

256,576

Snap,

Inc.,

Convertible

347,000

0.500%, 

5/1/2030

a

286,102

Sprint

Capital

Corporation

424,000

6.875%, 

11/15/2028

452,654

208,000

8.750%, 

3/15/2032

250,160

Take-Two

Interactive

Software,

Inc.

137,000

5.600%, 

6/12/2034

139,969

TEGNA,

Inc.

389,000

4.625%, 

3/15/2028

367,993

Telecom

Italia

Capital

SA

45,000

6.000%, 

9/30/2034

43,094

Telenet

Finance

Luxembourg

Notes

SARL

400,000

5.500%, 

3/1/2028

a

388,000

T-Mobile

USA,

Inc.

137,000

5.500%, 

1/15/2055

130,314

260,000

5.250%, 

6/15/2055

238,784

275,000

3.375%, 

4/15/2029

261,219

108,000

5.125%, 

5/15/2032

108,679

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

375,000

4.750%, 

4/15/2028

a

358,250

117,000

6.500%, 

2/15/2029

a

105,089

Univision

Communications,

Inc.

48,000

8.000%, 

8/15/2028

a

48,150

409,000

4.500%, 

5/1/2029

a

361,363

177,000

7.375%, 

6/30/2030

a

169,100

98,000

8.500%, 

7/31/2031

a

95,760

Verizon

Communications,

Inc.

160,000

5.500%, 

2/23/2054

e

155,522

196,000

3.150%, 

3/22/2030

182,679

311,000

2.355%, 

3/15/2032

263,166

242,000

4.780%, 

2/15/2035

a

234,919

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

8

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Communications

Services  2.3%

-

continued

$

206,000

5.250%, 

4/2/2035

$

206,520

Viasat,

Inc.

103,000

5.625%, 

4/15/2027

a

98,834

Virgin

Media

Finance

plc

150,000

5.000%, 

7/15/2030

a,e

128,594

Virgin

Media

Secured

Finance

plc

315,000

5.500%, 

5/15/2029

a

298,349

VMED

O2

UK

Financing

I

plc

124,000

7.750%, 

4/15/2032

a

124,299

Vodafone

Group

plc

176,000

5.125%, 

6/4/2081

b

133,340

129,000

5.875%, 

6/28/2064

123,678

410,000

7.000%, 

4/4/2079

b

422,272

VZ

Secured

Financing

BV

203,000

5.000%, 

1/15/2032

a

176,392

Walt

Disney

Company

130,000

3.800%, 

3/22/2030

126,036

Warnermedia

Holdings,

Inc.

495,000

4.054%, 

3/15/2029

466,168

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

135,000

8.250%, 

10/1/2031

a

137,444

Zegona

Finance

plc

129,000

8.625%, 

7/15/2029

a

136,627

Ziggo

Bond

Company

BV

145,000

5.125%, 

2/28/2030

a,e

126,344

Ziggo

BV

131,000

4.875%, 

1/15/2030

a

120,001

Total

22,014,053

Consumer

Cyclical  3.0%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

171,000

4.375%, 

1/15/2028

a

164,448

145,000

5.625%, 

9/15/2029

a

143,540

Adient

Global

Holdings,

Ltd.

68,000

8.250%, 

4/15/2031

a

65,890

100,000

7.500%, 

2/15/2033

a,e

93,630

Alimentation

Couche-Tard,

Inc.

225,000

5.617%, 

2/12/2054

a

212,099

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

197,000

4.625%, 

6/1/2028

a

186,590

260,000

4.625%, 

6/1/2028

a

245,382

Allison

Transmission,

Inc.

78,000

3.750%, 

1/30/2031

a

69,350

Amazon.com,

Inc.

131,000

1.500%, 

6/3/2030

113,782

American

Axle

&

Manufacturing,

Inc.

345,000

5.000%, 

10/1/2029

e

296,960

American

Honda

Finance

Corporation

301,000

5.050%, 

7/10/2031

303,235

209,000

4.900%, 

1/10/2034

e

204,120

Arko

Corporation

255,000

5.125%, 

11/15/2029

a,e

206,648

Asbury

Automotive

Group,

Inc.

209,000

5.000%, 

2/15/2032

a

189,538

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Consumer

Cyclical  3.0%

-

continued

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

$

240,000

4.625%, 

8/1/2029

a

$

217,212

67,000

4.625%, 

4/1/2030

a

60,582

Aston

Martin

Capital

Holdings,

Ltd.

176,000

10.000%, 

3/31/2029

a

159,135

Belron

UK

Finance

plc

85,000

5.750%, 

10/15/2029

a

84,405

Best

Buy

Company,

Inc.

131,000

1.950%, 

10/1/2030

112,396

Boyd

Gaming

Corporation

200,000

4.750%, 

6/15/2031

a

184,456

Boyne

USA,

Inc.

197,000

4.750%, 

5/15/2029

a

185,470

Brinker

International,

Inc.

90,000

8.250%, 

7/15/2030

a

94,525

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

177,000

4.875%, 

2/15/2030

a

154,711

Burlington

Stores,

Inc.,

Convertible

157,000

1.250%, 

12/15/2027

206,926

Caesars

Entertainment,

Inc.

443,000

4.625%, 

10/15/2029

a

407,175

148,000

6.500%, 

2/15/2032

a

147,520

111,000

6.000%, 

10/15/2032

a,e

103,660

Carnival

Corporation

206,000

7.625%, 

3/1/2026

a

206,060

491,000

5.750%, 

3/1/2027

a

491,309

293,000

4.000%, 

8/1/2028

a

280,313

Carnival

Corporation,

Convertible

417,000

5.750%, 

12/1/2027

695,765

Carvana

Company

39,533

9.000%,PIK

0.000%,

12/1/2028

a,g

40,704

107,000

9.000%, 

6/1/2031

a

118,878

Churchill

Downs,

Inc.

125,000

4.750%, 

1/15/2028

a

121,437

179,000

6.750%, 

5/1/2031

a

180,410

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

136,000

6.750%, 

5/15/2028

a

137,916

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

60,000

0.625%, 

6/15/2026

58,050

Crocs,

Inc.

118,000

4.250%, 

3/15/2029

a

109,689

Cushman

&

Wakefield

US

Borrower,

LLC

60,000

6.750%, 

5/15/2028

a

60,152

Daimler

Trucks

Finance

North

America,

LLC

150,000

5.400%, 

9/20/2028

a

152,814

Dana,

Inc.

119,000

5.625%, 

6/15/2028

117,240

179,000

4.500%, 

2/15/2032

e

163,001

DraftKings

Holdings,

Inc.,

Convertible

632,000

Zero

Coupon, 

3/15/2028

550,156

eG

Global

Finance

plc

60,000

12.000%, 

11/30/2028

a

66,435

Expedia

Group,

Inc.

303,000

5.400%, 

2/15/2035

301,771

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

9

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Consumer

Cyclical  3.0%

-

continued

Expedia

Group,

Inc.,

Convertible

$

252,000

Zero

Coupon, 

2/15/2026

$

248,220

Ford

Motor

Company,

Convertible

454,000

Zero

Coupon, 

3/15/2026

444,466

Ford

Motor

Credit

Company,

LLC

225,000

5.850%, 

5/17/2027

226,180

250,000

2.900%, 

2/10/2029

223,666

225,000

7.122%, 

11/7/2033

229,932

Forestar

Group,

Inc.

75,000

6.500%, 

3/15/2033

a

73,424

FORVIA

SE

200,000

8.000%, 

6/15/2030

a

197,421

Gap,

Inc.

86,000

3.625%, 

10/1/2029

a

77,575

34,000

3.875%, 

10/1/2031

a

29,328

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

168,000

7.750%, 

5/31/2032

a

166,053

General

Motors

Financial

Company,

Inc.

149,000

2.750%, 

6/20/2025

148,292

220,000

5.800%, 

6/23/2028

224,698

159,000

5.800%, 

1/7/2029

161,957

300,000

4.900%, 

10/6/2029

295,100

270,000

5.700%, 

9/30/2030

b,h

257,542

97,000

5.750%, 

2/8/2031

97,807

95,000

5.625%, 

4/4/2032

93,961

260,000

5.950%, 

4/4/2034

258,689

Genting

New

York,

LLC/GENNY

Capital,

Inc.

54,000

7.250%, 

10/1/2029

a

55,034

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

81,000

8.750%, 

1/15/2032

a

68,233

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

120,000

3.500%, 

3/1/2029

a

111,162

Goodyear

Tire

&

Rubber

Company

119,000

4.875%, 

3/15/2027

116,284

101,000

5.000%, 

7/15/2029

93,686

Group

1

Automotive,

Inc.

60,000

6.375%, 

1/15/2030

a

60,129

Harley-Davidson

Financial

Services,

Inc.

209,000

5.950%, 

6/11/2029

a

210,833

Hilton

Domestic

Operating

Company,

Inc.

216,000

4.875%, 

1/15/2030

208,889

60,000

4.000%, 

5/1/2031

a

54,337

341,000

3.625%, 

2/15/2032

a

298,884

Hilton

Grand

Vacations

Borrower,

LLC/Hilton

Grand

Vacations

Borrower,

Inc.

195,000

5.000%, 

6/1/2029

a

182,750

Home

Depot,

Inc.

129,000

5.300%, 

6/25/2054

124,596

129,000

5.400%, 

6/25/2064

124,188

214,000

3.250%, 

4/15/2032

195,211

Hyundai

Capital

America

196,000

3.000%, 

2/10/2027

a

189,946

136,000

6.500%, 

1/16/2029

a

142,706

International

Game

Technology

plc

297,000

5.250%, 

1/15/2029

a

290,282

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Consumer

Cyclical  3.0%

-

continued

Jacobs

Entertainment,

Inc.

$

228,000

6.750%, 

2/15/2029

a

$

218,796

K

Hovnanian

Enterprises,

Inc.

44,000

11.750%, 

9/30/2029

a

47,063

KB

Home

360,000

4.800%, 

11/15/2029

343,439

27,000

4.000%, 

6/15/2031

24,236

L

Brands,

Inc.

319,000

6.625%, 

10/1/2030

a

323,449

130,000

6.875%, 

11/1/2035

131,684

Las

Vegas

Sands

Corporation

140,000

5.900%, 

6/1/2027

142,259

Life

Time,

Inc.

145,000

6.000%, 

11/15/2031

a

143,761

Light

&

Wonder

International,

Inc.

88,000

7.250%, 

11/15/2029

a

89,205

Live

Nation

Entertainment,

Inc.

133,000

4.750%, 

10/15/2027

a

129,653

Live

Nation

Entertainment,

Inc.,

Convertible

326,000

3.125%, 

1/15/2029

452,977

355,000

2.875%, 

1/15/2030

a

367,425

Lowe's

Companies,

Inc.

330,000

4.500%, 

4/15/2030

327,415

Macy's

Retail

Holdings,

LLC

104,000

5.875%, 

4/1/2029

a

100,890

120,000

6.125%, 

3/15/2032

a

109,656

Marriott

International,

Inc./MD

124,000

4.900%, 

4/15/2029

124,736

138,000

5.100%, 

4/15/2032

137,511

Marriott

Vacations

Worldwide

Corporation,

Convertible

192,000

Zero

Coupon, 

1/15/2026

184,048

322,000

3.250%, 

12/15/2027

297,850

Match

Group

Holdings

II,

LLC

101,000

4.125%, 

8/1/2030

a

90,518

Mattamy

Group

Corporation

178,000

5.250%, 

12/15/2027

a

172,922

McDonald's

Corporation

136,000

4.950%, 

8/14/2033

136,625

Melco

Resorts

Finance,

Ltd.

333,000

5.375%, 

12/4/2029

a

305,375

190,000

7.625%, 

4/17/2032

a

189,092

Meritage

Homes

Corporation

227,000

5.650%, 

3/15/2035

223,343

Meritage

Homes

Corporation,

Convertible

135,000

1.750%, 

5/15/2028

a

131,895

Michaels

Companies,

Inc.

175,000

5.250%, 

5/1/2028

a

120,137

NCL

Corporation,

Ltd.

23,000

5.875%, 

3/15/2026

a

22,952

264,000

5.875%, 

2/15/2027

a

263,640

212,000

6.750%, 

2/1/2032

a

209,414

Nissan

Motor

Company,

Ltd.

147,000

4.810%, 

9/17/2030

a

139,626

Nordstrom,

Inc.

201,000

4.250%, 

8/1/2031

e

172,681

PENN

Entertainment,

Inc.

300,000

4.125%, 

7/1/2029

a

266,352

PetSmart,

Inc./PetSmart

Finance

Corporation

209,000

4.750%, 

2/15/2028

a

195,465

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

10

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Consumer

Cyclical  3.0%

-

continued

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

$

79,000

5.750%, 

4/15/2026

a

$

78,884

QVC,

Inc.

76,000

6.875%, 

4/15/2029

a,e

52,058

Rakuten

Group,

Inc.

210,000

9.750%, 

4/15/2029

a

228,001

245,000

8.125%, 

12/15/2029

a,b,h

241,929

Raven

Acquisition

Holdings,

LLC

103,000

6.875%, 

11/15/2031

a

100,020

Royal

Caribbean

Cruises,

Ltd.

554,000

4.250%, 

7/1/2026

a

545,464

S&S

Holdings,

LLC

93,000

8.375%, 

10/1/2031

a

87,859

Saks

Global

Enterprises,

LLC

79,000

11.000%, 

12/15/2029

a

63,998

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

48,000

6.625%, 

3/1/2030

a

45,268

SeaWorld

Parks

and

Entertainment,

Inc.

289,000

5.250%, 

8/15/2029

a

273,775

Service

Corporation

International/

US

120,000

3.375%, 

8/15/2030

106,942

Six

Flags

Entertainment

Corporation

66,000

7.000%, 

7/1/2025

a,e

66,076

59,000

7.250%, 

5/15/2031

a

59,227

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

60,000

5.375%, 

4/15/2027

59,240

339,000

5.250%, 

7/15/2029

320,791

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

60,000

6.625%, 

5/1/2032

a

60,496

Sonic

Automotive,

Inc.

148,000

4.875%, 

11/15/2031

a

132,873

Staples,

Inc.

241,000

10.750%, 

9/1/2029

a

217,729

Station

Casinos,

LLC

304,000

4.625%, 

12/1/2031

a

273,150

Stellantis

Finance

US,

Inc.

228,000

5.750%, 

3/18/2030

a

227,837

Tenneco,

Inc.

212,000

8.000%, 

11/17/2028

a

202,194

Toyota

Motor

Credit

Corporation

136,000

5.550%, 

11/20/2030

141,462

129,000

4.800%, 

1/5/2034

127,227

263,000

5.350%, 

1/9/2035

267,307

Tractor

Supply

Company

136,000

5.250%, 

5/15/2033

137,383

Uber

Technologies,

Inc.

187,000

5.350%, 

9/15/2054

174,677

235,000

4.800%, 

9/15/2034

228,234

Uber

Technologies,

Inc.,

Convertible

232,000

Zero

Coupon, 

12/15/2025

245,920

431,000

0.875%, 

12/1/2028

524,527

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Consumer

Cyclical  3.0%

-

continued

Vail

Resorts,

Inc.,

Convertible

$

241,000

Zero

Coupon, 

1/1/2026

$

231,661

VICI

Properties,

LP/VICI

Note

Company,

Inc.

486,000

5.750%, 

2/1/2027

a

492,305

Victoria's

Secret

&

Company

296,000

4.625%, 

7/15/2029

a

258,821

Viking

Cruises,

Ltd.

612,000

5.875%, 

9/15/2027

a

608,903

Volkswagen

Group

of

America

Finance,

LLC

74,000

3.350%, 

5/13/2025

a

73,868

Walgreens

Boots

Alliance,

Inc.

159,000

3.200%, 

4/15/2030

146,708

WASH

Multifamily

Acquisition,

Inc.

187,000

5.750%, 

4/15/2026

a

185,340

Wayfair,

LLC

112,000

7.750%, 

9/15/2030

a

108,130

Wyndham

Hotels

&

Resorts,

Inc.

207,000

4.375%, 

8/15/2028

a

197,699

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

289,000

7.125%, 

2/15/2031

a

299,075

Yum!

Brands,

Inc.

287,000

4.750%, 

1/15/2030

a

277,228

ZF

North

America

Capital,

Inc.

242,000

7.125%, 

4/14/2030

a

232,964

103,000

6.750%, 

4/23/2030

a

97,874

Total

29,284,160

Consumer

Non-Cyclical  3.0%

1375209

B.C.,

Ltd.

119,000

9.000%, 

1/30/2028

a,e

118,908

AbbVie,

Inc.

340,000

5.500%, 

3/15/2064

334,514

450,000

4.500%, 

5/14/2035

431,877

204,000

5.350%, 

3/15/2044

201,740

Acadia

Healthcare

Company,

Inc.

119,000

7.375%, 

3/15/2033

a

118,883

AdaptHealth,

LLC

523,000

4.625%, 

8/1/2029

a,e

475,648

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

100,000

4.625%, 

1/15/2027

a

98,514

407,000

3.500%, 

3/15/2029

a

374,565

Altria

Group,

Inc.

132,000

6.200%, 

11/1/2028

138,620

Anheuser-Busch

InBev

Worldwide,

Inc.

205,000

4.750%, 

1/23/2029

207,056

412,000

5.000%, 

6/15/2034

414,630

ANI

Pharmaceuticals,

Inc.,

Convertible

179,000

2.250%, 

9/1/2029

a

200,122

AstraZeneca

Finance,

LLC

202,000

5.000%, 

2/26/2034

203,963

BAT

Capital

Corporation

264,000

6.250%, 

8/15/2055

263,458

172,000

6.343%, 

8/2/2030

182,842

140,000

7.750%, 

10/19/2032

160,505

Bausch

+

Lomb

Corporation

74,000

8.375%, 

10/1/2028

a

76,775

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

11

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Consumer

Non-Cyclical  3.0%

-

continued

Bausch

Health

Companies,

Inc.

$

113,000

5.500%, 

11/1/2025

a

$

112,887

47,000

6.125%, 

2/1/2027

a,e

47,658

227,000

4.875%, 

6/1/2028

a

183,303

Becton,

Dickinson

and

Company

134,000

4.693%, 

2/13/2028

134,505

196,000

2.823%, 

5/20/2030

178,866

BellRing

Brands,

Inc.

250,000

7.000%, 

3/15/2030

a

258,309

BioMarin

Pharmaceutical,

Inc.,

Convertible

333,000

1.250%, 

5/15/2027

313,187

Bio-Rad

Laboratories,

Inc.

220,000

3.300%, 

3/15/2027

214,551

Bristol-Myers

Squibb

Company

272,000

5.550%, 

2/22/2054

268,054

135,000

5.750%, 

2/1/2031

142,771

67,000

5.900%, 

11/15/2033

71,587

Bunge,

Ltd.

Finance

Corporation

75,000

4.650%, 

9/17/2034

72,508

Campbell's

Company

442,000

5.400%, 

3/21/2034

445,346

Cargill,

Inc.

289,000

2.125%, 

11/10/2031

a

246,644

452,000

5.125%, 

2/11/2035

a

450,582

Cencora,

Inc.

177,000

5.150%, 

2/15/2035

176,981

Central

Garden

&

Pet

Company

133,000

4.125%, 

10/15/2030

120,917

Champ

Acquisition

Corporation

82,000

8.375%, 

12/1/2031

a

84,709

Charles

River

Laboratories

International,

Inc.

144,000

4.000%, 

3/15/2031

a

128,870

Chefs'

Warehouse,

Inc.,

Convertible

321,000

2.375%, 

12/15/2028

445,222

CHS/Community

Health

Systems,

Inc.

298,000

5.625%, 

3/15/2027

a

284,567

148,000

8.000%, 

12/15/2027

a

146,424

174,000

4.750%, 

2/15/2031

a,e

137,543

169,000

10.875%, 

1/15/2032

a

166,494

Cigna

Group

136,000

5.600%, 

2/15/2054

129,471

181,000

2.400%, 

3/15/2030

162,244

Coca-Cola

Company

136,000

5.300%, 

5/13/2054

133,156

Concentra

Escrow

Issuer

Corporation

105,000

6.875%, 

7/15/2032

a

106,838

Constellation

Brands,

Inc.

139,000

4.800%, 

1/15/2029

139,332

261,000

3.150%, 

8/1/2029

243,576

87,000

4.900%, 

5/1/2033

84,878

CVS

Health

Corporation

272,000

6.050%, 

6/1/2054

263,903

159,000

6.750%, 

12/10/2054

b

158,300

120,000

5.000%, 

2/20/2026

120,248

102,000

4.300%, 

3/25/2028

100,770

408,000

4.780%, 

3/25/2038

366,078

435,000

6.000%, 

6/1/2044

424,989

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Consumer

Non-Cyclical  3.0%

-

continued

DaVita,

Inc.

$

113,000

3.750%, 

2/15/2031

a

$

98,381

172,000

6.875%, 

9/1/2032

a

172,965

Diageo

Capital

plc

148,000

2.000%, 

4/29/2030

130,659

250,000

5.625%, 

10/5/2033

259,642

Edgewell

Personal

Care

Company

260,000

5.500%, 

6/1/2028

a

254,628

Eli

Lilly

&

Company

272,000

5.000%, 

2/9/2054

255,025

107,000

5.500%, 

2/12/2055

108,338

265,000

4.700%, 

2/27/2033

265,220

Embecta

Corporation

120,000

5.000%, 

2/15/2030

a

107,384

134,000

6.750%, 

2/15/2030

a

127,609

Encompass

Health

Corporation

155,000

4.500%, 

2/1/2028

150,497

Endo

Finance

Holdings,

Inc.

120,000

8.500%, 

4/15/2031

a,e

125,103

Energizer

Holdings,

Inc.

243,000

4.375%, 

3/31/2029

a

226,257

Envista

Holdings

Corporation,

Convertible

24,000

2.375%, 

6/1/2025

e

23,884

118,000

1.750%, 

8/15/2028

106,126

Fortrea

Holdings,

Inc.

47,000

7.500%, 

7/1/2030

a,e

42,738

GE

HealthCare

Technologies,

Inc.

216,000

6.377%, 

11/22/2052

234,301

General

Mills,

Inc.

53,000

4.950%, 

3/29/2033

52,448

Gilead

Sciences,

Inc.

131,000

5.250%, 

10/15/2033

134,071

HCA,

Inc.

125,000

5.950%, 

9/15/2054

120,070

252,000

5.250%, 

3/1/2030

254,990

245,000

5.750%, 

3/1/2035

247,205

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

156,000

7.875%, 

9/1/2025

a

155,818

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

114,000

4.875%, 

6/1/2029

a

87,917

Insulet

Corporation

59,000

6.500%, 

4/1/2033

a

59,971

Integer

Holdings

Corporation,

Convertible

126,000

2.125%, 

2/15/2028

183,582

235,000

1.875%, 

3/15/2030

a

236,880

Jazz

Investments

I,

Ltd.,

Convertible

355,000

2.000%, 

6/15/2026

e

367,425

388,000

3.125%, 

9/15/2030

a

430,098

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

348,000

2.500%, 

1/15/2027

334,651

165,000

3.625%, 

1/15/2032

148,670

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

225,000

5.950%, 

4/20/2035

a

231,255

Johnson

&

Johnson

272,000

5.250%, 

6/1/2054

273,194

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

12

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Consumer

Non-Cyclical  3.0%

-

continued

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

$

119,000

9.000%, 

2/15/2029

a

$

122,404

Keurig

Dr

Pepper,

Inc.

160,000

3.200%, 

5/1/2030

148,729

264,000

5.300%, 

3/15/2034

e

268,938

Kraft

Heinz

Foods

Company

134,000

6.750%, 

3/15/2032

146,013

230,000

5.400%, 

3/15/2035

231,829

Kroger

Company

130,000

4.500%, 

1/15/2029

129,671

Lamb

Weston

Holdings,

Inc.

103,000

4.375%, 

1/31/2032

a

94,086

LifePoint

Health,

Inc.

138,000

9.875%, 

8/15/2030

a

145,604

151,000

11.000%, 

10/15/2030

a

164,153

35,000

10.000%, 

6/1/2032

a

33,387

Mars,

Inc.

43,000

5.650%, 

5/1/2045

a

43,094

Mattel,

Inc.

430,000

3.375%, 

4/1/2026

a

423,266

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

120,000

6.250%, 

4/1/2029

a

121,527

Medtronic

Global

Holdings

SCA

127,000

4.500%, 

3/30/2033

124,090

Mozart

Debt

Merger

Sub,

Inc.

362,000

3.875%, 

4/1/2029

a

338,374

271,000

5.250%, 

10/1/2029

a

260,044

MPH

Acquisition

Holdings,

LLC

63,630

5.750%, 

12/31/2030

a

46,132

33,231

11.500%, 

12/31/2030

a

28,860

Nestle

Capital

Corporation

150,000

5.100%, 

3/12/2054

a

143,519

Newell

Brands,

Inc.

124,000

6.375%, 

9/15/2027

e

124,459

123,000

6.625%, 

9/15/2029

123,259

62,000

6.375%, 

5/15/2030

60,316

Novartis

Capital

Corporation

318,000

4.700%, 

9/18/2054

286,330

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

164,000

4.125%, 

4/30/2028

a

153,267

264,000

5.125%, 

4/30/2031

a

230,183

PepsiCo,

Inc.

258,000

5.250%, 

7/17/2054

252,030

Performance

Food

Group,

Inc.

179,000

4.250%, 

8/1/2029

a

167,390

Perrigo

Finance

Unlimited

Company

207,000

4.900%, 

6/15/2030

197,744

Philip

Morris

International,

Inc.

260,000

4.875%, 

2/15/2028

263,429

140,000

5.625%, 

11/17/2029

145,962

136,000

5.125%, 

2/13/2031

138,369

140,000

5.750%, 

11/17/2032

146,557

204,000

5.250%, 

2/13/2034

205,914

120,000

4.900%, 

11/1/2034

117,911

Post

Holdings,

Inc.

179,000

4.625%, 

4/15/2030

a

167,162

298,000

4.500%, 

9/15/2031

a

269,896

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Consumer

Non-Cyclical  3.0%

-

continued

Post

Holdings,

Inc.,

Convertible

$

630,000

2.500%, 

8/15/2027

$

750,960

Roche

Holdings,

Inc.

203,000

5.218%, 

3/8/2054

a

196,255

200,000

2.076%, 

12/13/2031

a

170,815

Royalty

Pharma

plc

296,000

1.200%, 

9/2/2025

291,415

189,000

5.150%, 

9/2/2029

190,240

Simmons

Foods,

Inc.

287,000

4.625%, 

3/1/2029

a

266,061

Sotera

Health

Holdings,

LLC

124,000

7.375%, 

6/1/2031

a

126,062

Spectrum

Brands,

Inc.,

Convertible

352,000

3.375%, 

6/1/2029

a

334,381

Star

Parent,

Inc.

129,000

9.000%, 

10/1/2030

a

127,150

Stryker

Corporation

188,000

5.200%, 

2/10/2035

189,816

Surgery

Center

Holdings,

Inc.

48,000

7.250%, 

4/15/2032

a

47,466

Sysco

Corporation

131,000

5.950%, 

4/1/2030

137,320

Takeda

Pharmaceutical

Company,

Ltd.

200,000

5.650%, 

7/5/2054

195,646

291,000

5.000%, 

11/26/2028

294,807

200,000

5.650%, 

7/5/2044

199,709

Tenet

Healthcare

Corporation

711,000

5.125%, 

11/1/2027

700,583

374,000

4.375%, 

1/15/2030

350,598

US

Acute

Care

Solutions,

LLC

185,000

9.750%, 

5/15/2029

a

184,467

Varex

Imaging

Corporation,

Convertible

241,000

4.000%, 

6/1/2025

239,795

Viterra

Finance

BV

275,000

3.200%, 

4/21/2031

a

247,645

Winnebago

Industries,

Inc.,

Convertible

144,000

3.250%, 

1/15/2030

e

125,928

Wyeth,

LLC

326,000

6.500%, 

2/1/2034

360,362

Zoetis,

Inc.

202,000

5.600%, 

11/16/2032

210,702

Total

29,277,971

Energy  2.5%

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

254,000

5.375%, 

6/15/2029

a

248,276

APA

Corporation

201,000

4.375%, 

10/15/2028

a

193,142

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

141,000

6.250%, 

4/1/2028

a

141,108

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

247,000

8.250%, 

12/31/2028

a

251,872

121,000

5.875%, 

6/30/2029

a

118,075

Baytex

Energy

Corporation

143,000

8.500%, 

4/30/2030

a

145,213

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

13

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Energy  2.5%

-

continued

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

$

193,000

7.000%, 

7/15/2029

a

$

197,242

BP

Capital

Markets

America,

Inc.

187,000

4.812%, 

2/13/2033

183,869

200,000

5.227%, 

11/17/2034

201,028

BP

Capital

Markets

plc

242,000

4.875%, 

3/22/2030

b,h

231,477

274,000

6.450%, 

12/1/2033

b,h

279,562

Buckeye

Partners,

LP

170,000

4.500%, 

3/1/2028

a

163,118

134,000

6.875%, 

7/1/2029

a

136,215

California

Resources

Corporation

145,000

8.250%, 

6/15/2029

a

147,359

Cheniere

Energy

Partners,

LP

132,000

4.500%, 

10/1/2029

128,388

133,000

3.250%, 

1/31/2032

117,045

208,000

5.950%, 

6/30/2033

213,622

Cheniere

Energy,

Inc.

118,000

5.650%, 

4/15/2034

119,367

Civitas

Resources,

Inc.

193,000

8.375%, 

7/1/2028

a

199,173

181,000

8.750%, 

7/1/2031

a

185,877

CNX

Resources

Corporation

155,000

6.000%, 

1/15/2029

a

153,043

CNX

Resources

Corporation,

Convertible

178,000

2.250%, 

5/1/2026

438,058

Columbia

Pipelines

Holding

Company,

LLC

143,000

6.055%, 

8/15/2026

a

145,066

271,000

6.042%, 

8/15/2028

a

280,292

Comstock

Resources,

Inc.

133,000

6.750%, 

3/1/2029

a

129,245

252,000

5.875%, 

1/15/2030

a

237,989

ConocoPhillips

Company

300,000

4.850%, 

1/15/2032

300,368

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

309,000

5.500%, 

6/15/2031

a

296,441

Crescent

Energy

Finance,

LLC

239,000

7.625%, 

4/1/2032

a

236,387

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

269,000

8.625%, 

3/15/2029

a

278,643

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

98,000

8.500%, 

10/1/2030

a

100,426

Diamondback

Energy,

Inc.

322,000

5.750%, 

4/18/2054

303,569

DT

Midstream,

Inc.

201,000

4.125%, 

6/15/2029

a

189,168

Eastern

Energy

Gas

Holdings,

LLC

330,000

5.800%, 

1/15/2035

340,616

Enbridge,

Inc.

260,000

7.375%, 

1/15/2083

b

264,386

263,000

7.625%, 

1/15/2083

b

275,470

204,000

5.950%, 

4/5/2054

202,978

66,000

5.700%, 

3/8/2033

67,739

Enerflex,

Ltd.

80,000

9.000%, 

10/15/2027

a

81,867

Energy

Transfer,

LP

139,000

5.950%, 

5/15/2054

132,742

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Energy  2.5%

-

continued

$

457,000

8.000%, 

5/15/2054

b

$

480,923

136,000

6.050%, 

9/1/2054

132,060

290,000

6.500%, 

11/15/2026

b,h

289,658

134,000

4.400%, 

3/15/2027

133,567

83,000

7.125%, 

5/15/2030

b,h

83,985

136,000

6.400%, 

12/1/2030

144,935

Enterprise

Products

Operating,

LLC

195,000

5.550%, 

2/16/2055

189,399

130,000

4.150%, 

10/16/2028

128,743

280,000

7.571%, 

(TSFR3M

+

3.248%),

8/16/2077

b

278,613

EQM

Midstream

Partners,

LP

248,000

4.750%, 

1/15/2031

a

238,530

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

193,000

8.875%, 

4/15/2030

200,437

288,000

7.875%, 

5/15/2032

290,046

Harvest

Midstream

I,

LP

301,000

7.500%, 

9/1/2028

a

304,011

Hess

Midstream

Operations,

LP

269,000

4.250%, 

2/15/2030

a

253,071

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

258,000

5.750%, 

2/1/2029

a

249,268

119,000

6.000%, 

4/15/2030

a

113,165

104,000

6.250%, 

4/15/2032

a

97,166

Howard

Midstream

Energy

Partners,

LLC

338,000

7.375%, 

7/15/2032

a

346,289

ITT

Holdings,

LLC

215,000

6.500%, 

8/1/2029

a

198,344

Kinder

Morgan,

Inc.

256,000

5.950%, 

8/1/2054

250,261

Kodiak

Gas

Services,

LLC

150,000

7.250%, 

2/15/2029

a

152,903

Laredo

Petroleum,

Inc.

142,000

7.750%, 

7/31/2029

a

138,149

MEG

Energy

Corporation

104,000

5.875%, 

2/1/2029

a

102,269

MPLX,

LP

325,000

1.750%, 

3/1/2026

316,501

65,000

5.000%, 

3/1/2033

63,446

111,000

5.500%, 

6/1/2034

110,589

Nabors

Industries,

Inc.

119,000

7.375%, 

5/15/2027

a

117,370

306,000

9.125%, 

1/31/2030

a

306,102

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

99,000

8.125%, 

2/15/2029

a

99,692

148,000

8.375%, 

2/15/2032

a

148,317

Noble

Finance

II,

LLC

120,000

8.000%, 

4/15/2030

a

119,929

Northern

Oil

and

Gas,

Inc.

144,000

8.750%, 

6/15/2031

a

146,874

Northern

Oil

and

Gas,

Inc.,

Convertible

304,000

3.625%, 

4/15/2029

320,355

Occidental

Petroleum

Corporation

93,000

5.000%, 

8/1/2027

93,310

268,000

8.875%, 

7/15/2030

306,880

ONEOK,

Inc.

261,000

5.700%, 

11/1/2054

244,290

134,000

5.650%, 

11/1/2028

138,019

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

14

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Energy  2.5%

-

continued

$

177,000

4.750%, 

10/15/2031

$

173,476

Ovintiv,

Inc.

166,000

5.650%, 

5/15/2028

170,109

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

197,000

6.000%, 

2/15/2028

183,218

Permian

Resources

Operating,

LLC

94,000

6.250%, 

2/1/2033

a

93,628

Permian

Resources

Operating,

LLC,

Convertible

90,000

3.250%, 

4/1/2028

218,195

Pioneer

Natural

Resources

Company

195,000

1.900%, 

8/15/2030

169,487

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

317,000

4.650%, 

10/15/2025

316,888

Prairie

Acquiror,

LP

199,000

9.000%, 

8/1/2029

a

202,560

Precision

Drilling

Corporation

122,000

6.875%, 

1/15/2029

a

119,193

Range

Resources

Corporation

217,000

4.750%, 

2/15/2030

a

206,439

Rockies

Express

Pipeline,

LLC

310,000

4.950%, 

7/15/2029

a

296,851

Saturn

Oil

&

Gas,

Inc.

57,000

9.625%, 

6/15/2029

a,e

55,125

Schlumberger

Holdings

Corporation

81,000

4.300%, 

5/1/2029

a

80,165

SM

Energy

Company

185,000

6.500%, 

7/15/2028

183,732

83,000

7.000%, 

8/1/2032

a

81,458

South

Bow

USA

Infrastructure

Holdings,

LLC

75,000

5.584%, 

10/1/2034

a

73,434

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

119,000

5.875%, 

3/1/2027

118,360

Sunoco,

LP

358,000

7.000%, 

5/1/2029

a

366,228

Sunoco,

LP/Sunoco

Finance

Corporation

171,000

5.875%, 

3/15/2028

170,847

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

330,000

5.500%, 

1/15/2028

a

321,184

180,000

7.375%, 

2/15/2029

a

180,897

Talos

Production,

Inc.

54,000

9.000%, 

2/1/2029

a

55,487

Targa

Resources

Corporation

170,000

6.125%, 

5/15/2055

168,836

Targa

Resources

Partners,

LP

359,000

4.875%, 

2/1/2031

351,434

TGNR

Intermediate

Holdings,

LLC

287,000

5.500%, 

10/15/2029

a

269,465

TotalEnergies

Capital

SA

408,000

5.488%, 

4/5/2054

394,755

TransCanada

Trust

600,000

5.875%, 

8/15/2076

b

595,830

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Energy  2.5%

-

continued

Transocean,

Inc.

$

119,200

8.750%, 

2/15/2030

a

$

123,800

UGI

Corporation,

Convertible

169,000

5.000%, 

6/1/2028

a

218,224

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

209,000

7.125%, 

3/15/2029

a

212,567

Valaris,

Ltd.

268,000

8.375%, 

4/30/2030

a

268,308

Venture

Global

Calcasieu

Pass,

LLC

144,000

3.875%, 

8/15/2029

a

133,301

220,000

4.125%, 

8/15/2031

a

199,892

Venture

Global

LNG,

Inc.

445,000

8.125%, 

6/1/2028

a

454,715

181,000

9.000%, 

9/30/2029

a,b,h

171,767

300,000

8.375%, 

6/1/2031

a

304,284

198,000

9.875%, 

2/1/2032

a

210,293

Viridien

SA

60,000

8.750%, 

4/1/2027

a,e

61,313

Williams

Companies,

Inc.

261,000

4.900%, 

3/15/2029

262,700

131,000

2.600%, 

3/15/2031

115,108

97,000

5.600%, 

3/15/2035

98,860

Total

23,835,400

Financials  8.3%

200

Park

Funding

Trust

156,000

5.740%, 

2/15/2055

a

154,798

Acrisure,

LLC/Acrisure

Finance,

Inc.

84,000

4.250%, 

2/15/2029

a

78,596

118,000

7.500%, 

11/6/2030

a

120,048

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

210,000

6.950%, 

3/10/2055

b

214,943

200,000

6.500%, 

7/15/2025

200,581

150,000

6.100%, 

1/15/2027

153,374

207,000

5.750%, 

6/6/2028

212,921

362,000

3.000%, 

10/29/2028

340,175

281,000

5.375%, 

12/15/2031

283,122

Agree,

LP

137,000

5.625%, 

6/15/2034

138,633

Air

Lease

Corporation

270,000

4.650%, 

6/15/2026

b,h

262,642

162,000

3.125%, 

12/1/2030

146,656

Aircastle,

Ltd.

249,000

5.250%, 

6/15/2026

a,b,h

244,325

163,000

2.850%, 

1/26/2028

a

153,861

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

121,000

4.250%, 

10/15/2027

a

116,777

150,000

6.750%, 

4/15/2028

a

150,587

168,000

7.000%, 

1/15/2031

a

168,514

Ally

Financial,

Inc.

390,000

4.700%, 

5/15/2026

b,h

362,951

405,000

8.000%, 

11/1/2031

451,292

188,000

6.700%, 

2/14/2033

e

188,058

American

Express

Company

255,000

3.550%, 

9/15/2026

b,h

246,262

10,000

6.338%, 

10/30/2026

b

10,097

American

International

Group,

Inc.

271,000

5.125%, 

3/27/2033

271,382

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

15

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Financials  8.3%

-

continued

Americold

Realty

Operating

Partnership,

LP

$

214,000

5.600%, 

5/15/2032

$

214,806

Ameriprise

Financial,

Inc.

303,000

5.200%, 

4/15/2035

302,294

AmWINS

Group,

Inc.

99,000

6.375%, 

2/15/2029

a

99,754

293,000

4.875%, 

6/30/2029

a

276,213

Aon

North

America,

Inc.

272,000

5.750%, 

3/1/2054

268,248

Apollo

Debt

Solutions

BDC

214,000

6.700%, 

7/29/2031

220,794

Ares

Capital

Corporation

340,000

2.150%, 

7/15/2026

327,923

168,000

5.875%, 

3/1/2029

170,560

Ares

Strategic

Income

Fund

187,000

5.600%, 

2/15/2030

a

184,315

Arthur

J.

Gallagher

&

Company

204,000

5.750%, 

7/15/2054

200,973

126,000

5.000%, 

2/15/2032

125,989

Assurant,

Inc.

193,000

6.100%, 

2/27/2026

194,683

Aviation

Capital

Group,

LLC

131,000

4.875%, 

10/1/2025

a

130,946

Avolon

Holdings

Funding,

Ltd.

278,000

5.750%, 

3/1/2029

a

283,125

299,000

5.375%, 

5/30/2030

a

299,406

Azorra

Finance,

Ltd.

258,000

7.750%, 

4/15/2030

a

257,169

Banco

Santander

Mexico

SA

200,000

5.621%, 

12/10/2029

a

202,116

Banco

Santander

SA

110,000

4.750%, 

11/12/2026

b,h

105,445

200,000

4.175%, 

3/24/2028

b

197,984

200,000

6.921%, 

8/8/2033

212,177

Bank

of

America

Corporation

325,000

6.125%, 

4/27/2027

b,h

329,046

278,000

4.376%, 

4/27/2028

b

276,850

392,000

3.593%, 

7/21/2028

b

383,607

230,000

5.819%, 

9/15/2029

b

238,354

523,000

3.974%, 

2/7/2030

b

508,900

323,000

5.162%, 

1/24/2031

b

327,452

454,000

2.687%, 

4/22/2032

b

399,587

204,000

2.572%, 

10/20/2032

b

176,001

290,000

2.972%, 

2/4/2033

b

254,269

207,000

5.468%, 

1/23/2035

b

210,014

529,000

5.425%, 

8/15/2035

b

517,961

141,000

3.846%, 

3/8/2037

b

126,554

Bank

of

Montreal

140,000

3.088%, 

1/10/2037

b

118,234

Bank

of

New

York

Mellon

Corporation

132,000

6.317%, 

10/25/2029

b

139,647

214,000

4.596%, 

7/26/2030

b

213,976

134,000

6.474%, 

10/25/2034

b

146,368

Bank

of

Nova

Scotia

354,000

4.900%, 

6/4/2025

b,h

351,581

Barclays

plc

243,000

6.125%, 

12/15/2025

b,h

242,812

179,000

2.852%, 

5/7/2026

b

178,624

200,000

5.501%, 

8/9/2028

b

202,976

193,000

4.972%, 

5/16/2029

b

193,616

289,000

4.942%, 

9/10/2030

b

288,078

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Financials  8.3%

-

continued

$

200,000

6.224%, 

5/9/2034

b

$

208,346

136,000

7.119%, 

6/27/2034

b

146,522

BlackRock

Funding,

Inc.

136,000

5.250%, 

3/14/2054

131,150

Blackstone

Mortgage

Trust,

Inc.,

Convertible

41,000

5.500%, 

3/15/2027

39,729

Blackstone

Private

Credit

Fund

259,000

5.600%, 

11/22/2029

a

256,823

Blue

Owl

Capital

Corporation

II

136,000

8.450%, 

11/15/2026

142,560

Blue

Owl

Credit

Income

Corporation

214,000

4.700%, 

2/8/2027

211,352

Blue

Owl

Technology

Finance

Corporation

68,000

4.750%, 

12/15/2025

a

67,652

196,000

3.750%, 

6/17/2026

a

191,335

236,000

6.100%, 

3/15/2028

a

235,383

68,000

6.750%, 

4/4/2029

68,924

BNP

Paribas

SA

200,000

3.132%, 

1/20/2033

a,b

174,320

BPCE

SA

250,000

5.876%, 

1/14/2031

a,b

256,024

Bread

Financial

Holdings,

Inc.

38,000

8.375%, 

6/15/2035

a,b

37,157

Brixmor

Operating

Partnership,

LP

262,000

2.250%, 

4/1/2028

243,278

Brookfield

Finance,

Inc.

181,000

5.813%, 

3/3/2055

176,572

Burford

Capital

Global

Finance,

LLC

286,000

9.250%, 

7/1/2031

a

301,323

Capital

One

Financial

Corporation

140,000

3.950%, 

9/1/2026

b,e,h

133,914

217,000

3.273%, 

3/1/2030

b

203,436

Centene

Corporation

544,000

3.000%, 

10/15/2030

475,798

Charles

Schwab

Corporation

537,000

5.375%, 

6/1/2025

b,h

535,096

255,000

0.900%, 

3/11/2026

246,550

300,000

4.000%, 

6/1/2026

b,h

292,421

135,000

6.136%, 

8/24/2034

b

143,685

CHL

Mortgage

Pass-Through

Trust

97,882

6.744%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

95,904

701,495

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

305,530

Citadel,

LP

189,000

6.375%, 

1/23/2032

a

193,924

Citibank

NA

250,000

5.570%, 

4/30/2034

256,913

Citigroup,

Inc.

215,000

4.000%, 

12/10/2025

b,h

211,659

415,000

3.875%, 

2/18/2026

b,h

405,405

263,000

1.462%, 

6/9/2027

b

253,344

286,000

3.070%, 

2/24/2028

b

277,933

133,000

7.375%, 

5/15/2028

b,h

136,555

271,000

7.625%, 

11/15/2028

b,h

281,938

522,000

4.075%, 

4/23/2029

b

513,268

165,000

7.125%, 

8/15/2029

b,h

168,744

165,000

6.950%, 

2/15/2030

b,h

164,524

136,000

6.174%, 

5/25/2034

b

139,396

240,000

7.000%, 

8/15/2034

b,h

248,824

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

16

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Financials  8.3%

-

continued

$

245,000

6.020%, 

1/24/2036

b

$

247,340

Citizens

Financial

Group,

Inc.

275,000

4.000%, 

10/6/2026

b,h

263,457

116,000

5.718%, 

7/23/2032

b

118,086

CNA

Financial

Corporation

272,000

5.125%, 

2/15/2034

270,144

Coinbase

Global,

Inc.,

Convertible

373,000

0.500%, 

6/1/2026

364,421

421,000

0.250%, 

4/1/2030

389,214

Comerica,

Inc.

160,000

5.625%, 

7/1/2025

b,h

159,003

74,000

5.982%, 

1/30/2030

b

75,196

Commonwealth

Bank

of

Australia

156,000

2.688%, 

3/11/2031

a

136,192

Cooperatieve

Rabobank

UA

149,000

1.339%, 

6/24/2026

a,b

147,815

COPT

Defense

Properties,

LP

265,000

2.250%, 

3/15/2026

258,206

COPT

Defense

Properties,

LP,

Convertible

64,000

5.250%, 

9/15/2028

a

71,264

Corebridge

Financial,

Inc.

272,000

6.375%, 

9/15/2054

b

270,228

196,000

6.875%, 

12/15/2052

b

200,302

134,000

6.050%, 

9/15/2033

139,815

123,000

5.750%, 

1/15/2034

126,229

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

426,644

5.136%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

350,003

Cousins

Properties,

LP

70,000

5.375%, 

2/15/2032

69,711

Credit

Acceptance

Corporation

132,000

9.250%, 

12/15/2028

a

139,742

50,000

6.625%, 

3/15/2030

a

49,256

Credit

Agricole

SA

131,000

3.250%, 

1/14/2030

a

120,551

Credit

Suisse

Group

AG

130,000

7.250%, 

N/A

*,i

9,750

150,000

7.500%, 

N/A

*,h,i

11,250

Dai-ichi

Life

Insurance

Company,

Ltd.

325,000

6.200%, 

1/16/2035

a,b,h

326,022

Deutsche

Bank

AG/New

York,

NY

444,000

2.129%, 

11/24/2026

b

436,025

250,000

2.311%, 

11/16/2027

b

240,230

190,000

6.819%, 

11/20/2029

b

201,480

214,000

3.742%, 

1/7/2033

b

188,048

Digital

Realty

Trust,

LP,

Convertible

259,000

1.875%, 

11/15/2029

a

256,488

Discover

Bank

260,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

265,627

Discover

Financial

Services

71,000

6.700%, 

11/29/2032

76,262

Diversified

Healthcare

Trust

98,000

Zero

Coupon, 

1/15/2026

a

92,372

Drawbridge

Special

Opportunities

Fund,

LP

412,000

3.875%, 

2/15/2026

a

404,064

Elevance

Health,

Inc.

272,000

5.650%, 

6/15/2054

262,346

411,000

2.550%, 

3/15/2031

363,205

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Financials  8.3%

-

continued

Encore

Capital

Group,

Inc.,

Convertible

$

141,000

4.000%, 

3/15/2029

$

127,605

Extra

Space

Storage,

LP

135,000

2.400%, 

10/15/2031

114,867

Fairfax

Financial

Holdings,

Ltd.

204,000

6.350%, 

3/22/2054

207,826

Federal

Realty

OP,

LP,

Convertible

78,000

3.250%, 

1/15/2029

a

77,688

Fifth

Third

Bancorp

118,000

4.500%, 

9/30/2025

b,h

116,998

144,000

4.772%, 

7/28/2030

b

143,147

Fifth

Third

Bank

NA

343,000

3.850%, 

3/15/2026

340,130

FirstCash,

Inc.

294,000

5.625%, 

1/1/2030

a

285,070

Five

Corners

Funding

Trust

III

180,000

5.791%, 

2/15/2033

a

185,680

Fortitude

Group

Holdings,

LLC

335,000

6.250%, 

4/1/2030

a

338,667

Fortress

Transportation

and

Infrastructure

Investors,

LLC

123,000

5.500%, 

5/1/2028

a

120,555

274,000

7.000%, 

5/1/2031

a

278,390

77,000

7.000%, 

6/15/2032

a

78,082

Freedom

Mortgage

Holdings,

LLC

274,000

9.250%, 

2/1/2029

a

278,258

118,000

9.125%, 

5/15/2031

a

118,745

FS

KKR

Capital

Corporation

132,000

3.400%, 

1/15/2026

130,271

132,000

2.625%, 

1/15/2027

e

125,991

GGAM

Finance,

Ltd.

124,000

8.000%, 

6/15/2028

a

130,027

217,000

5.875%, 

3/15/2030

a

214,155

Global

Aircraft

Leasing

Company,

Ltd.

98,000

8.750%, 

9/1/2027

a

99,610

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

365,000

3.750%, 

12/15/2027

a

343,535

goeasy,

Ltd.

196,000

9.250%, 

12/1/2028

a

205,759

122,000

7.625%, 

7/1/2029

a

122,035

75,000

6.875%, 

5/15/2030

a

73,447

Goldman

Sachs

BDC,

Inc.

122,000

6.375%, 

3/11/2027

124,982

Goldman

Sachs

Group,

Inc.

190,000

7.379%, 

(H15T

5Y

+

3.623%),

8/10/2025

b,h

190,898

195,000

3.650%, 

8/10/2026

b,e,h

189,242

255,000

4.125%, 

11/10/2026

b,h

247,023

456,000

1.948%, 

10/21/2027

b

437,392

140,000

2.640%, 

2/24/2028

b

135,131

155,000

3.615%, 

3/15/2028

b

152,124

278,000

4.482%, 

8/23/2028

b

277,325

261,000

3.814%, 

4/23/2029

b

254,811

131,000

3.800%, 

3/15/2030

125,276

131,000

2.615%, 

4/22/2032

b

114,382

132,000

2.383%, 

7/21/2032

b

113,057

163,000

6.125%, 

11/10/2034

b,h

159,434

261,000

5.330%, 

7/23/2035

b

259,699

404,000

5.016%, 

10/23/2035

b

392,831

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

17

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Financials  8.3%

-

continued

Hartford

Insurance

Group,

Inc.

$

130,000

2.800%, 

8/19/2029

$

120,104

125,000

6.710%, 

(TSFR3M

+

2.387%),

2/12/2047

a,b

115,189

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

30,000

Zero

Coupon, 

5/1/2025

a

32,730

86,000

3.750%, 

8/15/2028

a

105,436

High

Street

Funding

Trust

III

100,000

5.807%, 

2/15/2055

a

98,608

HSBC

Holdings

plc

200,000

6.161%, 

3/9/2029

b

207,277

365,000

4.583%, 

6/19/2029

b

361,761

256,000

5.130%, 

3/3/2031

b

256,791

159,000

2.804%, 

5/24/2032

b

139,075

HUB

International,

Ltd.

344,000

7.250%, 

6/15/2030

a

354,322

Huntington

Bancshares,

Inc./OH

160,000

4.450%, 

10/15/2027

b,h

153,967

331,000

5.709%, 

2/2/2035

b

334,526

230,000

6.141%, 

11/18/2039

b

231,614

Huntington

Bank

Auto

Credit-

Linked

Notes

210,528

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

211,474

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

114,000

6.250%, 

5/15/2026

112,881

335,000

5.250%, 

5/15/2027

318,488

ING

Groep

NV

258,000

1.726%, 

4/1/2027

b

250,645

200,000

6.083%, 

9/11/2027

b

204,030

Intesa

Sanpaolo

SPA

150,000

4.198%, 

6/1/2032

a,b

134,582

Invitation

Homes

Operating

Partnership,

LP

227,000

2.000%, 

8/15/2031

189,951

J.P.

Morgan

Chase

&

Company

295,000

3.650%, 

6/1/2026

b,h

288,406

371,000

1.045%, 

11/19/2026

b

362,908

392,000

4.005%, 

4/23/2029

b

385,293

133,000

2.069%, 

6/1/2029

b

123,141

160,000

6.500%, 

4/1/2030

b,h

163,751

523,000

4.493%, 

3/24/2031

b

516,067

140,000

2.963%, 

1/25/2033

b

123,584

145,000

4.912%, 

7/25/2033

b

143,847

140,000

5.717%, 

9/14/2033

b

143,860

149,000

5.350%, 

6/1/2034

b

151,422

147,000

6.254%, 

10/23/2034

b

157,878

69,000

5.336%, 

1/23/2035

b

69,735

228,000

5.766%, 

4/22/2035

b

236,962

144,000

5.502%, 

1/24/2036

b

147,102

259,000

5.534%, 

11/29/2045

b

256,429

Jane

Street

Group/JSG

Finance,

Inc.

191,000

4.500%, 

11/15/2029

a

180,356

62,000

7.125%, 

4/30/2031

a

63,691

103,000

6.125%, 

11/1/2032

a

101,350

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

120,000

5.000%, 

8/15/2028

a

112,817

151,000

6.625%, 

10/15/2031

a

149,399

Jefferson

Capital

Holdings,

LLC

99,000

6.000%, 

8/15/2026

a

98,416

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Financials  8.3%

-

continued

$

247,000

9.500%, 

2/15/2029

a

$

262,156

KeyBank

NA/Cleveland,

OH

196,000

3.900%, 

4/13/2029

188,194

250,000

5.000%, 

1/26/2033

e

243,470

Kilroy

Realty,

LP

196,000

4.250%, 

8/15/2029

186,451

97,000

6.250%, 

1/15/2036

96,171

Kite

Realty

Group,

LP,

Convertible

13,000

0.750%, 

4/1/2027

a

13,198

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

325,000

4.750%, 

6/15/2029

a

309,517

Liberty

Mutual

Group,

Inc.

68,000

4.125%, 

12/15/2051

a,b

65,109

Lincoln

National

Corporation

300,000

6.942%, 

(TSFR3M

+

2.619%),

5/19/2025

b

246,246

Lloyds

Banking

Group

plc

440,000

1.627%, 

5/11/2027

b

425,590

M&T

Bank

Corporation

406,000

3.500%, 

9/1/2026

b,h

385,099

Macquarie

Airfinance

Holdings,

Ltd.

55,000

6.400%, 

3/26/2029

a

56,849

149,000

5.150%, 

3/17/2030

a

146,914

Macquarie

Group,

Ltd.

264,000

1.629%, 

9/23/2027

a,b

252,593

Marsh

&

McLennan

Companies,

Inc.

135,000

2.375%, 

12/15/2031

116,203

MetLife,

Inc.

160,000

6.350%, 

3/15/2055

b

160,314

220,000

3.850%, 

9/15/2025

b,h

217,420

205,000

5.875%, 

3/15/2028

b,h

206,984

261,000

6.400%, 

12/15/2036

264,721

Metropolitan

Life

Global

Funding

I

244,000

2.950%, 

4/9/2030

a

224,420

Mid-America

Apartments,

LP

261,000

4.200%, 

6/15/2028

258,363

Mitsubishi

UFJ

Financial

Group,

Inc.

260,000

1.538%, 

7/20/2027

b

250,158

Mizuho

Financial

Group,

Inc.

343,000

1.554%, 

7/9/2027

b

330,245

278,000

2.564%, 

9/13/2031

238,537

135,000

5.748%, 

7/6/2034

b

139,358

Molina

Healthcare,

Inc.

211,000

4.375%, 

6/15/2028

a

200,970

118,000

6.250%, 

1/15/2033

a

116,134

Morgan

Stanley

181,000

5.516%, 

11/19/2055

b

176,819

302,000

2.188%, 

4/28/2026

b

301,403

148,000

0.985%, 

12/10/2026

b

144,348

260,000

1.593%, 

5/4/2027

b

251,795

262,000

1.512%, 

7/20/2027

b

251,850

98,000

5.123%, 

2/1/2029

b

99,343

392,000

3.622%, 

4/1/2031

b

370,131

140,000

2.943%, 

1/21/2033

b

122,800

144,000

4.889%, 

7/20/2033

b

141,863

132,000

5.250%, 

4/21/2034

b

132,065

156,000

5.424%, 

7/21/2034

b

157,818

109,000

5.831%, 

4/19/2035

b

112,953

113,000

5.587%, 

1/18/2036

b

115,403

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Financials  8.3%

-

continued

$

283,000

2.484%, 

9/16/2036

b

$

234,632

Nasdaq,

Inc.

126,000

5.350%, 

6/28/2028

128,971

Nationstar

Mortgage

Holdings,

Inc.

59,000

5.500%, 

8/15/2028

a

58,517

186,000

5.125%, 

12/15/2030

a

185,523

49,000

7.125%, 

2/1/2032

a

50,899

NatWest

Group

plc

131,000

4.892%, 

5/18/2029

b

131,245

350,000

6.475%, 

6/1/2034

b

364,668

Navient

Corporation

72,000

5.000%, 

3/15/2027

70,451

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

78,000

4.500%, 

9/30/2028

a

73,522

Neuberger

Berman

CLO,

Ltd.

1,650,000

7.564%, 

(TSFR3M

+

3.262%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

a,b

1,651,360

New

Mountain

Finance

Corporation,

Convertible

39,000

7.500%, 

10/15/2025

39,448

New

York

Life

Global

Funding

134,000

4.550%, 

1/28/2033

a

129,972

137,000

5.000%, 

1/9/2034

a

137,006

Nippon

Life

Insurance

Company

675,000

5.950%, 

4/16/2054

a,b

678,887

NNN

REIT,

Inc.

131,000

2.500%, 

4/15/2030

117,089

Nomura

Holdings,

Inc.

200,000

2.172%, 

7/14/2028

184,630

227,000

5.783%, 

7/3/2034

232,803

Omega

Healthcare

Investors,

Inc.

127,000

4.750%, 

1/15/2028

126,694

OneMain

Finance

Corporation

460,000

3.500%, 

1/15/2027

440,879

258,000

3.875%, 

9/15/2028

238,578

99,000

6.750%, 

3/15/2032

97,166

Panther

Escrow

Issuer,

LLC

346,000

7.125%, 

6/1/2031

a

352,550

Park

Intermediate

Holdings,

LLC

328,000

4.875%, 

5/15/2029

a

306,130

Pebblebrook

Hotel

Trust,

Convertible

743,000

1.750%, 

12/15/2026

694,333

Pine

Street

Trust

III

100,000

6.223%, 

5/15/2054

a

102,387

PNC

Bank

NA

130,000

2.700%, 

10/22/2029

119,217

PNC

Financial

Services

Group,

Inc.

196,000

6.200%, 

9/15/2027

b,h

198,724

145,000

5.582%, 

6/12/2029

b

149,099

266,000

6.250%, 

3/15/2030

b,h

267,362

134,000

6.875%, 

10/20/2034

b

148,157

PRA

Group,

Inc.

188,000

8.375%, 

2/1/2028

a

192,134

Prologis

Targeted

US

Logistics

Fund,

LP

196,000

5.250%, 

4/1/2029

a

199,989

128,000

5.250%, 

1/15/2035

a

127,546

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Financials  8.3%

-

continued

Prologis,

LP

$

165,000

5.250%, 

3/15/2054

$

156,495

Provident

Financing

Trust

I

155,000

7.405%, 

3/15/2038

163,538

Prudential

Financial,

Inc.

142,000

5.125%, 

3/1/2052

b

135,164

198,000

6.750%, 

3/1/2053

b

206,623

340,000

6.500%, 

3/15/2054

b

346,268

160,000

3.700%, 

10/1/2050

b

144,380

Realty

Income

Corporation

132,000

4.875%, 

6/1/2026

132,425

282,000

3.200%, 

1/15/2027

275,316

196,000

3.950%, 

8/15/2027

193,802

Regency

Centers,

LP

206,000

5.250%, 

1/15/2034

206,226

Regions

Financial

Corporation

129,000

2.250%, 

5/18/2025

128,526

245,000

5.750%, 

6/15/2025

b,h

243,648

Reinsurance

Group

of

America,

Inc.

134,000

6.000%, 

9/15/2033

139,008

226,000

5.750%, 

9/15/2034

229,881

RenaissanceRe

Holdings,

Ltd.

303,000

5.800%, 

4/1/2035

310,324

Rexford

Industrial

Realty,

LP,

Convertible

98,000

4.375%, 

3/15/2027

a

97,706

180,000

4.125%, 

3/15/2029

a

177,840

RGA

Global

Funding

130,000

5.500%, 

1/11/2031

a

133,613

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

60,000

4.750%, 

10/15/2027

58,566

118,000

4.500%, 

2/15/2029

a

111,632

RLJ

Lodging

Trust,

LP

108,000

4.000%, 

9/15/2029

a

96,879

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

129,000

3.625%, 

3/1/2029

a

118,970

123,000

3.875%, 

3/1/2031

a

110,183

65,000

4.000%, 

10/15/2033

a

55,757

Ryan

Specialty,

LLC

62,000

4.375%, 

2/1/2030

a

58,991

80,000

5.875%, 

8/1/2032

a

79,015

Santander

Holdings

USA,

Inc.

144,000

2.490%, 

1/6/2028

b

138,016

Santander

UK

Group

Holdings

plc

262,000

1.673%, 

6/14/2027

b

252,396

Service

Properties

Trust

103,000

5.500%, 

12/15/2027

99,352

94,000

8.625%, 

11/15/2031

a

99,162

Simon

Property

Group,

LP

264,000

2.650%, 

7/15/2030

238,876

134,000

6.250%, 

1/15/2034

143,899

Sixth

Street

Lending

Partners

164,000

6.125%, 

7/15/2030

a

165,063

SLM

Corporation

29,000

6.500%, 

1/31/2030

29,757

Societe

Generale

SA

177,000

1.488%, 

12/14/2026

a,b

172,913

103,000

10.000%, 

11/14/2028

a,b,h

111,381

255,000

6.100%, 

4/13/2033

a,b

261,175

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Financials  8.3%

-

continued

Standard

Chartered

plc

$

206,000

2.608%, 

1/12/2028

a,b,e

$

198,449

200,000

5.545%, 

1/21/2029

a,b

203,490

Starwood

Property

Trust,

Inc.

49,000

6.500%, 

10/15/2030

a

48,546

Starwood

Property

Trust,

Inc.,

Convertible

228,000

6.750%, 

7/15/2027

240,644

State

Street

Corporation

137,000

6.700%, 

3/15/2029

b,h

140,462

144,000

4.421%, 

5/13/2033

b

139,598

Sumitomo

Life

Insurance

Company

420,000

3.375%, 

4/15/2081

a,b

374,642

Sumitomo

Mitsui

Financial

Group,

Inc.

200,000

5.716%, 

9/14/2028

207,161

200,000

5.766%, 

1/13/2033

208,202

Summit

Hotel

Properties,

Inc.,

Convertible

180,000

1.500%, 

2/15/2026

171,692

Synchrony

Financial

104,000

5.935%, 

8/2/2030

b

105,463

125,000

7.250%, 

2/2/2033

128,675

Synovus

Bank

135,000

5.625%, 

2/15/2028

135,640

Toronto-Dominion

Bank

160,000

8.125%, 

10/31/2082

b

165,505

209,000

5.523%, 

7/17/2028

214,883

144,000

4.456%, 

6/8/2032

139,027

112,000

5.146%, 

9/10/2034

b

110,921

TrueNoord

Capital

DAC

108,000

8.750%, 

3/1/2030

a

109,612

Truist

Bank

134,000

2.250%, 

3/11/2030

117,485

Truist

Financial

Corporation

282,000

6.047%, 

6/8/2027

b

286,695

132,000

1.887%, 

6/7/2029

b

120,932

490,000

5.100%, 

3/1/2030

b,h

475,201

263,000

5.153%, 

8/5/2032

b

263,445

201,000

5.711%, 

1/24/2035

b

205,224

U.S.

Bancorp

214,000

4.548%, 

7/22/2028

b

214,030

70,000

5.836%, 

6/12/2034

b

72,234

194,000

5.678%, 

1/23/2035

b

198,327

UBS

Group

AG

400,000

4.875%, 

2/12/2027

a,b,h

388,007

287,000

3.869%, 

1/12/2029

a,b

280,333

200,000

5.699%, 

2/8/2035

a,b

205,087

200,000

5.379%, 

9/6/2045

a,b

191,026

UniCredit

SPA

118,000

5.861%, 

6/19/2032

a,b

118,393

United

Wholesale

Mortgage,

LLC

325,000

5.500%, 

4/15/2029

a

313,338

UnitedHealth

Group,

Inc.

408,000

5.375%, 

4/15/2054

387,622

276,000

4.200%, 

5/15/2032

265,360

USB

Realty

Corporation

194,000

5.711%, 

(TSFR3M

+

1.409%),

1/15/2027

a,b,h

157,519

Ventas

Realty,

LP,

Convertible

208,000

3.750%, 

6/1/2026

267,592

Vornado

Realty,

LP

90,000

3.400%, 

6/1/2031

76,204

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Financials  8.3%

-

continued

Wells

Fargo

&

Company

$

170,000

3.900%, 

3/15/2026

b,h

$

166,613

226,000

2.188%, 

4/30/2026

b

225,528

145,000

3.526%, 

3/24/2028

b

142,080

309,000

3.584%, 

5/22/2028

b

302,534

214,000

4.808%, 

7/25/2028

b

214,687

277,000

7.625%, 

9/15/2028

b,e,h

295,901

308,000

4.478%, 

4/4/2031

b

302,738

93,000

5.389%, 

4/24/2034

b

93,642

187,000

5.557%, 

7/25/2034

b

190,287

132,000

6.491%, 

10/23/2034

b

142,400

552,000

5.499%, 

1/23/2035

b

559,508

Welltower

OP,

LLC,

Convertible

397,000

2.750%, 

5/15/2028

a

647,110

Westpac

Banking

Corporation

196,000

4.110%, 

7/24/2034

b

187,274

Willis

North

America,

Inc.

136,000

5.900%, 

3/5/2054

133,990

261,000

4.500%, 

9/15/2028

259,030

XHR,

LP

243,000

4.875%, 

6/1/2029

a

227,618

51,000

6.625%, 

5/15/2030

a

50,069

Zions

Bancorp

NA

250,000

6.816%, 

11/19/2035

b

255,059

Total

79,858,630

Foreign

Government  0.1%

NBN

Company,

Ltd.

235,000

2.625%, 

5/5/2031

a

209,341

Saudi

Arabian

Oil

Company

201,000

5.750%, 

7/17/2054

a

189,674

Teine

Energy,

Ltd.

250,000

6.875%, 

4/15/2029

a

244,432

Total

643,447

Mortgage-Backed

Securities  22.6%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

673,946

2.000%, 

1/1/2052

543,760

7,465,061

2.500%, 

5/1/2051

6,296,596

5,408,180

3.500%, 

5/1/2052

4,918,654

4,134,983

4.000%, 

5/1/2052

3,890,401

5,687,934

5.000%, 

7/1/2053

5,614,077

8,186,551

5.500%, 

7/1/2053

8,246,614

443,749

5.000%, 

8/1/2053

440,116

1,709,302

5.500%, 

9/1/2053

1,728,850

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

3,481,257

2.500%, 

7/1/2030

3,348,332

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

4,289,124

3.500%, 

5/1/2040

4,042,152

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

9,510,488

3.000%, 

1/1/2052

8,315,185

921,512

2.000%, 

2/1/2051

743,507

1,412,417

2.000%, 

2/1/2051

1,139,583

5,770,000

2.500%, 

2/1/2051

4,812,628

4,243,377

2.500%, 

2/1/2051

3,576,659

10,518,287

2.000%, 

3/1/2051

8,421,906

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Mortgage-Backed

Securities  22.6%

-

continued

$

5,548,079

4.000%, 

3/1/2051

$

5,221,784

10,392,887

3.000%, 

3/1/2052

9,029,667

8,470,014

2.000%, 

4/1/2051

6,745,065

6,162,363

3.000%, 

4/1/2051

5,386,092

6,334,142

3.000%, 

5/1/2050

5,512,909

1,704,079

2.000%, 

5/1/2051

1,368,258

3,619,321

3.000%, 

5/1/2051

3,195,131

3,853,983

3.000%, 

6/1/2050

3,428,231

1,627,599

4.000%, 

6/1/2052

1,521,828

3,028,075

5.000%, 

6/1/2053

2,992,787

8,463,383

2.500%, 

7/1/2051

7,166,492

3,561,046

3.500%, 

7/1/2051

3,245,470

4,575,991

4.000%, 

7/1/2052

4,278,631

1,606,207

2.500%, 

8/1/2050

1,359,708

7,055,808

3.500%, 

8/1/2050

6,449,353

6,720,961

3.500%, 

8/1/2052

6,071,263

3,801,088

4.500%, 

8/1/2052

3,645,755

581,062

5.000%, 

8/1/2053

574,290

4,829,958

3.500%, 

9/1/2052

4,393,006

1,989,727

3.500%, 

9/1/2052

1,809,620

485,526

5.000%, 

9/1/2052

478,685

4,261,471

4.500%, 

9/1/2053

4,088,589

1,191,514

4.500%, 

9/1/2053

1,146,912

6,878,709

4.000%, 

10/1/2052

6,448,752

1,666,462

2.000%, 

11/1/2051

1,342,658

2,579,434

3.500%, 

11/1/2052

2,353,667

6,861,768

2.000%, 

12/1/2050

5,509,604

15,589,450

4.500%, 

12/1/2052

15,016,147

6,600,000

6.000%, 

4/1/2041

6,703,237

650,000

5.500%, 

5/1/2041

648,577

3,000,000

4.500%, 

4/1/2049

2,869,402

1,200,000

3.500%, 

5/1/2049

1,081,459

7,025,000

5.000%, 

5/1/2049

6,879,092

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

9,684,172

2.500%, 

3/1/2062

7,831,935

3,219,857

3.500%, 

7/1/2061

2,852,152

3,536,762

4.000%, 

12/1/2061

3,270,555

Total

217,995,783

Technology  2.2%

Accenture

Capital,

Inc.

223,000

4.500%, 

10/4/2034

215,477

Adobe,

Inc.

330,000

5.300%, 

1/17/2035

e

339,832

Advanced

Micro

Devices,

Inc.

145,000

3.924%, 

6/1/2032

e

137,819

Akamai

Technologies,

Inc.,

Convertible

116,000

0.125%, 

5/1/2025

115,478

227,000

0.375%, 

9/1/2027

220,984

308,000

1.125%, 

2/15/2029

292,600

Analog

Devices,

Inc.

68,000

2.100%, 

10/1/2031

58,390

Apple,

Inc.

686,000

3.750%, 

9/12/2047

545,219

Array

Technologies,

Inc.,

Convertible

416,000

1.000%, 

12/1/2028

305,057

Block,

Inc.

424,000

6.500%, 

5/15/2032

a

428,274

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Technology  2.2%

-

continued

Block,

Inc.,

Convertible

$

70,000

0.250%, 

11/1/2027

$

61,600

Boost

Newco

Borrower,

LLC

303,000

7.500%, 

1/15/2031

a

315,404

Broadcom,

Inc.

146,000

4.000%, 

4/15/2029

a

142,501

130,000

4.800%, 

10/15/2034

126,903

Cadence

Design

Systems,

Inc.

112,000

4.700%, 

9/10/2034

109,356

Cisco

Systems,

Inc.

272,000

5.350%, 

2/26/2064

264,463

Clarivate

Science

Holdings

Corporation

131,000

3.875%, 

7/1/2028

a

121,521

Cloud

Software

Group,

Inc.

646,000

6.500%, 

3/31/2029

a

627,954

CommScope,

LLC

99,000

4.750%, 

9/1/2029

a

88,016

99,000

9.500%, 

12/15/2031

a,e

101,970

Consensus

Cloud

Solutions,

Inc.

62,000

6.000%, 

10/15/2026

a

61,560

CoreLogic,

Inc.

74,000

4.500%, 

5/1/2028

a

68,877

CSG

Systems

International,

Inc.,

Convertible

237,000

3.875%, 

9/15/2028

255,486

Dayforce,

Inc.,

Convertible

385,000

0.250%, 

3/15/2026

367,675

Dell

International,

LLC/EMC

Corporation

214,000

4.750%, 

4/1/2028

214,978

Dell,

Inc.

182,000

6.500%, 

4/15/2038

192,031

Diebold

Nixdorf,

Inc.

77,000

7.750%, 

3/31/2030

a

79,816

Fiserv,

Inc.

266,000

5.350%, 

3/15/2031

272,763

65,000

5.600%, 

3/2/2033

66,793

266,000

5.450%, 

3/15/2034

269,653

213,000

5.150%, 

8/12/2034

211,263

Foundry

JV

Holdco,

LLC

200,000

5.900%, 

1/25/2033

a

203,516

Gen

Digital,

Inc.

10,000

6.750%, 

9/30/2027

a

10,123

149,000

7.125%, 

9/30/2030

a

152,085

50,000

6.250%, 

4/1/2033

a

49,773

Global

Payments,

Inc.

165,000

5.950%, 

8/15/2052

159,650

208,000

4.950%, 

8/15/2027

209,687

131,000

3.200%, 

8/15/2029

122,647

Global

Payments,

Inc.,

Convertible

442,000

1.500%, 

3/1/2031

416,364

Hewlett

Packard

Enterprise

Company

187,000

4.850%, 

10/15/2031

185,067

IBM

International

Capital

Private,

Ltd.

213,000

5.300%, 

2/5/2054

199,224

II-VI,

Inc.

128,000

5.000%, 

12/15/2029

a

122,107

Intel

Corporation

378,000

4.900%, 

7/29/2045

317,524

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Technology  2.2%

-

continued

InterDigital,

Inc.,

Convertible

$

106,000

3.500%, 

6/1/2027

$

284,663

Iron

Mountain,

Inc.

339,000

4.875%, 

9/15/2027

a

332,104

150,000

4.875%, 

9/15/2029

a

143,177

380,000

4.500%, 

2/15/2031

a

348,341

Jabil,

Inc.

133,000

5.450%, 

2/1/2029

135,519

Marvell

Technology,

Inc.

132,000

2.950%, 

4/15/2031

117,799

Mastercard,

Inc.

146,000

2.000%, 

11/18/2031

124,530

136,000

4.875%, 

5/9/2034

136,347

Microchip

Technology,

Inc.

84,000

5.050%, 

3/15/2029

84,569

Microchip

Technology,

Inc.,

Convertible

336,000

0.750%, 

6/1/2030

a

313,992

Moody's

Corporation

140,000

4.250%, 

8/8/2032

135,214

NCR

Atleos

Corporation

99,000

9.500%, 

4/1/2029

a

107,346

NCR

Voyix

Corporation

177,000

5.000%, 

10/1/2028

a

170,313

132,000

5.125%, 

4/15/2029

a

125,719

Neptune

Bidco

US,

Inc.

388,000

9.290%, 

4/15/2029

a

336,648

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

72,000

2.700%, 

5/1/2025

71,873

131,000

4.300%, 

6/18/2029

128,355

ON

Semiconductor

Corporation,

Convertible

338,000

Zero

Coupon, 

5/1/2027

357,012

432,000

0.500%, 

3/1/2029

372,082

Open

Text

Corporation

226,000

3.875%, 

12/1/2029

a

205,583

Open

Text

Holdings,

Inc.

240,000

4.125%, 

2/15/2030

a

218,869

Oracle

Corporation

255,000

5.375%, 

9/27/2054

232,545

482,000

6.900%, 

11/9/2052

531,340

140,000

6.150%, 

11/9/2029

148,202

327,000

2.950%, 

4/1/2030

300,414

192,000

5.250%, 

2/3/2032

194,476

219,000

6.250%, 

11/9/2032

233,575

PayPal

Holdings,

Inc.

272,000

5.500%, 

6/1/2054

262,845

Pitney

Bowes,

Inc.

62,000

6.875%, 

3/15/2027

a

61,922

Progress

Software

Corporation,

Convertible

99,000

1.000%, 

4/15/2026

e

105,683

84,000

3.500%, 

3/1/2030

e

88,200

RingCentral,

Inc.

261,000

8.500%, 

8/15/2030

a

274,355

Rocket

Software,

Inc.

148,000

9.000%, 

11/28/2028

a

152,621

S&P

Global,

Inc.

144,000

2.900%, 

3/1/2032

128,398

Seagate

HDD

Cayman

221,480

9.625%, 

12/1/2032

249,100

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Technology  2.2%

-

continued

Semtech

Corporation,

Convertible

$

188,000

1.625%, 

11/1/2027

e

$

231,240

Sensata

Technologies

BV

51,000

4.000%, 

4/15/2029

a

46,874

Sensata

Technologies,

Inc.

52,000

4.375%, 

2/15/2030

a

48,036

69,000

3.750%, 

2/15/2031

a

60,247

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

140,000

4.625%, 

11/1/2026

a

137,503

SS&C

Technologies,

Inc.

249,000

5.500%, 

9/30/2027

a

247,117

51,000

6.500%, 

6/1/2032

a

51,551

Synaptics,

Inc.,

Convertible

251,000

0.750%, 

12/1/2031

a,e

235,940

Synopsys,

Inc.

190,000

5.700%, 

4/1/2055

188,653

Texas

Instruments,

Inc.

136,000

5.150%, 

2/8/2054

129,023

UKG,

Inc.

132,000

6.875%, 

2/1/2031

a

133,906

Verint

Systems,

Inc.,

Convertible

177,000

0.250%, 

4/15/2026

167,442

Verisk

Analytics,

Inc.

114,000

5.250%, 

3/15/2035

113,857

Viavi

Solutions,

Inc.

306,000

3.750%, 

10/1/2029

a

279,822

Viavi

Solutions,

Inc.,

Convertible

205,000

1.625%, 

3/15/2026

219,606

Vishay

Intertechnology,

Inc.,

Convertible

351,000

2.250%, 

9/15/2030

309,758

VMware,

LLC

262,000

1.400%, 

8/15/2026

250,908

370,000

4.700%, 

5/15/2030

366,754

192,000

2.200%, 

8/15/2031

163,195

Western

Digital

Corporation,

Convertible

587,000

3.000%, 

11/15/2028

754,882

Xerox

Holdings

Corporation

30,000

5.000%, 

8/15/2025

a

29,664

466,000

5.500%, 

8/15/2028

a

327,201

Xerox

Holdings

Corporation,

Convertible

296,000

3.750%, 

3/15/2030

167,240

Xilinx,

Inc.

90,000

2.375%, 

6/1/2030

81,077

Ziff

Davis,

Inc.,

Convertible

33,000

1.750%, 

11/1/2026

30,917

143,000

3.625%, 

3/1/2028

a

132,811

Total

20,946,435

Transportation  0.4%

Air

Canada

103,000

3.875%, 

8/15/2026

a

100,722

Air

Transport

Services

Group,

Inc.,

Convertible

246,000

3.875%, 

8/15/2029

245,041

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

220,000

5.500%, 

4/20/2026

a

219,398

186,560

5.750%, 

4/20/2029

a

182,545

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Transportation  0.4%

-

continued

Avianca

Midco

2

plc

$

200,000

9.625%, 

2/14/2030

a,e

$

183,750

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

156,000

5.375%, 

3/1/2029

a

140,693

Burlington

Northern

Santa

Fe,

LLC

136,000

5.500%, 

3/15/2055

135,488

Canadian

Pacific

Railway

Company

2,000

1.750%, 

12/2/2026

1,914

DCLI

Bidco,

LLC

93,000

7.750%, 

11/15/2029

a

95,723

Delta

Air

Lines,

Inc.

288,000

4.375%, 

4/19/2028

282,224

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

74,409

4.500%, 

10/20/2025

a

74,150

ERAC

USA

Finance,

LLC

277,000

5.200%, 

10/30/2034

a

279,399

Greenbrier

Companies,

Inc.,

Convertible

184,000

2.875%, 

4/15/2028

203,578

JetBlue

Airways

Corporation/

JetBlue

Loyalty,

LP

58,000

9.875%, 

9/20/2031

a

57,251

Mileage

Plus

Holdings,

LLC

179,100

6.500%, 

6/20/2027

a

179,872

Norfolk

Southern

Corporation

195,000

4.450%, 

3/1/2033

188,417

OneSky

Flight,

LLC

80,000

8.875%, 

12/15/2029

a

80,855

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

148,000

1.200%, 

11/15/2025

a

144,662

128,000

1.700%, 

6/15/2026

a

123,606

Rand

Parent,

LLC

256,000

8.500%, 

2/15/2030

a,e

253,442

RXO,

Inc.

95,000

7.500%, 

11/15/2027

a

97,687

Ryder

System,

Inc.

161,000

2.850%, 

3/1/2027

155,757

Southwest

Airlines

Company

133,000

5.125%, 

6/15/2027

133,888

Star

Leasing

Company,

LLC

99,000

7.625%, 

2/15/2030

a

95,148

Stena

International

SA

198,000

7.250%, 

1/15/2031

a

197,908

Union

Pacific

Corporation

125,000

5.600%, 

12/1/2054

125,544

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

81,000

7.875%, 

5/1/2027

a

79,544

136,000

6.375%, 

2/1/2030

a,e

119,140

Total

4,177,346

U.S.

Government

&

Agencies  7.2%

U.S.

Treasury

Bonds

2,374,000

3.625%, 

5/15/2053

1,999,724

1,854,000

4.750%, 

11/15/2053

1,895,063

7,561,000

4.625%, 

2/15/2035

7,811,458

U.S.

Treasury

Notes

13,700,000

4.250%, 

12/31/2025

13,711,345

29,100,000

4.375%, 

7/31/2026

29,245,500

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

U.S.

Government

&

Agencies  7.2%

-

continued

$

11,400,000

4.125%, 

7/31/2028

$

11,480,602

3,801,000

4.000%, 

2/28/2030

3,809,612

Total

69,953,304

Utilities  2.5%

AES

Corporation

165,000

7.600%, 

1/15/2055

b

166,503

254,000

3.950%, 

7/15/2030

a

238,208

Algonquin

Power

&

Utilities

Corporation

451,000

4.750%, 

1/18/2082

b

429,577

Alliant

Energy

Corporation,

Convertible

165,000

3.875%, 

3/15/2026

176,385

Ameren

Corporation

161,000

1.750%, 

3/15/2028

148,369

American

Electric

Power

Company,

Inc.

248,000

6.950%, 

12/15/2054

b

252,972

131,000

2.300%, 

3/1/2030

116,327

American

Water

Capital

Corporation

201,000

5.450%, 

3/1/2054

193,736

American

Water

Capital

Corporation,

Convertible

254,000

3.625%, 

6/15/2026

259,334

Arizona

Public

Service

Company

138,000

5.550%, 

8/1/2033

139,692

Atmos

Energy

Corporation

129,000

5.000%, 

12/15/2054

116,634

Calpine

Corporation

203,000

4.500%, 

2/15/2028

a

196,797

CenterPoint

Energy,

Inc.

144,000

7.000%, 

2/15/2055

b

146,204

83,000

6.700%, 

5/15/2055

b

81,838

198,000

1.450%, 

6/1/2026

190,999

197,000

2.650%, 

6/1/2031

172,914

CenterPoint

Energy,

Inc.,

Convertible

267,000

4.250%, 

8/15/2026

288,894

7,230

3.369%, 

9/15/2029

326,941

CMS

Energy

Corporation,

Convertible

209,000

3.375%, 

5/1/2028

231,154

Consolidated

Edison

Company

of

New

York,

Inc.

408,000

5.700%, 

5/15/2054

406,652

Constellation

Energy

Generation,

LLC

204,000

5.750%, 

3/15/2054

196,263

133,000

5.800%, 

3/1/2033

137,734

Dominion

Energy,

Inc.

217,000

6.875%, 

2/1/2055

b

224,672

217,000

7.000%, 

6/1/2054

b

228,079

240,000

4.350%, 

1/15/2027

b,h

233,243

161,000

3.375%, 

4/1/2030

150,459

DTE

Energy

Company

140,000

4.875%, 

6/1/2028

140,855

Duke

Energy

Carolinas,

LLC

420,000

5.400%, 

1/15/2054

404,977

Duke

Energy

Corporation

240,000

3.250%, 

1/15/2082

b

226,525

187,000

5.800%, 

6/15/2054

182,969

157,000

6.450%, 

9/1/2054

b

156,735

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Utilities  2.5%

-

continued

$

139,000

4.500%, 

8/15/2032

$

134,067

125,000

5.750%, 

9/15/2033

130,272

Duke

Energy

Corporation,

Convertible

427,000

4.125%, 

4/15/2026

462,783

Duke

Energy

Ohio,

Inc.

136,000

5.550%, 

3/15/2054

131,713

Edison

International

137,000

7.875%, 

6/15/2054

b,e

131,854

185,000

4.950%, 

4/15/2025

184,929

220,000

5.000%, 

12/15/2026

b,e,h

198,756

Enel

Finance

International

NV

260,000

1.625%, 

7/12/2026

a

250,340

226,000

5.125%, 

6/26/2029

a

228,411

Entergy

Corporation

130,000

1.900%, 

6/15/2028

119,471

Entergy

Louisiana,

LLC

178,000

5.800%, 

3/15/2055

177,138

Evergy,

Inc.,

Convertible

269,000

4.500%, 

12/15/2027

316,131

Eversource

Energy

293,000

4.600%, 

7/1/2027

293,226

Exelon

Corporation

540,000

5.600%, 

3/15/2053

519,991

130,000

4.050%, 

4/15/2030

125,948

Fells

Point

Funding

Trust

266,000

3.046%, 

1/31/2027

a

257,708

FirstEnergy

Corporation,

Convertible

369,000

4.000%, 

5/1/2026

373,797

Georgia

Power

Company

82,000

4.950%, 

5/17/2033

81,434

ITC

Holdings

Corporation

140,000

4.950%, 

9/22/2027

a

140,975

Jersey

Central

Power

&

Light

Company

280,000

2.750%, 

3/1/2032

a

241,991

Lightning

Power,

LLC

182,000

7.250%, 

8/15/2032

a

187,384

Long

Ridge

Energy,

LLC

151,000

8.750%, 

2/15/2032

a

145,870

MidAmerican

Energy

Company

553,000

5.300%, 

2/1/2055

525,120

National

Rural

Utilities

Cooperative

Finance

Corporation

137,000

4.850%, 

2/7/2029

138,476

NextEra

Energy

Capital

Holdings,

Inc.

258,000

5.900%, 

3/15/2055

257,630

210,000

3.800%, 

3/15/2082

b

197,577

331,000

6.750%, 

6/15/2054

b

337,867

130,000

2.250%, 

6/1/2030

115,017

113,000

5.300%, 

3/15/2032

114,838

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

191,000

3.000%, 

3/1/2027

220,414

NiSource,

Inc.

81,000

6.375%, 

3/31/2055

b

80,039

65,000

5.850%, 

4/1/2055

64,612

160,000

6.950%, 

11/30/2054

b

162,222

130,000

2.950%, 

9/1/2029

120,864

Northern

States

Power

Company/

MN

136,000

5.400%, 

3/15/2054

132,046

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Utilities  2.5%

-

continued

NRG

Energy,

Inc.

$

167,000

2.000%, 

12/2/2025

a

$

163,527

189,000

10.250%, 

3/15/2028

a,b,h

208,092

120,000

3.375%, 

2/15/2029

a

110,179

185,000

5.250%, 

6/15/2029

a

180,289

83,000

6.000%, 

2/1/2033

a

80,745

83,000

6.250%, 

11/1/2034

a

81,706

NRG

Energy,

Inc.,

Convertible

129,000

2.750%, 

6/1/2048

300,295

Oncor

Electric

Delivery

Company,

LLC

178,000

5.550%, 

6/15/2054

173,864

Pacific

Gas

and

Electric

Company

136,000

6.750%, 

1/15/2053

142,027

266,000

5.550%, 

5/15/2029

269,631

270,000

6.950%, 

3/15/2034

292,572

PG&E

Corporation

114,000

7.375%, 

3/15/2055

b

112,045

157,000

5.000%, 

7/1/2028

152,732

PG&E

Corporation,

Convertible

798,000

4.250%, 

12/1/2027

843,087

Pinnacle

West

Capital

Corporation,

Convertible

141,000

4.750%, 

6/15/2027

a

158,262

PPL

Capital

Funding,

Inc.

197,000

5.250%, 

9/1/2034

196,025

PPL

Capital

Funding,

Inc.,

Convertible

247,000

2.875%, 

3/15/2028

276,393

San

Diego

Gas

&

Electric

Company

136,000

5.550%, 

4/15/2054

131,370

Sempra

162,000

6.550%, 

4/1/2055

b

154,115

162,000

6.625%, 

4/1/2055

b

158,168

160,000

6.400%, 

10/1/2054

b

151,759

162,000

6.875%, 

10/1/2054

b

160,410

162,000

4.875%, 

10/15/2025

b,h

160,450

Southern

California

Edison

Company

272,000

5.450%, 

6/1/2031

275,616

Southern

Company

170,000

5.700%, 

10/15/2032

176,700

300,000

4.850%, 

3/15/2035

290,349

149,000

4.000%, 

1/15/2051

b

147,106

432,000

3.750%, 

9/15/2051

b

419,776

Southern

Company,

Convertible

472,000

3.875%, 

12/15/2025

525,336

245,000

4.500%, 

6/15/2027

a

269,696

TerraForm

Power

Operating,

LLC

480,000

5.000%, 

1/31/2028

a

464,563

TXNM

Energy,

Inc.,

Convertible

299,000

5.750%, 

6/1/2054

a

373,049

Virginia

Electric

and

Power

Company

184,000

5.350%, 

1/15/2054

173,042

Vistra

Corporation

118,000

8.000%, 

10/15/2026

a,b,h

121,089

295,000

7.000%, 

12/15/2026

a,b,h

298,716

Vistra

Operations

Company,

LLC

380,000

5.000%, 

7/31/2027

a

374,129

WEC

Energy

Group,

Inc.,

Convertible

214,000

4.375%, 

6/1/2027

a

250,452

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Long-Term

Fixed

Income  69.3%

Value

Utilities  2.5%

-

continued

$

200,000

4.375%, 

6/1/2029

a

$

239,326

Xcel

Energy,

Inc.

157,000

4.000%, 

6/15/2028

153,910

213,000

4.600%, 

6/1/2032

205,338

143,000

5.600%, 

4/15/2035

143,566

XPLR

Infrastructure

Operating

Partners,

LP

331,000

3.875%, 

10/15/2026

a,e

318,374

30,000

8.375%, 

1/15/2031

a,e

29,502

30,000

8.625%, 

3/15/2033

a,e

29,187

XPLR

Infrastructure,

LP,

Convertible

556,000

Zero

Coupon, 

11/15/2025

a,e

536,540

104,000

2.500%, 

6/15/2026

a,e

99,164

Total

24,435,821

Total

Long-Term

Fixed

Income

(cost

$682,685,541)

669,633,975

Shares

Common

Stock

14.5%

Value

Communications

Services  1.0%

5,451

Alphabet,

Inc.,

Class

A

842,943

15,375

Alphabet,

Inc.,

Class

C

2,402,036

8,486

AT&T,

Inc.

239,984

4,278

Cogent

Communications

Holdings

262,284

15,002

Comcast

Corporation

553,574

5,597

Meta

Platforms,

Inc.

3,225,887

147

Netflix,

Inc.

j

137,082

1,406

News

Corporation,

Class

A

38,271

385

Spotify

Technology

SA

j

211,762

544

Tripadvisor,

Inc.

j

7,708

21,131

Verizon

Communications,

Inc.

958,502

1,143

Walt

Disney

Company

112,814

21,542

Warner

Brothers

Discovery,

Inc.

j

231,146

Total

9,223,993

Consumer

Discretionary  1.5%

4,880

Advance

Auto

Parts,

Inc.

191,345

17,820

Amazon.com,

Inc.

j

3,390,433

3,779

Aptiv

plc

j

224,850

3,128

Best

Buy

Company,

Inc.

230,252

74

Booking

Holdings,

Inc.

340,911

1,262

Boot

Barn

Holdings,

Inc.

j

135,577

4,258

Brunswick

Corporation

229,293

84

Build-A-Bear

Workshop,

Inc.

3,122

6,401

Champion

Homes,

Inc.

j

606,559

1,938

Columbia

Sportswear

Company

146,687

256

Cooper-Standard

Holdings,

Inc.

j

3,922

2,720

Crocs,

Inc.

j

288,864

2,155

D.R.

Horton,

Inc.

273,965

2,969

Deckers

Outdoor

Corporation

j

331,964

1,656

DoorDash,

Inc.

j

302,667

4,099

eBay,

Inc.

277,625

1,556

Expedia

Group,

Inc.

261,564

2,666

Garmin,

Ltd.

578,869

377

Group

1

Automotive,

Inc.

143,995

1,196

Hilton

Worldwide

Holdings,

Inc.

272,150

2,688

Home

Depot,

Inc.

985,125

5,665

La-Z-Boy,

Inc.

221,445

2,118

Lowe's

Companies,

Inc.

493,981

1,367

Lululemon

Athletica,

Inc.

j

386,943

1,661

Modine

Manufacturing

Company

j

127,482

3,139

NIKE,

Inc.

199,264

50

NVR,

Inc.

j

362,219

Shares

Common

Stock  14.5%

Value

Consumer

Discretionary  1.5%

-

continued

362

O'Reilly

Automotive,

Inc.

j

$

518,594

3,434

PUMA

SE

83,763

109

Ross

Stores,

Inc.

13,929

3,038

SharkNinja,

Inc.

j

253,400

3,911

Six

Flags

Entertainment

Corporation

139,505

3,988

Skechers

USA,

Inc.

j

226,439

16,034

Sony

Group

Corporation

ADR

e

407,103

3,841

Tesla,

Inc.

j

995,434

5,315

Wyndham

Hotels

&

Resorts,

Inc.

481,061

7,949

Yum

China

Holding,

Inc.

413,825

Total

14,544,126

Consumer

Staples  0.7%

3,052

BJ's

Wholesale

Club

Holdings,

Inc.

j

348,233

1,014

Casey's

General

Stores,

Inc.

440,117

1,250

Colgate-Palmolive

Company

117,125

110

Costco

Wholesale

Corporation

104,036

41,572

Coty,

Inc.

j

227,399

1,933

Hershey

Company

330,601

1,434

J

&

J

Snack

Foods

Corporation

188,886

2,619

J.M.

Smucker

Company

310,116

4,070

John

B.

Sanfilippo

&

Son,

Inc.

288,400

21,760

Kenvue,

Inc.

521,805

469

Keurig

Dr

Pepper,

Inc.

16,049

1,662

Lamb

Weston

Holdings,

Inc.

88,585

1,348

Lancaster

Colony

Corporation

235,900

8,735

Philip

Morris

International,

Inc.

1,386,506

1,976

Procter

&

Gamble

Company

336,750

8,591

Sysco

Corporation

644,669

2,710

Turning

Point

Brands,

Inc.

161,082

9,564

Walmart,

Inc.

839,624

Total

6,585,883

Energy  0.7%

908

Archrock,

Inc.

23,826

4,010

Baker

Hughes

Company

176,239

104

Cheniere

Energy,

Inc.

24,066

6,922

ConocoPhillips

726,948

22,269

Devon

Energy

Corporation

832,861

18,977

Enterprise

Products

Partners,

LP

647,875

3,019

EOG

Resources,

Inc.

387,157

7,761

Expand

Energy

Corporation

863,954

11,352

Exxon

Mobil

Corporation

1,350,093

8,743

Halliburton

Company

221,810

365

Hess

Midstream,

LP

15,436

815

Kinder

Morgan,

Inc.

23,252

1,924

Marathon

Petroleum

Corporation

280,308

3,923

Matador

Resources

Company

200,426

6,252

Noble

Corporation

plc

148,172

1,804

Schlumberger

NV

75,407

3,535

Shell

plc

ADR

259,045

5,931

TechnipFMC

plc

187,953

1,618

Williams

Companies,

Inc.

96,692

Total

6,541,520

Financials  2.3%

1,557

Allstate

Corporation

322,408

15,577

Ally

Financial,

Inc.

568,093

1,328

Amalgamated

Financial

Corporation

38,180

788

American

Express

Company

212,011

4,898

American

International

Group,

Inc.

425,832

1,223

Ameriprise

Financial,

Inc.

592,067

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

25

Shares

Common

Stock  14.5%

Value

Financials  2.3%

-

continued

5,339

Arch

Capital

Group,

Ltd.

$

513,505

27,716

Bank

of

America

Corporation

1,156,589

105

Bank

of

Marin

Bancorp

2,317

4,986

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

194,055

5,114

Bank

of

New

York

Mellon

Corporation

428,911

389

BankUnited,

Inc.

13,397

990

Berkshire

Hathaway,

Inc.

j

527,254

11,489

Bridgewater

Bancshares,

Inc.

j

159,582

2,734

Capital

One

Financial

Corporation

490,206

304

Cboe

Global

Markets,

Inc.

68,792

12,421

Charles

Schwab

Corporation

972,316

1,872

Chubb,

Ltd.

565,325

893

Citigroup,

Inc.

63,394

644

Community

Trust

Bancorp,

Inc.

32,432

2,271

Discover

Financial

Services

387,660

5,049

Donnelley

Financial

Solutions,

Inc.

j

220,692

484

Ellington

Credit

Company

2,618

299

Enact

Holdings,

Inc.

10,390

15,212

F.N.B.

Corporation

204,601

184

FactSet

Research

Systems,

Inc.

83,654

1,517

Federal

Agricultural

Mortgage

Corporation

284,453

208

Financial

Institutions,

Inc.

5,192

1,310

First

Bancorp/Puerto

Rico

25,113

1,279

First

Busey

Corporation

27,626

186

First

Citizens

BancShares,

Inc./NC

344,866

146

First

Mid-Illinois

Bancshares,

Inc.

5,095

894

Fiserv,

Inc.

j

197,422

1,906

Fulton

Financial

Corporation

34,480

5,768

Glacier

Bancorp,

Inc.

255,061

506

Great

Southern

Bancorp,

Inc.

28,017

131

Hanmi

Financial

Corporation

2,968

536

Hometrust

Bancshares,

Inc.

18,374

1,202

Houlihan

Lokey,

Inc.

194,123

180

Independent

Bank

Corporation/MI

5,542

6,756

Intercontinental

Exchange,

Inc.

1,165,410

6,423

J.P.

Morgan

Chase

&

Company

1,575,562

23,890

KeyCorp

382,001

1,702

Kinsale

Capital

Group,

Inc.

828,380

855

Marsh

&

McLennan

Companies,

Inc.

208,646

988

Mastercard,

Inc.

541,543

5,538

MetLife,

Inc.

444,646

1,085

MidWestOne

Financial

Group,

Inc.

32,127

687

MSCI,

Inc.

388,499

8,515

Nasdaq,

Inc.

645,948

4,210

Northern

Trust

Corporation

415,317

50,149

Nuveen

Credit

Strategies

Income

Fund,

Rights

j

1,504

2,218

OceanFirst

Financial

Corporation

37,728

909

OFG

Bancorp

36,378

859

Old

Second

Bancorp,

Inc.

14,294

107

PNC

Financial

Services

Group,

Inc.

18,807

393

Popular,

Inc.

36,301

1,002

Progressive

Corporation

283,576

3,275

Prosperity

Bancshares,

Inc.

233,737

9,742

Radian

Group,

Inc.

322,168

5,122

RLI

Corporation

411,450

422

Robinhood

Markets,

Inc.

j

17,564

669

S&P

Global,

Inc.

339,919

3,700

Tradeweb

Markets,

Inc.

549,302

4,711

Triumph

Financial,

Inc.

j

272,296

1,392

Truist

Financial

Corporation

57,281

Shares

Common

Stock  14.5%

Value

Financials  2.3%

-

continued

16

TrustCo

Bank

Corporation

NY

$

488

1,065

Trustmark

Corporation

36,732

377

U.S.

Bancorp

15,917

3,584

Visa,

Inc.

1,256,049

19,897

Wells

Fargo

&

Company

1,428,406

7,900

Western

Alliance

Bancorp

606,957

7,942

Zions

Bancorp

NA

395,988

Total

22,685,534

Health

Care  1.7%

3,367

Abbott

Laboratories

446,632

389

AbbVie,

Inc.

81,503

4,894

ADMA

Biologics,

Inc.

j

97,097

3,664

Agilent

Technologies,

Inc.

428,615

999

Align

Technology,

Inc.

j

158,701

1,683

Amgen,

Inc.

524,339

11,236

Avantor,

Inc.

j

182,136

2,798

BioMarin

Pharmaceutical,

Inc.

j

197,791

4,866

Boston

Scientific

Corporation

j

490,882

4,024

Centene

Corporation

j

244,297

387

Chemed

Corporation

238,129

1,283

Cigna

Group

422,107

7,849

Concentra

Group

Holdings

Parent,

Inc.

170,323

1,128

Cooper

Companies,

Inc.

j

95,147

3,816

Danaher

Corporation

782,280

1,048

Eli

Lilly

&

Company

865,554

2,265

Encompass

Health

Corporation

229,399

4,915

Gilead

Sciences,

Inc.

550,726

835

Humana,

Inc.

220,941

751

IDEXX

Laboratories,

Inc.

j

315,382

1,640

Insulet

Corporation

j

430,680

693

Intuitive

Surgical,

Inc.

j

343,222

6,574

Johnson

&

Johnson

1,090,232

1,626

Labcorp

Holdings,

Inc.

378,435

485

Medpace

Holdings,

Inc.

j

147,775

7,389

Medtronic

plc

663,975

6,255

Merck

&

Company,

Inc.

561,449

205

Mettler-Toledo

International,

Inc.

j

242,087

3,211

Neurocrine

Biosciences,

Inc.

j

355,137

1,098

Penumbra,

Inc.

j

293,616

20,750

Progyny,

Inc.

j

463,555

307

Regeneron

Pharmaceuticals,

Inc.

194,709

1,613

Repligen

Corporation

j

205,238

9,175

Sanofi

SA

ADR

508,845

8,721

Stevanato

Group

SPA

178,083

636

Stryker

Corporation

236,751

808

Thermo

Fisher

Scientific,

Inc.

402,061

4,758

Twist

Bioscience

Corporation

j

186,799

714

United

Therapeutics

Corporation

j

220,105

2,467

UnitedHealth

Group,

Inc.

1,292,091

876

Vertex

Pharmaceuticals,

Inc.

j

424,702

11,387

Viemed

Healthcare,

Inc.

j

82,897

1,309

Waters

Corporation

j

482,458

4,321

Zimmer

Biomet

Holdings,

Inc.

489,051

1,629

Zoetis,

Inc.

268,215

Total

16,884,149

Industrials  2.0%

745

AECOM

69,084

5,426

Air

Lease

Corporation

262,130

7,962

Amentum

Holdings,

Inc.

j

144,908

1,833

AMETEK,

Inc.

315,533

67

Armstrong

World

Industries,

Inc.

9,439

1,419

Automatic

Data

Processing,

Inc.

433,547

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

26

Shares

Common

Stock  14.5%

Value

Industrials  2.0%

-

continued

535

Axon

Enterprise,

Inc.

j

$

281,383

10,636

Badger

Infrastructure

Solutions,

Ltd.

287,214

7,039

Barrett

Business

Services,

Inc.

289,655

272

Brady

Corporation

19,214

1,798

BWX

Technologies,

Inc.

177,373

1,550

Caterpillar,

Inc.

511,190

38,417

CNH

Industrial

NV

471,761

25,654

CSX

Corporation

754,997

4,635

Dayforce,

Inc.

j

270,360

8,808

Delta

Air

Lines,

Inc.

384,029

3,348

Enerpac

Tool

Group

Corporation

150,191

4,425

ExlService

Holdings,

Inc.

j

208,904

2,572

Expeditors

International

of

Washington,

Inc.

309,283

10,250

Fastenal

Company

794,887

1,947

Ferguson

Enterprises,

Inc.

311,968

7,859

Flowserve

Corporation

383,834

11,639

Gates

Industrial

Corporation

plc

j

214,274

1,694

General

Dynamics

Corporation

461,750

251

Graco,

Inc.

20,961

116

Great

Lakes

Dredge

&

Dock

Corporation

j

1,009

6,239

Helios

Technologies,

Inc.

200,209

3,184

Hexcel

Corporation

174,356

2,683

Honeywell

International,

Inc.

568,125

4,140

Howmet

Aerospace,

Inc.

537,082

830

IES

Holdings,

Inc.

j

137,041

2,193

Ingersoll

Rand,

Inc.

175,506

2,711

Jacobs

Solutions,

Inc.

327,733

1,990

JB

Hunt

Transport

Services,

Inc.

294,420

5,430

Knight-Swift

Transportation

Holdings,

Inc.

236,151

3,118

Korn

Ferry

211,494

1,968

L3Harris

Technologies,

Inc.

411,922

1,424

Landstar

System,

Inc.

213,885

2,530

Leidos

Holdings,

Inc.

341,398

1,521

Lincoln

Electric

Holdings,

Inc.

287,712

827

Lockheed

Martin

Corporation

369,429

1,000

Masco

Corporation

69,540

16,825

Masterbrand,

Inc.

j

219,734

2,168

Miller

Industries,

Inc.

91,858

1,320

Moog,

Inc.

228,822

2,948

Old

Dominion

Freight

Line,

Inc.

487,747

203

Owens

Corning,

Inc.

28,992

749

Parker-Hannifin

Corporation

455,280

1,544

Quanta

Services,

Inc.

392,454

4,256

Robert

Half,

Inc.

232,165

1,753

Rockwell

Automation,

Inc.

452,940

8,993

Schneider

National,

Inc.

205,490

9,790

Southwest

Airlines

Company

328,748

9,061

Timken

Company

651,214

1,292

Trane

Technologies

plc

435,301

3,258

Trex

Company,

Inc.

j

189,290

6,646

Uber

Technologies,

Inc.

j

484,228

2,045

UFP

Industries,

Inc.

218,897

190

Union

Pacific

Corporation

44,886

2,135

United

Airlines

Holdings,

Inc.

j

147,422

3,241

United

Parcel

Service,

Inc.

356,478

702

United

Rentals,

Inc.

439,943

1,272

Verisk

Analytics,

Inc.

378,573

329

Waste

Management,

Inc.

76,167

4,611

WNS

Holdings,

Ltd.

j

283,530

Total

18,925,040

Shares

Common

Stock  14.5%

Value

Information

Technology  3.0%

184

Adobe,

Inc.

j

$

70,570

8,346

Amphenol

Corporation

547,414

20,790

Apple,

Inc.

4,618,083

1,886

Applied

Materials,

Inc.

273,696

1,568

Arista

Networks,

Inc.

j

121,489

2,419

Autodesk,

Inc.

j

633,294

8,173

Broadcom,

Inc.

1,368,405

1,298

CDW

Corporation

208,018

6,771

Ciena

Corporation

j

409,172

17,733

Cisco

Systems,

Inc.

1,094,303

10,153

Cohu,

Inc.

j

149,351

4,361

Crane

NXT

Company

224,155

58

Credo

Technology

Group

Holding,

Ltd.

j

2,329

2,568

Datadog,

Inc.

j

254,771

8,361

DocuSign,

Inc.

j

680,585

1,226

Fabrinet

j

242,147

2,936

Fortinet,

Inc.

j

282,619

2,007

Freshworks,

Inc.

j

28,319

3,909

International

Business

Machines

Corporation

972,012

5,962

JFrog,

Ltd.

j

190,784

967

Littelfuse,

Inc.

190,248

12,997

Microsoft

Corporation

4,878,944

761

Motorola

Solutions,

Inc.

333,173

516

NetApp,

Inc.

45,326

38,326

NVIDIA

Corporation

4,153,772

5,528

ON

Semiconductor

Corporation

j

224,934

842

Onto

Innovation,

Inc.

j

102,168

1,717

Palantir

Technologies,

Inc.

j

144,915

3,622

Pegasystems,

Inc.

251,801

1,078

Plexus

Corporation

j

138,124

5,548

Qorvo,

Inc.

j

401,731

6,276

QUALCOMM,

Inc.

964,056

2,836

Salesforce,

Inc.

761,069

13,429

Samsung

Electronics

Company,

Ltd.

532,399

860

SAP

AG

ADR

230,858

920

ServiceNow,

Inc.

j

732,449

2,451

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

406,866

3,610

TD

SYNNEX

Corporation

375,296

11,503

Trimble,

Inc.

j

755,172

14,043

TTM

Technologies,

Inc.

j

288,022

2,821

Varonis

Systems,

Inc.

j

114,110

648

VeriSign,

Inc.

j

164,508

1,310

Zebra

Technologies

Corporation

j

370,154

Total

28,931,611

Materials  0.5%

2,524

Albemarle

Corporation

181,779

5,749

CF

Industries

Holdings,

Inc.

449,284

4,908

Corteva,

Inc.

308,860

4,781

DuPont

de

Nemours,

Inc.

357,045

3,696

Eastman

Chemical

Company

325,655

2,752

Ecolab,

Inc.

697,687

3,386

Greif,

Inc.

186,196

4,594

Ingevity

Corporation

j

181,877

15,976

Ivanhoe

Mines,

Ltd.

e,j

135,664

998

Linde

plc

464,709

3,746

Nucor

Corporation

450,794

5,561

Olin

Corporation

134,799

368

Packaging

Corporation

of

America

72,871

5,641

Steel

Dynamics,

Inc.

705,576

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

27

Shares

Common

Stock  14.5%

Value

Materials  0.5%

-

continued

25,281

Tronox

Holdings

plc

$

177,978

390

United

States

Lime

&

Minerals,

Inc.

34,468

3,882

United

States

Steel

Corporation

164,053

3,529

West

Fraser

Timber

Company,

Ltd.

271,521

Total

5,300,816

Real

Estate  0.5%

3,548

Agree

Realty

Corporation

273,870

410

Alexandria

Real

Estate

Equities,

Inc.

37,929

872

AvalonBay

Communities,

Inc.

187,149

1,381

Broadstone

Net

Lease,

Inc.

23,532

2,275

CBRE

Group,

Inc.

j

297,524

4,359

Crown

Castle,

Inc.

454,338

20,077

Cushman

and

Wakefield

plc

j

205,187

162

Equinix,

Inc.

132,087

11,840

Essential

Properties

Realty

Trust,

Inc.

386,458

1,515

Extra

Space

Storage,

Inc.

224,962

8,107

First

Industrial

Realty

Trust,

Inc.

437,454

19,637

Healthcare

Realty

Trust,

Inc.

331,865

353

Innovative

Industrial

Properties,

Inc.

19,094

619

Kite

Realty

Group

Trust

13,847

8,938

National

Storage

Affiliates

Trust

352,157

2,513

Outfront

Media,

Inc.

40,560

2,802

RLJ

Lodging

Trust

22,108

14,197

Sabra

Health

Care

REIT,

Inc.

248,022

2,438

SBA

Communications

Corporation

536,384

2,482

Tanger,

Inc.

83,867

4,112

Terreno

Realty

Corporation

259,961

9,158

Uniti

Group,

Inc.

46,156

1,004

Zillow

Group,

Inc.,

Class

C

j

68,834

Total

4,683,345

Utilities  0.6%

7,188

Alliant

Energy

Corporation

462,548

569

American

Water

Works

Company,

Inc.

83,939

229

Black

Hills

Corporation

13,889

401

California

Water

Service

Group

19,432

13,326

CenterPoint

Energy,

Inc.

482,801

927

Clearway

Energy,

Inc.,

Class

C

28,060

1,657

Constellation

Energy

Corporation

334,101

6,018

Duke

Energy

Corporation

734,015

828

Edison

International

48,786

9,688

Entergy

Corporation

828,227

11,563

NiSource,

Inc.

463,561

1,964

Northwestern

Energy

Group,

Inc.

113,657

8,809

PG&E

Corporation

151,338

4,067

Portland

General

Electric

Company

181,388

5,656

Public

Service

Enterprise

Group,

Inc.

465,489

2,644

Spire,

Inc.

206,893

17,472

UGI

Corporation

577,799

3,781

Vistra

Energy

Corporation

444,041

Total

5,639,964

Total

Common

Stock

(cost

$104,562,682)

139,945,981

Shares

Registered

Investment

Companies  

9.6%

Value

U.S.

Affiliated  

8.9%  

9,039,484

Thrivent

Core

Emerging

Markets

Debt

Fund

$

74,033,376

1,018,563

Thrivent

Core

International

Equity

Fund

11,163,455

Total

85,196,831

U.S.

Unaffiliated  

0.7%  

14,380

abrdn

Asia-Pacific

Income

Fund,

Inc.

e

225,766

43,059

abrdn

Income

Credit

Strategies

Fund

253,617

11,503

abrdn

Total

Dynamic

Dividend

Fund

96,510

27,364

AllianceBernstein

Global

High

Income

Fund,

Inc.

293,616

39,038

Allspring

Income

Opportunities

Fund

267,020

8,366

BlackRock

Capital

Allocation

Term

Trust

120,470

4,916

BlackRock

Core

Bond

Trust

53,339

27,083

BlackRock

Corporate

High

Yield

Fund,

Inc.

259,455

30,673

BlackRock

Credit

Allocation

Income

Trust

328,815

2,772

BlackRock

Debt

Strategies

Fund,

Inc.

28,940

4,227

BlackRock

Enhanced

Equity

Dividend

Trust

36,352

22,105

BlackRock

Enhanced

Global

Dividend

Trust

239,839

12,988

BlackRock

Enhanced

International

Dividend

Trust

72,863

846

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

10,930

9,168

BlackRock

Income

Trust,

Inc.

108,641

18,346

BlackRock

Multi-Sector

Income

Trust

265,650

23,695

Blackstone

Strategic

Credit

2027

Term

Fund

286,236

15,459

Cornerstone

Strategic

Investment

Fund,

Inc.

e

114,860

30,283

Eaton

Vance

Limited

Duration

Income

Fund

302,224

12,368

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

100,676

7,000

Invesco

Senior

Loan

ETF

e

144,900

5,154

iShares

Preferred

and

Income

Securities

ETF

e

158,382

50,149

Nuveen

Credit

Strategies

Income

Fund

269,802

20,903

Nuveen

Preferred

Income

Opportunities

Fund

166,388

24,444

PGIM

Global

High

Yield

Fund,

Inc.

328,038

22,391

PGIM

High

Yield

Bond

Fund,

Inc.

319,072

8,874

Pimco

Dynamic

Income

Fund

175,705

16,611

PIMCO

High

Income

Fund

81,228

16,869

PIMCO

Income

Strategy

Fund

II

e

127,192

2,534

Tri-Continental

Corporation

77,718

13,602

Vanguard

Short-Term

Corporate

Bond

ETF

e

1,073,742

5,408

Virtus

Convertible

&

Income

Fund

69,925

19,867

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

240,987

4,526

Virtus

Equity

&

Convertible

Income

Fund

100,160

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

28

Shares

Registered

Investment

Companies  9.6%

Value

U.S.

Unaffiliated  

0.7%  -

continued

44,226

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

$

255,184

5,193

Western

Asset

Diversified

Income

Fund

75,039

67,749

Western

Asset

High

Income

Opportunity

Fund,

Inc.

269,641

Total

7,398,922

Total

Registered

Investment

Companies

(cost

$101,396,597)

92,595,753

Shares

Preferred

Stock

1.4%

Value

Basic

Materials  <0.1%

9,839

Albemarle

Corporation,

Convertible,

7.250%

350,760

Total

350,760

Capital

Goods  0.1%

17,546

Boeing

Company,

Convertible,

6.000%

1,049,777

Total

1,049,777

Communications

Services  0.1%

24,275

AT&T,

Inc.,

4.750%

e,h

462,924

15,250

Telephone

and

Data

Systems,

Inc.,

6.000%

h

269,163

Total

732,087

Financials  1.1%

10,000

AEGON

Funding

Company,

LLC,

5.100%

199,400

20,000

Allstate

Corporation,

5.100%

h

420,000

6,586

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

481,371

6,824

Ares

Management

Corporation,

Convertible,

6.750%

328,985

7,800

Athene

Holding,

Ltd.,

5.625%

h

153,426

20,775

Bank

of

America

Corporation,

4.250%

h

373,534

16,050

Bank

of

America

Corporation,

4.375%

h

296,764

8,025

Bank

of

America

Corporation,

4.750%

h

160,660

16,050

Bank

of

America

Corporation,

5.000%

h

338,013

672

Bank

of

America

Corporation,

Convertible,

7.250%

h

829,631

3,900

Capital

One

Financial

Corporation,

4.800%

h

70,746

19,525

Capital

One

Financial

Corporation,

5.000%

h

370,584

3,900

Charles

Schwab

Corporation,

4.450%

e,h

75,660

2,750

Citizens

Financial

Group,

Inc.,

7.375%

h

71,032

6,425

Corebridge

Financial,

Inc.,

6.375%

159,854

9,000

Equitable

Holdings,

Inc.,

5.250%

h

185,490

7,800

Fifth

Third

Bancorp,

4.950%

h

169,416

7,800

Huntington

Bancshares,

Inc./OH,

4.500%

h

135,564

16,000

J.P.

Morgan

Chase

&

Company,

4.200%

h

293,440

16,050

J.P.

Morgan

Chase

&

Company,

4.625%

h

320,198

Shares

Preferred

Stock  1.4%

Value

Financials  1.1%

-

continued

16,250

J.P.

Morgan

Chase

&

Company,

4.750%

h

$

334,100

3,900

KeyCorp,

5.650%

h

81,276

15,950

KeyCorp,

6.200%

b,e,h

379,451

3,900

MetLife,

Inc.,

4.750%

h

77,220

13,050

Morgan

Stanley,

4.250%

h

233,987

10,400

Morgan

Stanley,

5.850%

b,h

247,000

13,084

Morgan

Stanley,

7.125%

b,h

328,670

14,525

Public

Storage,

4.125%

h

248,523

5,025

Public

Storage,

4.625%

h

94,973

1,275

Public

Storage,

4.700%

h

24,850

7,800

Regions

Financial

Corporation,

4.450%

h

134,082

3,900

Regions

Financial

Corporation,

5.700%

b,h

92,157

3,500

Synovus

Financial

Corporation,

8.397%

b,h

88,760

7,800

Truist

Financial

Corporation,

4.750%

e,h

152,334

13,100

U.S.

Bancorp,

4.000%

e,h

216,805

21,000

Wells

Fargo

&

Company,

4.250%

h

371,280

16,050

Wells

Fargo

&

Company,

4.375%

h

288,900

7,800

Wells

Fargo

&

Company,

4.700%

h

149,916

11,800

Wells

Fargo

&

Company,

4.750%

h

234,938

826

Wells

Fargo

&

Company,

Convertible,

7.500%

h

991,861

Total

10,204,851

Technology  <0.1%

6,800

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

324,632

Total

324,632

Utilities  0.1%

23,000

CMS

Energy

Corporation,

4.200%

h

399,740

5,511

NextEra

Energy,

Inc.,

Convertible,

6.926%

223,912

1,518

Nextera

Energy,

Inc.,

Convertible,

7.234%

69,145

6,004

NextEra

Energy,

Inc.,

Convertible,

7.299%

287,051

13,600

Southern

Company,

4.950%

e

277,712

Total

1,257,560

Total

Preferred

Stock

(cost

$15,847,012)

13,919,667

Shares

Collateral

Held

for

Securities

Loaned

1.2%

Value

11,584,824

Thrivent

Cash

Management

Trust

11,584,824

Total

Collateral

Held

for

Securities

Loaned

(cost

$11,584,824)

11,584,824

Shares

or

Principal

Amount

Short-Term

Investments

6.3%

Value

Federal

Home

Loan

Bank

Discount

Notes

1,200,000

4.240%,

4/2/2025

k,l

1,199,719

500,000

4.220%,

5/9/2025

k,l

497,752

100,000

4.205%,

5/23/2025

k,l

99,389

1,000,000

4.203%,

6/6/2025

k,l

992,220

100,000

4.190%,

6/13/2025

k,l

99,141

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

29

Shares

or

Principal

Amount

Short-Term

Investments  6.3%

Value

Federal

National

Mortgage

Association

Discount

Notes

1,100,000

4.210%,

4/11/2025

k,l

$

1,098,582

400,000

4.215%,

5/5/2025

k,l

398,386

State

Street

Institutional

U.S.

Government

Money

Market

Fund

37,482,906

4.293%

k

37,482,906

Thrivent

Core

Short-Term

Reserve

Fund

1,850,648

4.600%

18,506,479

U.S.

Treasury

Bills

200,000

4.217%,

4/15/2025

k,m

199,670

100,000

4.186%,

6/20/2025

k,m

99,066

400,000

4.193%,

6/26/2025

k,m

395,992

Total

Short-Term

Investments

(cost

$61,069,710)

61,069,302

Total

Investments

(cost

$977,146,366)

102.3%

$988,749,502

Other

Assets

and

Liabilities,

Net

(2.3%)

(22,193,599)

Total

Net

Assets

100.0%

$966,555,903

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

March

31,

2025,

the

value

of

these

investments

was

$206,228,957

or

21.3%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

March

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

March

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

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

g

Denotes

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

March

31,

2025.

h

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

i

Defaulted

security.  Interest

is

not

being

accrued.

j

Non-income

producing

security.

k

The

interest

rate

shown

reflects

the

yield.

l

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.

m

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

Conservative

Allocation

Fund

as

of

March

31,

2025

was

$21,000

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

March

31,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

5/17/2021

$

144,113

Credit

Suisse

Group

AG 

12/4/2013

150,000

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

Conservative

Allocation

Fund

as

of

March

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

8,334,792

Common

Stock

2,626,870

Total

lending

$10,961,662

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$11,584,824

Net

amounts

due

to

counterparty

$623,162

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

STRIPS

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

Reference

Rate

Index:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

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

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

30

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

March

31,

2025,

in

valuing

Conservative

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

53,728,907

–

53,728,907

–

Basic

Materials

9,074,492

–

9,074,492

–

Capital

Goods

15,352,065

–

15,352,065

–

Collateralized

Mortgage

Obligations

58,430,190

–

58,430,190

–

Commercial

Mortgage-Backed

Securities

10,625,971

–

10,625,971

–

Communications

Services

22,014,053

–

22,014,053

–

Consumer

Cyclical

29,284,160

–

29,284,160

–

Consumer

Non-Cyclical

29,277,971

–

29,277,971

–

Energy

23,835,400

–

23,835,400

–

Financials

79,858,630

–

79,858,630

–

Foreign

Government

643,447

–

643,447

–

Mortgage-Backed

Securities

217,995,783

–

217,995,783

–

Technology

20,946,435

–

20,946,435

–

Transportation

4,177,346

–

4,177,346

–

U.S.

Government

&

Agencies

69,953,304

–

69,953,304

–

Utilities

24,435,821

–

24,435,821

–

Common

Stock

Communications

Services

9,223,993

9,223,993

–

–

Consumer

Discretionary

14,544,126

14,460,363

83,763

–

Consumer

Staples

6,585,883

6,585,883

–

–

Energy

6,541,520

6,541,520

–

–

Financials

22,685,534

22,685,534

–

–

Health

Care

16,884,149

16,884,149

–

–

Industrials

18,925,040

18,637,826

287,214

–

Information

Technology

28,931,611

28,399,212

532,399

–

Materials

5,300,816

5,165,152

135,664

–

Real

Estate

4,683,345

4,683,345

–

–

Utilities

5,639,964

5,639,964

–

–

Preferred

Stock

Basic

Materials

350,760

350,760

–

–

Capital

Goods

1,049,777

1,049,777

–

–

Communications

Services

732,087

732,087

–

–

Financials

10,204,851

10,204,851

–

–

Technology

324,632

324,632

–

–

Utilities

1,257,560

1,257,560

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

7,398,922

7,398,922

–

–

Short-Term

Investments

42,562,823

37,482,906

5,079,917

–

Subtotal

Investments

in

Securities

$873,461,368

$197,708,436

$675,752,932

$–

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

85,196,831

Affiliated

Short-Term

Investments

18,506,479

Collateral

Held

for

Securities

Loaned

11,584,824

Subtotal

Other

Investments

$115,288,134

Total

Investments

at

Value

$988,749,502

*

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.  

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

31

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

March

31,

2025,

in

valuing

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

1,201,496

896,335

305,161

–

Total

Return

Swaps

533

–

533

–

Credit

Default

Swaps

76,943

–

76,943

–

Total

Asset

Derivatives

$1,278,972

$896,335

$382,637

$–

Liability

Derivatives

Futures

Contracts

485,094

485,094

–

–

Total

Liability

Derivatives

$485,094

$485,094

$–

$–

The

following

table

presents

Conservative

Allocation

Fund's

futures

contracts

held

as

of

March

31,

2025.

Investments

and/or

cash

totaling

$4,185,236

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

13

June

2025

$

2,682,198

$

11,036

CBOT

U.S.

Long

Bond

6

June

2025

714,580

(

10,892)

CME

E-mini

S&P

500

Index

204

June

2025

56,919,714

743,436

CME

Ultra

Long

Term

U.S.

Treasury

Bond

4

June

2025

500,512

(

11,512)

ICE

mini

MSCI

EAFE

Index

108

June

2025

13,316,731

(

268,711)

ICE

US

mini

MSCI

Emerging

Markets

Index

30

June

2025

1,696,275

(

30,075)

Total

Futures

Long

Contracts

$

75,830,010

$

433,282

CME

E-mini

Russell

2000

Index

(164)

June

2025

(

$

16,504,937)

(

$

117,283)

CME

E-mini

S&P

Mid-Cap

400

Index

(25)

June

2025

(

7,299,879)

(

46,621)

CME

Euro

Foreign

Exchange

Currency

(101)

June

2025

(

13,855,138)

141,863

Eurex

Euro

STOXX

50

Index

(231)

June

2025

(

13,326,246)

305,161

Total

Futures

Short

Contracts

(

$

50,986,200)

$283,120

Total

Futures

Contracts

$

24,843,810

$716,402

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

32

Reference

Description:

EFFR

-

Effective

Federal

Funds

Rate

S&P

-

Standard

&

Poor's

The

following

table

presents

Conservative

Allocation

Fund's

credit

default

swap

contracts

held

as

of

March

31,

2025.

Investments

totaling

$694,728

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

44,

5

Year,

at

5.00%,

Quarterly

Buy

6/20/2030

$

11,735,000

$

–

$

76,943

$

76,943

Total

Credit

Default

Swaps

$–

$76,943

$76,943

1

As

the

buyer

of

protection,

Conservative

Allocation

Fund

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Conservative

Allocation

Fund

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Conservative

Allocation

Fund

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

following

table

presents

Conservative

Allocation

Fund's

total

return

swap

contracts

held

as

of

March

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

$

98,942

$

533

$

–

$

533

Total

Return

Swaps

$

533

$

–

$533

#

Payment

made

on

Termination

Date

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

33

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

Conservative

Allocation

Fund,

is

as

follows:

Fund

Value

12/31/2024

Gross

Purchases

Gross

Sales

Value

3/31/2025

Shares

Held

at

3/31/2025

%

of

Net

Assets

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$76,878

$1,101

$4,440

$74,033

9,039

7.7%

Core

International

Equity

10,415

–

6

11,163

1,019

1.2

Total

U.S.

Affiliated

Registered

Investment

Companies

87,293

85,196

8.9

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

42,696

33,262

57,452

18,506

1,851

1.9

Total

Affiliated

Short-Term

Investments

42,696

18,506

1.9

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

9,942

34,696

33,053

11,585

11,585

1.2

Total

Collateral

Held

for

Securities

Loaned

9,942

11,585

1.2

Total

Value

$139,931

$115,287

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

3/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($893)

$1,387

$–

$1,101

Core

International

Equity

0

754

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.600%

1

(1)

–

247

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$1,348

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

14

Total

Affiliated

Income

from

Securities

Loaned,

Net

$14

Total

($892)

$2,140

$–

Notes

to

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

34

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments 

—

The

Fund

records

its investments

at

fair

value

using

market

quotations

when

they

are

readily

available

pursuant

to

Rule

2a-5. 

The

Fund's

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.

The

Board

has

chosen

the

Fund's

investment

Adviser

as

the

valuation

designee,

responsible

for

daily

valuation

of

the

Fund's

securities.

The

Adviser

has

formed

a Valuation

Committee

(the

“Committee”)

that

is

responsible

for

overseeing

the

Fund's

valuation

policies in

accordance

with

Valuation

Policies

and

Procedures. 

The

Committee

meets

on

a

monthly

and

on

an

as-

needed

basis

to

review

price

challenges,

price

overrides,

stale

prices,

shadow

prices,

manual

prices,

money

market

pricing,

international

fair

valuation,

and

other

securities

requiring

fair

valuation.

The

Committee

monitors

for

significant

events

occurring

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

that

could

have

a

material

impact

on

the

value

of

any

securities

that

are

held

by

the

Fund.

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

Fund's

investments

are

summarized

in

three

broad

levels. Level

1

includes

quoted

prices

in

active

markets

for

identical

securities; typically

included

in

this

level

are

U.S.

equity

securities,

futures, options

and

registered

investment

company

funds.

Level

2

includes

other

significant

observable

inputs

such

as

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk;

typically

included

in

this

level

are

fixed

income

securities,

international

securities,

swaps

and

forward

contracts. 

Level

3

includes

significant

unobservable

inputs

such

as

the

Adviser’s

own

assumptions

and

broker

evaluations

in

determining

the

fair

value

of

investments.

The

valuation

levels

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

securities

or

other

investments. 

Investments

measured

using

net

asset

value

per

share

as

a

practical

expedient

for

fair

value

and

that

are

not

publicly

available-for-sale

are

not

categorized

within

the

fair

value

hierarchy.

Valuation

of

International

Securities

—

The

Funds

value

certain

foreign

securities

traded

on

foreign

exchanges

that

close

prior

to

the

close of

the

New

York

Stock

Exchange

using

a

fair

value

pricing

service. 

The

fair

value

pricing

service

uses

a

multi-factor

model

that

may

take

into

account

the

local

close,

relevant

general

and

sector

indices,

currency

fluctuation,

prices

of

other

securities

(including

ADRs,

New

York

registered

shares,

and

ETFs),

and

futures,

as

applicable,

to

determine

price

adjustments

for

each

security

in

order

to

reflect

the

effects

of

post-closing

events. 

The

Board

has

authorized

the

Adviser

to

make

fair

valuation

determinations

pursuant

to

policies

approved

by

the

Board.

Foreign

Currency

Translation 

—

The

accounting

records

of

each

Fund

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

that

are

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

daily

closing

rates

of

exchange.

Foreign

currency

amounts

related

to

the

purchase

or

sale

of

securities

and

income

and

expenses

are

translated

at

the

exchange

rate

on

the

transaction

date.

Net

realized

and

unrealized

currency

gains

and

losses

are

recorded

from

closed currency

contracts,

disposition

of foreign

currencies,

exchange

gains

or

losses

between

the

trade

date

and

settlement

date

on

securities

transactions,

and

other

translation

gains

or

losses

on

dividends,

interest

income

and

foreign

withholding

taxes.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement

of

Operations.

For

federal

income

tax

purposes,

the

Funds

treat

the

effect

of

changes

in

foreign

exchange

rates

arising

from

actual

foreign

currency

transactions

and

the

changes

in

foreign

exchange

rates

between

the

trade

date

and

settlement

date

as

ordinary

income.

Derivative

Financial

Instruments 

— The Fund may

invest

in

derivatives,

a

category

that

includes

options,

futures,

swaps,

foreign

currency

forward

contracts and

hybrid

instruments.

Notes

to

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

35

Derivatives

are

financial

instruments

whose

value

is

derived

from

another

security,

an

index

or

a

currency. The 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.

The

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

Fund

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

Fund.

Using

derivatives

to

hedge

can

guard

against

potential

risks,

but

it

also

adds

to

the

Fund's

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

Fund

mitigate its

counterparty

risk,

the

Fund

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, the

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

Fund

attempts

to

mitigate

counterparty

risk

by

only

entering

into

agreements

with

counterparties

that it

believes

has

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Options

—

The

Fund may

buy

put

and

call

options

and

write

put

and

covered

call

options.

The

Fund

intends

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

Fund

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. The

Fund

will

realize

a

gain

or

loss

upon

expiration

or

closing

of

the

option

transaction.

When

an

option

is

exercised,

the

proceeds

upon

sale

for

a

written

call

option

or

the

cost

of

a

security

for

purchased

put

and

call

options

is

adjusted

by

the

amount

of

premium

received

or

paid.

Buying

put

options

tends

to

decrease

a

Fund’s

exposure

to

the

underlying

security

while

buying

call

options

tends

to

increase

a

Fund’s

exposure

to

the

underlying

security.

The

risk

associated

with

purchasing

put

and

call

options

is

limited

to

the

premium

paid.

There

is

no

significant

counterparty

risk

on

exchange-traded

options

as

the

exchange

guarantees

the

contract

against

default.

Writing

put

options

tends

to

increase

a

Fund’s

exposure

to

the

underlying

security

while

writing

call

options

tends

to

decrease

a

Fund’s

exposure

to

the

underlying

security.

The

writer

of

an

option

has

no

control

over

whether

the

underlying

security

may

be

bought

or

sold,

and

therefore

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

underlying

security.

The

counterparty

risk

for

purchased

options

arises

when

a

Fund

has

purchased

an

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

Notes

to

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

36

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 March

31,

2025,

the

Fund

did

not

engage

in options.

Futures

Contracts 

— The

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

Fund

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

March

31,

2025,

Conservative

Allocation

used

treasury

futures

to

manage

the

duration

and

yield

curve

exposure

of

the

respective

Fund

versus its

benchmark.

During

the three

months

ended

March

31,

2025,

Conservative

Allocation

used

equity

futures

to

manage

exposure

to

the

equities

market.

During

the

three

months

ended

March

31,

2025, Conservative

Allocation used

foreign

exchange

futures

to

hedge

the

currency

risk.

Swap

Agreements

—

The

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

("CDS") is

a

swap

agreement

between

two

parties

to

exchange

the

credit

risk

of

a

particular

issuer,

basket

of

securities

or

reference

entity.

In

a

CDS

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

CDS

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

A

buyer

of

a

CDS

is

said

to

buy

protection

whereas

a

seller

of

a

CDS

is

said

to

sell

protection.

The

Fund

may

be

either

the

protection

seller

or

the

protection

buyer.

Certain

Funds

enter

into

credit

default

derivative

contracts

directly

through

CDSs or

through

credit

default

swap

indices

("CDX

Indices").

CDX

Indices

are

static

pools

of

equally

weighted

CDSs

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.

Notes

to

Schedule

of

Investments

as

of

March

31,

2025

(unaudited)

37

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

March

31,

2025,

Conservative

Allocation

used

CDX

Indices

(comprised

of

CDSs)

to

help

manage

credit

risk

exposures

within

the

Fund.

Total Return

Swaps

—

A

total return

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

total

return

of

a

particular

reference

asset.

A

total

return

swap

involves

commitments

to

pay

interest

in

exchange

for

a

market

linked

return

based

on

a

notional

amount.

To

the

extent

that

the

total

return

of

the

security,

group

of

securities,

or

index

underlying

the

transactions

exceeds

or

fall

short

of

the

offsetting

interest

obligation,

the

Funds

will

receive

a

payment

from

or

make

a

payment

to

the

counterparty.

The

Funds

may

take

a

"long"

or

"short"

position

with

respect

to

the

underlying

referenced

asset.

During

the

three

months

ended March

31,

2025,

Conservative

Allocation

used

total return

swaps

to

achieve

exposure

to

asset

classes

where

liquid

futures

contracts

do

not

exist

or

where

pricing

of

the

swap

contract

is

more

attractive

than

the

futures

contract.

For

financial

reporting

purposes,

the

Fund

does

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

Fund.

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

Fund

receives 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, the

Fund

could

realize

additional

gains

or

losses.

If

the

borrower

fails

to

return

the

securities

or

the

invested

collateral

has

declined

in

value, the

Fund

could

lose

money. 

Generally,

in

the

event

of

borrower

default, the Fund

has

the

right

to

use

the

collateral

to

offset

any

losses

incurred. 

However,

in

the

event the

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. 

Bank Loans

(Leveraged Loans) 

—

Certain

Funds

may

invest

in

bank

loans,

which

are

senior

secured

loans

that

are

made

by

banks

or

other

lending

institutions

to

companies

that

are

typically

rated

below

investment

grade. 

A Fund

may

invest

in

multiple

series

or

tranches

of

a

bank

loan,

with

varying

terms

and

different

associated

risks. 

Transactions

in

bank

loan

securities

may

settle

on

a

delayed

basis,

which

may

result

in

the

proceeds

of

the

sale

to

not

be

readily

available

for

a Fund

to

make

additional

investments. 

Interest

rates

of

bank

loan

securities

typically

reset

periodically,

as

the

rates

are

tied

to

a

reference

index

rate,

plus

a

premium. 

Income

is

recorded

daily

on

bank

loan

securities. 

On

an

ongoing

basis,

a Fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

of

the

bank

loan. 

This

commitment

fee

is

accrued

as

income

over

the

term

of

the

bank

loan. 

A Fund

may

receive

consent

and

amendment

fees

for

accepting

an

amendment

to

the

current

terms

of

a

bank

loan. 

Consent

and

amendment

fees

are

accrued

as

income

when

the

changes

to

the

bank

loan

are

immaterial

and

to

capital

when

the

changes

are

material.

All

or

a

portion

of

these

bank

loan

commitments

may

be

unfunded.

A

Fund

is

obligated

to

fund

these

commitments

at

the

borrower’s

discretion.

Therefore,

the

Fund

must

have

funds

sufficient

to

cover

its

contractual

obligation.

These

unfunded

bank

loan

commitments,

which

are

marked-to-market

daily,

are

presented

in

the

Schedule

of

Investments

and

included

in

Payable

for

investments

purchased

on

a

delayed-delivery

basis

on

the

Statement

of

Assets

and

Liabilities.

Additional

information

for

the

Fund’s

policy

regarding

valuation

of

investments

and

other

significant

accounting

policies

can

be

obtained

by

referring

to

the

Fund’s

most

recent

annual

or

semiannual

shareholder

report.