N-CSRS 1 primary-document.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM N-CSR

 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number: 811-05075
 
Thrivent Mutual Funds
(Exact name of registrant as specified in charter)
 
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402
(Address of principal executive offices) (Zip code)
 
John D. Jackson, Assistant Secretary
Thrivent Mutual Funds
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402
 (Name and address of agent for service)
 
Registrant’s telephone number, including area code:  (612) 844-7190
Date of fiscal year end: October 31
Date of reporting period:  April 30, 2020
 

Item 1. Report to Stockholders
 
[
Insert shareholder report]
 
Item 2. Code of Ethics
Not applicable to semiannual report
 
Item 3. Audit Committee Financial Expert
Not applicable to semiannual report
 
Item 4. Principal Accountant Fees and Services
Not applicable to semiannual report
 
Item 5. Audit Committee of Listed Registrants
Not applicable
 
Item 6. Investments
(a)
   
Registrant’s Schedule of Investments/Summary Schedule of Investments is included in the report to shareholders filed under Item 1. Where the registrant included a Summary Schedule of Investments in the report to shareholders filed under Item 1, the registrant has filed a Schedule of Investments under this Item.
 
(b)
   
Not applicable to this filing.
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies
            Not applicable
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable
 
Item 10. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of trustees implemented after the registrant last provided disclosure in response to this Item.
 
Item 11. Controls and Procedures
 
(a) Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
 
(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, registrant’s internal control over financial reporting. 
 
Item 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable
 
Item 13.  Exhibits
 
(
a)(1)  
Any
code of ethics
, or amendment thereto, that
is
the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable
.
 
 
(a)(3)   Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
 
(a)(4)   Change in the registrant’s independent public accountant: Not applicable
 
(b)
               
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See EX-99.906CERT attached hereto.
 
SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Date:  June 26, 2020                                                                 THRIVENT MUTUAL FUNDS
 
 
 
                                                                                                By:
/s/ David S. Royal                        
                                                                                                      David S. Royal
                                                                                                      President and Chief Investment Officer
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
 
Date:  June 26, 2020                                                                 By:
/s/ David S. Royal                        
                                                                                                      David S. Royal
                                                                                                      President and Chief Investment Officer (principal executive officer)
 
 
 
Date:  June 26, 2020                                                                 By:
/s/ Gerard V. Vaillancourt                       
                                                                                                      Gerard V. Vaillancourt
                                                                                                      Treasurer and Principal Accounting Officer (principal financial officer)
Thrivent
Mutual
Funds
Semiannual
Report
Mutual
Funds
April
30,
2020
Beginning
on
January
1,
2021,
as
permitted
by
regulations
adopted
by
the
U.S.
Securities
and
Exchange
Commission,
paper
copies
of
the
Funds’
annual
and
semiannual
sharehold-
er
reports
will
no
longer
be
sent
by
mail,
unless
you
specifi-
cally
request
paper
copies
of
the
reports.
Instead,
the
reports
will
be
made
available
on
the
Funds’
website
(
thriventfunds.
com
),
and
you
will
be
notified
by
mail
each
time
a
report
is
posted
and
provided
with
a
website
address
to
access
the
report.
If
you
already
elected
to
receive
shareholder
reports
electron-
ically,
you
will
not
be
affected
by
this
change
and
you
do
not
need
to
take
any
action.
If
you
had
not
elected
electronic
delivery
in
the
past
and
would
like
to
now,
how
to
request
it
depends
on
how
you
invested
in
Thrivent
Mutual
Funds.
If
you
invested
through
a
financial
intermediary
(such
as
a
broker-
dealer
or
bank),
you
will
need
to
contact
the
financial
intermediary
directly.
If
you
purchased
shares
through
Thrivent,
you
can
enroll
in
elec-
tronic
delivery
at
thrivent.com/
gopaperless
.
If
you
purchased
shares
directly
online,
you
can
enroll
at
thriventfunds.com
.
You
also
can
elect
to
receive
paper
copies
of
all
future
shareholder
reports
free
of
charge.
If
you
invest
directly
with
a
Fund,
you
can
call
800-847-4836
to
let
us
know
you
wish
to
continue
receiving
paper
copies
of
your
shareholder
reports.
Your
election
to
receive
shareholder
reports
in
paper
will
apply
to
all
funds
held
in
your
account.
If
you
invest
through
a
financial
intermediary,
you
can
contact
your
financial
interme-
diary
to
request
that
you
continue
to
receive
paper
copies
of
your
shareholder
reports.
Table
of
Contents
Letter
from
the
President
2
Letter
from
the
Chief
Investment
Officer
4
Portfolio
Perspectives
Thrivent
Aggressive
Allocation
Fund
6
Thrivent
Balanced
Income
Plus
Fund
7
Thrivent
Global
Stock
Fund
8
Thrivent
Government
Bond
Fund
9
Thrivent
High
Income
Municipal
Bond
Fund
10
Thrivent
High
Yield
Fund
11
Thrivent
Income
Fund
12
Thrivent
International
Allocation
Fund
13
Thrivent
Large
Cap
Growth
Fund
14
Thrivent
Large
Cap
Value
Fund
15
Thrivent
Limited
Maturity
Bond
Fund
16
Thrivent
Low
Volatility
Equity
Fund
17
Thrivent
Mid
Cap
Growth
Fund
18
Thrivent
Mid
Cap
Stock
Fund
19
Thrivent
Mid
Cap
Value
Fund
20
Thrivent
Moderate
Allocation
Fund
21
Thrivent
Moderately
Aggressive
Allocation
Fund
22
Thrivent
Moderately
Conservative
Allocation
Fund
23
Thrivent
Money
Market
Fund
24
Thrivent
Municipal
Bond
Fund
25
Thrivent
Opportunity
Income
Plus
Fund
26
Thrivent
Small
Cap
Growth
Fund
27
Thrivent
Small
Cap
Stock
Fund
28
Shareholder
Expense
Example
29
Summary
Schedule
of
Investments/Schedule
of
Investments
Thrivent
Aggressive
Allocation
Fund
33
Thrivent
Balanced
Income
Plus
Fund
40
Thrivent
Global
Stock
Fund
49
Thrivent
Government
Bond
Fund
54
Thrivent
High
Income
Municipal
Bond
Fund
59
Thrivent
High
Yield
Fund
65
Thrivent
Income
Fund
71
Thrivent
International
Allocation
Fund
78
Thrivent
Large
Cap
Growth
Fund
84
Thrivent
Large
Cap
Value
Fund
86
Thrivent
Limited
Maturity
Bond
Fund
89
Thrivent
Low
Volatility
Equity
Fund
96
Thrivent
Mid
Cap
Growth
Fund
100
Thrivent
Mid
Cap
Stock
Fund
102
Thrivent
Mid
Cap
Value
Fund
105
Thrivent
Moderate
Allocation
Fund
107
Thrivent
Moderately
Aggressive
Allocation
Fund
116
Thrivent
Moderately
Conservative
Allocation
Fund
125
Thrivent
Money
Market
Fund
134
Thrivent
Municipal
Bond
Fund
137
Thrivent
Opportunity
Income
Plus
Fund
144
Thrivent
Small
Cap
Growth
Fund
153
Thrivent
Small
Cap
Stock
Fund
156
Statement
of
Assets
and
Liabilities
160
Statement
of
Operations
166
Statement
of
Changes
in
Net
Assets
172
Notes
to
Financial
Statements
180
Financial
Highlights
201
Additional
Information
219
2
Dear
Shareholder:
2
I
hope
this
letter
finds
you,
your
family
and
your
community
safe
and
well.
I’ll
be
honest,
it’s
difficult
to
find
a
topic
for
a
letter
such
as
this
during
the
current
pandemic.
I
recently
participated
virtually
in
an
event
for
Thrivent
clients
in
which
people
were
able
to
submit
questions.
One
question
was
particularly
illustrative
of
this
trying
period.
An
individual
asked:
“How
can
I
think
about
what’s
going
on
in
the
markets
when
I
don’t
even
know
how
I’m
going
to
pay
all
my
bills
this
month?”
There
wasn’t
a
lot
that
I
could
say
in
response
to
this
anonymously
submitted
question,
other
than
to
offer
sympathy
and
recommend
the
assistance
of
a
financial
professional.  
There
are
no
clear
comparisons
for
the
COVID-19
pandemic.
When
we’ve
had
discussions
among
the
members
of
our
investment
team,
the
word
that
comes
up
over
and
over
is
“unprecedented.”
We’ve
never
before
seen
seven
million
unemployment
claims
in
a
single
week.
The
Federal
Reserve
has
taken
actions
that
dwarf
any
of
its
activities
during
the
Great
Recession
of
2008-09.
The
federal
government
has
provided
fiscal
support
far
greater
than
at
any
time
in
history
and
is
running
a
correspondingly
large
fiscal
deficit.  
And
that’s
without
even
mentioning
the
unprecedented
impact
to
our
daily
lives
of
school
closures
and
stay-at-home
orders.  
And
while
there’s
no
real
comparison
for
these
difficult
months,
I
personally
can’t
help
but
think
of
the
attacks
of
September
11,
2001,
and
that’s
part
of
my
answer
to
the
question
of
how
we
can
even
think
about
markets
during
times
such
as
these.
In
2001,
prior
to
joining
Thrivent,
I
was
practicing
law
in
Chicago
at
a
large
international
law
firm.
That
awful
morning,
I
happened
to
be
attending
board
meetings
for
a
large
mutual
fund
complex.
Although
our
meeting
was
in
Chicago,
that
particular
firm
had
its
primary
offices
in
the
World
Trade
Center.
We
quickly
adjourned
the
meeting
so
the
executives
could
turn
their
attention
to
the
safety
of
their
employees
in
New
York.  
I
knew
there
was
nothing
I
could
do
to
help
those
at
Ground
Zero.
But,
like
many
of
you,
I
felt
a
call
to
do
something.
Knowing
that
markets
would
be
closed
for
an
undetermined
period
and
financial
instruments
would
be
impacted,
I
threw
myself
into
legal
research
and
worked
most
of
the
night.
With
so
much
uncertainty
that
would
affect
every
one
of
the
firm’s
clients,
I
found
it
fulfilling
to
do
whatever
I
could
to
contribute
to
the
common
well-being.
Just
as
I
wasn’t
a
firefighter
or
police
officer
in
2001,
I’m
not
a
doctor
or
medical
researcher
either.
We
have
several
PhDs
on
our
investment
team,
but
none
in
medical
fields.
We
have
more
than
85
individuals
with
advanced
degrees
or
credentials,
even
a
second
lawyer,
but
no
MDs.
But
just
as
in
September
of
2001,
we
as
a
team,
want
to
do
anything
and
everything
we
can
to
help
all
of
you,
and
society
as
a
whole,
during
this
pandemic.
For
our
investment
team,
that
means
managing
your
money
with
every
bit
of
care,
attention
and
professionalism
that
we
possibly
can.
Another
word
that’s
used
a
lot
these
days
in
the
investment
community
is
“dislocation.”
There
have
been
many
dislocations
in
various
markets
and
securities.
That’s
just
a
fancy
way
of
saying
that
lots
of
things
aren’t
functioning
the
way
they
do
in
normal
times,
which
will
come
as
a
surprise
to
no
one.
The
actions
of
the
Federal
Reserve
have
helped
to
stabilize
the
markets
more
quickly
than
many
of
us
would
have
expected
–
not
just
the
stock
market
but
even
more
importantly
the
credit
markets
and
banking
system
that
are
the
lifeblood
of
the
“real”
economy.
But
dislocations
still
abound,
and
we’re
nowhere
near
back
to
normal.  
So,
as
an
investment
team,
we’re
doing
what
we
know
how
to
do.
Our
20
stock
analysts
are
doing
bottom-up,
fundamental
analysis
of
companies
to
try
to
invest
in
those
stocks
that
present
the
best
opportunities.
Our
17
fixed-income
analysts
are
doing
rigorous
credit
research
to
seek
out
bonds
that
offer
good
value
on
a
risk-adjusted
basis.
Our
team
of
15
quantitative
researchers
and
portfolio
managers
are
using
algorithms
and
technology
to
look
for
trends
and
opportunities.  
By
seeking
out
those
stocks
and
bonds
that
represent
good
values,
we’re
working
to
see
that
capital
is
allocated
efficiently
and
goes
to
those
companies
that
can
make
best
use
of
it.
By
looking
for
market
dislocations
and
trying
to
find
opportunities
in
such
dislocations,
we’re
helping
to
make
such
dislocations
go
away.
As
we
do
our
jobs
every
day,
I
like
to
think
that
our
investment
team
is
doing
what
we
can
to
help
move
us
in
some
small
way
back
towards
normalcy.  
And
while
the
COVID-19
pandemic
and
its
economic
impact
are
“unprecedented”
and
while
the
markets
have
certainly
suffered
significant
“dislocations,”
this
isn’t
the
first
time
we’ve
experienced
unprecedented
economic
events
and
dislocations.
We’ve
had
wars
and
pandemics
before,
and
the
markets
and
the
economy
can
and
do
recover.
The
future
never
looks
just
like
the
past,
but
our
long-term
investment
view
is
informed
by
the
past
in
important
ways.
Our
senior
investment
team
meets
about
once
a
week
for
a
deep
dive
into
the
various
types
of
macroeconomic
and
market
data.
We
have
Thrivent’s
own
proprietary
models
that
cover
a
wide
range
of
subjects.
A
whole
team
of
experienced
professionals
is
responsible
for
compiling
the
material
we
discuss,
searching
for
the
best
possible
data
and
analytics
and
preparing
our
own
analysis.  
These
discussions
are
perhaps
my
favorite
part
of
my
job.
I
feel
blessed
to
work
with
such
an
experienced
team.
More
than
half
of
our
more
than
100
investment
professionals
have
at
least
20
years
of
experience
in
the
industry,
which
means
they
were
working
through
not
just
the
Great
Recession
of
2008-09,
but
also
the
bursting
of
the
technology
bubble
in
2000-01
and
for
many
folks
much
farther
back
than
that.
This
experience
can
bring
a
valuable
perspective
in
times
of
heightened
uncertainty.
I
personally
believe
that
active
asset
management
is
especially
important
during
periods
of
economic
and
market
turmoil.
The
dispersion
in
the
performance
of
various
stocks
and
bonds
3
can
be
greater
and
an
experienced
manager
has
the
potential
to
add
significant
value
through
stock
selection
and
credit
analysis,
both
through
the
companies
the
manager
chooses
to
own
and
the
companies
or
securities
they
choose
to
avoid.  
Our
investment
team
is
working
very
hard
for
you
during
these
difficult
times.
The
vast
majority
of
our
work
is
being
done
remotely,
and
I
am
happy
to
say
that
the
shift
to
primarily
remote
work
has
gone
more
smoothly
than
I
might
have
expected.
And
we
are
happy
to
be
serving
you
through
the
COVID-19
pandemic
in
the
best
way
we
can.
Once
again,
on
behalf
of
our
entire
investment
team,
we
hope
this
letter
finds
you,
your
family
and
your
community
safe
and
well.
Sincerely,
David
S.
Royal
President
and
Chief
Investment
Officer
Thrivent Mutual
Funds
4
Dear
Shareholder:
4
Even
in
the
midst
of
the
global
COVID-19
pandemic,
the
stock
market
has
responded
with
remarkable
resilience,
despite
mass
unemployment,
slumping
retail
sales
and
falling
corporate
earnings
across
many
sectors.
After
an
initial
bout
of
market
volatility
that
sent
prices
down
about
30%
off
of
their
highs,
the
stock
market
staged
a
strong
rebound
in
April
on
hopes
that
the
economy
would
ultimately
make
a
strong
recovery.
The
S&P
500®
nearly
returned
to
its
level
of
a
year
earlier
by
the
end
of
April
–
down
just
1.13%
from
its
April
2019
closing
level.
(The
S&P
500
is
a
market-cap-
weighted
index
that
represents
the
average
performance
of
a
group
of
500
large-capitalization
stocks.)
However,
yields
on
10-year
U.S.
Treasuries
fell
to
their
lowest
level
since
the
government
began
offering
bonds
in
1790,
closing
April
at
just
0.62%.
The
decline
in
bond
yields
was
due,
in
part,
to
two
sizable
cuts
in
the
Fed
funds
rate
by
the
Federal
Reserve,
slashing
the
target
range
to
0%—0.25%.
The
rising
demand
for
bonds
by
investors
seeking
a
safe
haven
amidst
the
market
turbulence
also
contributed
to
the
yield
decline.
Economic
Review
Gross
domestic
product
(GDP)
growth,
which
is
the
broadest
measure
of
economic
output,
contracted
by
4.8%
in
the
first
quarter
of
2020,
which
officially
marked
the
start
of
a
recession,
according
to
the
U.S.
Department
of
Commerce.
As
the
country
went
into
lockdown
to
protect
against
the
COVID-19
virus,
unemployment
skyrocketed
and
retail
sales
in
many
areas
suffered
extreme
declines.
Retail
sales
for
April
were
down
16.4%
from
the
previous
month
and
21.6%
from
a
year
earlier,
according
to
the
Department
of
Commerce.
Motor
vehicle
sales
were
down
32.9%
from
a
year
earlier.
Gasoline
sales
were
down
42.8%
from
a
year
earlier,
and
clothing
sales
were
down
89.3%
from
a
year
earlier.
Food
services
and
drinking
places
were
down
48.7%,
and
electronics
and
appliance
stores
were
down
64.8%.
On
the
positive
side,
non-store
retailers
(primarily
online)
were
up
21.6%
from
a
year
earlier,
and
food
and
beverage
stores
were
up
12.0%.
After
more
than
100
consecutive
months
of
job
gains,
the
unemployment
rate
surged
to
Depression-era
levels
as
stores
and
businesses
shuttered
during
the
lockdown.
About
30
million
Americans
filed
for
unemployment
during
March
and
April,
as
the
unemployment
rate
climbed
to
14.7%.
According
to
the
U.S.
Bureau
of
Labor
Statistics,
that
was
the
highest
rate
and
the
largest
month-over-month
increase
in
unemployment
since
it
began
tracking
employment
data
in
1948.
Oil
prices
dropped
to
the
lowest
level
since
2002,
as
global
travel
slowed
to
a
crawl.
The
dive
in
oil
prices
was
exacerbated
by
a
hike
in
production
by
Saudi
Arabia,
which
has
been
locked
in
a
price
war
with
Russia.
West
Texas
Intermediate,
a
grade
of
crude
oil
used
as
a
benchmark
in
oil
pricing,
dropped
69.15%
from
the
end
of
2019
to
the
April
close.
After
closing
2019
at
$61.06
per
barrel,
prices
fell
to
$18.84
at
the
end
of
April.
Market
Review
In
addition
to
strong
growth
of
the
S&P
500,
the
Nasdaq
also
posted
a
solid
gain
of
9.81%
for
the
12-month
period
ended
April
30.
(The
Nasdaq–
National
Association
of
Securities
Dealers
Automated
Quotations
–
is
an
electronic
stock
exchange
with
more
than
3,300
company
listings.)
While
the
S&P
500
was
up
slightly
over
the
past
12
months,
it
was
down
9.85%
through
the
first
four
months
of
2020.
Ten
of
the
11
sectors
of
the
S&P
500
were
down
through
the
first
four
months
of
2020,
with
Information
Technology
as
the
only
sector
in
positive
territory,
up
0.22%.
Other
leading
sectors
included
Health
Care,
down
1.63%,
Consumer
Discretionary,
down
2.71%,
and
Communications
Services,
down
5.48%.
In
the
international
markets,
the
MSCI
EAFE
Index,
which
measures
performance
of
developed-economy
stocks
in
Europe,
Asia
and
Australia,
was
down
11.34%
over
the
past
12
months.
The
bond
market
has
been
solid
the
past
year
as
investors
bought
up
bonds
in
response
to
the
stock
market
volatility.
The
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index,
which
tracks
a
broad
range
of
investment-grade
bonds,
was
up
10.84%
over
the
past
12
months,
and
up
4.67%
through
the
first
four
months
of
2020.
Corporate
earnings
have
suffered
in
2020
due
to
the
pandemic
lockdown.
The
S&P
500
12-month
forward
corporate
earnings
projection
was
$145.22
at
the
close
of
April
this
year,
well
below
its
level
of
$174.43
a
year
earlier.
Our
Outlook
As
society
and
governments
deal
with
this
public
health
crisis,
we
expect
markets
to
remain
volatile.
However,
we
are
encouraged
that
the
credit
markets
have
stabilized.
Historically
credit
markets
recover
first,
and
early
opportunistic
investors
in
those
markets
have
been
rewarded.
Although
credit
markets
have
moved
materially
from
their
lows
(low
prices/high
yields),
we
believe
there
is
still
long-term
value
in
this
area,
particularly
corporate
and
municipal
bonds.
We
believe
stocks
may
remain
volatile,
although
the
market
has
shown
resilience
in
recent
weeks.
Once
the
economy
stabilizes
with
the
help
of
immense
government
support,
the
earnings
picture
will
become
more
clear.
With
interest
rates
expected
to
remain
low
for
the
foreseeable
future,
valuation
metrics
may
begin
to
look
more
encouraging
for
long-term
investors.
While
earnings
for
the
full
year
are
expected
to
be
well
below
previous
years
due
to
the
lockdown,
if
the
country
is
able
to
open
up
businesses
effectively
while
managing
public
health
risks,
those
earnings
may
begin
to
recover
in
the
second
half
of
the
year.
5
During
these
difficult
times,
we
thank
you
for
the
trust
you
have
placed
in
our
entire
team
of
professionals
at
Thrivent.
Sincerely,
David
S.
Royal
President
and
Chief
Investment
Officer
Thrivent Mutual
Funds
6
Thrivent
Aggressive
Allocation
Fund
David
S.
Royal, 
Mark
L.
Simenstad,
CFA,
Darren
M.
Bagwell,
CFA,
David
R.
Spangler,
CFA, and Stephen
D.
Lowe,
CFA, Portfolio
Co-Managers
The
Fund
seeks
long-term
capital
growth.
Investment
in
Thrivent
Aggressive
Allocation
Fund
involves
allocation,
equity
security,
large
cap,
small
cap,
mid
cap,
market,
other
funds,
growth
investing,
value
investing,
foreign
securities,
emerging
markets,
foreign
currency,
investment
adviser,
conflict
of
interest,
issuer,
quantitative
investing,
derivatives,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Large
Cap
39.6%
International
20.5%
Short-Term
Investments
11.5%
Small
Cap
11.4%
Mid
Cap
5.8%
Investment
Grade
Debt
5.4%
Multi-Cap
5.4%
High
Yield
0.4%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Large
Cap
Growth
Fund,
Class
S
8.3%
Thrivent
International
Allocation
Fund,
Class
S
8.0%
Thrivent
Core
Low
Volatility
Equity
Fund
6.1%
Thrivent
Mid
Cap
Stock
Fund,
Class
S
5.1%
Thrivent
Large
Cap
Value
Fund,
Class
S
4.6%
Thrivent
Core
International
Equity
Fund
3.6%
Thrivent
Global
Stock
Fund,
Class
S
2.6%
Thrivent
Small
Cap
Stock
Fund,
Class
S
2.1%
U.S.
Treasury
Notes
1.5%
Thrivent
Core
Emerging
Markets
Equity
Fund
0.9%
These
securities
represent
42.8%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
illustrates
market
exposure
of
all
asset
classes,
including
long
and
short
derivatives.
Portfolio
composition
does
not
look-through
other
mutual
funds
held
to
their
underlying
assets,
but
rather
each
fund
is
assigned
to
an
asset
class.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
lists
of
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition
and
Top
10
Holdings
are
subject
to
change.
The
Top
10
Holdings
chart
does
not
include
derivatives.
7
Thrivent
Balanced
Income
Plus
Fund
Mark
L.
Simenstad, CFA, Noah
J.
Monsen,
CFA,
Stephen
D.
Lowe,
CFA,
Darren
M.
Bagwell,
CFA,
and
David
R.
Spangler,
CFA,  Portfolio
Co-Managers
The
Fund
seeks
long-term
total
return
through
a
balance
between
income
and
the
potential
for
long-term
capital
growth.
Investment
in
Thrivent
Balanced
Income
Plus
Fund
involves
risks
including
equity
security,
interest
rate,
credit,
allocation,
market,
large
cap,
leveraged
loan,
prepayment,
foreign
securities,
emerging
markets,
foreign
currency,
mortgage-backed
and
other
asset-backed
securities,
high
yield,
sovereign
debt,
quantitative
investing,
investment
adviser,
conflict
of
interest,
other
funds,
issuer,
derivatives,
liquidity,
portfolio
turnover
rate,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
44.0%
Long-Term
Fixed
Income
25.5%
Bank
Loans
15.2%
Registered
Investment
Companies
7.9%
Short-Term
Investments
5.9%
Preferred
Stock
1.5%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Core
Emerging
Markets
Debt
Fund
7.1%
Microsoft
Corporation
1.4%
Apple,
Inc.
1.0%
Amazon.com,
Inc.
1.0%
Johnson
&
Johnson
0.5%
Cisco
Systems,
Inc.
0.5%
Alphabet,
Inc.,
Class
A
0.5%
CenturyLink,
Inc.,
Term
Loan
0.5%
Prime
Security
Services
Borrower,
LLC,
Term
Loan
0.4%
Global
Medical
Response,
Inc.,
Term
Loan
0.4%
These
securities
represent
13.3%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
14.0%
Information
Technology
12.2%
Communications
Services
9.1%
Consumer
Discretionary
8.3%
Affiliated
Registered
Investment
Companies
7.1%
Health
Care
7.0%
Consumer
Staples
7.0%
Materials
5.7%
Industrials
5.7%
Collateralized
Mortgage
Obligations
4.9%
8
Thrivent
Global
Stock
Fund
Darren
M.
Bagwell,
CFA,
Kurt
J.
Lauber,
CFA,
Lauri
A.
Brunner,
David
R.
Spangler,
CFA,
and Noah
J.
Monsen,
CFA,
Portfolio
Co-Managers
The
Fund
seeks
long-term
capital
growth.
Investment
in
Thrivent
Global
Stock
Fund
involves
risks
including
equity
security,
large
cap,
foreign
securities,
foreign
currency,
market,
quantitative
investing,
mid
cap,
small
cap,
emerging
markets,
futures
contract,
issuer,
investment
adviser,
derivatives,
and health
crisis risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
86.4%
Short-Term
Investments
10.3%
Registered
Investments
Companies
3.3%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Amazon.com,
Inc.
2.7%
Microsoft
Corporation
2.7%
iShares
Russell
Mid
Cap
ETF
2.0%
Apple,
Inc.
1.9%
Alphabet,
Inc.,
Class
A
1.4%
Roche
Holding
AG
1.2%
Novartis
AG
1.1%
Visa,
Inc.
1.1%
Thrivent
Core
Emerging
Markets
Equity
Fund
0.9%
MasterCard,
Inc.
0.8%
These
securities
represent
15.8%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Information
Technology
17.7%
Health
Care
14.2%
Financials
13.4%
Industrials
10.6%
Consumer
Discretionary
9.5%
Communications
Services
6.3%
Real
Estate
4.1%
Materials
3.4%
Consumer
Staples
3.3%
Energy
2.5%
9
Thrivent
Government
Bond
Fund
Michael
G.
Landreville,
CFA
and
CPA
(inactive),
and
Gregory
R.
Anderson,
CFA,
Portfolio
Co-Managers
The
Fund
seeks
total
return,
consistent
with
preservation
of
capital.
The
Fund’s
investment
objective
may
be
changed
without
shareholder
approval.
Investment
in
Thrivent
Government
Bond
Fund
involves
risks
including
government
securities,
mortgage-backed
and
other
asset-backed
securities,
inflation-linked
security,
interest
rate,
market,
sovereign
debt,
investment
adviser,
derivatives,
liquidity,
portfolio
turnover
rate,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Top
10
Holdings
(%
of
Net
Assets)
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
8.5%
U.S.
Treasury
Bonds
8.3%
U.S.
Treasury
Notes
5.6%
U.S.
Treasury
Bonds
5.5%
U.S.
Treasury
Notes
5.2%
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
4.4%
U.S.
Treasury
Bonds
4.1%
U.S.
Treasury
Bonds
4.1%
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
2.0%
U.S.
Treasury
Notes
1.9%
These
securities
represent
49.6%
of
the
total
net
assets
of
the
Fund.
Bond
quality
ratings
are
obtained
from
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
and
Standard
&
Poor’s
Ratings
Services
(“S&P”).
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
U.S.
Government
&
Agencies
45.8%
Mortgage-Backed
Securities
25.0%
Collateralized
Mortgage
Obligations
13.4%
Commercial
Mortgage-Backed
Securities
4.2%
Financials
3.9%
Foreign
Government
3.8%
Asset-Backed
Securities
2.1%
Energy
0.4%
10
Thrivent
High
Income
Municipal
Bond
Fund
Janet
I.
Grangaard,
CFA,
and
Johan
Akesson,
CFA,
Portfolio
Co-Managers
The
Fund
seeks
a
high
level
of
current
income
exempt
from
federal
income
taxes.
The
Fund’s
investment
objective
may
be
changed
without
shareholder
approval.
Investment
in
the
Thrivent
High
Income
Municipal
Bond
Fund
involves
risks
including
municipal
bond,
interest
rate,
high
yield,
credit,
tax,
futures
contract,
market,
liquidity,
investment
adviser,
and health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Top
10
States
(%
of
Net
Assets)
Texas
13.2%
Illinois
7.8%
Colorado
7.5%
Pennsylvania
6.5%
California
4.5%
Georgia
4.4%
Florida
4.3%
New
Jersey
4.0%
Missouri
3.4%
Michigan
3.0%
Investments
in
securities
in
these
States
represent
58.6%
of
the
total
net
assets
of
the
Fund.
Bond
quality
ratings
are
obtained
from
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
and
Standard
&
Poor’s
Ratings
Services
(“S&P”).
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
States
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
States
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
The
Top
10
States
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Transportation
22.2%
Health
Care
20.5%
Education
14.8%
Other
Revenue
13.3%
Tax
Revenue
6.5%
General
Obligation
6.0%
Water
&
Sewer
4.6%
Housing
Finance
4.0%
Industrial
Development
Revenue
3.5%
Electric
Revenue
3.1%
11
Thrivent
High
Yield
Fund
Paul
J.
Ocenasek,
CFA,
Portfolio
Manager
The
Fund
seeks
high
current
income
and,
secondarily,
growth
of
capital.
Investment
in
Thrivent
High
Yield
Fund
involves
risks
including
high
yield,
interest
rate,
credit,
convertible,
leveraged
loan,
prepayment,
foreign
securities,
market,
liquidity,
investment
adviser,
derivatives,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Top
10
Holdings
(%
of
Net
Assets)
Sprint
Corporation
1.2%
Tenet
Healthcare
Corporation
1.0%
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
1.0%
VRX
Escrow
Corporation
0.8%
CSC
Holdings,
LLC
0.8%
CCOH
Safari,
LLC
0.7%
Level
3
Financing,
Inc.
0.7%
Embarq
Corporation
0.7%
Cheniere
Energy
Partners,
LP
0.7%
Sprint
Corporation
0.7%
These
securities
represent
8.3%
of
the
total
net
assets
of
the
Fund.
Bond
quality
ratings
are
obtained
from
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
and
Standard
&
Poor’s
Ratings
Services
(“S&P”).
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Consumer
Non-Cyclical
17.2%
Communications
Services
16.9%
Consumer
Cyclical
14.1%
Capital
Goods
10.8%
Financials
10.3%
Energy
8.2%
Basic
Materials
7.1%
Technology
5.8%
Utilities
4.3%
Transportation
1.8%
12
Thrivent
Income
Fund
Kent
L.
White,
CFA, Portfolio
Manager
The
Fund
seeks
high
current
income
while
preserving
principal
and,
secondarily,
long-term
growth
of
capital
in
order
to
maintain investors’
purchasing
power.
Investment
in
Thrivent
Income
Fund
involves
risks
including
interest
rate,
credit,
high
yield,
government
securities,
mortgage-backed
and
other
asset-backed
securities,
market,
issuer,
foreign
securities,
investment
adviser,
financial
sector,
derivatives,
emerging
markets,
liquidity,
portfolio
turnover
rate, and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements. 
Top
10
Holdings
(%
of
Net
Assets)
U.S.
Treasury
Bonds
2.3%
U.S.
Treasury
Bonds
1.4%
U.S.
Treasury
Bonds
1.3%
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
0.9%
U.S.
Treasury
Bonds
0.9%
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
0.8%
iShares
S&P
U.S.
Preferred
Stock
Index
Fund
0.7%
Diamond
1
Finance
Corporation
0.6%
U.S.
Treasury
Bonds
0.6%
Vanguard
Short-Term
Corporate
Bond
ETF
0.6%
These
securities
represent
10.1%
of
the
total
net
assets
of
the
Fund.
Bond
quality
ratings
are
obtained
from
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
and
Standard
&
Poor’s
Ratings
Services
(“S&P”).
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
25.3%
Consumer
Non-Cyclical
12.1%
Utilities
9.5%
Communications
Services
8.4%
Energy
8.0%
U.S.
Government
&
Agencies
7.6%
Technology
5.6%
Mortgage-Backed
Securities
4.7%
Consumer
Cyclical
4.0%
Capital
Goods
3.4%
13
Thrivent
International
Allocation
Fund
Noah
J.
Monsen,
CFA,
Brian
M.
Bomgren,
CQF,
Darren
M.
Bagwell,
CFA,
and
David
Spangler,
CFA,
Portfolio
Co-Managers.
A
portion
of
the
Fund
is
subadvised
by Goldman
Sachs
Asset
Management,
L.P.
The
Fund
seeks
long-term
capital
growth.
Investment
in
Thrivent
International
Allocation
Fund
involves
risks
including
allocation,
equity
security,
foreign
securities,
large
cap,
growth
investing,
value
investing,
quantitative
investing,
emerging
markets,
foreign
currency,
market,
small
cap,
mid
cap,
issuer,
investment
adviser,
multi-manager,
and health
crisis
risks. A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
90.0%
Short-Term
Investments
9.8%
Preferred
Stock
0.1%
Long-Term
Fixed
Income
0.1%
Total
100.0%
Top
10
Countries
(%
of
Net
Assets)
Japan
20.7%
United
Kingdom
10.0%
Switzerland
9.6%
Canada
6.5%
Germany
5.0%
France
4.7%
Australia
4.6%
Netherlands
4.3%
Sweden
2.8%
China
2.6%
Investments
in
securities
in
these
countries
represent
70.8%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Countries
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Countries
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Countries
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
17.6%
Health
Care
13.9%
Industrials
11.8%
Information
Technology
11.2%
Consumer
Discretionary
9.6%
Consumer
Staples
7.0%
Real
Estate
6.1%
Materials
5.6%
Communications
Services
4.4%
Energy
3.4%
14
Thrivent
Large
Cap
Growth
Fund
 Lauri
A.
Brunner,
Portfolio
Manager
The
Fund
seeks
long-term
capital
appreciation.
Investment
in
Thrivent
Large
Cap
Growth
Fund
involves
risks
including
large
cap,
growth
investing,
equity
security,
market,
technology-
oriented
companies,
issuer,
investment
adviser,
foreign
securities,
non-diversified,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
98.3%
Short-Term
Investments
1.7%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Amazon.com,
Inc.
12.7%
Microsoft
Corporation
8.9%
Apple,
Inc.
7.4%
Alphabet,
Inc.,
Class
A
6.7%
Visa,
Inc.
4.9%
MasterCard,
Inc.
3.8%
Facebook,
Inc.
2.8%
ServiceNow,
Inc.
2.7%
Home
Depot,
Inc.
2.6%
NVIDIA
Corporation
2.4%
These
securities
represent
54.9%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Information
Technology
39.2%
Consumer
Discretionary
19.3%
Communications
Services
13.1%
Health
Care
13.1%
Financials
5.1%
Industrials
4.2%
Real
Estate
1.5%
Materials
1.3%
Consumer
Staples
1.2%
15
Thrivent
Large
Cap
Value
Fund
Kurt
J.
Lauber,
CFA,
Portfolio
Manager
The
Fund
seeks
to
achieve
long-term
growth
of
capital.
Investment
in
Thrivent
Large
Cap
Value
Fund
involves
risks
including
large
cap,
value
investing,
equity
security,
market,
issuer,
investment
adviser,
foreign
securities,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
97.8%
Short-Term
Investments
2.2%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Microsoft
Corporation
4.6%
Cisco
Systems,
Inc.
4.6%
Verizon
Communications,
Inc.
4.3%
Bank
of
America
Corporation
3.6%
Johnson
&
Johnson
3.3%
Wal-Mart
Stores,
Inc.
3.1%
Citigroup,
Inc.
3.1%
Merck
&
Company,
Inc.
3.0%
Lowe's
Companies,
Inc.
2.9%
Comcast
Corporation
2.7%
These
securities
represent
35.2%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
19.8%
Health
Care
18.4%
Information
Technology
15.9%
Industrials
10.5%
Communications
Services
9.0%
Consumer
Discretionary
7.0%
Energy
6.6%
Consumer
Staples
3.9%
Utilities
2.9%
Materials
2.6%
16
Thrivent
Limited
Maturity
Bond
Fund
Michael
G.
Landreville,
CFA
and
CPA
(inactive),
Gregory
R.
Anderson,
CFA,
and
Cortney
L.
Swensen,
CFA,
Portfolio
Co-Managers
The
Fund
seeks
a
high
level
of
current
income
consistent
with
stability
of
principal.
Investment
in
Thrivent
Limited
Maturity
Bond
Fund
involves
risks
including
government
securities,
mortgage-backed
and
other
asset-
backed
securities,
collateralized
debt
obligations,
interest
rate,
credit,
market,
futures
contract,
high
yield,
issuer,
investment
adviser,
liquidity,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Top
10
Holdings
(%
of
Net
Assets)
Vanguard
Short-Term
Corporate
Bond
ETF
2.9%
U.S.
Treasury
Notes
2.7%
U.S.
Treasury
Bonds
2.2%
U.S.
Treasury
Notes
2.2%
U.S.
Treasury
Notes
2.0%
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
2.0%
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
1.5%
U.S.
Treasury
Notes
1.3%
U.S.
Treasury
Notes
1.2%
U.S.
Treasury
Bonds
0.9%
These
securities
represent
18.9%
of
the
total
net
assets
of
the
Fund.
Bond
quality
ratings
are
obtained
from
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
and
Standard
&
Poor’s
Ratings
Services
(“S&P”).
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Collateralized
Mortgage
Obligations
18.0%
Asset-Backed
Securities
16.8%
U.S.
Government
&
Agencies
16.5%
Financials
15.5%
Mortgage-Backed
Securities
5.9%
Consumer
Non-Cyclical
5.5%
Utilities
3.1%
Unaffiliated
Registered
Investment
Companies
2.9%
Energy
2.7%
Consumer
Cyclical
2.6%
17
Thrivent
Low
Volatility
Equity
Fund
Noah
J.
Monsen,
CFA,
and
Brian
W.
Bomgren,
CQF,
Portfolio
Co-Managers
The
Fund
seeks
long-term
capital appreciation
with
lower
volatility
relative
to
the global
equity
markets.
The
Fund’s
investment
objective
may
be
changed
without
shareholder
approval.
Investment
in
Thrivent
Low
Volatility
Equity
Fund
involves
risks
including
equity
security,
large
cap,
quantitative
investing,
foreign
securities,
market,
mid
cap,
foreign
currency,
futures
contract,
issuer,
investment
adviser,
derivatives,
and
health
crisis
risks. A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
95.8%
Short-Term
Investments
4.2%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Johnson
&
Johnson
2.2%
Verizon
Communications,
Inc.
2.1%
Procter
&
Gamble
Company
1.9%
Roche
Holding
AG
1.9%
PepsiCo,
Inc.
1.9%
McDonald's
Corporation
1.8%
NTT
DOCOMO,
Inc.
1.8%
HKT
Trust
and
HKT,
Ltd.
1.7%
Coca-Cola
Company
1.6%
DTE
Energy
Company
1.6%
These
securities
represent
18.5%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Consumer
Staples
15.0%
Health
Care
12.7%
Financials
11.2%
Real
Estate
10.3%
Communications
Services
9.5%
Information
Technology
9.2%
Industrials
8.7%
Consumer
Discretionary
7.3%
Utilities
6.5%
Materials
5.2%
18
Thrivent
Mid
Cap
Growth
Fund
David
J.
Lettenberger, CFA,
Portfolio
Manager
The
Fund
seeks
long-term
capital
growth.
Investment
in
Thrivent
Mid
Cap
Growth
Fund
involves
risks
including
mid
cap,
growth
investing,
equity
security,
market,
technology-
oriented
companies,
issuer,
investment
adviser,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
97.6%
Short-Term
Investments
2.4%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
ServiceNow,
Inc.
3.0%
Dexcom,
Inc.
2.4%
CoStar
Group,
Inc.
2.4%
Global
Payments,
Inc.
2.4%
Veeva
Systems,
Inc.
2.2%
IDEX
Corporation
2.1%
Zoetis,
Inc.
2.1%
Coupa
Software,
Inc.
2.0%
Monolithic
Power
Systems,
Inc.
2.0%
United
Rentals,
Inc.
1.9%
These
securities
represent
22.5%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Information
Technology
29.5%
Health
Care
21.2%
Industrials
13.9%
Consumer
Discretionary
13.3%
Financials
6.9%
Real
Estate
4.5%
Communications
Services
3.8%
Materials
2.2%
Consumer
Staples
1.8%
Energy
0.6%
19
Thrivent
Mid
Cap
Stock
Fund
Brian
J.
Flanagan,
CFA,
Portfolio
Manager
The
Fund
seeks
long-term
capital
growth.
Investment
in
Thrivent
Mid
Cap
Stock
Fund
involves
risks
including
mid
cap,
equity
security,
market,
issuer,
investment
adviser,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
96.7%
Short-Term
Investments
3.3%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Akamai
Technologies,
Inc.
3.2%
RH
2.9%
NVR,
Inc.
2.7%
Nuance
Communications,
Inc.
2.6%
Etsy,
Inc.
2.6%
Teradyne,
Inc.
2.4%
Lululemon
Athletica,
Inc.
2.4%
United
Rentals,
Inc.
2.3%
Huntington
Ingalls
Industries,
Inc.
2.3%
Assured
Guaranty,
Ltd.
2.2%
These
securities
represent
25.6%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Information
Technology
19.0%
Financials
15.1%
Industrials
13.6%
Consumer
Discretionary
12.1%
Health
Care
9.9%
Real
Estate
9.0%
Utilities
6.3%
Communications
Services
4.3%
Materials
3.2%
Consumer
Staples
2.1%
20
Thrivent
Mid
Cap
Value
Fund
Graham
Wong,
CFA,
Portfolio
Manager
The
Fund
seeks
long-term
capital
growth.
Investment
in
Thrivent
Mid
Cap
Value
Fund
involves
risks
including
mid
cap,
value
investing,
equity
security,
market,
issuer,
investment
adviser,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
98.9%
Short-Term
Investments
1.1%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Zimmer
Biomet
Holdings,
Inc.
2.9%
Centene
Corporation
2.8%
National
Instruments
Corporation
2.7%
Hartford
Financial
Services
Group,
Inc.
2.6%
Berry
Plastics
Group,
Inc.
2.4%
FirstEnergy
Corporation
2.3%
Voya
Financial,
Inc.
2.3%
Wintrust
Financial
Corporation
2.3%
Mohawk
Industries,
Inc.
2.3%
Parker-Hannifin
Corporation
2.3%
These
securities
represent
24.9%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
20.6%
Industrials
13.2%
Information
Technology
11.6%
Consumer
Discretionary
10.3%
Health
Care
8.1%
Materials
7.9%
Real
Estate
6.9%
Utilities
6.8%
Consumer
Staples
4.6%
Energy
4.4%
21
Thrivent
Moderate
Allocation
Fund
David
S.
Royal,
David
R.
Spangler,
CFA, Mark
L.
Simenstad,
CFA,
Darren
M.
Bagwell,
CFA,
and
Stephen
D.
Lowe,
CFA, Portfolio
Co-Managers
The
Fund
seeks
long-term
capital
growth
while
providing
reasonable
stability
of
principal.
Investment
in
Thrivent
Moderate
Allocation
Fund
involves
risks
including
allocation,
equity
security,
interest
rate,
large
cap,
mid
cap,
market,
credit,
other
funds,
high
yield,
foreign
securities,
emerging
markets,
foreign
currency,
small
cap,
growth
investing,
value
investing,
investment
adviser,
conflict
of
interest,
issuer,
quantitative
investing,
derivatives,
portfolio
turnover
rate,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Investment
Grade
Debt
35.9%
Large
Cap
27.5%
Short-Term
Investments
10.3%
International
10.2%
Mid
Cap
4.1%
Multi-Cap
3.3%
High
Yield
3.2%
Emerging
Markets
Debt
2.0%
Small
Cap
2.0%
Floating
Rate
Debt
1.5%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Large
Cap
Growth
Fund,
Class
S
7.4%
Thrivent
Large
Cap
Value
Fund,
Class
S
6.5%
Thrivent
Income
Fund,
Class
S
4.8%
Thrivent
International
Allocation
Fund,
Class
S
4.2%
Thrivent
Core
Low
Volatility
Equity
Fund
3.8%
Thrivent
Mid
Cap
Stock
Fund,
Class
S
3.7%
Thrivent
Limited
Maturity
Bond
Fund,
Class
S
2.5%
Thrivent
Core
Emerging
Markets
Debt
Fund
2.3%
Thrivent
Global
Stock
Fund,
Class
S
1.8%
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
1.5%
These
securities
represent
38.5%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
illustrates
market
exposure
of
all
asset
classes,
including
long
and
short
derivatives.
Portfolio
composition
does
not
look-through
other
mutual
funds
held
to
their
underlying
assets,
but
rather
each
fund
is
assigned
to
an
asset
class.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
lists
of
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition
and
Top
10
Holdings
are
subject
to
change.
The
Top
10
Holdings
chart
does
not
include
derivatives.
22
Thrivent
Moderately
Aggressive
Allocation
Fund
David
S.
Royal,
David
R.
Spangler,
CFA,
Mark
L.
Simenstad,
CFA,
Darren
M.
Bagwell,
CFA,
and Stephen
D.
Lowe,
CFA,
Portfolio
Co-Managers
The
Fund
seeks
long-term
capital
growth.
Investment
in
Thrivent
Moderately
Aggressive
Allocation
Fund
involves
risks
including
allocation,
equity
security,
large
cap,
small
cap,
mid
cap,
market,
other
funds,
growth
investing,
value
investing,
foreign
securities,
emerging
markets,
foreign
currency,
interest
rate,
credit,
investment
adviser,
conflict
of
interest,
issuer,
quantitative
investing,
derivatives,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Large
Cap
36.1%
Investment
Grade
Debt
21.6%
International
12.1%
Short-Term
Investments
10.0%
Mid
Cap
6.8%
Small
Cap
4.8%
Multi-Cap
4.6%
High
Yield
1.9%
Emerging
Markets
Debt
1.2%
Floating
Rate
Debt
0.9%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Large
Cap
Growth
Fund,
Class
S
8.5%
Thrivent
International
Allocation
Fund,
Class
S
7.1%
Thrivent
Large
Cap
Value
Fund,
Class
S
6.9%
Thrivent
Mid
Cap
Stock
Fund,
Class
S
5.1%
Thrivent
Core
Low
Volatility
Equity
Fund
5.0%
Thrivent
Global
Stock
Fund,
Class
S
4.3%
Thrivent
Core
International
Equity
Fund
2.5%
Thrivent
Income
Fund,
Class
S
2.4%
U.S.
Treasury
Notes
1.6%
Thrivent
Core
Emerging
Markets
Debt
Fund
1.3%
These
securities
represent
44.7%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
illustrates
market
exposure
of
all
asset
classes,
including
long
and
short
derivatives.
Portfolio
composition
does
not
look-through
other
mutual
funds
held
to
their
underlying
assets,
but
rather
each
fund
is
assigned
to
an
asset
class.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
lists
of
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition
and
Top
10
Holdings
are
subject
to
change.
The
Top
10
Holdings
chart
does
not
include
derivatives.
23
Thrivent
Moderately
Conservative
Allocation
Fund
David
S.
Royal,
David
R.
Spangler,
CFA,
Mark
L.
Simenstad,
CFA,
Darren
M.
Bagwell, CFA, and
Stephen
D.
Lowe,
CFA, Portfolio
Co-Managers
The
Fund
seeks
long-term
capital
growth
while
providing
reasonable
stability
of
principal.
Investment
in
Thrivent
Moderately
Conservative
Allocation
Fund
involves
risks
including
allocation,
interest
rate,
equity
security,
market,
large
cap,
credit,
mortgage-backed
and
other
asset-backed
securities,
government
securities,
high
yield,
mid
cap,
other
funds,
foreign
securities,
emerging
markets,
foreign
currency,
investment
adviser,
conflict
of
interest,
issuer,
quantitative
investing,
leveraged
loan,
prepayment,
derivatives,
portfolio
turnover
rate,
and health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Investment
Grade
Debt
51.3%
Large
Cap
16.0%
Short-Term
Investments
10.8%
International
6.5%
High
Yield
4.4%
Mid
Cap
3.2%
Emerging
Markets
Debt
2.9%
Multi-Cap
2.5%
Floating
Rate
Debt
2.0%
Small
Cap
0.4%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Income
Fund,
Class
S
8.0%
Thrivent
Large
Cap
Value
Fund,
Class
S
6.0%
Thrivent
Limited
Maturity
Bond
Fund,
Class
S
4.1%
Thrivent
Large
Cap
Growth
Fund,
Class
S
4.0%
Thrivent
International
Allocation
Fund,
Class
S
3.4%
Thrivent
Core
Emerging
Markets
Debt
Fund
3.2%
Thrivent
Core
Low
Volatility
Equity
Fund
2.8%
Thrivent
High
Yield
Fund,
Class
S
2.3%
U.S.
Treasury
Notes
2.2%
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
2.2%
These
securities
represent
38.2%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
illustrates
market
exposure
of
all
asset
classes,
including
long
and
short
derivatives.
Portfolio
composition
does
not
look-through
other
mutual
funds
held
to
their
underlying
assets,
but
rather
each
fund
is
assigned
to
an
asset
class.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
lists
of
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition
and
Top
10
Holdings
are
subject
to
change.
The
Top
10
Holdings
chart
does
not
include
derivatives.
24
Thrivent
Money
Market
Fund
William
D.
Stouten,
Portfolio
Manager
The
Fund
seeks
a
high
level
of
current
income,
while
maintaining
liquidity
and
a
constant
net
asset
value
of
$1.00
per
share.
Investment
in
Thrivent
Money
Market
Fund
involves
risks
including
money
market
fund,
government
securities,
interest
rate,
credit
risk,
redemption,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
The
Fund
invests
at
least
99.5%
of
its
total
assets
in
government
securities,
cash
and
repurchase
agreements
collateralized
fully
by
government
securities
or
cash.
Portfolio
Composition
(%
of
Portfolio)
U.S.
Government
Agency
Debt
84.4%
U.S.
Treasury
Debt
9.9%
U.S.
Treasury
Repurchase
Agreement,
if
collateralized
only
by
U.S.
Treasuries
(including
Strips)
and
cash
5.7%
Total
100.0%
An
investment
in
the
Thrivent
Money
Market
Fund
is
not
insured
or
guaranteed
by
the
FDIC
or
any
other
government
agency.
Although
the
Fund
seeks
to
preserve
the
value
of
your
investment
at
$1.00
per
share,
it
is
possible
to
lose
money
by
investing
in
the
Fund.
Quoted
Portfolio
Composition
is
subject
to
change.
25
Thrivent
Municipal
Bond
Fund
Janet
I.
Grangaard,
CFA,
Portfolio
Manager
The
Fund
seeks
a
high
level
of
current
income
exempt
from
federal
income
taxes,
consistent
with
capital
preservation.
Investment
in
Thrivent
Municipal
Bond
Fund
involves
risks
including
municipal
bond,
interest
rate,
tax,
credit,
futures
contract,
market,
high
yield,
liquidity,
investment
adviser,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Top
10
States
(%
of
Net
Assets)
California
10.4%
Texas
9.6%
New
York
9.3%
Illinois
7.6%
Colorado
5.1%
Ohio
5.0%
Massachusetts
4.8%
Florida
4.1%
Minnesota
3.0%
Washington
2.9%
Investments
in
securities
in
these
States
represent
61.8%
of
the
total
net
assets
of
the
Fund.
Bond
quality
ratings
are
obtained
from
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
and
Standard
&
Poor’s
Ratings
Services
(“S&P”).
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
States
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
States
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
The
Top
10
States
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Transportation
20.9%
Education
14.6%
Health
Care
13.6%
General
Obligation
10.9%
Escrowed/Pre-refunded
10.4%
Water
&
Sewer
9.3%
Tax
Revenue
7.8%
Other
Revenue
5.4%
Electric
Revenue
4.2%
Industrial
Development
Revenue
0.9%
26
Thrivent
Opportunity
Income
Plus
Fund
Stephen
D.
Lowe,
CFA,
Gregory
R.
Anderson,
CFA,
Conrad
E. Smith,
CFA,
Paul
J.
Ocenasek,
CFA, and
Kent
L.
White,
CFA,
Portfolio
Co-Managers
The
Fund
seeks
a
high
level
of
current
income
consistent
with
capital
preservation.
Investment
in
Thrivent
Opportunity
Income
Plus
Fund
involves
risks
including
interest
rate,
credit,
mortgage-backed
and
other
asset-
backed
securities,
leveraged
loan,
prepayment,
high
yield,
allocation,
foreign
securities,
emerging
markets,
sovereign
debt,
market,
other
funds,
investment
adviser,
conflict
of
interest,
issuer,
liquidity,
derivatives,
ETF,
portfolio
turnover
rate,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Core
Emerging
Markets
Debt
Fund
14.5%
Invesco
Senior
Loan
ETF
3.0%
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
2.4%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
2.2%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
1.8%
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
1.6%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
1.4%
Vanguard
Short-Term
Corporate
Bond
ETF
1.2%
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
1.1%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
0.8%
These
securities
represent
30.0%
of
the
total
net
assets
of
the
Fund.
Bond
quality
ratings
are
obtained
from
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
and
Standard
&
Poor’s
Ratings
Services
(“S&P”).
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Mortgage-Backed
Securities
16.0%
Affiliated
Fixed
Income
Holdings
14.5%
Financials
9.6%
Collateralized
Mortgage
Obligations
9.1%
Communications
Services
9.0%
Consumer
Non-Cyclical
8.0%
Consumer
Cyclical
5.9%
Unaffiliated
Registered
Investment
Companies
5.6%
Capital
Goods
4.9%
Asset-Backed
Securities
4.5%
27
Thrivent
Small
Cap
Growth
Fund
David
J.
Lettenberger,
CFA, 
Portfolio
Manager
The
Fund
seeks
long-term
capital
growth.
The
Fund's
investment
objective
may
be
changed
without
shareholder
approval.
Investment
in
Thrivent
Small
Cap
Growth
Fund
involves
risks
including
small
cap,
growth
investing,
equity
security,
market,
technology-
oriented
companies,
issuer,
investment
adviser,
and health
crisis
risks. A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
96.2%
Short-Term
Investments
3.0%
Registered
Investment
Companies
0.8%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Monolithic
Power
Systems,
Inc.
2.8%
Bandwidth,
Inc.
2.5%
LHC
Group,
Inc.
2.4%
Five9,
Inc.
2.4%
Avalara,
Inc.
2.2%
Coupa
Software,
Inc.
2.2%
Catalent,
Inc.
2.1%
Planet
Fitness,
Inc.
1.8%
Ritchie
Brothers
Auctioneers,
Inc.
1.8%
Wingstop,
Inc.
1.7%
These
securities
represent
21.9%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Information
Technology
30.6%
Health
Care
25.3%
Industrials
15.9%
Consumer
Discretionary
11.7%
Financials
6.5%
Consumer
Staples
2.8%
Real
Estate
2.1%
Materials
1.0%
Unaffiliated
Registered
Investment
Companies
0.8%
Energy
0.4%
28
Thrivent
Small
Cap
Stock
Fund
Matthew
D.
Finn,
CFA,
and
James
M.
Tinucci,
CFA,
Portfolio
Co-Managers
The
Fund
seeks
long-term
capital
growth.
Investment
in
Thrivent
Small
Cap
Stock
Fund
involves
risks
including
small
cap,
equity
security,
market,
issuer,
investment
adviser,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
95.6%
Registered
Investment
Companies
3.1%
Short-Term
Investments
1.3%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Syneos
Health,
Inc.
2.2%
Assured
Guaranty,
Ltd.
2.0%
Louisiana-Pacific
Corporation
1.9%
Curtiss-Wright
Corporation
1.9%
Ritchie
Brothers
Auctioneers,
Inc.
1.9%
First
Interstate
BancSystem
,
Inc.
1.7%
LHC
Group,
Inc.
1.7%
Altra
Industrial
Motion
Corporation
1.7%
Primoris
Services
Corporation
1.7%
National
Instruments
Corporation
1.7%
These
securities
represent
18.4%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
21.4%
Industrials
19.9%
Information
Technology
16.2%
Health
Care
8.9%
Real
Estate
6.8%
Materials
6.2%
Consumer
Discretionary
6.1%
Consumer
Staples
4.4%
Unaffiliated
Registered
Investment
Companies
3.1%
Utilities
2.8%
29
Shareholder
Expense
Example
(unaudited)
As
a
shareholder
of
a
Fund,
you
incur,
depending
on
the
Fund
and
share
class,
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
purchase
payments;
and
(2)
ongoing
costs,
including
management
fees,
distribution
(12b-1)
fees
and
other
Fund
expenses.
This
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
your
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
November
1,
2019
through
April
30,
2020.
Actual
Expenses
In
the
table
below,
the
first
section,
labeled
“Actual,”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
section,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
from
the
appropriate
Class
line
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid.
A
small
account
fee
of
$12
may
be
charged
to
Class
A
shareholder
accounts
if
the
value
falls
to
an
amount
of
$2,000
or
less,
in
the
case
of
a
non-qualified
account,
and
$1,000
or
less,
in
the
case
of
a
qualified
account.
This
fee
is
not
included
in
the
table
below.
If
it
were
and
you
were
assessed
such
a
fee,
the
expenses
you
paid
during
the
period
would
have
been
higher
and
the
ending
account
value
would
have
been
lower.
Hypothetical
Example
for
Comparison
Purposes
In
the
table
below,
the
second
section,
labeled
“Hypothetical,”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
A
semiannual
account
maintenance
fee
of
$10
may
be
charged
to
Class
A
shareholder
accounts
if
the
value
falls
to
an
amount
of
$2,000
or
less,
in
the
case
of
a
non-qualified
account,
and
$1,000
or
less,
in
the
case
of
a
qualified
account.
This
fee
is
not
included
in
the
table
below.
If
it
were
and
you
were
assessed
such
a
fee,
the
expenses
you
paid
during
the
period
would
have
been
higher
and
the
ending
account
value
would
have
been
lower.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
sales
charges
(loads).
Therefore,
the
second
section
of
the
table
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Beginning
Account
Value
11/1/2019
Ending
Account
Value
4/30/2020
Expenses
Paid
during
Period
11/1/2019
-
4/30/2020
*
Annualized
Expense
Ratio
Thrivent
Aggressive
Allocation
Fund
Actual
Class
A
$1,000
$916
$4.54
0.95%
Class
S
$1,000
$917
$3.75
0.79%
Hypothetical
**
Class
A
$1,000
$1,020
$4.79
0.95%
Class
S
$1,000
$1,021
$3.95
0.79%
Thrivent
Balanced
Income
Plus
Fund
Actual
Class
A
$1,000
$921
$4.93
1.03%
Class
S
$1,000
$923
$3.68
0.77%
Hypothetical
**
Class
A
$1,000
$1,020
$5.18
1.03%
Class
S
$1,000
$1,021
$3.87
0.77%
Thrivent
Global
Stock
Fund
Actual
Class
A
$1,000
$906
$4.83
1.02%
Class
S
$1,000
$907
$3.14
0.66%
Hypothetical
**
Class
A
$1,000
$1,020
$5.12
1.02%
Class
S
$1,000
$1,022
$3.33
0.66%
30
Beginning
Account
Value
11/1/2019
Ending
Account
Value
4/30/2020
Expenses
Paid
during
Period
11/1/2019
-
4/30/2020
*
Annualized
Expense
Ratio
Thrivent
Government
Bond
Fund
Actual
Class
A
$1,000
$1,061
$4.36
0.85%
Class
S
$1,000
$1,062
$3.84
0.75%
Hypothetical
**
Class
A
$1,000
$1,021
$4.27
0.85%
Class
S
$1,000
$1,021
$3.77
0.75%
Thrivent
High
Income
Municipal
Bond
Fund
Actual
Class
S
$1,000
$892
$2.91
0.62%
Hypothetical
**
Class
S
$1,000
$1,022
$3.11
0.62%
Thrivent
High
Yield
Fund
Actual
Class
A
$1,000
$914
$3.81
0.80%
Class
S
$1,000
$915
$2.53
0.53%
Hypothetical
**
Class
A
$1,000
$1,021
$4.02
0.80%
Class
S
$1,000
$1,022
$2.68
0.53%
Thrivent
Income
Fund
Actual
Class
A
$1,000
$1,021
$3.80
0.76%
Class
S
$1,000
$1,023
$2.30
0.46%
Hypothetical
**
Class
A
$1,000
$1,021
$3.80
0.76%
Class
S
$1,000
$1,023
$2.30
0.46%
Thrivent
International
Allocation
Fund
Actual
Class
A
$1,000
$834
$5.47
1.20%
Class
S
$1,000
$836
$3.64
0.80%
Hypothetical
**
Class
A
$1,000
$1,019
$6.02
1.20%
Class
S
$1,000
$1,021
$4.00
0.80%
Thrivent
Large
Cap
Growth
Fund
Actual
Class
A
$1,000
$1,097
$5.88
1.13%
Class
S
$1,000
$1,100
$4.07
0.78%
Hypothetical
**
Class
A
$1,000
$1,019
$5.66
1.13%
Class
S
$1,000
$1,021
$3.92
0.78%
Thrivent
Large
Cap
Value
Fund
Actual
Class
A
$1,000
$855
$4.16
0.90%
Class
S
$1,000
$856
$2.51
0.54%
Hypothetical
**
Class
A
$1,000
$1,020
$4.54
0.90%
Class
S
$1,000
$1,022
$2.73
0.54%
Thrivent
Limited
Maturity
Bond
Fund
Actual
Class
A
$1,000
$995
$3.01
0.61%
Class
S
$1,000
$997
$2.17
0.44%
Hypothetical
**
Class
A
$1,000
$1,022
$3.05
0.61%
Class
S
$1,000
$1,023
$2.19
0.44%
31
Beginning
Account
Value
11/1/2019
Ending
Account
Value
4/30/2020
Expenses
Paid
during
Period
11/1/2019
-
4/30/2020
*
Annualized
Expense
Ratio
Thrivent
Low
Volatility
Equity
Fund
Actual
Class
S
$1,000
$919
$4.87
1.02%
Hypothetical
**
Class
S
$1,000
$1,020
$5.13
1.02%
Thrivent
Mid
Cap
Growth
Fund
Actual
Class
S
$1,000
$1,00
9
$1.6
6
0.96%
Hypothetical
**
Class
S
$1,000
$1,0
20
$
4
.
82
0.96%
Thrivent
Mid
Cap
Stock
Fund
Actual
Class
A
$1,000
$863
$4.81
1.04%
Class
S
$1,000
$864
$3.55
0.77%
Hypothetical
**
Class
A
$1,000
$1,020
$5.22
1.04%
Class
S
$1,000
$1,021
$3.85
0.77%
Thrivent
Mid
Cap
Value
Fund
Actual
Class
S
$1,000
$
925
$1.
59
0.96%
Hypothetical
**
Class
S
$1,000
$1,0
20
$
4
.
8
2
0.96%
Thrivent
Moderate
Allocation
Fund
Actual
Class
A
$1,000
$971
$3.98
0.81%
Class
S
$1,000
$972
$2.85
0.58%
Hypothetical
**
Class
A
$1,000
$1,021
$4.08
0.81%
Class
S
$1,000
$1,022
$2.92
0.58%
Thrivent
Moderately
Aggressive
Allocation
Fund
Actual
Class
A
$1,000
$947
$4.05
0.84%
Class
S
$1,000
$948
$3.09
0.64%
Hypothetical
**
Class
A
$1,000
$1,021
$4.20
0.84%
Class
S
$1,000
$1,022
$3.20
0.64%
Thrivent
Moderately
Conservative
Allocation
Fund
Actual
Class
A
$1,000
$988
$4.11
0.83%
Class
S
$1,000
$990
$2.94
0.59%
Hypothetical
**
Class
A
$1,000
$1,021
$4.18
0.83%
Class
S
$1,000
$1,022
$2.99
0.59%
Thrivent
Money
Market
Fund
Actual
Class
A
$1,000
$1,005
$2.37
0.48%
Class
S
$1,000
$1,006
$1.97
0.40%
Hypothetical
**
Class
A
$1,000
$1,022
$2.39
0.48%
Class
S
$1,000
$1,023
$1.99
0.40%
Thrivent
Municipal
Bond
Fund
Actual
Class
A
$1,000
$972
$3.63
0.74%
Class
S
$1,000
$973
$2.66
0.54%
Hypothetical
**
32
Beginning
Account
Value
11/1/2019
Ending
Account
Value
4/30/2020
Expenses
Paid
during
Period
11/1/2019
-
4/30/2020
*
Annualized
Expense
Ratio
Class
A
$1,000
$1,021
$3.72
0.74%
Class
S
$1,000
$1,022
$2.72
0.54%
Thrivent
Opportunity
Income
Plus
Fund
Actual
Class
A
$1,000
$957
$4.29
0.88%
Class
S
$1,000
$958
$2.96
0.61%
Hypothetical
**
Class
A
$1,000
$1,020
$4.43
0.88%
Class
S
$1,000
$1,022
$3.06
0.61%
Thrivent
Small
Cap
Growth
Fund
Actual
Class
S
$1,000
$1,012
$5.34
1.07%
Hypothetical
**
Class
S
$1,000
$1,020
$5.36
1.07%
Thrivent
Small
Cap
Stock
Fund
Actual
Class
A
$1,000
$846
$5.24
1.14%
Class
S
$1,000
$848
$3.79
0.83%
Hypothetical
**
Class
A
$1,000
$1,019
$5.73
1.14%
Class
S
$1,000
$1,021
$4.15
0.83%
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
to
reflect
the
one-half
year
period.
Mid
Cap
Growth
Fund
and
Mid
Cap
Value
Fund
expenses
are
equal
to
the
fund's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
63/366
to
reflect
the
inception
date
short
period.
**
Assuming
5%
annualized
total
return
before
expenses.
Aggressive
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
33
Shares
Registered
Investment
Companies
(
43.5%
)
Value
%
of
Net
Assets
Unaffiliated  (0.9%)
27,064
SPDR
S&P
500
ETF
Trust
$
7,861,551
0.6%
Other
Securities
^
4,045,143
0.3%
Total
11,906,694
Affiliated  (42.6%)
1,499,423
Thrivent
Core
Emerging
Markets
Equity
Fund
12,775,081
0.9%
6,031,233
Thrivent
Core
International
Equity
Fund
47,465,807
3.6%
7,476,236
Thrivent
Core
Low
Volatility
Equity
Fund
81,042,399
6.1%
1,627,130
Thrivent
Global
Stock
Fund,
Class
S
34,543,972
2.6%
1,450,416
Thrivent
High
Yield
Fund,
Class
S
6,106,251
0.5%
485,601
Thrivent
Income
Fund,
Class
S
4,652,061
0.3%
12,775,335
Thrivent
International
Allocation
Fund,
Class
S
106,546,291
8.0%
8,260,339
Thrivent
Large
Cap
Growth
Fund,
Class
S
111,018,954
8.3%
3,208,458
Thrivent
Large
Cap
Value
Fund,
Class
S
61,217,385
4.6%
581,368
Thrivent
Limited
Maturity
Bond
Fund,
Class
S
7,168,266
0.5%
2,969,214
Thrivent
Mid
Cap
Stock
Fund,
Class
S
67,638,690
5.1%
1,493,352
Thrivent
Small
Cap
Stock
Fund,
Class
S
28,418,483
2.1%
Total
568,593,640
Total
Registered
Investment
Companies
(cost
$527,587,527)
580,500,334
Shares
Common
Stock
(
39.6%
)
Value
%
of
Net
Assets
Communications
Services
(1.5%)
62,105
Verizon
Communications,
Inc.
3,567,932
0.3%
Other
Securities
^
16,452,667
1.2%
Total
20,020,599
Consumer
Discretionary
(4.0%)
1,219
Amazon.com,
Inc.
a
3,015,806
0.2%
14,605
Burlington
Stores,
Inc.
a
2,668,187
0.2%
30,828
Five
Below,
Inc.
a
2,779,452
0.2%
49,458
Planet
Fitness,
Inc.
a
2,983,801
0.2%
Other
Securities
^
41,802,125
3.2%
Total
53,249,371
Consumer
Staples
(1.3%)
16,706
Casey's
General
Stores,
Inc.
2,529,455
0.2%
23,505
Wal-Mart
Stores,
Inc.
2,857,033
0.2%
Other
Securities
^
12,616,411
0.9%
Total
18,002,899
Shares
Common
Stock
(
39.6%
)
Value
%
of
Net
Assets
Energy
(1.1%)
Other
Securities
^
$
14,195,156
1.1%
Total
14,195,156
Financials
(6.0%)
101,857
Assured
Guaranty,
Ltd.
3,028,209
0.2%
132,902
Bank
of
America
Corporation
3,196,293
0.3%
55,635
Citigroup,
Inc.
2,701,636
0.2%
37,677
Raymond
James
Financial,
Inc.
2,483,668
0.2%
Other
Securities
^
69,147,007
5.1%
Total
80,556,813
Health
Care
(6.5%)
12,588
Bio-Techne
Corporation
2,832,300
0.2%
63,548
Catalent,
Inc.
a
4,394,344
0.3%
36,492
Guardant
Health,
Inc.
a,b
2,808,424
0.2%
28,047
Johnson
&
Johnson
4,208,172
0.3%
37,440
LHC
Group,
Inc.
a
4,866,826
0.4%
29,669
Medtronic
plc
2,896,584
0.2%
33,408
Merck
&
Company,
Inc.
2,650,591
0.2%
18,065
Veeva
Systems,
Inc.
a
3,446,802
0.3%
Other
Securities
^
58,490,108
4.4%
Total
86,594,151
Industrials
(6.0%)
111,463
Altra
Industrial
Motion
Corporation
3,110,932
0.2%
27,018
Curtiss-Wright
Corporation
2,800,416
0.2%
18,931
IDEX
Corporation
2,908,370
0.2%
32,200
Lincoln
Electric
Holdings,
Inc.
b
2,592,422
0.2%
73,161
Ritchie
Brothers
Auctioneers,
Inc.
3,152,507
0.2%
21,588
United
Rentals,
Inc.
a
2,774,058
0.2%
Other
Securities
^
62,199,394
4.8%
Total
79,538,099
Information
Technology
(8.7%)
28,038
Amphenol
Corporation
2,474,634
0.2%
17,259
Apple,
Inc.
5,070,694
0.4%
105,384
Cisco
Systems,
Inc.
4,466,174
0.3%
20,913
Coupa
Software,
Inc.
a
3,682,570
0.3%
45,470
Dolby
Laboratories,
Inc.
2,729,564
0.2%
41,814
Microsoft
Corporation
7,493,487
0.6%
27,178
Monolithic
Power
Systems,
Inc.
5,433,154
0.4%
8,599
ServiceNow,
Inc.
a
3,022,892
0.2%
Other
Securities
^
81,673,020
6.1%
Total
116,046,189
Materials
(1.5%)
129,062
Louisiana-Pacific
Corporation
2,581,240
0.2%
Other
Securities
^
16,833,829
1.3%
Total
19,415,069
Real
Estate
(2.2%)
Other
Securities
^
29,563,300
2.2%
Total
29,563,300
Aggressive
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
34
Shares
Common
Stock
(
39.6%
)
Value
%
of
Net
Assets
Utilities
(0.8%)
Other
Securities
^
$
10,681,774
0.8%
Total
10,681,774
Total
Common
Stock
(cost
$508,080,042)
527,863,420
Principal
Amount
Long-Term
Fixed
Income
(
5.1%
)
Value
%
of
Net
Assets
Collateralized
Mortgage
Obligations
(<0.1%)
Other
Securities
^
99,363
<0.1%
Total
99,363
Mortgage-Backed
Securities
(2.2%)
Federal
National
Mortgage
Association
$
2,983,521
3.500%,
2/1/2049
3,150,136
0.2%
2,318,874
3.500%
-
4.500%,
5/1/2048
-
8/1/2049
2,469,630
0.2%
Federal
National
Mortgage
Association
Conventional
15-
Yr.
Pass
Through
4,681,000
2.000%,
6/1/2034
c
4,821,064
0.4%
3,480,000
2.500%,
6/1/2034
c
3,634,833
0.3%
Federal
National
Mortgage
Association
Conventional
30-
Yr.
Pass
Through
3,025,000
2.500%,
5/1/2050
c
3,149,899
0.2%
2,775,000
2.500%,
7/1/2049
c
2,884,871
0.2%
4,003,905
3.000%
-
4.000%,
7/1/2048
-
6/1/2049
c
4,244,138
0.4%
Other
Securities
^
4,853,305
0.3%
Total
29,207,876
U.S.
Government
&
Agencies
(2.9%)
U.S.
Treasury
Bonds
4,500,000
2.875%,
5/15/2028
5,309,473
0.4%
2,291,000
2.500%,
5/15/2046
2,907,959
0.2%
1,680,000
2.250%
-
5.250%,
11/15/2027
-
11/15/2028
1,941,033
0.1%
U.S.
Treasury
Notes
17,570,000
2.500%,
2/28/2026
19,631,043
1.5%
7,780,000
1.125%
-
2.750%,
11/30/2020
-
1/31/2026
8,211,370
0.7%
Total
38,000,878
Total
Long-Term
Fixed
Income
(cost
$62,565,214)
67,308,117
Shares
Collateral
Held
for
Securities
Loaned
(
2.0%
)
Value
%
of
Net
Assets
26,934,926
Thrivent
Cash
Management
Trust
26,934,926
2.0%
Total
Collateral
Held
for
Securities
Loaned
(cost
$26,934,926)
26,934,926
Shares
or
Principal
Amount
Short-Term
Investments
(
13.0%
)
Value
%
of
Net
Assets
Federal
Home
Loan
Bank
Discount
Notes
9,400,000
1.045%,
5/12/2020
d,e
$
9,399,741
0.7%
7,900,000
0.500%,
5/13/2020
d,e
7,899,763
0.6%
3,100,000
0.461%,
5/19/2020
d,e
3,099,861
0.2%
4,200,000
0.150%,
5/20/2020
d,e
4,199,801
0.3%
10,600,000
0.172%,
6/9/2020
d,e
10,598,852
0.8%
3,000,000
0.530%,
6/12/2020
d,e
2,999,650
0.2%
5,900,000
0.150%,
6/23/2020
d,e
5,899,131
0.4%
9,300,000
0.005%
-
0.900%,
5/7/2020
-
8/4/2020
d,e
9,298,375
0.8%
Thrivent
Core
Short-Term
Reserve
Fund
11,998,191
1.450%
119,981,916
9.0%
Total
Short-Term
Investments
(cost
$173,253,449)
173,377,090
Total
Investments
(cost
$1,298,421,158)
103.2%
$1,375,983,887
Other
Assets
and
Liabilities,
Net
(3.2%)
(42,725,689)
Total
Net
Assets
100.0%
$1,333,258,198
^
The
Summary
Schedule
of
Investments
shows
the
50
largest
holdings
in
unaffiliated
issuers,
any
holding
or
issuer
that
exceeds
1%
of
net
assets
and
all
affiliated
holdings
as
of
the
report
date.  The
remaining
securities
held
are
grouped
by
category
as
“Other
securities”.
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
c
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
d
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
e
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Aggressive
Allocation
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Common
Stock
$
25,530,491
Total
lending
$25,530,491
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$26,934,926
Net
amounts
due
to
counterparty
$1,404,435
Definitions:
ETF
-
Exchange
Traded
Fund
SPDR
-
S&P
Depository
Receipts,
which
are
a
family
of
exchange-
traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Aggressive
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
35
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
206,849,430
Gross
unrealized
depreciation
(129,124,953)
Net
unrealized
appreciation
(depreciation)
$
77,724,477
Cost
for
federal
income
tax
purposes
$
1,307,602,070
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Aggressive
Allocation
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
20,020,599
19,651,560
369,039
–
Consumer
Discretionary
53,249,371
52,713,020
536,351
–
Consumer
Staples
18,002,899
17,503,403
499,496
–
Energy
14,195,156
13,946,142
249,014
–
Financials
80,556,813
78,143,639
2,413,174
–
Health
Care
86,594,151
85,285,922
1,308,229
–
Industrials
79,538,099
78,259,304
1,278,795
–
Information
Technology
116,046,189
114,287,051
1,759,138
–
Materials
19,415,069
18,444,642
970,426
1
Real
Estate
29,563,300
29,027,073
536,227
–
Utilities
10,681,774
10,547,294
134,480
–
Registered
Investment
Companies
Unaffiliated
11,906,694
11,906,694
–
–
Affiliated
427,310,353
427,310,353
–
–
Long-Term
Fixed
Income
Collateralized
Mortgage
Obligations
99,363
–
99,363
–
Mortgage-Backed
Securities
29,207,876
–
29,207,876
–
U.S.
Government
&
Agencies
38,000,878
–
38,000,878
–
Short-Term
Investments
53,395,174
–
53,395,174
–
Subtotal
Investments
in
Securities
$1,087,783,758
$957,026,097
$130,757,660
$1
Other
Investments  *
Total
Affiliated
Short-Term
Investments
119,981,916
Affiliated
Registered
Investment
Companies
141,283,287
Collateral
Held
for
Securities
Loaned
26,934,926
Subtotal
Other
Investments
$288,200,129
Total
Investments
at
Value
$1,375,983,887
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
34,869,784
34,869,784
–
–
Total
Return
Swaps
4,349
–
–
4,349
Total
Asset
Derivatives
$34,874,133
$34,869,784
$–
$4,349
Liability
Derivatives
Futures
Contracts
25,531,473
25,531,473
–
–
Total
Liability
Derivatives
$25,531,473
$25,531,473
$–
$–
Aggressive
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
36
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
NASDAQ
-
National
Association
of
Securities
Dealers
Automated
Quotations
S&P
-
Standard
&
Poor's
Reference
Description:
EMU
-
European
Economic
and
Monetary
Union
MSCI
-
Morgan
Stanley
Capital
International
GSCO
-
Goldman
Sachs
&
Company
The
following
table
presents
Aggressive
Allocation
Fund's
futures
contracts
held
as
of
April
30,
2020.
Investments
and/or
cash
totaling
$49,495,283
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
CBOT
10-Yr.
U.S.
Treasury
Note
68
June
2020
$
9,430,524
$
25,726
CBOT
2-Yr.
U.S.
Treasury
Note
32
June
2020
6,926,348
127,402
CBOT
U.S.
Long
Bond
6
June
2020
985,004
101,184
CME
E-mini
S&P
500
Index
1,692
June
2020
221,328,633
24,214,407
CME
Euro
Foreign
Exchange
Currency
116
June
2020
16,235,899
(
340,999)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
28
June
2020
5,550,437
743,438
Eurex
Euro
STOXX
50
Index
519
June
2020
13,471,712
2,896,867
ICE
mini
MSCI
EAFE
Index
288
June
2020
21,357,089
2,234,431
ICE
US
mini
MSCI
Emerging
Markets
Index
1,725
June
2020
73,607,546
4,526,329
Total
Futures
Long
Contracts
$
368,893,192
$
34,528,785
CBOT
5-Yr.
U.S.
Treasury
Note
(140)
June
2020
(
$
17,407,909)
(
$
159,904)
CME
E-mini
NASDAQ
100
Index
(89)
June
2020
(
12,538,101)
(
3,461,429)
CME
E-mini
Russell
2000
Index
(899)
June
2020
(
53,068,973)
(
5,667,192)
CME
E-mini
S&P
Mid-Cap
400
Index
(901)
June
2020
(
132,235,646)
(
15,645,484)
Ultra
10-Yr.
U.S.
Treasury
Note
(28)
June
2020
(
4,140,410)
(
256,465)
Total
Futures
Short
Contracts
(
$
219,391,039)
($25,190,474)
Total
Futures
Contracts
$
149,502,153
$9,338,311
The
following
table
presents
Aggressive
Allocation
Fund's
total
rate
of
return
swap
contracts
held
as
of
April
30,
2020.
Total
Rate
of
Return
Swaps                
Reference
Entity
Fund
Pays
Fund
Receives
Counter-
party
Termination
Date
Notional
Principal
Amount
Value
Upfront
Payments/
(Receipts)
Unrealized
Gain/(Loss)
MSCI
Emu
Total
Return
Swap
,
0.167%,
Quarterly
(*)
Libor
1
week
+
20
bps
Total
Return
GSCO
6/25/2020
$
117,580
$
3,459
$
–
$
3,459
MSCI
USA
Minimum
Volatility
Total
Return
Swap
,
0.160%,
Quarterly
(*)
Total
Return
Libor
1
month
-
50
bps
GSCO
6/25/2020
(
127,231)
890
–
890
Total
Rate
of
Return
Swaps
$
4,349
$
–
$4,349
(*)  Security
is
valued
using
significant
unobservable
inputs.
Market
quotations
or
prices
were
not
readily
available
or
were
determined
to
be
unreliable.
Value
was
determined
in
good
faith
pursuant
to
procedures
adopted
by
the
Board.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
Counterparty:
Aggressive
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
37
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2020,
for
Aggressive
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
33,872,034
Total
Return
Swap
Net
Assets
-
Distributable
earnings/(accumulated
loss)
4,349
Total
Equity
Contracts
33,876,383
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
997,750
Total
Interest
Rate
Contracts
997,750
Total
Asset
Derivatives
$34,874,133
Liability
Derivatives
Foreign
Exchange
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
340,999
Total
Foreign
Exchange
Contracts
340,999
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
24,774,105
Total
Equity
Contracts
24,774,105
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
416,369
Total
Interest
Rate
Contracts
416,369
Total
Liability
Derivatives
$25,531,473
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.  Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Aggressive
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Interest
Rate
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
97,394
Total
Interest
Rate
Contracts
97,394
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(12,931,138)
Total
Return
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
(10,175)
Total
Equity
Contracts
(12,941,313)
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(606,540)
Total
Foreign
Exchange
Contracts
(606,540)
Total
($13,450,459)
Aggressive
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
38
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Aggressive
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Foreign
Exchange
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(582,707)
Total
Foreign
Exchange
Contracts
(582,707)
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
5,822,177
Total
Return
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
4,349
Total
Equity
Contracts
5,826,526
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
575,627
Total
Interest
Rate
Contracts
575,627
Total
$5,819,446
The
following
table
presents
Aggressive
Allocation
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2020.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$392,608,143
Futures
-
Short
(241,753,960)
Total
Rate
of
Return
Swaps
-
Long
23,986
Total
Rate
of
Return
Swaps
-
Short
(25,326)
Interest
Rate
Contracts
Futures
-
Long
14,964,235
Futures
-
Short
(10,634,863)
Foreign
Exchange
Contracts
Futures
-
Long
44,555,929
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Aggressive
Allocation
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Equity
$—
$14,000
$–
$12,775
1,499
1.0%
Core
International
Equity
56,200
2,191
–
47,466
6,031
3.6
Core
Low
Volatility
Equity
58,411
32,016
–
81,042
7,476
6.1
Global
Stock,
Class
S
38,067
4,666
–
34,544
1,627
2.6
High
Yield,
Class
S
6,675
177
–
6,106
1,450
0.5
Income,
Class
S
4,548
89
–
4,652
486
0.3
International
Allocation,
Class
S
127,470
3,291
–
106,546
12,775
8.0
Large
Cap
Growth,
Class
S
100,939
4,931
–
111,019
8,260
8.3
Large
Cap
Value,
Class
S
71,503
1,380
–
61,217
3,208
4.6
Limited
Maturity
Bond,
Class
S
7,192
86
–
7,168
581
0.5
Mid
Cap
Stock,
Class
S
78,273
2,242
–
67,639
2,969
5.1
Small
Cap
Stock,
Class
S
33,530
2,878
–
28,418
1,493
2.1
Total
Affiliated
Registered
Investment
Companies
582,808
568,592
41.7
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
165,811
139,385
185,257
119,982
11,998
9.0
Total
Affiliated
Short-Term
Investments
165,811
119,982
9.0
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
8,850
81,361
63,276
26,935
26,935
2.0
Total
Collateral
Held
for
Securities
Loaned
8,850
26,935
2.0
Total
Value
$757,469
$715,509
Aggressive
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
39
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Equity
$–
$(1,225)
$–
$–
Core
International
Equity
–
(10,925)
–
2,192
Core
Low
Volatility
Equity
Fund
–
(9,385)
1,835
1,180
Global
Stock,
Class
S
–
(8,189)
4,016
649
High
Yield,
Class
S
–
(746)
–
177
Income,
Class
S
–
15
21
69
International
Allocation,
Class
S
–
(24,215)
–
3,291
Large
Cap
Growth,
Class
S
–
5,149
4,931
–
Large
Cap
Value,
Class
S
–
(11,666)
–
1,381
Limited
Maturity
Bond,
Class
S
–
(110)
–
87
Mid
Cap
Stock,
Class
S
–
(12,876)
1,933
309
Small
Cap
Stock,
Class
S
–
(7,990)
2,720
158
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
(73)
116
1
1,333
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$10,826
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
48
Total
Affiliated
Income
from
Securities
Loaned,
Net
$48
Total
$(73)
$(82,047)
$15,457
Balanced
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
40
Principal
Amount
Bank
Loans
(
15.5%
)
Value
%
of
Net
Assets
Basic
Materials
(0.7%)
Other
Securities
^
$
2,449,917
0.7%
Total
2,449,917
Capital
Goods
(1.6%)
TransDigm,
Inc.,
Term
Loan
$
1,117,200
2.654%,
(LIBOR
1M
+
2.250%),
12/9/2025
a,b
975,282
0.3%
Vertiv
Group
Corporation,
Term
Loan
1,060,000
3.993%,
(LIBOR
1M
+
3.000%),
3/2/2027
a,b,c
993,750
0.3%
Other
Securities
^
3,186,922
1.0%
Total
5,155,954
Communications
Services
(3.7%)
CenturyLink,
Inc.,
Term
Loan
1,615,950
2.654%,
(LIBOR
1M
+
2.250%),
3/15/2027
a,b
1,525,053
0.5%
Coral-US
Co-Borrower,
LLC,
Term
Loan
1,310,000
2.654%,
(LIBOR
1M
+
2.250%),
1/31/2028
a,b
1,212,300
0.4%
CSC
Holdings,
LLC,
Term
Loan
1,206,975
3.314%,
(LIBOR
1M
+
2.500%),
4/15/2027
a,b
1,146,843
0.4%
Other
Securities
^
8,077,532
2.4%
Total
11,961,728
Consumer
Cyclical
(2.8%)
1011778
B.C.,
LLC,
Term
Loan
1,331,663
2.154%,
(LIBOR
1M
+
1.750%),
11/19/2026
a,b
1,245,517
0.4%
Golden
Nugget,
LLC,
Term
Loan
1,062,029
3.455%,
(LIBOR
1M
+
2.500%),
10/4/2023
a,b
847,372
0.3%
LCPR
Loan
Financing,
LLC,
Term
Loan
1,010,000
5.814%,
(LIBOR
1M
+
5.000%),
10/25/2026
a,b
987,275
0.3%
Scientific
Games
International,
Inc.,
Term
Loan
1,638,970
3.521%,
(LIBOR
2M
+
2.750%),
8/14/2024
a,b
1,350,790
0.4%
Other
Securities
^
4,589,594
1.4%
Total
9,020,548
Consumer
Non-Cyclical
(2.8%)
Bausch
Health
Americas,
Inc.,
Term
Loan
845,625
3.718%,
(LIBOR
1M
+
3.000%),
6/1/2025
a,b
817,085
0.3%
Global
Medical
Response,
Inc.,
Term
Loan
1,485,800
4.250%,
(LIBOR
1M
+
3.250%),
4/28/2022
a,b
1,360,904
0.4%
Principal
Amount
Bank
Loans
(
15.5%
)
Value
%
of
Net
Assets
Consumer
Non-Cyclical
(2.8%)
-
continued
MPH
Acquisition
Holdings,
LLC,
Term
Loan
$
1,300,000
4.200%,
(LIBOR
3M
+
2.750%),
6/7/2023
a,b
$
1,193,569
0.4%
Ortho-Clinical
Diagnostics
SA,
Term
Loan
1,202,737
4.266%,
(LIBOR
1M
+
3.250%),
6/30/2025
a,b
1,065,926
0.3%
Other
Securities
^
4,534,946
1.4%
Total
8,972,430
Energy
(0.7%)
Radiate
Holdco,
LLC,
Term
Loan
1,280,310
3.750%,
(LIBOR
1M
+
3.000%),
2/1/2024
a,b
1,222,491
0.4%
Other
Securities
^
1,098,560
0.3%
Total
2,321,051
Financials
(1.6%)
Tronox
Finance,
LLC,
Term
Loan
1,148,391
3.587%,
(LIBOR
3M
+
2.750%),
9/22/2024
a,b
1,074,469
0.3%
Other
Securities
^
4,076,149
1.3%
Total
5,150,618
Technology
(1.2%)
Prime
Security
Services
Borrower,
LLC,
Term
Loan
1,512,400
4.266%,
(LIBOR
1M
+
3.250%),
9/23/2026
a,b
1,430,292
0.4%
Rackspace
Hosting,
Inc.,
Term
Loan
1,350,025
4.763%,
(LIBOR
2M
+
3.000%),
11/3/2023
a,b
1,262,138
0.4%
Other
Securities
^
1,357,912
0.4%
Total
4,050,342
Transportation
(0.1%)
Other
Securities
^
205,773
0.1%
Total
205,773
Utilities
(0.3%)
Other
Securities
^
955,498
0.3%
Total
955,498
Total
Bank
Loans
(cost
$56,690,252)
50,243,859
Shares
Common
Stock
(
44.9%
)
Value
%
of
Net
Assets
Communications
Services
(3.0%)
1,285
Alphabet,
Inc.,
Class
A
d
1,730,510
0.5%
691
Alphabet,
Inc.,
Class
C
d
931,924
0.3%
4,100
Facebook,
Inc.
d
839,311
0.3%
Balanced
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
41
Shares
Common
Stock
(
44.9%
)
Value
%
of
Net
Assets
Communications
Services
(3.0%)
-
continued
22,187
Verizon
Communications,
Inc.
$
1,274,643
0.4%
Other
Securities
^
4,840,159
1.5%
Total
9,616,547
Consumer
Discretionary
(4.2%)
1,252
Amazon.com,
Inc.
d
3,097,448
1.0%
4,786
Home
Depot,
Inc.
1,052,106
0.3%
8,073
Lowe's
Companies,
Inc.
845,647
0.3%
Other
Securities
^
8,666,292
2.6%
Total
13,661,493
Consumer
Staples
(2.2%)
8,873
Wal-Mart
Stores,
Inc.
1,078,513
0.3%
Other
Securities
^
6,129,736
1.9%
Total
7,208,249
Energy
(1.7%)
Other
Securities
^
5,587,047
1.7%
Total
5,587,047
Financials
(7.0%)
54,233
Bank
of
America
Corporation
1,304,304
0.4%
20,820
Citigroup,
Inc.
1,011,019
0.3%
Other
Securities
^
20,424,388
6.3%
Total
22,739,711
Health
Care
(6.9%)
39,951
GlaxoSmithKline
plc
833,477
0.3%
11,797
Johnson
&
Johnson
1,770,022
0.5%
12,040
Medtronic
plc
1,175,465
0.4%
12,385
Merck
&
Company,
Inc.
982,626
0.3%
14,054
Novartis
AG
1,199,347
0.4%
13,704
Novo
Nordisk
AS
874,179
0.3%
3,730
Roche
Holding
AG
1,291,689
0.4%
Other
Securities
^
14,228,340
4.3%
Total
22,355,145
Industrials
(5.6%)
8,145
Honeywell
International,
Inc.
1,155,776
0.4%
Other
Securities
^
16,980,376
5.2%
Total
18,136,152
Information
Technology
(9.5%)
24,280
Advanced
Micro
Devices,
Inc.
d
1,272,029
0.4%
11,367
Apple,
Inc.
3,339,625
1.0%
41,192
Cisco
Systems,
Inc.
1,745,717
0.5%
4,591
MasterCard,
Inc.
1,262,387
0.4%
24,549
Microsoft
Corporation
4,399,426
1.4%
10,117
Texas
Instruments,
Inc.
1,174,280
0.4%
5,451
Visa,
Inc.
974,203
0.3%
Other
Securities
^
16,735,573
5.1%
Total
30,903,240
Shares
Common
Stock
(
44.9%
)
Value
%
of
Net
Assets
Materials
(1.7%)
Other
Securities
^
$
5,468,169
1.7%
Total
5,468,169
Real
Estate
(2.1%)
Other
Securities
^
6,887,519
2.1%
Total
6,887,519
Utilities
(1.0%)
Other
Securities
^
3,439,558
1.0%
Total
3,439,558
Total
Common
Stock
(cost
$143,990,142)
146,002,830
Principal
Amount
Long-Term
Fixed
Income
(
26.0%
)
Value
%
of
Net
Assets
Asset-Backed
Securities
(2.1%)
Other
Securities
^
6,910,286
2.1%
Total
6,910,286
Basic
Materials
(0.5%)
Other
Securities
^
1,486,840
0.5%
Total
1,486,840
Capital
Goods
(1.2%)
Other
Securities
^
3,951,476
1.2%
Total
3,951,476
Collateralized
Mortgage
Obligations
(4.9%)
Antler
Mortgage
Trust
1,100,000
4.335%,
7/25/2022,
Ser.
2018-RTL1,
Class
A1
e
1,098,318
0.3%
Banc
of
America
Alternative
Loan
Trust
232,998
6.000%,
11/25/2035,
Ser.
2005-10,
Class
3CB1
205,482
0.1%
Banc
of
America
Mortgage
Securities
Trust
264,039
3.985%,
9/25/2035,
Ser.
2005-H,
Class
3A1
b
226,640
0.1%
57,356
4.096%,
9/25/2035,
Ser.
2005-H,
Class
2A1
b
48,993
<0.1%
CHL
Mortgage
Pass-Through
Trust
361,535
6.000%,
11/25/2037,
Ser.
2007-18,
Class
1A2
277,488
0.1%
260,521
3.422%,
11/20/2035,
Ser.
2005-HYB7,
Class
6A1
b
205,515
0.1%
124,641
3.791%,
12/20/2035,
Ser.
2005-HYB8,
Class
3A1
b
113,464
<0.1%
Countrywide
Alternative
Loan
Trust
280,812
6.500%,
8/25/2036,
Ser.
2006-23CB,
Class
2A3
149,676
0.1%
Balanced
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
42
Principal
Amount
Long-Term
Fixed
Income
(
26.0%
)
Value
%
of
Net
Assets
Collateralized
Mortgage
Obligations
(4.9%)
-
continued
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
$
148,777
3.562%,
11/25/2035,
Ser.
2005-22,
Class
2A1
b
$
127,273
<0.1%
Federal
National
Mortgage
Association
-
REMIC
12,621,982
2.500%
-
3.000%,
7/25/2027
-
2/25/2033,
Ser.
2012-73,
Class
DI
f
759,021
<0.1%
Merrill
Lynch
Mortgage
Investors
Trust
229,563
4.304%,
6/25/2035,
Ser.
2005-A5,
Class
M1
b
113,119
<0.1%
Other
Securities
^
12,688,526
4.1%
Total
16,013,515
Commercial
Mortgage-Backed
Securities
(0.1%)
Federal
National
Mortgage
Association
-
ACES
4,487,680
1.468%,
2/25/2031,
Ser.
2019-M21,
Class
X2
b,f
493,052
0.1%
Total
493,052
Communications
Services
(2.2%)
GCI
Liberty,
Inc.,
Convertible
586,000
1.750%,
9/30/2046
e
807,613
0.3%
Other
Securities
^
6,386,629
1.9%
Total
7,194,242
Consumer
Cyclical
(1.3%)
Other
Securities
^
4,210,083
1.3%
Total
4,210,083
Consumer
Non-Cyclical
(1.9%)
Other
Securities
^
6,144,014
1.9%
Total
6,144,014
Energy
(1.2%)
Other
Securities
^
3,780,722
1.2%
Total
3,780,722
Financials
(4.6%)
BAC
Capital
Trust
XIV
84,000
4.000%,
(LIBOR
3M
+
0.400%),
5/18/2020
b,g
72,787
<0.1%
Bank
of
America
Corporation
64,000
4.200%,
8/26/2024
69,207
<0.1%
252,000
6.250%,
9/5/2024
b,g
262,634
0.1%
150,000
5.125%,
6/20/2024
b,g
147,375
0.1%
129,000
3.864%,
7/23/2024
b
137,626
0.1%
103,000
3.550%,
3/5/2024
b
108,320
0.1%
74,000
3.499%,
5/17/2022
b
75,397
<0.1%
50,000
3.004%,
12/20/2023
b
51,759
<0.1%
32,000
3.458%,
3/15/2025
b
33,799
<0.1%
Principal
Amount
Long-Term
Fixed
Income
(
26.0%
)
Value
%
of
Net
Assets
Financials
(4.6%)
-
continued
Other
Securities
^
$
13,831,072
4.2%
Total
14,789,976
Mortgage-Backed
Securities
(3.4%)
Federal
National
Mortgage
Association
1,228,509
3.500%,
2/1/2049
1,297,115
0.4%
1,296,845
3.500%
-
4.500%,
5/1/2048
-
8/1/2049
1,380,475
0.4%
Federal
National
Mortgage
Association
Conventional
15-
Yr.
Pass
Through
1,220,000
2.000%,
6/1/2034
h
1,256,505
0.4%
935,000
2.500%,
6/1/2034
h
976,600
0.3%
Federal
National
Mortgage
Association
Conventional
30-
Yr.
Pass
Through
933,441
4.000%,
7/1/2048
993,463
0.3%
2,625,000
2.500%
-
3.000%,
5/1/2049
-
5/1/2050
h
2,747,827
0.8%
Other
Securities
^
2,394,914
0.8%
Total
11,046,899
Technology
(1.5%)
Apple,
Inc.
162,000
2.400%
-
3.450%,
1/13/2023
-
5/6/2024
175,550
<0.1%
Microsoft
Corporation
46,000
2.400%,
2/6/2022
47,424
<0.1%
Nuance
Communications,
Inc.,
Convertible
786,000
1.250%,
4/1/2025
947,130
0.3%
Other
Securities
^
3,635,091
1.2%
Total
4,805,195
Transportation
(0.3%)
Other
Securities
^
1,092,196
0.3%
Total
1,092,196
Utilities
(0.8%)
Other
Securities
^
2,597,257
0.8%
Total
2,597,257
Total
Long-Term
Fixed
Income
(cost
$88,234,156)
84,515,753
Shares
Registered
Investment
Companies
(
8.1%
)
Value
%
of
Net
Assets
Unaffiliated  (1.0%)
37,700
Invesco
Variable
Rate
Preferred
ETF
i
879,164
0.3%
Other
Securities
^
2,424,329
0.7%
Total
3,303,493
Balanced
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
43
p
Shares
Registered
Investment
Companies
(
8.1%
)
Value
%
of
Net
Assets
Affiliated  (7.1%)
2,555,366
Thrivent
Core
Emerging
Markets
Debt
Fund
$
23,023,843
7.1%
Total
23,023,843
Total
Registered
Investment
Companies
(cost
$28,306,310)
26,327,336
Shares
Preferred
Stock
(
1.5%
)
Value
%
of
Net
Assets
Communications
Services
(0.2%)
Other
Securities
^
620,061
0.2%
Total
620,061
Consumer
Discretionary
(<0.1%)
Other
Securities
^
19,020
<0.1%
Total
19,020
Consumer
Staples
(0.1%)
Other
Securities
^
278,780
0.1%
Total
278,780
Energy
(0.1%)
Other
Securities
^
354,253
0.1%
Total
354,253
Financials
(0.8%)
4,500
Bank
of
America
Corporation,
5.000%
g
112,680
<0.1%
170
Bank
of
America
Corporation,
Convertible,
7.250%
g
235,008
0.1%
Other
Securities
^
2,347,454
0.7%
Total
2,695,142
Health
Care
(0.1%)
Other
Securities
^
482,008
0.1%
Total
482,008
Industrials
(0.1%)
Other
Securities
^
201,313
0.1%
Total
201,313
Real
Estate
(<0.1%)
Other
Securities
^
67,486
<0.1%
Total
67,486
Utilities
(0.1%)
Other
Securities
^
226,630
0.1%
Total
226,630
Total
Preferred
Stock
(cost
$4,980,102)
4,944,693
Shares
Collateral
Held
for
Securities
Loaned
(
0.7%
)
Value
%
of
Net
Assets
2,289,597
Thrivent
Cash
Management
Trust
$
2,289,597
0.7%
Total
Collateral
Held
for
Securities
Loaned
(cost
$2,289,597)
2,289,597
Shares
or
Principal
Amount
Short-Term
Investments
(
6.0%
)
Value
%
of
Net
Assets
Thrivent
Core
Short-Term
Reserve
Fund
1,646,562
1.450%
16,465,623
5.1%
Other
Securities
^
2,999,406
0.9%
Total
Short-Term
Investments
(cost
$19,439,897)
19,465,029
Total
Investments
(cost
$343,930,456)
102.7%
$333,789,097
Other
Assets
and
Liabilities,
Net
(2.7%)
(8,891,460)
Total
Net
Assets
100.0%
$324,897,637
^
The
Summary
Schedule
of
Investments
shows
the
50
largest
holdings
in
unaffiliated
issuers,
any
holding
or
issuer
that
exceeds
1%
of
net
assets
and
all
affiliated
holdings
as
of
the
report
date.  The
remaining
securities
held
are
grouped
by
category
as
“Other
securities”.
a
The
stated
interest
rate
represents
the
weighted
average
of
all
contracts
within
the
bank
loan
facility.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
Non-income
producing
security.
e
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
April
30,
2020,
the
value
of
these
investments
was
$34,498,348
or
10.6%
of
total
net
assets.
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
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
h
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
i
All
or
a
portion
of
the
security
is
on
loan.
Balanced
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
44
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Balanced
Income
Plus
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
335,157
Common
Stock
1,822,368
Total
lending
$2,157,525
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$2,289,597
Net
amounts
due
to
counterparty
$132,072
Definitions:
ACES
-
Alternative
Credit
Enhancement
Securities
ETF
-
Exchange
Traded
Fund
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
Ser.
-
Series
Reference
Rate
Index:
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
2M
-
ICE
Libor
USD
Rate
2
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$25,258,795
Gross
unrealized
depreciation
(34,169,126)
Net
unrealized
appreciation
(depreciation)
($8,910,331)
Cost
for
federal
income
tax
purposes
$344,472,712
Balanced
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
45
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Balanced
Income
Plus
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Bank
Loans
Basic
Materials
2,449,917
–
2,449,917
–
Capital
Goods
5,155,954
–
3,815,592
1,340,362
Communications
Services
11,961,728
–
11,448,228
513,500
Consumer
Cyclical
9,020,548
–
8,272,129
748,419
Consumer
Non-Cyclical
8,972,430
–
8,972,430
–
Energy
2,321,051
–
2,321,051
–
Financials
5,150,618
–
4,631,526
519,092
Technology
4,050,342
–
4,050,342
–
Transportation
205,773
–
205,773
–
Utilities
955,498
–
720,081
235,417
Common
Stock
Communications
Services
9,616,547
7,839,990
1,776,557
–
Consumer
Discretionary
13,661,493
11,188,094
2,473,399
–
Consumer
Staples
7,208,249
4,918,384
2,289,865
–
Energy
5,587,047
4,459,160
1,127,887
–
Financials
22,739,711
15,645,865
7,093,846
–
Health
Care
22,355,145
16,433,266
5,921,879
–
Industrials
18,136,152
12,343,413
5,792,739
–
Information
Technology
30,903,240
27,225,414
3,677,826
–
Materials
5,468,169
3,322,130
2,146,039
–
Real
Estate
6,887,519
4,441,995
2,445,524
–
Utilities
3,439,558
2,824,619
614,939
–
Long-Term
Fixed
Income
Asset-Backed
Securities
6,910,286
–
6,910,286
–
Basic
Materials
1,486,840
–
1,486,840
–
Capital
Goods
3,951,476
–
3,951,476
–
Collateralized
Mortgage
Obligations
16,013,515
–
16,013,515
–
Commercial
Mortgage-Backed
Securities
493,052
–
493,052
–
Communications
Services
7,194,242
–
7,194,242
–
Consumer
Cyclical
4,210,083
–
4,210,083
–
Consumer
Non-Cyclical
6,144,014
–
6,144,014
–
Energy
3,780,722
–
3,780,722
–
Financials
14,789,976
–
14,789,976
–
Mortgage-Backed
Securities
11,046,899
–
11,046,899
–
Technology
4,805,195
–
4,805,195
–
Transportation
1,092,196
–
1,092,196
–
Utilities
2,597,257
–
2,597,257
–
Preferred
Stock
Communications
Services
620,061
90,314
529,747
–
Consumer
Discretionary
19,020
19,020
–
–
Consumer
Staples
278,780
278,780
–
–
Energy
354,253
354,253
–
–
Financials
2,695,142
2,095,142
600,000
–
Health
Care
482,008
–
482,008
–
Industrials
201,313
201,313
–
–
Real
Estate
67,486
67,486
–
–
Utilities
226,630
226,630
–
–
Registered
Investment
Companies
Unaffiliated
3,303,493
3,303,493
–
–
Short-Term
Investments
2,999,406
–
2,999,406
–
Subtotal
Investments
in
Securities
$292,010,034
$117,278,761
$171,374,483
$3,356,790
Other
Investments  *
Total
Affiliated
Registered
Investment
Companies
23,023,843
Affiliated
Short-Term
Investments
16,465,623
Collateral
Held
for
Securities
Loaned
2,289,597
Subtotal
Other
Investments
$41,779,063
Total
Investments
at
Value
$333,789,097
Balanced
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
46
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
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
2,170,159
2,170,159
–
–
Total
Asset
Derivatives
$2,170,159
$2,170,159
$–
$–
Liability
Derivatives
Futures
Contracts
396,875
396,875
–
–
Total
Liability
Derivatives
$396,875
$396,875
$–
$–
The
following
table
presents
Balanced
Income
Plus
Fund's
futures
contracts
held
as
of
April
30,
2020.
Investments
and/or
cash
totaling
$1,899,654
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
CME
E-mini
Russell
2000
Index
34
June
2020
$
1,878,998
$
342,392
CME
E-mini
S&P
500
Index
38
June
2020
4,679,720
834,840
CME
E-mini
S&P
Mid-Cap
400
Index
8
June
2020
975,100
337,940
CME
Ultra
Long
Term
U.S.
Treasury
Bond
12
June
2020
2,378,759
318,616
ICE
mini
MSCI
EAFE
Index
45
June
2020
3,349,967
336,208
Total
Futures
Long
Contracts
$
13,262,544
$
2,169,996
CBOT
10-Yr.
U.S.
Treasury
Note
(11)
June
2020
(
$
1,517,605)
(
$
12,082)
CBOT
2-Yr.
U.S.
Treasury
Note
(13)
June
2020
(
2,865,749)
163
CBOT
5-Yr.
U.S.
Treasury
Note
(14)
June
2020
(
1,719,164)
(
37,617)
CBOT
U.S.
Long
Bond
(17)
June
2020
(
2,895,226)
(
182,306)
Ultra
10-Yr.
U.S.
Treasury
Note
(18)
June
2020
(
2,661,692)
(
164,870)
Total
Futures
Short
Contracts
(
$
11,659,436)
($396,712)
Total
Futures
Contracts
$
1,603,108
$1,773,284
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2020,
for
Balanced
Income
Plus
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
1,851,380
Total
Equity
Contracts
1,851,380
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
318,779
Total
Interest
Rate
Contracts
318,779
Total
Asset
Derivatives
$2,170,159
Liability
Derivatives
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
396,875
Total
Interest
Rate
Contracts
396,875
Total
Liability
Derivatives
$396,875
Balanced
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
47
If
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.  Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Balanced
Income
Plus
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Interest
Rate
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(215,378)
Total
Interest
Rate
Contracts
(215,378)
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(1,937,410)
Total
Equity
Contracts
(1,937,410)
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(106,466)
Total
Foreign
Exchange
Contracts
(106,466)
Total
($2,259,254)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Balanced
Income
Plus
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
1,750,540
Total
Equity
Contracts
1,750,540
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(11,542)
Total
Interest
Rate
Contracts
(11,542)
Total
$1,680,138
The
following
table
presents
Balanced
Income
Plus
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2020.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$11,300,013
Futures
-
Short
(1,674,929)
Interest
Rate
Contracts
Futures
-
Long
8,416,802
Futures
-
Short
(6,649,916)
Foreign
Exchange
Contracts
Futures
-
Long
4,967,356
Balanced
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
48
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Balanced
Income
Plus
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$26,781
$584
$2,300
$23,024
2,555
7.1%
Total
Affiliated
Registered
Investment
Companies
26,781
23,024
7.1
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
27,165
87,384
98,094
16,466
1,647
5.1
Total
Affiliated
Short-Term
Investments
27,165
16,466
5.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
2,333
28,092
28,135
2,290
2,290
0.7
Total
Collateral
Held
for
Securities
Loaned
2,333
2,290
0.7
Total
Value
$56,279
$41,780
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$19
$(2,060)
$–
$584
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
(13)
24
0
204
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$788
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
9
Total
Affiliated
Income
from
Securities
Loaned,
Net
$9
Total
$6
$(2,036)
$0
Global
Stock
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
49
Shares
Common
Stock
(
86.3%
)
Value
%
of
Net
Assets
Communications
Services
(6.3%)
16,528
Alphabet,
Inc.,
Class
A
a
$
22,258,258
1.4%
3,222
Alphabet,
Inc.,
Class
C
a
4,345,383
0.3%
180,783
Comcast
Corporation
6,802,864
0.4%
45,251
Facebook,
Inc.
a
9,263,332
0.6%
196,698
Verizon
Communications,
Inc.
11,300,300
0.7%
Other
Securities
^
42,922,504
2.9%
Total
96,892,641
Consumer
Discretionary
(9.5%)
17,154
Amazon.com,
Inc.
a
42,438,996
2.7%
94,109
Aptiv
plc
6,545,281
0.4%
182,500
Denso
Corporation
6,415,193
0.4%
39,372
Home
Depot,
Inc.
8,655,147
0.6%
71,619
Lowe's
Companies,
Inc.
7,502,090
0.5%
Other
Securities
^
74,633,927
4.9%
Total
146,190,634
Consumer
Staples
(3.3%)
105,390
Nestle
SA
11,161,858
0.7%
65,592
Wal-Mart
Stores,
Inc.
7,972,708
0.5%
Other
Securities
^
32,051,519
2.1%
Total
51,186,085
Energy
(2.5%)
Other
Securities
^
38,546,555
2.5%
Total
38,546,555
Financials
(13.4%)
52,094
Allianz
SE
9,586,971
0.6%
41,685
Baloise
Holding
AG
6,236,802
0.4%
515,469
Bank
of
America
Corporation
12,397,029
0.8%
162,616
Citigroup,
Inc.
7,896,633
0.5%
75,255
Euronext
NV
b
6,317,986
0.4%
17,064
Swiss
Life
Holding
AG
6,051,295
0.4%
276,416
Toronto-Dominion
Bank
11,549,520
0.8%
Other
Securities
^
147,493,363
9.5%
Total
207,529,599
Health
Care
(14.2%)
14,400
Chugai
Pharmaceutical
Company,
Ltd.
1,716,505
0.1%
54,742
CSL,
Ltd.
10,911,552
0.7%
579,070
GlaxoSmithKline
plc
12,080,841
0.8%
12,277
Intuitive
Surgical,
Inc.
a
6,272,074
0.4%
55,816
Johnson
&
Johnson
8,374,633
0.5%
66,432
Medtronic
plc
6,485,756
0.4%
97,739
Merck
&
Company,
Inc.
7,754,612
0.5%
203,705
Novartis
AG
17,383,874
1.1%
197,615
Novo
Nordisk
AS
12,605,866
0.8%
38,997
Novo
Nordisk
AS
ADR
2,469,680
0.2%
53,643
Roche
Holding
AG
18,576,430
1.2%
24,464
Vertex
Pharmaceuticals,
Inc.
a
6,145,357
0.4%
68,271
Zoetis,
Inc.
8,828,123
0.6%
Other
Securities
^
100,722,159
6.5%
Total
220,327,462
Shares
Common
Stock
(
86.3%
)
Value
%
of
Net
Assets
Industrials
(10.6%)
66,335
Honeywell
International,
Inc.
$
9,412,936
0.6%
114,116
Legrand
SA
7,693,354
0.5%
371,470
RELX
plc
8,380,991
0.6%
78,556
Schneider
Electric
SE
a
7,259,578
0.5%
Other
Securities
^
131,619,640
8.4%
Total
164,366,499
Information
Technology
(17.7%)
17,920
Adobe,
Inc.
a
6,337,229
0.4%
98,507
Apple,
Inc.
28,941,357
1.9%
23,740
ASML
Holding
NV
6,934,138
0.5%
152,641
CGI,
Inc.
a
9,734,503
0.6%
276,919
Cisco
Systems,
Inc.
11,735,827
0.8%
308,494
Halma
plc
8,110,385
0.5%
46,431
MasterCard,
Inc.
12,767,132
0.8%
230,850
Microsoft
Corporation
41,370,629
2.7%
27,658
NVIDIA
Corporation
8,083,880
0.5%
32,880
ServiceNow,
Inc.
a
11,558,635
0.8%
71,672
Texas
Instruments,
Inc.
8,318,969
0.5%
90,815
Visa,
Inc.
16,230,457
1.1%
Other
Securities
^
104,343,006
6.6%
Total
274,466,147
Materials
(3.4%)
62,216
Koninklijke
DSM
NV
7,625,342
0.5%
Other
Securities
^
44,789,431
2.9%
Total
52,414,773
Real
Estate
(4.1%)
58,059
PSP
Swiss
Property
AG
6,744,561
0.5%
Other
Securities
^
57,213,075
3.6%
Total
63,957,636
Utilities
(1.3%)
Other
Securities
^
19,292,944
1.3%
Total
19,292,944
Total
Common
Stock
(cost
$1,243,078,615)
1,335,170,975
Shares
Registered
Investment
Companies
(
3.3%
)
Value
%
of
Net
Assets
Unaffiliated  (2.4%)
628,028
iShares
Russell
Mid
Cap
ETF
30,986,902
2.0%
Other
Securities
^
6,531,675
0.4%
Total
37,518,577
Affiliated  (0.9%)
1,499,423
Thrivent
Core
Emerging
Markets
Equity
Fund
12,775,080
0.9%
Total
12,775,080
Total
Registered
Investment
Companies
(cost
$55,982,068)
50,293,657
Global
Stock
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
50
Shares
Collateral
Held
for
Securities
Loaned
(
1.0%
)
Value
%
of
Net
Assets
15,492,890
Thrivent
Cash
Management
Trust
$
15,492,890
1.0%
Total
Collateral
Held
for
Securities
Loaned
(cost
$15,492,890)
15,492,890
Shares
or
Principal
Amount
Short-Term
Investments
(
10.3%
)
Value
%
of
Net
Assets
Federal
Home
Loan
Bank
Discount
Notes
8,900,000
0.150%,
6/23/2020
c,d
8,898,690
0.6%
7,600,000
0.180%,
8/4/2020
c,d
7,597,593
0.5%
33,100,000
0.005%
-
1.520%,
5/5/2020
-
7/31/2020
c,d
33,096,863
2.1%
Thrivent
Core
Short-Term
Reserve
Fund
11,021,833
1.450%
110,218,328
7.1%
Total
Short-Term
Investments
(cost
$159,692,711)
159,811,474
Total
Investments
(cost
$1,474,246,284)
100.9%
$1,560,768,996
Other
Assets
and
Liabilities,
Net
(0.9%)
(13,687,927)
Total
Net
Assets
100.0%
$1,547,081,069
^
The
Summary
Schedule
of
Investments
shows
the
50
largest
holdings
in
unaffiliated
issuers,
any
holding
or
issuer
that
exceeds
1%
of
net
assets
and
all
affiliated
holdings
as
of
the
report
date.  The
remaining
securities
held
are
grouped
by
category
as
“Other
securities”.
a
Non-income
producing
security.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$15,855,235
or
1.0%
of
total
net
assets.
c
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
d
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Global
Stock
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Common
Stock
$
14,645,627
Total
lending
$14,645,627
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$15,492,890
Net
amounts
due
to
counterparty
$847,263
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
ETF
-
Exchange
Traded
Fund
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$267,127,093
Gross
unrealized
depreciation
(182,480,995)
Net
unrealized
appreciation
(depreciation)
$84,646,098
Cost
for
federal
income
tax
purposes
$1,483,623,129
Global
Stock
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
51
,
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Global
Stock
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
96,892,641
71,801,167
25,091,474
–
Consumer
Discretionary
146,190,634
110,966,681
35,223,953
–
Consumer
Staples
51,186,085
18,427,768
32,758,317
–
Energy
38,546,555
22,348,417
16,198,138
–
Financials
207,529,599
104,765,958
102,763,641
–
Health
Care
220,327,462
134,888,674
85,438,788
–
Industrials
164,366,499
81,405,623
82,960,876
–
Information
Technology
274,466,147
223,451,490
51,014,657
–
Materials
52,414,773
22,860,634
29,554,139
–
Real
Estate
63,957,636
29,159,290
34,798,346
–
Utilities
19,292,944
10,536,513
8,756,431
–
Registered
Investment
Companies
Unaffiliated
37,518,577
37,518,577
–
–
Short-Term
Investments
49,593,146
–
49,593,146
–
Subtotal
Investments
in
Securities
$1,422,282,698
$868,130,792
$554,151,906
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
110,218,328
Affiliated
Registered
Investment
Companies
12,775,080
Collateral
Held
for
Securities
Loaned
15,492,890
Subtotal
Other
Investments
$138,486,298
Total
Investments
at
Value
$1,560,768,996
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
27,878,662
27,878,662
–
–
Total
Asset
Derivatives
$27,878,662
$27,878,662
$–
$–
Liability
Derivatives
Futures
Contracts
20,378,431
20,378,431
–
–
Total
Liability
Derivatives
$20,378,431
$20,378,431
$–
$–
Global
Stock
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
52
Reference
Description:
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
S&P
-
Standard
&
Poor's
The
following
table
presents
Global
Stock
Fund's
futures
contracts
held
as
of
April
30,
2020.
Investments
and/or
cash
totaling
$49,293,219
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
CME
E-mini
S&P
500
Index
777
June
2020
$
101,509,768
$
11,248,472
CME
Euro
Foreign
Exchange
Currency
442
June
2020
62,060,290
(
1,495,240)
Eurex
Euro
STOXX
50
Index
1,978
June
2020
51,502,548
10,880,979
ICE
US
mini
MSCI
Emerging
Markets
Index
2,203
June
2020
94,035,674
5,749,211
Total
Futures
Long
Contracts
$
309,108,280
$
26,383,422
CME
E-mini
Russell
2000
Index
(778)
June
2020
(
$
43,001,455)
(
$
7,829,175)
ICE
mini
MSCI
EAFE
Index
(935)
June
2020
(
65,536,509)
(
11,054,016)
Total
Futures
Short
Contracts
(
$
108,537,964)
($18,883,191)
Total
Futures
Contracts
$
200,570,316
$7,500,231
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2020,
for
Global
Stock
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
27,878,662
Total
Equity
Contracts
27,878,662
Total
Asset
Derivatives
$27,878,662
Liability
Derivatives
Foreign
Exchange
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
1,495,240
Total
Foreign
Exchange
Contracts
1,495,240
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
18,883,191
Total
Equity
Contracts
18,883,191
Total
Liability
Derivatives
$20,378,431
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.  Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Global
Stock
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(21,077,564)
Total
Equity
Contracts
(21,077,564)
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(620,731)
Total
Foreign
Exchange
Contracts
(620,731)
Total
($21,698,295)
Global
Stock
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
53
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Global
Stock
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Foreign
Exchange
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(2,947,655)
Total
Foreign
Exchange
Contracts
(2,947,655)
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
4,860,345
Total
Equity
Contracts
4,860,345
Total
$1,912,690
The
following
table
presents
Global
Stock
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2020.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$404,558,294
Futures
-
Short
(200,891,631)
Foreign
Exchange
Contracts
Futures
-
Long
132,043,337
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Global
Stock
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Equity
$—
$14,000
$–
$12,775
1,499
0.8%
Total
Affiliated
Registered
Investment
Companies
—
12,775
–
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
232,344
253,931
376,089
110,218
11,022
7.1
Total
Affiliated
Short-Term
Investments
232,344
110,218
7.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
2,240
67,833
54,580
15,493
15,493
1.0
Total
Collateral
Held
for
Securities
Loaned
2,240
15,493
1.0
Total
Value
$234,584
$138,486
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Equity
$–
$(1,225)
$–
$–
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
(79)
111
1
1,709
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$1,709
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
32
Total
Affiliated
Income
from
Securities
Loaned,
Net
$32
Total
$(79)
$(1,114)
$1
Government
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
54
Principal
Amount
Long-Term
Fixed
Income
(
98.6%
)
Value
Asset-Backed
Securities
(2.1%)
Goodgreen
$
443,476
3.860%, 
10/15/2054,
Ser.
2019-1A,
Class
A
a
$
457,251
Navient
Student
Loan
Trust
468,493
1.087%, 
(LIBOR
1M
+
0.600%),
7/26/2066,
Ser.
2017-3A,
Class
A2
a,b
463,822
184,309
1.237%, 
(LIBOR
1M
+
0.750%),
7/26/2066,
Ser.
2017-1A,
Class
A2
a,b
183,530
Northstar
Education
Finance,
Inc.
172,704
1.187%, 
(LIBOR
1M
+
0.700%),
12/26/2031,
Ser.
2012-1,
Class
A
a,b
170,128
SLM
Student
Loan
Trust
169,317
0.887%, 
(LIBOR
1M
+
0.400%),
3/25/2025,
Ser.
2010-1,
Class
A
b
152,542
Total
1,427,273
Collateralized
Mortgage
Obligations
(13.4%)
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
500,000
3.000%, 
10/15/2034,
Ser.
4369,
Class
GV
523,027
201,034
2.000%, 
1/15/2041,
Ser.
4074,
Class
JA
206,689
600,751
1.750%, 
6/15/2042,
Ser.
4097,
Class
QN
609,273
371,622
1.750%, 
12/15/2042,
Ser.
4141,
Class
KM
375,425
337,153
3.000%, 
5/15/2045,
Ser.
4631,
Class
PA
358,476
654,609
3.000%, 
7/15/2046,
Ser.
4750,
Class
PA
678,163
348,945
3.000%, 
3/15/2047,
Ser.
4734,
Class
JA
372,179
438,818
3.500%, 
8/15/2047,
Ser.
4860,
Class
CA
472,052
460,675
2.000%, 
9/25/2049,
Ser.
4906,
Class
KE
469,726
Federal
Home
Loan
Mortgage
Corporation
Whole
Loan
Securities
Trust
324,993
3.000%, 
7/25/2046,
Ser.
2016-SC01,
Class
1A
c
328,434
Federal
National
Mortgage
Association
-
REMIC
286,219
2.000%, 
11/25/2032,
Ser.
2012-123,
Class
BA
291,709
659,351
3.000%, 
11/25/2037,
Ser.
2013-88,
Class
EA
669,329
422,626
3.000%, 
2/25/2040,
Ser.
2018-13,
Class
EB
432,158
571,976
3.000%, 
6/25/2042,
Ser.
2016-24,
Class
LJ
595,800
391,279
3.250%, 
6/25/2043,
Ser.
2013-60,
Class
PT
420,159
437,277
3.000%, 
3/25/2046,
Ser.
2016-66,
Class
PA
451,941
220,922
3.000%, 
6/25/2046,
Ser.
2017-58,
Class
P
236,881
272,307
3.500%, 
12/25/2047,
Ser.
2018-41,
Class
PB
286,241
Principal
Amount
Long-Term
Fixed
Income
(
98.6%
)
Value
Collateralized
Mortgage
Obligations
(13.4%)
-
continued
Seasoned
Credit
Risk
Transfer
Trust
$
640,595
3.000%, 
8/25/2056,
Ser.
2017-2,
Class
HA
c
$
671,802
589,026
2.500%, 
8/25/2059,
Ser.
2020-1,
Class
MT
c
605,551
Total
9,055,015
Commercial
Mortgage-Backed
Securities
(4.2%)
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
396,431
3.000%, 
3/15/2045,
Ser.
4741,
Class
GA
412,526
500,668
3.000%, 
2/15/2048,
Ser.
4758,
Class
LA
529,619
Federal
National
Mortgage
Association
-
ACES
304,705
3.560%, 
9/25/2021,
Ser.
2018-M5,
Class
A2
b
309,388
403,692
3.346%, 
3/25/2024,
Ser.
2014-M4,
Class
A2
b
433,456
160,000
2.961%, 
2/25/2027,
Ser.
2017-M7,
Class
A2
b
175,898
500,000
3.555%, 
9/25/2028,
Ser.
2019-M1,
Class
A2
b
576,851
FRESB
Multifamily
Mortgage
Pass-
Through
Trust
396,778
2.950%, 
8/25/2027,
Ser.
2017-SB40,
Class
A10F
b,c
415,791
Total
2,853,529
Energy
(0.4%)
Petroleos
Mexicanos
250,000
2.378%, 
4/15/2025
258,433
Total
258,433
Financials
(3.9%)
HSBC
Bank
Canada
250,000
3.300%, 
11/28/2021
a
258,806
Korea
Development
Bank
500,000
2.343%, 
(LIBOR
3M
+
0.705%),
2/27/2022
b
497,891
Nationwide
Building
Society
250,000
1.700%, 
2/13/2023
a
254,882
Private
Export
Funding
Corporation
1,000,000
2.050%, 
11/15/2022
1,037,741
Santander
UK
plc
300,000
1.625%, 
2/12/2023
a
308,946
Westpac
Banking
Corporation
250,000
2.000%, 
1/16/2025
a
260,624
Total
2,618,890
Foreign
Government
(3.8%)
Development
Bank
of
Japan,
Inc.
250,000
2.125%, 
9/1/2022
a
257,980
Export
Development
Canada
500,000
2.500%, 
1/24/2023
527,481
Jordan
Government
International
Bond
500,000
2.503%, 
10/30/2020
504,358
Government
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
55
Principal
Amount
Long-Term
Fixed
Income
(
98.6%
)
Value
Foreign
Government
(3.8%)
-
continued
Province
of
British
Columbia
Canada
$
450,000
1.750%, 
9/27/2024
$
464,377
Province
of
Ontario
Canada
250,000
3.400%, 
10/17/2023
272,828
Province
of
Quebec
Canada
500,000
2.750%, 
4/12/2027
551,219
Total
2,578,243
Mortgage-Backed
Securities
(25.0%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
989,088
3.000%, 
2/1/2050
d
1,052,277
696,158
3.000%, 
3/25/2050
735,682
423,856
3.000%, 
4/1/2050
447,921
472,289
3.500%, 
7/1/2047
501,866
562,111
3.000%, 
8/1/2047
594,998
Federal
National
Mortgage
Association
500,000
3.830%, 
10/1/2028
566,218
444,605
3.500%, 
10/1/2048
470,757
877,506
3.500%, 
2/1/2049
926,511
490,786
3.500%, 
8/1/2049
520,974
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
2,875,000
2.000%, 
6/1/2034
d
2,961,025
1,300,000
2.500%, 
6/1/2034
d
1,357,840
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
5,525,000
2.500%, 
5/1/2050
d
5,753,122
581,488
4.000%, 
7/1/2048
618,879
450,000
2.500%, 
7/1/2049
d
467,817
Total
16,975,887
U.S.
Government
&
Agencies
(45.8%)
Federal
Farm
Credit
Bank
500,000
2.210%, 
8/1/2024
533,165
Federal
Home
Loan
Bank
500,000
3.250%, 
11/16/2028
591,770
Tennessee
Valley
Authority
475,000
5.250%, 
9/15/2039
721,530
U.S.
Treasury
Bonds
325,000
2.250%, 
11/15/2027
365,777
115,000
5.500%, 
8/15/2028
160,960
4,785,000
2.625%, 
2/15/2029
5,610,226
3,420,000
1.500%, 
2/15/2030
3,697,875
500,000
4.750%, 
2/15/2037
804,023
625,000
3.000%, 
5/15/2042
843,530
2,205,000
2.500%, 
5/15/2046
2,798,800
2,015,000
2.875%, 
5/15/2049
2,790,460
U.S.
Treasury
Bonds,
TIPS
524,300
0.500%, 
1/15/2028
559,171
364,313
0.875%, 
2/15/2047
460,671
U.S.
Treasury
Notes
675,000
1.375%, 
2/15/2023
696,357
675,000
2.500%, 
1/31/2024
730,107
3,500,000
2.125%, 
11/30/2024
3,782,324
3,150,000
2.875%, 
7/31/2025
3,555,316
1,125,000
2.625%, 
1/31/2026
1,263,384
250,000
1.750%, 
12/31/2026
270,166
Principal
Amount
Long-Term
Fixed
Income
(
98.6%
)
Value
U.S.
Government
&
Agencies
(45.8%)
-
continued
U.S.
Treasury
Notes,
TIPS
$
806,512
0.125%, 
10/15/2024
$
824,744
Total
31,060,356
Total
Long-Term
Fixed
Income
(cost
$62,134,074)
66,827,626
Shares
or
Principal
Amount
Short-Term
Investments
(
17.9%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
200,000
0.200%,
7/13/2020
e,f
199,951
Thrivent
Core
Short-Term
Reserve
Fund
1,190,888
1.450%
11,908,884
Total
Short-Term
Investments
(cost
$12,102,228)
12,108,835
Total
Investments
(cost
$74,236,302)
116.5%
$78,936,461
Other
Assets
and
Liabilities,
Net
(16.5%)
(11,184,677)
Total
Net
Assets
100.0%
$67,751,784
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
April
30,
2020,
the
value
of
these
investments
was
$2,615,969
or
3.9%
of
total
net
assets.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
d
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
e
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
f
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
Definitions:
ACES
-
Alternative
Credit
Enhancement
Securities
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
Ser.
-
Series
TIPS
-
Treasury
Inflation
Protected
Security
Reference
Rate
Index:
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
Government
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
56
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
4,305,540
Gross
unrealized
depreciation
(360,996)
Net
unrealized
appreciation
(depreciation)
$
3,944,544
Cost
for
federal
income
tax
purposes
$
74,823,561
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Government
Bond
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Asset-Backed
Securities
1,427,273
–
1,427,273
–
Collateralized
Mortgage
Obligations
9,055,015
–
9,055,015
–
Commercial
Mortgage-Backed
Securities
2,853,529
–
2,853,529
–
Energy
258,433
–
258,433
–
Financials
2,618,890
–
2,618,890
–
Foreign
Government
2,578,243
–
2,578,243
–
Mortgage-Backed
Securities
16,975,887
–
16,975,887
–
U.S.
Government
&
Agencies
31,060,356
–
31,060,356
–
Short-Term
Investments
199,951
–
199,951
–
Subtotal
Investments
in
Securities
$67,027,577
$–
$67,027,577
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
11,908,884
Subtotal
Other
Investments
$11,908,884
Total
Investments
at
Value
$78,936,461
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
156,771
156,771
–
–
Total
Asset
Derivatives
$156,771
$156,771
$–
$–
Liability
Derivatives
Futures
Contracts
325,127
325,127
–
–
Total
Liability
Derivatives
$325,127
$325,127
$–
$–
Government
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
57
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
The
following
table
presents
Government
Bond
Fund's
futures
contracts
held
as
of
April
30,
2020.
Investments
and/or
cash
totaling
$199,951
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
CBOT
2-Yr.
U.S.
Treasury
Note
42
June
2020
$
9,101,472
$
156,574
CBOT
5-Yr.
U.S.
Treasury
Note
7
June
2020
878,194
197
CBOT
U.S.
Long
Bond
7
June
2020
1,268,210
(
992)
Total
Futures
Long
Contracts
$
11,247,876
$
155,779
CBOT
10-Yr.
U.S.
Treasury
Note
(47)
June
2020
(
$
6,375,692)
(
$
160,245)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
(1)
June
2020
(
224,528)
(
253)
Ultra
10-Yr.
U.S.
Treasury
Note
(23)
June
2020
(
3,448,082)
(
163,637)
Total
Futures
Short
Contracts
(
$
10,048,302)
($324,135)
Total
Futures
Contracts
$
1,199,574
($168,356)
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2020,
for
Government
Bond
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
156,771
Total
Interest
Rate
Contracts
156,771
Total
Asset
Derivatives
$156,771
Liability
Derivatives
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
325,127
Total
Interest
Rate
Contracts
325,127
Total
Liability
Derivatives
$325,127
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.  Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Government
Bond
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Interest
Rate
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
19,604
Total
Interest
Rate
Contracts
19,604
Total
$19,604
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Government
Bond
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(
203,157)
Total
Interest
Rate
Contracts
(203,157)
Total
($203,157)
Government
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
58
The
following
table
presents
Government
Bond
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2020.
Derivative
Risk
Category
Average
Notional
Value
Interest
Rate
Contracts
Futures
-
Long
$10,940,818
Futures
-
Short
(9,413,053)
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
 The
Fund
owns
shares
of
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities. 
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Government
Bond
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$10,260
$22,868
$21,217
$11,909
1,191
17.6%
Total
Affiliated
Short-Term
Investments
10,260
11,909
17.6
Total
Value
$10,260
$11,909
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$(9)
$7
$0
$105
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$105
Total
$(9)
$7
$0
High
Income
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
59
Principal
Amount
Long-Term
Fixed
Income
(
98.5%
)
Value
Alaska
(0.6%)
Valdez,
AK
Marine
Terminal
Rev.
Refg.
(Exxon
Mobil)
$
100,000
0.140%,
12/1/2029
a
$
100,000
Total
100,000
California
(4.5%)
California
Municipal
Finance
Auth.
Fac.
Rev.
(United
Airlines,
Inc.)
250,000
4.000%,
7/15/2029,
AMT
243,782
California
Municipal
Finance
Auth.
Rev.
(LINXS
APM)
225,000
5.000%,
12/31/2043,
Ser.
A,
AMT
234,396
California
Pollution
Control
Financing
Auth.
Rev.
Refg.
(San
Diego
County
Water
Auth.
Desalination)
250,000
5.000%,
7/1/2039
b
264,008
Total
742,186
Colorado
(7.5%)
Colorado
Educational
and
Cultural
Fac.
Auth.
Charter
School
Rev.
Refg.
(Union
Colony
School)
225,000
5.000%,
4/1/2048
245,554
Colorado
High
Performance
Transportation
Enterprise
Rev.
225,000
5.000%,
12/31/2056
207,659
Colorado
State
Health
Fac.
Auth.
Hospital
Rev.
Refg.
(Commonspirit
Health
Obligated
Group)
350,000
4.000%,
8/1/2049,
Ser.
A-2
332,574
Denver,
CO
Health
and
Hospital
Auth.
Healthcare
Rev.
230,000
5.000%,
12/1/2039,
Ser.
A
240,552
Denver,
CO
Urban
Renewal
Auth.
Rev.
(9th
and
Colorado
Urban
Redevelopment
Area)
225,000
5.250%,
12/1/2039,
Ser.
A
b
207,407
Total
1,233,746
Delaware
(1.2%)
Kent
County,
DE
Student
Housing
and
Dining
Fac.
Rev.
(CHF-Dover,
LLC
-
Delaware
State
University)
230,000
5.000%,
7/1/2040,
Ser.
A
205,514
Total
205,514
Florida
(4.3%)
Florida
State
Higher
Educational
Fac.
Financing
Auth.
Rev.
(Ringling
College)
300,000
5.000%,
3/1/2049
292,569
Orange
County,
FL
Health
Fac.
Auth.
Hospital
Rev.
(Orlando
Health
Obligated
Group)
250,000
5.000%,
10/1/2047,
Ser.
A
277,112
Osceola
County,
FL
Transportation
Rev.
Refg.
300,000
Zero
Coupon,
10/1/2043,
Ser.
A-2
132,579
Total
702,260
Principal
Amount
Long-Term
Fixed
Income
(
98.5%
)
Value
Georgia
(4.4%)
DeKalb
County,
GA
Housing
Auth.
Senior
Living
Rev.
Refg.
(Baptist
Retirement
Communities
of
Georgia,
Inc.
and
Clairmont
Crest,
Inc.)
$
250,000
5.125%,
1/1/2049,
Ser.
A
b
$
177,055
Main
Street
Natural
Gas,
Inc.
Rev.
250,000
5.000%,
5/15/2028,
Ser.
A
280,217
Municipal
Electric
Auth.
of
Georgia
Rev.
(Plant
Vogtle
Units
3
&
4)
250,000
5.000%,
1/1/2056,
Ser.
A
263,840
Total
721,112
Illinois
(7.8%)
Chicago,
IL
G.O.
250,000
5.000%,
1/1/2039,
Ser.
A
239,435
Illinois
Finance
Auth.
Student
Housing
and
Academic
Fac.
Rev.
(University
of
Illinois
at
Chicago)
150,000
5.000%,
2/15/2037
151,875
Illinois
State
G.O.
235,000
5.000%,
12/1/2025,
Ser.
B
230,831
Metropolitan
Pier
and
Exposition
Auth.,
IL
Rev.
(McCormick
Place
Expansion)
(NATL-RE
Insured)
115,000
Zero
Coupon,
6/15/2035,
Ser.
A
c
60,158
Metropolitan
Pier
and
Exposition
Auth.,
IL
Rev.
Refg.
(McCormick
Place
Expansion)
(NATL-RE
Insured)
220,000
5.500%,
6/15/2029,
Ser.
A
c
240,343
Will
County,
IL
Forest
Preserve
District
L.T.G.O.
300,000
5.000%,
12/15/2036
363,867
Total
1,286,509
Indiana
(0.6%)
Knox
County,
IN
Economic
Development
Rev.
Refg.
(Good
Samaritan
Hospital)
105,000
5.000%,
4/1/2037,
Ser.
A
107,161
Total
107,161
Iowa
(1.7%)
Iowa
Finance
Auth.
Rev.
(Lifespace
Communities,
Inc.)
150,000
5.000%,
5/15/2032,
Ser.
A
145,771
150,000
5.000%,
5/15/2043,
Ser.
A
139,715
Total
285,486
Louisiana
(0.7%)
East
Baton
Rouge
Parish,
LA
Industrial
Development
Board
Rev.
(ExxonMobil)
110,000
0.140%,
12/1/2051
a
110,000
Total
110,000
High
Income
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
60
Principal
Amount
Long-Term
Fixed
Income
(
98.5%
)
Value
Maryland
(2.4%)
Maryland
Economic
Development
Corporation
Rev.
(Seagirt
Marine
Terminal)
$
200,000
5.000%,
6/1/2044,
Ser.
A,
AMT
$
188,292
Prince
George's
County,
MD
(West
Phalia
Town
Center)
200,000
5.000%,
7/1/2030
b
201,420
Total
389,712
Michigan
(3.0%)
Downriver
Utility
Wastewater
Auth.
Rev.
Refg.
(AGM
Insured)
225,000
5.000%,
4/1/2031
c
272,425
Michigan
Strategic
Rev.
225,000
5.000%,
12/31/2043,
AMT
229,010
Total
501,435
Minnesota
(2.7%)
Deephaven,
MN
Charter
School
Lease
Rev.
(Eagle
Ridge
Academy)
250,000
5.000%,
7/1/2043,
Ser.
A
d
251,390
St.
Joseph,
MN
Senior
Housing
&
Healthcare
Rev.
(Woodcrest
of
Country
Manor)
225,000
5.000%,
7/1/2055,
Ser.
A
186,523
Total
437,913
Missouri
(3.4%)
Kansas
City,
MO
Industrial
Development
Auth.
Rev.
(Kansas
City
International
Airport
Terminal
Modernization)
200,000
5.000%,
3/1/2046,
Ser.
B,
AMT
219,542
Lee's
Summit,
MO
Industrial
Development
Auth.
Senior
Living
Fac.
Rev.
Refg.
(John
Knox
Village)
140,000
5.000%,
8/15/2042,
Ser.
A
115,163
Missouri
Health
and
Educational
Fac.
Auth.
Rev.
(Maryville
University
of
St.
Louis)
200,000
5.000%,
6/15/2045,
Ser.
A
220,842
Total
555,547
Nebraska
(1.5%)
Douglas
County,
NE
Hospital
Auth.
No.
2
Health
Fac.
Rev.
(Children's
Hospital
Obligated
Group)
225,000
5.000%,
11/15/2047
247,815
Total
247,815
Nevada
(1.4%)
Carson
City,
NV
Hospital
Rev.
Refg.
(Carson
Tahoe
Regional
Medical
Center)
225,000
5.000%,
9/1/2042,
Ser.
A
236,788
Total
236,788
Principal
Amount
Long-Term
Fixed
Income
(
98.5%
)
Value
New
Hampshire
(1.8%)
New
Hampshire
Health
and
Education
Fac.
Auth.
Rev.
$
250,000
5.000%,
8/1/2059,
Ser.
A
$
303,795
Total
303,795
New
Jersey
(4.0%)
New
Jersey
Economic
Development
Auth.
Rev.
(White
Horse
Urban
Renewal,
LLC)
150,000
5.000%,
1/1/2040
b
114,013
New
Jersey
Transportation
Trust
Fund
Auth.
Rev.
225,000
5.000%,
6/15/2045,
Ser.
AA
220,802
Tobacco
Settlement
Financing
Corporation
Rev.
Refg.
300,000
5.250%,
6/1/2046,
Ser.
A
320,103
Total
654,918
New
York
(2.9%)
New
York
City
Trust
for
Cultural
Resources
Rev.
Refg.
(Carnegie
Hall)
200,000
5.000%,
12/1/2039
245,024
New
York
Transportation
Development
Corporation
Special
Fac.
Rev.
(LaGuardia
Airport
)
225,000
5.000%,
1/1/2036,
AMT
225,412
Total
470,436
North
Carolina
(1.7%)
North
Carolina
Turnpike
Auth.
(Triangle
Expressway
Auth.)
(AGM
Insured)
250,000
5.000%,
1/1/2049
c
284,378
Total
284,378
North
Dakota
(1.6%)
University
of
North
Dakota
C.O.P.
(Infrastructure
Energy
Improvement)
225,000
5.000%,
4/1/2048,
Ser.
A
256,147
Total
256,147
Ohio
(2.9%)
Buckeye,
OH
Tobacco
Settlement
Financing
Auth.
Rev.
Refg.
200,000
5.000%,
6/1/2055,
Ser.
B-2
178,002
Franklin
County,
OH
Convention
Fac.
Auth.
Rev.
(Greater
Columbus
Convention
Center
Hotel)
275,000
5.000%,
12/1/2051
203,533
Ohio
Higher
Educational
Fac.
Commission
Rev.
Refg.
(University
of
Findlay)
100,000
5.000%,
3/1/2034
104,372
Total
485,907
High
Income
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
61
Principal
Amount
Long-Term
Fixed
Income
(
98.5%
)
Value
Oregon
(1.0%)
Clackamas
and
Washington
Counties,
OR
Joint
School
District
No.3
G.O.
(West
Linn-Wilsonville
Schools)
$
300,000
Zero
Coupon,
6/15/2040,
Ser.
A
$
156,693
Total
156,693
Pennsylvania
(6.5%)
Lancaster
County,
PA
Hospital
Auth.
Rev.
Refg.
(St.
Anne's
Retirement
Community,
Inc.)
250,000
5.000%,
3/1/2050
223,057
Pennsylvania
Economic
Development
Financial
Auth.
Solid
Waste
Disposal
Rev.
(CarbonLite
P,
LLC)
250,000
5.750%,
6/1/2036,
AMT
b
219,892
Pennsylvania
Turnpike
Commission
Rev.
(BAM
Insured)
200,000
Zero
Coupon,
12/1/2041,
Ser.
A-3
c
103,644
Pennsylvania
Turnpike
Commission
Rev.
Refg.
225,000
5.000%,
12/1/2032
275,063
Philadelphia,
PA
Auth.
for
Industrial
Development
Rev.
(Cathedral
Village)
250,000
5.000%,
4/1/2039
251,340
Total
1,072,996
Puerto
Rico
(2.2%)
Puerto
Rico
Sales
Tax
Financing
Corporation
Rev.
398,000
4.550%,
7/1/2040,
Ser.
A-1
366,367
Total
366,367
South
Carolina
(2.0%)
South
Carolina
Jobs
Economic
Development
Auth.
Rev.
(Bishop
Gadsden
Episcopal
Retirement
Community)
200,000
5.000%,
4/1/2054,
Ser.
A
201,134
South
Carolina
Jobs
Economic
Development
Auth.
Rev.
(Woodlands
at
Furman)
155,000
5.000%,
11/15/2054,
Ser.
A
130,750
Total
331,884
Tennessee
(1.9%)
Metropolitan
Government
of
Nashville
and
Davidson
County,
TN
Health
and
Educational
Fac.
Rev.
Refg.
(Trevecca
Nazarene
University)
300,000
5.000%,
10/1/2034
311,406
Total
311,406
Texas
(13.2%)
Central
Texas
Regional
Mobility
Auth.
Rev.
300,000
5.000%,
1/1/2040,
Ser.
A
318,147
Principal
Amount
Long-Term
Fixed
Income
(
98.5%
)
Value
Texas
(13.2%)
-
continued
Harris
County,
TX
Cultural
Education
Fac.
Finance
Corporation
Rev.
(First
Mortgage
Brazos
Presbyterian
Homes,
Inc.)
$
250,000
5.000%,
1/1/2033,
Ser.
A
$
241,565
Irving,
TX
Rev.
Refg.
300,000
5.000%,
8/15/2043
270,549
Port
Freeport
TX
Senior
Lien
Rev.
300,000
5.000%,
6/1/2049,
Ser.
A,
AMT
342,222
Port
of
Beaumont,
TX
Navigation
District
Fac.
Rev.
Refg.
(Dock
and
Wharf
Jefferson
Gulf
Coast
Energy)
250,000
4.000%,
1/1/2050,
Ser.
A,
AMT
b
184,942
Red
River
Education
Finance
Corporation
Rev.
Refg.
(St.
Edwards
University)
250,000
5.000%,
6/1/2027
270,183
Tarrant
County
Cultural
Education
Fac.
Finance
Corporation
Rev.
Refg.
(Trinity
Terrace)
235,000
5.000%,
10/1/2044,
Ser.
A-1
230,763
Texas
Private
Activity
Bond
Surface
Transportation
Corporation
Rev.
(Segment
3C)
300,000
5.000%,
6/30/2058,
AMT
312,969
Total
2,171,340
Utah
(1.5%)
Salt
Lake
City,
UT
Airport
Rev.
225,000
5.000%,
7/1/2036,
Ser.
A,
AMT
252,083
Total
252,083
Virginia
(2.9%)
Virginia
Small
Business
Financing
Auth.
Rev.
(Elizabeth
River
Crossings
Opco,
LLC)
250,000
5.000%,
1/1/2027,
AMT
252,278
Virginia
Small
Business
Financing
Auth.
Rev.
(Transform
66
P3)
230,000
5.000%,
12/31/2047,
AMT
231,773
Total
484,051
Washington
(1.5%)
Pend
Oreille
County,
WA
Public
Utility
District
No.
1
Rev.
Refg.
(Box
Canyon
Production
System)
225,000
5.000%,
1/1/2023
243,567
Total
243,567
Wisconsin
(2.6%)
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
(PHW
Oconomowoc,
Inc.)
250,000
5.125%,
10/1/2048
221,255
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
Refg.
(Benevolent
Corporation
Cedar
Community)
240,000
5.000%,
6/1/2037
209,683
Total
430,938
High
Income
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
62
Principal
Amount
Long-Term
Fixed
Income
(
98.5%
)
Value
Wyoming
(0.6%)
Lincoln
County,
WY
Pollution
Control
Rev.
Refg.
(ExxonMobil)
$
100,000
0.140%,
10/1/2044
a
$
100,000
Total
100,000
Total
Long-Term
Fixed
Income
(cost
$17,493,823)
16,240,090
Principal
Amount
Short-Term
Investments
(
1.2%
)
e
Value
Federal
Home
Loan
Bank
Discount
Notes
200,000
1.520%,
5/12/2020
f
199,995
Total
Short-Term
Investments
(cost
$199,907)
199,995
Total
Investments
(cost
$17,693,730)
99.7%
$16,440,085
Other
Assets
and
Liabilities,
Net
0.3%
49,011
Total
Net
Assets
100.0%
$16,489,096
a
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$1,368,737
or
8.3%
of
total
net
assets.
c
To
reduce
certain
risks
associated
with
securities
issued
by
municipalities,
which
may
include
but
are
not
limited
to
economic
development
in
a
specific
industry
or
municipality,
the
principal
and/or
interest
payments
are
guaranteed
by
the
bond
insurance
company
or
government
agency
identified.
d
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
e
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
f
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
Definitions:
AGM
-
Assured
Guaranty
Municipal
Corporation
AMT
-
Subject
to
Alternative
Minimum
Tax
Auth.
-
Authority
BAM
-
Build
America
Mutual
C.O.P.
-
Certificate
of
Participation
Fac.
-
Facility/Facilities
G.O.
-
General
Obligation
L.T.G.O.
-
Limited
Tax
General
Obligation
NATL-RE
-
National
Public
Finance
Guarantee
Corporation
Refg.
-
Refunding
Rev.
-
Revenue
Ser.
-
Series
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$91,385
Gross
unrealized
depreciation
(1,492,690)
Net
unrealized
appreciation
(depreciation)
($1,401,305)
Cost
for
federal
income
tax
purposes
$17,766,491
High
Income
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
63
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
High
Income
Municipal
Bond
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Education
2,445,798
–
2,445,798
–
Electric
Revenue
507,407
–
507,407
–
General
Obligation
990,826
–
990,826
–
Health
Care
3,378,138
–
3,378,138
–
Housing
Finance
655,011
–
655,011
–
Industrial
Development
Revenue
580,882
–
580,882
–
Other
Revenue
2,185,683
–
2,185,683
–
Tax
Revenue
1,071,821
–
1,071,821
–
Transportation
3,668,199
–
3,668,199
–
Water
&
Sewer
756,325
–
756,325
–
Short-Term
Investments
199,995
–
199,995
–
Total
Investments
at
Value
$16,440,085
$–
$16,440,085
$–
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Liability
Derivatives
Futures
Contracts
74,899
74,899
–
–
Total
Liability
Derivatives
$74,899
$74,899
$–
$–
The
following
table
presents
High
Income
Municipal
Bond
Fund's
futures
contracts
held
as
of
April
30,
2020.
Investments
and/or
cash
totaling
$199,995
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
CBOT
U.S.
Long
Bond
(5)
June
2020
(
$
830,257)
(
$
74,899)
Total
Futures
Short
Contracts
(
$
830,257)
($74,899)
Total
Futures
Contracts
(
$
830,257)
($74,899)
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2020,
for
High
Income
Municipal
Bond
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Liability
Derivatives
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
74,899
Total
Interest
Rate
Contracts
74,899
Total
Liability
Derivatives
$74,899
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.  Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
High
Income
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
64
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
High
Income
Municipal
Bond
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Interest
Rate
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(44,495)
Total
Interest
Rate
Contracts
(44,495)
Total
($44,495)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
High
Income
Municipal
Bond
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(97,790)
Total
Interest
Rate
Contracts
(97,790)
Total
($97,790)
The
following
table
presents
High
Income
Municipal
Bond
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2020.
Derivative
Risk
Category
Average
Notional
Value
Interest
Rate
Contracts
Futures
-
Short
($1,086,823)
High
Yield
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
65
Principal
Amount
Bank
Loans
(
4.5%
)
Value
%
of
Net
Assets
Capital
Goods
(0.9%)
Other
Securities
^
$
6,960,916
0.9%
Total
6,960,916
Communications
Services
(0.4%)
Other
Securities
^
3,132,975
0.4%
Total
3,132,975
Consumer
Cyclical
(1.0%)
Other
Securities
^
7,277,956
1.0%
Total
7,277,956
Consumer
Non-Cyclical
(1.4%)
Other
Securities
^
10,449,110
1.4%
Total
10,449,110
Energy
(0.1%)
Other
Securities
^
497,700
0.1%
Total
497,700
Financials
(0.7%)
Other
Securities
^
4,874,788
0.7%
Total
4,874,788
Total
Bank
Loans
(cost
$40,956,957)
33,193,445
Principal
Amount
Long-Term
Fixed
Income
(
91.6%
)
Value
%
of
Net
Assets
Basic
Materials
(7.1%)
First
Quantum
Minerals,
Ltd.
$
3,955,000
7.250%,
4/1/2023
a
3,589,558
0.5%
Other
Securities
^
49,506,037
6.6%
Total
53,095,595
Capital
Goods
(9.9%)
ARD
Finance
SA
2,000,000
6.500%,
6/30/2027
a
1,856,400
0.3%
Ardagh
Packaging
Finance
plc
5,005,000
5.250%,
8/15/2027
a
4,861,106
0.7%
Berry
Plastics
Corporation
3,940,000
5.125%,
7/15/2023
3,964,625
0.5%
TransDigm,
Inc.
4,255,000
6.250%,
3/15/2026
a
4,164,581
0.6%
United
Rentals
North
America,
Inc.
3,960,000
5.875%,
9/15/2026
4,068,900
0.5%
Other
Securities
^
55,388,474
7.3%
Total
74,304,086
Communications
Services
(16.5%)
CCO
Holdings,
LLC
3,520,000
5.875%,
4/1/2024
a
3,621,024
0.5%
Principal
Amount
Long-Term
Fixed
Income
(
91.6%
)
Value
%
of
Net
Assets
Communications
Services
(16.5%)
-
continued
$
3,760,000
4.750%,
3/1/2030
a
$
3,835,200
0.5%
4,605,000
4.500%,
8/15/2030
a
4,628,025
0.6%
3,250,000
5.375%,
6/1/2029
a
3,428,783
0.5%
CCOH
Safari,
LLC
5,095,000
5.750%,
2/15/2026
a
5,312,047
0.7%
CSC
Holdings,
LLC
5,210,000
6.500%,
2/1/2029
a
5,691,404
0.8%
Embarq
Corporation
4,975,000
7.995%,
6/1/2036
5,124,250
0.7%
LCPR
Senior
Secured
Financing
DAC
3,700,000
6.750%,
10/15/2027
a
3,811,000
0.5%
Level
3
Financing,
Inc.
5,080,000
5.375%,
5/1/2025
5,156,200
0.7%
1,600,000
5.250%,
3/15/2026
1,640,000
0.2%
Neptune
Finco
Corporation
4,545,000
10.875%,
10/15/2025
a
4,912,918
0.7%
SFR
Group
SA
2,450,000
7.375%,
5/1/2026
a
2,560,250
0.3%
Sprint
Corporation
4,835,000
7.250%,
9/15/2021
5,070,706
0.7%
7,760,000
7.625%,
2/15/2025
8,963,576
1.2%
T-Mobile
USA,
Inc.
3,475,000
4.500%,
2/1/2026
3,580,293
0.5%
3,340,000
6.000%,
4/15/2024
3,405,464
0.5%
Virgin
Media
Secured
Finance
plc
3,700,000
5.500%,
5/15/2029
a
3,841,340
0.5%
YPSO
Finance
BIS
SA
3,590,000
6.000%
-
10.500%,
5/15/2027
-
2/15/2028
a,b
3,695,229
0.5%
Other
Securities
^
45,031,749
5.9%
Total
123,309,458
Consumer
Cyclical
(13.1%)
Allison
Transmission,
Inc.
3,680,000
5.000%,
10/1/2024
a
3,532,800
0.5%
Ford
Motor
Company
3,965,000
8.500%,
4/21/2023
3,925,350
0.5%
Hanesbrands,
Inc.
3,805,000
4.875%,
5/15/2026
a
3,829,352
0.5%
Herc
Holdings,
Inc.
4,680,000
5.500%,
7/15/2027
a
4,387,032
0.6%
Levi
Strauss
&
Company
4,200,000
5.000%,
5/1/2025
a
4,238,430
0.6%
Prime
Security
Services
Borrower,
LLC
4,530,000
5.750%,
4/15/2026
a
4,463,409
0.6%
ServiceMaster
Company,
LLC
3,940,000
5.125%,
11/15/2024
a
4,019,588
0.5%
Other
Securities
^
69,631,464
9.3%
Total
98,027,425
Consumer
Non-Cyclical
(15.8%)
Albertson's
Companies,
Inc.
4,230,000
5.875%,
2/15/2028
a
4,419,081
0.6%
4,970,000
4.625%
-
7.500%,
3/15/2026
-
2/15/2030
a
5,222,350
0.8%
High
Yield
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
66
Principal
Amount
Long-Term
Fixed
Income
(
91.6%
)
Value
%
of
Net
Assets
Consumer
Non-Cyclical
(15.8%)
-
continued
Bausch
Health
Companies,
Inc.
$
7,895,000
5.000%
-
7.250%,
3/15/2022
-
1/30/2030
a
$
7,920,959
1.1%
Centene
Corporation
3,650,000
4.625%,
12/15/2029
a
3,996,750
0.5%
4,260,000
3.375%,
2/15/2030
a
4,297,062
0.6%
3,420,000
4.250%
-
5.375%,
6/1/2026
-
12/15/2027
a
3,604,495
0.5%
Energizer
Holdings,
Inc.
3,960,000
5.500%,
6/15/2025
a
4,005,936
0.5%
HCA,
Inc.
3,495,000
5.375%,
2/1/2025
3,757,614
0.5%
4,780,000
4.750%
-
5.875%,
5/1/2023
-
2/1/2029
5,251,685
0.7%
JBS
USA,
LLC
4,645,000
6.500%,
4/15/2029
a
4,888,909
0.7%
6,000,000
5.500%
-
5.750%,
6/15/2025
-
1/15/2030
a
6,075,030
0.8%
MPH
Acquisition
Holdings,
LLC
4,010,000
7.125%,
6/1/2024
a
3,573,792
0.5%
Pilgrim's
Pride
Corporation
2,985,000
5.750%,
3/15/2025
a
3,015,238
0.4%
Post
Holdings,
Inc.
4,015,000
5.000%,
8/15/2026
a
3,999,944
0.5%
Spectrum
Brands,
Inc.
3,920,000
5.750%,
7/15/2025
3,910,200
0.5%
Tenet
Healthcare
Corporation
7,470,000
4.875%,
1/1/2026
a
7,397,541
1.0%
3,960,000
5.125%,
11/1/2027
a
3,910,500
0.5%
Valeant
Pharmaceuticals
International,
Inc.
2,520,000
8.500%,
1/31/2027
a
2,778,048
0.4%
VRX
Escrow
Corporation
6,095,000
6.125%,
4/15/2025
a
6,159,759
0.8%
Other
Securities
^
29,572,376
3.9%
Total
117,757,269
Energy
(8.1%)
Cheniere
Energy
Partners,
LP
5,515,000
4.500%,
10/1/2029
a
5,087,587
0.7%
2,655,000
5.625%,
10/1/2026
2,537,118
0.3%
Southwestern
Energy
Company
3,915,000
7.500%,
4/1/2026
3,505,804
0.5%
Other
Securities
^
49,203,949
6.6%
Total
60,334,458
Financials
(9.1%)
Ally
Financial,
Inc.
3,900,000
5.750%,
11/20/2025
3,997,500
0.5%
Avolon
Holdings
Funding,
Ltd.
2,430,000
5.125%,
10/1/2023
a
2,173,724
0.3%
Global
Aircraft
Leasing
Company,
Ltd.
4,215,000
6.500%,
PIK
0.000%,
9/15/2024
a,c
2,548,810
0.3%
Icahn
Enterprises,
LP
7,975,000
4.750%
-
6.250%,
9/15/2024
-
5/15/2027
7,633,952
1.0%
Principal
Amount
Long-Term
Fixed
Income
(
91.6%
)
Value
%
of
Net
Assets
Financials
(9.1%)
-
continued
Park
Aerospace
Holdings,
Ltd.
$
3,915,000
4.500%,
3/15/2023
a
$
3,462,436
0.5%
Quicken
Loans,
Inc.
3,685,000
5.750%,
5/1/2025
a
3,611,300
0.5%
Synchrony
Financial
3,920,000
3.950%,
12/1/2027
3,607,575
0.5%
Other
Securities
^
41,210,342
5.5%
Total
68,245,639
Technology
(5.8%)
Diamond
Finance
Corporation
4,505,000
7.125%,
6/15/2024
a
4,668,081
0.6%
Inception
Merger
Sub,
Inc.
5,035,000
8.625%,
11/15/2024
a
4,960,079
0.7%
NCR
Corporation
3,960,000
5.750%,
9/1/2027
a
3,969,900
0.5%
Other
Securities
^
29,933,220
4.0%
Total
43,531,280
Transportation
(1.8%)
Delta
Air
Lines,
Inc.
3,840,000
7.000%,
5/1/2025
a
3,935,606
0.5%
Other
Securities
^
9,581,637
1.3%
Total
13,517,243
U.S.
Government
&
Agencies
(0.1%)
Other
Securities
^
502,148
0.1%
Total
502,148
Utilities
(4.3%)
Calpine
Corporation
4,145,000
4.500%,
2/15/2028
a
4,018,992
0.5%
NextEra
Energy
Operating
Partners,
LP
5,010,000
3.875%,
10/15/2026
a
4,951,884
0.7%
Other
Securities
^
22,960,056
3.1%
Total
31,930,932
Total
Long-Term
Fixed
Income
(cost
$753,470,607)
684,555,533
Shares
Collateral
Held
for
Securities
Loaned
(
1.6%
)
Value
%
of
Net
Assets
12,080,012
Thrivent
Cash
Management
Trust
12,080,012
1.6%
Total
Collateral
Held
for
Securities
Loaned
(cost
$12,080,012)
12,080,012
High
Yield
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
67
High
Yield
Fund held
restricted
securities
as
of
April
30,
2020. Restricted
securities
are
investment
securities
which cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
As
of
April
30,
2020,
the
value
of
these
investments was
$191,093 or
0.0% of
total
net
assets.
Shares
Registered
Investment
Companies
(
1.0%
)
Value
%
of
Net
Assets
Unaffiliated  (1.0%)
74,351
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
b
$
7,362,979
1.0%
Total
7,362,979
Total
Registered
Investment
Companies
(cost
$6,432,819)
7,362,979
Shares
Preferred
Stock
(
0.5%
)
Value
%
of
Net
Assets
Financials
(0.5%)
Other
Securities
^
3,876,415
0.5%
Total
3,876,415
Total
Preferred
Stock
(cost
$3,751,132)
3,876,415
Shares
or
Principal
Amount
Short-Term
Investments
(
2.2%
)
Value
%
of
Net
Assets
Thrivent
Core
Short-Term
Reserve
Fund
1,575,298
1.450%
15,752,981
2.1%
Other
Securities
^
849,649
0.1%
Total
Short-Term
Investments
(cost
$16,575,818)
16,602,630
Total
Investments
(cost
$833,267,345)
101.4%
$757,671,014
Other
Assets
and
Liabilities,
Net
(1.4%)
(10,446,426)
Total
Net
Assets
100.0%
$747,224,588
^
The
Summary
Schedule
of
Investments
shows
the
50
largest
holdings
in
unaffiliated
issuers,
any
holding
or
issuer
that
exceeds
1%
of
net
assets
and
all
affiliated
holdings
as
of
the
report
date.  The
remaining
securities
held
are
grouped
by
category
as
“Other
securities”.
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
April
30,
2020,
the
value
of
these
investments
was
$466,805,366
or
62.5%
of
total
net
assets.
b
All
or
a
portion
of
the
security
is
on
loan.
c
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
April
30,
2020.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
High
Yield
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
4,679,325
Common
Stock
7,107,531
Total
lending
$11,786,856
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$12,080,012
Net
amounts
due
to
counterparty
$293,156
Definitions:
ETF
-
Exchange
Traded
Fund
PIK
-
Payment-In-Kind
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
11,872,163
Gross
unrealized
depreciation
(88,129,925)
Net
unrealized
appreciation
(depreciation)
$
(76,257,762)
Cost
for
federal
income
tax
purposes
$
833,751,636
High
Yield
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
68
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
High
Yield
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Bank
Loans
Capital
Goods
6,960,916
–
5,339,041
1,621,875
Communications
Services
3,132,975
–
3,132,975
–
Consumer
Cyclical
7,277,956
–
7,277,956
–
Consumer
Non-Cyclical
10,449,110
–
10,449,110
–
Energy
497,700
–
497,700
–
Financials
4,874,788
–
4,874,788
–
Long-Term
Fixed
Income
Basic
Materials
53,095,595
–
53,095,595
–
Capital
Goods
74,304,086
–
74,304,086
–
Communications
Services
123,309,458
–
123,309,458
–
Consumer
Cyclical
98,027,425
–
98,027,425
–
Consumer
Non-Cyclical
117,757,269
–
117,757,269
–
Energy
60,334,458
–
60,334,458
–
Financials
68,245,639
–
68,245,639
–
Technology
43,531,280
–
43,531,280
–
Transportation
13,517,243
–
13,517,243
–
U.S.
Government
&
Agencies
502,148
–
502,148
–
Utilities
31,930,932
–
31,930,932
–
Registered
Investment
Companies
Unaffiliated
7,362,979
7,362,979
–
–
Preferred
Stock
Financials
3,876,415
3,876,415
–
–
Short-Term
Investments
849,649
–
849,649
–
Subtotal
Investments
in
Securities
$729,838,021
$11,239,394
$716,976,752
$1,621,875
Other
Investments  *
Total
Affiliated
Short-Term
Investments
15,752,981
Collateral
Held
for
Securities
Loaned
12,080,012
Subtotal
Other
Investments
$27,832,993
Total
Investments
at
Value
$757,671,014
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Liability
Derivatives
Credit
Default
Swaps
177,140
–
177,140
–
Total
Liability
Derivatives
$177,140
$–
$177,140
$–
High
Yield
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
69
The
following
table
presents
High
Yield
Fund's
swaps
contracts
held
as
of
April
30,
2020.
Investments
totaling
$1,151,842
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
34,
5
Year,
at
5.00%,
Quarterly
Sell
6/20/2025
(
$
10,000,000)
$
–
(
$
177,140)
(
$
177,140)
Total
Credit
Default
Swaps
$–
($177,140)
($177,140)
1
As
the
buyer
of
protection,
High
Yield
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,
High
Yield
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
High
Yield
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
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2020,
for
High
Yield
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Liability
Derivatives
Credit
Contracts
Credit
Default
Swaps
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
177,140
Total
Credit
Contracts
177,140
Total
Liability
Derivatives
$177,140
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
High
Yield
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
341,034
Total
Credit
Contracts
341,034
Total
$
341,034
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
High
Yield
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Credit
Contracts
Credit
Default
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
(177,140)
Total
Credit
Contracts
(177,140)
Total
($177,140)
The
following
table
presents
High
Yield
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2020.
Derivative
Risk
Category
Average
Notional
Value
Credit
Contracts
Credit
Default
Swaps
-
Sell
Protection
($127,873)
High
Yield
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
70
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
High
Yield
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$27,177
$159,221
$
170,607
$15,753
1,575
2.1%
Total
Affiliated
Short-Term
Investments
27,177
15,753
2.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
23,248
51,161
62,329
12,080
12,080
1.6
Total
Collateral
Held
for
Securities
Loaned
23,248
12,080
1.6
Total
Value
$50,425
$27,833
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$(65)
$27
$0
$324
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$324
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
134
Total
Affiliated
Income
from
Securities
Loaned,
Net
$134
Total
$(65)
$27
$0
Income
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
71
Principal
Amount
Bank
Loans
(
0.8%
)
Value
%
of
Net
Assets
Basic
Materials
(<0.1%)
Other
Securities
^
$
313,656
<0.1%
Total
313,656
Capital
Goods
(0.1%)
Other
Securities
^
598,207
0.1%
Total
598,207
Communications
Services
(0.1%)
Other
Securities
^
1,317,709
0.1%
Total
1,317,709
Consumer
Cyclical
(0.1%)
Other
Securities
^
1,346,048
0.1%
Total
1,346,048
Consumer
Non-Cyclical
(0.2%)
Other
Securities
^
1,765,782
0.2%
Total
1,765,782
Energy
(0.1%)
Other
Securities
^
569,251
0.1%
Total
569,251
Financials
(0.1%)
Other
Securities
^
830,714
0.1%
Total
830,714
Technology
(0.1%)
Other
Securities
^
601,159
0.1%
Total
601,159
Total
Bank
Loans
(cost
$8,213,057)
7,342,526
Principal
Amount
Long-Term
Fixed
Income
(
93.3%
)
Value
%
of
Net
Assets
Asset-Backed
Securities
(1.2%)
Other
Securities
^
11,710,472
1.2%
Total
11,710,472
Basic
Materials
(2.2%)
Other
Securities
^
20,989,516
2.2%
Total
20,989,516
Capital
Goods
(3.3%)
Other
Securities
^
31,255,366
3.3%
Total
31,255,366
Principal
Amount
Long-Term
Fixed
Income
(
93.3%
)
Value
%
of
Net
Assets
Collateralized
Mortgage
Obligations
(0.1%)
Other
Securities
^
$
692,888
0.1%
Total
692,888
Communications
Services
(8.3%)
AT&T,
Inc.
$
2,880,000
4.250%,
3/1/2027
3,170,539
0.3%
2,500,000
4.550%,
3/9/2049
2,859,990
0.3%
7,699,000
3.400%
-
4.500%,
4/1/2024
-
3/9/2048
8,490,142
0.9%
2,150,000
1.964%,
(LIBOR
3M
+
1.180%),
6/12/2024
a
2,107,271
0.2%
CCO
Holdings,
LLC
720,000
4.500%
-
5.500%,
5/1/2026
-
8/15/2030
b
736,724
<0.1%
Charter
Communications
Operating,
LLC
2,500,000
4.800%,
3/1/2050
2,823,066
0.3%
3,225,000
4.908%
-
6.484%,
7/23/2025
-
10/23/2045
3,903,182
0.4%
Comcast
Corporation
8,822,000
3.300%
-
6.400%,
8/15/2025
-
10/15/2058
10,558,115
1.2%
Time
Warner
Cable,
Inc.
2,200,000
4.125%,
2/15/2021
2,211,897
0.2%
Time
Warner
Entertainment
Company,
LP
780,000
8.375%,
3/15/2023
902,551
0.1%
T-Mobile
USA,
Inc.
3,550,000
3.750%,
4/15/2027
b
3,805,706
0.4%
Verizon
Communications,
Inc.
5,890,000
3.500%
-
5.250%,
11/1/2024
-
3/22/2050
7,127,304
0.9%
2,600,000
2.792%,
(LIBOR
3M
+
1.100%),
5/15/2025
a
2,585,172
0.3%
Other
Securities
^
26,246,065
2.8%
Total
77,527,724
Consumer
Cyclical
(3.9%)
Other
Securities
^
36,474,628
3.9%
Total
36,474,628
Consumer
Non-Cyclical
(11.9%)
AbbVie,
Inc.
2,540,000
3.200%,
5/14/2026
2,716,622
0.3%
Altria
Group,
Inc.
2,850,000
5.800%,
2/14/2039
3,394,972
0.4%
Anheuser-Busch
Companies,
LLC
1,790,000
4.700%,
2/1/2036
1,989,725
0.2%
Anheuser-Busch
InBev
Worldwide,
Inc.
2,500,000
3.500%,
6/1/2030
2,666,520
0.3%
7,225,000
4.000%
-
5.550%,
4/13/2028
-
1/23/2049
8,197,119
0.9%
Centene
Corporation
3,895,000
3.375%,
2/15/2030
b
3,928,887
0.4%
CVS
Health
Corporation
2,790,000
5.050%,
3/25/2048
3,508,364
0.4%
Income
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
72
Principal
Amount
Long-Term
Fixed
Income
(
93.3%
)
Value
%
of
Net
Assets
Consumer
Non-Cyclical
(11.9%)
-
continued
$
5,105,000
3.625%
-
4.750%,
12/1/2022
-
4/1/2050
$
5,652,852
0.6%
Nestle
Holdings,
Inc.
2,150,000
3.900%,
9/24/2038
b
2,605,483
0.3%
Smithfield
Foods,
Inc.
4,500,000
2.650%,
10/3/2021
b
4,428,069
0.5%
Other
Securities
^
72,346,479
7.6%
Total
111,435,092
Energy
(7.9%)
Energy
Transfer
Operating,
LP
4,150,000
3.750%
-
6.000%,
5/15/2030
-
6/15/2048
3,819,443
0.4%
Energy
Transfer
Partners,
LP
2,520,000
4.200%,
4/15/2027
2,377,055
0.3%
Sunoco
Logistics
Partners
Operations,
LP
4,300,000
3.450%
-
4.000%,
1/15/2023
-
10/1/2027
4,096,713
0.4%
Other
Securities
^
63,897,196
6.8%
Total
74,190,407
Financials
(25.1%)
Avolon
Holdings
Funding,
Ltd.
3,600,000
4.375%,
5/1/2026
b
3,082,702
0.3%
Bank
of
America
Corporation
5,450,000
3.875%
-
4.200%,
8/26/2024
-
8/1/2025
5,894,540
0.6%
2,030,000
3.194%,
7/23/2030
a
2,162,702
0.2%
1,857,000
3.004%,
12/20/2023
a
1,922,336
0.2%
1,800,000
3.705%,
4/24/2028
a
1,964,091
0.2%
1,800,000
3.093%,
10/1/2025
a
1,889,326
0.2%
1,640,000
6.500%,
10/23/2024
a,c
1,746,600
0.2%
1,450,000
4.271%,
7/23/2029
a
1,646,402
0.2%
1,100,000
3.499%,
5/17/2022
a
1,120,762
0.1%
Berkshire
Hathaway
Finance
Corporation
1,050,000
4.250%,
1/15/2049
1,328,097
0.1%
Citigroup,
Inc.
2,630,000
4.400%,
6/10/2025
2,854,766
0.3%
5,745,000
3.700%
-
5.500%,
9/13/2025
-
7/23/2048
6,549,167
0.7%
1,900,000
3.352%,
4/24/2025
a
1,994,491
0.2%
1,800,000
4.700%,
1/30/2025
a,c
1,566,000
0.2%
1,440,000
3.010%,
(LIBOR
3M
+
1.430%),
9/1/2023
a
1,441,922
0.1%
1,100,000
3.142%,
1/24/2023
a
1,126,593
0.1%
Danske
Bank
AS
2,950,000
5.000%,
1/12/2022
b
3,049,708
0.3%
Deutsche
Bank
AG
2,800,000
3.961%,
11/26/2025
a
2,737,155
0.3%
Five
Corners
Funding
Trust
2,890,000
4.419%,
11/15/2023
b
3,180,036
0.3%
Goldman
Sachs
Group,
Inc.
2,550,000
3.850%,
7/8/2024
2,721,947
0.3%
2,320,000
4.000%
-
4.250%,
3/3/2024
-
10/21/2025
2,488,422
0.3%
1,800,000
4.950%,
2/10/2025
a,c,d
1,674,000
0.2%
1,150,000
2.876%,
10/31/2022
a
1,167,975
0.1%
Principal
Amount
Long-Term
Fixed
Income
(
93.3%
)
Value
%
of
Net
Assets
Financials
(25.1%)
-
continued
$
1,080,000
2.908%,
6/5/2023
a
$
1,103,900
0.1%
ING
Groep
NV
2,500,000
4.100%,
10/2/2023
2,674,668
0.3%
J.P.
Morgan
Chase
&
Company
9,350,000
2.950%
-
5.500%,
1/15/2023
-
10/15/2040
10,535,905
1.2%
1,810,000
2.250%,
(LIBOR
3M
+
1.230%),
10/24/2023
a
1,807,738
0.2%
1,800,000
5.000%,
8/1/2024
a,c
1,674,000
0.2%
1,800,000
4.600%,
2/1/2025
a,c
1,614,600
0.2%
1,400,000
3.882%,
7/24/2038
a
1,578,251
0.2%
730,000
6.750%,
2/1/2024
a,c
783,713
0.1%
Kimco
Realty
Corporation
2,900,000
3.300%,
2/1/2025
2,902,286
0.3%
Morgan
Stanley
2,400,000
3.622%,
4/1/2031
a,d
2,638,153
0.3%
6,065,000
3.125%
-
4.875%,
11/1/2022
-
1/27/2045
6,681,331
0.7%
1,810,000
2.420%,
(LIBOR
3M
+
1.400%),
10/24/2023
a
1,809,332
0.2%
1,000,000
2.720%,
7/22/2025
a
1,029,713
0.1%
Other
Securities
^
143,776,649
15.3%
Total
235,919,979
Foreign
Government
(0.6%)
Other
Securities
^
5,632,847
0.6%
Total
5,632,847
Mortgage-Backed
Securities
(4.7%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
15-
Yr.
Pass
Through
1,672,887
3.500%,
5/1/2034
1,769,089
0.2%
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-
Yr.
Pass
Through
5,221,184
3.000%,
3/25/2050
5,517,615
0.6%
3,669,320
3.500%,
7/1/2047
3,899,115
0.4%
3,419,507
3.000%,
8/1/2047
3,619,574
0.4%
448,789
3.000%,
4/1/2050
474,270
<0.1%
Federal
National
Mortgage
Association
2,756,550
3.500%,
10/1/2048
2,918,693
0.3%
3,090,137
3.500%,
8/1/2049
3,280,204
0.3%
3,046,070
3.500%
-
4.500%,
5/1/2048
-
6/1/2049
3,242,335
0.4%
Federal
National
Mortgage
Association
Conventional
15-
Yr.
Pass
Through
3,475,000
2.000%,
6/1/2034
e
3,578,979
0.4%
3,225,000
2.500%,
6/1/2034
e
3,368,487
0.4%
Federal
National
Mortgage
Association
Conventional
30-
Yr.
Pass
Through
4,200,000
2.500%,
5/1/2050
e
4,373,414
0.5%
2,999,252
4.000%,
7/1/2048
3,192,110
0.3%
4,200,000
2.500%,
7/1/2049
e
4,366,292
0.5%
500,000
3.000%,
5/1/2049
e
527,813
<0.1%
Total
44,127,990
Income
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
73
Principal
Amount
Long-Term
Fixed
Income
(
93.3%
)
Value
%
of
Net
Assets
Technology
(5.5%)
Apple,
Inc.
$
2,550,000
3.250%,
2/23/2026
$
2,831,501
0.3%
Broadcom
Corporation
4,350,000
3.875%,
1/15/2027
4,513,026
0.5%
1,800,000
3.500%,
1/15/2028
1,823,676
0.2%
Broadcom,
Inc.
3,950,000
4.250%
-
5.000%,
4/15/2026
-
4/15/2030
b
4,315,313
0.5%
Diamond
1
Finance
Corporation
5,575,000
6.020%,
6/15/2026
b
6,031,926
0.6%
Other
Securities
^
32,612,136
3.4%
Total
52,127,578
Transportation
(1.5%)
Burlington
Northern
Santa
Fe,
LLC
3,300,000
4.050%
-
4.700%,
9/1/2045
-
6/15/2048
4,067,832
0.4%
Other
Securities
^
10,287,009
1.1%
Total
14,354,841
U.S.
Government
&
Agencies
(7.6%)
U.S.
Treasury
Bonds
11,500,000
2.000%,
2/15/2050
13,511,602
1.4%
4,000,000
2.375%,
5/15/2029
4,616,562
0.5%
7,500,000
1.625%,
8/15/2029
8,178,516
0.9%
11,000,000
1.750%,
11/15/2029
12,134,375
1.3%
5,000,000
1.500%,
2/15/2030
5,406,250
0.6%
4,100,000
3.000%,
2/15/2049
5,791,730
0.6%
17,500,000
2.250%,
8/15/2049
21,585,840
2.3%
Total
71,224,875
Utilities
(9.5%)
AEP
Transmission
Company,
LLC
2,520,000
3.100%,
12/1/2026
2,716,958
0.3%
Berkshire
Hathaway
Energy
Company
1,425,000
4.450%,
1/15/2049
1,864,671
0.2%
Consolidated
Edison
Company
of
New
York,
Inc.
2,250,000
4.125%,
5/15/2049
2,725,636
0.3%
Edison
International
5,000,000
5.750%,
6/15/2027
5,675,245
0.6%
FirstEnergy
Corporation
2,520,000
3.900%,
7/15/2027
2,770,902
0.3%
ITC
Holdings
Corporation
2,920,000
4.050%,
7/1/2023
3,098,825
0.3%
Nevada
Power
Company
1,700,000
6.750%,
7/1/2037
2,479,940
0.3%
Southern
Company
4,370,000
3.250%,
7/1/2026
4,665,506
0.5%
Other
Securities
^
62,856,850
6.7%
Total
88,854,533
Total
Long-Term
Fixed
Income
(cost
$834,244,812)
876,518,736
Shares
Registered
Investment
Companies
(
3.0%
)
Value
%
of
Net
Assets
Unaffiliated  (3.0%)
70,000
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
$
7,035,000
0.8%
200,000
iShares
S&P
U.S.
Preferred
Stock
Index
Fund
6,930,000
0.7%
90,000
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
8,912,700
0.9%
70,000
Vanguard
Short-Term
Corporate
Bond
ETF
d
5,675,600
0.6%
Total
28,553,300
Total
Registered
Investment
Companies
(cost
$28,166,091)
28,553,300
Shares
Collateral
Held
for
Securities
Loaned
(
1.6%
)
Value
%
of
Net
Assets
14,974,280
Thrivent
Cash
Management
Trust
14,974,280
1.6%
Total
Collateral
Held
for
Securities
Loaned
(cost
$14,974,280)
14,974,280
Shares
Preferred
Stock
(
0.1%
)
Value
%
of
Net
Assets
Financials
(0.1%)
Other
Securities
^
1,262,500
0.1%
Total
1,262,500
Total
Preferred
Stock
(cost
$1,250,000)
1,262,500
Shares
or
Principal
Amount
Short-Term
Investments
(
3.9%
)
Value
%
of
Net
Assets
Thrivent
Core
Short-Term
Reserve
Fund
3,489,090
1.450%
34,890,898
3.7%
U.S.
Treasury
Bills
200,000
0.101%
-
0.275%,
7/23/2020
-
7/30/2020
f
199,951
<0.1%
Other
Securities
^
1,299,884
0.2%
Total
Short-Term
Investments
(cost
$36,304,367)
36,390,733
Total
Investments
(cost
$923,152,607)
102.7%
$965,042,075
Other
Assets
and
Liabilities,
Net
(2.7%)
(25,459,246)
Total
Net
Assets
100.0%
$939,582,829
Income
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
74
^
The
Summary
Schedule
of
Investments
shows
the
50
largest
holdings
in
unaffiliated
issuers,
any
holding
or
issuer
that
exceeds
1%
of
net
assets
and
all
affiliated
holdings
as
of
the
report
date.  The
remaining
securities
held
are
grouped
by
category
as
“Other
securities”.
a
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$163,797,895
or
17.4%
of
total
net
assets.
c
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.
d
All
or
a
portion
of
the
security
is
on
loan.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
f
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Income
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
9,202,012
Common
Stock
5,391,820
Total
lending
$14,593,832
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$14,974,280
Net
amounts
due
to
counterparty
$380,448
Definitions:
ETF
-
Exchange
Traded
Fund
SPDR
-
S&P
Depository
Receipts,
which
are
a
family
of
exchange-
traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
59,836,999
Gross
unrealized
depreciation
(16,791,276)
Net
unrealized
appreciation
(depreciation)
$
43,045,723
Cost
for
federal
income
tax
purposes
$
923,750,200
Income
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
75
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Income
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Bank
Loans
Basic
Materials
313,656
–
176,221
137,435
Capital
Goods
598,207
–
598,207
–
Communications
Services
1,317,709
–
1,317,709
–
Consumer
Cyclical
1,346,048
–
1,176,626
169,422
Consumer
Non-Cyclical
1,765,782
–
1,765,782
–
Energy
569,251
–
569,251
–
Financials
830,714
–
830,714
–
Technology
601,159
–
601,159
–
Long-Term
Fixed
Income
Asset-Backed
Securities
11,710,472
–
10,560,472
1,150,000
Basic
Materials
20,989,516
–
20,989,516
–
Capital
Goods
31,255,366
–
31,255,366
–
Collateralized
Mortgage
Obligations
692,888
–
692,888
–
Communications
Services
77,527,724
–
77,527,724
–
Consumer
Cyclical
36,474,628
–
36,474,628
–
Consumer
Non-Cyclical
111,435,092
–
111,435,092
–
Energy
74,190,407
–
74,190,407
–
Financials
235,919,979
–
235,919,979
–
Foreign
Government
5,632,847
–
5,632,847
–
Mortgage-Backed
Securities
44,127,990
–
44,127,990
–
Technology
52,127,578
–
52,127,578
–
Transportation
14,354,841
–
14,354,841
–
U.S.
Government
&
Agencies
71,224,875
–
71,224,875
–
Utilities
88,854,533
–
88,854,533
–
Registered
Investment
Companies
Unaffiliated
28,553,300
28,553,300
–
–
Preferred
Stock
Financials
1,262,500
–
1,262,500
–
Short-Term
Investments
1,499,835
–
1,499,835
–
Subtotal
Investments
in
Securities
$915,176,897
$28,553,300
$885,166,740
$1,456,857
Other
Investments  *
Total
Affiliated
Short-Term
Investments
34,890,898
Collateral
Held
for
Securities
Loaned
14,974,280
Subtotal
Other
Investments
$49,865,178
Total
Investments
at
Value
$965,042,075
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
1,753,848
1,753,848
–
–
Total
Asset
Derivatives
$1,753,848
$1,753,848
$–
$–
Income
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
76
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
The
following
table
presents
Income
Fund's
futures
contracts
held
as
of
April
30,
2020.
Investments
and/or
cash
totaling
$699,966
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
CBOT
U.S.
Long
Bond
104
June
2020
$
17,073,402
$
1,753,848
Total
Futures
Long
Contracts
$
17,073,402
$
1,753,848
Total
Futures
Contracts
$
17,073,402
$1,753,848
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2020,
for
Income
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
1,753,848
Total
Interest
Rate
Contracts
1,753,848
Total
Asset
Derivatives
$1,753,848
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.  Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Income
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Interest
Rate
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
566,027
Total
Interest
Rate
Contracts
566,027
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
117,233
Total
Credit
Contracts
117,233
Total
$683,260
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Income
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
1,878,359
Total
Interest
Rate
Contracts
1,878,359
Total
$1,878,359
The
following
table
presents
Income
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2020.
Derivative
Risk
Category
Average
Notional
Value
Interest
Rate
Contracts
Futures
-
Long
$17,263,643
Futures
-
Short
(806,043)
Credit
Contracts
Credit
Default
Swaps
-
Buy
Protection
(998)
Income
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
77
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Income
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$90,196
$192,024
$247,325
$
34,891
3,489
3.7%
Total
Affiliated
Short-Term
Investments
90,196
34,891
3.7
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
8,587
43,409
37,022
14,974
14,974
1.6
Total
Collateral
Held
for
Securities
Loaned
8,587
14,974
1.6
Total
Value
$98,783
$49,865
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$(90)
$86
$1
$748
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$748
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
10
Total
Affiliated
Income
from
Securities
Loaned,
Net
$10
Total
$(90)
$86
$1
International
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
78
Shares
Common
Stock
(
92.2%
)
Value
%
of
Net
Assets
Australia
(4.6%)
112,039
Commonwealth
Bank
of
Australia
$
4,525,971
0.6%
57,546
CSL,
Ltd.
11,470,464
1.6%
Other
Securities
^
17,539,302
2.4%
Total
33,535,737
Austria
(0.3%)
Other
Securities
^
1,964,927
0.3%
Total
1,964,927
Belgium
(0.3%)
Other
Securities
^
1,887,154
0.3%
Total
1,887,154
Bermuda
(0.1%)
Other
Securities
^
627,824
0.1%
Total
627,824
Brazil
(0.5%)
Other
Securities
^
3,771,775
0.5%
Total
3,771,775
Canada
(6.5%)
99,762
CGI,
Inc.
a
6,362,206
0.9%
400,644
CI
Financial
Corporation
4,256,995
0.6%
106,951
Granite
REIT
4,886,730
0.7%
149,467
Northland
Power,
Inc.
3,207,428
0.4%
96,262
Sun
Life
Financial,
Inc.
3,299,443
0.4%
185,178
Toronto-Dominion
Bank
7,737,313
1.1%
Other
Securities
^
18,130,887
2.4%
Total
47,881,002
Cayman
Islands
(1.7%)
100,890
Tencent
Holdings,
Ltd.
5,303,731
0.7%
Other
Securities
^
7,137,565
1.0%
Total
12,441,296
Chile
(0.1%)
Other
Securities
^
430,093
0.1%
Total
430,093
China
(2.6%)
28,642
Alibaba
Group
Holding,
Ltd.
ADR
a
5,804,874
0.8%
Other
Securities
^
13,304,053
1.8%
Total
19,108,927
Colombia
(<0.1%)
Other
Securities
^
38,158
<0.1%
Total
38,158
Czech
Republic
(<0.1%)
Other
Securities
^
18,840
<0.1%
Total
18,840
Denmark
(1.9%)
129,198
Novo
Nordisk
AS
8,241,544
1.1%
Shares
Common
Stock
(
92.2%
)
Value
%
of
Net
Assets
Denmark
(1.9%)
-
continued
Other
Securities
^
$
5,535,504
0.8%
Total
13,777,048
Egypt
(<0.1%)
Other
Securities
^
81,359
<0.1%
Total
81,359
Finland
(0.6%)
Other
Securities
^
4,176,190
0.6%
Total
4,176,190
France
(4.7%)
110,128
Legrand
SA
7,424,495
1.0%
13,312
LVMH
Moet
Hennessy
Louis
Vuitton
SE
5,146,346
0.7%
86,543
Schneider
Electric
SE
a
7,997,679
1.1%
102,785
Total
SA
3,648,102
0.5%
Other
Securities
^
10,659,971
1.4%
Total
34,876,593
Germany
(5.0%)
53,327
Allianz
SE
9,813,883
1.3%
37,151
Deutsche
Boerse
AG
5,759,858
0.8%
174,851
TAG
Immobilien
AG
3,829,897
0.5%
Other
Securities
^
17,181,370
2.4%
Total
36,585,008
Greece
(<0.1%)
Other
Securities
^
404,690
<0.1%
Total
404,690
Hong
Kong
(1.5%)
Other
Securities
^
10,922,728
1.5%
Total
10,922,728
India
(1.0%)
Other
Securities
^
7,736,261
1.0%
Total
7,736,261
Indonesia
(0.1%)
Other
Securities
^
769,991
0.1%
Total
769,991
Ireland
(0.1%)
Other
Securities
^
912,186
0.1%
Total
912,186
Israel
(1.2%)
1,470,817
Israel
Discount
Bank,
Ltd.
4,771,792
0.7%
Other
Securities
^
4,084,192
0.5%
Total
8,855,984
Italy
(2.1%)
74,271
Recordati
SPA
3,234,345
0.5%
Other
Securities
^
11,977,191
1.6%
Total
15,211,536
International
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
79
Shares
Common
Stock
(
92.2%
)
Value
%
of
Net
Assets
Japan
(20.7%)
16,500
Chugai
Pharmaceutical
Company,
Ltd.
$
1,966,828
0.3%
107,600
Denso
Corporation
3,782,328
0.5%
220,600
Mitsubishi
Corporation
4,678,483
0.7%
356,700
Mitsui
&
Company,
Ltd.
4,978,941
0.7%
443,100
Sumitomo
Electric
Industries,
Ltd.
4,558,813
0.6%
Other
Securities
^
131,932,401
17.9%
Total
151,897,794
Jersey
(0.3%)
Other
Securities
^
2,100,101
0.3%
Total
2,100,101
Luxembourg
(<0.1%)
Other
Securities
^
105,184
<0.1%
Total
105,184
Malaysia
(0.1%)
Other
Securities
^
654,566
0.1%
Total
654,566
Mexico
(0.2%)
Other
Securities
^
1,498,447
0.2%
Total
1,498,447
Netherlands
(4.3%)
22,040
ASML
Holding
NV
6,437,590
0.9%
42,782
Euronext
NV
b
3,591,736
0.5%
105,580
Koninklijke
Philips
NV
4,602,515
0.6%
Other
Securities
^
16,816,921
2.3%
Total
31,448,762
New
Zealand
(0.1%)
Other
Securities
^
545,092
0.1%
Total
545,092
Norway
(1.6%)
319,481
DnB
ASA
3,868,247
0.5%
267,499
Entra
ASA
b
3,368,035
0.5%
Other
Securities
^
4,650,432
0.6%
Total
11,886,714
Panama
(<0.1%)
Other
Securities
^
17,880
<0.1%
Total
17,880
Peru
(<0.1%)
Other
Securities
^
129,322
<0.1%
Total
129,322
Philippines
(<0.1%)
Other
Securities
^
142,710
<0.1%
Total
142,710
Shares
Common
Stock
(
92.2%
)
Value
%
of
Net
Assets
Poland
(0.1%)
Other
Securities
^
$
1,105,614
0.1%
Total
1,105,614
Portugal
(<0.1%)
Other
Securities
^
51,080
<0.1%
Total
51,080
Russian
Federation
(0.5%)
Other
Securities
^
3,596,428
0.5%
Total
3,596,428
Singapore
(0.9%)
230,400
DBS
Group
Holdings,
Ltd.
3,243,827
0.5%
Other
Securities
^
3,187,862
0.4%
Total
6,431,689
South
Africa
(0.4%)
Other
Securities
^
3,015,250
0.4%
Total
3,015,250
South
Korea
(1.2%)
78,948
Samsung
Electronics
Company,
Ltd.
3,246,149
0.5%
Other
Securities
^
5,609,930
0.7%
Total
8,856,079
Spain
(2.3%)
79,560
Amadeus
IT
Holding
SA
3,797,614
0.5%
Other
Securities
^
12,987,739
1.8%
Total
16,785,353
Sweden
(2.8%)
172,153
AB
Industrivarden
a
3,522,767
0.5%
Other
Securities
^
17,309,876
2.3%
Total
20,832,643
Switzerland
(9.6%)
32,630
Baloise
Holding
AG
4,882,016
0.6%
99,420
Nestle
SA
10,529,575
1.4%
142,137
Novartis
AG
12,129,754
1.6%
49,673
PSP
Swiss
Property
AG
5,770,381
0.8%
38,429
Roche
Holding
AG
13,307,862
1.8%
3,542
Roche
Holding
AG-BR
1,230,158
0.2%
9,713
Swiss
Life
Holding
AG
3,444,458
0.5%
Other
Securities
^
19,328,458
2.7%
Total
70,622,662
Taiwan
(1.7%)
405,620
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
4,091,813
0.6%
Other
Securities
^
8,358,457
1.1%
Total
12,450,270
Thailand
(0.3%)
Other
Securities
^
2,033,030
0.3%
Total
2,033,030
International
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
80
Shares
Common
Stock
(
92.2%
)
Value
%
of
Net
Assets
Turkey
(0.1%)
Other
Securities
^
$
569,680
0.1%
Total
569,680
United
Kingdom
(10.0%)
561,994
GlaxoSmithKline
plc
11,724,593
1.6%
140,011
Halma
plc
3,680,925
0.5%
1,500,178
HSBC
Holdings
plc
7,710,819
1.1%
874,231
Moneysupermarket.com
Group
plc
3,483,168
0.5%
227,271
Royal
Dutch
Shell
plc,
Class
A
3,741,830
0.5%
252,449
Royal
Dutch
Shell
plc,
Class
B
4,041,347
0.6%
385,221
Sage
Group
plc
3,098,123
0.4%
74,372
Unilever
plc
3,829,556
0.5%
Other
Securities
^
32,232,307
4.3%
Total
73,542,668
United
States
(0.1%)
Other
Securities
^
601,001
0.1%
Total
601,001
Total
Common
Stock
(cost
$723,358,488)
676,935,326
Preferred
Stock
(
<0.1%
)
%
of
Net
Assets
South
Korea
(0.1%)
Other
Securities
^
813,290
0.1%
Total
813,290
Total
Preferred
Stock
(cost
$238,868)
813,290
Principal
Amount
Long-Term
Fixed
Income
(
<0.1%
)
%
of
Net
Assets
Venezuela
(<0.1%)
Other
Securities
^
361,488
<0.1%
Total
361,488
Total
Long-Term
Fixed
Income
(cost
$3,822,422)
361,488
Shares
or
Principal
Amount
Short-Term
Investments
(
10.1%
)
Value
%
of
Net
Assets
Federal
Home
Loan
Bank
Discount
Notes
3,400,000
0.150%,
6/23/2020
c,d
3,399,499
0.5%
5,500,000
0.150%,
7/31/2020
c,d
5,498,332
0.8%
17,800,000
0.006%
-
0.900%,
5/7/2020
-
8/4/2020
c,d
17,797,458
2.3%
Thrivent
Core
Short-Term
Reserve
Fund
Shares
or
Principal
Amount
Short-Term
Investments
(
10.1%
)
Value
%
of
Net
Assets
31,426,320
1.450%
d
$
47
,263,200
6.5%
Total
Short-Term
Investments
($73,880,330)
73,958,489
Total
Investments
(cost
$801,300,108)
102.4%
$752,068,593
Other
Assets
and
Liabilities,
Net
(2.4%)
(17,624,259)
Total
Net
Assets
100.0%
$734,444,334
^
The
Summary
Schedule
of
Investments
shows
the
50
largest
holdings
in
unaffiliated
issuers,
any
holding
or
issuer
that
exceeds
1%
of
net
assets
and
all
affiliated
holdings
as
of
the
report
date.  The
remaining
securities
held
are
grouped
by
category
as
“Other
securities”.
a
Non-income
producing
security.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$18,333,611
or
2.5%
of
total
net
assets.
c
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
d
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$55,982,269
Gross
unrealized
depreciation
(111,043,529)
Net
unrealized
appreciation
(depreciation)
($55,061,260)
Cost
for
federal
income
tax
purposes
$811,708,994
International
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
81
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
International
Allocation
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
31,953,344
940,293
31,013,050
1
Consumer
Discretionary
70,733,491
8,619,218
62,114,273
–
Consumer
Staples
51,114,287
206,499
50,907,788
–
Energy
24,390,252
1,381,871
23,008,381
–
Financials
128,958,695
580,216
128,378,479
–
Health
Care
101,962,208
382,082
101,580,126
–
Industrials
86,764,710
124,547
86,640,163
–
Information
Technology
81,302,929
1,886,094
79,416,835
–
Materials
41,070,001
574,740
40,338,729
156,532
Real
Estate
44,994,014
–
44,993,720
294
Utilities
13,691,395
–
13,691,395
–
Preferred
Stock
Information
Technology
813,290
–
813,290
–
Long-Term
Fixed
Income
Energy
361,488
–
361,488
–
Short-Term
Investments
26,695,289
–
26,695,289
–
Subtotal
Investments
in
Securities
$704,805,393
$14,695,560
$689,953,006
$156,827
Other
Investments  *
Total
Affiliated
Short-Term
Investments
47,263,200
Subtotal
Other
Investments
$47,263,200
Total
Investments
at
Value
$752,068,593
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
8,634,761
8,634,761
–
–
Total
Asset
Derivatives
$8,634,761
$8,634,761
$–
$–
Liability
Derivatives
Futures
Contracts
4,055,620
4,055,620
–
–
Total
Liability
Derivatives
$4,055,620
$4,055,620
$–
$–
International
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
82
Reference
Description:
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
FTSE
-
Financial
Times
Stock
Exchange
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
TSE
-
Tokyo
Stock
Exchange
The
following
table
presents
International
Allocation
Fund's
futures
contracts
held
as
of
April
30,
2020.
Investments
and/or
cash
totaling
$22,028,926
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
CME
Euro
Foreign
Exchange
Currency
265
June
2020
$
37,324,524
(
$
1,012,899)
Eurex
Euro
STOXX
50
Index
1,186
June
2020
31,733,949
5,670,937
FTSE
100
Index
1
June
2020
62,428
11,416
ICE
mini
MSCI
EAFE
Index
403
June
2020
30,064,410
2,947,335
TSE
Tokyo
Price
Index
1
June
2020
130,415
5,073
Total
Futures
Long
Contracts
$
99,315,726
$
7,621,862
ICE
US
mini
MSCI
Emerging
Markets
Index
(580)
June
2020
(
$
23,228,379)
(
$
3,042,721
)
Total
Futures
Short
Contracts
(
$
23,228,379)
($3,042,721)
Total
Futures
Contracts
$
76,087,347
$4,579,141
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2020,
for
International
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
8,634,761
Total
Equity
Contracts
8,634,761
Total
Asset
Derivatives
$8,634,761
Liability
Derivatives
Foreign
Exchange
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
1,012,899
Total
Foreign
Exchange
Contracts
1,012,899
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
3,042,721
Total
Equity
Contracts
3,042,721
Total
Liability
Derivatives
$4,055,620
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.  Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
International
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Interest
Rate
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
263,920
Total
Interest
Rate
Contracts
263,920
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(30,255,862)
Total
Return
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
546
Total
Equity
Contracts
(30,255,316)
Total
($29,991,396)
International
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
83
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
International
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Foreign
Exchange
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(1,594,913)
Total
Foreign
Exchange
Contracts
(1,594,913)
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
1,850,258
Total
Equity
Contracts
1,850,258
Total
$255,345
The
following
table
presents
International
Allocation
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2020.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$165,532,599
Futures
-
Short
(29,457,849)
Total
Rate
of
Return
Swaps
-
Long
3,344
Total
Rate
of
Return
Swaps
-
Short
(3,332)
Foreign
Exchange
Contracts
Futures
-
Long
54,835,501
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
International
Allocation
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$125,089
$144,347
$222,193
$47,263
4,726
6.5%
Total
Affiliated
Short-Term
Investments
125,089
47,263
6.5
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
526
526
–
–
–
Total
Collateral
Held
for
Securities
Loaned
–
–
–
Total
Value
$125,089
$47,263
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$(55)
$75
$1
$1,019
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$1,019
Cash
Management
Trust-
Collateral
Investment  
–
–
–
0
Total
Affiliated
Income
from
Securities
Loaned,
Net
$0
Total
$(55)
$75
$1
Large
Cap
Growth
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
84
c
Shares
Common
Stock
(
98
.0
%
)
Value
Communications
Services
(13.1%)
278,104
Activision
Blizzard,
Inc.
$
17,723,568
60,468
Alphabet,
Inc.,
Class
A
a
81,432,256
164,388
Facebook,
Inc.
a
33,651,867
295,501
Live
Nation
Entertainment,
Inc.
a,b
13,259,130
464,012
Uber
Technologies,
Inc.
a
14,045,643
Total
160,112,464
Consumer
Discretionary
(19.3%)
62,696
Amazon.com,
Inc.
a
155,109,904
206,721
Aptiv
plc
14,377,446
16,431
Chipotle
Mexican
Grill,
Inc.
a
14,435,455
144,612
Home
Depot,
Inc.
31,790,056
229,289
NIKE,
Inc.
19,989,415
Total
235,702,276
Consumer
Staples
(1.2%)
198,307
Philip
Morris
International,
Inc.
14,793,702
Total
14,793,702
Financials
(5.1%)
156,681
American
Express
Company
14,297,141
482,269
Bank
of
America
Corporation
11,598,569
423,482
Charles
Schwab
Corporation
15,973,741
68,079
S&P
Global,
Inc.
19,938,978
Total
61,808,429
Health
Care
(13.1%)
14,682
Amgen,
Inc.
3,512,228
93,032
Edwards
Lifesciences
Corporation
a
20,234,460
42,363
Humana,
Inc.
16,175,041
44,958
Intuitive
Surgical,
Inc.
a
22,968,143
143,622
Novo
Nordisk
AS
ADR
9,095,581
59,891
Stryker
Corporation
11,165,479
64,300
Thermo
Fisher
Scientific,
Inc.
21,519,924
45,792
Veeva
Systems,
Inc.
a
8,737,113
80,538
Vertex
Pharmaceuticals,
Inc.
a
20,231,146
201,893
Zoetis,
Inc.
26,106,784
Total
159,745,899
Industrials
(4.2%)
128,814
Honeywell
International,
Inc.
18,278,707
50,653
Lockheed
Martin
Corporation
19,707,056
72,786
Norfolk
Southern
Corporation
12,453,685
Total
50,439,448
Information
Technology
(39.2%)
65,733
Adobe,
Inc.
a
23,245,818
307,700
Apple,
Inc.
90,402,260
70,593
Intuit,
Inc.
19,046,697
169,564
MasterCard,
Inc.
46,625,013
605,898
Microsoft
Corporation
108,582,981
102,051
NVIDIA
Corporation
29,827,466
169,526
PayPal
Holdings,
Inc.
a
20,851,698
73,882
Salesforce.com,
Inc.
a
11,965,190
94,933
ServiceNow,
Inc.
a
33,372,747
300,226
Square,
Inc.
a,b
19,556,722
135,491
Texas
Instruments,
Inc.
15,726,440
331,761
Visa,
Inc.
59,292,326
Total
478,495,358
Shares
Common
Stock
(
98
.0
%
)
Value
Materials
(1.3%)
79,358
Ecolab,
Inc.
$
15,355,773
Total
15,355,773
Real
Estate
(1.5%)
78,399
American
Tower
Corporation
18,658,962
Total
18,658,962
Total
Common
Stock
(cost
$757,191,964)
1,195,112,311
Shares
Collateral
Held
for
Securities
Loaned
(
2
.3
%
)
Value
28,000,450
Thrivent
Cash
Management
Trust
28,000,450
Total
Collateral
Held
for
Securities
Loaned
(cost
$28,000,450)
28,000,450
Shares
Short-Term
Investments
(
1
.7
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
2,098,003
1.450%
20,980,031
Total
Short-Term
Investments
(cost
$20,958,426)
20,980,031
Total
Investments
(cost
$806,150,840)
102.0%
$
1,244,092,792
Other
Assets
and
Liabilities,
Net
(2.0%)
(
23,933,501
)
Total
Net
Assets
100.0%
$
1,220,159,291
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Large
Cap
Growth
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Common
Stock
$
26,910,287
Total
lending
$26,910,287
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$28,000,450
Net
amounts
due
to
counterparty
$1,090,163
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
445,371,375
Gross
unrealized
depreciation
(
8,867,226
)
Net
unrealized
appreciation
(depreciation)
$
436,504,149
Cost
for
federal
income
tax
purposes
$
807,588,643
Large
Cap
Growth
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
85
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Large
Cap
Growth
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
160,112,464
160,112,464
–
–
Consumer
Discretionary
235,702,276
235,702,276
–
–
Consumer
Staples
14,793,702
14,793,702
–
–
Financials
61,808,429
61,808,429
–
–
Health
Care
159,745,899
159,745,899
–
–
Industrials
50,439,448
50,439,448
–
–
Information
Technology
478,495,358
478,495,358
–
–
Materials
15,355,773
15,355,773
–
–
Real
Estate
18,658,962
18,658,962
–
–
Subtotal
Investments
in
Securities
$
1,195,112,311
$
1,195,112,311
$
–
$
–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
20,980,031
Collateral
Held
for
Securities
Loaned
28,000,450
Subtotal
Other
Investments
$
48,980,481
Total
Investments
at
Value
$
1,244,092,792
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Large
Cap
Growth
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$
20,205
$
105,717
$
104,936
$
20,980
2,098
1.7%
Total
Affiliated
Short-Term
Investments
20,205
20,980
1.7
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
2,432
31,956
6,388
28,000
28,000
2.3
Total
Collateral
Held
for
Securities
Loaned
2,432
28,000
2.3
Total
Value
$
22,637
$
48,980
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$(28)
$22
$
0
$194
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$194
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
5
Total
Affiliated
Income
from
Securities
Loaned,
Net
$5
Total
$(28)
$22
$
0
Large
Cap
Value
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
86
Shares
Common
Stock
(
98.2%
)
Value
Communications
Services
(9.0%)
12,640
Alphabet,
Inc.,
Class
C
a
$
17,047,062
701,520
Comcast
Corporation
26,398,198
41,050
Discovery,
Inc.,
Class
A
a,b
920,341
744,029
Verizon
Communications,
Inc.
42,744,466
136,229
ViacomCBS
,
Inc.
2,351,313
Total
89,461,380
Consumer
Discretionary
(7.0%)
123,738
Aptiv
plc
8,605,978
7,501
AutoZone,
Inc.
a
7,653,420
184,901
D.R.
Horton,
Inc.
8,731,025
277,941
Lowe's
Companies,
Inc.
29,114,320
38,950
Mohawk
Industries,
Inc.
a
3,416,694
183,720
Sony
Corporation
ADR
11,804,010
Total
69,325,447
Consumer
Staples
(3.9%)
58,160
Kimberly-Clark
Corporation
8,053,997
254,533
Wal-Mart
Stores,
Inc.
30,938,486
Total
38,992,483
Energy
(6.6%)
460,632
BP
plc
ADR
10,963,042
144,597
Chevron
Corporation
13,302,924
124,920
ConocoPhillips
5,259,132
322,073
Enterprise
Products
Partners,
LP
5,655,602
102,700
Exxon
Mobil
Corporation
4,772,469
313,150
Halliburton
Company
3,288,075
794,425
Marathon
Oil
Corporation
4,861,881
278,710
Marathon
Petroleum
Corporation
8,941,017
98,591
Pioneer
Natural
Resources
Company
8,805,162
Total
65,849,304
Financials
(19.8%)
254,290
Aflac,
Inc.
9,469,760
191,870
American
International
Group,
Inc.
4,879,254
1,486,286
Bank
of
America
Corporation
35,745,178
267,992
Capital
One
Financial
Corporation
17,355,162
75,827
Chubb,
Ltd.
8,190,074
632,810
Citigroup,
Inc.
30,729,254
90,790
Comerica,
Inc.
3,164,939
24,680
Goldman
Sachs
Group,
Inc.
4,526,806
239,182
Hartford
Financial
Services
Group,
Inc.
9,086,524
98,700
J.P.
Morgan
Chase
&
Company
9,451,512
455,940
KeyCorp
5,311,701
221,270
MetLife,
Inc.
7,983,422
329,930
Morgan
Stanley
13,009,140
95,150
PNC
Financial
Services
Group,
Inc.
10,149,650
143,290
Raymond
James
Financial,
Inc.
9,445,677
321,870
U.S.
Bancorp
11,748,255
221,820
Zions
Bancorporations
NA
7,011,730
Total
197,258,038
Health
Care
(18.4%)
39,779
Biogen,
Inc.
a
11,807,600
248,770
Centene
Corporation
a
16,563,107
84,336
Cigna
Holding
Company
16,511,302
344,791
CVS
Health
Corporation
21,221,886
61,593
Gilead
Sciences,
Inc.
5,173,812
70,520
HCA
Healthcare,
Inc.
7,748,738
216,670
Johnson
&
Johnson
32,509,167
257,813
Medtronic
plc
25,170,283
Shares
Common
Stock
(
98.2%
)
Value
Health
Care
(18.4%)
-
continued
379,502
Merck
&
Company,
Inc.
$
30,109,689
318,590
Pfizer,
Inc.
12,221,112
39,122
Zimmer
Biomet
Holdings,
Inc.
4,682,903
Total
183,719,599
Industrials
(10.5%)
25,230
Boeing
Company
3,557,935
459,940
Carrier
Global
Corporation
a
8,145,538
106,920
CSX
Corporation
7,081,312
303,110
Delta
Air
Lines,
Inc.
7,853,580
88,060
General
Dynamics
Corporation
11,502,397
120,233
Honeywell
International,
Inc.
17,061,063
83,379
Ingersoll
-
Rand,
Inc.
a
2,424,661
369,900
Johnson
Controls
International
plc
10,767,789
47,840
Kansas
City
Southern
6,245,512
103,820
Otis
Worldwide
Corporation
a
5,285,476
68,050
Parker-Hannifin
Corporation
10,760,066
207,640
Raytheon
Technologies
Corporation
13,457,148
Total
104,142,477
Information
Technology
(15.9%)
54,390
Apple,
Inc.
15,979,782
1,077,770
Cisco
Systems,
Inc.
45,675,892
256,881
Microsoft
Corporation
46,035,644
140,090
Oracle
Corporation
7,420,567
113,300
QUALCOMM,
Inc.
8,913,311
12,534
Samsung
Electronics
Company,
Ltd.
GDR
13,024,480
135,082
Texas
Instruments,
Inc.
15,678,968
44,100
VMware,
Inc.
a,b
5,800,032
Total
158,528,676
Materials
(2.6%)
262,560
CF
Industries
Holdings,
Inc.
7,220,400
203,966
Eastman
Chemical
Company
12,341,983
153,440
Nucor
Corporation
6,320,193
Total
25,882,576
Real
Estate
(1.6%)
188,182
American
Campus
Communities,
Inc.
6,640,943
30,069
AvalonBay
Communities,
Inc.
4,899,743
339,710
Host
Hotels
&
Resorts,
Inc.
4,181,830
Total
15,722,516
Utilities
(2.9%)
562,483
Exelon
Corporation
20,856,870
199,026
FirstEnergy
Corporation
8,213,803
Total
29,070,673
Total
Common
Stock
(cost
$843,563,079)
977,953,169
Shares
Collateral
Held
for
Securities
Loaned
(
0.7%
)
Value
6,701,150
Thrivent
Cash
Management
Trust
6,701,150
Total
Collateral
Held
for
Securities
Loaned
(cost
$6,701,150)
6,701,150
Large
Cap
Value
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
87
Shares
Short-Term
Investments
(
2.2%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
2,186,365
1.450%
$
21,863,655
Total
Short-Term
Investments
(cost
$21,840,827)
21,863,655
Total
Investments
(cost
$872,105,056)
101.1%
$1,006,517,974
Other
Assets
and
Liabilities,
Net
(1.1%)
(10,612,229)
Total
Net
Assets
100.0%
$995,905,745
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Large
Cap
Value
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Common
Stock
$
6,334,102
Total
lending
$6,334,102
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$6,701,150
Net
amounts
due
to
counterparty
$367,048
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
GDR
-
Global
Depository
Receipts,
which
are
certificates
for
shares
of
an
underlying
foreign
security’s
shares
held
by
an
issuing
depository
bank
from
more
than
one
country.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
240,297,939
Gross
unrealized
depreciation
(106,059,301)
Net
unrealized
appreciation
(depreciation)
$
134,238,638
Cost
for
federal
income
tax
purposes
$
872,279,336
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Large
Cap
Value
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
89,461,380
89,461,380
–
–
Consumer
Discretionary
69,325,447
69,325,447
–
–
Consumer
Staples
38,992,483
38,992,483
–
–
Energy
65,849,304
65,849,304
–
–
Financials
197,258,038
197,258,038
–
–
Health
Care
183,719,599
183,719,599
–
–
Industrials
104,142,477
104,142,477
–
–
Information
Technology
158,528,676
145,504,196
13,024,480
–
Materials
25,882,576
25,882,576
–
–
Real
Estate
15,722,516
15,722,516
–
–
Utilities
29,070,673
29,070,673
–
–
Subtotal
Investments
in
Securities
$977,953,169
$964,928,689
$13,024,480
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
21,863,655
Collateral
Held
for
Securities
Loaned
6,701,150
Subtotal
Other
Investments
$28,564,805
Total
Investments
at
Value
$1,006,517,974
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Large
Cap
Value
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
88
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Large
Cap
Value
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$38,341
$42,974
$59,448
$21,864
2,186
2.2%
Total
Affiliated
Short-Term
Investments
38,341
21,864
2.2
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
31,912
25,211
6,701
6,701
0.7
Total
Collateral
Held
for
Securities
Loaned
–
6,701
0.7
Total
Value
$38,341
$28,565
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$(26)
$23
$0
$287
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$287
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
6
Total
Affiliated
Income
from
Securities
Loaned,
Net
$6
Total
$(26)
$23
$0
Limited
Maturity
Bond
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
89
Principal
Amount
Long-Term
Fixed
Income
(
96.0%
)
Value
%
of
Net
Assets
Asset-Backed
Securities
(16.8%)
Ares
XXXVII
CLO,
Ltd.
$
4,000,000
2.389%,
(LIBOR
3M
+
1.170%),
10/15/2030,
Ser.
2015-4A,
Class
A1R
a,b
$
3,864,960
0.4%
Assurant
CLO
III,
Ltd.
4,700,000
2.365%,
(LIBOR
3M
+
1.230%),
10/20/2031,
Ser.
2018-2A,
Class
A
a,b
4,483,814
0.4%
Benefit
Street
Partners
CLO
IV,
Ltd.
5,400,000
2.385%,
(LIBOR
3M
+
1.250%),
1/20/2029,
Ser.
2014-IVA,
Class
A1RR
a,b
5,320,323
0.5%
CBAM,
Ltd.
5,000,000
2.499%,
(LIBOR
3M
+
1.280%),
2/12/2030,
Ser.
2019-9A,
Class
A
a,b
4,848,290
0.4%
Cedar
Funding
VI
CLO,
Ltd.
6,000,000
2.225%,
(LIBOR
3M
+
1.090%),
10/20/2028,
Ser.
2016-6A,
Class
AR
a,b
5,746,578
0.5%
Education
Funding
Trust
5,032,405
2.790%,
7/25/2041,
Ser.
2020-A,
Class
A
a
5,020,421
0.5%
Garrison
BSL
CLO,
Ltd.
6,000,000
2.105%,
(LIBOR
3M
+
0.970%),
7/17/2028,
Ser.
2018-1A,
Class
A1
a,b
5,804,040
0.5%
GM
Financial
Automobile
Leasing
Trust
6,500,000
3.080%,
12/20/2022,
Ser.
2019-1,
Class
A4
6,592,262
0.6%
Golub
Capital
Partners,
Ltd.
6,000,000
2.285%,
(LIBOR
3M
+
1.150%),
10/20/2028,
Ser.
2018-39A,
Class
A1
a,b
5,781,516
0.5%
Invitation
Homes
Trust
4,232,073
1.851%,
(LIBOR
1M
+
1.100%),
1/17/2038,
Ser.
2018-SFR4,
Class
A
a,b
4,118,545
0.4%
OZLM
VIII,
Ltd.
4,363,492
2.305%,
(LIBOR
3M
+
1.170%),
10/17/2029,
Ser.
2014-8A,
Class
A1RR
a,b
4,179,736
0.4%
RCO
Mortgage,
LLC
6,810,735
4.458%,
10/25/2023,
Ser.
2018-2,
Class
A1
a,c
6,549,710
0.6%
THL
Credit
Wind
River
CLO,
Ltd.
6,000,000
2.365%,
(LIBOR
3M
+
1.230%),
7/20/2030,
Ser.
2017-2A,
Class
A
a,b
5,757,090
0.5%
Upstart
Securitization
Trust
5,135,706
2.322%,
4/22/2030,
Ser.
2020-1,
Class
A
a
4,777,871
0.4%
Vericrest
Opportunity
Loan
Transferee
4,104,909
3.352%,
9/25/2049,
Ser.
2019-NPL5,
Class
A1A
a,c
3,682,356
0.3%
Principal
Amount
Long-Term
Fixed
Income
(
96.0%
)
Value
%
of
Net
Assets
Asset-Backed
Securities
(16.8%)
-
continued
Other
Securities
^
$
107,259,122
9.9%
Total
183,786,634
Basic
Materials
(0.8%)
Other
Securities
^
9,042,350
0.8%
Total
9,042,350
Capital
Goods
(1.9%)
Other
Securities
^
20,505,589
1.9%
Total
20,505,589
Collateralized
Mortgage
Obligations
(18.0%)
Ajax
Mortgage
Loan
Trust
4,668,523
2.956%,
9/25/2065,
Ser.
2019-D,
Class
A1
a
4,690,800
0.4%
Banc
of
America
Funding
Trust
1,540,957
5.750%,
3/25/2036,
Ser.
2006-3,
Class
3A1
1,518,746
0.1%
952,439
3.442%,
1/25/2035,
Ser.
2004-D,
Class
4A1
b
829,491
0.1%
BRAVO
Residential
Funding
Trust
4,123,804
2.748%,
11/25/2059,
Ser.
2019-NQM2,
Class
A1
a,b
4,089,867
0.4%
Countrywide
Alternative
Loan
Trust
168,541
5.500%,
11/25/2035,
Ser.
2005-49CB,
Class
A1
153,839
<0.1%
Credit
Suisse
Mortgage
Capital
Certificates
5,000,000
1.794%,
(LIBOR
1M
+
0.980%),
5/15/2036,
Ser.
2019-ICE4,
Class
A
a,b
4,866,350
0.4%
4,747,513
3.322%,
10/25/2058,
Ser.
2019-RPL8,
Class
A1
a,b
4,561,394
0.4%
Deephaven
Residential
Mortgage
Trust
4,308,040
2.791%,
10/25/2059,
Ser.
2019-4A,
Class
A1
a,b
4,296,234
0.4%
Federal
National
Mortgage
Association
-
REMIC
4,269,673
4.000%,
3/25/2029,
Ser.
2012-74,
Class
V
4,524,173
0.4%
8,734,270
3.000%,
2/25/2040,
Ser.
2018-13,
Class
EB
8,931,266
0.8%
5,968,205
3.000%,
8/25/2041,
Ser.
2015-80,
Class
LA
6,152,358
0.6%
5,137,045
3.000%,
2/25/2044,
Ser.
2016-81,
Class
PA
5,482,388
0.5%
949,068
3.000%,
1/25/2041,
Ser.
2015-79,
Class
BA
974,907
0.1%
Federal
National
Mortgage
Association
Conventional
15-
Yr.
Pass
Through
74,600
2.250%,
6/25/2025,
Ser.
2010-58,
Class
PT
74,890
<0.1%
Limited
Maturity
Bond
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
90
Principal
Amount
Long-Term
Fixed
Income
(
96.0%
)
Value
%
of
Net
Assets
Collateralized
Mortgage
Obligations
(18.0%)
-
continued
GCAT
Trust
$
3,442,539
2.985%,
2/25/2059,
Ser.
2019-NQM1,
Class
A1
a,c
$
3,493,157
0.3%
Homeward
Opportunities
Fund
I
Trust
4,080,565
3.454%,
1/25/2059,
Ser.
2019-1,
Class
A1
a,b
4,043,482
0.4%
Merrill
Lynch
Mortgage
Investors
Trust
249,788
1.672%,
(LIBOR
1M
+
1.185%),
7/25/2035,
Ser.
2004-WMC5,
Class
M3
b
245,812
<0.1%
Mortgage
Equity
Conversion
Asset
Trust
1,212,027
0.660%,
(CMT
1Y
+
0.490%),
1/25/2042,
Ser.
2007-FF1,
Class
A
a,b
1,120,501
0.1%
1,195,825
0.650%,
(CMT
1Y
+
0.470%),
2/25/2042,
Ser.
2007-FF2,
Class
A
a,b
1,115,754
0.1%
Pretium
Mortgage
Credit
Partners,
LLC
5,802,724
2.858%,
5/27/2059,
Ser.
2020-NPL1,
Class
A1
a,c
5,185,166
0.5%
RCO
Mortgage,
LLC
3,665,544
3.475%,
11/25/2024,
Ser.
2019-2,
Class
A1
a,c
3,551,593
0.3%
Specialty
Underwriting
and
Residential
Finance
Trust
3,769,213
1.467%,
(LIBOR
1M
+
0.980%),
10/25/2035,
Ser.
2004-BC4,
Class
A2C
b
3,431,439
0.3%
3,195,358
1.487%,
(LIBOR
1M
+
1.000%),
7/25/2035,
Ser.
2004-BC3,
Class
A2C
b
2,685,951
0.2%
Toorak
Mortgage
Corporation
4,000,000
4.375%,
8/25/2021,
Ser.
2018-1,
Class
A1
a,c
3,589,657
0.3%
6,000,000
4.458%,
3/25/2022,
Ser.
2019-1,
Class
A1
a,c
5,378,812
0.5%
3,500,000
2.734%,
3/25/2023,
Ser.
2020-1,
Class
A1
a,c
3,524,585
0.3%
Vericrest
Opportunity
Loan
Transferee
4,337,009
3.376%,
11/26/2049,
Ser.
2019-NPL9,
Class
A1A
a,c
3,909,598
0.4%
Verus
Securitization
Trust
4,124,476
3.211%,
5/25/2059,
Ser.
2019-2,
Class
A1
a,b
4,129,346
0.4%
Other
Securities
^
101,073,988
9.3%
Total
197,625,544
Commercial
Mortgage-Backed
Securities
(0.3%)
Federal
National
Mortgage
Association
-
ACES
1,980,584
3.560%,
9/25/2021,
Ser.
2018-M5,
Class
A2
b
2,011,026
0.2%
Other
Securities
^
1,021,505
0.1%
Total
3,032,531
Principal
Amount
Long-Term
Fixed
Income
(
96.0%
)
Value
%
of
Net
Assets
Communications
Services
(2.3%)
Other
Securities
^
$
25,531,758
2.3%
Total
25,531,758
Consumer
Cyclical
(2.6%)
Other
Securities
^
28,649,740
2.6%
Total
28,649,740
Consumer
Non-Cyclical
(5.5%)
Other
Securities
^
60,410,986
5.5%
Total
60,410,986
Energy
(2.7%)
Other
Securities
^
29,602,871
2.7%
Total
29,602,871
Financials
(15.4%)
Bank
of
America
Corporation
2,150,000
4.200%,
8/26/2024
2,324,914
0.2%
2,100,000
2.456%,
10/22/2025
b
2,150,905
0.2%
1,500,000
2.816%,
7/21/2023
b
1,540,868
0.1%
1,000,000
3.458%,
3/15/2025
b
1,056,228
0.1%
Other
Securities
^
162,249,662
14.8%
Total
169,322,577
Foreign
Government
(0.1%)
Other
Securities
^
818,484
0.1%
Total
818,484
Mortgage-Backed
Securities
(5.9%)
Federal
National
Mortgage
Association
7,665,545
3.500%
-
4.500%,
5/1/2048
-
8/1/2049
8,134,782
0.8%
Federal
National
Mortgage
Association
Conventional
15-
Yr.
Pass
Through
21,300,000
2.000%,
6/1/2034
d
21,937,336
2.0%
16,100,000
2.500%,
6/1/2034
d
16,816,324
1.5%
Federal
National
Mortgage
Association
Conventional
30-
Yr.
Pass
Through
4,800,000
2.500%,
5/1/2050
d
4,998,188
0.5%
5,408,788
3.000%
-
4.000%,
7/1/2048
-
6/1/2049
d
5,728,512
0.5%
238,637
3.443%,
(LIBOR
12M
+
1.482%),
1/1/2043
b
245,106
<0.1%
Other
Securities
^
7,369,887
0.6%
Total
65,230,135
Technology
(2.2%)
Other
Securities
^
24,113,993
2.2%
Total
24,113,993
Limited
Maturity
Bond
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
91
Principal
Amount
Long-Term
Fixed
Income
(
96.0%
)
Value
%
of
Net
Assets
Transportation
(1.9%)
Other
Securities
^
$
21,010,660
1.9%
Total
21,010,660
U.S.
Government
&
Agencies
(16.5%)
Federal
Home
Loan
Bank
8,000,000
2.500%,
2/13/2024
8,614,466
0.8%
3,500,000
1.500%,
8/15/2024
3,653,347
0.3%
Federal
National
Mortgage
Association
3,500,000
2.875%,
9/12/2023
3,788,899
0.3%
U.S.
Treasury
Bonds
6,750,000
5.500%,
8/15/2028
9,447,627
0.9%
20,590,000
2.625%,
2/15/2029
24,140,971
2.2%
4,245,000
1.500%
-
2.250%,
11/15/2027
-
2/15/2030
4,646,285
0.4%
U.S.
Treasury
Notes
29,000,000
1.500%,
9/30/2021
29,540,351
2.7%
21,400,000
2.500%,
1/15/2022
22,235,937
2.0%
13,845,000
2.000%,
11/30/2022
14,472,352
1.3%
7,000,000
1.375%,
2/15/2023
7,221,484
0.7%
3,875,000
2.750%,
7/31/2023
4,185,454
0.4%
12,225,000
1.250%,
8/31/2024
12,704,927
1.2%
21,000,000
2.625%,
1/31/2026
23,583,164
2.2%
11,850,000
1.125%
-
2.875%,
2/28/2022
-
7/31/2025
12,601,092
1.1%
Total
180,836,356
Utilities
(3.1%)
Other
Securities
^
33,592,566
3.1%
Total
33,592,566
Total
Long-Term
Fixed
Income
(cost
$1,051,132,841)
1,053,112,774
Shares
Registered
Investment
Companies
(
2.9%
)
Value
%
of
Net
Assets
Unaffiliated  (2.9%)
398,300
Vanguard
Short-Term
Corporate
Bond
ETF
32,294,164
2.9%
Total
32,294,164
Total
Registered
Investment
Companies
(cost
$32,056,207)
32,294,164
Shares
Collateral
Held
for
Securities
Loaned
(
0.3%
)
Value
%
of
Net
Assets
2,969,500
Thrivent
Cash
Management
Trust
2,969,500
0.3%
Total
Collateral
Held
for
Securities
Loaned
(cost
$2,969,500)
2,969,500
Shares
Preferred
Stock
(
0.1%
)
Value
%
of
Net
Assets
Financials
(0.1%)
Other
Securities
^
$
1,445,580
0.1%
Total
1,445,580
Total
Preferred
Stock
(cost
$1,490,400)
1,445,580
Shares
or
Principal
Amount
Short-Term
Investments
(
5.4%
)
Value
%
of
Net
Assets
Federal
Home
Loan
Bank
Discount
Notes
1,700,000
0.130%
-
0.180%,
5/20/2020
-
8/4/2020
e,f
1,699,718
0.2%
Thrivent
Core
Short-Term
Reserve
Fund
5,637,925
1.450%
56,379,245
5.2%
U.S.
Treasury
Bills
660,000
0.035%
-
0.105%,
7/16/2020
-
9/24/2020
e,g
659,717
<0.1%
Total
Short-Term
Investments
(cost
$58,638,673)
58,738,680
Total
Investments
(cost
$1,146,287,621)
104.7%
$1,148,560,698
Other
Assets
and
Liabilities,
Net
(4.7%)
(51,503,627)
Total
Net
Assets
100.0%
$1,097,057,071
^
The
Summary
Schedule
of
Investments
shows
the
50
largest
holdings
in
unaffiliated
issuers,
any
holding
or
issuer
that
exceeds
1%
of
net
assets
and
all
affiliated
holdings
as
of
the
report
date.  The
remaining
securities
held
are
grouped
by
category
as
“Other
securities”.
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
April
30,
2020,
the
value
of
these
investments
was
$410,547,302
or
37.4%
of
total
net
assets.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Denotes
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
April
30,
2020.
d
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
e
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
f
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
g
All
or
a
portion
of
the
security
is
pledged
as
collateral
under
the
agreement
between
the
counterparty,
the
custodian
and
the
fund
for
open
swap
contracts.
Limited
Maturity
Bond
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
92
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Limited
Maturity
Bond
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
2,904,097
Total
lending
$2,904,097
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$2,969,500
Net
amounts
due
to
counterparty
$65,403
Definitions:
ACES
-
Alternative
Credit
Enhancement
Securities
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
Ser.
-
Series
Reference
Rate
Index:
CMT
1Y
-
Constant
Maturity
Treasury
Yield
1
Year
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
LIBOR
12M
-
ICE
Libor
USD
Rate
12
Month
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
25,099,013
Gross
unrealized
depreciation
(28,393,111)
Net
unrealized
appreciation
(depreciation)
$
(3,294,098)
Cost
for
federal
income
tax
purposes
$
1,148,992,280
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Limited
Maturity
Bond
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Asset-Backed
Securities
183,786,634
–
183,786,634
–
Basic
Materials
9,042,350
–
9,042,350
–
Capital
Goods
20,505,589
–
20,505,589
–
Collateralized
Mortgage
Obligations
197,625,544
–
197,625,544
–
Commercial
Mortgage-Backed
Securities
3,032,531
–
3,032,531
–
Communications
Services
25,531,758
–
25,531,758
–
Consumer
Cyclical
28,649,740
–
28,649,740
–
Consumer
Non-Cyclical
60,410,986
–
60,410,986
–
Energy
29,602,871
–
29,602,871
–
Financials
169,322,577
–
169,322,577
–
Foreign
Government
818,484
–
818,484
–
Mortgage-Backed
Securities
65,230,135
–
65,230,135
–
Technology
24,113,993
–
24,113,993
–
Transportation
21,010,660
–
21,010,660
–
U.S.
Government
&
Agencies
180,836,356
–
180,836,356
–
Utilities
33,592,566
–
33,592,566
–
Registered
Investment
Companies
Unaffiliated
32,294,164
32,294,164
–
–
Preferred
Stock
Financials
1,445,580
1,445,580
–
–
Short-Term
Investments
2,359,435
–
2,359,435
–
Subtotal
Investments
in
Securities
$1,089,211,953
$33,739,744
$1,055,472,209
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
56,379,245
Collateral
Held
for
Securities
Loaned
2,969,500
Subtotal
Other
Investments
$59,348,745
Total
Investments
at
Value
$1,148,560,698
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Limited
Maturity
Bond
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
93
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
1,393,459
1,393,459
–
–
Total
Asset
Derivatives
$1,393,459
$1,393,459
$–
$–
Liability
Derivatives
Futures
Contracts
4,177,590
4,177,590
–
–
Credit
Default
Swaps
78,385
–
78,385
–
Total
Liability
Derivatives
$4,255,975
$4,177,590
$78,385
$–
The
following
table
presents
Limited
Maturity
Bond
Fund's
futures
contracts
held
as
of
April
30,
2020.
Investments
and/or
cash
totaling
$1,699,718
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
CBOT
2-Yr.
U.S.
Treasury
Note
350
June
2020
$
75,756,933
$
1,393,459
Total
Futures
Long
Contracts
$
75,756,933
$
1,393,459
CBOT
10-Yr.
U.S.
Treasury
Note
(190)
June
2020
(
$
25,592,701)
(
$
829,174)
CBOT
5-Yr.
U.S.
Treasury
Note
(811)
June
2020
(
99,147,789)
(
2,620,043)
CBOT
U.S.
Long
Bond
(28)
June
2020
(
4,945,027)
(
123,848)
Ultra
10-Yr.
U.S.
Treasury
Note
(66)
June
2020
(
9,759,538)
(
604,525)
Total
Futures
Short
Contracts
(
$
139,445,055)
($4,177,590)
Total
Futures
Contracts
(
$
63,688,122)
($2,784,131)
The
following
table
presents
Limited
Maturity
Bond
Fund's
swaps
contracts
held
as
of
April
30,
2020.
Investments
totaling
$659,717
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
34,
5
Year,
at
5.00%,
Quarterly
Sell
6/20/2025
(
$
4,425,000)
$
–
(
$
78,385)
(
$
78,385)
Total
Credit
Default
Swaps
$–
($78,385)
($78,385)
1
As
the
buyer
of
protection,
Limited
Maturity
Bond
Fund
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
As
the
seller
of
protection,
Limited
Maturity
Bond
Fund
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
2
The
maximum
potential
amount
of
future
payments
Limited
Maturity
Bond
Fund
could
be
required
to
make
as
the
seller
or
receive
as
the
buyer
of
protection.
3
The
values
for
credit
indexes
(CDX
or
LCDX)
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
liability
or
profit
for
the
credit
default
swap
contract
had
the
contract
been
closed
as
of
the
reporting
date.
When
protection
has
been
sold,
the
value
of
the
swap
will
increase
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
When
protection
has
been
purchased,
the
value
of
the
swap
will
increase
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
Limited
Maturity
Bond
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
94
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2020,
for
Limited
Maturity
Bond
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
1,393,459
Total
Interest
Rate
Contracts
1,393,459
Total
Asset
Derivatives
$1,393,459
Liability
Derivatives
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
4,177,590
Total
Interest
Rate
Contracts
4,177,590
Credit
Contracts
Credit
Default
Swaps
Net
Assets
-
Distributable
earnings/(accumulated
loss)
78,385
Total
Credit
Contracts
78,385
Total
Liability
Derivatives
$4,255,975
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.  Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Limited
Maturity
Bond
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Interest
Rate
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(4,233,919)
Total
Interest
Rate
Contracts
(4,233,919)
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
277,651
Total
Credit
Contracts
277,651
Total
($3,956,268)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Limited
Maturity
Bond
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(3,238,025)
Total
Interest
Rate
Contracts
(3,238,025)
Credit
Contracts
Credit
Default
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
(78,385)
Total
Credit
Contracts
(78,385)
Total
($3,316,410)
The
following
table
presents
Limited
Maturity
Bond
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2020.
Derivative
Risk
Category
Average
Notional
Value
Interest
Rate
Contracts
Futures
-
Long
$79,499,452
Futures
-
Short
(129,417,373)
Credit
Contracts
Credit
Default
Swaps
-
Sell
Protection
(64,373)
Limited
Maturity
Bond
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
95
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Limited
Maturity
Bond
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$89,624
$227,749
$260,997
$56,379
5,638
5.1%
Total
Affiliated
Short-Term
Investments
89,624
56,379
5.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
1,520
80,196
78,746
2,970
2,970
0.3
Total
Collateral
Held
for
Securities
Loaned
1,520
2,970
0.3
Total
Value
$91,144
$59,349
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$(97)
$100
$0
$636
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$636
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
3
Total
Affiliated
Income
from
Securities
Loaned,
Net
$3
Total
$(97)
$100
$0
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
96
Shares
Common
Stock
(
95.6%
)
Value
Communications
Services
(9.5%)
1,815
Auto
Trader
Group
plc
a
$
10,448
1,954
BCE,
Inc.
79,019
8,059
Deutsche
Telekom
AG
b
117,820
1,704
Elisa
Oyj
103,550
700
Hakuhodo
Dy
Holdings,
Inc.
7,755
286,000
HKT
Trust
and
HKT,
Ltd.
461,524
525
IAC/InterActiveCorp
b
117,327
19,719
Koninklijke
(Royal)
KPN
NV
45,420
4,600
Nippon
Telegraph
&
Telephone
Corporation
104,759
16,700
NTT
DOCOMO,
Inc.
492,169
12,567
Orange
SA
152,678
376,000
PCCW,
Ltd.
230,332
2,177
Proximus
SA
46,465
965
Rogers
Communications,
Inc.
40,418
38,542
Telecom
Italia
SPA
b
15,305
9,780
Verizon
Communications,
Inc.
561,861
Total
2,586,850
Consumer
Discretionary
(7.3%)
217
AutoZone,
Inc.
b
221,409
62
Hermes
International
45,326
1,514
Home
Depot,
Inc.
332,823
800
Iida
Group
Holdings
Company,
Ltd.
10,626
2,633
McDonald's
Corporation
493,845
4,700
Nissan
Motor
Company,
Ltd.
15,998
500
Oriental
Land
Company,
Ltd.
63,223
3,800
Rinnai
Corporation
287,833
310
Ross
Stores,
Inc.
28,322
3,700
SHIMAMURA
Company,
Ltd.
233,272
7,208
SmartCentres
REIT
110,402
3,037
TJX
Companies,
Inc.
148,965
Total
1,992,044
Consumer
Staples
(15.0%)
735
Carlsberg
AS
92,722
124
Clorox
Company
23,119
9,717
Coca-Cola
Company
445,913
2,426
Colgate-Palmolive
Company
170,475
310
Hershey
Company
41,053
1,132
Hormel
Foods
Corporation
53,034
16,100
Japan
Tobacco,
Inc.
299,831
5,084
Koninklijke
Ahold
Delhaize
NV
123,442
3,800
Lawson,
Inc.
197,522
37
Lindt
&
Spruengli
AG
288,230
685
Loblaw
Companies,
Ltd.
33,710
918
Mondelez
International,
Inc.
47,222
3,951
Nestle
SA
418,451
7,176
Orkla
ASA
64,820
3,907
PepsiCo,
Inc.
516,857
4,496
Procter
&
Gamble
Company
529,943
7,600
Seven
&
I
Holdings
Company,
Ltd.
251,690
5,200
Sundrug
Company,
Ltd.
178,040
850
Sysco
Corporation
47,829
561
Unilever
NV
27,938
1,955
Wal-Mart
Stores,
Inc.
237,630
Total
4,089,471
Financials
(11.2%)
372
Alleghany
Corporation
198,540
1,959
Allstate
Corporation
199,269
3,071
American
Financial
Group,
Inc.
203,423
1,201
Aon
plc
207,377
3,729
Arthur
J.
Gallagher
&
Company
292,727
1,920
Baloise
Holding
AG
287,265
Shares
Common
Stock
(
95.6%
)
Value
Financials
(11.2%)
-
continued
3,972
Bank
Leumi
Le-Israel
BM
$
21,402
1,988
Berkshire
Hathaway,
Inc.
b
372,472
1,008
Chubb,
Ltd.
108,874
10,398
CI
Financial
Corporation
110,483
986
CME
Group,
Inc.
175,715
799
Deutsche
Boerse
AG
123,876
800
Hang
Seng
Bank,
Ltd.
13,992
9,561
Israel
Discount
Bank,
Ltd.
31,019
3,700
Japan
Post
Bank
Company,
Ltd.
34,355
85
Markel
Corporation
b
73,596
3,291
Marsh
&
McLennan
Companies,
Inc.
320,313
69
Reinsurance
Group
of
America,
Inc.
7,223
6,539
Toronto-Dominion
Bank
273,220
Total
3,055,141
Health
Care
(12.7%)
703
Abbott
Laboratories
64,739
107
Amgen,
Inc.
25,596
493
Baxter
International,
Inc.
43,768
2,430
Danaher
Corporation
397,208
1,411
Eli
Lilly
and
Company
218,197
7,448
GlaxoSmithKline
plc
155,384
4,017
Johnson
&
Johnson
602,711
2,633
Medtronic
plc
257,060
4,601
Merck
&
Company,
Inc.
365,043
2,354
Novartis
AG
200,887
4,207
Novo
Nordisk
AS
268,364
1,506
Roche
Holding
AG
521,524
244
Sonova
Holding
AG
44,070
562
Stryker
Corporation
104,774
670
UnitedHealth
Group,
Inc.
195,955
Total
3,465,280
Industrials
(8.7%)
407
AMETEK,
Inc.
34,135
896
Carrier
Global
Corporation
b
15,868
561
Geberit
AG
250,881
539
General
Dynamics
Corporation
70,404
1,946
Honeywell
International,
Inc.
276,137
600
Keio
Corporation
33,941
1,700
Kintetsu
Group
Holdings
Company,
Ltd.
81,210
300
Kyushu
Railway
Company
8,071
867
Lockheed
Martin
Corporation
337,315
8,300
Mitsubishi
Corporation
176,026
400
Mitsui
&
Company,
Ltd.
5,583
448
Otis
Worldwide
Corporation
b
22,808
896
Raytheon
Technologies
Corporation
58,070
6,255
RELX
plc
141,123
4,776
Republic
Services,
Inc.
374,152
100
Sumitomo
Corporation
1,131
1,255
Verisk
Analytics,
Inc.
191,802
750
Waste
Connections,
Inc.
64,433
2,222
Waste
Management,
Inc.
222,244
Total
2,365,334
Information
Technology
(9.2%)
1,385
Accenture
plc
256,488
1,593
Amphenol
Corporation
140,598
1,168
Automatic
Data
Processing,
Inc.
171,334
8,400
Canon,
Inc.
176,695
4,633
CGI,
Inc.
b
295,464
1,954
Cisco
Systems,
Inc.
82,811
555
Citrix
Systems,
Inc.
80,481
623
Fiserv,
Inc.
b
64,206
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
97
Shares
Common
Stock
(
95.6%
)
Value
Information
Technology
(9.2%)
-
continued
48
Jack
Henry
&
Associates,
Inc.
$
7,850
1,137
MasterCard,
Inc.
312,641
1,602
Microsoft
Corporation
287,094
356
Motorola
Solutions,
Inc.
51,196
6,299
Paychex,
Inc.
431,608
864
Synopsys,
Inc.
b
135,752
Total
2,494,218
Materials
(5.2%)
1,464
Agnico
Eagle
Mines,
Ltd.
85,540
10,096
Barrick
Gold
Corporation
259,880
1,222
Franco-Nevada
Corporation
161,560
13,226
Kinross
Gold
Corporation
b
87,424
4,880
Kirkland
Lake
Gold,
Ltd.
201,728
6,175
Newmont
Mining
Corporation
367,289
2,100
Nippon
Steel
Corporation
17,669
21,900
Toray
Industries,
Inc.
100,405
3,705
Wheaton
Precious
Metals
Corporation
139,901
Total
1,421,396
Real
Estate
(10.3%)
562
American
Tower
Corporation
133,756
140,644
Ascendas
REIT
294,126
1,552
AvalonBay
Communities,
Inc.
252,899
1,778
Camden
Property
Trust
156,589
58,100
CapitaLand
Mall
Trust
77,302
1,500
Daito
Trust
Construction
Company,
Ltd.
142,628
6,636
Equity
Residential
431,738
134,900
Mapletree
Commercial
Trust
185,755
5,457
National
Retail
Properties,
Inc.
178,117
8,906
Quebecor,
Inc.
193,930
19,382
RioCan
REIT
221,397
4,542
Swiss
Prime
Site
AG
432,428
881
UDR,
Inc.
33,011
64
United
Urban
Investment
Corporation
64,208
Total
2,797,884
Utilities
(6.5%)
894
Ameren
Corporation
65,038
2,710
American
Electric
Power
Company,
Inc.
225,228
5,097
Consolidated
Edison,
Inc.
401,644
4,211
DTE
Energy
Company
436,849
3,617
Duke
Energy
Corporation
306,215
625
Enagas
SA
14,589
12,583
Enel
SPA
85,948
207
NextEra
Energy,
Inc.
47,842
137
Southern
Company
7,772
2,702
Xcel
Energy,
Inc.
171,739
Total
1,762,864
Total
Common
Stock
(cost
$26,758,726)
26,030,482
Shares
or
Principal
Amount
Short-Term
Investments
(
4.2%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
300,000
0.180%,
8/4/2020
c,d
299,905
Shares
or
Principal
Amount
Short-Term
Investments
(
4.2%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
85,107
1.450%
$
851,074
Total
Short-Term
Investments
(cost
$1,150,374)
1,150,979
Total
Investments
(cost
$27,909,100)
99.8%
$27,181,461
Other
Assets
and
Liabilities,
Net
0.2%
47,434
Total
Net
Assets
100.0%
$27,228,895
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
April
30,
2020,
the
value
of
these
investments
was
$10,448
or
0.0%
of
total
net
assets.
b
Non-income
producing
security.
c
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
d
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
Definitions:
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
1,732,605
Gross
unrealized
depreciation
(2,467,666)
Net
unrealized
appreciation
(depreciation)
$
(735,061)
Cost
for
federal
income
tax
purposes
$
27,964,538
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
98
Reference
Description:
MSCI
-
Morgan
Stanley
Capital
International
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Low
Volatility
Equity
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
2,586,850
679,188
1,907,662
–
Consumer
Discretionary
1,992,044
1,225,364
766,680
–
Consumer
Staples
4,089,471
2,113,075
1,976,396
–
Financials
3,055,141
2,159,529
895,612
–
Health
Care
3,465,280
2,275,051
1,190,229
–
Industrials
2,365,334
1,667,368
697,966
–
Information
Technology
2,494,218
2,022,059
472,159
–
Materials
1,421,396
756,174
665,222
–
Real
Estate
2,797,884
1,186,110
1,611,774
–
Utilities
1,762,864
1,662,327
100,537
–
Short-Term
Investments
299,905
–
299,905
–
Subtotal
Investments
in
Securities
$26,330,387
$15,746,245
$10,584,142
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
851,074
Subtotal
Other
Investments
$851,074
Total
Investments
at
Value
$27,181,461
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
48,016
48,016
–
–
Total
Asset
Derivatives
$48,016
$48,016
$–
$–
The
following
table
presents
Low
Volatility
Equity
Fund's
futures
contracts
held
as
of
April
30,
2020.
Investments
and/or
cash
totaling
$299,905
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
Eurex
MSCI
World
Index
14
June
2020
$
798,704
$
48,016
Total
Futures
Long
Contracts
$
798,704
$
48,016
Total
Futures
Contracts
$
798,704
$48,016
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2020,
for
Low
Volatility
Equity
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
48,016
Total
Equity
Contracts
48,016
Total
Asset
Derivatives
$48,016
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.  Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
99
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Low
Volatility
Equity
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(40,359)
Total
Equity
Contracts
(40,359)
Total
($40,359)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Low
Volatility
Equity
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
48,073
Total
Equity
Contracts
48,073
Total
$48,073
The
following
table
presents
Low
Volatility
Equity
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2020.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$363,181
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
Low
Volatility
Equity
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$521
$6,670
$6,340
$851
85
3.1%
Total
Affiliated
Short-Term
Investments
521
851
3.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
262
262
–
–
–
Total
Collateral
Held
for
Securities
Loaned
–
–
–
Total
Value
$521
$851
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$(1)
$1
$0
$3
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$3
Cash
Management
Trust-
Collateral
Investment  
–
–
–
0
Total
Affiliated
Income
from
Securities
Loaned,
Net
$0
Total
$(1)
$1
$0
Mid
Cap
Growth
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
100
Shares
Common
Stock
(
97.7%
)
Value
Communications
Services
(3.8%)
1,621
Live
Nation
Entertainment,
Inc.
a
$
72,734
318
RingCentral,
Inc.
a
72,673
399
Take-Two
Interactive
Software,
Inc.
a
48,299
Total
193,706
Consumer
Discretionary
(13.3%)
185
Aptiv
plc
12,867
223
Bright
Horizons
Family
Solutions,
Inc.
a
25,968
451
Burlington
Stores,
Inc.
a
82,393
109
Chipotle
Mexican
Grill,
Inc.
a
95,762
244
Domino's
Pizza,
Inc.
88,311
982
Five
Below,
Inc.
a
88,537
20
NVR,
Inc.
a
62,000
755
Ollie's
Bargain
Outlet
Holdings,
Inc.
a
51,272
1,396
Planet
Fitness,
Inc.
a
84,221
385
Ulta
Beauty,
Inc.
a
83,899
44
Vail
Resorts,
Inc.
7,525
Total
682,755
Consumer
Staples
(1.8%)
327
Casey's
General
Stores,
Inc.
49,511
667
Monster
Beverage
Corporation
a
41,227
Total
90,738
Energy
(0.6%)
524
Concho
Resources,
Inc.
29,721
Total
29,721
Financials
(6.9%)
482
Arthur
J.
Gallagher
&
Company
37,837
526
Cboe
Global
Markets,
Inc.
52,274
389
First
Republic
Bank
40,569
663
Interactive
Brokers
Group,
Inc.
27,183
239
MSCI,
Inc.
78,153
1,114
Raymond
James
Financial,
Inc.
73,435
233
SVB
Financial
Group
a
45,008
Total
354,459
Health
Care
(21.2%)
389
Agilent
Technologies,
Inc.
29,821
613
Agios
Pharmaceuticals,
Inc.
a
25,219
261
Biohaven
Pharmaceutical
Holding
Company,
Ltd.
a
12,293
365
Bio-Techne
Corporation
82,125
1,387
Catalent,
Inc.
a
95,911
372
Dexcom,
Inc.
a
124,694
1,113
Guardant
Health,
Inc.
a
85,657
245
Insulet
Corporation
a
48,931
574
LHC
Group,
Inc.
a
74,614
480
Nevro
Corporation
a
56,467
555
PRA
Health
Sciences,
Inc.
a
53,558
210
ResMed,
Inc.
32,617
196
Sarepta
Therapeutics,
Inc.
a
23,105
245
Teleflex,
Inc.
82,173
600
Veeva
Systems,
Inc.
a
114,480
151
Vertex
Pharmaceuticals,
Inc.
a
37,931
820
Zoetis,
Inc.
106,034
Total
1,085,630
Industrials
(13.9%)
815
A.O.
Smith
Corporation
34,540
1,025
BWX
Technologies,
Inc.
54,386
Shares
Common
Stock
(
97.7%
)
Value
Industrials
(13.9%)
-
continued
537
Copart,
Inc.
a
$
43,019
694
IDEX
Corporation
106,619
271
Nordson
Corporation
43,607
508
Old
Dominion
Freight
Line,
Inc.
a
73,807
262
Roper
Industries,
Inc.
89,350
1,792
Southwest
Airlines
Company
56,000
375
Trex
Company,
Inc.
a
35,708
768
United
Rentals,
Inc.
a
98,688
315
Verisk
Analytics,
Inc.
48,141
292
Waste
Connections,
Inc.
25,086
Total
708,951
Information
Technology
(29.5%)
721
Advanced
Micro
Devices,
Inc.
a
37,773
339
Akamai
Technologies,
Inc.
a
33,124
866
Amphenol
Corporation
76,433
848
Anaplan,
Inc.
a
34,649
360
Atlassian
Corporation
plc
a
55,976
588
Coupa
Software,
Inc.
a
103,541
919
DocuSign,
Inc.
a
96,265
1,241
Elastic
NV
a
79,598
23
EPAM
Systems,
Inc.
a
5,080
536
Euronet
Worldwide,
Inc.
a
49,183
729
Global
Payments,
Inc.
121,029
550
Guidewire
Software,
Inc.
a
49,962
250
Lam
Research
Corporation
63,820
178
MKS
Instruments,
Inc.
17,841
514
Monolithic
Power
Systems,
Inc.
102,754
346
Nice,
Ltd.
ADR
a
56,848
459
Palo
Alto
Networks,
Inc.
a
90,198
440
ServiceNow,
Inc.
a
154,678
2,789
STMicroelectronics
NV
ADR
71,315
373
Synopsys,
Inc.
a
58,606
159
Tyler
Technologies,
Inc.
a
50,990
308
WEX,
Inc.
a
40,754
859
Zscaler,
Inc.
a
57,622
Total
1,508,039
Materials
(2.2%)
263
Celanese
Corporation
21,847
470
Martin
Marietta
Materials,
Inc.
89,408
Total
111,255
Real
Estate
(4.5%)
187
CoStar
Group,
Inc.
a
121,225
207
Equity
Lifestyle
Properties,
Inc.
12,484
325
SBA
Communications
Corporation
94,224
Total
227,933
Total
Common
Stock
(cost
$4,867,900)
4,993,187
Shares
Short-Term
Investments
(
2.4%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
12,164
1.450%
121,638
Total
Short-Term
Investments
(cost
$121,457)
121,638
Total
Investments
(cost
$4,989,357)
100.1%
$5,114,825
Other
Assets
and
Liabilities,
Net
(0.1%)
(3,286)
Total
Net
Assets
100.0%
$5,111,539
Mid
Cap
Growth
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
101
a
Non-income
producing
security.
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$351,870
Gross
unrealized
depreciation
(226,402)
Net
unrealized
appreciation
(depreciation)
$125,468
Cost
for
federal
income
tax
purposes
$4,989,357
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Mid
Cap
Growth
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
193,706
193,706
–
–
Consumer
Discretionary
682,755
682,755
–
–
Consumer
Staples
90,738
90,738
–
–
Energy
29,721
29,721
–
–
Financials
354,459
354,459
–
–
Health
Care
1,085,630
1,085,630
–
–
Industrials
708,951
708,951
–
–
Information
Technology
1,508,039
1,508,039
–
–
Materials
111,255
111,255
–
–
Real
Estate
227,933
227,933
–
–
Subtotal
Investments
in
Securities
$4,993,187
$4,993,187
$–
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
121,638
Subtotal
Other
Investments
$121,638
Total
Investments
at
Value
$5,114,825
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
 The
Fund
owns
shares
of
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities. 
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Mid
Cap
Growth
Fund,
is
as
follows:
Fund
Value
2/28/2020
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$—
$1,748
$1,626
$122
12
2.4%
Total
Affiliated
Short-Term
Investments
—
122
2.4
Total
Value
$—
$122
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
2/28/2020
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$0
$0
$–
$0
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$0
Total
$0
$0
$–
Mid
Cap
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
102
Shares
Common
Stock
(
96.7%
)
Value
Communications
Services
(4.3%)
958,847
DISH
Network
Corporation
a
$
23,985,558
955,278
Twitter,
Inc.
a
27,397,373
727,917
Zillow
Group,
Inc.
a,b
31,693,506
Total
83,076,437
Consumer
Discretionary
(12.1%)
160,146
Burlington
Stores,
Inc.
a
29,257,073
759,197
Etsy,
Inc.
a
49,249,109
205,404
Lululemon
Athletica,
Inc.
a
45,903,686
16,987
NVR,
Inc.
a
52,659,700
381,170
RH
a,b
54,804,623
Total
231,874,191
Consumer
Staples
(2.1%)
1,593,346
Hain
Celestial
Group,
Inc.
a
41,172,061
Total
41,172,061
Energy
(2.1%)
264,111
Diamondback
Energy,
Inc.
11,499,393
4,777,115
WPX
Energy,
Inc.
a
29,283,715
Total
40,783,108
Financials
(15.1%)
1,715,102
Ally
Financial,
Inc.
28,110,522
1,434,237
Assured
Guaranty,
Ltd.
42,639,866
440,740
Hartford
Financial
Services
Group,
Inc.
16,743,713
512,513
Interactive
Brokers
Group,
Inc.
b
21,013,033
292,983
Kemper
Corporation
19,694,317
2,862,420
KeyCorp
33,347,193
44,588
Markel
Corporation
a
38,606,074
1,375,204
Radian
Group,
Inc.
20,600,556
944,196
Western
Alliance
Bancorp
33,877,752
1,147,212
Zions
Bancorporations
NA
36,263,371
Total
290,896,397
Health
Care
(9.9%)
221,300
Alexion
Pharmaceuticals,
Inc.
a
23,783,111
185,566
Align
Technology,
Inc.
a
39,868,855
1,100,748
Bausch
Health
Companies,
Inc.
a,b
19,945,554
336,995
Catalent,
Inc.
a
23,303,204
145,444
Edwards
Lifesciences
Corporation
a
31,634,070
227,180
Jazz
Pharmaceuticals,
Inc.
a
25,046,595
257,599
Universal
Health
Services,
Inc.
27,225,638
Total
190,807,027
Industrials
(13.6%)
487,770
AGCO
Corporation
25,773,767
1,162,667
Altra
Industrial
Motion
Corporation
32,450,036
159,852
Heico
Corporation
14,003,035
229,039
Huntington
Ingalls
Industries,
Inc.
43,840,355
243,159
Old
Dominion
Freight
Line,
Inc.
a
35,328,571
1,351,877
Southwest
Airlines
Company
42,246,156
780,839
United
Airlines
Holdings,
Inc.
a,b
23,097,218
342,130
United
Rentals,
Inc.
a
43,963,705
Total
260,702,843
Information
Technology
(19.0%)
794,587
Advanced
Micro
Devices,
Inc.
a
41,628,413
622,631
Akamai
Technologies,
Inc.
a
60,837,275
540,236
Alliance
Data
Systems
Corporation
27,049,617
159,234
ANSYS,
Inc.
a
41,692,238
Shares
Common
Stock
(
96.7%
)
Value
Information
Technology
(19.0%)
-
continued
849,456
Ciena
Corporation
a
$
39,287,340
200,571
KLA-Tencor
Corporation
32,911,695
150,277
Nice,
Ltd.
ADR
a,b
24,690,511
2,445,991
Nuance
Communications,
Inc.
a
49,409,018
747,229
Teradyne,
Inc.
46,731,702
Total
364,237,809
Materials
(3.2%)
590,356
Ball
Corporation
38,721,450
974,186
Steel
Dynamics,
Inc.
23,643,494
Total
62,364,944
Real
Estate
(9.0%)
231,408
Alexandria
Real
Estate
Equities,
Inc.
36,351,883
376,287
Camden
Property
Trust
33,139,596
200,163
Digital
Realty
Trust,
Inc.
29,922,367
562,439
Douglas
Emmett,
Inc.
17,148,765
1,051,651
Duke
Realty
Corporation
36,492,290
1,615,079
Host
Hotels
&
Resorts,
Inc.
19,881,622
Total
172,936,523
Utilities
(6.3%)
724,708
Alliant
Energy
Corporation
35,184,573
610,591
CMS
Energy
Corporation
34,858,640
406,444
Entergy
Corporation
38,819,467
240,726
Public
Service
Enterprise
Group,
Inc.
12,207,216
Total
121,069,896
Total
Common
Stock
(cost
$1,674,517,251)
1,859,921,236
Shares
Collateral
Held
for
Securities
Loaned
(
5.9%
)
Value
112,510,450
Thrivent
Cash
Management
Trust
112,510,450
Total
Collateral
Held
for
Securities
Loaned
(cost
$112,510,450)
112,510,450
Shares
Short-Term
Investments
(
3.3%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
6,354,222
1.450%
63,542,221
Total
Short-Term
Investments
(cost
$63,514,083)
63,542,221
Total
Investments
(cost
$1,850,541,784)
105.9%
$2,035,973,907
Other
Assets
and
Liabilities,
Net
(5.9%)
(113,475,960)
Total
Net
Assets
100.0%
$1,922,497,947
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
Mid
Cap
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
103
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Mid
Cap
Stock
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Common
Stock
$
104,030,286
Total
lending
$104,030,286
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$112,510,450
Net
amounts
due
to
counterparty
$8,480,164
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
349,327,819
Gross
unrealized
depreciation
(165,454,237)
Net
unrealized
appreciation
(depreciation)
$
183,873,582
Cost
for
federal
income
tax
purposes
$
1,852,100,325
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Mid
Cap
Stock
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
83,076,437
83,076,437
–
–
Consumer
Discretionary
231,874,191
231,874,191
–
–
Consumer
Staples
41,172,061
41,172,061
–
–
Energy
40,783,108
40,783,108
–
–
Financials
290,896,397
290,896,397
–
–
Health
Care
190,807,027
190,807,027
–
–
Industrials
260,702,843
260,702,843
–
–
Information
Technology
364,237,809
364,237,809
–
–
Materials
62,364,944
62,364,944
–
–
Real
Estate
172,936,523
172,936,523
–
–
Utilities
121,069,896
121,069,896
–
–
Subtotal
Investments
in
Securities
$1,859,921,236
$1,859,921,236
$–
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
63,542,221
Collateral
Held
for
Securities
Loaned
112,510,450
Subtotal
Other
Investments
$176,052,671
Total
Investments
at
Value
$2,035,973,907
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Mid
Cap
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
104
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Mid
Cap
Stock
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$78,794
$159,465
$174,618
$63,542
6,354
3.3%
Total
Affiliated
Short-Term
Investments
78,794
63,542
3.3
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
53,203
320,196
260,889
112,510
112,510
5.9
Total
Collateral
Held
for
Securities
Loaned
53,203
112,510
5.9
Total
Value
$131,997
$176,052
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$(127)
$28
$1
$865
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$865
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
103
Total
Affiliated
Income
from
Securities
Loaned,
Net
$103
Total
$(127)
$28
$1
Mid
Cap
Value
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
105
Shares
Common
Stock
(
97
.7
%
)
Value
Communications
Services
(3.3%)
4,105
Discovery,
Inc.,
Class
A
a
$
92,034
3,498
Interpublic
Group
of
Companies,
Inc.
59,396
Total
151,430
Consumer
Discretionary
(10.3%)
1,383
Aptiv
plc
96,188
742
Dollar
Tree,
Inc.
a
59,115
1,671
eBay,
Inc.
66,556
1,198
Mohawk
Industries,
Inc.
a
105,089
1,011
Polaris,
Inc.
71,710
1,661
Texas
Roadhouse,
Inc.
78,216
Total
476,874
Consumer
Staples
(4.6%)
851
Church
&
Dwight
Company,
Inc.
59,561
3,834
Hain
Celestial
Group,
Inc.
a
99,071
965
Sysco
Corporation
54,300
Total
212,932
Energy
(4.4%)
2,600
Helmerich
&
Payne,
Inc.
51,402
1,867
Marathon
Petroleum
Corporation
59,893
1,038
Pioneer
Natural
Resources
Company
92,704
Total
203,999
Financials
(20.6%)
1,458
Capital
One
Financial
Corporation
94,420
1,303
Comerica,
Inc.
45,423
3,121
Hartford
Financial
Services
Group,
Inc.
118,567
665
Kemper
Corporation
44,701
1,343
Raymond
James
Financial,
Inc.
88,530
1,797
Selective
Insurance
Group,
Inc.
90,084
1,404
State
Street
Corporation
88,508
2,871
Trustmark
Corporation
76,397
2,404
Voya
Financial,
Inc.
108,589
2,565
Wintrust
Financial
Corporation
107,474
2,876
Zions
Bancorporations
NA
90,910
Total
953,603
Health
Care
(8.1%)
1,876
Acadia
Healthcare
Company,
Inc.
a
45,043
601
Alexion
Pharmaceuticals,
Inc.
a
64,589
1,924
Centene
Corporation
a
128,100
1,138
Zimmer
Biomet
Holdings,
Inc.
136,219
Total
373,951
Industrials
(13.2%)
1,693
A.O.
Smith
Corporation
71,749
779
Carlisle
Companies,
Inc.
94,228
864
JB
Hunt
Transport
Services,
Inc.
87,368
443
Kansas
City
Southern
57,834
631
Lincoln
Electric
Holdings,
Inc.
50,802
661
Parker-Hannifin
Corporation
104,517
2,166
Southwest
Airlines
Company
67,687
281
W.W.
Grainger,
Inc.
77,438
Total
611,623
Information
Technology
(11.6%)
5,556
Change
Healthcare,
Inc.
a
64,672
2,582
Juniper
Networks,
Inc.
55,771
334
Littelfuse,
Inc.
48,510
Shares
Common
Stock
(
97
.7
%
)
Value
Information
Technology
(11.6%)
-
continued
3,269
National
Instruments
Corporation
$
125,595
3,261
ON
Semiconductor
Corporation
a
52,323
1,339
PTC,
Inc.
a
92,726
2,128
Western
Digital
Corporation
98,058
Total
537,655
Materials
(7.9%)
2,399
Axalta
Coating
Systems,
Ltd.
a
47,356
2,805
Berry
Plastics
Group,
Inc.
a
111,611
3,052
CF
Industries
Holdings,
Inc.
83,930
1,109
Eastman
Chemical
Company
67,106
1,421
Nucor
Corporation
58,531
Total
368,534
Real
Estate
(6.9%)
2,421
American
Campus
Communities,
Inc.
85,437
557
Camden
Property
Trust
49,055
5,354
Columbia
Property
Trust,
Inc.
76,509
1,808
Duke
Realty
Corporation
62,737
3,952
Host
Hotels
&
Resorts,
Inc.
48,649
Total
322,387
Utilities
(6.8%)
767
Ameren
Corporation
55,799
4,976
CenterPoint
Energy,
Inc.
84,741
2,642
FirstEnergy
Corporation
109,036
1,665
PNM
Resources,
Inc.
67,416
Total
316,992
Total
Common
Stock
(cost
$4,868,142)
4,529,980
Shares
Short-Term
Investments
(
1
.1
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
5,235
1.450%
52,346
Total
Short-Term
Investments
(cost
$52,191)
52,346
Total
Investments
(cost
$4,920,333)
98.8%
$
4,582,326
Other
Assets
and
Liabilities,
Net
1.2%
55,694
Total
Net
Assets
100.0%
$
4,638,020
a
Non-income
producing
security.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
186,828
Gross
unrealized
depreciation
(
524,835
)
Net
unrealized
appreciation
(depreciation)
(
$
338,007
)
Cost
for
federal
income
tax
purposes
$
4,920,333
Mid
Cap
Value
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
106
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Mid
Cap
Value
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
151,430
151,430
–
–
Consumer
Discretionary
476,874
476,874
–
–
Consumer
Staples
212,932
212,932
–
–
Energy
203,999
203,999
–
–
Financials
953,603
953,603
–
–
Health
Care
373,951
373,951
–
–
Industrials
611,623
611,623
–
–
Information
Technology
537,655
537,655
–
–
Materials
368,534
368,534
–
–
Real
Estate
322,387
322,387
–
–
Utilities
316,992
316,992
–
–
Subtotal
Investments
in
Securities
$
4,529,980
$
4,529,980
$
–
$
–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
52,346
Subtotal
Other
Investments
$
52,346
Total
Investments
at
Value
$
4,582,326
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
 The
Fund
owns
shares
of
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities. 
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Mid
Cap
Value
Fund,
is
as
follows:
Fund
Value
2/28/2020
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$
—
$
1,568
$
1,516
$
52
5
1.1%
Total
Affiliated
Short-Term
Investments
—
52
1.1
Total
Value
$
—
$
52
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
2/28/2020
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$0
$0
$
–
$0
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$–
Total
$0
$0
$
–
Moderate
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
107
Principal
Amount
Bank
Loans
(
1.5%
)
Value
%
of
Net
Assets
Basic
Materials
(0.1%)
Other
Securities
^
$
2,769,442
0.1%
Total
2,769,442
Capital
Goods
(0.2%)
Other
Securities
^
3,705,055
0.2%
Total
3,705,055
Communications
Services
(0.3%)
Other
Securities
^
8,145,303
0.3%
Total
8,145,303
Consumer
Cyclical
(0.2%)
Other
Securities
^
5,881,474
0.2%
Total
5,881,474
Consumer
Non-Cyclical
(0.3%)
Other
Securities
^
7,840,937
0.3%
Total
7,840,937
Energy
(0.1%)
Other
Securities
^
2,300,374
0.1%
Total
2,300,374
Financials
(0.1%)
Other
Securities
^
3,614,465
0.1%
Total
3,614,465
Technology
(0.2%)
Other
Securities
^
3,664,093
0.2%
Total
3,664,093
Transportation
(<0.1%)
Other
Securities
^
736,953
<0.1%
Total
736,953
Utilities
(<0.1%)
Other
Securities
^
613,859
<0.1%
Total
613,859
Total
Bank
Loans
(cost
$44,273,295)
39,271,955
Shares
Registered
Investment
Companies
(
41.5%
)
Value
%
of
Net
Assets
Unaffiliated  (1.3%)
212,050
Invesco
Senior
Loan
ETF
4,448,809
0.2%
55,000
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
7,104,350
0.3%
40,785
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
4,038,938
0.1%
33,845
SPDR
S&P
500
ETF
Trust
9,831,296
0.4%
Shares
Registered
Investment
Companies
(
41.5%
)
Value
%
of
Net
Assets
Unaffiliated  (1.3%)
-
continued
111,250
Vanguard
Short-Term
Corporate
Bond
ETF
$
9,020,150
0.3%
Other
Securities
^
2,210,618
<0.1%
Total
36,654,161
Affiliated  (40.2%)
6,751,435
Thrivent
Core
Emerging
Markets
Debt
Fund
60,830,430
2.3%
424,856
Thrivent
Core
Emerging
Markets
Equity
Fund
3,619,770
0.2%
2,369,413
Thrivent
Core
International
Equity
Fund
18,647,284
0.7%
9,249,734
Thrivent
Core
Low
Volatility
Equity
Fund
100,267,112
3.8%
2,271,188
Thrivent
Global
Stock
Fund,
Class
S
48,217,322
1.8%
8,569,008
Thrivent
High
Yield
Fund,
Class
S
36,075,524
1.4%
13,187,460
Thrivent
Income
Fund,
Class
S
126,335,871
4.8%
13,184,695
Thrivent
International
Allocation
Fund,
Class
S
109,960,358
4.2%
14,466,170
Thrivent
Large
Cap
Growth
Fund,
Class
S
194,425,326
7.4%
8,926,945
Thrivent
Large
Cap
Value
Fund,
Class
S
170,326,107
6.5%
5,386,921
Thrivent
Limited
Maturity
Bond
Fund,
Class
S
66,420,731
2.5%
4,250,886
Thrivent
Mid
Cap
Stock
Fund,
Class
S
96,835,181
3.7%
1,285,073
Thrivent
Small
Cap
Stock
Fund,
Class
S
24,454,937
0.9%
Total
1,056,415,953
Total
Registered
Investment
Companies
(cost
$936,960,116)
1,093,070,114
Principal
Amount
Long-Term
Fixed
Income
(
33.2%
)
Value
%
of
Net
Assets
Asset-Backed
Securities
(1.1%)
Other
Securities
^
27,983,870
1.1%
Total
27,983,870
Basic
Materials
(0.3%)
Other
Securities
^
8,752,066
0.3%
Total
8,752,066
Capital
Goods
(0.5%)
Other
Securities
^
13,677,849
0.5%
Total
13,677,849
Collateralized
Mortgage
Obligations
(1.2%)
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
$
3,428,548
3.000%
-
4.000%,
7/15/2031
-
7/15/2046,
Ser.
4750,
Class
PA
a
1,158,556
0.1%
Moderate
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
108
Principal
Amount
Long-Term
Fixed
Income
(
33.2%
)
Value
%
of
Net
Assets
Collateralized
Mortgage
Obligations
(1.2%)
-
continued
Federal
National
Mortgage
Association
-
REMIC
$
2,286,908
3.000%,
12/25/2027,
Ser.
2012-137,
Class
AI
a
$
144,971
<0.1%
Other
Securities
^
29,015,325
1.1%
Total
30,318,852
Commercial
Mortgage-Backed
Securities
(0.2%)
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
792,862
3.000%,
3/15/2045,
Ser.
4741,
Class
GA
825,052
<0.1%
Federal
National
Mortgage
Association
-
ACES
1,525,000
3.776%,
8/25/2030,
Ser.
2018-M12,
Class
A2
b
1,810,053
0.1%
Other
Securities
^
3,567,254
0.1%
Total
6,202,359
Communications
Services
(1.1%)
Other
Securities
^
29,822,381
1.1%
Total
29,822,381
Consumer
Cyclical
(0.9%)
Other
Securities
^
22,583,352
0.9%
Total
22,583,352
Consumer
Non-Cyclical
(1.6%)
Other
Securities
^
41,487,155
1.6%
Total
41,487,155
Energy
(0.9%)
Other
Securities
^
24,666,345
0.9%
Total
24,666,345
Financials
(2.6%)
Other
Securities
^
67,541,721
2.6%
Total
67,541,721
Mortgage-Backed
Securities
(10.0%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
15-
Yr.
Pass
Through
9,660,924
3.500%,
5/1/2034
10,216,489
0.4%
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-
Yr.
Pass
Through
16,160,808
3.000%,
3/25/2050
17,078,332
0.7%
8,427,266
3.000%,
4/1/2050
8,905,730
0.3%
10,211,678
3.000%,
8/1/2047
10,809,139
0.4%
490,454
3.500%,
7/1/2047
521,169
<0.1%
Principal
Amount
Long-Term
Fixed
Income
(
33.2%
)
Value
%
of
Net
Assets
Mortgage-Backed
Securities
(10.0%)
-
continued
Federal
National
Mortgage
Association
$
3,940,021
4.500%,
5/1/2048
$
4,258,505
0.2%
7,869,504
3.500%,
10/1/2048
8,332,398
0.3%
21,169,839
3.500%,
2/1/2049
22,352,071
0.9%
8,902,321
3.500%,
8/1/2049
9,449,883
0.4%
1,295,773
3.230%
-
3.500%,
11/1/2020
-
6/1/2049
1,316,833
<0.1%
Federal
National
Mortgage
Association
Conventional
15-
Yr.
Pass
Through
39,450,000
2.000%,
6/1/2034
c
40,630,418
1.5%
17,475,000
2.500%,
6/1/2034
c
18,252,501
0.7%
Federal
National
Mortgage
Association
Conventional
30-
Yr.
Pass
Through
31,600,000
2.500%,
5/1/2050
c
32,904,734
1.3%
15,424,726
4.000%,
7/1/2048
16,416,568
0.6%
13,900,000
3.000%,
5/1/2049
c
14,673,187
0.6%
18,262,000
3.000%,
6/1/2049
c
19,255,644
0.7%
25,093,000
2.500%,
7/1/2049
c
26,086,514
1.0%
Total
261,460,115
Technology
(0.9%)
Other
Securities
^
23,984,408
0.9%
Total
23,984,408
Transportation
(0.2%)
Other
Securities
^
5,687,101
0.2%
Total
5,687,101
U.S.
Government
&
Agencies
(10.8%)
U.S.
Treasury
Bonds
21,400,000
2.875%,
5/15/2028
25,249,492
1.0%
5,090,000
5.250%,
11/15/2028
7,074,702
0.3%
10,000,000
1.625%,
8/15/2029
10,904,688
0.4%
10,000,000
1.500%,
2/15/2030
10,812,500
0.4%
15,871,000
2.500%,
5/15/2046
20,145,011
0.8%
13,950,000
2.875%,
5/15/2049
19,318,570
0.7%
3,790,000
2.250%
-
4.375%,
11/15/2027
-
5/15/2042
4,941,940
0.2%
U.S.
Treasury
Notes
22,000,000
1.375%,
9/30/2020
d
22,115,156
0.8%
4,773,000
1.125%,
8/31/2021
4,832,476
0.2%
23,940,000
1.500%,
9/30/2021
24,386,070
0.9%
3,710,000
1.875%,
7/31/2022
3,848,400
0.2%
19,860,000
2.000%,
11/30/2022
20,759,906
0.8%
5,270,000
2.500%,
3/31/2023
5,614,197
0.2%
16,750,000
2.500%,
1/31/2024
18,117,480
0.7%
6,640,000
2.125%,
7/31/2024
7,139,816
0.3%
10,000,000
1.250%,
8/31/2024
10,392,578
0.4%
5,740,000
2.250%,
11/15/2024
6,229,694
0.2%
6,340,000
2.125%,
11/30/2024
6,851,410
0.3%
9,100,000
2.625%,
1/31/2026
10,219,371
0.4%
33,940,000
2.500%,
2/28/2026
37,921,321
1.4%
6,390,000
1.125%
-
2.500%,
8/31/2020
-
1/31/2025
e
6,511,218
0.2%
Total
283,385,996
Moderate
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
109
Principal
Amount
Long-Term
Fixed
Income
(
33.2%
)
Value
%
of
Net
Assets
Utilities
(0.9%)
Other
Securities
^
$
23,967,651
0.9%
Total
23,967,651
Total
Long-Term
Fixed
Income
(cost
$832,201,902)
871,521,221
Shares
Common
Stock
(
17.7%
)
Value
%
of
Net
Assets
Communications
Services
(0.7%)
Other
Securities
^
18,516,869
0.7%
Total
18,516,869
Consumer
Discretionary
(1.8%)
1,731
Amazon.com,
Inc.
f
4,282,494
0.2%
Other
Securities
^
42,972,898
1.6%
Total
47,255,392
Consumer
Staples
(0.6%)
Other
Securities
^
15,899,049
0.6%
Total
15,899,049
Energy
(0.5%)
Other
Securities
^
13,123,967
0.5%
Total
13,123,967
Financials
(2.7%)
Other
Securities
^
71,833,714
2.7%
Total
71,833,714
Health
Care
(2.9%)
26,610
Johnson
&
Johnson
3,992,564
0.2%
Other
Securities
^
71,562,110
2.7%
Total
75,554,674
Industrials
(2.6%)
Other
Securities
^
66,946,828
2.6%
Total
66,946,828
Information
Technology
(3.8%)
21,444
Apple,
Inc.
6,300,247
0.3%
43,619
Microsoft
Corporation
7,816,961
0.3%
20,355
Monolithic
Power
Systems,
Inc.
4,069,168
0.2%
Other
Securities
^
81,701,963
3.0%
Total
99,888,339
Materials
(0.7%)
Other
Securities
^
18,276,734
0.7%
Total
18,276,734
Shares
Common
Stock
(
17.7%
)
Value
%
of
Net
Assets
Real
Estate
(1.1%)
Other
Securities
^
$
29,944,557
1.1%
Total
29,944,557
Utilities
(0.3%)
Other
Securities
^
8,449,266
0.3%
Total
8,449,266
Total
Common
Stock
(cost
$442,308,970)
465,689,389
Shares
Collateral
Held
for
Securities
Loaned
(
1.8
%
)
Value
%
of
Net
Assets
47,365,037
Thrivent
Cash
Management
Trust
47,365,037
1.8%
Total
Collateral
Held
for
Securities
Loaned
(cost
$47,365,037)
47,365,037
Shares
or
Principal
Amount
Short-Term
Investments
(
11.8%
)
Value
%
of
Net
Assets
Federal
Home
Loan
Bank
Discount
Notes
10,300,000
1.063%,
5/12/2020
g,h
10,299,717
0.4%
4,700,000
0.500%,
5/13/2020
g,h
4,699,859
0.2%
4,800,000
0.415%,
5/19/2020
g,h
4,799,784
0.2%
6,000,000
0.192%,
6/9/2020
g,h
5,999,350
0.2%
4,800,000
0.150%,
6/23/2020
g,h
4,799,293
0.2%
3,900,000
0.130%,
7/20/2020
g,h
3,898,960
0.2%
11,000,000
0.006%
-
0.900%,
5/7/2020
-
8/4/2020
g,h
10,998,724
0.4%
Thrivent
Core
Short-Term
Reserve
Fund
26,386,908
1.450%
263,869,079
10.0%
U.S.
Treasury
Bills
650,000
0.023%
-
0.105%,
6/11/2020
-
9/24/2020
e,g
649,814
<0.1%
Total
Short-Term
Investments
(cost
$309,858,260)
310,014,580
Total
Investments
(cost
$2,612,967,580)
107.5%
$2,826,932,296
Other
Assets
and
Liabilities,
Net
(7.5%)
(198,443,732)
Total
Net
Assets
100.0%
$2,628,488,564
Moderate
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
110
Moderate
Allocation
Fund held
restricted
securities
as
of
April
30,
2020. Restricted
securities
are
investment
securities
which cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
As
of
April
30,
2020,
the
value
of
these
investments was
$499,821 or
0.0% of
total
net
assets.
^
The
Summary
Schedule
of
Investments
shows
the
50
largest
holdings
in
unaffiliated
issuers,
any
holding
or
issuer
that
exceeds
1%
of
net
assets
and
all
affiliated
holdings
as
of
the
report
date.  The
remaining
securities
held
are
grouped
by
category
as
“Other
securities”.
a
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.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
d
All
or
a
portion
of
the
security
is
on
loan.
e
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.
f
Non-income
producing
security.
g
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
h
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Moderate
Allocation
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
26,464,712
Common
Stock
19,238,203
Total
lending
$45,702,915
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$47,365,037
Net
amounts
due
to
counterparty
$1,662,122
Definitions:
ACES
-
Alternative
Credit
Enhancement
Securities
ETF
-
Exchange
Traded
Fund
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
a
family
of
exchange-
traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
335,758,423
Gross
unrealized
depreciation
(129,288,108)
Net
unrealized
appreciation
(depreciation)
$
206,470,315
Cost
for
federal
income
tax
purposes
$
2,630,981,221
Moderate
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
111
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Moderate
Allocation
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Bank
Loans
Basic
Materials
2,769,442
–
2,111,465
657,977
Capital
Goods
3,705,055
–
2,987,868
717,187
Communications
Services
8,145,303
–
7,873,853
271,450
Consumer
Cyclical
5,881,474
–
5,215,298
666,176
Consumer
Non-Cyclical
7,840,937
–
7,840,937
–
Energy
2,300,374
–
2,300,374
–
Financials
3,614,465
–
3,614,465
–
Technology
3,664,093
–
3,664,093
–
Transportation
736,953
–
736,953
–
Utilities
613,859
–
613,859
–
Registered
Investment
Companies
Unaffiliated
36,654,161
36,654,161
–
–
Affiliated
873,051,357
873,051,357
–
–
Long-Term
Fixed
Income
Asset-Backed
Securities
27,983,870
–
27,983,870
–
Basic
Materials
8,752,066
–
8,752,066
–
Capital
Goods
13,677,849
–
13,677,849
–
Collateralized
Mortgage
Obligations
30,318,852
–
30,318,852
–
Commercial
Mortgage-Backed
Securities
6,202,359
–
6,202,359
–
Communications
Services
29,822,381
–
29,822,381
–
Consumer
Cyclical
22,583,352
–
22,583,352
–
Consumer
Non-Cyclical
41,487,155
–
41,487,155
–
Energy
24,666,345
–
24,666,345
–
Financials
67,541,721
–
67,541,721
–
Mortgage-Backed
Securities
261,460,115
–
261,460,115
–
Technology
23,984,408
–
23,984,408
–
Transportation
5,687,101
–
5,687,101
–
U.S.
Government
&
Agencies
283,385,996
–
283,385,996
–
Utilities
23,967,651
–
23,967,651
–
Common
Stock
Communications
Services
18,516,869
17,811,689
705,180
–
Consumer
Discretionary
47,255,392
46,283,979
971,413
–
Consumer
Staples
15,899,049
14,993,308
905,741
–
Energy
13,123,967
12,674,887
449,080
–
Financials
71,833,714
68,405,370
3,428,344
–
Health
Care
75,554,674
73,186,159
2,368,515
–
Industrials
66,946,828
64,650,635
2,296,193
–
Information
Technology
99,888,339
97,925,668
1,962,671
–
Materials
18,276,734
17,264,849
1,011,883
2
Real
Estate
29,944,557
28,982,027
962,530
–
Utilities
8,449,266
8,205,972
243,294
–
Short-Term
Investments
46,145,501
–
46,145,501
–
Subtotal
Investments
in
Securities
$2,332,333,584
$
1,360,090,061
$969,930,731
$2,312,792
Other
Investments  *
Total
Affiliated
Short-Term
Investments
263,869,079
Affiliated
Registered
Investment
Companies
183,364,596
Collateral
Held
for
Securities
Loaned
47,365,037
Subtotal
Other
Investments
$494,598,712
Total
Investments
at
Value
$2,826,932,296
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Moderate
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
112
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
S&P
-
Standard
&
Poor's
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
42,760,079
42,760,079
–
–
Total
Asset
Derivatives
$42,760,079
$42,760,079
$–
$–
Liability
Derivatives
Futures
Contracts
32,072,556
32,072,556
–
–
Credit
Default
Swaps
168,283
–
168,283
–
Total
Liability
Derivatives
$32,240,839
$32,072,556
$168,283
$–
The
following
table
presents
Moderate
Allocation
Fund's
futures
contracts
held
as
of
April
30,
2020.
Investments
and/or
cash
totaling
$37,496,226
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
CBOT
2-Yr.
U.S.
Treasury
Note
249
June
2020
$
54,012,694
$
874,299
CBOT
5-Yr.
U.S.
Treasury
Note
89
June
2020
10,941,715
226,394
CBOT
U.S.
Long
Bond
285
June
2020
47,664,900
3,929,006
CME
E-mini
S&P
500
Index
1,728
June
2020
226,680,988
24,086,372
ICE
mini
MSCI
EAFE
Index
1,389
June
2020
103,000,525
10,779,410
ICE
US
mini
MSCI
Emerging
Markets
Index
1,109
June
2020
47,367,557
2,864,598
Total
Futures
Long
Contracts
$
489,668,379
$
42,760,079
CBOT
10-Yr.
U.S.
Treasury
Note
(293)
June
2020
(
$
39,697,619)
(
$
1,047,693)
CME
E-mini
Russell
2000
Index
(1,829)
June
2020
(
101,461,958)
(
18,035,757)
CME
E-mini
S&P
Mid-Cap
400
Index
(684)
June
2020
(
100,382,334)
(
11,882,586)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
(42)
June
2020
(
8,453,366)
(
987,447)
Ultra
10-Yr.
U.S.
Treasury
Note
(13)
June
2020
(
1,922,333)
(
119,073)
Total
Futures
Short
Contracts
(
$
251,917,610)
($32,072,556)
Total
Futures
Contracts
$
237,750,769
$10,687,523
Moderate
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
113
The
following
table
presents
Moderate
Allocation
Fund's
swaps
contracts
held
as
of
April
30,
2020.
Investments
totaling
$1,303,048
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
34,
5
Year,
at
5.00%,
Quarterly
Sell
6/20/2025
(
$
9,500,000)
$
–
(
$
168,283)
(
$
168,283)
Total
Credit
Default
Swaps
$–
($168,283)
($168,283)
1
As
the
buyer
of
protection,
Moderate
Allocation
Fund
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
As
the
seller
of
protection,
Moderate
Allocation
Fund
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
2
The
maximum
potential
amount
of
future
payments
Moderate
Allocation
Fund
could
be
required
to
make
as
the
seller
or
receive
as
the
buyer
of
protection.
3
The
values
for
credit
indexes
(CDX
or
LCDX)
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
liability
or
profit
for
the
credit
default
swap
contract
had
the
contract
been
closed
as
of
the
reporting
date.
When
protection
has
been
sold,
the
value
of
the
swap
will
increase
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
When
protection
has
been
purchased,
the
value
of
the
swap
will
increase
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2020,
for
Moderate
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
37,730,380
Total
Equity
Contracts
37,730,380
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
5,029,699
Total
Interest
Rate
Contracts
5,029,699
Total
Asset
Derivatives
$42,760,079
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
29,918,343
Total
Equity
Contracts
29,918,343
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
2,154,213
Total
Interest
Rate
Contracts
2,154,213
Credit
Contracts
Credit
Default
Swaps
Net
Assets
-
Distributable
earnings/(accumulated
loss)
168,283
Total
Credit
Contracts
168,283
Total
Liability
Derivatives
$32,240,839
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.  Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
Moderate
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
114
e
The
following
table
summarizes
the
net
realized
gains
/(
losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Moderate
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Interest
Rate
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
1,428,101
Total
Interest
Rate
Contracts
1,428,101
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
5,614,709
Total
Equity
Contracts
5,614,709
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(616,667)
Total
Foreign
Exchange
Contracts
(616,667)
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
472,566
Total
Credit
Contracts
472,566
Total
$6,898,709
The
following
table
summarizes
the
change
in
net
unrealized
appreciation
/(
depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Moderate
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
2,298,099
Total
Equity
Contracts
2,298,099
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
3,214,902
Total
Interest
Rate
Contracts
3,214,902
Credit
Contracts
Credit
Default
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
(168,283)
Total
Credit
Contracts
(168,283)
Foreign
Exchange
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(276,520)
Total
Foreign
Exchange
Contracts
(276,520)
Total
$5,068,198
The
following
table
presents
Moderate
Allocation
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2020.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$391,747,511
Futures
-
Short
(269,968,404)
Interest
Rate
Contracts
Futures
-
Long
115,887,751
Futures
-
Short
(33,041,395)
Foreign
Exchange
Contracts
Futures
-
Long
34,444,494
Credit
Contracts
Credit
Default
Swaps
-
Sell
Protection
(131,282)
Moderate
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
115
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Moderate
Allocation
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$51,746
$13,920
$–
$60,830
6,751
2.3%
Core
Emerging
Markets
Equity
—
4,000
–
3,620
425
0.2
Core
International
Equity
22,078
861
–
18,647
2,369
0.7
Core
Low
Volatility
Equity
79,651
32,112
–
100,267
9,250
3.8
Global
Stock,
Class
S
53,135
6,513
–
48,217
2,271
1.8
High
Yield,
Class
S
39,438
1,045
–
36,076
8,569
1.4
Income,
Class
S
123,505
2,428
–
126,336
13,187
4.8
International
Allocation,
Class
S
131,555
3,396
–
109,960
13,185
4.2
Large
Cap
Growth,
Class
S
176,773
8,636
–
194,425
14,466
7.4
Large
Cap
Value,
Class
S
198,943
3,842
–
170,326
8,927
6.5
Limited
Maturity
Bond,
Class
S
66,637
802
–
66,421
5,387
2.5
Mid
Cap
Stock,
Class
S
112,060
3,208
–
96,835
4,251
3.7
Small
Cap
Stock,
Class
S
28,853
2,478
–
24,455
1,285
0.9
Total
Affiliated
Registered
Investment
Companies
1,084,374
1,056,415
40.2
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
347,257
333,544
416,915
263,869
26,387
10.0
Total
Affiliated
Short-Term
Investments
347,257
263,869
10.0
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
8,533
177,805
138,973
47,365
47,365
1.8
Total
Collateral
Held
for
Securities
Loaned
8,533
47,365
1.8
Total
Value
$1,440,164
$1,367,649
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$–
$(4,836)
$–
$1,285
Core
Emerging
Markets
Equity
–
(380)
–
–
Core
International
Equity
–
(4,292)
–
861
Core
Low
Volatility
Equity
Fund
–
(11,496)
2,502
1,610
Global
Stock,
Class
S
–
(11,431)
5,606
907
High
Yield,
Class
S
–
(4,407)
–
1,044
Income,
Class
S
–
403
568
1,864
International
Allocation,
Class
S
–
(24,991)
–
3,396
Large
Cap
Growth,
Class
S
–
9,016
8,636
–
Large
Cap
Value,
Class
S
–
(32,459)
–
3,842
Limited
Maturity
Bond,
Class
S
–
(1,018)
–
803
Mid
Cap
Stock,
Class
S
–
(18,433)
2,766
442
Small
Cap
Stock,
Class
S
–
(6,876)
2,341
137
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
(166)
149
2
2,807
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$18,998
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
67
Total
Affiliated
Income
from
Securities
Loaned,
Net
$67
Total
$(166)
$(111,051)
$22,421
Moderately
Aggressive
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
116
Principal
Amount
Bank
Loans
(
0.8%
)
Value
%
of
Net
Assets
Basic
Materials
(0.1%)
Other
Securities
^
$
2,327,803
0.1%
Total
2,327,803
Capital
Goods
(0.1%)
Other
Securities
^
1,974,482
0.1%
Total
1,974,482
Communications
Services
(0.2%)
Other
Securities
^
4,716,339
0.2%
Total
4,716,339
Consumer
Cyclical
(0.1%)
Other
Securities
^
3,345,335
0.1%
Total
3,345,335
Consumer
Non-Cyclical
(0.1%)
Other
Securities
^
4,461,685
0.1%
Total
4,461,685
Energy
(<0.1%)
Other
Securities
^
1,406,370
<0.1%
Total
1,406,370
Financials
(0.1%)
Other
Securities
^
2,547,504
0.1%
Total
2,547,504
Technology
(0.1%)
Other
Securities
^
2,322,101
0.1%
Total
2,322,101
Transportation
(<0.1%)
Other
Securities
^
477,420
<0.1%
Total
477,420
Utilities
(<0.1%)
Other
Securities
^
305,976
<0.1%
Total
305,976
Total
Bank
Loans
(cost
$27,338,495)
23,885,015
Shares
Registered
Investment
Companies
(
47.7%
)
Value
%
of
Net
Assets
Unaffiliated  (1.1%)
47,362
SPDR
S&P
500
ETF
Trust
a
13,757,714
0.5%
60,000
Vanguard
Short-Term
Corporate
Bond
ETF
4,864,800
0.2%
Other
Securities
^
12,412,325
0.4%
Total
31,034,839
Shares
Registered
Investment
Companies
(
47.7%
)
Value
%
of
Net
Assets
Affiliated  (46.6%)
4,274,776
Thrivent
Core
Emerging
Markets
Debt
Fund
$
38,515,735
1.3%
749,711
Thrivent
Core
Emerging
Markets
Equity
Fund
6,387,540
0.2%
9,262,251
Thrivent
Core
International
Equity
Fund
72,893,912
2.5%
13,326,580
Thrivent
Core
Low
Volatility
Equity
Fund
144,460,132
5.0%
5,806,792
Thrivent
Global
Stock
Fund,
Class
S
123,278,203
4.3%
4,898,003
Thrivent
High
Yield
Fund,
Class
S
20,620,593
0.7%
7,295,960
Thrivent
Income
Fund,
Class
S
69,895,298
2.4%
24,592,671
Thrivent
International
Allocation
Fund,
Class
S
205,102,873
7.1%
18,377,514
Thrivent
Large
Cap
Growth
Fund,
Class
S
246,993,793
8.5%
10,485,572
Thrivent
Large
Cap
Value
Fund,
Class
S
200,064,715
6.9%
3,001,219
Thrivent
Limited
Maturity
Bond
Fund,
Class
S
37,005,031
1.3%
6,524,255
Thrivent
Mid
Cap
Stock
Fund,
Class
S
148,622,523
5.1%
1,979,441
Thrivent
Small
Cap
Stock
Fund,
Class
S
37,668,768
1.3%
Total
1,351,509,116
Total
Registered
Investment
Companies
(cost
$1,250,690,400)
1,382,543,955
Shares
Common
Stock
(
24.0%
)
Value
%
of
Net
Assets
Communications
Services
(0.7%)
Other
Securities
^
21,441,928
0.7%
Total
21,441,928
Consumer
Discretionary
(2.5%)
2,255
Amazon.com,
Inc.
b
5,578,870
0.2%
68,088
Planet
Fitness,
Inc.
b
4,107,749
0.2%
Other
Securities
^
62,957,576
2.1%
Total
72,644,195
Consumer
Staples
(0.8%)
Other
Securities
^
22,476,073
0.8%
Total
22,476,073
Energy
(0.6%)
Other
Securities
^
15,789,654
0.6%
Total
15,789,654
Financials
(3.6%)
Other
Securities
^
104,695,348
3.6%
Total
104,695,348
Health
Care
(3.8%)
18,105
Bio-Techne
Corporation
4,073,625
0.2%
Moderately
Aggressive
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
117
Shares
Common
Stock
(
24.0%
)
Value
%
of
Net
Assets
Health
Care
(3.8%)
-
continued
84,303
Catalent,
Inc.
b
$
5,829,553
0.2%
48,000
LHC
Group,
Inc.
b
6,239,520
0.2%
24,691
Veeva
Systems,
Inc.
b
4,711,043
0.2%
Other
Securities
^
89,340,700
3.0%
Total
110,194,441
Industrials
(3.7%)
39,203
Curtiss-Wright
Corporation
4,063,391
0.2%
26,153
IDEX
Corporation
4,017,885
0.2%
49,839
Lincoln
Electric
Holdings,
Inc.
a
4,012,538
0.2%
91,641
Ritchie
Brothers
Auctioneers,
Inc.
3,948,811
0.1%
Other
Securities
^
90,659,648
3.0%
Total
106,702,273
Information
Technology
(5.3%)
22,903
Apple,
Inc.
6,728,901
0.2%
28,572
Coupa
Software,
Inc.
b
5,031,243
0.2%
67,314
Dolby
Laboratories,
Inc.
4,040,859
0.1%
40,455
Microsoft
Corporation
7,249,940
0.3%
37,293
Monolithic
Power
Systems,
Inc.
7,455,244
0.3%
11,538
ServiceNow,
Inc.
b
4,056,068
0.1%
Other
Securities
^
117,993,093
4.1%
Total
152,555,348
Materials
(1.0%)
Other
Securities
^
28,100,260
1.0%
Total
28,100,260
Real
Estate
(1.6%)
Other
Securities
^
46,919,796
1.6%
Total
46,919,796
Utilities
(0.4%)
Other
Securities
^
12,805,999
0.4%
Total
12,805,999
Total
Common
Stock
(cost
$663,127,183)
694,325,315
Principal
Amount
Long-Term
Fixed
Income
(
19.8%
)
Value
%
of
Net
Assets
Asset-Backed
Securities
(0.6%)
Other
Securities
^
18,492,220
0.6%
Total
18,492,220
Basic
Materials
(0.2%)
Other
Securities
^
6,053,716
0.2%
Total
6,053,716
Principal
Amount
Long-Term
Fixed
Income
(
19.8%
)
Value
%
of
Net
Assets
Capital
Goods
(0.3%)
Other
Securities
^
$
9,539,078
0.3%
Total
9,539,078
Collateralized
Mortgage
Obligations
(0.6%)
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
$
1,306,080
3.000%
-
4.000%,
7/15/2031
-
3/15/2033,
Ser.
4104,
Class
KI
c
118,029
<0.1%
Federal
National
Mortgage
Association
-
REMIC
1,372,145
3.000%,
12/25/2027,
Ser.
2012-137,
Class
AI
c
86,983
<0.1%
Other
Securities
^
18,192,031
0.6%
Total
18,397,043
Commercial
Mortgage-Backed
Securities
(0.2%)
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
475,717
3.000%,
3/15/2045,
Ser.
4741,
Class
GA
495,031
<0.1%
Federal
National
Mortgage
Association
-
ACES
1,000,000
3.776%,
8/25/2030,
Ser.
2018-M12,
Class
A2
d
1,186,920
0.1%
Other
Securities
^
3,084,235
0.1%
Total
4,766,186
Communications
Services
(0.7%)
Other
Securities
^
20,256,486
0.7%
Total
20,256,486
Consumer
Cyclical
(0.6%)
Other
Securities
^
16,398,442
0.6%
Total
16,398,442
Consumer
Non-Cyclical
(1.0%)
Other
Securities
^
28,750,910
1.0%
Total
28,750,910
Energy
(0.6%)
Other
Securities
^
16,775,373
0.6%
Total
16,775,373
Financials
(1.6%)
Other
Securities
^
47,597,314
1.6%
Total
47,597,314
Moderately
Aggressive
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
118
Principal
Amount
Long-Term
Fixed
Income
(
19.8%
)
Value
%
of
Net
Assets
Mortgage-Backed
Securities
(5.8%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
15-
Yr.
Pass
Through
$
6,574,447
3.500%,
5/1/2034
$
6,952,520
0.2%
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-
Yr.
Pass
Through
9,945,113
3.000%,
3/25/2050
10,509,742
0.4%
5,260,808
3.000%,
4/1/2050
5,559,494
0.2%
6,956,120
3.000%,
8/1/2047
7,363,106
0.2%
72,660
3.500%,
7/1/2047
77,210
<0.1%
Federal
National
Mortgage
Association
5,201,876
3.500%,
10/1/2048
5,507,856
0.2%
15,773,175
3.500%,
2/1/2049
16,654,030
0.6%
5,907,614
3.500%,
8/1/2049
6,270,979
0.2%
3,390,728
3.230%
-
4.500%,
11/1/2020
-
6/1/2049
3,611,119
0.1%
Federal
National
Mortgage
Association
Conventional
15-
Yr.
Pass
Through
24,250,000
2.000%,
6/1/2034
e
24,975,605
0.9%
13,100,000
2.500%,
6/1/2034
e
13,682,848
0.5%
Federal
National
Mortgage
Association
Conventional
30-
Yr.
Pass
Through
19,625,000
2.500%,
5/1/2050
e
20,435,298
0.7%
10,619,801
4.000%,
7/1/2048
11,302,677
0.4%
8,375,000
3.000%,
5/1/2049
e
8,840,859
0.3%
9,072,000
3.000%,
6/1/2049
e
9,565,612
0.3%
16,928,000
2.500%,
7/1/2049
e
17,598,235
0.6%
Total
168,907,190
Technology
(0.6%)
Other
Securities
^
16,128,952
0.6%
Total
16,128,952
Transportation
(0.1%)
Other
Securities
^
3,922,131
0.1%
Total
3,922,131
U.S.
Government
&
Agencies
(6.3%)
U.S.
Treasury
Bonds
4,485,000
2.250%,
11/15/2027
5,047,727
0.2%
7,300,000
2.875%,
5/15/2028
8,613,145
0.3%
4,600,000
1.625%,
8/15/2029
5,016,156
0.2%
4,100,000
1.500%,
2/15/2030
4,433,125
0.1%
6,780,000
3.000%,
5/15/2042
9,150,616
0.3%
12,618,000
2.500%,
5/15/2046
16,015,988
0.5%
10,050,000
2.875%,
5/15/2049
13,917,680
0.5%
2,685,000
4.375%
-
5.250%,
11/15/2028
-
5/15/2040
3,972,081
0.2%
U.S.
Treasury
Notes
7,984,000
1.125%,
8/31/2021
8,083,488
0.3%
7,440,000
1.875%,
7/31/2022
7,717,547
0.3%
4,750,000
2.500%,
3/31/2023
5,060,234
0.2%
6,560,000
2.500%,
1/31/2024
7,095,562
0.2%
4,360,000
2.125%,
11/30/2024
4,711,695
0.2%
17,550,000
2.875%,
5/31/2025
19,745,807
0.7%
5,680,000
2.625%,
1/31/2026
6,378,684
0.2%
Principal
Amount
Long-Term
Fixed
Income
(
19.8%
)
Value
%
of
Net
Assets
U.S.
Government
&
Agencies
(6.3%)
-
continued
$
40,970,000
2.500%,
2/28/2026
$
45,775,973
1.6%
10,255,000
1.125%
-
2.500%,
8/15/2020
-
1/31/2025
f
10,739,954
0.3%
Total
181,475,462
Utilities
(0.6%)
Other
Securities
^
16,061,948
0.6%
Total
16,061,948
Total
Long-Term
Fixed
Income
(cost
$542,656,055)
573,522,451
Shares
Collateral
Held
for
Securities
Loaned
(
1.5%
)
Value
%
of
Net
Assets
44,045,413
Thrivent
Cash
Management
Trust
44,045,413
1.5%
Total
Collateral
Held
for
Securities
Loaned
(cost
$44,045,413)
44,045,413
Shares
or
Principal
Amount
Short-Term
Investments
(
10.8%
)
Value
%
of
Net
Assets
Federal
Home
Loan
Bank
Discount
Notes
4,300,000
0.150%,
5/20/2020
g,h
4,299,796
0.2%
4,400,000
0.231%,
6/9/2020
g,h
4,399,523
0.2%
6,700,000
0.200%,
7/13/2020
g,h
6,698,370
0.2%
25,600,000
0.007%
-
1.285%,
5/5/2020
-
8/4/2020
g,h
25,597,385
0.8%
Thrivent
Core
Short-Term
Reserve
Fund
27,163,611
1.450%
271,636,112
9.4%
U.S.
Treasury
Bills
400,000
0.023%
-
0.105%,
6/23/2020
-
9/24/2020
f,g
399,860
<0.1%
Total
Short-Term
Investments
(cost
$312,890,035)
313,031,046
Total
Investments
(cost
$2,840,747,581)
104.6%
$3,031,353,195
Other
Assets
and
Liabilities,
Net
(4.6%)
(134,635,327)
Total
Net
Assets
100.0%
$2,896,717,868
Moderately
Aggressive
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
119
Moderately
Aggressive
Allocation
Fund held
restricted
securities
as
of
April
30,
2020. Restricted
securities
are
investment
securities
which cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
As
of
April
30,
2020,
the
value
of
these
investments was
$468,744 or
0.0% of
total
net
assets.
^
The
Summary
Schedule
of
Investments
shows
the
50
largest
holdings
in
unaffiliated
issuers,
any
holding
or
issuer
that
exceeds
1%
of
net
assets
and
all
affiliated
holdings
as
of
the
report
date.  The
remaining
securities
held
are
grouped
by
category
as
“Other
securities”.
a
All
or
a
portion
of
the
security
is
on
loan.
b
Non-income
producing
security.
c
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.
d
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
e
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
f
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.
g
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
h
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Moderately
Aggressive
Allocation
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
1,265,346
Common
Stock
40,536,113
Total
lending
$41,801,459
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$44,045,413
Net
amounts
due
to
counterparty
$2,243,954
Definitions:
ACES
-
Alternative
Credit
Enhancement
Securities
ETF
-
Exchange
Traded
Fund
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
a
family
of
exchange-
traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$398,686,794
Gross
unrealized
depreciation
(230,548,487)
Net
unrealized
appreciation
(depreciation)
$168,138,307
Cost
for
federal
income
tax
purposes
$2,862,117,464
Moderately
Aggressive
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
120
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Moderately
Aggressive
Allocation
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Bank
Loans
Basic
Materials
2,327,803
–
1,286,238
1,041,565
Capital
Goods
1,974,482
–
1,510,420
464,062
Communications
Services
4,716,339
–
4,537,439
178,900
Consumer
Cyclical
3,345,335
–
3,175,090
170,245
Consumer
Non-Cyclical
4,461,685
–
4,461,685
–
Energy
1,406,370
–
1,406,370
–
Financials
2,547,504
–
2,547,504
–
Technology
2,322,101
–
2,322,101
–
Transportation
477,420
–
477,420
–
Utilities
305,976
–
305,976
–
Registered
Investment
Companies
Unaffiliated
31,034,839
31,034,839
–
–
Affiliated
1,089,251,797
1,089,251,797
–
–
Common
Stock
Communications
Services
21,441,928
20,066,194
1,375,734
–
Consumer
Discretionary
72,644,195
70,761,898
1,882,297
–
Consumer
Staples
22,476,073
20,709,833
1,766,240
–
Energy
15,789,654
14,912,391
877,263
–
Financials
104,695,348
97,926,813
6,768,535
–
Health
Care
110,194,441
105,569,740
4,624,701
–
Industrials
106,702,273
102,227,041
4,475,232
–
Information
Technology
152,555,348
149,857,852
2,697,496
–
Materials
28,100,260
25,952,138
2,148,120
2
Real
Estate
46,919,796
45,043,892
1,875,904
–
Utilities
12,805,999
12,332,642
473,357
–
Long-Term
Fixed
Income
Asset-Backed
Securities
18,492,220
–
18,492,220
–
Basic
Materials
6,053,716
–
6,053,716
–
Capital
Goods
9,539,078
–
9,539,078
–
Collateralized
Mortgage
Obligations
18,397,043
–
18,397,043
–
Commercial
Mortgage-Backed
Securities
4,766,186
–
4,766,186
–
Communications
Services
20,256,486
–
20,256,486
–
Consumer
Cyclical
16,398,442
–
16,398,442
–
Consumer
Non-Cyclical
28,750,910
–
28,750,910
–
Energy
16,775,373
–
16,775,373
–
Financials
47,597,314
–
47,597,314
–
Mortgage-Backed
Securities
168,907,190
–
168,907,190
–
Technology
16,128,952
–
16,128,952
–
Transportation
3,922,131
–
3,922,131
–
U.S.
Government
&
Agencies
181,475,462
–
181,475,462
–
Utilities
16,061,948
–
16,061,948
–
Short-Term
Investments
41,394,934
–
41,394,934
–
Subtotal
Investments
in
Securities
$2,453,414,351
$1,785,647,070
$665,912,507
$1,854,774
Other
Investments  *
Total
Affiliated
Short-Term
Investments
271,636,112
Affiliated
Registered
Investment
Companies
262,257,319
Collateral
Held
for
Securities
Loaned
44,045,413
Subtotal
Other
Investments
$577,938,844
Total
Investments
at
Value
$3,031,353,195
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Moderately
Aggressive
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
121
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
NASDAQ
-
National
Association
of
Securities
Dealers
Automated
Quotations
S&P
-
Standard
&
Poor's
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
50,257,848
50,257,848
–
–
Total
Asset
Derivatives
$50,257,848
$50,257,848
$–
$–
Liability
Derivatives
Futures
Contracts
51,248,988
51,248,988
–
–
Credit
Default
Swaps
106,284
–
106,284
–
Total
Liability
Derivatives
$51,355,272
$51,248,988
$106,284
$–
The
following
table
presents
Moderately
Aggressive
Allocation
Fund's
futures
contracts
held
as
of
April
30,
2020.
Investments
and/or
cash
totaling
$34,295,813
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
CBOT
2-Yr.
U.S.
Treasury
Note
230
June
2020
$
49,783,127
$
915,701
CBOT
U.S.
Long
Bond
35
June
2020
5,745,857
590,237
CME
E-mini
S&P
500
Index
3,072
June
2020
401,044,893
44,763,747
ICE
US
mini
MSCI
Emerging
Markets
Index
1,537
June
2020
65,630,252
3,988,163
Total
Futures
Long
Contracts
$
522,204,129
$
50,257,848
CBOT
10-Yr.
U.S.
Treasury
Note
(33)
June
2020
(
$
4,500,613)
(
$
88,450)
CBOT
5-Yr.
U.S.
Treasury
Note
(108)
June
2020
(
13,232,310)
(
320,002)
CME
E-mini
NASDAQ
100
Index
(249)
June
2020
(
35,078,507)
(
9,684,223)
CME
E-mini
Russell
2000
Index
(2,289)
June
2020
(
130,521,195)
(
19,030,620)
CME
E-mini
S&P
Mid-Cap
400
Index
(1,209)
June
2020
(
177,437,048)
(
20,996,122)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
(17)
June
2020
(
3,421,601)
(
399,681)
ICE
mini
MSCI
EAFE
Index
(23)
June
2020
(
1,612,128)
(
271,917)
Ultra
10-Yr.
U.S.
Treasury
Note
(50)
June
2020
(
7,393,589)
(
457,973)
Total
Futures
Short
Contracts
(
$
373,196,991)
($51,248,988)
Total
Futures
Contracts
$
149,007,138
($991,140)
Moderately
Aggressive
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
122
The
following
table
presents
Moderately
Aggressive
Allocation
Fund's
swaps
contracts
held
as
of
April
30,
2020.
Investments
totaling
$851,794
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
34,
5
Year,
at
5.00%,
Quarterly
Sell
6/20/2025
(
$
6,000,000)
$
–
(
$
106,284)
(
$
106,284)
Total
Credit
Default
Swaps
$–
($106,284)
($106,284)
1
As
the
buyer
of
protection,
Moderately
Aggressive
Allocation
Fund
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
As
the
seller
of
protection,
Moderately
Aggressive
Allocation
Fund
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
2
The
maximum
potential
amount
of
future
payments
Moderately
Aggressive
Allocation
Fund
could
be
required
to
make
as
the
seller
or
receive
as
the
buyer
of
protection.
3
The
values
for
credit
indexes
(CDX
or
LCDX)
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
liability
or
profit
for
the
credit
default
swap
contract
had
the
contract
been
closed
as
of
the
reporting
date.
When
protection
has
been
sold,
the
value
of
the
swap
will
increase
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
When
protection
has
been
purchased,
the
value
of
the
swap
will
increase
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2020,
for
Moderately
Aggressive
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
48,751,910
Total
Equity
Contracts
48,751,910
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
1,505,938
Total
Interest
Rate
Contracts
1,505,938
Total
Asset
Derivatives
$50,257,848
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
49,982,882
Total
Equity
Contracts
49,982,882
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
1,266,106
Total
Interest
Rate
Contracts
1,266,106
Credit
Contracts
Credit
Default
Swaps
Net
Assets
-
Distributable
earnings/(accumulated
loss)
106,284
Total
Credit
Contracts
106,284
Total
Liability
Derivatives
$51,355,272
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.  Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
Moderately
Aggressive
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
123
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Moderately
Aggressive
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Interest
Rate
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(564,254)
Total
Interest
Rate
Contracts
(564,254)
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
20,234,452
Total
Equity
Contracts
20,234,452
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(1,431,906)
Total
Foreign
Exchange
Contracts
(1,431,906)
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
297,285
Total
Credit
Contracts
297,285
Total
$18,535,577
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Moderately
Aggressive
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(5,478,641)
Total
Equity
Contracts
(5,478,641)
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
138,591
Total
Interest
Rate
Contracts
138,591
Credit
Contracts
Credit
Default
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
(106,284)
Total
Credit
Contracts
(106,284)
Foreign
Exchange
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(187,826)
Total
Foreign
Exchange
Contracts
(187,826)
Total
($5,634,160)
The
following
table
presents
Moderately
Aggressive
Allocation
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2020.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$543,070,708
Futures
-
Short
(465,959,747)
Interest
Rate
Contracts
Futures
-
Long
62,448,666
Futures
-
Short
(35,328,446)
Foreign
Exchange
Contracts
Futures
-
Long
53,178,762
Credit
Contracts
Credit
Default
Swaps
-
Sell
Protection
(82,837)
Moderately
Aggressive
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
124
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Moderately
Aggressive
Allocation
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$34,725
$6,792
$–
$38,516
4,275
1.3%
Core
Emerging
Markets
Equity
—
7,000
–
6,388
750
0.2
Core
International
Equity
86,307
3,366
–
72,894
9,262
2.5
Core
Low
Volatility
Equity
109,491
51,653
–
144,460
13,327
5.0
Global
Stock,
Class
S
135,852
16,651
–
123,278
5,807
4.3
High
Yield,
Class
S
22,543
597
–
20,621
4,898
0.7
Income,
Class
S
68,329
1,343
–
69,895
7,296
2.4
International
Allocation,
Class
S
245,381
6,335
–
205,103
24,593
7.1
Large
Cap
Growth,
Class
S
224,569
10,971
–
246,994
18,378
8.5
Large
Cap
Value,
Class
S
233,679
4,512
–
200,065
10,486
6.9
Limited
Maturity
Bond,
Class
S
37,125
447
–
37,005
3,001
1.3
Mid
Cap
Stock,
Class
S
171,989
4,926
–
148,623
6,524
5.1
Small
Cap
Stock,
Class
S
44,444
3,816
–
37,669
1,979
1.3
Total
Affiliated
Registered
Investment
Companies
1,414,434
1,351,511
46.4
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
338,384
242,665
309,420
271,636
27,164
9.4
Total
Affiliated
Short-Term
Investments
338,384
271,636
9.4
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
14,572
209,107
179,634
44,045
44,045
1.5
Total
Collateral
Held
for
Securities
Loaned
14,572
44,045
1.5
Total
Value
$1,767,390
$1,667,192
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$–
$(3,001)
$–
$823
Core
Emerging
Markets
Equity
–
(612)
–
–
Core
International
Equity
–
(16,779)
–
3,366
Core
Low
Volatility
Equity
Fund
–
(16,684)
3,440
2,213
Global
Stock,
Class
S
–
(29,225)
14,333
2,318
High
Yield,
Class
S
–
(2,519)
–
597
Income,
Class
S
–
223
314
1,031
International
Allocation,
Class
S
–
(46,613)
–
6,335
Large
Cap
Growth,
Class
S
–
11,454
10,971
–
Large
Cap
Value,
Class
S
–
(38,126)
–
4,512
Limited
Maturity
Bond,
Class
S
–
(567)
–
448
Mid
Cap
Stock,
Class
S
–
(28,292)
4,246
678
Small
Cap
Stock,
Class
S
–
(10,591)
3,606
210
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
(129)
136
2
2,809
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$25,340
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
90
Total
Affiliated
Income
from
Securities
Loaned,
Net
$90
Total
$(129)
$(181,196)
$36,912
Moderately
Conservative
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
125
Principal
Amount
Bank
Loans
(
2.0%
)
Value
%
of
Net
Assets
Basic
Materials
(0.1%)
Other
Securities
^
$
1,365,494
0.1%
Total
1,365,494
Capital
Goods
(0.2%)
Other
Securities
^
1,559,715
0.2%
Total
1,559,715
Communications
Services
(0.4%)
Other
Securities
^
3,575,780
0.4%
Total
3,575,780
Consumer
Cyclical
(0.3%)
Other
Securities
^
2,917,364
0.3%
Total
2,917,364
Consumer
Non-Cyclical
(0.5%)
Other
Securities
^
4,276,194
0.5%
Total
4,276,194
Energy
(0.1%)
Other
Securities
^
1,285,655
0.1%
Total
1,285,655
Financials
(0.2%)
Other
Securities
^
1,929,675
0.2%
Total
1,929,675
Technology
(0.2%)
Other
Securities
^
1,724,654
0.2%
Total
1,724,654
Transportation
(<0.1%)
Other
Securities
^
356,858
<0.1%
Total
356,858
Utilities
(<0.1%)
Other
Securities
^
340,397
<0.1%
Total
340,397
Total
Bank
Loans
(cost
$21,880,082)
19,331,786
Principal
Amount
Long-Term
Fixed
Income
(
44.4%
)
Value
%
of
Net
Assets
Asset-Backed
Securities
(1.7%)
Other
Securities
^
16,429,305
1.7%
Total
16,429,305
Principal
Amount
Long-Term
Fixed
Income
(
44.4%
)
Value
%
of
Net
Assets
Basic
Materials
(0.4%)
Other
Securities
^
$
3,965,241
0.4%
Total
3,965,241
Capital
Goods
(0.6%)
Other
Securities
^
6,123,887
0.6%
Total
6,123,887
Collateralized
Mortgage
Obligations
(1.5%)
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
$
1,103,638
3.000%
-
3.000%,
2/15/2033
-
3/15/2033,
Ser.
4170,
Class
IG
a
107,342
<0.1%
Federal
National
Mortgage
Association
-
REMIC
1,143,454
3.000%,
12/25/2027,
Ser.
2012-137,
Class
AI
a
72,485
<0.1%
Other
Securities
^
13,921,074
1.5%
Total
14,100,901
Commercial
Mortgage-Backed
Securities
(0.4%)
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
396,431
3.000%,
3/15/2045,
Ser.
4741,
Class
GA
412,526
<0.1%
Federal
National
Mortgage
Association
-
ACES
750,000
3.776%,
8/25/2030,
Ser.
2018-M12,
Class
A2
b
890,190
0.1%
Other
Securities
^
2,045,934
0.3%
Total
3,348,650
Communications
Services
(1.4%)
Other
Securities
^
13,881,899
1.4%
Total
13,881,899
Consumer
Cyclical
(1.0%)
Other
Securities
^
10,025,137
1.0%
Total
10,025,137
Consumer
Non-Cyclical
(1.9%)
Other
Securities
^
18,718,087
1.9%
Total
18,718,087
Energy
(1.2%)
Other
Securities
^
11,299,916
1.2%
Total
11,299,916
Moderately
Conservative
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
126
Principal
Amount
Long-Term
Fixed
Income
(
44.4%
)
Value
%
of
Net
Assets
Financials
(3.3%)
Other
Securities
^
$
32,098,919
3.3%
Total
32,098,919
Mortgage-Backed
Securities
(13.4%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
15-
Yr.
Pass
Through
5,093,942
3.500%,
5/1/2034
5,386,876
0.6%
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-
Yr.
Pass
Through
8,254,444
3.000%,
3/25/2050
8,723,086
0.9%
5,036,413
3.000%,
4/1/2050
5,322,360
0.6%
4,395,919
3.500%,
7/1/2047
4,671,217
0.5%
5,621,107
3.000%,
8/1/2047
5,949,985
0.6%
Federal
National
Mortgage
Association
2,057,039
4.500%,
5/1/2048
2,223,316
0.2%
4,134,824
3.500%,
10/1/2048
4,378,039
0.5%
4,914,035
3.500%,
2/1/2049
5,188,460
0.5%
2,773,695
3.500%,
6/1/2049
2,940,100
0.3%
4,680,648
3.500%,
8/1/2049
4,968,545
0.5%
490,894
3.230%,
11/1/2020
491,028
<0.1%
Federal
National
Mortgage
Association
Conventional
15-
Yr.
Pass
Through
20,190,000
2.000%,
6/1/2034
c
20,794,123
2.2%
8,410,000
2.500%,
6/1/2034
c
8,784,179
0.9%
Federal
National
Mortgage
Association
Conventional
30-
Yr.
Pass
Through
19,300,000
2.500%,
5/1/2050
c
20,096,879
2.1%
7,559,340
4.000%,
7/1/2048
8,045,421
0.8%
6,400,000
3.000%,
5/1/2049
c
6,756,000
0.7%
1,878,000
3.000%,
6/1/2049
c
1,980,183
0.2%
11,875,000
2.500%,
7/1/2049
c
12,345,170
1.3%
Total
129,044,967
Technology
(1.2%)
Other
Securities
^
11,188,893
1.2%
Total
11,188,893
Transportation
(0.2%)
Other
Securities
^
2,319,593
0.2%
Total
2,319,593
U.S.
Government
&
Agencies
(15.0%)
U.S.
Treasury
Bonds
2,160,000
2.250%,
11/15/2027
2,431,013
0.3%
5,450,000
2.875%,
5/15/2028
6,430,361
0.7%
2,190,000
5.250%,
11/15/2028
3,043,929
0.3%
4,000,000
1.625%,
8/15/2029
4,361,875
0.5%
4,750,000
1.500%,
2/15/2030
5,135,938
0.5%
2,000,000
3.000%,
5/15/2042
2,699,297
0.3%
4,999,000
2.500%,
5/15/2046
6,345,215
0.7%
7,300,000
2.875%,
5/15/2049
10,109,359
1.0%
750,000
2.375%
-
4.375%,
5/15/2040
-
11/15/2049
1,129,894
0.1%
Principal
Amount
Long-Term
Fixed
Income
(
44.4%
)
Value
%
of
Net
Assets
U.S.
Government
&
Agencies
(15.0%)
-
continued
U.S.
Treasury
Notes
$
5,500,000
1.375%,
9/30/2020
$
5,528,789
0.6%
2,750,000
2.500%,
2/28/2021
2,803,281
0.3%
9,210,000
1.125%,
8/31/2021
9,324,765
1.0%
9,850,000
1.500%,
9/30/2021
10,033,533
1.0%
1,170,000
1.125%,
2/28/2022
1,189,744
0.1%
4,060,000
1.875%,
7/31/2022
4,211,457
0.4%
19,985,000
2.000%,
11/30/2022
20,890,571
2.2%
1,700,000
2.500%,
3/31/2023
1,811,031
0.2%
11,330,000
2.500%,
1/31/2024
12,254,988
1.3%
1,350,000
2.125%,
7/31/2024
1,451,619
0.1%
8,000,000
1.250%,
8/31/2024
8,314,062
0.9%
2,540,000
2.250%,
11/15/2024
2,756,694
0.3%
1,090,000
2.125%,
11/30/2024
1,177,924
0.1%
7,090,000
2.625%,
1/31/2026
7,962,125
0.8%
9,300,000
2.500%,
2/28/2026
10,390,934
1.1%
2,530,000
1.375%
-
1.875%,
8/31/2020
-
1/31/2025
d
2,593,903
0.2%
Total
144,382,301
Utilities
(1.2%)
Other
Securities
^
11,600,760
1.2%
Total
11,600,760
Total
Long-Term
Fixed
Income
(cost
$410,445,522)
428,528,456
Shares
Registered
Investment
Companies
(
38.8%
)
Value
%
of
Net
Assets
Unaffiliated  (1.7%)
113,400
Invesco
Senior
Loan
ETF
2,379,132
0.2%
27,000
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
3,487,590
0.4%
19,987
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
1,979,313
0.2%
13,488
SPDR
S&P
500
ETF
Trust
e
3,917,994
0.4%
41,500
Vanguard
Short-Term
Corporate
Bond
ETF
3,364,820
0.4%
Other
Securities
^
725,225
0.1%
Total
15,854,074
Affiliated  (37.1%)
3,471,388
Thrivent
Core
Emerging
Markets
Debt
Fund
31,277,204
3.2%
424,856
Thrivent
Core
Emerging
Markets
Equity
Fund
3,619,770
0.4%
969,305
Thrivent
Core
International
Equity
Fund
7,628,430
0.8%
2,477,074
Thrivent
Core
Low
Volatility
Equity
Fund
26,851,483
2.8%
58,959
Thrivent
Global
Stock
Fund,
Class
S
1,251,700
0.1%
5,159,877
Thrivent
High
Yield
Fund,
Class
S
21,723,080
2.3%
8,052,251
Thrivent
Income
Fund,
Class
S
77,140,568
8.0%
3,941,200
Thrivent
International
Allocation
Fund,
Class
S
32,869,609
3.4%
2,895,654
Thrivent
Large
Cap
Growth
Fund,
Class
S
38,917,596
4.0%
Moderately
Conservative
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
127
Shares
Registered
Investment
Companies
(
38.8%
)
Value
%
of
Net
Assets
Affiliated  (37.1%)
-
continued
3,015,573
Thrivent
Large
Cap
Value
Fund,
Class
S
$
57,537,125
6.0%
3,232,589
Thrivent
Limited
Maturity
Bond
Fund,
Class
S
39,857,824
4.1%
692,303
Thrivent
Mid
Cap
Stock
Fund,
Class
S
15,770,653
1.6%
212,720
Thrivent
Small
Cap
Stock
Fund,
Class
S
4,048,058
0.4%
Total
358,493,100
Total
Registered
Investment
Companies
(cost
$331,030,818)
374,347,174
Shares
Common
Stock
(
9.9%
)
Value
%
of
Net
Assets
Communications
Services
(0.4%)
Other
Securities
^
3,725,700
0.4%
Total
3,725,700
Consumer
Discretionary
(1.0%)
525
Amazon.com,
Inc.
f
1,298,850
0.2%
Other
Securities
^
8,682,717
0.8%
Total
9,981,567
Consumer
Staples
(0.4%)
Other
Securities
^
3,407,780
0.4%
Total
3,407,780
Energy
(0.2%)
Other
Securities
^
2,414,217
0.2%
Total
2,414,217
Financials
(1.5%)
Other
Securities
^
14,472,971
1.5%
Total
14,472,971
Health
Care
(1.5%)
Other
Securities
^
14,692,586
1.5%
Total
14,692,586
Industrials
(1.4%)
Other
Securities
^
13,939,706
1.4%
Total
13,939,706
Information
Technology
(2.2%)
5,454
Apple,
Inc.
1,602,385
0.2%
9,853
Microsoft
Corporation
1,765,756
0.2%
Other
Securities
^
18,059,485
1.8%
Total
21,427,626
Shares
Common
Stock
(
9.9%
)
Value
%
of
Net
Assets
Materials
(0.4%)
Other
Securities
^
$
3,851,001
0.4%
Total
3,851,001
Real
Estate
(0.7%)
Other
Securities
^
6,282,975
0.7%
Total
6,282,975
Utilities
(0.2%)
Other
Securities
^
1,669,758
0.2%
Total
1,669,758
Total
Common
Stock
(cost
$90,299,334)
95,865,887
Shares
Collateral
Held
for
Securities
Loaned
(
0.4%
)
Value
%
of
Net
Assets
4,014,019
Thrivent
Cash
Management
Trust
4,014,019
0.4%
Total
Collateral
Held
for
Securities
Loaned
(cost
$4,014,019)
4,014,019
Shares
or
Principal
Amount
Short-Term
Investments
(
12.2%
)
Value
%
of
Net
Assets
Federal
Home
Loan
Bank
Discount
Notes
1,300,000
1.018%,
5/12/2020
g,h
1,299,964
0.1%
1,200,000
0.500%,
5/13/2020
g,h
1,199,964
0.1%
6,700,000
0.028%
-
0.900%,
5/7/2020
-
8/4/2020
g,h
6,699,159
0.8%
Federal
National
Mortgage
Association
Discount
Notes
200,000
0.500%,
6/4/2020
g,h
199,981
<0.1%
Thrivent
Core
Short-Term
Reserve
Fund
10,833,020
1.450%
108,330,198
11.2%
U.S.
Treasury
Bills
300,000
0.022%
-
0.105%,
6/23/2020
-
9/24/2020
d,g
299,911
<0.1%
Total
Short-Term
Investments
(cost
$117,990,060)
118,029,177
Total
Investments
(cost
$975,659,835)
107.7%
$1,040,116,499
Other
Assets
and
Liabilities,
Net
(7.7%)
(74,553,787)
Total
Net
Assets
100.0%
$965,562,712
Moderately
Conservative
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
128
^
The
Summary
Schedule
of
Investments
shows
the
50
largest
holdings
in
unaffiliated
issuers,
any
holding
or
issuer
that
exceeds
1%
of
net
assets
and
all
affiliated
holdings
as
of
the
report
date.  The
remaining
securities
held
are
grouped
by
category
as
“Other
securities”.
a
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.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
d
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.
e
All
or
a
portion
of
the
security
is
on
loan.
f
Non-income
producing
security.
g
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
h
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Moderately
Conservative
Allocation
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
802,220
Common
Stock
3,033,782
Total
lending
$3,836,002
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$4,014,019
Net
amounts
due
to
counterparty
$178,017
Definitions:
ACES
-
Alternative
Credit
Enhancement
Securities
ETF
-
Exchange
Traded
Fund
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
a
family
of
exchange-
traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$91,926,208
Gross
unrealized
depreciation
(31,971,001)
Net
unrealized
appreciation
(depreciation)
$59,955,207
Cost
for
federal
income
tax
purposes
$981,936,531
Moderately
Conservative
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
129
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Moderately
Conservative
Allocation
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Bank
Loans
Basic
Materials
1,365,494
–
1,006,496
358,998
Capital
Goods
1,559,715
–
1,212,840
346,875
Communications
Services
3,575,780
–
3,423,405
152,375
Consumer
Cyclical
2,917,364
–
2,747,119
170,245
Consumer
Non-Cyclical
4,276,194
–
4,276,194
–
Energy
1,285,655
–
1,285,655
–
Financials
1,929,675
–
1,826,792
102,883
Technology
1,724,654
–
1,724,654
–
Transportation
356,858
–
356,858
–
Utilities
340,397
–
340,397
–
Long-Term
Fixed
Income
Asset-Backed
Securities
16,429,305
–
16,429,305
–
Basic
Materials
3,965,241
–
3,965,241
–
Capital
Goods
6,123,887
–
6,123,887
–
Collateralized
Mortgage
Obligations
14,100,901
–
14,100,901
–
Commercial
Mortgage-Backed
Securities
3,348,650
–
3,348,650
–
Communications
Services
13,881,899
–
13,881,899
–
Consumer
Cyclical
10,025,137
–
10,025,137
–
Consumer
Non-Cyclical
18,718,087
–
18,718,087
–
Energy
11,299,916
–
11,299,916
–
Financials
32,098,919
–
32,098,919
–
Mortgage-Backed
Securities
129,044,967
–
129,044,967
–
Technology
11,188,893
–
11,188,893
–
Transportation
2,319,593
–
2,319,593
–
U.S.
Government
&
Agencies
144,382,301
–
144,382,301
–
Utilities
11,600,760
–
11,600,760
–
Registered
Investment
Companies
Unaffiliated
15,854,074
15,854,074
–
–
Affiliated
289,116,213
289,116,213
–
–
Common
Stock
Communications
Services
3,725,700
3,725,700
–
–
Consumer
Discretionary
9,981,567
9,981,567
–
–
Consumer
Staples
3,407,780
3,407,780
–
–
Energy
2,414,217
2,414,217
–
–
Financials
14,472,971
14,396,213
76,758
–
Health
Care
14,692,586
14,692,586
–
–
Industrials
13,939,706
13,939,706
–
–
Information
Technology
21,427,626
21,375,669
51,957
–
Materials^
3,851,001
3,779,773
71,228
0
Real
Estate
6,282,975
6,282,975
–
–
Utilities
1,669,758
1,669,758
–
–
Short-Term
Investments
9,698,979
–
9,698,979
–
Subtotal
Investments
in
Securities
$858,395,395
$400,636,231
$456,627,788
$1,131,376
Other
Investments  *
Total
Affiliated
Short-Term
Investments
108,330,198
Affiliated
Registered
Investment
Companies
69,376,887
Collateral
Held
for
Securities
Loaned
4,014,019
Subtotal
Other
Investments
$181,721,104
Total
Investments
at
Value
$1,040,116,499
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
^
Level
3
security
in
this
section
is
fair
valued
at
<$1.
Moderately
Conservative
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
130
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
S&P
-
Standard
&
Poor's
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
8,802,859
8,802,859
–
–
Total
Asset
Derivatives
$8,802,859
$8,802,859
$–
$–
Liability
Derivatives
Futures
Contracts
6,941,264
6,941,264
–
–
Credit
Default
Swaps
86,356
–
86,356
–
Total
Liability
Derivatives
$7,027,620
$6,941,264
$86,356
$–
The
following
table
presents
Moderately
Conservative
Allocation
Fund's
futures
contracts
held
as
of
April
30,
2020.
Investments
and/or
cash
totaling
$7,699,189
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
CBOT
2-Yr.
U.S.
Treasury
Note
64
June
2020
$
13,973,290
$
134,210
CBOT
5-Yr.
U.S.
Treasury
Note
103
June
2020
12,591,962
332,929
CBOT
U.S.
Long
Bond
158
June
2020
26,153,329
2,449,609
CME
E-mini
S&P
500
Index
277
June
2020
36,407,532
3,790,708
ICE
mini
MSCI
EAFE
Index
96
June
2020
7,118,395
745,445
ICE
US
mini
MSCI
Emerging
Markets
Index
432
June
2020
18,433,641
1,133,799
Ultra
10-Yr.
U.S.
Treasury
Note
22
June
2020
3,238,529
216,159
Total
Futures
Long
Contracts
$
117,916,678
$
8,802,859
CBOT
10-Yr.
U.S.
Treasury
Note
(147)
June
2020
(
$
20,045,246)
(
$
396,942)
CME
E-mini
Russell
2000
Index
(489)
June
2020
(
27,123,731)
(
4,825,084)
CME
E-mini
S&P
Mid-Cap
400
Index
(75)
June
2020
(
11,013,704)
(
1,296,047)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
(18)
June
2020
(
3,622,871)
(
423,191)
Total
Futures
Short
Contracts
(
$
61,805,552)
($6,941,264)
Total
Futures
Contracts
$
56,111,126
$1,861,595
Moderately
Conservative
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
131
The
following
table
presents
Moderately
Conservative
Allocation
Fund's
swaps
contracts
held
as
of
April
30,
2020.
Investments
totaling
$611,644
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
34,
5
Year,
at
5.00%,
Quarterly
Sell
6/20/2025
(
$
4,875,000)
$
–
(
$
86,356)
(
$
86,356)
Total
Credit
Default
Swaps
$–
($86,356)
($86,356)
1
As
the
buyer
of
protection,
Moderately
Conservative
Allocation
Fund
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
As
the
seller
of
protection,
Moderately
Conservative
Allocation
Fund
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
2
The
maximum
potential
amount
of
future
payments
Moderately
Conservative
Allocation
Fund
could
be
required
to
make
as
the
seller
or
receive
as
the
buyer
of
protection.
3
The
values
for
credit
indexes
(CDX
or
LCDX)
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
liability
or
profit
for
the
credit
default
swap
contract
had
the
contract
been
closed
as
of
the
reporting
date.
When
protection
has
been
sold,
the
value
of
the
swap
will
increase
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
When
protection
has
been
purchased,
the
value
of
the
swap
will
increase
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2020,
for
Moderately
Conservative
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
5,669,952
Total
Equity
Contracts
5,669,952
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
3,132,907
Total
Interest
Rate
Contracts
3,132,907
Total
Asset
Derivatives
$8,802,859
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
6,121,131
Total
Equity
Contracts
6,121,131
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
820,133
Total
Interest
Rate
Contracts
820,133
Credit
Contracts
Credit
Default
Swaps
Net
Assets
-
Distributable
earnings/(accumulated
loss)
86,356
Total
Credit
Contracts
86,356
Total
Liability
Derivatives
$7,027,620
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.  Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
Moderately
Conservative
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
132
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Moderately
Conservative
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Interest
Rate
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
460,238
Total
Interest
Rate
Contracts
460,238
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
4,562,467
Total
Equity
Contracts
4,562,467
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(209,854)
Total
Foreign
Exchange
Contracts
(209,854)
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
243,342
Total
Credit
Contracts
243,342
Total
$5,056,193
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Moderately
Conservative
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(1,394,080)
Total
Equity
Contracts
(1,394,080)
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
2,657,473
Total
Interest
Rate
Contracts
2,657,473
Credit
Contracts
Credit
Default
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
(86,356)
Total
Credit
Contracts
(86,356)
Foreign
Exchange
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(84,096)
Total
Foreign
Exchange
Contracts
(84,096)
Total
$1,092,941
The
following
table
presents
Moderately
Conservative
Allocation
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2020.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$65,060,204
Futures
-
Short
(57,665,908)
Interest
Rate
Contracts
Futures
-
Long
47,441,192
Futures
-
Short
(10,730,668)
Foreign
Exchange
Contracts
Futures
-
Long
10,726,699
Credit
Contracts
Credit
Default
Swaps
-
Sell
Protection
(67,424)
Moderately
Conservative
Allocation
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
133
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Moderately
Conservative
Allocation
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$27,996
$5,757
$–
$31,277
3,471
3.2%
Core
Emerging
Markets
Equity
—
4,000
–
3,620
425
0.4
Core
International
Equity
9,032
352
–
7,628
969
0.8
Core
Low
Volatility
Equity
18,964
10,979
–
26,851
2,477
2.8
Global
Stock,
Class
S
1,379
170
–
1,252
59
0.1
High
Yield,
Class
S
23,748
629
–
21,723
5,160
2.3
Income,
Class
S
75,412
1,483
–
77,141
8,052
8.0
International
Allocation,
Class
S
39,325
1,015
–
32,870
3,941
3.4
Large
Cap
Growth,
Class
S
35,384
1,729
–
38,918
2,896
4.0
Large
Cap
Value,
Class
S
67,204
1,298
–
57,537
3,016
6.0
Limited
Maturity
Bond,
Class
S
39,988
481
–
39,858
3,233
4.1
Mid
Cap
Stock,
Class
S
18,250
523
–
15,771
692
1.6
Small
Cap
Stock,
Class
S
4,776
410
–
4,048
213
0.4
Total
Affiliated
Registered
Investment
Companies
361,458
358,494
36.7
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
168,446
86,040
146,136
108,330
10,833
11.2
Total
Affiliated
Short-Term
Investments
168,446
108,330
11.2
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
2,157
50,279
48,422
4,014
4,014
0.4
Total
Collateral
Held
for
Securities
Loaned
2,157
4,014
0.4
Total
Value
$532,061
$470,838
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$–
$(2,476)
$–
$671
Core
Emerging
Markets
Equity
–
(380)
–
–
Core
International
Equity
–
(1,756)
–
352
Core
Low
Volatility
Equity
Fund
–
(3,092)
596
383
Global
Stock,
Class
S
–
(297)
145
24
High
Yield,
Class
S
–
(2,654)
–
629
Income,
Class
S
–
246
347
1,138
International
Allocation,
Class
S
–
(7,470)
–
1,015
Large
Cap
Growth,
Class
S
–
1,805
1,729
–
Large
Cap
Value,
Class
S
–
(10,965)
–
1,298
Limited
Maturity
Bond,
Class
S
–
(611)
–
482
Mid
Cap
Stock,
Class
S
–
(3,002)
451
72
Small
Cap
Stock,
Class
S
–
(1,138)
387
23
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
(58)
38
1
1,284
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$7,371
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
16
Total
Affiliated
Income
from
Securities
Loaned,
Net
$16
Total
$(58)
$(31,752)
$3,656
Money
Market
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
134
Principal
Amount
U.S.
Government
Agency
Debt
(
87.0%
)
a
Value
Federal
Agricultural
Mortgage
Corporation
$
1,925,000
1.133%
(LIBOR
1M
+
0.140%),
6/2/2020
b
$
1,925,074
6,400,000
0.610%
(LIBOR
1M
+
0.040%),
7/24/2020
b
6,400,000
4,500,000
0.216% ,
7/29/2020
4,497,594
6,490,000
0.705%
(LIBOR
1M
+
0.080%),
10/23/2020
b
6,490,000
6,300,000
0.080%
(SOFRRATE
+
0.070%),
11/10/2020
b
6,300,000
3,840,000
1.053%
(LIBOR
1M
+
0.060%),
2/2/2021
b
3,840,000
7,680,000
0.000%
(LIBOR
1M
+
0.010%),
5/20/2021
b,c
7,680,000
7,100,000
0.778%
(LIBOR
1M
+
0.060%),
10/18/2021
b
7,100,000
3,500,000
1.570%
(LIBOR
3M
+
-0.010%),
12/2/2021
b
3,500,000
Federal
Farm
Credit
Bank
1,185,000
0.749%
(LIBOR
1M
+
-0.080%),
5/11/2020
b
1,185,006
1,110,000
0.070% ,
5/14/2020
1,109,972
2,615,000
0.487%
(LIBOR
1M
FLAT),
5/26/2020
b
2,615,012
5,930,000
0.426%
(LIBOR
1M
+
-0.015%),
5/28/2020
b
5,930,000
4,265,000
0.905%
(LIBOR
1M
+
-0.080%),
6/1/2020
b
4,262,054
1,750,000
0.487%
(LIBOR
1M
FLAT),
6/25/2020
b
1,750,258
7,650,000
0.448%
(LIBOR
1M
+
0.010%),
6/29/2020
b
7,650,000
2,800,000
0.658%
(LIBOR
1M
+
-0.060%),
7/20/2020
b
2,797,588
3,700,000
0.708%
(LIBOR
1M
+
-0.010%),
7/20/2020
b
3,702,505
7,700,000
0.414%
(LIBOR
1M
+
0.010%),
7/30/2020
b
7,699,626
4,820,000
0.150%
(FEDL
1M
+
0.110%),
8/13/2020
b
4,819,581
5,790,000
0.728%
(LIBOR
1M
+
0.010%),
8/19/2020
b
5,787,279
4,650,000
0.580%
(LIBOR
1M
+
0.010%),
8/24/2020
b
4,650,223
3,600,000
0.970%
(LIBOR
1M
+
-0.015%),
9/1/2020
b
3,601,749
963,000
0.487%
(LIBOR
1M
FLAT),
9/25/2020
b
963,304
4,000,000
0.687%
(LIBOR
1M
+
0.200%),
10/26/2020
b
4,003,955
11,645,000
0.140%
(FEDL
1M
+
0.100%),
12/16/2020
b
11,644,616
8,440,000
0.230%
(USBMMY
3M
+
0.110%),
12/28/2020
b
8,436,646
3,600,000
0.481%
(LIBOR
1M
+
0.040%),
1/28/2021
b
3,604,153
2,930,000
0.160%
(FEDL
1M
+
0.120%),
2/9/2021
b
2,929,735
7,735,000
0.751%
(LIBOR
1M
FLAT),
3/17/2021
b
7,735,000
2,500,000
0.766%
(LIBOR
1M
+
0.015%),
3/17/2021
b
2,500,158
3,850,000
0.725%
(LIBOR
3M
+
-0.035%),
4/30/2021
b
3,850,000
Principal
Amount
U.S.
Government
Agency
Debt
(
87.0%
)
a
Value
$
11,600,000
0.416%
(LIBOR
1M
+
-0.025%),
5/28/2021
b
$
11,595,741
3,000,000
0.864%
(LIBOR
1M
FLAT),
8/9/2021
b
2,994,669
3,100,000
0.964%
(LIBOR
1M
+
0.100%),
9/9/2021
b
3,100,000
4,000,000
0.808%
(LIBOR
1M
+
0.090%),
11/18/2021
b
4,008,437
7,775,000
0.667%
(LIBOR
1M
FLAT),
12/22/2021
b
7,773,481
750,000
0.958%
(LIBOR
1M
+
0.240%),
1/18/2022
b
750,380
Federal
Home
Loan
Bank
1,600,000
0.019% ,
5/1/2020
1,600,000
6,175,000
0.343% ,
5/4/2020
6,174,865
9,285,000
0.048% ,
5/5/2020
9,284,950
9,487,000
0.065% ,
5/6/2020
9,486,915
6,470,000
0.971%
(LIBOR
1M
+
0.050%),
5/8/2020
b
6,470,000
7,788,000
1.571% ,
5/8/2020
7,785,621
11,775,000
0.089% ,
5/12/2020
11,774,681
10,830,000
0.130% ,
5/14/2020
10,829,492
11,640,000
0.031% ,
5/15/2020
11,639,859
3,600,000
0.085% ,
5/18/2020
3,599,855
8,970,000
0.080% ,
5/22/2020
8,969,581
3,500,000
0.540% ,
5/28/2020
3,498,582
1,000,000
0.070% ,
6/4/2020
999,934
3,500,000
0.540% ,
6/5/2020
3,498,162
795,000
0.065% ,
6/8/2020
794,945
3,800,000
0.120%
(SOFRRATE
+
0.110%),
6/10/2020
b
3,800,000
905,000
0.080% ,
6/11/2020
904,918
6,147,000
0.067% ,
6/12/2020
6,146,522
2,200,000
0.070% ,
6/15/2020
2,199,807
2,390,000
0.070% ,
6/17/2020
2,389,782
1,375,000
0.080% ,
6/24/2020
1,374,835
6,500,000
0.050%
(SOFRRATE
+
0.040%),
7/2/2020
b
6,500,000
7,086,000
0.169% ,
7/8/2020
7,083,738
12,250,000
0.183% ,
7/10/2020
12,245,644
5,260,000
0.201% ,
7/20/2020
5,257,649
6,900,000
0.110%
(SOFRRATE
+
0.100%),
7/29/2020
b
6,899,999
5,750,000
0.040%
(SOFRRATE
+
0.030%),
8/5/2020
b
5,750,000
5,000,000
0.520% ,
8/17/2020
4,992,200
7,000,000
0.240% ,
8/31/2020
6,994,307
7,120,000
0.290% ,
9/2/2020
7,112,888
3,350,000
0.591%
(LIBOR
1M
+
0.150%),
9/28/2020
b
3,351,960
7,120,000
0.290% ,
9/30/2020
7,111,282
4,580,000
0.115%
(SOFRRATE
+
0.105%),
10/1/2020
b
4,580,000
3,500,000
0.300% ,
10/26/2020
3,494,808
4,640,000
0.487%
(LIBOR
1M
FLAT),
10/26/2020
b
4,640,000
8,845,000
0.754%
(LIBOR
3M
+
-0.135%),
12/18/2020
b
8,841,141
5,450,000
0.110%
(SOFRRATE
+
0.100%),
12/23/2020
b
5,449,346
1,715,000
0.060%
(SOFRRATE
+
0.050%),
1/28/2021
b
1,714,269
3,900,000
0.467%
(LIBOR
1M
+
-0.020%),
4/27/2021
b
3,900,054
3,
865,000
0.145%
(SOFRRATE
+
0.135%),
6/4/2021
b
3,864,995
Money
Market
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
135
Principal
Amount
U.S.
Government
Agency
Debt
(
87.0%
)
a
Value
$
3,500,000
0.160%
(SOFRRATE
+
0.150%),
9/3/2021
b
$
3,500,000
Federal
Home
Loan
Mortgage
Corporation
7,100,000
0.318% ,
8/12/2020
7,093,540
3,600,000
0.020%
(SOFRRATE
+
0.010%),
8/25/2020
b
3,599,420
Resolution
Funding
Corporation
Principal
Strip
14,170,000
0.489% ,
7/15/2020
14,155,546
7,950,000
1.622% ,
10/15/2020
7,937,739
U.S.
International
Development
Finance
Corporation
9,410,000
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
9,410,000
3,115,789
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
3,115,789
4,218,750
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
4,218,750
2,200,000
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
2,200,000
3,138,891
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
3,138,891
8,720,000
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
8,720,000
3,200,000
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
3,200,000
4,872,000
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
4,872,000
3,855,000
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
3,855,000
5,420,000
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
5,420,000
4,115,000
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
4,115,000
3,649,123
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
3,649,123
7,250,000
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
7,250,000
7,176,691
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
7,176,691
1,000,000
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
1,000,000
1,488,971
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
1,488,970
3,503,460
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
3,503,460
3,590,000
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
3,590,000
1,491,240
0.880%
(T-BILL
3M
FLAT),
5/7/2020
b
1,491,240
4,444,320
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
4,444,320
4,100,000
0.950%
(T-BILL
3M
+
0.070%),
5/7/2020
b
4,100,000
3,114,079
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
3,114,079
5,203,800
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
5,203,800
5,957,280
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
5,957,280
326,370
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
326,370
3,642,660
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
3,642,660
Principal
Amount
U.S.
Government
Agency
Debt
(
87.0%
)
a
Value
$
6,205,000
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
$
6,205,000
3,356,451
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
3,356,451
5,261,321
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
5,261,321
5,976,192
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
5,976,192
7,750,000
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
7,750,000
4,728,000
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
4,728,000
3,458,491
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
3,458,491
5,130,000
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
5,130,000
6,000,000
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
6,000,000
7,400,000
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
7,400,000
3,620,000
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
3,620,000
4,276,200
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
4,276,200
5,312,270
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
5,312,270
3,217,059
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
3,217,059
6,831,000
0.950%
(T-BILL
3M
FLAT),
5/7/2020
b
6,831,000
1,200,000
1.017% ,
9/30/2020
1,228,306
1,950,000
2.200% ,
9/30/2020
1,987,327
3,980,000
1.900% ,
11/11/2020
4,023,893
1,848,000
1.940% ,
11/15/2020
1,877,152
3,870,000
1.900% ,
11/17/2020
3,929,691
2,400,000
1.016% ,
1/26/2021
2,563,298
1,750,000
1.016% ,
1/26/2021
1,869,071
8,985,000
1.016% ,
1/26/2021
9,625,317
2,725,000
1.680% ,
2/11/2021
2,757,007
2,965,000
1.000% ,
4/9/2021
2,966,775
Ukraine
Government
International
Bond
10,600,000
1.847% ,
5/29/2020
10,607,929
Total
670,638,800
Principal
Amount
U.S.
Treasury
Debt
(
10.4%
)
a
Value
U.S.
Treasury
Bills
7,000,000
0.075% ,
5/5/2020
6,999,942
2,150,000
0.073% ,
5/12/2020
2,149,952
3,550,000
0.155% ,
5/19/2020
3,549,725
14,635,000
0.161% ,
6/16/2020
14,631,986
3,600,000
0.100% ,
6/30/2020
c
3,599,440
U.S.
Treasury
Notes
27,190,000
0.168%
(USBMMY
3M
+
0.043%),
7/31/2020
b
27,180,401
8,205,000
0.170%
(USBMMY
3M
+
0.045%),
10/31/2020
b
8,197,132
5,820,000
0.240%
(USBMMY
3M
+
0.115%),
1/31/2021
b
5,817,617
2,980,000
0.264%
(USBMMY
3M
+
0.139%),
4/30/2021
b
2,979,916
Money
Market
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
136
Principal
Amount
U.S.
Treasury
Debt
(
10.4%
)
a
Value
$
3,900,000
0.345%
(USBMMY
3M
+
0.220%),
7/31/2021
b
$
3,903,398
Total
79,009,509
Principal
Amount
U.S.
Treasury
Repurchase
Agreement,
if
collateralized
only
by
U.S.
Treasuries
(including
Strips)
and
cash
(
5.8%
)
a
Value
RBC
Dominion
Securities,
Inc.
45,000,000
0.020% ,
5/1/2020
d
45,000,000
Total
45,000,000
Total
Investments
(cost
$794,516,683)
103.2%
$794,648,309
Other
Assets
and
Liabilities,
Net
(3.2)%
(24,529,652)
Total
Net
Assets
100.0%
$770,118,657
a
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
d
Repurchase
agreement
dated
April
30,
2020,
$45,000,025
maturing
May
1,
2020,
collateralized
by
$45,858,429
United
States
Department
of
The
Treasury,
0.02%
due
May
1,
2020.
Reference
Rate
Index:
FEDL
1M
-
Federal
Funds
1
Month
Rate
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
SOFRRATE
-
Secured
Overnight
Financing
Rate
T-BILL
3M
-
U.
S.
Treasury
Bill
Rate
3
Month
USBMMY
3M
-
U.
S.
Treasury
Bill
Rate
3
Month
Money    
Market
Yield
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$131,626
Gross
unrealized
depreciation
–
Net
unrealized
appreciation
(depreciation)
$131,626
Cost
for
federal
income
tax
purposes
$794,516,683
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Money
Market
Fund's
assets
carried
at
fair
value
or
amortized
cost,
which
approximates
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
U.S.
Government
Agency
Debt
670,638,800
–
670,638,800
–
U.S.
Treasury
Debt
79,009,509
–
79,009,509
–
U.S.
Treasury
Repurchase
Agreement,
if
collateralized
only
by
U.S.
Treasuries
(including
Strips)
and
cash
45,000,000
–
45,000,000
–
Total
Investments
at
Amortized
Cost
$794,648,309
$–
$794,648,309
$–
Municipal
Bond
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
137
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
%
of
Net
Assets
Alabama
(0.3%)
Other
Securities
^
$
4,828,997
0.3%
Total
4,828,997
Alaska
(<0.1%)
Other
Securities
^
410,000
<0.1%
Total
410,000
Arizona
(1.2%)
Other
Securities
^
17,023,795
1.2%
Total
17,023,795
Arkansas
(0.4%)
Other
Securities
^
5,527,065
0.4%
Total
5,527,065
California
(10.4%)
Beverly
Hills
Unified
School
District,
Los
Angeles
County,
CA
G.O.
(2008
Election)
$
10,000,000
Zero
Coupon,
8/1/2031
8,016,500
0.6%
California
Educational
Fac.
Auth.
Rev.
(Stanford
University)
6,000,000
5.250%,
4/1/2040
9,163,680
0.6%
8,300,000
5.000%,
5/1/2045,
Ser.
U-6
12,838,440
0.9%
California
Various
Purpose
G.O.
7,500,000
5.000%,
4/1/2032
9,858,975
0.7%
Los
Angeles,
CA
Department
of
Airports
Rev.
(Los
Angeles
International
Airport)
8,000,000
5.000%,
5/15/2040,
Ser.
A
8,016,480
0.6%
Los
Angeles,
CA
Department
of
Water
&
Power
Rev.
7,000,000
5.000%,
7/1/2044,
Ser.
D
7,855,890
0.5%
San
Diego
Unified
School
District
G.O.
10,000,000
6.000%,
7/1/2033,
Ser.
A
a
12,090,500
0.8%
San
Francisco,
CA
City
&
County
Airport
Commission
Rev.
(San
Francisco
International
Airport)
7,825,000
5.000%,
5/1/2044,
Ser.
A,
AMT
8,386,522
0.6%
9,700,000
5.000%
-
5.500%,
5/1/2028
-
5/1/2047,
Ser.
B
10,837,833
0.7%
San
Jose,
CA
Redevelopment
Agency
Successor
Agency
Tax
Allocation
Refg.
6,000,000
5.000%,
8/1/2035,
Ser.
A
7,065,540
0.5%
University
of
California
Limited
Rev.
Refg.
8,000,000
5.000%,
5/15/2032,
Ser.
I
9,314,880
0.6%
Other
Securities
^
49,288,598
3.3%
Total
152,733,838
Colorado
(5.1%)
Colorado
Health
Fac.
Auth.
Hospital
Rev.
(Parkview
Medical
Center,
Inc.)
4,000,000
5.000%,
9/1/2046
4,325,400
0.3%
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
%
of
Net
Assets
Colorado
(5.1%)-
continued
Colorado
Health
Fac.
Auth.
Rev.
(Evangelical
Lutheran
Good
Samaritan
Society)
$
2,610,000
5.000%
-
5.625%,
12/1/2024
-
6/1/2043
a
$
2,867,861
0.2%
Colorado
State
Health
Fac.
Auth.
Hospital
Rev.
Refg.
(Commonspirit
Health
Obligated
Group)
10,000,000
4.000%,
8/1/2049,
Ser.
A-2
9,502,100
0.6%
Colorado
State
Health
Fac.
Auth.
Hospital
Rev.
Refg.
(Valley
View
Hospital
Association)
1,185,000
5.000%
-
5.000%,
5/15/2030
-
5/15/2032,
Ser.
A
1,351,450
0.1%
University
of
Colorado
University
Enterprise
Rev.
9,790,000
5.000%,
6/1/2033
a
10,246,508
0.7%
6,250,000
5.000%
-
5.000%,
6/1/2033
-
6/1/2034,
Ser.
A
a
7,267,562
0.5%
Other
Securities
^
39,168,568
2.7%
Total
74,729,449
Connecticut
(0.2%)
Other
Securities
^
2,379,498
0.2%
Total
2,379,498
Delaware
(0.1%)
Other
Securities
^
1,206,765
0.1%
Total
1,206,765
District
of
Columbia
(1.5%)
District
of
Columbia
Water
&
Sewer
Auth.
Public
Utility
Rev.
13,715,000
5.000%,
10/1/2049,
Ser.
A
16,171,357
1.1%
Other
Securities
^
6,505,380
0.4%
Total
22,676,737
Florida
(4.1%)
Other
Securities
^
59,737,159
4.1%
Total
59,737,159
Georgia
(1.0%)
Other
Securities
^
15,263,159
1.0%
Total
15,263,159
Guam
(<0.1%)
Other
Securities
^
241,108
<0.1%
Total
241,108
Hawaii
(1.6%)
Other
Securities
^
23,311,198
1.6%
Total
23,311,198
Municipal
Bond
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
138
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
%
of
Net
Assets
Illinois
(7.6%)
Chicago
Metropolitan
Water
Reclamation
District
G.O.
Refg.
$
8,700,000
5.250%,
12/1/2032,
Ser.
C
$
11,305,824
0.8%
Chicago,
IL
G.O.
Refg.
5,000,000
5.000%
-
5.000%,
1/1/2023
-
1/1/2027,
Ser.
C
a
5,195,730
0.3%
Chicago,
IL
Midway
International
Airport
Rev.
1,120,000
5.000%,
1/1/2026,
Ser.
A,
AMT
1,205,254
0.1%
Chicago,
IL
O'Hare
International
Airport
Rev.
2,000,000
5.000%
-
5.000%,
1/1/2047,
Ser.
G,
AMT
2,144,860
0.1%
Chicago,
IL
O'Hare
International
Airport
Rev.
Refg.
6,200,000
5.000%
-
5.000%,
1/1/2029
-
1/1/2048
6,867,220
0.5%
Illinois
Finance
Auth.
Multifamily
Housing
Rev.
(Better
Housing
Foundation
Blue
Station)
1,750,000
5.000%,
12/1/2043,
Ser.
A-1
b
1,050,000
0.1%
Illinois
Finance
Auth.
Rev.
(DePaul
University)
5,075,000
5.000%
-
6.000%,
10/1/2032
-
10/1/2041
a
5,349,391
0.4%
Illinois
Finance
Auth.
Rev.
(Rush
University
Medical
Center)
1,000,000
5.000%,
11/15/2027,
Ser.
A
1,128,710
0.1%
Illinois
Finance
Auth.
Rev.
(The
Art
Institute
of
Chicago)
3,530,000
5.000%
-
5.000%,
3/1/2034
a
3,802,038
0.3%
Illinois
Finance
Auth.
Rev.
Refg.
(Northwestern
Memorial
Healthcare)
4,000,000
5.000%,
7/15/2042,
Ser.
A
4,620,840
0.3%
Illinois
Finance
Auth.
Rev.
Refg.
(Rosalind
Franklin
University)
3,850,000
5.000%
-
5.000%,
8/1/2042
-
8/1/2047,
Ser.
A
3,848,908
0.3%
Illinois
Finance
Auth.
Student
Housing
and
Academic
Fac.
Rev.
(University
of
Illinois
at
Chicago)
4,385,000
5.000%
-
5.000%,
2/15/2032
-
2/15/2047,
Ser.
A
4,427,913
0.3%
Illinois
G.O.
7,000,000
5.000%,
11/1/2023,
Ser.
D
6,957,860
0.5%
7,000,000
5.000%,
6/1/2024
6,941,410
0.5%
8,250,000
5.000%
-
5.500%,
3/1/2027
-
7/1/2038
8,008,398
0.5%
Illinois
G.O.
Refg.
1,500,000
5.000%,
10/1/2021,
Ser.
B
1,503,570
0.1%
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
%
of
Net
Assets
Illinois
(7.6%)-
continued
Metropolitan
Pier
and
Exposition
Auth.,
IL
Refg.
(McCormick
Place
Expansion)
(NATL-RE
Insured)
Zero
Coupon,
6/15/2020,
Ser.
A
c
$
11,966,880
0.8%
5,100,000
0.000%
-
0.000%,
6/15/2024
-
12/15/2024,
Ser.
A
c
4,474,852
0.3%
Metropolitan
Pier
and
Exposition
Auth.,
IL
Rev.
(McCormick
Place
Expansion)
(NATL-RE
Insured)
10,100,000
Zero
Coupon,
6/15/2035,
Ser.
A
c
5,283,411
0.4%
Metropolitan
Pier
and
Exposition
Auth.,
IL
Rev.
Refg.
(McCormick
Place
Expansion)
2,000,000
Zero
Coupon,
12/15/2047,
Ser.
B
d
934,440
0.1%
Other
Securities
^
14,233,429
0.8%
Total
111,250,938
Indiana
(1.2%)
Other
Securities
^
17,534,096
1.2%
Total
17,534,096
Iowa
(1.7%)
Iowa
Finance
Auth.
Rev.
(Lifespace
Communities,
Inc.)
6,350,000
5.000%,
5/15/2043,
Ser.
A
5,914,581
0.4%
Iowa
Finance
Auth.
Rev.
Refg.
8,100,000
5.000%,
8/1/2036
9,725,589
0.7%
3,000,000
5.000%,
8/1/2042
3,555,060
0.2%
Other
Securities
^
6,215,697
0.4%
Total
25,410,927
Kansas
(0.9%)
Other
Securities
^
13,846,241
0.9%
Total
13,846,241
Kentucky
(0.7%)
Other
Securities
^
9,926,131
0.7%
Total
9,926,131
Louisiana
(2.0%)
Other
Securities
^
28,821,692
2.0%
Total
28,821,692
Maryland
(0.2%)
Other
Securities
^
3,049,070
0.2%
Total
3,049,070
Massachusetts
(4.8%)
Massachusetts
Development
Finance
Agency
Rev.
(Dana-
Farber
Cancer
Institute)
6,500,000
5.000%,
12/1/2046,
Ser.
N
7,045,220
0.5%
Municipal
Bond
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
139
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
%
of
Net
Assets
Massachusetts
(4.8%)-
continued
Massachusetts
Development
Finance
Agency
Rev.
(Northeastern
University)
$
750,000
5.000%,
10/1/2031
$
815,692
0.1%
Massachusetts
Development
Finance
Agency
Rev.
(Wellesley
College)
3,000,000
5.000%,
7/1/2042,
Ser.
J
3,156,720
0.2%
Massachusetts
G.O.
11,125,000
5.000%,
9/1/2048,
Ser.
E
13,206,821
0.9%
Massachusetts
Health
&
Educational
Fac.
Auth.
Rev.
(Massachusetts
Institute
of
Technology)
15,295,000
5.250%,
7/1/2033,
Ser.
L
21,109,700
1.4%
Massachusetts
Health
&
Educational
Fac.
Auth.
Rev.
(Tufts
University)
5,400,000
5.500%,
2/15/2028,
Ser.
M
6,984,576
0.5%
Massachusetts
Port
Auth.
Rev.
8,300,000
5.000%,
7/1/2042,
Ser.
A,
AMT
8,769,448
0.6%
Other
Securities
^
9,409,533
0.6%
Total
70,497,710
Michigan
(2.3%)
Great
Lakes,
MI
Water
Auth.
Water
Supply
System
Rev.
10,000,000
5.000%,
7/1/2046,
Ser.
A
11,599,900
0.8%
Michigan
Strategic
Rev.
7,775,000
5.000%,
12/31/2043,
AMT
7,913,550
0.5%
Other
Securities
^
14,495,987
1.0%
Total
34,009,437
Minnesota
(3.0%)
St.
Paul,
MN
Housing
&
Redevelopment
Auth.
Health
Care
Fac.
Rev.
Refg.
(HealthPartners
Obligated
Group)
5,945,000
5.000%,
7/1/2032,
Ser.
A
6,515,363
0.4%
St.
Paul,
MN
Housing
&
Redevelopment
Auth.
Health
Care
Rev.
Refg.
(Fairview
Health
Services)
6,945,000
5.000%,
11/15/2047,
Ser.
A
7,361,144
0.5%
St.
Paul,
MN
Housing
&
Redevelopment
Auth.
Rev.
Refg.
(Rossy
&
Richard
Shaller
Family
Sholom
East
Campus)
1,000,000
5.000%,
10/1/2043
922,220
0.1%
Other
Securities
^
28,787,651
2.0%
Total
43,586,378
Mississippi
(0.4%)
Other
Securities
^
5,320,367
0.4%
Total
5,320,367
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
%
of
Net
Assets
Missouri
(0.5%)
Other
Securities
^
$
6,804,009
0.5%
Total
6,804,009
Montana
(0.1%)
Other
Securities
^
1,958,311
0.1%
Total
1,958,311
Nebraska
(2.1%)
Omaha,
NE
Public
Power
District
Electric
Rev.
8,150,000
5.000%,
2/1/2045,
Ser.
A
9,187,169
0.6%
Omaha,
NE
Public
Power
District
Electric
Rev.
Refg.
8,275,000
5.000%,
2/1/2042,
Ser.
A
9,873,813
0.7%
Other
Securities
^
12,393,496
0.8%
Total
31,454,478
Nevada
(0.3%)
Other
Securities
^
4,921,145
0.3%
Total
4,921,145
New
Hampshire
(0.4%)
Other
Securities
^
6,075,900
0.4%
Total
6,075,900
New
Jersey
(1.6%)
Tobacco
Settlement
Financing
Corporation
Rev.
Refg.
8,950,000
5.250%,
6/1/2046,
Ser.
A
9,549,740
0.6%
Other
Securities
^
14,283,128
1.0%
Total
23,832,868
New
York
(9.3%)
New
York
City
Municipal
Water
Finance
Auth.
Water
and
Sewer
System
Rev.
8,000,000
5.000%,
6/15/2037,
Ser.
DD-1
9,519,680
0.6%
12,000,000
5.000%,
6/15/2049,
Ser.
CC-1
14,266,560
1.0%
5,680,000
0.120%
-
5.375%,
6/15/2035
-
6/15/2044
e
5,704,772
0.4%
New
York
City
Transitional
Finance
Auth.
Future
Tax
Secured
Rev.
15,000,000
5.000%,
11/1/2033,
Ser.
D-1
15,660,600
1.1%
19,000,000
5.000%,
2/1/2043,
Ser.
A
21,558,920
1.5%
720,000
0.120%,
2/1/2045,
Ser.
E-4
e
720,000
<0.1%
New
York
State
Dormitory
Auth.
State
Personal
Income
Tax
Rev.
5,000,000
5.000%,
3/15/2039,
Ser.
C
5,555,350
0.4%
New
York
State
Dormitory
Auth.
State
Personal
Income
Tax
Rev.
Refg.
8,330,000
5.000%,
2/15/2043,
Ser.
B
9,567,671
0.6%
Municipal
Bond
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
140
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
%
of
Net
Assets
New
York
(9.3%)-
continued
New
York
State
Liberty
Development
Corporation
Rev.
$
10,000,000
5.250%,
12/15/2043
$
10,477,800
0.7%
Port
Auth.
of
New
York
&
New
Jersey
Rev.
11,125,000
5.000%
-
5.000%,
12/1/2024
-
9/1/2039,
Ser.
178,
AMT
12,301,084
0.8%
Port
Auth.
of
New
York
&
New
Jersey
Rev.
Refg.
6,715,000
5.000%
-
5.000%,
9/15/2034
-
9/15/2048,
Ser.
207,
AMT
7,570,285
0.5%
Other
Securities
^
24,348,546
1.7%
Total
137,251,268
North
Carolina
(1.0%)
Other
Securities
^
15,127,760
1.0%
Total
15,127,760
North
Dakota
(0.4%)
Other
Securities
^
5,874,410
0.4%
Total
5,874,410
Ohio
(5.0%)
Ohio
Higher
Educational
Fac.
Commission
Rev.
(Case
Western
Reserve
University)
3,135,000
5.000%
-
6.500%,
10/1/2020
-
12/1/2028
3,572,492
0.2%
Ohio
Higher
Educational
Fac.
Commission
Rev.
(Dayton
University)
2,565,000
5.000%,
12/1/2035,
Ser.
A
2,742,267
0.2%
Ohio
Higher
Educational
Fac.
Commission
Rev.
(Kenyon
College)
3,025,000
5.000%,
7/1/2042
3,258,893
0.2%
Ohio
Higher
Educational
Fac.
Commission
Rev.
Refg.
(Kenyon
College)
1,505,000
5.250%,
7/1/2044
1,515,655
0.1%
Ohio
Higher
Educational
Fac.
Commission
Rev.
Refg.
(University
of
Findlay)
2,400,000
5.000%,
3/1/2034
2,504,928
0.2%
Ohio
Hospital
Rev.
(Cleveland
Clinic
Health
System
Obligated
Group)
5,000,000
5.000%,
1/1/2034
a
5,350,350
0.4%
Ohio
Hospital
Rev.
Refg.
(University
Hospitals
Health
System,
Inc.)
4,000,000
5.000%,
1/15/2050,
Ser.
A
4,451,040
0.3%
Ohio
State
Turnpike
Commission
Rev.
8,680,000
Zero
Coupon,
2/15/2034,
Ser.
A-4
d
9,844,856
0.7%
Ohio
State
Turnpike
Commission
Rev.
Refg.
(NATL-RE
Insured)
10,000,000
5.500%,
2/15/2026,
Ser.
A
c
11,952,000
0.8%
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
%
of
Net
Assets
Ohio
(5.0%)-
continued
Other
Securities
^
$
27,839,882
1.9%
Total
73,032,363
Oklahoma
(1.7%)
Grand
River,
OK
Dam
Authority
Rev.
7,815,000
5.000%,
6/1/2039,
Ser.
A
8,722,634
0.6%
Other
Securities
^
15,538,168
1.1%
Total
24,260,802
Oregon
(1.1%)
Other
Securities
^
16,456,605
1.1%
Total
16,456,605
Pennsylvania
(2.2%)
Pennsylvania
Turnpike
Commission
Rev.
(BAM
Insured)
6,090,000
Zero
Coupon,
12/1/2041,
Ser.
A-3
c
3,155,960
0.2%
Pennsylvania
Turnpike
Commission
Turnpike
Rev.
7,950,000
5.000%
-
5.000%,
12/1/2040
-
12/1/2046,
Ser.
A-1
8,729,154
0.6%
Pennsylvania
Turnpike
Commission
Turnpike
Rev.
(AGM
Insured)
10,440,000
6.250%,
6/1/2033,
Ser.
C
c
13,025,153
0.9%
Other
Securities
^
6,909,920
0.5%
Total
31,820,187
Puerto
Rico
(0.3%)
Other
Securities
^
4,875,074
0.3%
Total
4,875,074
South
Carolina
(1.9%)
Other
Securities
^
27,715,959
1.9%
Total
27,715,959
South
Dakota
(0.1%)
Other
Securities
^
1,143,670
0.1%
Total
1,143,670
Tennessee
(0.2%)
Other
Securities
^
2,823,326
0.2%
Total
2,823,326
Texas
(9.6%)
Clifton,
TX
Higher
Education
Finance
Corporation
Education
Rev.
(IDEA
Public
Schools)
3,000,000
5.000%
-
6.000%,
8/15/2042
-
8/15/2043
3,208,070
0.2%
Municipal
Bond
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
141
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
%
of
Net
Assets
Texas
(9.6%)-
continued
Clifton,
TX
Higher
Education
Finance
Corporation
Education
Rev.
(IDEA
Public
Schools)
(PSF-GTD
Insured)
$
7,605,000
5.000%
-
5.000%,
8/15/2036
-
8/15/2046,
Ser.
A
c
$
8,714,936
0.6%
Clifton,
TX
Higher
Education
Finance
Corporation
Education
Rev.
(Uplift
Education)
4,000,000
6.250%,
12/1/2045,
Ser.
A
a
4,116,520
0.3%
Houston,
TX
Water
and
Sewer
System
Rev.
Refg.
(AGM
Insured)
10,000,000
5.750%,
12/1/2032,
Ser.
A
a,c
14,497,300
1.0%
North
Texas
Tollway
Auth.
System
Rev.
15,000,000
5.000%,
9/1/2030,
Ser.
D
a
15,830,550
1.1%
North
Texas
Tollway
Auth.
System
Rev.
Refg.
5,000,000
5.000%,
1/1/2042,
Ser.
B
5,194,900
0.4%
North
Texas
Tollway
Auth.
System
Rev.
Refg.
(AGC
Insured)
5,000,000
–%,
1/1/2028,
Ser.
D
c
4,304,850
0.3%
San
Antonio
Water
System
Rev.
7,875,000
5.000%,
5/15/2039,
Ser.
A
9,492,919
0.6%
Texas
G.O.
Refg.
13,940,000
5.000%,
10/1/2044,
Ser.
A
15,676,924
1.1%
Texas
Private
Activity
Bond
Surface
Transportation
Corporation
Rev.
(Segment
3C)
10,000,000
5.000%,
6/30/2058,
AMT
10,432,300
0.7%
Other
Securities
^
50,019,999
3.3%
Total
141,489,268
Utah
(1.7%)
Orem,
UT
G.O.
6,880,000
5.000%,
12/1/2046
8,224,971
0.6%
Other
Securities
^
16,833,233
1.1%
Total
25,058,204
Vermont
(0.3%)
Other
Securities
^
4,405,170
0.3%
Total
4,405,170
Virginia
(2.9%)
Virginia
Commonwealth
Transportation
Board
Rev.
10,000,000
5.000%,
5/15/2034
a
10,447,100
0.7%
Virginia
Small
Business
Financing
Auth.
Rev.
(Elizabeth
River
Crossings
Opco,
LLC)
8,910,000
6.000%,
1/1/2037,
AMT
9,031,265
0.6%
2,950,000
5.000%
-
5.500%,
1/1/2027
-
1/1/2042,
AMT
2,938,769
0.2%
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
%
of
Net
Assets
Virginia
(2.9%)-
continued
Virginia
Small
Business
Financing
Auth.
Rev.
(Transform
66
P3)
$
10,610,000
5.000%,
12/31/2052,
AMT
$
10,653,607
0.7%
7,185,000
5.000%
-
5.000%,
12/31/2047
-
12/31/2049,
AMT
7,232,506
0.5%
Other
Securities
^
2,599,829
0.2%
Total
42,903,076
Washington
(2.9%)
Washington
State
Various
Purpose
G.O.
12,095,000
5.000%,
8/1/2030,
Ser.
A
13,449,640
0.9%
5,310,000
5.000%,
8/1/2042,
Ser.
A
6,261,286
0.4%
Other
Securities
^
23,532,133
1.6%
Total
43,243,059
West
Virginia
(0.4%)
Other
Securities
^
5,908,450
0.4%
Total
5,908,450
Wisconsin
(2.0%)
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
(PHW
Oconomowoc,
Inc.)
1,750,000
5.125%,
10/1/2048
1,548,785
0.1%
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
(Thedacare,
Inc.)
3,695,000
5.000%
-
5.000%,
12/15/2039
-
12/15/2044
3,971,994
0.3%
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
Refg.
(Ascension
Health
Credit
Group)
9,275,000
5.000%,
11/15/2039,
Ser.
A
10,395,420
0.7%
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
Refg.
(Benevolent
Corporation
Cedar
Community)
870,000
5.000%,
6/1/2037
760,101
0.1%
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
Refg.
(Marquette
University)
5,000,000
5.000%,
10/1/2041
5,366,150
0.4%
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
Refg.
(Marshfield
Clinic
Health
Systems,
Inc.)
2,000,000
5.000%,
2/15/2047,
Ser.
C
2,034,080
0.1%
Other
Securities
^
5,555,330
0.3%
Total
29,631,860
Municipal
Bond
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
142
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
%
of
Net
Assets
Wyoming
(0.1%)
Other
Securities
^
$
1,888,034
0.1%
Total
1,888,034
Total
Long-Term
Fixed
Income
(cost
$1,410,202,847)
1,453,277,011
Total
Investments
(cost
$1,410,202,847)
98.8%
$1,453,277,011
Other
Assets
and
Liabilities,
Net
1.2%
18,200,949
Total
Net
Assets
100.0%
$1,471,477,960
^
The
Summary
Schedule
of
Investments
shows
the
50
largest
holdings
in
unaffiliated
issuers,
any
holding
or
issuer
that
exceeds
1%
of
net
assets
and
all
affiliated
holdings
as
of
the
report
date.  The
remaining
securities
held
are
grouped
by
category
as
“Other
securities”.
a
Denotes
securities
that
have
been
pre-refunded
or
escrowed
to
maturity.
Under
such
an
arrangement,
money
is
deposited
into
an
irrevocable
escrow
account
and
is
used
to
purchase
U.S.
Treasury
securities
or
government
agency
securities
with
maturing
principal
and
interest
earnings
sufficient
to
pay
all
debt
service
requirements
of
the
pre-refunded
bonds.
b
Defaulted
security.  Interest
is
not
being
accrued.
c
To
reduce
certain
risks
associated
with
securities
issued
by
municipalities,
which
may
include
but
are
not
limited
to
economic
development
in
a
specific
industry
or
municipality,
the
principal
and/or
interest
payments
are
guaranteed
by
the
bond
insurance
company
or
government
agency
identified.
d
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
April
30,
2020.
e
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
Definitions:
AGC
-
Assured
Guaranty,
Ltd
AGM
-
Assured
Guaranty
Municipal
Corporation
AMT
-
Subject
to
Alternative
Minimum
Tax
Auth.
-
Authority
BAM
-
Build
America
Mutual
Fac.
-
Facility/Facilities
G.O.
-
General
Obligation
NATL-RE
-
National
Public
Finance
Guarantee
Corporation
PSF-GTD
-
Permanent
School
Fund
Guarantee
Program
Refg.
-
Refunding
Rev.
-
Revenue
Ser.
-
Series
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
59,401,196
Gross
unrealized
depreciation
(30,756,249)
Net
unrealized
appreciation
(depreciation)
$
28,644,947
Cost
for
federal
income
tax
purposes
$
1,424,632,064
Municipal
Bond
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
143
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Municipal
Bond
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Education
214,948,646
–
214,948,646
–
Electric
Revenue
62,310,600
–
62,310,600
–
Escrowed/Pre-refunded
153,073,357
–
153,073,357
–
General
Obligation
160,012,836
–
160,012,836
–
Health
Care
199,556,378
–
199,556,378
–
Housing
Finance
12,450,534
–
12,450,534
–
Industrial
Development
Revenue
12,571,972
–
12,571,972
–
Other
Revenue
79,533,993
–
79,533,993
–
Tax
Revenue
114,803,376
–
114,803,376
–
Transportation
307,497,598
–
307,497,598
–
Water
&
Sewer
136,517,721
–
136,517,721
–
Total
Investments
at
Value
$1,453,277,011
$–
$1,453,277,011
$–
Opportunity
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
144
Principal
Amount
Bank
Loans
(
25.3%
)
Value
%
of
Net
Assets
Basic
Materials
(1.5%)
Other
Securities
^
$
10,780,506
1.5%
Total
10,780,506
Capital
Goods
(3.1%)
GFL
Environmental,
Inc.,
Term
Loan
$
3,216,934
4.000%,
(LIBOR
1M
+
3.000%),
5/31/2025
a,b,c,d
3,155,813
0.4%
Reynolds
Consumer
Products,
LLC,
Term
Loan
3,000,000
2.154%,
(LIBOR
1M
+
1.750%),
2/4/2027
b,d
2,886,090
0.4%
TransDigm
,
Inc.,
Term
Loan
3,715,620
2.654%,
(LIBOR
1M
+
2.250%),
12/9/2025
b,d
3,243,624
0.5%
Vertiv
Group
Corporation,
Term
Loan
3,500,000
3.993%,
(LIBOR
1M
+
3.000%),
3/2/2027
b,d,e
3,281,250
0.5%
Other
Securities
^
10,122,271
1.3%
Total
22,689,048
Communications
Services
(6.0%)
CenturyLink,
Inc.,
Term
Loan
5,326,650
2.654%,
(LIBOR
1M
+
2.250%),
3/15/2027
b,d
5,027,026
0.7%
CommScope
,
Inc.,
Term
Loan
2,457,650
3.654%,
(LIBOR
1M
+
3.250%),
4/4/2026
b,d
2,304,932
0.3%
Coral-US
Co-Borrower,
LLC,
Term
Loan
4,345,000
2.654%,
(LIBOR
1M
+
2.250%),
1/31/2028
b,d
4,020,950
0.6%
CSC
Holdings,
LLC,
Term
Loan
3,581,025
3.314%,
(LIBOR
1M
+
2.500%),
4/15/2027
b,d
3,402,618
0.5%
1,450,150
3.064%,
(LIBOR
1M
+
2.250%),
7/17/2025
b,d
1,377,410
0.2%
Diamond
Sports
Group,
LLC,
Term
Loan
3,112,925
3.820%,
(LIBOR
1M
+
3.250%),
8/24/2026
b,d
2,526,014
0.4%
T-Mobile
USA,
Inc.,
Term
Loan
2,590,000
0.000%,
(LIBOR
1M
+
3.000%),
4/1/2027
a,b,c,d
2,572,880
0.4%
Virgin
Media
Bristol,
LLC,
Term
Loan
3,140,000
3.314%,
(LIBOR
1M
+
2.500%),
1/31/2028
b,d
2,964,945
0.4%
WideOpenWest
Finance,
LLC,
Term
Loan
2,593,625
4.250%,
(LIBOR
1M
+
3.250%),
8/19/2023
b,d
2,401,541
0.3%
Other
Securities
^
16,997,067
2.2%
Total
43,595,383
Principal
Amount
Bank
Loans
(
25.3%
)
Value
%
of
Net
Assets
Consumer
Cyclical
(3.7%)
1011778
B.C.,
LLC,
Term
Loan
$
3,381,525
2.154%,
(LIBOR
1M
+
1.750%),
11/19/2026
b,d
$
3,162,774
0.4%
Golden
Nugget,
LLC,
Term
Loan
3,490,236
3.455%,
(LIBOR
1M
+
2.500%),
10/4/2023
b,d
2,784,789
0.4%
LCPR
Loan
Financing,
LLC,
Term
Loan
2,995,000
5.814%,
(LIBOR
1M
+
5.000%),
10/25/2026
b,d
2,927,612
0.4%
Scientific
Games
International,
Inc.,
Term
Loan
4,860,751
3.521%,
(LIBOR
2M
+
2.750%),
8/14/2024
b,d
4,006,085
0.6%
Stars
Group
Holdings
BV,
Term
Loan
2,340,947
4.950%,
(LIBOR
3M
+
3.500%),
7/10/2025
b,d,e
2,323,390
0.3%
Other
Securities
^
11,252,573
1.6%
Total
26,457,223
Consumer
Non-Cyclical
(4.4%)
Bausch
Health
Americas,
Inc.,
Term
Loan
5,183,750
3.718%,
(LIBOR
1M
+
3.000%),
6/1/2025
b,d
5,008,798
0.7%
Global
Medical
Response,
Inc.,
Term
Loan
4,139,713
4.250%,
(LIBOR
1M
+
3.250%),
4/28/2022
b,d
3,791,728
0.5%
JBS
USA
LUX
SA,
Term
Loan
2,353,116
3.072%,
(LIBOR
3M
+
2.000%),
5/1/2026
b,d
2,263,415
0.3%
MPH
Acquisition
Holdings,
LLC,
Term
Loan
3,860,000
4.200%,
(LIBOR
3M
+
2.750%),
6/7/2023
b,d
3,543,982
0.5%
Ortho-Clinical
Diagnostics
SA,
Term
Loan
3,617,650
4.266%,
(LIBOR
1M
+
3.250%),
6/30/2025
b,d
3,206,143
0.4%
Other
Securities
^
13,758,150
2.0%
Total
31,572,216
Energy
(1.2%)
Radiate
Holdco,
LLC,
Term
Loan
3,928,889
3.750%,
(LIBOR
1M
+
3.000%),
2/1/2024
b,d
3,751,460
0.5%
Other
Securities
^
5,100,978
0.7%
Total
8,852,438
Financials
(2.4%)
Other
Securities
^
17,226,509
2.4%
Total
17,226,509
Opportunity
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
145
Principal
Amount
Bank
Loans
(
25.3%
)
Value
%
of
Net
Assets
Technology
(2.2%)
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
$
4,029,975
4.260%,
(LIBOR
2M
+
3.500%),
8/21/2026
a,b,c,d
$
3,490,966
0.5%
Prime
Security
Services
Borrower,
LLC,
Term
Loan
4,552,125
4.266%,
(LIBOR
1M
+
3.250%),
9/23/2026
b,d
4,304,990
0.6%
Rackspace
Hosting,
Inc.,
Term
Loan
4,002,998
4.763%,
(LIBOR
2M
+
3.000%),
11/3/2023
b,d
3,742,402
0.5%
Zayo
Group
Holdings,
Inc.,
Term
Loan
3,320,000
3.404%,
(LIBOR
1M
+
3.000%),
3/9/2027
b,d
3,111,537
0.4%
Other
Securities
^
1,119,627
0.2%
Total
15,769,522
Transportation
(0.5%)
Other
Securities
^
3,364,727
0.5%
Total
3,364,727
Utilities
(0.3%)
Other
Securities
^
2,398,060
0.3%
Total
2,398,060
Total
Bank
Loans
(cost
$203,856,814)
182,705,632
Principal
Amount
Long-Term
Fixed
Income
(
52.7%
)
Value
%
of
Net
Assets
Asset-Backed
Securities
(4.5%)
Cent
CLO,
LP
2,700,000
3.291%,
(LIBOR
3M
+
2.300%),
10/25/2028,
Ser.
2018-27A,
Class
B
d,f
2,446,157
0.3%
Other
Securities
^
30,203,149
4.2%
Total
32,649,306
Basic
Materials
(0.8%)
Other
Securities
^
5,861,418
0.8%
Total
5,861,418
Capital
Goods
(1.8%)
Other
Securities
^
12,933,216
1.8%
Total
12,933,216
Collateralized
Mortgage
Obligations
(9.1%)
Antler
Mortgage
Trust
3,450,000
4.335%,
7/25/2022,
Ser.
2018-RTL1,
Class
A1
f
3,444,724
0.5%
Banc
of
America
Alternative
Loan
Trust
768,265
6.000%,
11/25/2035,
Ser.
2005-10,
Class
3CB1
677,536
0.1%
Principal
Amount
Long-Term
Fixed
Income
(
52.7%
)
Value
%
of
Net
Assets
Collateralized
Mortgage
Obligations
(9.1%)
-
continued
Banc
of
America
Funding
Trust
$
829,114
5.500%,
1/25/2036,
Ser.
2005-8,
Class
1A1
$
756,888
0.1%
Banc
of
America
Mortgage
Securities
Trust
942,997
3.985%,
9/25/2035,
Ser.
2005-H,
Class
3A1
d
809,430
0.1%
180,385
4.096%,
9/25/2035,
Ser.
2005-H,
Class
2A1
d
154,084
<0.1%
CHL
Mortgage
Pass-Through
Trust
1,680,087
6.000%
-
6.000%,
4/25/2037
-
11/25/2037,
Ser.
2007-
18,
Class
1A2
1,282,030
0.1%
480,758
3.791%,
12/20/2035,
Ser.
2005-HYB8,
Class
3A1
d
437,646
0.1%
Countrywide
Alternative
Loan
Trust
2,203,115
5.000%
-
7.000%,
3/25/2035
-
10/25/2037,
Ser.
2005-
3CB,
Class
1A1
1,776,532
0.3%
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
352,501
3.562%,
11/25/2035,
Ser.
2005-22,
Class
2A1
d
301,553
<0.1%
Federal
Home
Loan
Mortgage
Corporation
2,774,784
3.500%,
8/15/2035,
Ser.
345,
Class
C8
g
260,594
<0.1%
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
10,114,995
3.000%
-
3.500%,
5/15/2027
-
4/15/2033,
Ser.
4119,
Class
KI
g
865,591
0.1%
Federal
National
Mortgage
Association
-
REMIC
40,054,327
2.500%
-
3.000%,
7/25/2027
-
2/25/2033,
Ser.
2012-121,
Class
BI
g
2,409,312
0.2%
Greenpoint
Mortgage
Funding
Trust
215,601
0.687%,
(LIBOR
1M
+
0.200%),
10/25/2045,
Ser.
2005-AR4,
Class
G41B
d
178,468
<0.1%
J.P.
Morgan
Alternative
Loan
Trust
401,710
6.500%,
3/25/2036,
Ser.
2006-S1,
Class
1A19
301,870
<0.1%
J.P.
Morgan
Mortgage
Trust
503,279
4.172%,
7/25/2035,
Ser.
2007-A1,
Class
2A1
d
466,828
0.1%
Merrill
Lynch
Alternative
Note
Asset
Trust
351,120
6.000%,
3/25/2037,
Ser.
2007-F1,
Class
2A1
232,076
<0.1%
Merrill
Lynch
Mortgage
Investors
Trust
714,196
4.304%,
6/25/2035,
Ser.
2005-A5,
Class
M1
d
351,927
0.1%
Opportunity
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
146
Principal
Amount
Long-Term
Fixed
Income
(
52.7%
)
Value
%
of
Net
Assets
Collateralized
Mortgage
Obligations
(9.1%)
-
continued
Structured
Asset
Mortgage
Investments,
Inc.
$
468,543
0.797%,
(LIBOR
1M
+
0.310%),
12/25/2035,
Ser.
2005-AR4,
Class
A1
d
$
410,487
0.1%
Vericrest
Opportunity
Loan
Transferee
3,700,000
4.090%,
11/25/2049,
Ser.
2019-NPL8,
Class
A1B
f,h
2,708,542
0.4%
WaMu
Mortgage
Pass
Through
Certificates
906,262
2.750%,
(12
MTA
+
0.880%),
10/25/2046,
Ser.
2006-AR13,
Class
1A
d
750,097
0.1%
389,609
3.694%,
10/25/2036,
Ser.
2006-AR12,
Class
1A1
d
350,436
0.1%
Washington
Mutual
Mortgage
Pass-Through
Certificates
337,656
6.000%,
3/25/2035,
Ser.
2005-1,
Class
2A
320,626
<0.1%
Other
Securities
^
46,713,560
6.6%
Total
65,960,837
Commercial
Mortgage-Backed
Securities
(0.3%)
Federal
National
Mortgage
Association
-
ACES
21,441,139
1.468%,
2/25/2031,
Ser.
2019-M21,
Class
X2
d,g
2,355,691
0.3%
Total
2,355,691
Communications
Services
(3.0%)
CSC
Holdings,
LLC
1,005,000
5.500%
-
5.500%,
5/15/2026
-
4/15/2027
f
1,040,456
0.1%
Neptune
Finco
Corporation
306,000
10.875%,
10/15/2025
f
330,771
0.1%
SFR
Group
SA
570,000
7.375%,
5/1/2026
f
595,650
0.1%
Other
Securities
^
19,870,433
2.7%
Total
21,837,310
Consumer
Cyclical
(2.2%)
Other
Securities
^
15,706,258
2.2%
Total
15,706,258
Consumer
Non-Cyclical
(3.5%)
Other
Securities
^
25,632,314
3.5%
Total
25,632,314
Energy
(2.0%)
Other
Securities
^
14,296,682
2.0%
Total
14,296,682
Principal
Amount
Long-Term
Fixed
Income
(
52.7%
)
Value
%
of
Net
Assets
Financials
(6.6%)
BAC
Capital
Trust
XIV
$
138,000
4.000%,
(LIBOR
3M
+
0.400%),
5/18/2020
d,i
$
119,578
<0.1%
Bank
of
America
Corporation
285,000
4.200%,
8/26/2024
308,186
0.1%
585,000
3.864%,
7/23/2024
d
624,118
0.1%
405,000
6.250%,
9/5/2024
d,i
422,091
0.1%
373,000
3.550%,
3/5/2024
d
392,267
0.1%
293,000
5.125%,
6/20/2024
d,i
287,872
0.1%
252,000
3.499%,
5/17/2022
d
256,756
0.1%
250,000
2.738%,
1/23/2022
d
251,621
0.1%
237,000
3.004%,
12/20/2023
d
245,338
<0.1%
124,000
3.458%,
3/15/2025
d
130,972
<0.1%
J.P.
Morgan
Chase
&
Company
564,000
3.375%
-
3.875%,
5/1/2023
-
9/10/2024
597,974
0.2%
576,000
5.000%,
8/1/2024
d,i
535,680
0.1%
560,000
4.023%,
12/5/2024
d
605,203
0.1%
444,000
4.600%,
2/1/2025
d,i
398,268
0.1%
300,000
2.776%,
4/25/2023
d
307,180
0.1%
231,000
2.250%,
(LIBOR
3M
+
1.230%),
10/24/2023
d
230,711
<0.1%
195,000
5.150%,
5/1/2023
d,i
192,075
<0.1%
175,000
2.260%,
(LIBOR
3M
+
0.680%),
6/1/2021
d
174,961
<0.1%
145,000
2.083%,
4/22/2026
d
146,954
<0.1%
Other
Securities
^
41,129,982
5.3%
Total
47,357,787
Mortgage-Backed
Securities
(16.0%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
15-
Yr.
Pass
Through
3,914,556
3.500%,
5/1/2034
4,139,668
0.6%
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-
Yr.
Pass
Through
7,210,207
3.000%,
3/25/2050
7,619,563
1.1%
3,688,051
3.000%,
4/1/2050
3,897,443
0.5%
3,269,692
3.500%,
7/1/2047
3,474,459
0.5%
3,747,405
3.000%,
8/1/2047
3,966,657
0.5%
Federal
National
Mortgage
Association
3,112,233
3.500%,
10/1/2048
3,295,299
0.5%
4,453,344
3.500%,
2/1/2049
4,702,042
0.7%
3,476,404
3.500%,
8/1/2049
3,690,230
0.5%
3,727,825
3.500%
-
4.500%,
5/1/2048
-
6/1/2049
3,984,843
0.5%
Federal
National
Mortgage
Association
Conventional
15-
Yr.
Pass
Through
16,999,000
2.000%,
6/1/2034
c
17,507,642
2.4%
10,850,000
2.500%,
6/1/2034
c
11,332,741
1.6%
Federal
National
Mortgage
Association
Conventional
30-
Yr.
Pass
Through
9,806,000
2.500%,
5/1/2050
c
10,210,880
1.4%
5,661,854
4.000%,
7/1/2048
6,025,923
0.8%
12,450,000
3.000%,
5/1/2049
c
13,142,531
1.8%
2,627,000
3.000%,
6/1/2049
c
2,769,936
0.4%
Opportunity
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
147
Principal
Amount
Long-Term
Fixed
Income
(
52.7%
)
Value
%
of
Net
Assets
Mortgage-Backed
Securities
(16.0%)
-
continued
$
15,325,000
2.500%,
7/1/2049
c
$
15,931,766
2.2%
Total
115,691,623
Technology
(1.2%)
Other
Securities
^
8,907,817
1.2%
Total
8,907,817
Transportation
(0.5%)
Other
Securities
^
3,390,307
0.5%
Total
3,390,307
U.S.
Government
&
Agencies
(0.1%)
Other
Securities
^
622,917
0.1%
Total
622,917
Utilities
(1.1%)
Other
Securities
^
7,904,721
1.1%
Total
7,904,721
Total
Long-Term
Fixed
Income
(cost
$394,863,257)
381,108,204
Shares
Registered
Investment
Companies
(
20.1%
)
Value
%
of
Net
Assets
Unaffiliated  (5.6%)
1,018,625
Invesco
Senior
Loan
ETF
21,370,753
3.0%
13,700
Invesco
Variable
Rate
Preferred
ETF
319,484
<0.1%
125,200
iShares
S&P
U.S.
Preferred
Stock
Index
Fund
4,338,180
0.6%
40,298
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
3,990,711
0.5%
111,245
Vanguard
Short-Term
Corporate
Bond
ETF
9,019,745
1.2%
Other
Securities
^
1,694,522
0.3%
Total
40,733,395
Affiliated  (14.5%)
11,607,078
Thrivent
Core
Emerging
Markets
Debt
Fund
104,579,769
14.5%
Total
104,579,769
Total
Registered
Investment
Companies
(cost
$154,814,385)
145,313,164
Shares
Preferred
Stock
(
0.8%
)
Value
%
of
Net
Assets
Communications
Services
(<0.1%)
Other
Securities
^
170,274
<0.1%
Total
170,274
Shares
Preferred
Stock
(
0.8%
)
Value
%
of
Net
Assets
Consumer
Staples
(0.1%)
Other
Securities
^
$
460,776
0.1%
Total
460,776
Energy
(0.1%)
Other
Securities
^
564,446
0.1%
Total
564,446
Financials
(0.6%)
7,500
Bank
of
America
Corporation,
5.000%
i
187,800
<0.1%
5,500
J.P.
Morgan
Chase
&
Company,
4.750%
i
138,600
<0.1%
Other
Securities
^
4,269,610
0.6%
Total
4,596,010
Total
Preferred
Stock
(cost
$5,948,886)
5,791,506
Shares
Collateral
Held
for
Securities
Loaned
(
0.5%
)
Value
%
of
Net
Assets
3,412,818
Thrivent
Cash
Management
Trust
3,412,818
0.5%
Total
Collateral
Held
for
Securities
Loaned
(cost
$3,412,819)
3,412,818
Shares
Common
Stock
(
<0.1%
)
Value
%
of
Net
Assets
Energy
(<0.1%)
Other
Securities
^
119,940
<0.1%
Total
119,940
Materials
(<0.1%)
Other
Securities
^
330,860
<0.1%
Total
330,860
Total
Common
Stock
(cost
$2,233,304)
450,800
Shares
or
Principal
Amount
Short-Term
Investments
(
12.4%
)
Value
%
of
Net
Assets
Thrivent
Core
Short-Term
Reserve
Fund
8,850,382
1.450%
88,503,821
12.2%
Other
Securities
^
1,299,687
0.2%
Total
Short-Term
Investments
(cost
$89,760,181)
89,803,508
Total
Investments
(cost
$854,889,646)
111.8%
$808,585,632
Other
Assets
and
Liabilities,
Net
(11.8%)
(85,355,212)
Total
Net
Assets
100.0%
$723,230,420
Opportunity
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
148
^
The
Summary
Schedule
of
Investments
shows
the
50
largest
holdings
in
unaffiliated
issuers,
any
holding
or
issuer
that
exceeds
1%
of
net
assets
and
all
affiliated
holdings
as
of
the
report
date.  The
remaining
securities
held
are
grouped
by
category
as
“Other
securities”.
a
All
or
a
portion
of
the
loan
is
unfunded.
b
The
stated
interest
rate
represents
the
weighted
average
of
all
contracts
within
the
bank
loan
facility.
c
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
d
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
e
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
f
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$130,875,185
or
18.1%
of
total
net
assets.
g
Denotes
interest
only
security.  Interest
only
securities
represent
the
right
to
receive
monthly
interest
payments
on
an
underlying
pool
of
mortgages
or
assets.  The
principal
shown
is
the
outstanding
par
amount
of
the
pool
as
of
the
end
of
the
period.
The
actual
effective
yield
of
the
security
is
different
than
the
stated
coupon
rate.
h
Denotes
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
April
30,
2020.
i
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Opportunity
Income
Plus
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
3,007,776
Common
Stock
225,560
Total
lending
$3,233,336
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$3,412,818
Net
amounts
due
to
counterparty
$179,482
Definitions:
ACES
-
Alternative
Credit
Enhancement
Securities
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
a
family
of
exchange-
traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
12
MTA
-
12
Month
Treasury
Average
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
2M
-
ICE
Libor
USD
Rate
2
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
PRIME
-
Federal
Reserve
Prime
Loan
Rate
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
7,520,730
Gross
unrealized
depreciation
(53,251,694)
Net
unrealized
appreciation
(depreciation)
$
(45,730,964)
Cost
for
federal
income
tax
purposes
$
854,889,646
Opportunity
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
149
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Opportunity
Income
Plus
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Bank
Loans
Basic
Materials
10,780,506
–
9,401,955
1,378,551
Capital
Goods
22,689,048
–
16,891,848
5,797,200
Communications
Services
43,595,383
–
42,070,683
1,524,700
Consumer
Cyclical
26,457,223
–
24,133,833
2,323,390
Consumer
Non-Cyclical
31,572,216
–
31,572,216
–
Energy
8,852,438
–
8,852,438
–
Financials
17,226,509
–
15,687,940
1,538,569
Technology
15,769,522
–
15,769,522
–
Transportation
3,364,727
–
3,364,727
–
Utilities
2,398,060
–
2,398,060
–
Long-Term
Fixed
Income
Asset-Backed
Securities
32,649,306
–
32,649,306
–
Basic
Materials
5,861,418
–
5,861,418
–
Capital
Goods
12,933,216
–
12,933,216
–
Collateralized
Mortgage
Obligations
65,960,837
–
65,960,837
–
Commercial
Mortgage-Backed
Securities
2,355,691
–
2,355,691
–
Communications
Services
21,837,310
–
21,837,310
–
Consumer
Cyclical
15,706,258
–
15,706,258
–
Consumer
Non-Cyclical
25,632,314
–
25,632,314
–
Energy
14,296,682
–
14,296,682
–
Financials
47,357,787
–
47,159,023
198,764
Mortgage-Backed
Securities
115,691,623
–
115,691,623
–
Technology
8,907,817
–
8,907,817
–
Transportation
3,390,307
–
3,390,307
–
U.S.
Government
&
Agencies
622,917
–
622,917
–
Utilities
7,904,721
–
7,904,721
–
Registered
Investment
Companies
Unaffiliated
40,733,395
40,733,395
–
–
Preferred
Stock
Communications
Services
170,274
170,274
–
–
Consumer
Staples
460,776
460,776
–
–
Energy
564,446
564,446
–
–
Financials
4,596,010
3,108,110
1,487,900
–
Common
Stock
Energy
119,940
119,940
–
–
Materials
330,860
330,860
–
–
Short-Term
Investments
1,299,687
–
1,299,687
–
Subtotal
Investments
in
Securities
$612,089,224
$45,487,801
$553,840,249
$12,761,174
Other
Investments  *
Total
Affiliated
Registered
Investment
Companies
104,579,769
Affiliated
Short-Term
Investments
88,503,821
Collateral
Held
for
Securities
Loaned
3,412,818
Subtotal
Other
Investments
$196,496,408
Total
Investments
at
Value
$808,585,632
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
1,393,345
1,393,345
–
–
Credit
Default
Swaps
147,911
–
147,911
–
Total
Asset
Derivatives
$1,541,256
$1,393,345
$147,911
$–
Liability
Derivatives
Futures
Contracts
968,206
968,206
–
–
Total
Liability
Derivatives
$968,206
$968,206
$–
$–
Opportunity
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
150
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
S&P
-
Standard
&
Poor's
The
following
table
presents
Opportunity
Income
Plus
Fund's
futures
contracts
held
as
of
April
30,
2020.
Investments
and/or
cash
totaling
$799,805
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
CBOT
2-Yr.
U.S.
Treasury
Note
100
June
2020
$
21,644,838
$
398,131
CBOT
5-Yr.
U.S.
Treasury
Note
104
June
2020
12,745,496
304,879
CME
Ultra
Long
Term
U.S.
Treasury
Bond
26
June
2020
5,153,977
690,335
Total
Futures
Long
Contracts
$
39,544,311
$
1,393,345
CBOT
10-Yr.
U.S.
Treasury
Note
(74)
June
2020
(
$
10,093,324)
(
$
197,300)
CBOT
U.S.
Long
Bond
(16)
June
2020
(
2,756,385)
(
140,115)
CME
E-mini
S&P
500
Index
(24)
June
2020
(
3,218,468)
(
264,412)
Ultra
10-Yr.
U.S.
Treasury
Note
(40)
June
2020
(
5,914,871)
(
366,379)
Total
Futures
Short
Contracts
(
$
21,983,048)
($968,206)
Total
Futures
Contracts
$
17,561,263
$425,139
The
following
table
presents
Opportunity
Income
Plus
Fund's
swaps
contracts
held
as
of
April
30,
2020.
Investments
totaling
$499,882
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
34,
5
Year,
at
5.00%,
Quarterly
Sell
6/20/2025
(
$
3,750,000)
$
–
$
147,911
$
147,911
Total
Credit
Default
Swaps
$–
$147,911
$147,911
1
As
the
buyer
of
protection,
Opportunity
Income
Plus
Fund
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
As
the
seller
of
protection,
Opportunity
Income
Plus
Fund
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
2
The
maximum
potential
amount
of
future
payments
Opportunity
Income
Plus
Fund
could
be
required
to
make
as
the
seller
or
receive
as
the
buyer
of
protection.
3
The
values
for
credit
indexes
(CDX
or
LCDX)
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
liability
or
profit
for
the
credit
default
swap
contract
had
the
contract
been
closed
as
of
the
reporting
date.
When
protection
has
been
sold,
the
value
of
the
swap
will
increase
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
When
protection
has
been
purchased,
the
value
of
the
swap
will
increase
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
Opportunity
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
151
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2020,
for
Opportunity
Income
Plus
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
1,393,345
Total
Interest
Rate
Contracts
1,393,345
Credit
Contracts
Credit
Default
Swaps
Net
Assets
-
Distributable
earnings/(accumulated
loss)
147,911
Total
Credit
Contracts
147,911
Total
Asset
Derivatives
$1,541,256
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
264,412
Total
Equity
Contracts
264,412
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
703,794
Total
Interest
Rate
Contracts
703,794
Total
Liability
Derivatives
$968,206
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.  Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Opportunity
Income
Plus
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Interest
Rate
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(700,211)
Total
Interest
Rate
Contracts
(700,211)
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
80,263
Total
Equity
Contracts
80,263
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
19,706
Total
Credit
Contracts
19,706
Total
($600,242)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2020,
for
Opportunity
Income
Plus
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(180,583)
Total
Equity
Contracts
(180,583)
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
946,001
Total
Interest
Rate
Contracts
946,001
Credit
Contracts
Credit
Default
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
147,911
Total
Credit
Contracts
147,911
Total
$913,329
Opportunity
Income
Plus
Fund
Summary
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
152
The
following
table
presents
Opportunity
Income
Plus
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2020.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Short
($6,151,914)
Interest
Rate
Contracts
Futures
-
Long
52,050,546
Futures
-
Short
(12,491,539)
Credit
Contracts
Credit
Default
Swaps
-
Sell
Protection
(33,449)
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Opportunity
Income
Plus
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$96,309
$17,668
$–
$104,580
11,607
14.5%
Total
Affiliated
Registered
Investment
Companies
96,309
104,580
14.5
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
115,236
259,245
285,942
88,504
8,850
12.2
Total
Affiliated
Short-Term
Investments
115,236
88,504
12.2
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
2,846
48,710
48,143
3,413
3,413
0.5
Total
Collateral
Held
for
Securities
Loaned
2,846
3,413
0.5
Total
Value
$214,391
$196,497
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$–
$(9,397)
$–
$2,359
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
(78)
43
1
964
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$3,323
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
13
Total
Affiliated
Income
from
Securities
Loaned,
Net
$13
Total
$(78)
$(9,354)
$1
Small
Cap
Growth
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
153
Shares
Common
Stock
(
96
.4
%
)
Value
Communications
Services
(0.1%)
5,238
ORBCOMM,
Inc.
a
$
13,829
Total
13,829
Consumer
Discretionary
(11.7%)
794
Bright
Horizons
Family
Solutions,
Inc.
a
92,461
432
Burlington
Stores,
Inc.
a
78,922
4,114
Cooper-Standard
Holdings,
Inc.
a
52,865
4,189
Duluth
Holdings,
Inc.
a
16,798
1,896
Etsy,
Inc.
a
122,994
1,733
Five
Below,
Inc.
a
156,247
1,469
Ollie's
Bargain
Outlet
Holdings,
Inc.
a
99,760
3,285
Planet
Fitness,
Inc.
a
198,184
6,638
Playa
Hotels
and
Resorts
NV
a
16,396
5,396
Red
Rock
Resorts,
Inc.
59,140
2,597
Skyline
Corporation
a
51,187
2,948
Texas
Roadhouse,
Inc.
138,821
1,536
Wingstop,
Inc.
180,127
Total
1,263,902
Consumer
Staples
(2.8%)
758
Casey's
General
Stores,
Inc.
114,769
3,572
Simply
Good
Foods
Company
a
67,332
5,097
Turning
Point
Brands,
Inc.
118,760
Total
300,861
Energy
(0.4%)
5,484
Nine
Energy
Service,
Inc.
a
7,952
2,996
Talos
Energy,
Inc.
a
34,124
Total
42,076
Financials
(6.5%)
2,610
Ameris
Bancorp
66,372
1,341
Assured
Guaranty,
Ltd.
39,868
2,127
Essent
Group,
Ltd.
58,110
15,072
Everi
Holdings,
Inc.
a
74,606
2,011
Hamilton
Lane,
Inc.
130,413
677
Interactive
Brokers
Group,
Inc.
27,757
2,220
Prosight
Global,
Inc.
a
18,559
1,834
Santander
Consumer
USA
Holdings,
Inc.
28,592
2,836
Seacoast
Banking
Corporation
of
Florida
a
63,725
2,547
Spirit
of
Texas
Bancshares,
Inc.
a
29,265
1,050
TMX
Group,
Ltd.
90,966
1,951
Western
Alliance
Bancorp
70,002
Total
698,235
Health
Care
(25.3%)
1,979
Aerie
Pharmaceuticals,
Inc.
a
30,160
1,347
Agios
Pharmaceuticals,
Inc.
a
55,416
718
Arena
Pharmaceuticals,
Inc.
a
35,161
254
Argenx
SE
ADR
a
37,209
5,309
Axonics
Modulation
Technologies,
Inc.
a
171,003
1,221
Biohaven
Pharmaceutical
Holding
Company,
Ltd.
a
57,509
634
Bio-Techne
Corporation
142,650
3,251
Catalent,
Inc.
a
224,807
2,128
Guardant
Health,
Inc.
a
163,771
3,260
Halozyme
Therapeutics,
Inc.
a
73,855
2,349
Inspire
Medical
Systems,
Inc.
a
168,329
2,004
LHC
Group,
Inc.
a
260,500
Shares
Common
Stock
(
96
.4
%
)
Value
Health
Care
(25.3%)
-
continued
600
Ligand
Pharmaceuticals,
Inc.
a,b
$
59,142
303
Mesa
Laboratories,
Inc.
72,114
4,043
Natera,
Inc.
a
149,753
952
Neurocrine
Biosciences,
Inc.
a
93,429
1,155
Nevro
Corporation
a
135,874
5,322
Optinose,
Inc.
a
21,501
1,136
Repligen
Corporation
a
131,946
311
Sage
Therapeutics,
Inc.
a
12,123
2,939
Silk
Road
Medical,
Inc.
a,b
123,085
3,156
Tactile
Systems
Technology,
Inc.
a
162,913
383
Teleflex,
Inc.
128,458
924
Veeva
Systems,
Inc.
a
176,299
1,620
Wright
Medical
Group
NV
a
47,174
Total
2,734,181
Industrials
(15.9%)
2,679
Aerojet
Rocketdyne
Holdings,
Inc.
a
110,214
4,302
Altra
Industrial
Motion
Corporation
120,069
2,348
ASGN,
Inc.
a
109,065
1,947
Casella
Waste
Systems,
Inc.
a
90,302
2,052
Chart
Industries,
Inc.
a
73,297
1,189
John
Bean
Technologies
Corporation
91,244
1,026
Lincoln
Electric
Holdings,
Inc.
82,603
885
Mercury
Systems,
Inc.
a
78,907
6,245
Meritor,
Inc.
a
128,022
323
Nordson
Corporation
51,974
4,539
Ritchie
Brothers
Auctioneers,
Inc.
195,585
1,353
Saia,
Inc.
a
125,180
776
Simpson
Manufacturing
Company,
Inc.
55,950
1,161
SiteOne
Landscape
Supply,
Inc.
a
102,899
988
Trex
Company,
Inc.
a
94,077
442
Watsco,
Inc.
71,158
5,341
Willdan
Group,
Inc.
a
135,448
Total
1,715,994
Information
Technology
(30.6%)
1,139
Alteryx,
Inc.
a
128,912
1,268
Anaplan,
Inc.
a
51,810
2,680
Avalara,
Inc.
a
239,512
3,256
Bandwidth,
Inc.
a
265,559
1,857
Blackline,
Inc.
a
112,794
2,257
Cognex
Corporation
124,677
1,346
Coupa
Software,
Inc.
a
237,017
2,438
Descartes
Systems
Group,
Inc.
a
102,591
2,418
Dolby
Laboratories,
Inc.
145,153
125
Endava
plc
ADR
a
5,471
4,491
Eventbrite,
Inc.
a
40,958
2,752
Five9,
Inc.
a
255,028
1,218
Guidewire
Software,
Inc.
a
110,643
1,947
Health
Catalyst,
Inc.
a
51,927
874
Inphi
Corporation
a
84,376
4,395
Lattice
Semiconductor
Corporation
a
98,931
1,763
Medallia,
Inc.
a
37,869
1,522
MKS
Instruments,
Inc.
152,550
1,533
Monolithic
Power
Systems,
Inc.
306,462
2,235
Nova
Measuring
Instruments,
Ltd.
a
85,623
1,148
Novanta,
Inc.
a
99,750
1,047
Proofpoint,
Inc.
a
127,451
2,196
Q2
Holdings,
Inc.
a
175,065
844
Rogers
Corporation
a
93,718
6,031
SailPoint
Technologies
Holdings,
Inc.
a
112,116
204
Tyler
Technologies,
Inc.
a
65,421
Small
Cap
Growth
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
154
Shares
Common
Stock
(
96
.4
%
)
Value
Information
Technology
(30.6%)
-
continued
161
Virtusa
Corporation
a
$
5,313
Total
3,316,697
Materials
(1.0%)
5,559
Louisiana-Pacific
Corporation
111,180
Total
111,180
Real
Estate
(2.1%)
548
CoreSite
Realty
Corporation
66,412
934
FirstService
Corporation
80,866
2,081
Rexford
Industrial
Realty,
Inc.
84,738
Total
232,016
Total
Common
Stock
(cost
$9,620,453)
10,428,971
Shares
Collateral
Held
for
Securities
Loaned
(
2
.2
%
)
Value
234,925
Thrivent
Cash
Management
Trust
234,925
Total
Collateral
Held
for
Securities
Loaned
(cost
$234,925)
234,925
Shares
Registered
Investment
Companies
(
0
.8
%
)
Value
Unaffiliated  (0.8%)
926
SPDR
S&P
Biotech
ETF
b
86,479
Total
86,479
Total
Registered
Investment
Companies
(cost
$80,608)
86,479
Shares
Short-Term
Investments
(
3
.0
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
33,007
1.450%
330,074
Total
Short-Term
Investments
(cost
$329,323)
330,074
Total
Investments
(cost
$10,265,309)
102.4%
$
11,080,449
Other
Assets
and
Liabilities,
Net
(2.4%)
(
259,866
)
Total
Net
Assets
100.0%
$
10,820,583
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Small
Cap
Growth
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Common
Stock
$
227,216
Total
lending
$227,216
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$234,925
Net
amounts
due
to
counterparty
$7,709
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
ETF
-
Exchange
Traded
Fund
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
1,729,360
Gross
unrealized
depreciation
(
925,250
)
Net
unrealized
appreciation
(depreciation)
$
804,110
Cost
for
federal
income
tax
purposes
$
10,276,339
Small
Cap
Growth
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
155
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Small
Cap
Growth
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
13,829
13,829
–
–
Consumer
Discretionary
1,263,902
1,263,902
–
–
Consumer
Staples
300,861
300,861
–
–
Energy
42,076
42,076
–
–
Financials
698,235
607,269
90,966
–
Health
Care
2,734,181
2,734,181
–
–
Industrials
1,715,994
1,715,994
–
–
Information
Technology
3,316,697
3,316,697
–
–
Materials
111,180
111,180
–
–
Real
Estate
232,016
232,016
–
–
Registered
Investment
Companies
Unaffiliated
86,479
86,479
–
–
Subtotal
Investments
in
Securities
$
10,515,450
$
10,424,484
$
90,966
$
–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
330,074
Collateral
Held
for
Securities
Loaned
234,925
Subtotal
Other
Investments
$
564,999
Total
Investments
at
Value
$
11,080,449
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Small
Cap
Growth
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$
251
$
2,788
$
2,709
$
330
33
3.1%
Total
Affiliated
Short-Term
Investments
251
330
3.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
297
2,763
2,825
235
235
2.2
Total
Collateral
Held
for
Securities
Loaned
297
235
2.2
Total
Value
$
548
$
565
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$(1)
$1
$
0
$4
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$4
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
1
Total
Affiliated
Income
from
Securities
Loaned,
Net
$1
Total
$(1)
$1
$
0
Small
Cap
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
156
Shares
Common
Stock
(
96.2%
)
Value
Communications
Services
(0.9%)
510,019
QuinStreet,
Inc.
a
$
5,181,793
Total
5,181,793
Consumer
Discretionary
(6.1%)
233,166
Cooper-Standard
Holdings,
Inc.
a
2,996,183
346,634
Crocs,
Inc.
a
8,405,874
406,434
Designer
Brands,
Inc.
2,580,856
288,831
Movado
Group,
Inc.
2,977,848
104,440
Oxford
Industries,
Inc.
b
4,378,125
182,790
Texas
Roadhouse,
Inc.
8,607,581
207,107
Zumiez,
Inc.
a
4,378,242
Total
34,324,709
Consumer
Staples
(4.4%)
31,465
Casey's
General
Stores,
Inc.
b
4,764,116
873,768
Cott
Corporation
8,964,860
57,934
John
B.
Sanfilippo
&
Son,
Inc.
4,758,119
272,513
Turning
Point
Brands,
Inc.
6,349,553
Total
24,836,648
Energy
(2.6%)
288,419
Euronav
NV
3,083,199
321,788
Nine
Energy
Service,
Inc.
a
466,593
245,797
SEACOR
Holdings,
Inc.
a
6,946,223
180,154
Talos
Energy,
Inc.
a,b
2,051,954
329,375
WPX
Energy,
Inc.
a
2,019,069
Total
14,567,038
Financials
(21.4%)
274,757
Air
Lease
Corporation
7,184,895
379,876
Assured
Guaranty,
Ltd.
11,293,714
202,105
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
4,448,331
492,786
Bridgewater
Bancshares,
Inc.
a
4,991,922
117,886
Cohen
&
Steers,
Inc.
6,806,738
22,003
Enstar
Group,
Ltd.
a
3,182,074
21,397
Evercore,
Inc.
1,104,085
705,203
Everi
Holdings,
Inc.
a
3,490,755
289,118
First
Interstate
BancSystem,
Inc.
9,772,188
14,760
Glacier
Bancorp,
Inc.
562,061
44,121
Hamilton
Lane,
Inc.
2,861,247
233,952
Heartland
Financial
USA,
Inc.
7,947,349
650,387
Heritage
Commerce
Corporation
5,775,437
44,246
Houlihan
Lokey,
Inc.
2,627,327
63,067
Kemper
Corporation
4,239,364
4,038
PCSB
Financial
Corporation
55,119
87,505
Primerica,
Inc.
9,092,645
272,201
Prosight
Global,
Inc.
a
2,275,600
254,768
Santander
Consumer
USA
Holdings,
Inc.
b
3,971,833
313,508
Seacoast
Banking
Corporation
of
Florida
a
7,044,525
56,356
Selective
Insurance
Group,
Inc.
2,825,126
160,357
State
Auto
Financial
Corporation
4,023,357
402,999
Synovus
Financial
Corporation
8,467,009
188,444
Triumph
Bancorp,
Inc.
a
5,221,783
24,967
Western
Alliance
Bancorp
895,816
Total
120,160,300
Health
Care
(8.9%)
40,640
Catalent,
Inc.
a
2,810,256
253,450
Halozyme
Therapeutics,
Inc.
a
5,741,910
73,902
LHC
Group,
Inc.
a
9,606,521
40,841
Neurocrine
Biosciences,
Inc.
a
4,008,136
Shares
Common
Stock
(
96.2%
)
Value
Health
Care
(8.9%)
-
continued
315,320
Optinose,
Inc.
a
$
1,273,893
39,795
PerkinElmer,
Inc.
3,602,641
221,228
Syneos
Health,
Inc.
a
12,342,310
47,514
Tactile
Systems
Technology,
Inc.
a,b
2,452,673
268,354
Wright
Medical
Group
NV
a
7,814,468
Total
49,652,808
Industrials
(19.9%)
165,054
AGCO
Corporation
8,721,453
343,665
Altra
Industrial
Motion
Corporation
9,591,690
237,690
Arcosa,
Inc.
8,858,706
198,212
ASGN,
Inc.
a
9,206,947
103,906
Curtiss-Wright
Corporation
10,769,857
111,490
Encore
Wire
Corporation
5,104,012
166,535
Helios
Technologies,
Inc.
5,923,650
97,622
Lincoln
Electric
Holdings,
Inc.
b
7,859,547
400,637
Meritor,
Inc.
a
8,213,059
18,424
NAPCO
Security
Technologies,
Inc.
a
369,217
603,237
Primoris
Services
Corporation
9,416,530
304,247
Raven
Industries,
Inc.
6,775,581
243,494
Ritchie
Brothers
Auctioneers,
Inc.
10,492,157
68,792
Saia,
Inc.
a
6,364,636
34,339
Valmont
Industries,
Inc.
4,025,904
Total
111,692,946
Information
Technology
(16.2%)
72,637
Advanced
Energy
Industries,
Inc.
a
4,038,617
161,172
Agilysys,
Inc.
a
3,157,360
114,839
Blackline,
Inc.
a
6,975,321
538,182
Change
Healthcare,
Inc.
a
6,264,438
200,610
Ciena
Corporation
a
9,278,213
153,933
Computer
Services,
Inc.
6,580,636
98,463
Dolby
Laboratories,
Inc.
5,910,734
193,397
Lattice
Semiconductor
Corporation
a
4,353,366
34,843
Littelfuse,
Inc.
5,060,597
30,663
Monolithic
Power
Systems,
Inc.
6,129,840
245,090
National
Instruments
Corporation
9,416,358
212,847
Nuance
Communications,
Inc.
a
4,299,509
104,156
Plexus
Corporation
a
6,529,540
333,159
SailPoint
Technologies
Holdings,
Inc.
a
6,193,426
207,158
Virtusa
Corporation
a
6,836,214
Total
91,024,169
Materials
(6.2%)
115,333
Boise
Cascade
Company
3,606,463
656,473
Element
Solutions,
Inc.
a
6,728,848
1,508,979
Ivanhoe
Mines,
Ltd.
a
3,165,501
542,043
Louisiana-Pacific
Corporation
10,840,860
82,699
UFP
Technologies,
Inc.
a
3,556,057
86,523
United
States
Lime
&
Minerals,
Inc.
6,930,492
Total
34,828,221
Real
Estate
(6.8%)
56,405
Agree
Realty
Corporation
3,672,530
162,581
American
Campus
Communities,
Inc.
5,737,484
107,647
Colliers
International
Group,
Inc.
5,920,585
17,671
CoreSite
Realty
Corporation
2,141,548
227,218
Cousins
Properties,
Inc.
6,855,167
129,590
National
Storage
Affiliates
Trust
3,690,723
683,516
Sunstone
Hotel
Investors,
Inc.
6,281,512
69,810
Terreno
Realty
Corporation
3,826,984
Total
38,126,533
Small
Cap
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
157
Shares
Common
Stock
(
96.2%
)
Value
Utilities
(2.8%)
63,380
NorthWestern
Corporation
$
3,656,392
104,983
PNM
Resources,
Inc.
4,250,762
82,928
Portland
General
Electric
Company
3,880,201
50,772
Spire,
Inc.
3,704,325
Total
15,491,680
Total
Common
Stock
(cost
$559,442,738)
539,886,845
Shares
Collateral
Held
for
Securities
Loaned
(
3.5%
)
Value
19,760,695
Thrivent
Cash
Management
Trust
19,760,695
Total
Collateral
Held
for
Securities
Loaned
(cost
$19,760,695)
19,760,695
Shares
Registered
Investment
Companies
(
3.1%
)
Value
Unaffiliated  (3.1%)
75,520
Health
Care
Select
Sector
SPDR
Fund
7,531,610
76,398
iShares
Dow
Jones
US
Home
Construction
Index
Fund
2,790,055
146,876
SPDR
S&P
Regional
Banking
ETF
5,600,382
13,517
VanEck
Vectors
Oil
Services
ETF
a,b
1,483,896
Total
17,405,943
Total
Registered
Investment
Companies
(cost
$16,028,498)
17,405,943
Shares
Short-Term
Investments
(
1.3%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
736,096
1.450%
7,360,958
Total
Short-Term
Investments
(cost
$7,350,587)
7,360,958
Total
Investments
(cost
$602,582,518)
104.1%
$584,414,441
Other
Assets
and
Liabilities,
Net
(4.1%)
(22,775,596)
Total
Net
Assets
100.0%
$561,638,845
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Small
Cap
Stock
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Common
Stock
$
18,223,698
Total
lending
$18,223,698
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$19,760,695
Net
amounts
due
to
counterparty
$1,536,997
Definitions:
ETF
-
Exchange
Traded
Fund
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$59,685,484
Gross
unrealized
depreciation
(77,933,082)
Net
unrealized
appreciation
(depreciation)
($18,247,598)
Cost
for
federal
income
tax
purposes
$602,662,039
Small
Cap
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
158
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Small
Cap
Stock
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
5,181,793
5,181,793
–
–
Consumer
Discretionary
34,324,709
34,324,709
–
–
Consumer
Staples
24,836,648
24,836,648
–
–
Energy
14,567,038
14,567,038
–
–
Financials
120,160,300
120,160,300
–
–
Health
Care
49,652,808
49,652,808
–
–
Industrials
111,692,946
111,692,946
–
–
Information
Technology
91,024,169
91,024,169
–
–
Materials
34,828,221
31,662,720
3,165,501
–
Real
Estate
38,126,533
38,126,533
–
–
Utilities
15,491,680
15,491,680
–
–
Registered
Investment
Companies
Unaffiliated
17,405,943
17,405,943
–
–
Subtotal
Investments
in
Securities
$557,292,788
$554,127,287
$3,165,501
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
7,360,958
Collateral
Held
for
Securities
Loaned
19,760,695
Subtotal
Other
Investments
$27,121,653
Total
Investments
at
Value
$584,414,441
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Small
Cap
Stock
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$19,332
$67,079
$79,044
$7,361
736
1.3%
Total
Affiliated
Short-Term
Investments
19,332
7,361
1.3
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
21,914
188,097
190,250
19,761
19,761
3.5
Total
Collateral
Held
for
Securities
Loaned
21,914
19,761
3.5
Total
Value
$41,246
$27,122
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$(16)
$10
$0
$136
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$136
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
35
Total
Affiliated
Income
from
Securities
Loaned,
Net
$35
Total
$(16)
$10
$0
Thrivent
Mutual
Funds
Statement
of
Assets
and
Liabilities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
160
As
of
April
30,
2020
(unaudited)
Aggressive
Allocation
Fund
Balanced
Income
Plus
Fund
Global
Stock
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$632,311,969
$300,574,273
$1,334,646,224
Investments
in
affiliated
securities
at
cost
$666,109,189
$43,356,183
$139,600,060
Investments
in
unaffiliated
securities
at
value
(#)
$660,473,405
$292,010,034
$1,422,282,698
Investments
in
affiliated
securities
at
value
715,510,482
41,779,063
138,486,298
Cash
—
—
75,028
(c)
Initial
margin
deposit
on
open
future
contracts
—
—
—
Dividends
and
interest
receivable
751,002
1,186,410
5,440,087
Prepaid
expenses
22,837
23,115
25,137
Prepaid
trustee
fees
3,953
1,367
6,945
Receivable
for:
Investments
sold
5,715,019
1,478,641
3,120,817
Investments
sold
on
a
delayed
delivery
basis
13,665,676
3,671,715
—
Fund
shares
sold
1,193,418
24,795
1,575,026
Expense
reimbursements
201,718
—
—
Variation
margin
on
open
future
contracts
7,477,679
5,844
4,128,342
Variation
margin
on
open
swap
contracts
—
—
—
Swap
agreements,
at
value
4,348
—
—
Total
Assets
1,405,019,537
340,180,984
1,575,140,378
Liabilities
Distributions
payable
—
—
—
Accrued
expenses
162,375
66,156
240,048
Cash
overdraft
16,399
(a)
117,317
(b)
—
Payable
for:
Investments
purchased
7,088,550
854,064
4,805,197
Investments
purchased
on
a
delayed
delivery
basis
29,895,222
11,214,550
—
Return
of
collateral
for
securities
loaned
26,934,926
2,289,597
15,492,890
Fund
shares
redeemed
563,704
169,346
525,550
Variation
margin
on
open
future
contracts
5,976,708
297,964
5,544,008
Investment
advisory
fees
757,100
141,399
690,715
Administrative
fees
17,512
4,371
20,349
Distribution
fees
167,438
44,234
247,704
Transfer
agent
fees
136,007
30,537
161,998
Trustee
deferred
compensation
32,644
49,581
330,850
Expense
reimbursements
—
—
—
Contingent
liabilities^
—
—
—
Mortgage
dollar
roll
deferred
revenue
12,754
4,231
—
Total
Liabilities
71,761,339
15,283,347
28,059,309
Net
Assets
Capital
stock
(beneficial
interest)
1,254,655,731
339,461,728
1,490,533,606
Distributable
earnings/(accumulated
loss)
78,602,467
(14,564,091)
56,547,463
Total
Net
Assets
$1,333,258,198
$324,897,637
$1,547,081,069
Class
A
Share
Capital
$863,390,202
$223,239,331
$1,278,949,239
Shares
of
beneficial
interest
outstanding
(Class
A)
64,280,500
19,303,157
60,921,705
Net
asset
value
per
share
$13.43
$11.56
$20.99
Maximum
public
offering
price
$14.06
$12.10
$21.98
Class
S
Share
Capital
$469,867,996
$101,658,306
$268,131,830
Shares
of
beneficial
interest
outstanding
(Class
S)
34,620,124
8,811,518
12,628,567
Net
asset
value
per
share
$13.57
$11.54
$21.23
(#)
Includes
securities
on
loan
of
25,530,491
2,157,525
14,645,627
(a)
Includes
foreign
currency
holdings
of
$4,947
(cost
$4,910).
(b)
Includes
foreign
currency
holdings
of
$28,069
(cost
$27,284).
(c)
Includes
foreign
currency
holdings
of
$360,221
(cost
$357,611).
(d)
Includes
foreign
currency
holdings
of
$997,213
(cost
$995,375).
^
Contingent
liabilities
accrual.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.
Thrivent
Mutual
Funds
Statement
of
Assets
and
Liabilities
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
161
Government
Bond
Fund
High
Income
Municipal
Bond
Fund
High
Yield
Fund
Income
Fund
International
Allocation
Fund
Large
Cap
Growth
Fund
Large
Cap
Value
Fund
$62,333,993
$17,693,730
$805,461,399
$873,373,567
$754,111,706
$757,191,964
$843,563,079
$11,902,309
$—
$27,805,946
$49,779,040
$47,188,402
$48,958,876
$28,541,977
$67,027,577
$16,440,085
$729,838,021
$915,176,897
$704,805,393
$1,195,112,311
$977,953,169
11,908,884
—
27,832,993
49,865,178
47,263,200
48,980,481
28,564,805
—
73,229
—
28,973
1,015,358
(d)
—
51,323
—
—
—
—
33,291
—
—
278,058
236,254
11,521,739
7,339,507
4,631,195
296,792
1,301,200
21,911
14,987
28,042
29,739
27,402
24,379
29,327
1,038
1,038
3,341
4,417
3,349
5,128
4,337
—
235,416
3,427,978
4,604,243
5,654,634
—
4,696,750
8,936,607
—
—
24,487,800
—
—
—
33,382
36,711
742,458
286,059
116
5,568,341
386,063
—
15,262
—
—
22,651
5,756
—
1,181
1,719
—
—
851,796
—
—
—
—
2,250
—
—
—
—
—
—
—
—
—
—
—
88,208,638
17,054,701
773,396,822
1,001,822,813
764,308,385
1,249,993,188
1,012,986,974
414
6,629
648,305
124,664
—
—
—
20,917
21,534
75,569
76,231
210,869
68,315
66,464
—
—
6,644
—
—
—
—
181,067
508,903
2,346,287
4,044,502
24,079,050
—
4,471,212
20,182,444
—
10,133,000
41,843,959
—
—
—
—
—
12,080,012
14,974,280
—
28,000,450
6,701,150
15,490
19,862
438,303
659,143
3,098,192
953,591
5,327,569
9,624
—
—
35,750
1,920,182
—
—
22,060
6,810
230,536
255,966
386,918
626,167
349,136
938
232
10,202
12,853
9,851
15,573
13,190
449
—
78,237
63,169
22,526
53,718
36,595
1,604
770
42,657
32,880
38,853
51,589
32,654
12,204
865
82,482
90,203
97,610
64,494
83,259
395
—
—
—
—
—
—
—
—
—
—
—
—
—
9,248
—
—
26,384
—
—
—
20,456,854
565,605
26,172,234
62,239,984
29,864,051
29,833,897
17,081,229
62,783,462
18,079,580
874,658,868
885,889,845
847,906,104
732,267,899
837,152,481
4,968,322
(1,590,484)
(127,434,280)
53,692,984
(113,461,770)
487,891,392
158,753,264
$67,751,784
$16,489,096
$747,224,588
$939,582,829
$734,444,334
$1,220,159,291
$995,905,745
$4,385,169
$—
$386,467,975
$313,460,893
$114,329,595
$285,050,477
$188,294,757
413,088
—
91,864,805
32,679,449
13,772,985
23,946,057
9,934,744
$10.62
$—
$4.21
$9.59
$8.30
$11.90
$18.95
$10.84
$—
$4.41
$10.04
$8.69
$12.46
$19.84
$63,366,615
$16,489,096
$360,756,613
$626,121,936
$620,114,739
$935,108,814
$807,610,988
5,967,811
1,757,930
85,694,985
65,324,878
74,349,854
69,592,943
42,324,398
$10.62
$9.38
$4.21
$9.58
$8.34
$13.44
$19.08
—
—
11,786,856
14,593,832
—
26,910,287
6,334,102
Thrivent
Mutual
Funds
Statement
of
Assets
and
Liabilities
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
162
As
of
April
30,
2020
(unaudited)
Limited
Maturity
Bond
Fund
Low
Volatility
Equity
Fund
Mid
Cap
Growth
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$1,087,038,914
$27,058,583
$4,867,900
Investments
in
affiliated
securities
at
cost
$59,248,707
$850,517
$121,457
Investments
in
unaffiliated
securities
at
value
(#)
$1,089,211,953
$26,330,387
$4,993,187
Investments
in
affiliated
securities
at
value
59,348,745
851,074
121,638
Cash
—
8,796
(a)
—
Dividends
and
interest
receivable
4,487,348
94,833
788
Prepaid
expenses
40,683
15,195
4,466
Prepaid
trustee
fees
5,239
1,038
1,038
Receivable
for:
Investments
sold
803
—
138,190
Investments
sold
on
a
delayed
delivery
basis
51,521,975
—
—
Fund
shares
sold
1,152,578
30,984
73,039
Expense
reimbursements
—
12,178
12,617
Variation
margin
on
open
future
contracts
17,829
—
—
Variation
margin
on
open
swap
contracts
996
—
—
Total
Assets
1,205,788,149
27,344,485
5,344,963
Liabilities
Distributions
payable
48,930
—
—
Accrued
expenses
110,060
24,023
7,075
Cash
overdraft
668,089
—
—
Payable
for:
Investments
purchased
4,798,089
—
204,236
Investments
purchased
on
a
delayed
delivery
basis
97,289,128
—
—
Return
of
collateral
for
securities
loaned
2,969,500
—
—
Fund
shares
redeemed
2,296,334
66,210
18,865
Variation
margin
on
open
future
contracts
82,060
8,820
—
Investment
advisory
fees
252,730
12,820
2,873
Administrative
fees
15,095
363
65
Distribution
fees
29,520
—
—
Transfer
agent
fees
46,392
2,478
192
Trustee
deferred
compensation
77,397
876
118
Contingent
liabilities^
—
—
—
Mortgage
dollar
roll
deferred
revenue
47,754
—
—
Total
Liabilities
108,731,078
115,590
233,424
Net
Assets
Capital
stock
(beneficial
interest)
1,112,725,151
28,253,503
5,075,820
Distributable
earnings/(accumulated
loss)
(15,668,080)
(1,024,608)
35,719
Total
Net
Assets
$1,097,057,071
$27,228,895
$5,111,539
Class
A
Share
Capital
$290,442,851
$—
$—
Shares
of
beneficial
interest
outstanding
(Class
A)
23,550,530
—
—
Net
asset
value
per
share
$12.33
$—
$—
Maximum
public
offering
price
$12.33
$—
$—
Class
S
Share
Capital
$806,614,220
$27,228,895
$5,111,539
Shares
of
beneficial
interest
outstanding
(Class
S)
65,421,916
2,473,695
506,515
Net
asset
value
per
share
$12.33
$11.01
$10.09
(#)
Includes
securities
on
loan
of
2,904,097
—
—
(a)
Includes
foreign
currency
holdings
of
$8,796
(cost
$8,774).
(b)
Includes
foreign
currency
holdings
of
$6,059
(cost
$6,043).
(c)
Includes
foreign
currency
holdings
of
$11,919
(cost
$11,885).
(d)
Includes
foreign
currency
holdings
of
$15
(cost
$15).
^
Contingent
liabilities
accrual.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.
1
Securities
held
by
this
fund
are
valued
on
the
basis
of
amortized
cost,
which
approximates
market
value.
Thrivent
Mutual
Funds
Statement
of
Assets
and
Liabilities
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
163
Mid
Cap
Stock
Fund
Mid
Cap
Value
Fund
Moderate
Allocation
Fund
Moderately
Aggressive
Allocation
Fund
Moderately
Conservative
Allocation
Fund
Money
Market
Fund
Municipal
Bond
Fund
$1,674,517,251
$4,868,142
$1,397,435,117
$1,299,289,208
$546,516,697
$794,516,683
$1,410,202,847
$176,024,533
$52,191
$1,215,532,463
$1,541,458,373
$429,143,138
$—
$—
$1,859,921,236
$4,529,980
$1,459,282,227
$1,364,162,554
$569,279,182
$794,648,309
1
$1,453,277,011
176,052,671
52,346
1,367,650,069
1,667,190,641
470,837,317
—
—
—
—
699,035
(b)
293,095
(c)
421,466
(d)
8,304
6,637
693,078
1,606
5,596,340
4,315,724
2,564,655
478,031
19,791,621
41,561
4,465
36,581
37,844
21,297
59,158
27,864
8,432
1,038
8,237
8,363
3,141
3,689
7,479
3,890,238
51,801
5,855,568
8,119,469
1,397,240
—
3,334,127
—
—
123,049,396
76,884,612
53,023,498
—
—
1,390,768
17,705
600,274
866,084
250,938
3,752,454
1,475,046
—
12,506
359,067
484,627
104,577
78,298
—
—
—
8,556,855
12,872,934
1,713,259
—
—
—
—
2,138
1,350
1,097
—
—
2,041,997,984
4,671,447
2,971,695,787
3,135,237,297
1,099,617,667
799,028,243
1,477,919,785
—
—
—
—
—
1,563
458,685
138,355
7,054
195,173
226,758
83,214
73,063
88,186
—
—
—
—
—
—
—
3,912,583
23,483
6,577,832
9,421,574
1,998,325
14,511,797
1,182,457
—
—
279,320,805
173,866,449
125,338,582
11,279,440
3,283,875
112,510,450
—
47,365,037
44,045,413
4,014,019
—
—
1,477,981
—
752,506
1,146,694
675,448
2,742,267
455,010
—
—
6,947,544
7,448,038
1,188,304
—
—
929,386
2,634
1,298,320
1,527,208
455,405
218,143
488,246
24,939
60
35,334
38,603
13,161
10,596
20,729
187,614
—
352,558
409,039
136,176
—
244,680
130,812
78
156,902
232,468
55,951
72,717
47,485
187,917
118
52,826
65,880
33,309
—
172,472
—
—
—
—
—
—
—
—
—
152,386
91,305
63,061
—
—
119,500,037
33,427
343,207,223
238,519,429
134,054,955
28,909,586
6,441,825
1,774,871,884
5,017,749
2,378,118,655
2,650,900,207
888,395,396
769,981,445
1,453,569,238
147,626,063
(379,729)
250,369,909
245,817,661
77,167,316
137,212
17,908,722
$1,922,497,947
$4,638,020
$2,628,488,564
$2,896,717,868
$965,562,712
$770,118,657
$1,471,477,960
$980,456,950
$—
$1,779,344,357
$2,082,281,457
$679,357,450
$393,299,179
$1,178,803,906
49,380,795
—
135,604,266
153,401,236
56,476,919
393,230,443
107,263,722
$19.86
$—
$13.12
$13.57
$12.03
$1.00
$10.99
$20.80
$—
$13.74
$14.21
$12.60
$1.00
$11.51
$942,040,997
$4,638,020
$849,144,207
$814,436,411
$286,205,262
$376,819,478
$292,674,054
41,353,175
501,440
64,527,544
59,476,222
23,717,304
376,751,008
26,631,627
$22.78
$9.25
$13.16
$13.69
$12.07
$1.00
$10.99
104,030,286
—
45,702,915
41,801,459
3,836,002
—
—
Thrivent
Mutual
Funds
Statement
of
Assets
and
Liabilities
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
164
As
of
April
30,
2020
(unaudited)
Opportunity
Income
Plus
Fund
Small
Cap
Growth
Fund
Small
Cap
Stock
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$651,542,622
$9,701,061
$575,471,236
Investments
in
affiliated
securities
at
cost
$203,347,024
$564,248
$27,111,282
Investments
in
unaffiliated
securities
at
value
(#)
$612,089,224
$10,515,450
$557,292,788
Investments
in
affiliated
securities
at
value
196,496,408
564,999
27,121,653
Cash
798,753
362
(a)
—
Dividends
and
interest
receivable
2,855,720
1,020
77,914
Prepaid
expenses
29,298
15,163
24,372
Prepaid
trustee
fees
3,324
1,038
2,346
Receivable
for:
Investments
sold
4,496,327
10,418
13,883,963
Investments
sold
on
a
delayed
delivery
basis
56,406,744
—
—
Fund
shares
sold
808,066
52,007
281,192
Expense
reimbursements
—
16,326
—
Variation
margin
on
open
future
contracts
61,477
—
—
Variation
margin
on
open
swap
contracts
844
—
—
Total
Assets
874,046,185
11,176,783
598,684,228
Liabilities
Distributions
payable
147,898
—
—
Accrued
expenses
93,339
21,573
60,890
Payable
for:
Investments
purchased
645,890
33,656
14,929,076
Investments
purchased
on
a
delayed
delivery
basis
145,240,667
—
—
Return
of
collateral
for
securities
loaned
3,412,818
234,925
19,760,695
Fund
shares
redeemed
771,537
55,931
1,776,068
Variation
margin
on
open
future
contracts
32,437
—
—
Investment
advisory
fees
252,491
6,202
281,118
Administrative
fees
9,860
132
7,138
Distribution
fees
46,967
—
63,756
Transfer
agent
fees
34,250
2,916
61,590
Trustee
deferred
compensation
61,712
865
105,052
Contingent
liabilities^
—
—
—
Mortgage
dollar
roll
deferred
revenue
65,899
—
—
Total
Liabilities
150,815,765
356,200
37,045,383
Net
Assets
Capital
stock
(beneficial
interest)
782,308,291
10,311,201
598,478,982
Distributable
earnings/(accumulated
loss)
(59,077,871)
509,382
(36,840,137)
Total
Net
Assets
$723,230,420
$10,820,583
$561,638,845
Class
A
Share
Capital
$230,339,441
$—
$341,651,614
Shares
of
beneficial
interest
outstanding
(Class
A)
24,212,489
—
22,891,413
Net
asset
value
per
share
$9.51
$—
$14.92
Maximum
public
offering
price
$9.96
$—
$15.62
Class
S
Share
Capital
$492,890,979
$10,820,583
$219,987,231
Shares
of
beneficial
interest
outstanding
(Class
S)
51,811,076
987,767
11,562,910
Net
asset
value
per
share
$9.51
$10.95
$19.03
(#)
Includes
securities
on
loan
of
3,233,336
227,216
18,223,698
(a)
Includes
foreign
currency
holdings
of
$362
(cost
$361).
^
Contingent
liabilities
accrual.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.
Thrivent
Mutual
Funds
Statement
of
Operations
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
166
For
the
six
months
ended
April
30,
2020
(unaudited)
Aggressive
Allocation
Fund
Balanced
Income
Plus
Fund
Global
Stock
Fund
Investment
Income
Dividends
$4,548,160
$2,087,395
$16,294,922
Taxable
interest
720,321
3,202,928
258,940
Tax-Exempt
interest
—
—
—
Income
from
mortgage
dollar
rolls
74,085
31,476
—
Affiliated
income
from
securities
loaned,
net
47,904
8,972
32,296
Income
from
affiliated
investments
1,333,349
203,784
1,708,823
Non
cash
income
168
15,789
—
Non
cash
income
from
affiliated
investments
9,492,731
584,184
—
Foreign
tax
withholding
(29,520)
(81,342)
(1,059,891)
Total
Investment
Income
16,187,198
6,053,186
17,235,090
Expenses
Adviser
fees
5,089,429
1,020,498
4,799,891
Administrative
service
fees
152,881
66,543
179,176
Audit
and
legal
fees
23,883
20,169
24,391
Custody
fees
65,122
45,635
179,272
Distribution
expenses
Class
A
1,159,486
302,322
1,759,791
Insurance
expenses
4,050
2,511
4,737
Pricing
service
fees
—
—
—
Printing
and
postage
expenses
Class
A
80,061
22,162
150,573
Printing
and
postage
expenses
Class
S
67,398
10,694
9,928
SEC
and
state
registration
expenses
67,230
24,224
57,177
Transfer
agent
fees
Class
A
486,168
130,039
904,465
Transfer
agent
fees
Class
S
399,804
63,727
50,225
Trustees'
fees
9,680
320
(5,552)
Other
expenses
19,269
35,808
22,096
Total
Expenses
Before
Reimbursement
7,624,461
1,744,652
8,136,170
Less:
Reimbursement
from
adviser
(1,394,770)
—
—
Total
Net
Expenses
6,229,691
1,744,652
8,136,170
Net
Investment
Income/(Loss)
9,957,507
4,308,534
9,098,920
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
(593,263)
(3,213,543)
(5,720,310)
Affiliated
investments
(72,639)
6,171
(79,216)
Class
action
settlements
89,084
—
—
Distributions
of
realized
capital
gains
from
affiliated
investments
15,457,155
175
1,415
Futures
contracts
(13,440,284)
(2,259,254)
(21,698,295)
Foreign
currency
transactions
165,084
(28)
439,261
Swap
agreements
(10,175)
—
—
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
(52,411,958)
(27,246,741)
(142,995,035)
Affiliated
investments
(82,047,318)
(2,036,235)
(1,113,762)
Futures
contracts
5,815,097
1,680,138
1,912,690
Foreign
currency
transactions
(1,890)
(1,138)
(35,462)
Swap
agreements
4,349
—
—
Net
Realized
and
Unrealized
Gains/(Losses)
(127,046,758)
(33,070,455)
(169,288,714)
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$(117,089,251)
$(28,761,921)
$(160,189,794)
Thrivent
Mutual
Funds
Statement
of
Operations
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
167
Government
Bond
Fund
High
Income
Municipal
Bond
Fund
High
Yield
Fund
Income
Fund
International
Allocation
Fund
Large
Cap
Growth
Fund
Large
Cap
Value
Fund
$—
$—
$94,153
$60,716
$9,632,468
$4,328,567
$13,795,250
558,869
3,404
22,312,004
15,033,477
93,862
8
8
—
281,376
—
—
—
—
—
50,631
—
—
160,459
—
—
—
—
—
134,310
10,132
23
4,605
6,068
104,960
—
323,601
747,996
1,019,345
193,936
287,190
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(1,023,381)
—
(20,220)
714,460
284,780
22,864,068
16,012,780
9,722,317
4,527,116
14,068,296
116,064
41,362
1,473,182
1,557,902
2,802,704
3,898,523
2,470,299
39,933
36,406
100,516
113,239
106,676
132,094
128,322
17,198
17,058
26,268
21,715
18,088
21,225
21,646
2,366
1,206
6,266
8,434
264,730
7,040
6,501
2,705
—
524,396
387,015
167,280
334,751
266,686
2,015
1,934
3,122
3,311
3,377
3,679
3,616
—
10,190
—
—
—
—
—
1,638
—
38,323
29,525
27,186
27,739
21,704
4,006
2,653
27,715
22,892
9,375
33,138
23,174
17,071
10,097
47,094
41,697
28,138
44,215
40,334
3,837
—
204,194
158,431
194,708
195,585
152,373
9,448
5,862
142,134
197,406
43,639
214,567
211,640
2,115
3,527
2,022
3,328
1,825
9,618
7,610
9,897
5,912
19,441
24,673
70,628
11,647
11,756
228,293
136,207
2,614,673
2,569,568
3,738,354
4,933,821
3,365,661
(8,508)
(85,060)
—
—
(109,027)
(15,350)
—
219,785
51,147
2,614,673
2,569,568
3,629,327
4,918,471
3,365,661
494,675
233,633
20,249,395
13,443,212
6,092,990
(391,355)
10,702,635
1,023,498
(106,116)
(10,846,843)
10,129,398
(26,796,352)
51,893,958
24,995,669
(8,591)
—
(64,919)
(90,471)
(55,127)
(27,923)
(25,696)
—
—
—
—
—
—
—
81
—
170
683
793
135
270
19,605
(44,495)
—
566,027
(29,991,942)
—
—
—
—
23
—
146,412
—
—
—
—
341,034
117,233
546
—
—
2,198,572
(1,967,312)
(79,098,413)
(6,038,212)
(95,240,914)
59,945,253
(194,671,039)
6,575
—
27,047
86,138
74,798
21,605
22,828
(203,157)
(97,790)
—
1,878,359
255,345
—
—
—
—
—
—
(46,944)
—
—
—
—
(177,140)
—
—
—
—
3,036,583
(2,215,713)
(89,819,041)
6,649,155
(151,653,385)
111,833,028
(169,677,968)
$3,531,258
$(1,982,080)
$(69,569,646)
$20,092,367
$(145,560,395)
$111,441,673
$(158,975,333)
Thrivent
Mutual
Funds
Statement
of
Operations
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
168
For
the
six
months
ended
April
30,
2020
(unaudited)
Limited
Maturity
Bond
Fund
Low
Volatility
Equity
Fund
Mid
Cap
Growth
Fund
(a)
Investment
Income
Dividends
$343,376
$374,651
$3,931
Taxable
interest
13,957,479
1,520
151
Tax-Exempt
interest
—
—
—
Income
from
mortgage
dollar
rolls
186,833
—
—
Affiliated
income
from
securities
loaned,
net
3,039
16
—
Income
from
affiliated
investments
636,207
3,002
373
Non
cash
income
—
—
—
Non
cash
income
from
affiliated
investments
—
—
—
Foreign
tax
withholding
—
(25,933)
(19)
Total
Investment
Income
15,126,934
353,256
4,436
Expenses
Adviser
fees
1,514,295
72,164
5,602
Administrative
service
fees
125,292
37,045
11,794
Audit
and
legal
fees
22,087
17,476
8,356
Custody
fees
9,259
6,705
542
Distribution
expenses
Class
A
181,721
—
—
Insurance
expenses
3,483
1,942
638
Printing
and
postage
expenses
Class
A
32,965
—
—
Printing
and
postage
expenses
Class
S
40,881
4,219
670
SEC
and
state
registration
expenses
83,480
12,680
799
Transfer
agent
fees
Class
A
176,291
—
—
Transfer
agent
fees
Class
S
338,595
16,317
380
Trustees'
fees
6,456
3,525
1,184
Other
expenses
29,800
9,181
1,563
Total
Expenses
Before
Reimbursement
2,564,605
181,254
31,528
Less:
Reimbursement
from
adviser
—
(58,418)
(24,059)
Total
Net
Expenses
2,564,605
122,836
7,469
Net
Investment
Income/(Loss)
12,562,329
230,420
(3,033)
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
1,835,298
(432,431)
(86,629)
Affiliated
investments
(97,010)
(797)
(87)
Distributions
of
realized
capital
gains
from
affiliated
investments
412
4
—
Futures
contracts
(4,233,919)
(40,359)
—
Foreign
currency
transactions
—
889
—
Swap
agreements
277,651
—
—
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
(12,158,576)
(2,616,786)
125,287
Affiliated
investments
100,038
557
181
Futures
contracts
(3,238,025)
48,073
—
Foreign
currency
transactions
—
771
—
Swap
agreements
(78,385)
—
—
Net
Realized
and
Unrealized
Gains/(Losses)
(17,592,516)
(3,040,079)
38,752
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$(5,030,187)
$(2,809,659)
$35,719
(a)
For
the
period
from
February
28,
2020
(inception)
through
April
30,
2020
Thrivent
Mutual
Funds
Statement
of
Operations
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
169
Mid
Cap
Stock
Fund
Mid
Cap
Value
Fund
(a)
Moderate
Allocation
Fund
Moderately
Aggressive
Allocation
Fund
Moderately
Conservative
Allocation
Fund
Money
Market
Fund
Municipal
Bond
Fund
$12,175,243
$9,777
$4,594,958
$6,265,723
$1,023,519
$—
$—
16
142
11,004,268
7,628,315
5,394,165
5,184,774
64,903
—
—
—
—
—
—
26,537,004
—
—
718,785
458,527
355,943
—
—
102,890
—
67,433
89,728
16,004
—
—
864,817
460
2,811,849
2,811,573
1,287,238
—
—
—
—
471
551
83
—
—
—
—
16,185,904
22,528,914
6,083,765
—
—
—
—
(38,439)
(72,855)
(2,114)
—
—
13,142,966
10,379
35,345,229
39,710,476
14,158,603
5,184,774
26,601,907
6,794,200
5,249
8,228,900
10,071,173
2,862,870
1,218,870
3,044,651
219,049
11,786
259,346
290,272
117,804
94,202
164,768
25,017
8,356
27,950
29,436
22,423
18,584
28,858
15,259
526
67,094
72,131
35,365
5,899
11,060
1,386,432
—
2,307,660
2,744,071
864,871
—
1,536,047
5,301
638
5,930
6,579
3,403
2,918
4,369
92,349
—
112,379
151,077
44,228
79,969
49,830
56,736
645
59,176
92,715
21,042
29,398
14,645
65,304
799
111,934
112,492
53,900
89,520
50,132
615,800
—
650,601
928,249
239,070
305,136
239,315
495,675
155
336,203
510,108
110,832
100,920
131,317
13,366
1,184
18,558
19,363
5,563
10,089
4,314
17,911
1,559
43,378
46,284
32,120
9,018
75,380
9,802,399
30,897
12,229,109
15,073,950
4,413,491
1,964,523
5,354,686
—
(23,898)
(2,427,562)
(3,325,035)
(697,554)
(439,901)
—
9,802,399
6,999
9,801,547
11,748,915
3,715,937
1,524,622
5,354,686
3,340,567
3,380
25,543,682
27,961,561
10,442,666
3,660,152
21,247,221
(39,392,886)
(44,788)
13,448,119
18,728,723
7,762,931
5,586
(1,010,344)
(126,633)
(315)
(166,497)
(129,356)
(57,879)
—
—
826
—
22,421,400
36,911,736
3,655,615
—
—
—
—
6,426,143
18,238,292
4,812,851
—
—
—
—
93,237
193,639
32,732
—
—
—
—
472,566
297,285
243,342
—
—
(276,175,078)
(338,161)
(47,439,352)
(76,216,094)
(8,698,921)
131,626
(62,064,204)
28,138
155
(111,050,738)
(181,196,347)
(31,751,835)
—
—
—
—
5,236,481
(5,527,876)
1,179,297
—
—
—
—
(6,764)
533
(2,404)
—
—
—
—
(168,283)
(106,284)
(86,356)
—
—
(315,665,633)
(383,109)
(110,733,688)
(188,805,749)
(22,910,627)
137,212
(63,074,548)
$(312,325,066)
$(379,729)
$(85,190,006)
$(160,844,188)
$(12,467,961)
$3,797,364
$(41,827,327)
Thrivent
Mutual
Funds
Statement
of
Operations
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
170
For
the
six
months
ended
April
30,
2020
(unaudited)
Opportunity
Income
Plus
Fund
Small
Cap
Growth
Fund
Small
Cap
Stock
Fund
Investment
Income
Dividends
$848,172
$21,814
$4,746,633
Taxable
interest
10,572,828
—
5
Income
from
mortgage
dollar
rolls
316,308
—
—
Affiliated
income
from
securities
loaned,
net
13,268
1,364
34,501
Income
from
affiliated
investments
964,261
3,636
135,798
Non
cash
income
34,930
—
—
Non
cash
income
from
affiliated
investments
2,359,036
—
—
Foreign
tax
withholding
—
(370)
(33,298)
Total
Investment
Income
15,108,803
26,444
4,883,639
Expenses
Adviser
fees
1,534,154
37,153
2,118,243
Administrative
service
fees
94,918
35,790
89,100
Audit
and
legal
fees
20,838
17,400
19,678
Custody
fees
20,543
4,506
5,405
Distribution
expenses
Class
A
301,596
—
487,202
Insurance
expenses
2,906
1,927
3,005
Printing
and
postage
expenses
Class
A
22,856
—
41,813
Printing
and
postage
expenses
Class
S
31,937
3,817
16,430
SEC
and
state
registration
expenses
54,077
9,308
39,225
Transfer
agent
fees
Class
A
135,411
—
297,757
Transfer
agent
fees
Class
S
218,664
15,934
117,512
Trustees'
fees
4,097
3,527
(1,717)
Other
expenses
32,586
6,404
9,610
Total
Expenses
Before
Reimbursement
2,474,583
135,766
3,243,263
Less:
Reimbursement
from
adviser
—
(86,207)
—
Total
Net
Expenses
2,474,583
49,559
3,243,263
Net
Investment
Income/(Loss)
12,634,220
(23,115)
1,640,376
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
(661,865)
(236,773)
(19,122,865)
Affiliated
investments
(77,634)
(924)
(16,486)
Distributions
of
realized
capital
gains
from
affiliated
investments
728
2
69
Futures
contracts
(619,948)
—
—
Foreign
currency
transactions
—
(44)
999
Swap
agreements
19,706
—
—
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
(35,536,516)
415,863
(84,553,362)
Affiliated
investments
(9,354,044)
751
10,371
Futures
contracts
765,418
—
—
Foreign
currency
transactions
—
2
—
Swap
agreements
147,911
—
—
Net
Realized
and
Unrealized
Gains/(Losses)
(45,316,244)
178,877
(103,681,274)
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$(32,682,024)
$155,762
$(102,040,898)
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
172
Aggressive
Allocation
Fund
Balanced
Income
Plus
Fund
For
the
periods
ended
4/30/2020
(unaudited)
10/31/2019
4/30/2020
(unaudited)
10/31/2019
Operations
Net
investment
income/(loss)
$9,957,507
$10,196,405
$4,308,534
$9,725,211
Net
realized
gains/(losses)
1,594,962
72,583,277
(5,466,479)
(967,096)
Change
in
net
unrealized
appreciation/(depreciation)
(128,641,720)
40,071,640
(27,603,976)
19,399,592
Net
Change
in
Net
Assets
Resulting
From
Operations
(117,089,251)
122,851,322
(28,761,921)
28,157,707
Distributions
to
Shareholders
From
income/realized
gains
Class
A
(60,140,626)
(71,798,542)
(2,621,065)
(21,692,296)
From
income/realized
gains
Class
S
(29,174,809)
(28,336,258)
(1,499,159)
(11,348,712)
Total
from
income/realized
gains
(89,315,435)
(100,134,800)
(4,120,224)
(33,041,008)
Total
Distributions
to
Shareholders
(89,315,435)
(100,134,800)
(4,120,224)
(33,041,008)
Capital
Stock
Transactions
Class
A  
Sold
40,415,725
58,869,652
8,474,970
15,846,537
Distributions
reinvested
60,029,894
71,665,503
2,543,294
21,224,270
Redeemed
(53,757,852)
(85,698,821)
(15,923,825)
(29,560,247)
Total
Class
A
Capital
Stock
Transactions
46,687,767
44,836,334
(4,905,561)
7,510,560
Class
S  
Sold
110,984,206
138,403,939
17,066,243
34,027,796
Distributions
reinvested
29,157,572
28,312,888
1,439,544
11,126,021
Redeemed
(47,233,345)
(67,243,298)
(46,159,487)
(23,977,311)
Total
Class
S
Capital
Stock
Transactions
92,908,433
99,473,529
(27,653,700)
21,176,506
Capital
Stock
Transactions
139,596,200
144,309,863
(32,559,261)
28,687,066
Net
Increase/(Decrease)
in
Net
Assets
(66,808,486)
167,026,385
(65,441,406)
23,803,765
Net
Assets,
Beginning
of
Period
1,400,066,684
1,233,040,299
390,339,043
366,535,278
Net
Assets,
End
of
Period
$1,333,258,198
$1,400,066,684
$324,897,637
$390,339,043
Capital
Stock
Share
Transactions
Class
A
shares
Sold
2,899,374
3,954,766
676,896
1,273,430
Distributions
reinvested
3,893,730
5,161,429
214,595
1,773,048
Redeemed
(3,710,612)
(5,723,047)
(1,303,653)
(2,382,464)
Total
Class
A
shares
3,082,492
3,393,148
(412,162)
664,014
Class
S
shares
Sold
7,794,793
9,177,032
1,367,773
2,742,134
Distributions
reinvested
1,869,642
2,018,693
120,325
930,106
Redeemed
(3,266,573)
(4,432,840)
(3,739,709)
(1,933,222)
Total
Class
S
shares
6,397,862
6,762,885
(2,251,611)
1,739,018
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
173
Global
Stock
Fund
Government
Bond
Fund
High
Income
Municipal
Bond
Fund
High
Yield
Fund
4/30/2020
(unaudited)
10/31/2019
4/30/2020
(unaudited)
10/31/2019
4/30/2020
(unaudited)
10/31/2019
4/30/2020
(unaudited)
10/31/2019
$9,098,920
$25,448,558
$494,675
$1,188,645
$233,633
$301,214
$20,249,395
$40,254,723
(27,057,145)
176,781,239
1,034,593
403,891
(150,611)
(136,232)
(10,570,535)
(12,417,459)
(142,231,569)
(70,085,553)
2,001,990
3,400,125
(2,065,102)
839,454
(79,248,506)
27,356,171
(160,189,794)
132,144,244
3,531,258
4,992,661
(1,982,080)
1,004,436
(69,569,646)
55,193,435
(175,460,441)
(124,657,161)
(44,690)
(91,127)
–
–
(10,867,280)
(23,214,163)
(36,348,241)
(24,092,082)
(570,650)
(1,097,518)
(233,681)
(301,214)
(9,590,669)
(17,366,690)
(211,808,682)
(148,749,243)
(615,340)
(1,188,645)
(233,681)
(301,214)
(20,457,949)
(40,580,853)
(211,808,682)
(148,749,243)
(615,340)
(1,188,645)
(233,681)
(301,214)
(20,457,949)
(40,580,853)
14,992,517
28,018,845
15
–
–
–
12,500,474
23,160,613
173,231,341
123,028,609
43,367
87,214
–
–
8,040,888
17,199,960
(79,113,266)
(150,072,302)
(344,762)
(863,345)
–
–
(23,979,097)
(48,370,526)
109,110,592
975,152
(301,380)
(776,131)
–
–
(3,437,735)
(8,009,953)
9,553,015
12,268,924
18,597,589
14,859,349
6,580,499
7,618,027
113,109,528
90,002,862
36,188,856
23,993,183
567,891
1,093,602
193,755
223,278
8,460,340
15,528,901
(10,925,710)
(14,595,185)
(8,419,936)
(21,818,488)
(1,884,832)
(1,353,259)
(60,878,617)
(52,880,417)
34,816,161
21,666,922
10,745,544
(5,865,537)
4,889,422
6,488,046
60,691,251
52,651,346
143,926,753
22,642,074
10,444,164
(6,641,668)
4,889,422
6,488,046
57,253,516
44,641,393
(228,071,723)
6,037,075
13,360,082
(2,837,652)
2,673,661
7,191,268
(32,774,079)
59,253,975
1,775,152,792
1,769,115,717
54,391,702
57,229,354
13,815,435
6,624,167
779,998,667
720,744,692
$1,547,081,069
$1,775,152,792
$67,751,784
$54,391,702
$16,489,096
$13,815,435
$747,224,588
$779,998,667
654,068
1,113,493
–
–
–
–
2,699,474
4,938,722
7,086,075
5,210,855
4,241
8,840
–
–
1,779,211
3,680,674
(3,328,459)
(5,944,369)
(33,848)
(88,160)
–
–
(5,279,157)
(10,351,565)
4,411,684
379,979
(29,607)
(79,320)
–
–
(800,472)
(1,732,169)
413,961
483,166
1,790,790
1,529,581
624,688
734,346
25,586,263
19,232,630
1,461,668
1,006,965
55,384
110,753
18,780
21,434
1,875,095
3,316,946
(457,668)
(570,134)
(814,485)
(2,226,026)
(182,146)
(131,109)
(14,120,775)
(11,313,868)
1,417,961
919,997
1,031,689
(585,692)
461,322
624,671
13,340,583
11,235,708
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
174
Income
Fund
International
Allocation
Fund
For
the
periods
ended
4/30/2020
(unaudited)
10/31/2019
4/30/2020
(unaudited)
10/31/2019
Operations
Net
investment
income/(loss)
$13,443,212
$28,675,060
$6,092,990
$20,084,966
Net
realized
gains/(losses)
10,722,870
7,738,575
(56,695,670)
(9,208,177)
Change
in
net
unrealized
appreciation/(depreciation)
(4,073,715)
71,280,398
(94,957,715)
68,398,150
Net
Change
in
Net
Assets
Resulting
From
Operations
20,092,367
107,694,033
(145,560,395)
79,274,939
Distributions
to
Shareholders
From
income/realized
gains
Class
A
(5,637,209)
(9,688,912)
(3,128,017)
(6,959,878)
From
income/realized
gains
Class
S
(11,986,900)
(18,978,490)
(19,322,381)
(37,395,430)
Total
from
income/realized
gains
(17,624,109)
(28,667,402)
(22,450,398)
(44,355,308)
Total
Distributions
to
Shareholders
(17,624,109)
(28,667,402)
(22,450,398)
(44,355,308)
Capital
Stock
Transactions
Class
A  
Sold
12,423,023
14,617,406
2,421,487
3,477,015
Issued
in
connection
with
merger
–
–
–
8,090,806
Distributions
reinvested
5,049,270
8,526,149
3,064,876
6,846,717
Redeemed
(18,817,270)
(36,355,075)
(9,354,926)
(18,345,927)
Total
Class
A
Capital
Stock
Transactions
(1,344,977)
(13,211,520)
(3,868,563)
68,611
Class
S  
Sold
70,769,219
87,833,334
9,776,407
10,631,742
Issued
in
connection
with
merger
–
–
–
5,578,641
Distributions
reinvested
11,591,188
18,288,100
19,318,804
37,384,863
Redeemed
(56,128,829)
(66,546,897)
(10,068,361)
(18,073,541)
Total
Class
S
Capital
Stock
Transactions
26,231,578
39,574,537
19,026,850
35,521,705
Capital
Stock
Transactions
24,886,601
26,363,017
15,158,287
35,590,316
Net
Increase/(Decrease)
in
Net
Assets
27,354,859
105,389,648
(152,852,506)
70,509,947
Net
Assets,
Beginning
of
Period
912,227,970
806,838,322
887,296,840
816,786,893
Net
Assets,
End
of
Period
$939,582,829
$912,227,970
$734,444,334
$887,296,840
Capital
Stock
Share
Transactions
Class
A
shares
Sold
1,322,385
1,589,196
259,017
357,754
Issued
in
connection
with
merger
–
–
–
844,552
Distributions
reinvested
529,798
933,518
294,416
750,821
Redeemed
(1,989,921)
(4,001,400)
(977,851)
(1,887,729)
Total
Class
A
shares
(137,738)
(1,478,686)
(424,418)
65,398
Class
S
shares
Sold
7,422,476
9,565,047
978,661
1,086,687
Issued
in
connection
with
merger
–
–
–
579,298
Distributions
reinvested
1,217,214
2,001,585
1,848,689
4,087,040
Redeemed
(5,990,932)
(7,326,892)
(1,123,755)
(1,829,777)
Total
Class
S
shares
2,648,758
4,239,740
1,703,595
3,923,248
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
175
Large
Cap
Growth
Fund
Large
Cap
Value
Fund
Limited
Maturity
Bond
Fund
Low
Volatility
Equity
Fund
4/30/2020
(unaudited)
10/31/2019
4/30/2020
(unaudited)
10/31/2019
4/30/2020
(unaudited)
10/31/2019
4/30/2020
(unaudited)
10/31/2019
$(391,355)
$15,975
$10,702,635
$21,117,603
$12,562,329
$24,319,907
$230,420
$222,521
51,866,170
57,166,005
24,970,243
(7,621,874)
(2,217,568)
(7,036,364)
(472,694)
136,580
59,966,858
77,743,587
(194,648,211)
56,798,521
(15,374,948)
23,710,934
(2,567,385)
1,733,145
111,441,673
134,925,567
(158,975,333)
70,294,250
(5,030,187)
40,994,477
(2,809,659)
2,092,246
(14,081,504)
(23,889,984)
(3,551,623)
(14,343,120)
(3,276,730)
(7,113,473)
–
–
(41,056,557)
(69,985,838)
(17,683,480)
(56,025,383)
(9,354,641)
(17,293,533)
(392,705)
(320,283)
(55,138,061)
(93,875,822)
(21,235,103)
(70,368,503)
(12,631,371)
(24,407,006)
(392,705)
(320,283)
(55,138,061)
(93,875,822)
(21,235,103)
(70,368,503)
(12,631,371)
(24,407,006)
(392,705)
(320,283)
21,628,784
21,205,244
7,034,265
9,255,067
49,957,513
77,846,808
–
–
–
–
–
–
–
–
–
–
13,867,600
23,559,319
3,456,631
14,037,090
3,197,415
6,936,260
–
–
(21,110,671)
(30,118,199)
(11,555,407)
(24,361,734)
(49,976,360)
(95,920,966)
–
–
14,385,713
14,646,364
(1,064,511)
(1,069,577)
3,178,568
(11,137,898)
–
–
67,755,596
90,448,935
69,664,804
86,915,036
226,798,481
294,827,429
13,177,405
9,214,679
–
–
–
–
–
–
–
–
40,742,171
69,314,991
17,507,019
55,476,579
9,075,794
16,892,883
390,457
317,696
(57,665,418)
(120,427,967)
(62,316,272)
(52,489,468)
(145,542,586)
(221,668,574)
(2,455,072)
(2,703,653)
50,832,349
39,335,959
24,855,551
89,902,147
90,331,689
90,051,738
11,112,790
6,828,722
65,218,062
53,982,323
23,791,040
88,832,570
93,510,257
78,913,840
11,112,790
6,828,722
121,521,674
95,032,068
(156,419,396)
88,758,317
75,848,699
95,501,311
7,910,426
8,600,685
1,098,637,617
1,003,605,549
1,152,325,141
1,063,566,824
1,021,208,372
925,707,061
19,318,469
10,717,784
$1,220,159,291
$1,098,637,617
$995,905,745
$1,152,325,141
$1,097,057,071
$1,021,208,372
$27,228,895
$19,318,469
1,967,240
1,967,015
340,038
429,841
4,014,586
6,261,989
–
–
–
–
–
–
–
–
–
–
1,226,136
2,396,675
147,404
693,140
257,160
558,257
–
–
(1,870,033)
(2,786,605)
(549,367)
(1,125,525)
(4,031,424)
(7,730,237)
–
–
1,323,343
1,577,085
(61,925)
(2,544)
240,322
(909,991)
–
–
5,303,307
7,473,631
3,574,488
3,997,977
18,236,546
23,736,474
1,078,800
804,948
–
–
–
–
–
–
–
–
3,195,468
6,312,840
742,452
2,726,354
730,101
1,359,689
31,667
30,216
(4,378,154)
(9,706,833)
(2,841,139)
(2,401,485)
(11,772,625)
(17,890,927)
(220,002)
(239,362)
4,120,621
4,079,638
1,475,801
4,322,846
7,194,022
7,205,236
890,465
595,802
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
176
Mid
Cap
Growth
Fund
Mid
Cap
Value
Fund
Mid
Cap
Stock
Fund
For
the
periods
ended
4/30/2020
(unaudited)
(a)
4/30/2020
(unaudited)
(a)
4/30/2020
(unaudited)
10/31/2019
Operations
Net
investment
income/(loss)
$(3,033)
$3,380
$3,340,567
$7,329,144
Net
realized
gains/(losses)
(86,716)
(45,103)
(39,518,693)
65,521,111
Change
in
net
unrealized
appreciation/(depreciation)
125,468
(338,006)
(276,146,940)
72,503,228
Net
Change
in
Net
Assets
Resulting
From
Operations
35,719
(379,729)
(312,325,066)
145,353,483
Distributions
to
Shareholders
From
income/realized
gains
Class
A
–
–
(34,915,543)
(121,986,216)
From
income/realized
gains
Class
S
–
–
(31,142,956)
(73,808,716)
Total
from
income/realized
gains
–
–
(66,058,499)
(195,794,932)
Total
Distributions
to
Shareholders
–
–
(66,058,499)
(195,794,932)
Capital
Stock
Transactions
Class
A  
Sold
–
–
24,322,651
42,433,238
Distributions
reinvested
–
–
34,506,621
120,671,087
Redeemed
–
–
(62,687,128)
(116,864,925)
Total
Class
A
Capital
Stock
Transactions
–
–
(3,857,856)
46,239,400
Class
S  
Sold
5,931,871
5,360,175
178,559,966
463,444,256
Distributions
reinvested
–
–
31,075,235
73,644,635
Redeemed
(856,051)
(342,426)
(160,612,531)
(192,916,632)
Total
Class
S
Capital
Stock
Transactions
5,075,820
5,017,749
49,022,670
344,172,259
Capital
Stock
Transactions
5,075,820
5,017,749
45,164,814
390,411,659
Net
Increase/(Decrease)
in
Net
Assets
5,111,539
4,638,020
(333,218,751)
339,970,210
Net
Assets,
Beginning
of
Period
–
–
2,255,716,698
1,915,746,488
Net
Assets,
End
of
Period
$5,111,539
$4,638,020
$1,922,497,947
$2,255,716,698
Capital
Stock
Share
Transactions
Class
A
shares
Sold
–
–
1,153,770
1,862,084
Distributions
reinvested
–
–
1,431,189
5,666,412
Redeemed
–
–
(2,802,194)
(5,054,727)
Total
Class
A
shares
–
–
(217,235)
2,473,769
Class
S
shares
Sold
603,464
544,277
7,016,186
17,686,153
Distributions
reinvested
–
–
1,121,816
3,027,699
Redeemed
(96,949)
(42,837)
(6,676,079)
(7,332,544)
Total
Class
S
shares
506,515
501,440
1,461,923
13,381,308
(a)
For
the
period
from
February
28,
2020
(inception)
through
April
30,
2020
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
177
Moderate
Allocation
Fund
Moderately
Aggressive
Allocation
Fund
Moderately
Conservative
Allocation
Fund
4/30/2020
(unaudited)
10/31/2019
4/30/2020
(unaudited)
10/31/2019
4/30/2020
(unaudited)
10/31/2019
$25,543,682
$39,951,762
$27,961,561
$35,543,990
$10,442,666
$18,435,775
42,694,968
101,221,875
74,240,319
158,610,658
16,449,592
32,415,396
(153,428,656)
101,870,970
(263,046,068)
90,374,174
(39,360,219)
37,138,825
(85,190,006)
243,044,607
(160,844,188)
284,528,822
(12,467,961)
87,989,996
(85,978,090)
(72,712,306)
(138,862,704)
(114,952,338)
(29,519,007)
(25,208,294)
(34,674,748)
(24,693,709)
(50,906,563)
(33,532,494)
(12,071,096)
(8,388,419)
(120,652,838)
(97,406,015)
(189,769,267)
(148,484,832)
(41,590,103)
(33,596,713)
(120,652,838)
(97,406,015)
(189,769,267)
(148,484,832)
(41,590,103)
(33,596,713)
67,760,537
123,007,856
75,279,671
125,424,314
33,768,940
56,901,748
85,484,947
72,302,978
138,344,859
114,547,954
29,267,680
24,959,922
(116,959,715)
(195,707,970)
(127,666,716)
(212,338,573)
(47,673,128)
(93,321,280)
36,285,769
(397,136)
85,957,814
27,633,695
15,363,492
(11,459,610)
253,625,505
235,579,545
157,946,948
243,993,536
69,933,263
102,887,013
34,321,792
24,542,747
50,860,723
33,496,778
11,966,015
8,322,304
(86,808,633)
(121,959,620)
(81,320,226)
(111,448,920)
(46,584,440)
(53,719,746)
201,138,664
138,162,672
127,487,445
166,041,394
35,314,838
57,489,571
237,424,433
137,765,536
213,445,259
193,675,089
50,678,330
46,029,961
31,581,589
283,404,128
(137,168,196)
329,719,079
(3,379,734)
100,423,244
2,596,906,975
2,313,502,847
3,033,886,064
2,704,166,985
968,942,446
868,519,202
$2,628,488,564
$2,596,906,975
$2,896,717,868
$3,033,886,064
$965,562,712
$968,942,446
4,975,390
9,045,603
5,304,400
8,635,334
2,770,269
4,632,818
6,160,709
5,568,497
9,263,856
8,450,356
2,364,541
2,101,938
(8,691,814)
(14,416,653)
(8,942,176)
(14,575,900)
(3,906,322)
(7,618,753)
2,444,285
197,447
5,626,080
2,509,790
1,228,488
(883,997)
18,364,612
17,310,039
10,969,834
16,655,871
5,644,462
8,347,515
2,472,497
1,877,310
3,373,234
2,453,262
965,123
695,870
(6,480,948)
(8,951,624)
(5,754,210)
(7,589,115)
(3,848,378)
(4,382,670)
14,356,161
10,235,725
8,588,858
11,520,018
2,761,207
4,660,715
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
178
Money
Market
Fund
Municipal
Bond
Fund
For
the
periods
ended
4/30/2020
(unaudited)
10/31/2019
4/30/2020
(unaudited)
10/31/2019
Operations
Net
investment
income/(loss)
$3,660,152
$11,111,492
$21,247,221
$44,996,261
Net
realized
gains/(losses)
5,586
11,692
(1,010,344)
3,327,854
Change
in
net
unrealized
appreciation/(depreciation)
131,626
–
(62,064,204)
76,626,126
Net
Change
in
Net
Assets
Resulting
From
Operations
3,797,364
11,123,184
(41,827,327)
124,950,241
Distributions
to
Shareholders
From
income/realized
gains
Class
A
(1,868,502)
(6,325,917)
(18,275,695)
(40,133,314)
From
income/realized
gains
Class
S
(1,795,347)
(4,785,575)
(4,727,613)
(8,437,676)
Total
from
income/realized
gains
(3,663,849)
(11,111,492)
(23,003,308)
(48,570,990)
Total
Distributions
to
Shareholders
(3,663,849)
(11,111,492)
(23,003,308)
(48,570,990)
Capital
Stock
Transactions
Class
A  
Sold
181,967,750
296,595,171
35,130,953
48,940,769
Distributions
reinvested
1,834,586
6,225,825
15,655,778
34,356,288
Redeemed
(150,019,513)
(266,325,395)
(73,972,970)
(132,622,907)
Total
Class
A
Capital
Stock
Transactions
33,782,823
36,495,601
(23,186,239)
(49,325,850)
Class
S  
Sold
389,831,705
586,595,631
57,174,541
91,587,688
Distributions
reinvested
1,747,874
4,676,162
4,425,057
7,927,028
Redeemed
(312,910,443)
(465,130,818)
(41,215,611)
(58,493,164)
Total
Class
S
Capital
Stock
Transactions
78,669,136
126,140,975
20,383,987
41,021,552
Capital
Stock
Transactions
112,451,959
162,636,576
(2,802,252)
(8,304,298)
Net
Increase/(Decrease)
in
Net
Assets
112,585,474
162,648,268
(67,632,887)
68,074,953
Net
Assets,
Beginning
of
Period
657,533,183
494,884,915
1,539,110,847
1,471,035,894
Net
Assets,
End
of
Period
$770,118,657
$657,533,183
$1,471,477,960
$1,539,110,847
Capital
Stock
Share
Transactions
Class
A
shares
Sold
181,967,750
296,595,172
3,064,950
4,332,813
Distributions
reinvested
1,834,586
6,225,825
1,371,743
3,048,851
Redeemed
(150,019,513)
(266,325,393)
(6,496,117)
(11,817,452)
Total
Class
A
shares
33,782,823
36,495,604
(2,059,424)
(4,435,788)
Class
S
shares
Sold
389,831,705
586,595,631
4,995,386
8,100,530
Distributions
reinvested
1,747,874
4,676,162
387,732
702,698
Redeemed
(312,910,442)
(465,130,818)
(3,638,519)
(5,235,386)
Total
Class
S
shares
78,669,137
126,140,975
1,744,599
3,567,842
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
179
Opportunity
Income
Plus
Fund
Small
Cap
Growth
Fund
Small
Cap
Stock
Fund
4/30/2020
(unaudited)
10/31/2019
4/30/2020
(unaudited)
10/31/2019
4/30/2020
(unaudited)
10/31/2019
$12,634,220
$23,925,711
$(23,115)
$(38,081)
$1,640,376
$1,686,319
(1,339,013)
838,547
(237,739)
46,085
(19,138,283)
65,081,940
(43,977,231)
7,977,730
416,616
173,955
(84,542,991)
(29,840,280)
(32,682,024)
32,741,988
155,762
181,959
(102,040,898)
36,927,979
(4,155,737)
(9,526,540)
–
–
(43,049,208)
(58,691,612)
(8,659,646)
(14,579,179)
(44,958)
(100,871)
(22,088,913)
(31,955,557)
(12,815,383)
(24,105,719)
(44,958)
(100,871)
(65,138,121)
(90,647,169)
(12,815,383)
(24,105,719)
(44,958)
(100,871)
(65,138,121)
(90,647,169)
14,801,004
24,546,042
–
–
9,300,397
13,696,266
3,798,338
8,700,256
–
–
42,741,330
58,240,694
(20,227,783)
(34,818,556)
–
–
(20,702,347)
(41,749,075)
(1,628,441)
(1,572,258)
–
–
31,339,380
30,187,885
164,244,785
159,652,018
3,782,024
6,325,789
25,853,491
65,420,909
8,107,197
13,694,768
44,663
100,821
22,073,215
31,931,946
(57,490,539)
(82,139,471)
(1,477,831)
(3,350,707)
(25,782,471)
(63,314,757)
114,861,443
91,207,315
2,348,856
3,075,903
22,144,235
34,038,098
113,233,002
89,635,057
2,348,856
3,075,903
53,483,615
64,225,983
67,735,595
98,271,326
2,459,660
3,156,991
(113,695,404)
10,506,793
655,494,825
557,223,499
8,360,923
5,203,932
675,334,249
664,827,456
$723,230,420
$655,494,825
$10,820,583
$8,360,923
$561,638,845
$675,334,249
1,477,036
2,437,099
–
–
569,724
719,917
384,094
866,261
–
–
2,298,519
3,349,089
(2,048,183)
(3,472,397)
–
–
(1,195,154)
(2,183,133)
(187,053)
(169,037)
–
–
1,673,089
1,885,873
16,451,869
15,855,583
352,474
587,979
1,253,341
2,629,755
821,096
1,362,493
3,880
10,491
930,975
1,474,915
(5,896,545)
(8,180,631)
(138,112)
(321,274)
(1,251,670)
(2,697,101)
11,376,420
9,037,445
218,242
277,196
932,646
1,407,569
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
(1)
ORGANIZATION
Thrivent
Mutual
Funds
(the
“Trust”)
was
organized
as
a
Massachusetts
Business
Trust
on
March
10,
1987
and
is
registered
as
an
open-end
management
investment
company
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”).
The
Trust
is
divided
into 25
separate
series
(each,
a
“Fund”
and,
collectively,
the
“Funds”),
each
with
its
own
investment
objective
and
policies.
The
Trust
currently
consists
of
four
asset
allocation
Funds, three
income
plus
Funds, ten
equity
Funds, seven
fixed-income
Funds
and
one
money
market
Fund. This
report
includes
23
of
the
Funds
while
Thrivent
Diversified
Income
Plus
Fund
and
Thrivent
Multidimensional
Income
Fund
have
a
fiscal
year
end
on
a
calendar-year
basis
and
are
presented
under
a
separate
shareholder
report.  
The
Funds
are
each
investment
companies
that
follow
the
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
("FASB")
Accounting
Standards
Codification
Topic
946
-
Financial
Services
-
Investment
Companies.
Mergers 
—
At a
meeting
held
on
July
30,
2019,
shareholders
of Thrivent Partner
Emerging
Markets
Equity
Fund
(the
“Target
Fund”)
approved
the
merger
of
the
Target
Fund
into Thrivent International
Allocation
Fund
(the
“Acquiring
Fund”). 
The
merger
occurred
at
the
close
of
business
on August
9,
2019.
Acquisition
of
the
assets
and
liabilities
of
the
Target Fund
by
the
Acquiring Fund
were
followed
by
the
distribution
of
the
Acquiring
Fund's
shares
to
the
Target
Fund's
shareholders.
The
shares
issued
of
the
Acquiring Fund
are
disclosed
in
the
Statement
of
Changes
in
Net
Assets.
The
merger
was
accomplished
by
a tax
free
exchange
as
detailed
below:
As
of August
9,
2019,
the
net
assets
of
the
Target
Fund
were
comprised
of
the
following:
In
the
event
of
a
capital
loss
carryover,
the
Target
Fund's
capital
loss
carryover is
carried
over
to
the
Acquiring
Fund.
The
amount,
if
any, and
applicable
limitations
are
disclosed
in
Note
(4)
Tax
Information.
Assuming
the
merger
had
been
completed
on November
1,
2018,
the Acquiring
Fund's
pro-forma
results
of
operations
for
the
year
ended October
31,
2019
would
be
the
following:
The
financial
statements
reflect
the
operations
of
the
Acquiring
Fund
for
the
period
prior
to
the
merger
and
the
combined
Funds
for
the
period
subsequent
to
the
merger.
 Because
the
combined Funds
have
been
managed
as
a
single Fund
since
the
merger
was
completed,
it
is
not
practicable
to
separate
the
amounts
of
revenue
and
earnings
of
Thrivent
Partner
Emerging
Markets
Equity
Fund that
have
been
included
in
the Acquiring
Fund's
Statement
of
Operations
since
the
merger
was
completed.
Share
Classes
— The
Trust
includes
two
classes
of
shares:
Class
A
and
Class
S
shares.
The
classes
of
shares
differ
principally
in
their
respective
distribution
expenses
and
other
class-specific
expenses
and
arrangements.
Class
A
shares
have
an
annual
12b-1
fee
of
0.25%
for
all
Funds
other
than
Government
Bond
Fund
and
Limited
Maturity
Bond
Fund,
which
have
a
12b-1
fee
of
0.125%,
and
Money
Market
Fund,
which
does
not
have
a
12b-1
fee.  Class
A
shares
have
a
maximum
front-end
sales
load
of
4.50%,
although
some
Funds
have
a
reduced
or
no
front-end
sales
load.
Class
S
shares
are
offered
at
net
asset
value
and
have
no
annual
12b-1
fees. 
The
share
classes
have
identical
rights
to
earnings,
assets
and
voting
privileges,
except
for
class-specific
expenses
and
exclusive
rights
to
vote
on
matters
affecting
only
individual
Fund
Description
Net
Assets
as
of August
9,
2019
International Allocation
Acquiring
Fund
$829,109,770
Partner
Emerging
Markets
Equity
Target Fund 
$13,669,447
International Allocation
After
Acquisition 
$842,779,217
Target
Fund
Unrealized
Appreciation/
(Depreciation)
Undistributed
Net
Investment
Income
Accumulated
Net
Realized
Gains/
(Losses)
Capital
Stock
Partner
Emerging
Markets
Equity
$229,149       
$13,070      
$(1,958,833) 
 $15,386,061
Acquiring
Fund
Net
Change
in
Unrealized
Appreciation/
(Depreciation)
Net
Investment
Income
Net
Gains/(Losses)
on
Investments
Net
Increase
in
Net
Assets
from
Operations
International Allocation
 $69,540,407   
$20,281,665     
$(8,604,974)      
$81,217,098      
180
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
181
classes. High
Income
Municipal
Bond
Fund, Low
Volatility
Equity
Fund, Mid
Cap
Growth
Fund,
Mid
Cap
Value
Fund,
Multidimensional
Income
Fund,
and Small
Cap
Growth
Fund
offer
only
Class
S
Shares,
all other
of
the 19 Funds
of
the
Trust
offer
Class
A
and
Class
S
shares.
Class
A
shares
of
Government
Bond
Fund
are
closed
to
all
purchases
and
exchanges
into
the
Fund,
other
than
reinvestment
of
dividends
by
current
shareholders
of
the
Fund.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
with
vendors
and
others
that
provide
general
damage
clauses.
The
Trust’s
maximum
exposure
under
these
contracts
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust.
However,
based
on
experience,
the
Trust
expects
the
risk
of
loss
to
be
remote.
(2)
SIGNIFICANT
ACCOUNTING
POLICIES
Valuation
of
Investments 
—
Securities
traded
on
U.S.
or
foreign
securities
exchanges
or
included
in
a
national
market
system
are
valued
at
the
last
sale
price
on
the
principal
exchange
as
of
the
close
of
regular
trading
on
such
exchange
or
the
official
closing
price
of
the
national
market
system.  Over-the-counter
securities
and
listed
securities
for
which
no
price
is
readily
available
are
valued
at
the
current
bid
price
considered
best
to
represent
the
value
at
that
time.
Security
prices
are
based
on
quotes
that
are
obtained
from
an
independent
pricing
service
approved
by
the
Trust’s
Board
of
Trustees
(“Board”).
The
pricing
service,
in
determining
values
of
fixed-income
securities,
takes
into
consideration
such
factors
as
current
quotations
by
broker/dealers,
coupon,
maturity,
quality,
type
of
issue,
trading
characteristics,
and
other
yield
and
risk
factors
it
deems
relevant
in
determining
valuations.
Securities
which
cannot
be
valued
by
the
approved
pricing
service
are
valued
using
valuations
obtained
from
dealers
that
make
markets
in
the
securities.
Exchange-listed
options and
futures
contracts
are
valued
at
the
primary
exchange
settle
price. 
Exchange
cleared
swap
agreements are
valued
using the
clearinghouse
end
of
day
price. 
Swap
agreements
not
cleared
on
exchanges will
be
valued
using
the
mid-price
from
the
primary
approved pricing
service. 
Forward
foreign
currency
exchange
contracts
are
marked-to-market
based
upon
foreign
currency
exchange
rates
provided
by
the
pricing
service.
Investments
in
open-ended
mutual
funds
are
valued
at
the
net
asset
value
at
the
close
of
each
business
day.
Securities
held
by
the
Money
Market
Fund
are
valued
on
the
basis
of
amortized
cost
(which
approximates
market
value),
whereby
a
portfolio
security
is
valued
at
its
cost
initially
and
thereafter
valued
to
reflect
a
constant
amortization
to
maturity
of
any
discount
or
premium.
The
Money
Market
Fund
and
the
Trust’s
investment
adviser,
Thrivent
Asset
Management,
LLC
(“Thrivent
Asset
Mgt.”
or
the
“Adviser”),
follow
procedures
designed
to
help
maintain
a
constant
net
asset
value
of
$1.00
per
share. 
The
Board
has
delegated
responsibility
for
daily
valuation
of
the
Funds'
securities
to
the
Funds'
investment
Adviser.
The
Adviser
has
formed
a
Valuation
Committee
(“Committee”)
that
is
responsible
for
overseeing
the
Funds'
valuation
policies
in
accordance
with
Valuation
Policies
and
Procedures.
The
Committee
meets
on
a
monthly
and
on
an
as-needed
basis
to
review
price
challenges,
price
overrides,
stale
prices,
shadow
prices,
manual
prices,
money
market
pricing,
international
fair
valuation,
and
other
securities
requiring
fair
valuation. 
The
Committee
monitors
for
significant
events
occurring
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
that
could
have
a
material
impact
on
the
value
of
any
securities
that
are
held
by
the
Funds.
Examples
of
such
events
include
trading
halts,
national
news/events,
and
issuer-specific
developments.
If
the
Committee
decides
that
such
events
warrant
using
fair
value
estimates,
the
Committee
will
take
such
events
into
consideration
in
determining
the
fair
value
of
such
securities.
If
market
quotations
or
prices
are
not
readily
available
or
determined
to
be
unreliable,
the
securities
will
be
valued
at
fair
value
as
determined
in
good
faith
pursuant
to
procedures
adopted
by
the
Board.
In
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
("GAAP"),
the
various
inputs
used
to
determine
the
fair
value
of
the
Funds’
investments
are
summarized
in
three
broad
levels.  Level
1
includes
quoted
prices
in
active
markets
for
identical
securities,
typically
included
in
this
level
are
U.S.
equity
securities,
futures,
options
and
registered
investment
company
funds.  Level
2
includes
other
significant
observable
inputs
such
as
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk,
typically
included
in
this
level
are
fixed
income
securities,
international
securities,
swaps
and
forward
contracts.  Level
3
includes
significant
unobservable
inputs
such
as
the
Adviser’s
own
assumptions
and
broker
evaluations
in
determining
the
fair
value
of
investments.
The
valuation
levels
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
securities
or
other
investments. 
Investments
measured
using
net
asset
value
per
share
as
a
practical
expedient
for
fair
value
and
that
are
not
publicly
available
for
sale
are
not
categorized
within
the
fair
value
hierarchy.
Valuation
of
International
Securities
—
The
Funds
value
certain
foreign
securities
traded
on
foreign
exchanges
that
close
prior
to
the
close of
the
New
York
Stock
Exchange
using
a
fair
value
pricing
service. 
The
fair
value
pricing
service
uses
a
multi-factor
model
that
may
take
into
account
the
local
close,
relevant
general
and
sector
indices,
currency
fluctuation,
prices
of
other
securities
(including
ADRs,
New
York
registered
shares,
and
ETFs),
and
futures,
as
applicable,
to
determine
price
adjustments
for
each
security
in
order
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
182
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.
Federal
Income
Taxes 
—
No
provision
has
been
made
for
income
taxes
because
each
Fund’s
policy
is
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code
and
distribute
substantially
all
investment
company
taxable
income
and
net
capital
gain
on
a
timely
basis.
It
is
also
the
intention
of
each
Fund
to
distribute
an
amount
sufficient
to
avoid
imposition
of
any
federal
excise
tax.
The
Funds,
accordingly,
anticipate
paying
no
federal
taxes
and
no
federal
tax
provision
was
recorded.
Each
Fund
is
treated
as
a
separate
taxable
entity
for
federal
income
tax
purposes. Funds
may
utilize
earnings
and
profits
distributed
to
shareholders
on
the
redemption
of
shares
as
part
of
the
dividends
paid
deduction.
GAAP
requires
management
of
the
Funds
(i.e.,
the
Adviser)
to
make
additional
tax
disclosures
with
respect
to
the
tax
effects
of
certain
income
tax
positions,
whether
those
positions
were
taken
on
previously
filed
tax
returns
or
are
expected
to
be
taken
on
future
returns.
These
positions
must
meet
a
“more
likely
than
not”
standard
that,
based
on
the
technical
merits
of
the
position,
it
would
have
a
greater
than
50
percent
likelihood
of
being
sustained
upon
examination.
In
evaluating
whether
a
tax
position
has
met
the
more-likely-than-not
recognition
threshold,
the
Adviser
must
presume
that
the
position
will
be
examined
by
the
appropriate
taxing
authority
that
has
full
knowledge
of
all
relevant
information.
The
Adviser
analyzed
all
open
tax
years,
as
defined
by
the
statute
of
limitations,
for
all
major
jurisdictions.
Open
tax
years
are
those
that
are
open
for
examination
by
taxing
authorities.
Major
jurisdictions
for
the
Funds
include
U.S.
Federal,
Minnesota,
Wisconsin,
and
Massachusetts
as
well
as
certain
foreign
countries.
As
of
April
30,
2020,
open
U.S.
Federal,
Minnesota,
Wisconsin
and
Massachusetts
tax
years
include
the
tax
years
ended
October
31,
2016
through
2019.
Additionally,
as
of
April
30,
2020,
the
tax
year
ended
October
31,
2015
is
open
for
Wisconsin.
The
Funds
have
no
examinations
in
progress
and
none
are
expected
at
this
time.
As
of April
30,
2020,
the
Adviser
has
reviewed
all
open
tax
years
and
major
jurisdictions
and
concluded
that
there
is
no
effect
to
the
Funds’
tax
liability,
financial
position
or
results
of
operations.
There
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
income
tax
positions
taken
or
expected
to
be
taken
in
future
tax
returns.
The
Funds
are
also
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
12
months.
Foreign
Income
Taxes 
— Funds
are
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
they
invest.
Withholding
taxes
on
foreign
dividends
have
been
provided
for
in
accordance
with
the
applicable
country’s
tax
rules
and
rates.
These
amounts
are
shown
as foreign
tax
withholding
on
the
Statement
of
Operations.
The
Funds
pay
tax
on
foreign
capital
gains,
where
applicable.
Expenses
and
Income 
—
Estimated
expenses
are
accrued
daily.
The
Funds
are
charged
for
those
expenses
that
are
directly
attributable
to
them.
Expenses
that
are
not
directly
attributable
to
a
Fund
are
allocated
among
all
appropriate
Funds
in
proportion
to
their
respective
net
assets
or number
of
shareholder
accounts,
or
other
reasonable
basis.
Net
investment
income,
expenses
which
are
not
class-specific,
and
realized
and
unrealized
gains
and
losses
are
allocated
directly
to
each
class
based
upon
the
relative
net
asset
value
of
outstanding
shares.
Interest
income
is
recorded daily
on
all
debt
securities,
as
is accretion
of
market
discount
and
original
issue
discount
and
amortization
of
premium.
Paydown
gains
and
losses
on
mortgage-backed
and
asset-backed
securities
are
recorded
as
components
of
interest
income.
Dividend
income
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. 
However, certain
dividends
from
foreign
securities
are
recorded
as
soon
as
the
information
is
available
to
the
Funds. 
Non-cash
income,
if
any,
is
recorded
at
the
fair
market
value
of
the
securities
received.
For
certain
securities,
including
real
estate
investment
trusts,
the Funds
record
distributions
received
in
excess
of
income
as
a
reduction
of
cost
of
investments
and/or
realized
gain.
Such
amounts
are
based
on
estimates
if
actual
amounts
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
183
are
not
available.
Actual
amounts
of
income,
realized
gain
and
return
of
capital
may
differ
from
the
estimated
amounts.
The Funds
adjust
the
estimated
amounts
of
the
components
of
distributions
as
adjustments
to
investment
income,
unrealized
appreciation/depreciation
and
realized
gain/
loss
on
investments
as
necessary,
once
the
issuers
provide
information
about
the
actual
composition
of
the
distributions.
Distributions
to
Shareholders 
—
Dividend
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date.
With
the
exception
of
the
Money
Market
Fund,
net
realized
gains
from
securities
transactions,
if
any,
are
paid
at
least
annually
after
the
close
of
the
fiscal
year.
*
Dividends
are
net
of
any
short-term
realized
gains
or
losses on
the
sale
of
securities. 
Derivative
Financial
Instruments 
—
Each Fund,
with
the
exception
of the
Money
Market
Fund,
may
invest
in
derivatives, a
category
that
includes
options,
futures,
swaps,
foreign
currency
forward
contracts
and
hybrid
instruments. Derivatives are
financial
instruments
whose
value
is
derived
from
another
security,
an
index
or
a
currency.
Each applicable
Fund
may
use
derivatives
for
hedging
(attempting
to
offset
a
potential
loss
in
one
position
by
establishing
an
interest
in
an
opposite
position).
This
includes
the
use
of
currency-based
derivatives to
manage
the
risk
of its
positions
in
foreign
securities.
Each applicable
Fund
may
also
use
derivatives
for
replication
of
a
certain
asset
class
or
speculation
(investing
for
potential
income
or
capital
gain).
These
contracts
may
be
transacted
on
an
exchange
or
over-the-counter
("OTC").
A
derivative
may
incur
a
mark
to
market
loss
if
the
value
of
the
derivative
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
derivative.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
derivative.
A
Fund’s
risk
of
loss
from
the
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
such
Fund.
With
exchange
traded
futures
and
centrally
cleared
swaps,
there
is
minimal
counterparty
credit
risk
to
the
Funds
because
the
exchange’s
clearinghouse,
as
counterparty
to
such
derivatives,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
derivative;
thus,
the
credit
risk
is
limited
to
the
failure
of
the
clearinghouse.
However,
credit
risk
still
exists
in
exchange
traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
broker’s
customer
accounts.
While
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
broker
for
all
its
clients,
U.S.
bankruptcy
laws
will
typically
allocate
that
shortfall
on
a
pro-rata
basis
across
all
of
the
broker’s
customers,
potentially
resulting
in
losses to
the
Funds.
Using
derivatives
to
hedge
can
guard
against
potential
risks,
but
it
also
adds
to
the
Funds'
expenses
and
can
eliminate
some
opportunities
for
gains.
In
addition,
a
derivative
used
for mitigating
exposure or
replication
may
not
accurately
track
the
value
of
the
underlying
asset.
Another
risk
with
derivatives
is
that
some
types
can
amplify
a
gain
or
loss,
potentially
earning
or
losing
substantially
more
money
than
the
actual
cost
of
the
derivative.
 In
order
to
define
their
contractual
rights
and
to
secure
rights
that
will
help
the
Funds
mitigate
their
counterparty
risk,
the
Funds
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
a
Fund
and
a
counterparty
that
governs
OTC
derivatives
and
foreign
exchange
contracts
and
typically
includes,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement,
each
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivatives'
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
a
default
(close-out
netting)
including
the
bankruptcy
or
insolvency
of
the
counterparty.
Note,
however,
that
bankruptcy
and
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
and
margin
requirements
vary
by
type
of
derivative.
Margin
requirements
are
established
by
the
broker
or
clearinghouse
for
exchange
traded
and
centrally
cleared
derivatives
(futures,
options,
and
centrally
cleared
swaps).
Brokers
can
ask
for
margining
in
excess
of
the
minimum requirements in
certain
situations.
Collateral
terms
Fund
Dividends
Declared 
Dividends
Paid
Aggressive
Allocation
Annually
Annually
Balanced
Income
Plus 
Quarterly
Quarterly 
Global
Stock
Annually
Annually
Government
Bond 
Daily 
Monthly 
High
Income
Municipal
Bond
Daily 
Monthly 
High
Yield
Daily
Monthly
Income
 Daily
 Monthly
International
Allocation
Annually
Annually
Large
Cap
Growth
Annually 
Annually 
Large
Cap
Value
Annually
Annually
Limited
Maturity
Bond 
Daily
Monthly
Low
Volatility
Equity 
Annually
Annually
Mid
Cap
Growth
Annually
Annually
Mid
Cap
Stock
 Annually
Annually
Mid
Cap
Value
Annually
Annually
Moderate
Allocation 
Quarterly
Quarterly
Moderately
Aggressive
Allocation
Annually
Annually
Moderately Conservative
Allocation
Quarterly
Quarterly
Money
Market* 
Daily
Monthly
Municipal
Bond 
Daily
Monthly
Opportunity
Income
Plus
Daily
Monthly
Small
Cap
Growth
Annually
Annually
Small
Cap
Stock 
Annually
Annually
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
184
are
contract
specific
for
OTC
derivatives
(foreign
currency
exchange
contracts,
options
and
swaps).
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark
to
market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund
and
the
counterparty.
For
financial
reporting
purposes,
non-cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
has
been
noted
in
the
Schedule
of
Investments.
To
the
extent
amounts
due
to a
Fund
from
its
counterparties
are
not
fully
collateralized,
contractually
or
otherwise,
the
Fund
bears
the
risk
of
loss
from
counterparty
nonperformance.
The
Funds
attempt
to
mitigate
counterparty
risk
by
only
entering
into
agreements
with
counterparties
that
they
believe
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Options 
—
All
Funds,
with
the
exception
of the
Money
Market
Fund, may
buy
put
and
call
options
and
write
put
and
covered
call
options.
The
Funds
intend
to
use
such
derivative
instruments
as
hedges
to
facilitate
buying
or
selling
securities
or
to
provide
protection
against
adverse
movements
in
security
prices
or
interest
rates.
The
Funds
may
also
enter
into
options
contracts
to
protect
against
adverse
foreign
exchange
rate
fluctuations.
Option
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded.
A
Fund
will
realize
a
gain
or
loss
upon
expiration
or
closing
of
the
option
transaction.
When
an
option
is
exercised,
the
proceeds
upon
sale
for
a
written
call
option
or
the
cost
of
a
security
for
purchased
put
and
call
options
is
adjusted
by
the
amount
of
premium
received
or
paid.
Buying
put
options
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
security
while
buying
call
options
tends
to
increase
a
Fund’s
exposure
to
the
underlying
security.
The
risk
associated
with
purchasing
put
and
call
options
is
limited
to
the
premium
paid.
There
is
no
significant
counterparty
risk
on
exchange-traded
options
as
the
exchange
guarantees
the
contract
against
default.
Writing
put
options
tends
to
increase
a
Fund’s
exposure
to
the
underlying
security
while
writing
call
options
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
security.
The
writer
of
an
option
has
no
control
over
whether
the
underlying
security
may
be
bought
or
sold,
and
therefore
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
underlying
security.
The
counterparty
risk
for
purchased
options
arises
when
a
Fund
has
purchased
an
option,
exercises
that
option,
and
the
counterparty
doesn’t
buy
from
the
Fund
or
sell
to
the
Fund
the
underlying
asset
as
required.
In
the
case
where
a
Fund
has
written
an
option,
the
Fund
doesn’t
have
counterparty
risk.
Counterparty
risk
on
purchased
over-the-
counter
options
is
partially
mitigated
by
the
Fund’s
collateral
posting
requirements.
As
the
option
increases
in
value
to
the
Fund,
the
Fund
receives
collateral
from
the
counterparty.
Risks
of
loss
may
exceed
amounts
recognized
on
the
Statement
of
Assets
and
Liabilities.
Futures
Contracts 
—
All
Funds,
with
the
exception
of
the
Money
Market
Fund, may
use
futures
contracts
to
manage
the
exposure
to
interest
rate
and
market
or
currency
fluctuations.
Gains
or
losses
on
futures
contracts
can
offset
changes
in
the
yield
of
securities.
When
a
futures
contract
is
opened,
cash
or
other
investments
equal
to
the
required
“initial
margin
deposit”
are
held
on
deposit
with
and
pledged
to
the
broker.
Additional
securities
held
by
the
Funds
may
be
earmarked
to
cover
open
futures
contracts. A
futures
contract’s
daily
change
in
value
(“variation
margin”)
is
either
paid
to
or
received
from
the
broker,
and
is
recorded
as
an
unrealized
gain
or
loss.
When
the
contract
is
closed,
realized
gain
or
loss
is
recorded
equal
to
the
difference
between
the
value
of
the
contract
when
opened
and
the
value
of
the
contract
when
closed.
Futures
contracts
involve,
to
varying
degrees,
risk
of
loss
in
excess
of
the
variation
margin
disclosed
in
the
Statement
of
Assets
and
Liabilities.
Exchange-traded
futures
have
no
significant
counterparty
risk
as
the
exchange
guarantees
the
contracts
against
default.
During
the period
ended April
30,
2020, Aggressive
Allocation,
Balanced
Income
Plus,
Government
Bond,
High
Income
Municipal
Bond, Income, Limited
Maturity
Bond,
Moderate
Allocation,
Moderately
Aggressive
Allocation,
Moderately
Conservative
Allocation, and
Opportunity
Income
Plus
used
treasury
futures
to
manage
the
duration
and yield
curve
exposure
of
the
Fund
versus
the
benchmark.
During
the period
ended April
30,
2020,
Aggressive
Allocation,
Balanced
Income
Plus, Global
Stock,
International
Allocation,
Low
Volatility
Equity,
Moderate
Allocation,
Moderately
Aggressive
Allocation, Moderately
Conservative
Allocation
and
Opportunity
Income
Plus
used
equity
futures
to
manage
exposure
to
the
equities
markets.
During
the period
ended April
30,
2020,
Aggressive
Allocation, Balanced
Income
Plus,
Global
Stock,
International
Allocation,
Moderate
Allocation,
Moderately
Aggressive
Allocation
and
Moderately
Conservative
Allocation
used
foreign
exchange
futures
to
hedge
the
currency
risk.
Foreign
Currency
Forward
Contracts 
—
In
connection
with
purchases
and
sales
of
securities
denominated
in
foreign
currencies,
all
Funds,
with
the
exception
of the
Money
Market
Fund,
may
enter
into
foreign
currency
forward contracts.
Additionally,
the
Funds
may
enter
into
such
contracts
to mitigate
currency
and
counterparty
exposure
to other
foreign-currency-denominated
investments.
These
contracts
are
recorded
at
value
and
the realized-
and
change
in
unrealized-
foreign
exchange
gains
and
losses
are
included
in
the
Statement
of
Operations.
In
the
event
that
counterparties
fail
to
settle
these forward
contracts,
the
Funds
could
be
exposed
to
foreign
currency
fluctuations.
Foreign
currency
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded
daily
as
the
difference
between
the
contract
exchange
rate
and
the
closing
forward
rate
applied
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
185
to
the
face
amount
of
the
contract.
A
realized
gain
or
loss
is
recorded
at
the
time
a
forward
contract
is
closed.
These
contracts
are
over-the-counter
and a
Fund
is
exposed
to
counterparty
risk
equal
to
the
discounted
net
amount
of
payments
to
the
Fund.
Swap
Agreements 
—
All
Funds,
with
the
exception
of
the
Money
Market
Fund, may enter
into
swap
transactions,
which
involve
swapping
one
or
more
investment
characteristics
of
a
security
or
a
basket
of
securities
with
another
party.
Such
transactions
include
market
risk,
risk
of
default
by
the
other
party
to
the
transaction,
risk
of
imperfect
correlation
and
manager
risk
and
may
involve
commissions
or
other
costs.
Swap
transactions
generally
do
not
involve
delivery
of
securities,
other
underlying
assets
or
principal.
Accordingly,
the
risk
of
loss
with
respect
to
swap
transactions
is
generally
limited
to
the
net
amount
of
payments
that
the
Fund
is
contractually
obligated
to
make,
or
in
the
case
of
the
counterparty
defaulting,
the
net
amount
of
payments
that
the
Fund
is
contractually
entitled
to
receive.
Risks
of
loss
may
exceed
amounts
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
there
is
a
default
by
the
counterparty,
the
Fund
may
have
contractual
remedies
pursuant
to
the
agreements
related
to
the
transaction.
The
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded.
Swap
agreements
are
valued
at
the
clearinghouse
end
of
day
prices
as
furnished by
an
independent
pricing
service.
The
pricing
service
takes
into
account
such
factors
as
swap
curves,
default
probabilities,
recent
trades,
recovery
rates
and
other
factors
it
deems
relevant
in
determining
valuations.
Daily
fluctuations
in
the
value
of
the
centrally
cleared
credit
default
contracts
are
recorded
in
variation
margin
in
the
Statement
of
Assets
and
Liabilities
and
recorded
as
unrealized
gain
or
loss.
The
Fund
accrues
for
the
periodic
payment
and
amortizes
upfront
payments,
if
any,
on
swap
agreements
on
a
daily
basis
with
the
net
amount
recorded
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Receipts
and
payments
received
or
made
as
a
result
of
a
credit
event
or
termination
of
the
contract
are
also
recognized
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Collateral,
in
the
form
of
cash
or
securities,
may
be
required
to
be
held
with
the
Fund’s
custodian,
or
a
third
party,
in
connection
with
these
agreements.
Certain swap
agreements
are
over-the-counter. In
these
types
of
transactions,
the
Fund
is
exposed
to
counterparty
risk,
which
is
the
discounted
net
amount
of
payments
owed
to
the
Fund.
This
risk
is
partially
mitigated
by
the
Fund’s
collateral
posting
requirements.
As
the
swap
increases
in
value
to
the
Fund,
the
Fund
receives
collateral
from
the
counterparty.  Certain
interest
rate
and
credit
default
index
swaps
must
be
cleared
through
a
clearinghouse
or
central
counterparty.
Credit
Default
Swaps 
—
A
credit
default
swap
is
a
swap
agreement
between
two
parties
to
exchange
the
credit
risk
of
a
particular
issuer,
basket
of
securities
or
reference
entity.
In
a
credit
default
swap
transaction,
a
buyer
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
The
seller
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
A
buyer
of
a
credit
default
swap
is
said
to
buy
protection
whereas
a
seller
of
a
credit
default
swap
is
said
to
sell
protection.
The
Funds
may
be
either
the
protection
seller
or
the
protection
buyer.
Certain
Funds
enter
into
credit
default
derivative
contracts
directly
through
credit
default
swaps
(CDS)
or
through
credit
default
swap
indices
("CDX
Indices").
CDX
indices
are
static
pools
of
equally
weighted
credit
default
swaps
referencing
corporate
bonds
and/or
loans
designed
to increase
or
decrease diversified
credit
exposure
to
these
asset
classes.
Funds
sell
default
protection
and
assume
long-risk
positions
in
individual
credits
or
indices.
Index
positions
are
entered
into
to
gain
exposure
to
the
corporate
bond
and/or
loan
markets
in
a
cost-efficient
and
diversified
structure.
In
the
event
that
a
position
defaults,
by
going
into
bankruptcy
and
failing
to
pay
interest
or
principal
on
borrowed
money,
within
any
given
CDX
Index
held,
the
maximum
potential
amount
of
future
payments
required
would
be
equal
to
the
pro-rata
share
of
that
position
within
the
index
based
on
the
notional
amount
of
the
index.
In
the
event
of
a
default
under
a
CDS
contract
the
maximum
potential
amount
of
future
payments
would
be
the
notional
amount.
Funds
buy
default
protection
in
order
to
reduce
their
overall
credit
exposure
to
the
corporate
bond
and/or
loan
markets
in
a
cost-efficient
and
diversified
structure. 
If
a
default
event
as
specified
in
the
CDS
reference
entity
agreement
occurs,
the
Fund
has
the
option
to
receive
a
cash
payment
in
exchange
for
the
credit
loss
or
the
reference
entity
obligation
as
of
the
date
of
the
credit
event. 
A
realized
gain
or
loss
is
recorded
upon
a
default
event
or
the
maturity
or
termination
of
the
CDS
agreement. 
For
CDS,
the
default
events
could
be
bankruptcy
and
failing
to
pay
interest
or
principal
on
borrowed
money
or
a
restructuring.
A
restructuring
is
a
change
in
the
underlying
obligations
which
could
include
a
reduction
in
interest
or
principal,
maturity
extension or
subordination
to
other
obligations.
During
the
period
ended
April
30,
2020,
High
Yield,
Income,
Limited
Maturity
Bond,
Moderate
Allocation,
Moderately
Aggressive
Allocation,
Moderately
Conservative
Allocation
and
Opportunity
Income
Plus
used
CDX
indexes
(comprised
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
186
of
credit
default
swaps)
to
help
manage
credit
risk
exposures
within
the
Fund.
Total
Rate
of
Return Swaps
—
A
total
rate
of
return
swap
is
a
swap
agreement
between
two
parties
to
exchange
the
total
return
of a
particular
reference
asset.  A
total
return
swap
involves
commitments
to
pay
interest
in
exchange
for
a
market
linked
return
based
on
a
notional
amount. 
To
the
extent
that
the
total
return
of
the
security,
group
of
securities,
or
index
underlying
the
transactions
exceeds
or
fall
short
of
the
offsetting
interest
obligation,
the
Funds
will
receive
a
payment
from
or
make
a
payment
to
the
counterparty. 
The
Funds
may
take
a
"long"
or
"short"
position
with
respect
to
the
underlying
referenced
asset. 
During
the
period
ended
April
30,
2020,
Aggressive
Allocation
and
International
Allocation
used
total
rate
of
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
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements
in
the
Statement
of
Assets
and
Liabilities.
The
amounts
presented
in
the
tables
below
are
offset
first
by
financial
instruments
that
have
the
right
to
offset
under
master
netting
or
similar
arrangements,
then
any
remaining
amount
is
reduced
by
cash
and
non-cash
collateral
received/
pledged.
The
actual
amounts
of
collateral
may
be
greater
than
the
amounts
presented
in
the
tables.
The
following
table
presents
the
gross
and
net
information
about
assets
subject
to
master
netting
arrangements,
as
presented
in
the
Statement
of
Assets
and
Liabilities:
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Fund
Gross
Amounts
of
Recognized
Assets
Gross
Amounts
Offset
Net
Amounts
of
Recognized
Assets
Financial
Instruments
Cash
Collateral
Received
Non-Cash
Collateral
Received
Net
Amount
Aggressive
Allocation
Total
Rate
of
Return
swap
4,348
–
4,348
–
–
–
4,348
(*)
(*)
Net
total
rate
of
return
swap
contracts
amount
represents
the
new
amount
receivable
from
the
counterparty
in
the
event
of
a
default.
The
following
table
presents
the
gross
and
net
information
about
liabilities
subject
to
master
netting
arrangements,
as
presented
in
the
Statement
of
Assets
and
Liabilities:
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Fund
Gross
Amounts
of
Recognized
Liabilities
Gross
Amounts
Offset
Net
Amounts
of
Recognized
Liabilities
Financial
Instruments
Cash
Collateral
Pledged
Non-Cash
Collateral
Pledged
(**)
Net
Amount
Aggressive
Allocation
Securities
Lending
26,934,926
–
26,934,926
25,530,491
–
–
1,404,435
(^)
Balanced
Income
Plus
Securities
Lending
2,289,597
–
2,289,597
2,157,525
–
–
132,072
(^)
Global
Stock
Securities
Lending
15,492,890
–
15,492,890
14,645,627
–
–
847,263
(^)
High
Yield
Securities
Lending
12,080,012
–
12,080,012
11,786,856
–
–
293,156
(^)
Income
Securities
Lending
14,974,280
–
14,974,280
14,593,832
–
–
380,448
(^)
Large
Cap
Growth
Securities
Lending
28,000,450
–
28,000,450
26,910,287
–
–
1,090,163
(^)
Large
Cap
Value
Securities
Lending
6,701,150
–
6,701,150
6,334,102
–
–
367,048
(^)
Limited
Maturity
Bond
Securities
Lending
2,969,500
–
2,969,500
2,904,097
–
–
65,403
(^)
Mid
Cap
Stock
Securities
Lending
112,510,450
–
112,510,450
104,030,286
–
–
8,480,164
(^)
Moderate
Allocation
Securities
Lending
47,365,037
–
47,365,037
45,702,915
–
–
1,662,122
(^)
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
187
Mortgage
Dollar
Roll
Transactions 
—
Certain
Funds
enter
into
dollar
roll
transactions
on
securities
issued
or
to
be
issued
by
the
Government
National
Mortgage
Association,
Federal
National
Mortgage
Association
and
Federal
Home
Loan
Mortgage
Corporation,
in
which
the
Funds
sell
mortgage
securities
and
simultaneously
agree
to
repurchase
similar
(same
type
and
coupon)
securities
at
a
later
date
at
an
agreed
upon
price.
The
Funds
must
maintain
liquid
securities
having
a
value
at
least
equal
to
the
repurchase
price
(including
accrued
interest)
for
such
dollar
rolls.
In
addition,
the
Funds
are
required
to segregate
collateral
with the
fund
custodian (depending
on
market
movements)
on
their
mortgage
dollar
rolls. 
The
value
of
the
securities
that
the
Funds
are
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities.
During
the
period
between
the
sale
and
repurchase,
the
Funds
forgo
principal
and
interest
paid
on
the
mortgage
securities
sold.
The
Funds
are
compensated
from
negotiated
fees
paid
by
brokers
offered
as
an
inducement
to
the
Funds
to
"roll
over"
their
purchase
commitments,
thus
enhancing
the
yield.
Mortgage
dollar
rolls
may
be
renewed
with
a
new
purchase
and
repurchase
price
and
a
cash
settlement
made
on
settlement
date
without
physical
delivery
of
the
securities
subject
to
the
contract.
The
fees
received
are
recognized
over
the
roll
period
and
are
included
in
Income
from
mortgage
dollar
rolls
in
the
Statement
of
Operations.
Securities
Lending 
— The
Trust
has
entered
into
a
Securities
Lending
Agreement
(the
“Agreement”)
with
Goldman
Sachs
Bank
USA,
doing
business
as
Goldman
Sachs
Agency
Lending
("GSAL").
The
Agreement
authorizes
GSAL
to
lend
securities
to
authorized
borrowers
on
behalf
of
the
Funds.
Pursuant
to
the
Agreement, loaned
securities
are
typically
initially
collateralized equal
to
at
least
102%
of
the
market
value
of
U.S.
securities
and
105% of
the
market
value
of non-U.S.
securities.
Daily
market
fluctuations
could
cause
the
value
of
loaned
securities
to
be
more
or
less
than
the
value
of
the
collateral
received.
Any
additional
collateral
is
adjusted
and
settled
on
the
next
business
day.
The
Trust
has
the
ability
to
recall
the
loans
at
any
time
and
could
do
so
in
order
to
vote
proxies
or
sell
the
loaned
securities.
All
cash
collateral
received
is
invested
in
Thrivent Cash Management Trust.
The
Funds
receive
dividends
and
interest
that
would
have
been
earned
on
the
securities
loaned
while
simultaneously
seeking
to
earn
income
on
the
investment
of
cash
collateral.
Amounts
earned
on
investments
in
Thrivent Cash
Management Trust,
net
of
rebates,
fees
paid
to
GSAL
for
services
provided
and
any
other
securities
lending
expenses,
are
included
in
affiliated income
from
securities
loaned,
net on
the
Statement
of
Operations.
By
investing
any
cash
collateral
it
receives
in
these
transactions,
a
Fund
could
realize
additional
gains
or
losses.
If
the
borrower
fails
to
return
the
securities
or
the
invested
collateral
has
declined
in
value, a
Fund
could
lose
money. 
Generally,
in
the
event
of
borrower
default, a Fund
has
the
right
to
use
the
collateral
to
offset
any
losses
incurred.
However,
in
the
event a
Fund
is
delayed
or
prevented
from
exercising
its
right
to
dispose
of
the
collateral,
there
may
be
a
potential
loss.
Some
of
these
losses
may
be
indemnified
by
the
lending
agent.
As
of
April
30,
2020,
the
value
of
securities
on
loan
is
as
follows:
The
following
table
presents
the
gross
and
net
information
about
liabilities
subject
to
master
netting
arrangements,
as
presented
in
the
Statement
of
Assets
and
Liabilities:
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Fund
Gross
Amounts
of
Recognized
Liabilities
Gross
Amounts
Offset
Net
Amounts
of
Recognized
Liabilities
Financial
Instruments
Cash
Collateral
Pledged
Non-Cash
Collateral
Pledged
(**)
Net
Amount
Moderately
Aggressive
Allocation
Securities
Lending
44,045,413
–
44,045,413
41,801,459
–
–
2,243,954
(^)
Moderately
Conservative
Allocation
Securities
Lending
4,014,019
–
4,014,019
3,836,002
–
–
178,017
(^)
Opportunity
Income
Plus
Securities
Lending
3,412,818
–
3,412,818
3,233,336
–
–
179,482
(^)
Small
Cap
Growth
Securities
Lending
234,925
–
234,925
227,216
–
–
7,709
(^)
Small
Cap
Stock
Securities
Lending
19,760,695
–
19,760,695
18,223,698
–
–
1,536,997
(^)
(**)
Excess
of
collateral
pledged
to
the
counterparty
may
not
be
shown
for
financial
reporting
purposes.
(^)
Net
securities
lending
amounts
represent
the
net
amount
payable
to
the
counterparty
in
the
event
of
a
default.
Fund
Securities
on
Loan
Aggressive
Allocation
$
25,530,491
Balanced
Income
Plus
2,157,525
Global
Stock
14,645,627
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
188
When-Issued
and
Delayed
Delivery
Transactions 
— Each
Fund
may
purchase
or
sell
securities
on
a
when-issued
or
delayed
delivery
basis.
These
transactions
involve
a
commitment
by
a
Fund
to
purchase
or
sell
securities
for
a
predetermined
price
or
yield,
with
payment
and
delivery
taking
place
beyond
the
customary
settlement
period.
When
delayed
delivery
purchases
are
outstanding,
a
Fund
will
designate
liquid
assets
in
an
amount
sufficient
to
meet
the
purchase
price.
When
purchasing
a
security
on
a
delayed
delivery
basis,
a
Fund
assumes
the
rights
and
risks
of
ownership
of
the
security,
including
the
risk
of
price
and
yield
fluctuations,
and
takes
such
fluctuations
into
account
when
determining
its
net
asset
value. 
A
Fund
may
dispose
of
a
delayed
delivery
transaction
after
it
is
entered
into,
and
may
sell
when-issued
securities
before
they
are
delivered,
which
may
result
in
a
capital
gain
or
loss.
When
a
Fund
has
sold
a
security
on
a
delayed
delivery
basis,
a
Fund
does
not
participate
in
future
gains
and
losses
with
respect
to
the
security.
Treasury
Inflation
Protected
Securities 
— Certain
Funds
may
invest
in
treasury
inflation
protected
securities
("TIPS").
These
securities
are
fixed
income
securities
whose
principal
value
is
periodically
adjusted
to
the
rate
of
inflation.
The
coupon
interest
rate
is
generally
fixed
at
issuance.
Interest
is
paid
based
on
the
principal
value,
which
is
adjusted
for
inflation.
Any
increase
in
the
principal
amount
will
be
included
as
taxable
interest
in
the
Statement
of
Operations
and
received
in
cash
upon
maturity
or
sale
of
the
security.
Repurchase
Agreements 
—
Each
Fund
may
engage
in
repurchase
agreement
transactions
in
pursuit
of
its
investment
objective.
A
repurchase
agreement
consists
of
a
purchase
and
a
simultaneous
agreement
to
resell
an
investment
for
later
delivery
at
an
agreed
upon
price
and
rate
of
interest.
The
Funds
use
a
third-party
custodian
to
maintain
the
collateral.
If
the
original
seller
of
a
security
subject
to
a
repurchase
agreement
fails
to
repurchase
the
security
at
the
agreed
upon
time, a
Fund
could
incur
a
loss
due
to
a
drop
in
the
value
of
the
security
during
the
time
it
takes
the
Fund
to
either
sell
the
security
or
take
action
to
enforce
the
original
seller’s
agreement
to
repurchase
the
security.
Also,
if
a
defaulting
original
seller
filed
for
bankruptcy
or
became
insolvent,
disposition
of
such
security
might
be
delayed
by
pending
legal
action.
The
Funds
may
only
enter
into
repurchase
agreements
with
banks
and
other
recognized
financial
institutions
such
as
broker/dealers
that
are
found
by
the
Adviser
or
subadviser
to
be
creditworthy.
During
the
six
months
ended
April
30,
2020, Money
Market
Fund
engaged
in
these
types
of
investments.
Equity-Linked
Structured
Securities 
—
Certain
Funds
may
invest
in
equity-linked
structured
notes.
Equity-linked
structured
notes
are
debt
securities
which
combine
the
characteristics
of
common
stock
and
the
sale
of
an
option.
The
return
component
is
based
upon
the
performance
of
a
single
equity
security,
a
basket
of
equity
securities,
or
an
equity
index
and
the
sale
of
an
option.
There
is
no
guaranteed
return
of
principal
with
these
securities.
The
appreciation
potential
of
these
securities
may
be
limited
by
a
maximum
payment
or
call
right
and
can
be
influenced
by
many
unpredictable
factors.
In
addition
to
the
performance
of
the
equity,
the
nature
and
credit
of
the
issuer
may
also
impact
return. 
During
the six
months
ended
April
30,
2020,
none
of
the
Funds
engaged
in
these
types
of
transactions.
Stripped
Securities 
—
Certain
Funds
may
invest
in
interest
only
and
principal
only
stripped
mortgage
or
asset
backed
securities.
These
securities
represent
a
participation
in
securities
that
are
structured
in
classes
with
rights
to
receive
different
portions
of
the
interest
and
principal.
Interest
only
securities
receive
all
the
interest,
and
principal
only
securities
receive
all
the
principal. 
Interest
only
securities
are
particularly
sensitive
to
changes
in
interest
rates
and
therefore
subject
to
greater
fluctuation
in
prices
than
typical
interest
bearing
debt
securities.
As
interest
rates
rise,
the
value
of
the
interest
only
security
increases.
Similarly,
as
interest
rates
decrease,
the
value
of
the
interest
only
security
decreases. If
the
underlying
pool
of
mortgages
or
assets
experience
greater
than
anticipated
prepayments
of
principal, a
Fund
may
not
fully
recoup
its
initial
investment
in
an
interest
only
security.
Principal
only
securities
increase
in
value
if
prepayments
are
greater
than
anticipated
and
decline
if
prepayments
are
slower
than
anticipated.
The
market
value
of
these
securities
is
also
highly
sensitive
to
changes
in
interest
rates. 
As
interest
rates
increase,
the
price
of
the
principal
only
security
decreases. 
Similarly,
as
interest
rates
decrease,
the
price
of
the
principal
only
security
increases. 
The
principal
only
security
represents
the
payment
with
the
longest
maturity,
therefore
making
it
the
most
sensitive
to
interest
rate
changes. 
Accounting
Estimates 
—
The
preparation
of
financial
statements
in
conformity
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
Fund
Securities
on
Loan
High
Yield
11,786,856
Income
14,593,832
Large
Cap
Growth
26,910,287
Large
Cap
Value
6,334,102
Limited
Maturity
Bond
2,904,097
Mid
Cap
Stock
104,030,286
Moderate
Allocation
45,702,915
Moderately
Aggressive
Allocation
41,801,459
Moderately
Conservative
Allocation
3,836,002
Opportunity
Income
Plus
3,233,336
Small
Cap
Growth
227,216
Small
Cap
Stock
18,223,698
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
189
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Loan
Commitments 
—
Certain
Funds
may
enter
into
loan
commitments,
which
generally
have
interest
rates
which
are
reset
daily,
monthly,
quarterly
or
semi-annually
by
reference
to
a
base
lending
rate,
plus
a
premium.
These
base
rates
are
primarily
the
London-Interbank
Offered
Rate
(“LIBOR”),
and
secondarily
the
prime
rate
offered
by
one
or
more
major
United
States
banks
(the
“Prime
Rate”)
and
the
certificate
of
deposit
(“CD”)
rate
or
other
base
lending
rates
used
by
commercial
lenders.
Loan
commitments
often
require
prepayments
from
excess
cash
flows
or
allow
the
borrower
to
repay
at
its
election.
The
rate
at
which
the
borrower
repays
cannot
be
predicted
with
accuracy.
Therefore,
the
remaining
maturity
may
be
considerably
less
than
the
stated
maturity
shown
in
the
Schedule
of
Investments.
All
or
a
portion
of
these
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
loan
commitments,
which
are
marked
to
market
daily,
are
presented
in
the
Schedule
of
Investments. 
During
the six
months ended
April
30,
2020,
none
of
the
Funds
engaged
in
these
types
of
investments.
Loss Contingencies
— 
In
the
event
of
adversary
action
proceedings
where
a
Fund
is
a
defendant, a
loss
contingency
will
not
be
accrued
as
a
liability
until
the
amount
of
potential
damages
and
the
likelihood
of
loss
can
be
reasonably
estimated.
Litigation 
—
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date. 
If
the
Fund
no
longer
owns
the
applicable
securities,
the
proceeds
are
recorded
as
realized
gains. 
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,
such
as
the
London
Interbank
Offered
Rate
("LIBOR"),
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. 
Line
of
Credit
— Each
Fund
(with
the
exception
of
Money
Market
Fund)
along
with
other portfolios
managed
by
the
investment
adviser
or
an
affiliate, participate
in
a
$100
million
($50
million
committed,
$50
million
uncommitted)
credit
facility
(the
"line
of
credit")
issued
by
State
Street
Bank
and
Trust
Company
to
be
utilized
for
temporary
or
emergency
purposes
to
fund
shareholder
redemptions
or
for
other
short-term
liquidity
purposes. 
Interest
is
charged
to
each
participating Fund
based
on
its
borrowings
at
the
higher
of
the
Federal
Funds
Rate
or
the
One-Month
LIBOR
rate
plus
1.25%. 
Each
borrowing
under
the
credit
facility
matures
no
later
than
30
calendar
days
after
the
date
of
the
borrowing. 
Each
participating Fund
paid
commitment
fees
during
the six
months ended
April
30,
2020
in
proportion
to
their
respective
net
assets. 
The
Funds
had
no
borrowings
during
the six
months
ended April
30,
2020.
Recent
Accounting
Pronouncements 
—
Fair
Value
Measurement
(Topic
820)
In
August
2018,
the
Financial
Accounting
Standards
Board
(FASB)
issued
Accounting
Standards
Update
(ASU)
No.
2018-13
Fair
Value
Measurement
(Topic
820),
which
eliminates,
adds
and
modifies
certain
disclosure
requirements
for
fair
value
measurements.
Under
the
guidance,
entities
are
no
longer
required
to
disclose
the
amount
of
and
reasons
for
transfers
between
Level
1
and
Level
2
of
the
fair
value
hierarchy,
but
public
companies
are
required
to
disclose
(1)
the
changes
in
unrealized
gains
and
losses
for
the
period
included
in
other
comprehensive
income
for
recurring
Level
3
fair
value
measurements
of
instruments
held
at
the
end
of
the
reporting
period
and
(2)
the
range
and
the
weighted
average
used
to
develop
significant
unobservable
inputs
for
Level
3
fair
value
measurements.
The
ASU
No.
2018-13
is
effective
for
annual
periods,
and
interim
periods
within
those
annual
periods,
beginning
on
or
after
December
15,
2019,
with
early
adoption
permitted.
As
such,
management
has
adopted
the
amendments
as
of
the
beginning
of
the
fiscal
period.
Early
adoption
of
this
ASU
did
not
have
an
impact
on
the
Funds'
financial
condition
or
results
of
operations
but
resulted
in
some
modified
financial
statement
disclosures.
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
190
Other 
—
For
financial
statement
purposes,
investment
security
transactions
are
accounted
for
on
the
trade
date.
Realized
gains
and
losses
from
investment
transactions
are
determined
on
a
specific
cost
identification
basis,
which
is
the
same
basis
used
for
federal
income
tax
purposes.
(3)
FEES
AND
COMPENSATION
PAID
TO
AFFILIATES
Investment
Advisory
Fees 
—
The
Trust
has
entered
into
an
Investment
Advisory
Agreement
with
Thrivent
Asset
Mgt.
Under
the
Investment
Advisory
Agreement,
each
of
the
Funds
pays
a
fee
for
investment
advisory
services.
The
fees
are
accrued
daily
and
paid
monthly.
The
annual
rates
of
fees
as
a
percent
of
average
daily
net
assets
under
the
Investment
Advisory
Agreement
were
as
follows:
Sub-Adviser
Fees 
—
The
following
subadviser
fees
are
charged
as
part
of
the
total
investment
advisory
fees
stated
in
the
table
above.
The
subadvisory
fees
are
borne
directly
by
the
Adviser
and
do
not
increase
the
overall
fees
paid
by
the
Fund.
International
Allocation
Fund
The
adviser
has
entered
into
a
subadvisory
agreement
with
Goldman
Sachs
Asset
Management,
L.P.
("GSAM")
for
the
performance
of
subadvisory
services.
Fund
(M
-
Millions)
$0
to
$500M
Over
$500
to
$2,000M
Over
$2,000
to
$5,000M
Over
$5,000
to
$10,000M
Over
$10,000M 
Aggressive
Allocation
0.750%
0.725%
0.700%
0.675%
0.650%
Moderate
Allocation
0.650%
0.625%
0.600%
0.575%
0.550%
Moderately
Aggressive Allocation
0.700%
0.675%
0.650%
0.625%
0.600%
Moderately
Conservative
Allocation
0.600%
0.575%
0.550%
0.525%
0.500%
Fund
(M
-
Millions)
$0
to
$250M
Over
$250
to
$1,000M
Over
$1,000
to
$1,500M
Over
$1,500M
International
Allocation
0.700%
 0.650%
 0.625% 
 0.600% 
Fund
(M
-
Millions)
$0
to
$50M
Over
$50
to
$100M
Over  
$100
to
$200M
Over
$200
to
$250M
Over
$250
to
$500M
Over
$500
to
$750M
Over  
$750
to
$1,000M
Over
$1,000
to
$2,000M
Over
$2,000
to
$2,500M
Over
$2,500
to
$5,000M
Over
$5,000M
Balanced
Income
Plus
0.550%
0.550%
0.550%
0.550%
0.550%
0.500%
0.500%
0.475%
0.475%
0.450%
0.425%
Global
Stock
0.650%
0.650%
0.650%
0.650%
0.650%
0.575%
0.575%
0.500%
0.475%
0.450%
0.425%
Government
Bond
0.400%
0.400%
0.400%
0.400%
0.400%
0.350%
0.350%
0.350%
0.350%
0.350%
0.350%
High
Income
Municipal
Bond
0.500%
0.500%
0.500%
0.500%
0.500%
0.
4
50%
0.450%
0.450%
0.450%
0.450%
0.450%
High
Yield
0.400%
0.400%
0.400%
0.400%
0.400%
0.350%
0.350%
0.300%
0.300%
0.300%
0.300%
Income
0.350%
0.350%
0.350%
0.350%
0.350%
0.325%
0.325%
0.300%
0.300%
0.300%
0.300%
Large
Cap
Growth
0.700%
0.700%
0.700%
0.700%
0.700%
0.675%
0.675%
0.650%
0.650%
0.600%
0.575%
Large
Cap
Value
0.450%
0.450%
0.450%
0.450%
0.450%
0.450%
0.450%
0.450%
0.450%
0.450%
0.450%
Limited
Maturity
Bond
0.300%
0.300%
0.300%
0.300%
0.300%
0.275%
0.275%
0.250%
0.250%
0.250%
0.250%
Low
Volatility
Equity
0.600%
0.600%
0.500%
0.500%
0.500%
0.500%
0.500%
0.500%
0.500%
0.500%
0.500%
Mid
Cap
Growth
0.750%
0.750%
0.750%
0.700%
0.700%
0.700%
0.700%
0.700%
0.700%
0.700%
0.700%
Mid
Cap
Stock
0.700%
0.700%
0.700%
0.650%
0.650%
0.650%
0.650%
0.600%
0.600%
0.550%
0.525%
Mid
Cap
Value
0.750%
0.750%
0.750%
0.700%
0.700%
0.700%
0.700%
0.700%
0.700%
0.700%
0.700%
Money
Market
0.350%
0.350%
0.350%
0.350%
0.350%
0.350%
0.350%
0.350%
0.350%
0.350%
0.350%
Municipal
Bond
0.450%
0.450%
0.450%
0.450%
0.450%
0.400%
0.400%
0.350%
0.350%
0.325%
0.300%
Opportunity
Income
Plus
0.450%
0.450%
0.450%
0.450%
0.450%
0.400%
0.400%
0.375%
0.375%
0.350%
0.325%
Small
Cap
Growth
0.800%
0.800%
0.800%
0.750%
0.750%
0.750%
0.750%
0.750%
0.750%
0.750%
0.750%
Small
Cap
Stock
0.700%
0.700%
0.700%
0.650%
0.650%
0.650%
0.650%
0.600%
0.600%
0.550%
0.525%
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
191
The
fee
payable
for
GSAM
for
managing
the
international
small-
and
mid-cap
equities
portion
is
equal
to
0.58%
of
the
first
$250
million
of
average
daily
net
assets;
and
0.54%
of
average
daily
net
assets
in
excess
of
$250
million. 
International
Allocation
Portfolio,
a
series
of
Thrivent
Series
Fund,
Inc.,
the
shares
of
which
are
only
available
for
purchase
by
separate
accounts
of
and
retirement
plans
sponsored
by
Thrivent
Financial
and
which
may
be
sold
to
separate
accounts
of
insurance
companies
not
affiliated
with
Thrivent
Financial, is
included
in
determining
breakpoints
for
the
assets
managed
by
GSAM.
Expense
Reimbursements 
— For
the
period
ended
April
30,
2020, contractual
expense
reimbursements,
as
a
percentage of
net
assets,
were
in
effect:
For
the
period
ended
April
30,
2020,
contractual
expense
reimbursements
to
limit
expenses
to
the
following
percentages
were
in
effect:
*Prior
expense
cap
of
0.66% expired
on December
31,
2019.
**Prior
expense
cap
of
1.14%
expired
on
December
31,
2019.
***Prior
expense
cap
of
1.20%
expired
on
December
31,
2019.
***Prior
expense
cap
of
1.21%
expired
on
December
31,
2019.
Each
of
the
four
Asset
Allocation
Funds
paid a
fee
for
investment
advisory
services.
The
Adviser
has
contractually
agreed,
for
as
long
as
the
current
fee
structure
is
in
place
and
through
at
least
February
28,
2021,
to
waive
an
amount
equal
to
any
investment
advisory
fees
indirectly
incurred
by
the
Asset
Allocation
Funds
as
a
result
of
their
investment
in
any
other
mutual
fund
for
which
the
Adviser
or
an
affiliate
serves
as
investment
adviser,
other
than
Thrivent
Cash
Management
Trust.
This
contractual
provision
may
be
terminated
upon
the
mutual
agreement
between
the
Independent
Trustees
of
the Fund
and
the
Adviser.
For
the
period
ended
April
30,
2020,
the
following
expense
reimbursements,
as
a
percentage
of
net
assets,
were
in
effect:
 * Expense
reimbursements
are
accrued
daily
and
paid
by
Thrivent Asset
Mgt. monthly.
Thrivent
does
not
recoup
amounts
previously
reimbursed
or
waived
in
prior
fiscal
years.
Subject
to
certain
limitations,
all
Funds
in
the
Trust
except
for
Money
Market
Fund
may
invest
cash
in
other
Funds
in
the
Trust, Thrivent
Cash
Management
Trust,
and
Thrivent
Core
Funds. These
related-party
transactions
are
subject
to
the
same
terms
as
non-related
party
transactions.  To
avoid
duplicate
investment
advisory
fees,
Thrivent
Asset
Mgt.
reimburses
an
amount
equal
to
any
investment advisory
fees
indirectly
incurred
by
the
asset allocation,
income
plus,
equity
and fixed
income
funds
as
a
result
of
their
investment
in
any
other
mutual
fund
for
which
the
Adviser
or
an
affiliate
serves
as investment
adviser,
other
than
Thrivent
Cash
Management
Trust.
Distribution
Plan 
— Thrivent
Distributors,
LLC is
the
Trust's
distributor. 
The
Trust
has
adopted
a
Distribution
Plan
pursuant
to
Rule
12b-1
under
the
1940
Act.
Class
A
shares
have
an
annual
12b-1
fee
of
0.25%
for
all
Funds
other
than
Government
Bond
Fund
and
Limited
Maturity
Bond
Fund,
which
have
a
12b-1
fee
of
0.125%,
and
Money
Market
Fund,
which
does
not
have
a
12b-1
fee. 
Sales
Charges
and
Other
Fees 
—
For
the
six
months
ended
April
30,
2020,
Thrivent
Investment
Management
Inc.
("Thrivent
Investment
Mgt.")
and
Thrivent
Distributors,
LLC
received $766,209
of
aggregate
underwriting
concessions
from
the
sales
of
the
Trust’s
Class
A
shares.
Sales
charges
are
not
an
expense
of
the
Trust
and
are
not
reflected
in
the
financial
statements
of
any
of
the
Funds.
The
Trust
has
entered
into
an
accounting
and
administrative
services
agreement
with
Thrivent
Asset
Mgt.
pursuant
to
which
Thrivent
Asset
Mgt.
provides
certain
accounting
and
administrative
personnel
and
services
to
the
Funds.
The
Funds
pay an
annual fixed
fee
plus
a
percentage
of
net
assets
to
Thrivent
Asset
Mgt.
These
fees
are
accrued
daily
and
paid
monthly. For
the
six
months
ended
April
30,
2020,
Thrivent
Asset
Mgt.
received
aggregate
fees
for
accounting
and
administrative
personnel
and
services
of $2,606,949
from
the
Trust.
The
Trust
has
entered
into
an
agreement
with
Thrivent
Financial
Investor
Services
Inc.
(“Thrivent
Investor
Services”)
to
provide transfer
agency
and
dividend
payment
services
necessary
to
the
Funds
on
a
per-account
basis
for
direct-
at-fund
accounts,
and
sub
transfer
agency services
based
on
assets
under
management
for
third
party
intermediary
accounts. 
These
fees
are
accrued
daily
and
paid
monthly.
For
the
six
months
ended
April
30,
2020,
Thrivent
Investor
Services
received $9,818,306
for
transfer
agent
services
from
the
Trust.
Each
Trustee
who
is
not
affiliated
with
the
Adviser
receives
an
annual
fee
from
the
Trust
for
services
as
a
Trustee
and
Fund
Class
A
Class
S
Expiration
Date
Money
Market
0.15%
0.10%
2/28/2021
Fund
Class
A
Class
S
Expiration
Date
Government
Bond
0.85%
0.75%
2/28/2021
High
Income
Municipal
Bond*
N/A
0.60%
2/28/2021
International
Allocation
1.20%
N/A
2/28/2021
Large
Cap
Growth**
1.12%
N/A
2/28/2021
Low
Volatility
Equity***
N/A
0.95%
2/28/2021
Mid
Cap
Growth
N/A
1.00%
2/28/2021
Mid
Cap
Value
N/A
1.00%
2/28/2021
Small
Cap
Growth****
N/A
1.00%
2/28/2021
Fund
Class
A
Class
S
Expiration
Date
Aggressive
Allocation*
0.21%
0.20%
2/28/2021
Moderate
Allocation*
0.19%
0.18%
2/28/2021
Moderately
Aggressive
Allocation*
0.22%
0.22%
2/28/2021
Moderately
Conservative
Allocation*
0.15%
0.15%
2/28/2021
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
192
is
eligible
to
participate
in
a
deferred
compensation
plan
with
respect
to
fees
received
from
the Trust.
Participants
in
the
plan
may
designate
their
deferred
Trustee’s
fees
as
if
invested
in
a
series
of
the
Thrivent
Mutual
Funds.  Thrivent
Money
Market
Fund is
not
eligible
for
the
deferral
plan.
The
value
of
each
Trustee’s
deferred
compensation
account
will
increase
or
decrease
as
if
invested
in
shares
of
a particular
series
of
Thrivent
Mutual
Funds. Each
participant's fees
as
well
as
the
change
in
value
are
included
in
Trustee
fees
in
the
Statement
of
Operations.
The
deferred
fees
remain
in
the
appropriate series
of
Thrivent
Mutual
Funds until
distribution
in
accordance
with
the
plan.
The
Payable
for
trustee
deferred
compensation, located
in
the
Statement
of
Assets
and
Liabilities,
is
unsecured. 
Those
Trustees
not
participating
in
the
above
plan
received $281,416
in
fees from
the
Trust
for
the
Funds
covered
in
this
shareholder
report
for
the
six
months
ended
April
30,
2020.
In
addition,
the
Trust
reimbursed
independent
Trustees
for
reasonable
expenses
incurred
in
relation
to
attendance
at
meetings
and
industry
conferences.
Certain
officers
and
non-independent
Trustees
of
the
Trust
are
officers
and
directors
of
Thrivent
Asset
Mgt.,
Thrivent
Investment
Mgt.,
Thrivent
Investor
Services
and
Thrivent
Distributors,
LLC; however,
they
receive
no
compensation
from
the
Trust.
Affiliated
employees
and
board
consultants
are
reimbursed
for
reasonable
expenses
incurred
in
relation
to
board
meeting
attendance.
Acquired
Fund
Fees
and
Expenses 
—
Some
Funds
invest
in
other
open-ended
funds.
Fees
and
expenses
of
those
underlying
funds
are
not
included
in
those
Funds'
expense
ratios
reported
in
the
Financial
Highlights.
The
Funds
indirectly
bear
their
proportionate
share
of
the
annualized
weighted
average
expense
ratio
of
the
underlying
funds
in
which
they
invest.
The
Adviser
has
contractually
agreed,
for
as
long
as
the
current
fee
structure
is
in
place,
to
waive
an
amount
equal
to
any
investment
advisory
fees
indirectly
incurred
by
the
Asset
Allocation
Funds
as
a
result
of
their
investment
in
any
other
mutual
fund
for
which
the
Adviser
or
an
affiliate
serves
as
investment
adviser,
other
than
Thrivent
Cash
Management
Trust. 
There
are
no
advisory
fees
for
Thrivent
Core
Funds,
and
therefore
no reimbursement
is
made
for
investments
in
these funds.  This
contractual
provision
may
be
terminated
upon
the
mutual
agreement
between
the
Independent
Trustees
of
the Trust
and
the
Adviser.
Interfund
Lending 
—
The
Funds
may
participate
in
an
interfund
lending
program
(the
"Program")
pursuant
to
an
exemptive
order
issued
by
the
SEC. 
The
Program permits
the
Funds
to borrow
cash
for
temporary
purposes
from Thrivent
Core
Short-Term
Reserve
Fund. 
Interest
is
charged
to
each
participating
Fund
based
on
its
borrowings
at
the
average
of
the
repo
rate
and
bank
loan
rate,
each
as
defined
in
the
Program. 
Each
borrowing
made
under
the
Program
matures
no
later
than
seven
calendar
days
after
the
date
of
the
borrowing,
and
each
borrowing
must
be
securitized
by
a
pledge
of
segregated
collateral
with
a
market
value
at
least
equal
to
102%
of
the
outstanding
principal
value
of
the
loan. 
For
the period ended April
30,
2020,
none
of
the Funds
covered
in
this
shareholder
report
borrowed
cash
through
the
Program. 
(4)
TAX
INFORMATION
Distributions
are
based
on
amounts
calculated
in
accordance
with
applicable
federal
income
tax
regulations,
which
may
differ
from
GAAP.
To
the
extent
these
differences
are
permanent
in
nature,
such
amounts
are
reclassified
within
the
capital
accounts
based
on
their
federal
tax-basis
treatment;
temporary
differences
do not
require
reclassifications. 
At
fiscal
year-end,
the
character
and
amount
of
distributions,
on
a
tax
basis
and
components
of
distributable
earnings,
are finalized. 
Therefore,
as
of
April
30,
2020,
the
tax-basis
balance
has
not
yet
been
determined.  
At
October
31,
2019,
the
following
Funds
had
accumulated
net
realized
capital
loss
carryovers
expiring
as
follows: 
*These
capital
loss
carryovers
are
limited
under
the
Internal
Revenue
Code
as
to
future
utilization.
To
the
extent
that
these
Funds
realize
future
net
capital
gains,
taxable
distributions
will
be
reduced
by
any
unused
capital
loss
carryovers
as
permitted
by
the
Internal
Revenue
Code. 
(5)
SECURITY
TRANSACTIONS 
Purchases
and
Sales
of
Investment
Securities 
—
For
the
six
months
ended
April
30,
2020,
the
cost
of
purchases
and
the
proceeds
from
sales
of
investment
securities,
other
than
U.S.
Government
and
short-term
securities,
were
as
follows:
Fund
Capital
Loss
Carryover
Expiration
Balanced
Income
Plus
$
557,173
Unlimited
Global
Stock
7,402,193*
Unlimited
High
Income
Municipal
Bond
63,471
Unlimited
High
Yield
40,500,408
Unlimited
International
Allocation
6,626,431*
Unlimited
Large
Cap
Value
6,853,582
Unlimited
Limited
Maturity
Bond
10,314,684
Unlimited
Municipal
Bond
7,840,695
Unlimited
Opportunity
Income
Plus
11,689,769
Unlimited
In
thousands
Fund
Purchases
Sales
Aggressive
Allocation
$252,931
$175,322
Balanced
Income
Plus
104,501
132,513
Global
Stock
458,620
429,324
Government
Bond
1,540
2,342
High
Income
Municipal
Bond
15,077
9,777
High
Yield
291,593
210,874
Income
240,526
186,003
International
Allocation
377,783
323,540
Large
Cap
Growth
308,737
306,676
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
193
Purchases
and
sales
of
U.S.
Government
securities
were:
Investments
in
Restricted
Securities 
—
Certain
Funds
may
own
restricted
securities which
were
purchased
in
private
placement
transactions
without
registration
under
the
Securities
Act
of
1933.
Unless
such
securities
subsequently
become
registered,
they
generally
may
be
resold
only
in
privately
negotiated
transactions
with
a
limited
number
of
purchasers.
As
of
April
30,
2020,
the
following
Funds
held
restricted
securities: 
The
Funds
have
no
right
to
require
registration
of
unregistered
securities. 
(6)
SECURITY
TRANSACTIONS
WITH
AFFILIATED
FUNDS
The
Funds
are
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
Funds,
or
affiliated
portfolios under
specified
conditions
outlined
in
procedures
adopted
by
the
Board.
The
procedures
have
been
designed
to
ensure
that
any
purchase
or
sale
of
securities
by
a
Fund
from
or
to
another
fund
or
portfolio
that
is
or
could
be
considered
an
affiliate
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
advisers),
common
Trustees
and/or
common
officers
complies
with
Rule
17a-7
of
the
1940
Act.
Further,
as
defined
under
the
procedures,
each
transaction
is
executed
at
the
current
market
price. 
During the period ended April
30,
2020,
Small
Cap
Stock
engaged
in
purchase
transactions in
the
amount
of
$3,661,965, pursuant
to Rule
17a-7
of
the
1940
Act
that
were
in excess
of
0.50%
of
net
assets.
(7)
RELATED
PARTY
TRANSACTIONS
As
of
April
30,
2020,
related
parties
(other
than
the
Thrivent
Asset
Allocation
Funds)
held
the
following
shares
in
excess
of
5%
of
Thrivent
Mutual
Funds:
As
of
April
30,
2020,
retirement
plans
sponsored
by
Thrivent
Financial
for
Lutherans
held
the
following
shares
in
excess
of
5%
of
Thrivent
Mutual
Funds: 
Subscription
and
redemption
activity
by concentrated
accounts
may
have
a
significant
effect
on
the
operation
of
these
funds.
In
the
case
of
a
large
redemption,
these
funds
may
be
forced
to
sell
investments
at
inopportune
times,
resulting
in
additional
losses
for
the
funds.   
(8)
SUBSEQUENT
EVENTS
The
Adviser
of
the
Funds
has
evaluated
the
impact
of
subsequent
events
through
the
date
the
financial
statements
were
issued,
and,
except
as
already
included
in
the
Notes
to
Financial
Statements, has
determined
that
no
additional
items
require
disclosure.
(9) MARKET
RISK
Over
time,
securities
markets
generally
tend
to
move
in
cycles
with
periods
when
security
prices
rise
and
periods
when
security
prices
decline. 
The
value
of
a
Fund's
investments
may
move
with
these
cycles
and,
in
some
instances,
increase
or
decrease
more
than
the
applicable
market(s)
as
measured
by
the
Fund's
benchmark
index(es).
The
securities
markets
may
also
decline
because
of
factors
that
affect
a
particular
industry
or
due
to
impacts
from
the
spread
of
infectious
illness,
public
health
threats,
or
similar
issues.
As
of April
30,
2020,
the
following
Funds
had
portfolio
concentration
greater
than
25%
in
certain
sectors.
In
thousands
Fund
Purchases
Sales
Large
Cap
Value
181,279
146,827
Limited
Maturity
Bond
303,507
157,665
Low
Volatility
Equity
15,187
4,937
Mid
Cap
Growth
5,748
794
Mid
Cap
Stock
459,717
458,739
Mid
Cap
Value
5,689
777
Moderate
Allocation
408,650
271,232
Moderately
Aggressive
Allocation
476,976
372,910
Moderately
Conservative
Allocation
129,303
93,826
Municipal
Bond
258,535
249,184
Opportunity
Income
Plus
241,708
132,035
Small
Cap
Growth
4,443
2,216
Small
Cap
Stock
222,632
218,339
In
thousands
Fund
Purchases
Sales
Aggressive
Allocation
$136,335
$138,026
Balanced
Income
Plus
57,468
61,146
Government
Bond
113,456
103,081
Income
412,557
405,706
Limited
Maturity
Bond
495,759
531,295
Moderate
Allocation
1,336,082
1,304,326
Moderately
Aggressive
Allocation
827,852
836,416
Moderately
Conservative
Allocation
648,749
643,219
Opportunity
Income
Plus
564,920
546,658
Fund
Number
of
Securities
Percent
of
Fund's
Net
Assets
High
Yield
3
0.03%
Moderate
Allocation
1
0.02%
Moderately
Aggressive
Allocation
1
0.02%
Fund
Shares
Percent
of
Fund's
Outstanding
Shares
International
Allocation
12
,
963
,
300
14
.
7
%
Mid
Cap
Growth
403
,
534
79
.7%
Mid
Cap
Value
457
,
164
91
.7%
Fund
Shares
Percent
of
Fund's
Outstanding
Shares
Aggressive
Allocation
11,157,967
11.3%
Income
7,003,509
7.1%
Moderate
Allocation
9,937,790
5.0%
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
194
(10)
SIGNIFICANT
RISKS
The
following
risks
are
presented
in
alphabetical
order.
The
amount
of
a
specific
risk
is
dependent
on
each
Portfolio.
Allocation
Risk
— The
Fund’s
investment
performance
depends
upon
how
its
assets
are
allocated
across
broad
asset
categories
and
applicable
sub-classes
within
such
categories.
Some
broad
asset
categories
and
sub-classes
may
perform
below
expectations
or
the
securities
markets
generally
over
short
and
extended
periods.
Therefore,
a
principal
risk
of
investing
in
the
Fund
is
that
the
allocation
strategies
used
and
the
allocation
decisions
made
will
not
produce
the
desired
results.
Collateralized
Debt
Obligations
("CDO") Risk
—
The
risks
of
an
investment
in
a
collateralized
debt
obligation
(“CDO”)
depend
largely
on
the
quality
and
type
of
the
collateral
and
the
tranche
of
the
CDO
in
which
the
Fund
invests.
In
addition
to
the
typical
risks
associated
with
fixed
income
securities
and
asset-backed
securities,
CDOs
carry
additional
risks
including,
but
not
limited
to:
(i)
the
possibility
that
distributions
from
collateral
securities
will
not
be
adequate
to
make
interest
or
other
payments;
(ii)
the
risk
that
the
collateral
may
default,
decline
in
value,
and/or
be
downgraded;
(iii)
the
Fund
may
invest
in
tranches
of
CDOs
that
are
subordinate
to
other
tranches;
(iv)
the
structure
and
complexity
of
the
transaction
and
the
legal
documents
could
lead
to
disputes
among
investors
regarding
the
characterization
of
proceeds;
(v)
the
investment
return
achieved
by
the
Fund
could
be
significantly
different
than
those
predicted
by
financial
models;
(vi)
the
lack
of
a
readily
available
secondary
market
for
CDOs;
(vii)
risk
of
forced
“fire
sale”
liquidation
due
to
technical
defaults
such
as
coverage
test
failures;
and
(viii)
the
CDO’s
manager
may
perform
poorly.
Conflict
of
Interests
Risk
—
An
investment
in
the
Fund
will
be
subject
to
a
number
of
actual
or
potential
conflicts
of
interest.
For
example,
the
Adviser
or
its
affiliates
may
provide
services
to
the
Fund
for
which
the
Fund
would
compensate
the
Adviser
and/or
such
affiliates.
The
Fund
may
invest
in
other
pooled
investment
vehicles
sponsored,
managed,
or
otherwise
affiliated
with
the
Adviser,
including
other
Funds.
The
Adviser
may
have
an
incentive
(financial
or
otherwise)
to
enter
into
transactions
or
arrangements
on
behalf
of
the
Fund
with
itself
or
its
affiliates
in
circumstances
where
it
might
not
have
done
so
otherwise.
The
Adviser
or
its
affiliates
manage
other
investment
funds
and/or
accounts
(including
proprietary
accounts)
and
have
other
clients
with
investment
objectives
and
strategies
that
are
similar
to,
or
overlap
with,
the
investment
objective
and
strategy
of
the
Fund,
creating
conflicts
of
interest
in
investment
and
allocation
decisions
regarding
the
allocation
of
investments
that
could
be
appropriate
for
the
Fund
and
other
clients
of
the
Adviser
or
their
affiliates.
Convertible
Securities Risk
— Convertible
securities
are
subject
to
the
usual
risks
associated
with
debt
securities,
such
as
interest
rate
risk
and
credit
risk.
Convertible
securities
also
react
to
changes
in
the
value
of
the
common
stock
into
which
they
convert,
and
are
thus
subject
to
market
risk.
The
Fund
may
also
be
forced
to
convert
a
convertible
security
at
an
inopportune
time,
which
may
decrease
the
Fund’s
return.
Credit
Risk 
— Credit
risk
is
the
risk
that
an
issuer
of
a
debt
security
to
which
the
Fund
is
exposed
may
no
longer
be
able
or
willing
to
pay
its
debt.
As
a
result
of
such
an
event,
the
debt
security
may
decline
in
price
and
affect
the
value
of
the
Fund.
Cybersecurity
Risk
—
The
Funds
and
their
service
providers
may
be
susceptible
to
operational,
information
security,
and
related
risks.
In
general,
cyber
incidents
can
result
from
deliberate
attacks
or
unintentional
events.
Cyber-attacks
include,
but
are
not
limited
to,
gaining
unauthorized
access
to
digital
systems
to
misappropriate
assets
or
sensitive
information,
corrupt
data,
or
otherwise
disrupt
operations.
Cyber
incidents
affecting
the
Adviser,
a
Subadviser,
or
other
service
providers
(including,
but
not
limited
to,
fund
accountants,
custodians,
transfer
agents,
and
financial
intermediaries)
have
the
ability
to
disrupt
and
impact
business
operations,
potentially
resulting
in
financial
losses,
by
interfering
with
the
Funds’
ability
to
calculate
their
NAV,
corrupting
data
or
preventing
parties
from
sharing
information
necessary
for
the
Funds’
operation,
preventing
or
slowing
trades,
stopping
shareholders
from
making
transactions,
potentially
subjecting
the
Funds
or
the
Adviser
to
regulatory
fines
and
penalties,
and
creating
additional
compliance
costs.
Similar
types
of
cyber
security
risks
are
also
present
for
issuers
or
securities
in
which
the
Funds
may
invest,
which
could
result
in
material
adverse
consequences
for
such
issuers
and
may
cause
the
Funds’
investments
in
such
companies
to
lose
value.
While
the
Funds’
service
providers
have
established
business
continuity
plans
in
the
event
of
such
cyber
incidents,
there
are
inherent
limitations
in
such
plans
and
systems.
Additionally,
the
Funds
cannot
control
the
cybersecurity
plans
and
systems
put
in
place
by
their
service
providers
or
any
other
third
parties
whose
operations
may
affect
the
Funds
or
their
shareholders.
Fund
Sector
%
of
Total
Net
Assets
Government
Bond
Mortgage-Backed
Securities
25.1%
Government
Bond
U.S. Govt.
& Agencies
45.8%
Income
Financials
25.3%
Large
Cap
Growth
Information
Technology
39.2%
Small
Cap
Growth
Health
Care
25.3%
Small
Cap
Growth 
Information
Technology 
30.7% 
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
195
Although
each
Fund
attempts
to
minimize
such
failures
through
controls
and
oversight,
it
is
not
possible
to
identify
all
of
the
operation
risks
that
may
affect
a
Fund
or
to
develop
processes
and
controls
that
completely
eliminate
or
mitigate
the
occurrence
of
such
failures
or
other
disruptions
in
service.
The
value
of
an
investment
in
a
Fund’s
shares
may
be
adversely
affected
by
the
occurrence
of
the
operational
errors
or
failures
or
technological
issues
or
other
similar
events
and
a
Fund
and
its
shareholders
may
bear
costs
tied
to
these
risks.
Derivatives Risk
— The
use
of
derivatives
(such
as
futures
and
credit
default
swaps)
involves
additional
risks
and
transaction
costs
which
could
leave
the
Fund
in
a
worse
position
than
if
it
had
not
used
these
instruments.
The
use
of
derivatives
can
lead
to
losses
because
of
adverse
movements
in
the
price
or
value
of
the
underlying
asset,
index
or
rate,
which
may
be
magnified
by
certain
features
of
the
contract.
Changes
in
the
value
of
the
derivative
may
not
correlate
as
intended
with
the
underlying
asset,
rate
or
index,
and
the
Fund
could
lose
much
more
than
the
original
amount
invested.
Derivatives
can
be
highly
volatile,
illiquid
and
difficult
to
value.
Certain
derivatives
may
also
be
subject
to
counterparty
risk,
which
is
that
the
other
party
in
the
transaction
will
not
fulfill
its
contractual
obligations
due
to
its
financial
condition,
market
events,
or
other
reasons.
Some
derivatives
may
give
rise
to
a
form
of
economic
leverage,
and
may
expose
the
Fund
to
greater
risk
and
increase
its
costs.
Such
leverage
may
cause
the
Fund
to
liquidate
portfolio
positions
when
it
may
not
be
advantageous
to
do
so
to
satisfy
its
obligations
or
to
meet
any
required
asset
segregation
requirements.
Increases
and
decreases
in
the
value
of
the
Fund’s
portfolio
will
be
magnified
when
the
Fund
uses
leverage.
Futures
contracts,
options
on
futures
contracts,
forward
contracts,
and
options
on
derivatives
can
allow
the
Fund
to
obtain
large
investment
exposures
in
return
for
meeting
relatively
small
margin
requirements.
As
a
result,
investments
in
those
transactions
may
be
highly
leveraged. 
The
success
of
a
Fund's
derivatives
strategies
will
depend
on
the
Adviser’s
ability
to
assess
and
predict
the
impact
of
market
or
economic
developments
on
the
underlying
asset,
index
or
rate
and
the
derivative
itself,
without
the
benefit
of
observing
the
performance
of
the
derivative
under
all
possible
market
conditions.
Swap
agreements
may
involve
fees,
commissions
or
other
costs
that
may
reduce
a
Fund’s
gains
from
a
swap
agreement
or
may
cause
a
Fund
to
lose
money.
Futures
contracts
are
subject
to
the
risk
that
an
exchange
may
impose
price
fluctuation
limits,
which
may
make
it
difficult
or
impossible
for
a
Fund
to
close
out
a
position
when
desired.
Emerging
Markets Risk 
—  The
economic
and
political
structures
of
developing
countries,
in
most
cases,
do
not
compare
favorably
with
the
U.S.
or
other
developed
countries
in
terms
of
wealth
and
stability,
and
their
financial
markets
often
lack
liquidity.
Fund
performance
will
likely
be
negatively
affected
by
portfolio
exposure
to
countries
and
corporations
domiciled
in
or
with
revenue
exposures
to
countries
in
the
midst
of,
among
other
things,
hyperinflation,
currency
devaluation,
trade
disagreements,
sudden
political
upheaval,
or
interventionist
government
policies.
Significant
buying
or
selling
actions
by
a
few
major
investors
may
also
heighten
the
volatility
of
emerging
markets.
These
factors
make
investing
in
emerging
market
countries
significantly
riskier
than
in
other
countries,
and
events
in
any
one
country
could
cause
the
Fund’s
share
price
to
decline.
Equity
Securities
Risk 
—  Equity
securities
held
by
the
Fund
may
decline
significantly
in
price,
sometimes
rapidly
or
unpredictably,
over
short
or
extended
periods
of
time,
and
such
declines
may
occur
because
of
declines
in
the
equity
market
as
a
whole,
or
because
of
declines
in
only
a
particular
country,
company,
industry,
or
sector
of
the
market.
From
time
to
time,
the
Fund
may
invest
a
significant
portion
of
its
assets
in
companies
in
one
or
more
related
sectors
or
industries
which
would
make
the
Fund
more
vulnerable
to
adverse
developments
affecting
such
sectors
or
industries.
Equity
securities
are
generally
more
volatile
than
most
debt
securities.
ETF Risk
—  An
ETF
is
subject
to
the
risks
of
the
underlying
investments
that
it
holds.
In
addition,
for
index-based
ETFs,
the
performance
of
an
ETF
may
diverge
from
the
performance
of
such
index
(commonly
known
as
tracking
error).
ETFs
are
subject
to
fees
and
expenses
(like
management
fees
and
operating
expenses)
that
do
not
apply
to
an
index,
and
the
Fund
will
indirectly
bear
its
proportionate
share
of
any
such
fees
and
expenses
paid
by
the
ETFs
in
which
it
invests.
Financial
Sector Risk
—  To
the
extent
that
the
financials
sector
continues
to
represent
a
significant
portion
of
the
Fund,
the
Fund
will
be
sensitive
to
changes
in,
and
its
performance
may
depend
to
a
greater
extent
on,
factors
impacting
this
sector.
Performance
of
companies
in
the
financials
sector
may
be
adversely
impacted
by
many
factors,
including,
among
others,
government
regulations,
economic
conditions,
credit
rating
downgrades,
changes
in
interest
rates,
and
decreased
liquidity
in
credit
markets.
The
impact
of
more
stringent
capital
requirements,
recent
or
future
regulation
of
any
individual
financial
company
or
recent
or
future
regulation
of
the
financials
sector
as
a
whole
cannot
be
predicted.
In
recent
years,
cyber
attacks
and
technology
malfunctions
and
failures
have
become
increasingly
frequent
in
this
sector
and
have
caused
significant
losses.
Foreign
Currency Risk
—
The
value
of
a
foreign
currency
may
decline
against
the
U.S.
dollar,
which
would
reduce
the
dollar
value
of
securities
denominated
in
that
currency.
The
overall
impact
of
such
a
decline
of
foreign
currency
can
be
significant,
unpredictable,
and
long
lasting,
depending
on
the
currencies
represented,
how
each
one
appreciates
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
196
or
depreciates
in
relation
to
the
U.S.
dollar,
and
whether
currency
positions
are
hedged.
Under
normal
conditions,
the
Fund
does
not
engage
in
extensive
foreign
currency
hedging
programs.
Further,
exchange
rate
movements
are
volatile,
and
it
is
not
possible
to
effectively
hedge
the
currency
risks
of
many
developing
countries.
Foreign Securities
Risk
—  Foreign
securities
generally
carry
more
risk
and
are
more
volatile
than
their
domestic
counterparts,
in
part
because
of
potential
for
higher
political
and
economic
risks,
lack
of
reliable
information
and
fluctuations
in
currency
exchange
rates
where
investments
are
denominated
in
currencies
other
than
the
U.S.
dollar.
The
Fund’s
investment
in
any
country
could
be
subject
to
governmental
actions
such
as
capital
or
currency
controls,
nationalizing
a
company
or
industry,
expropriating
assets,
or
imposing
punitive
taxes
that
would
have
an
adverse
effect
on
security
prices,
and
impair
the
Fund’s
ability
to
repatriate
capital
or
income.
Foreign
securities
may
also
be
more
difficult
to
resell
than
comparable
U.S.
securities
because
the
markets
for
foreign
securities
are
often
less
liquid.
Even
when
a
foreign
security
increases
in
price
in
its
local
currency,
the
appreciation
may
be
diluted
by
adverse
changes
in
exchange
rates
when
the
security’s
value
is
converted
to
U.S.
dollars.
Foreign
withholding
taxes
also
may
apply
and
errors
and
delays
may
occur
in
the
settlement
process
for
foreign
securities.
Futures
Contract Risk
— The
value
of
a
futures
contract
tends
to
increase
and
decrease
in
tandem
with
the
value
of
the
underlying
instrument.
The
price
of
futures
can
be
highly
volatile;
using
them
could
lower
total
return,
and
the
potential
loss
from
futures
can
exceed
the
Fund’s
initial
investment
in
such
contracts.
In
addition,
the
value
of
the
futures
contract
may
not
accurately
track
the
value
of
the
underlying
instrument.
Government
Securities Risk
— The
Fund
invests
in
securities
issued
or
guaranteed
by
the
U.S.
government
or
its
agencies
and
instrumentalities
(such
as
Federal
Home
Loan
Bank,
Ginnie
Mae,
Fannie
Mae
or
Freddie
Mac
securities).
Securities
issued
or
guaranteed
by
Federal
Home
Loan
Banks,
Ginnie
Mae,
Fannie
Mae
or
Freddie
Mac
are
not
issued
directly
by
the
U.S.
government.
Ginnie
Mae
is
a
wholly
owned
U.S.
corporation
that
is
authorized
to
guarantee,
with
the
full
faith
and
credit
of
the
U.S.
government,
the
timely
payment
of
principal
and
interest
of
its
securities.
By
contrast,
securities
issued
or
guaranteed
by
U.S.
government-related
organizations
such
as
Federal
Home
Loan
Banks,
Fannie
Mae
and
Freddie
Mac
are
not
backed
by
the
full
faith
and
credit
of
the
U.S.
government.
No
assurance
can
be
given
that
the
U.S.
government
would
provide
financial
support
to
its
agencies
and
instrumentalities
if
not
required
to
do
so
by
law.
In
addition,
the
value
of
U.S.
Government
securities
may
be
affected
by
changes
in
the
credit
rating
of
the
U.S.
government.
Growth
Investing Risk
— Growth
style
investing
includes
the
risk
of
investing
in
securities
whose
prices
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Growth
stock
prices
reflect
projections
of
future
earnings
or
revenues
and,
if
a
company’s
earnings
or
revenues
fall
short
of
expectations,
its
stock
price
may
fall
dramatically.
Health
Crisis
Risk
—
The
global
pandemic
outbreak
of
the
novel
coronavirus
known
as
COVID-19
has
resulted
in
substantial
market
volatility
and
global
business
disruption.
The
duration
and
full
effects
of
the
outbreak
are
uncertain
and
may
result
in
trading
suspensions
and
market
closures,
limit
liquidity
and
the
ability
of
the
Fund
to
process
shareholder
redemptions,
and
negatively
impact
Fund
performance.
The
COVID-19
outbreak
and
future
pandemics
could
affect
the
global
economy
in
ways
that
cannot
be
foreseen
and
may
exacerbate
other
types
of
risks,
negatively
impacting
the
value
of
the
Fund.
High
Yield Risk
—
High
yield
securities
–
commonly
known
as
“junk
bonds”
–
to
which
the
Fund
is
exposed
are
considered
predominantly
speculative
with
respect
to
the
issuer’s
continuing
ability
to
make
principal
and
interest
payments.
If
the
issuer
of
the
security
is
in
default
with
respect
to
interest
or
principal
payments,
the
value
of
the
Fund
may
be
negatively
affected.
High
yield
securities
generally
have
a
less
liquid
resale
market.
Inflation-Linked
Security Risk
— Inflation-linked
debt
securities,
such
as
TIPS,
are
subject
to
the
effects
of
changes
in
market
interest
rates
caused
by
factors
other
than
inflation
(real
interest
rates).
In
general,
the
price
of
an
inflation-linked
security
tends
to
decrease
when
real
interest
rates
increase
and
can
increase
when
real
interest
rates
decrease.
Interest
payments
on
inflation-linked
securities
are
unpredictable
and
will
fluctuate
as
the
principal
and
interest
are
adjusted
for
inflation.
Any
increase
in
the
principal
amount
of
an
inflation-linked
debt
security
will
be
considered
taxable
ordinary
income,
even
though
the
Fund
will
not
receive
the
principal
until
maturity.
There
can
also
be
no
assurance
that
the
inflation
index
used
will
accurately
measure
the
real
rate
of
inflation
in
the
prices
of
goods
and
services.
The
Fund’s
investments
in
inflation-
linked
securities
may
lose
value
in
the
event
that
the
actual
rate
of
inflation
is
different
than
the
rate
of
the
inflation
index.
In
addition,
inflation-linked
securities
are
subject
to
the
risk
that
the
Consumer
Price
Index
for
All
Urban
Consumers
(CPI-U)
or
other
relevant
pricing
index
may
be
discontinued,
fundamentally
altered
in
a
manner
materially
adverse
to
the
interests
of
an
investor
in
the
securities,
altered
by
legislation
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
197
or
Executive
Order
in
a
materially
adverse
manner
to
the
interests
of
an
investor
in
the
securities
or
substituted
with
an
alternative
index.
Interest
Rate
Risk
—
Interest
rate
risk
is
the
risk
that
prices
of
debt
securities
decline
in
value
when
interest
rates
rise
for
debt
securities
that
pay
a
fixed
rate
of
interest.
Debt
securities
with
longer
durations
(a
measure
of
price
sensitivity
of
a
bond
or
bond
fund
to
changes
in
interest
rates)
or
maturities
(i.e.,
the
amount
of
time
until
a
bond’s
issuer
must
pay
its
principal
or
face
value)
tend
to
be
more
sensitive
to
changes
in
interest
rates
than
debt
securities
with
shorter
durations
or
maturities.
Changes
by
the
Federal
Reserve
to
monetary
policies
could
affect
interest
rates
and
the
value
of
some
securities.
Investing-in-Funds
Risk
— Each
of
the
Thrivent
Aggressive
Allocation
Fund,
Thrivent
Moderate
Allocation
Fund,
Thrivent
Moderately
Aggressive
Allocation
Fund
and
Thrivent
Moderately
Conservative
Allocation
Fund
(each,
a
“Thrivent
Asset
Allocation
Fund”)
allocate
their
assets
among
certain
other
funds
managed
by
the
Adviser
or
an
affiliate
(“Other
Funds”).
From
time
to
time,
one
or
more
of
the
Other
Funds
may
experience
relatively
large
investments
or
redemptions
due
to
reallocations
or
rebalancings
by
the
Thrivent
Asset
Allocation
Funds
or
other
investors.
These
transactions
may
affect
the
Other
Funds
since
Other
Funds
that
experience
redemptions
as
a
result
of
reallocations
or
rebalancings
may
have
to
sell
Fund
securities
and
since
Other
Funds
that
receive
additional
cash
will
have
to
invest
such
cash.
These
effects
may
be
particularly
important
when
one
or
more
of
the
Thrivent
Asset
Allocation
Funds
owns
a
substantial
portion
of
any
Other
Fund.
While
it
is
impossible
to
predict
the
overall
impact
of
these
transactions
over
time,
the
performance
of
an
Other
Fund
may
be
adversely
affected
if
the
Other
Fund
is
required
to
sell
securities
or
invest
cash
at
inopportune
times.
These
transactions
could
also
increase
transaction
costs
and
accelerate
the
realization
of
taxable
income
if
sales
of
securities
resulted
in
gains.
Because
the
Thrivent
Asset
Allocation
Funds
may
own
substantial
portions
of
some
Other
Funds,
a
redemption
or
reallocation
by
a
Thrivent
Asset
Allocation
Fund
away
from
an
Other
Fund
could
cause
the
Other
Fund’s
expenses
to
increase.
Investment
Adviser Risk
— The
Fund
is
actively
managed
and
the
success
of
its
investment
strategy
depends
significantly
on
the
skills
of
the
Adviser
or
subadviser
in
assessing
the
potential
of
the
investments
in
which
the
Fund
invests.
This
assessment
of
investments
may
prove
incorrect,
resulting
in
losses
or
poor
performance,
even
in
rising
markets.
Investment
in
Other
Investment
Companies
Risk
—
Investing
in
other
investment
companies,
including
CEFs
and
BDCs,
could
result
in
the
duplication
of
certain
fees,
including
management
and
administrative
fees,
and
may
expose
the
Fund
to
the
risks
of
owning
the
underlying
investments
that
the
other
investment
company
holds.
Issuer
Risk
— Issuer
risk
is
the
possibility
that
factors
specific
to
an
issuer
to
which
the
Fund
is
exposed
will
affect
the
market
prices
of
the
issuer’s
securities
and
therefore
the
value
of
the
Fund.
Large
Cap
Risk
— Large-sized
companies
may
be
unable
to
respond
quickly
to
new
competitive
challenges
such
as
changes
in
technology.
They
may
also
not
be
able
to
attain
the
high
growth
rate
of
successful
smaller
companies,
especially
during
extended
periods
of
economic
expansion.
Large
Shareholder
Risk
— From
time
to
time
,
shareholders
of
a
Fund
(which
may
include
institutional
investors,
financial
intermediaries,
or
affiliated
Funds)
may
make
relatively
large
redemptions
or
purchases
of
shares.
These
transactions
may
cause
a
Fund
to
sell
securities
at
disadvantageous
prices
or
invest
additional
cash,
as
the
case
may
be.
While
it
is
impossible
to
predict
the
overall
impact
of
these
transactions
over
time,
there
could
be
adverse
effects
on
a
Fund’s
performance
to
the
extent
that
a
Fund
may
be
required
to
sell
securities
or
invest
cash
at
times
when
it
would
not
otherwise
do
so.
Redemptions
of
a
large
number
of
shares
also
may
increase
transaction
costs
or
have
adverse
tax
consequences
for
shareholders
of
the
Fund
by
requiring
a
sale
of
portfolio
securities.
In
addition,
a
large
redemption
could
result
in
a
Fund's
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund's
expense
ratio.
Leveraged
Loan Risk
—  Leveraged
loans
(also
known
as
bank
loans)
are
subject
to
the
risks
typically
associated
with
debt
securities.
In
addition,
leveraged
loans,
which
typically
hold
a
senior
position
in
the
capital
structure
of
a
borrower,
are
subject
to
the
risk
that
a
court
could
subordinate
such
loans
to
presently
existing
or
future
indebtedness
or
take
other
action
detrimental
to
the
holders
of
leveraged
loans.
Leveraged
loans
are
also
subject
to
the
risk
that
the
value
of
the
collateral,
if
any,
securing
a
loan
may
decline,
be
insufficient
to
meet
the
obligations
of
the
borrower,
or
be
difficult
to
liquidate.
Some
leveraged
loans
are
not
as
easily
purchased
or
sold
as
publicly-traded
securities
and
others
are
illiquid,
which
may
make
it
more
difficult
for
the
Fund
to
value
them
or
dispose
of
them
at
an
acceptable
price.
Below
investment-grade
leveraged
loans
are
typically
more
credit
sensitive.
In
the
event
of
fraud
or
misrepresentation,
the
Fund
may
not
be
protected
under
federal
securities
laws
with
respect
to
leveraged
loans
that
may
not
be
in
the
form
of
“securities.”
The
settlement
period
for
some
leveraged
loans
may
be
more
than
seven
days.
LIBOR
Risk
— The
elimination
of
LIBOR
may
adversely
affect
the
interest
rates
on,
and
value
of,
certain
Fund
investments
for
which
the
value
is
tied
to
LIBOR.
Such
investments
may
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
198
include
bank
loans,
derivatives,
floating
rate
securities,
and
other
assets
or
liabilities
tied
to
LIBOR.
On
July
27,
2017,
the
U.K.
Financial
Conduct
Authority
announced
that
it
intends
to
stop
compelling
or
inducing
banks
to
submit
LIBOR
rates
after
2021.
However,
it
remains
unclear
if
LIBOR
will
continue
to
exist
in
its
current,
or
a
modified,
form.
Actions
by
regulators
have
resulted
in
the
establishment
of
alternative
reference
rates
to
LIBOR
in
most
major
currencies.
The
U.S.
Federal
Reserve,
based
on
the
recommendations
of
the
New
York
Federal
Reserve’s
Alternative
Reference
Rate
Committee
(comprised
of
major
derivative
market
participants
and
their
regulators),
has
begun
publishing
a
Secured
Overnight
Financing
Rate
(SOFR),
that
is
intended
to
replace
U.S.
dollar
LIBOR.
Proposals
for
alternative
reference
rates
for
other
currencies
have
also
been
announced
or
have
already
begun
publication.
Markets
are
slowly
developing
in
response
to
these
new
rates.
Questions
around
liquidity
impacted
by
these
rates,
and
how
to
appropriately
adjust
these
rates
at
the
time
of
transition,
remain
a
concern
for
the
Funds.
The
effect
of
any
changes
to,
or
discontinuation
of,
LIBOR
on
the
Fund
will
vary
depending,
among
other
things,
on
(1)
existing
fallback
or
termination
provisions
in
individual
contracts
and
(2)
whether,
how,
and
when
industry
participants
develop
and
adopt
new
reference
rates
and
fallbacks
for
both
legacy
and
new
products
and
instruments.
Accordingly,
it
is
difficult
to
predict
the
full
impact
of
the
transition
away
from
LIBOR
on
the
Funds
until
new
reference
rates
and
fallbacks
for
both
legacy
and
new
products,
instruments
and
contracts
are
commercially
accepted.
Liquidity Risk
— Liquidity
is
the
ability
to
sell
a
security
relatively
quickly
for
a
price
that
most
closely
reflects
the
actual
value
of
the
security.
Dealer
inventories
of
bonds
are
at
or
near
historic
lows
in
relation
to
market
size,
which
has
the
potential
to
decrease
liquidity
and
increase
price
volatility
in
the
fixed
income
markets,
particularly
during
periods
of
economic
or
market
stress.
As
a
result
of
this
decreased
liquidity,
the
Fund
may
have
to
accept
a
lower
price
to
sell
a
security,
sell
other
securities
to
raise
cash,
or
give
up
an
investment
opportunity,
any
of
which
could
have
a
negative
effect
on
performance.
Master
Limited
Partnership("MLP")
Risk
—
MLPs 
are
subject
to
risks
such
as
limited
partner
risk,
liquidity
risk,
interest
rate
risk
and
general
partner
risk.
• An
MLP
is
a
public
limited
partnership
or
limited
liability
company
taxed
as
a
partnership.
The
risks
of
investing
in
an
MLP
are
similar
to
those
of
investing
in
a
partnership,
including
more
flexible
governance
structures,
which
could
result
in
less
protection
for
investors
than
investments
in
a
corporation.
Investors
in
an
MLP
normally
would
not
be
liable
for
the
debts
of
the
MLP
beyond
the
amount
that
the
investor
has
contributed
but
investor
may
not
be
shielded
to
the
same
extent
that
a
shareholder
of
a
corporation
would
be.
In
certain
circumstances,
creditors
of
an
MLP
would
have
the
right
to
seek
return
of
capital
distributed
to
a
limited
partner,
which
right
would
continue
after
an
investor
sold
its
investment
in
the
MLP.
• The
ability
to
trade
on
a
public
exchange
or
in
the
over-
the-counter
market
provides
a
certain
amount
of
liquidity
not
found
in
many
limited
partnership
investments.
However,
MLP
interests
may
be
less
liquid
than
conventional
publicly
traded
securities
and,
therefore,
more
difficult
to
trade
at
desirable
times
and/or
prices.
• MLP
distributions
may
be
reduced
by
fees
and
other
expenses
incurred
by
the
MLP.
MLPs
generally
are
considered
interest-rate
sensitive
investments.
During
periods
of
interest
rate
volatility,
these
investments
may
not
provide
attractive
returns.
The
holder
of
the
general
partner
or
managing
member
interest
can
be
liable
in
certain
circumstances
for
amounts
greater
than
the
amount
of
the
holder’s
investment
in
the
general
partner
or
managing
member.
Mid
Cap Risk
— Medium-sized
companies
often
have
greater
price
volatility,
lower
trading
volume,
and
less
liquidity
than
larger,
more-established
companies.
These
companies
tend
to
have
smaller
revenues,
narrower
product
lines,
less
management
depth
and
experience,
smaller
shares
of
their
product
or
service
markets,
fewer
financial
resources,
and
less
competitive
strength
than
larger
companies.
Money
Market
Fund Risk
— You
could
lose
money
by
investing
in
the
Fund.
Although
the
Fund
seeks
to
preserve
the
value
of
your
investment
at
$1.00
per
share,
it
cannot
guarantee
it
will
do
so.
An
investment
in
the
Fund
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Fund’s
sponsor
has
no
legal
obligation
to
provide
financial
support
to
the
Fund,
and
you
should
not
expect
that
the
sponsor
will
provide
financial
support
to
the
Fund
at
any
time.
Mortgage-Backed
and
Other
Asset-Backed
Securities Risk
— The
value
of
mortgage-backed
and
asset-backed
securities
will
be
influenced
by
the
factors
affecting
the
housing
market
and
the
assets
underlying
such
securities.
As
a
result,
during
periods
of
declining
asset
value,
difficult
or
frozen
credit
markets,
swings
in
interest
rates,
or
deteriorating
economic
conditions,
mortgage-related
and
asset-backed
securities
may
decline
in
value,
face
valuation
difficulties,
become
more
volatile
and/or
become
illiquid.
In
addition,
both
mortgage-
backed
and
asset-backed
securities
are
sensitive
to
changes
in
the
repayment
patterns
of
the
underlying
security.
If
the
principal
payment
on
the
underlying
asset
is
repaid
faster
or
slower
than
the
holder
of
the
asset-backed
or
mortgage-
backed
security
anticipates,
the
price
of
the
security
may
fall,
particularly
if
the
holder
must
reinvest
the
repaid
principal
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
199
at
lower
rates
or
must
continue
to
hold
the
security
when
interest
rates
rise.
This
effect
may
cause
the
value
of
the
Fund
to
decline
and
reduce
the
overall
return
of
the
Fund.
Multi-Manager
Risk
— The
investment
styles
employed
by
the
subadvisers
may
not
be
complementary.
The
interplay
of
the
various
strategies
employed
by
the
subadvisers
may
result
in
the
Fund
indirectly
holding
positions
in
certain
types
of
securities,
industries
or
sectors.
These
positions
may
be
detrimental
to
a
Fund’s
performance
depending
upon
the
performance
of
those
securities
and
the
overall
economic
environment.
The
multi-manager
approach
could
result
in
a
high
level
of
portfolio
turnover,
resulting
in
higher
brokerage
expenses
and
increased
tax
liability
from
a
Fund’s
realization
of
capital
gains.
It
is
also
possible
that
one
subadviser
could
be
selling
a
particular
security
or
security
from
a
certain
country
while
another
subadviser
could
be
purchasing
the
same
security
or
a
security
from
that
same
country.
Municipal
Bond Risk
— The
Fund’s
performance
may
be
affected
by
political
and
economic
conditions
at
the
state,
regional
or
federal
level.
These
may
include
budgetary
problems,
decline
in
the
tax
base
and
other
factors
that
may
cause
rating
agencies
to
downgrade
the
credit
ratings
on
certain
issues.
Bonds
may
also
exhibit
price
fluctuations
due
to
changes
in
interest
rate
or
bond
yield
levels.
Some
municipal
bonds
may
be
repaid
prior
to
maturity
if
interest
rates
decrease.
As
a
result,
the
value
of
the
Fund’s
shares
may
fluctuate
significantly
in
the
short
term.
Non-Diversified
Risk
—
The
Fund
is
not
"diversified"
within
the
meaning
of
the
1940
Act.
That
means
the
Fund
may
invest
a
greater
percentage
of
its
assets
in
the
securities
of
any
single
issuer
compared
to
other
funds.
A
non-diversified
portfolio
is
generally
more
susceptible
than
a
diversified
portfolio
to
the
risk
that
events
or
developments
affecting
a
particular
issuer
or
industry
will
significantly
affect
the
Fund’s
performance.
Other
Funds Risk
—
Because
the
Fund
invests
in
other
funds
managed
by
the
Adviser
or
an
affiliate
(“Other
Funds”),
the
performance
of
the
Fund
is
dependent,
in
part,
upon
the
performance
of
Other
Funds
in
which
the
Fund
may
invest.
As
a
result,
the
Fund
is
subject
to
the
same
risks
as
those
faced
by
the
Other
Funds.
Portfolio
Turnover
Rate Risk
— The
Fund
may
engage
in
active
and
frequent
trading
of
portfolio
securities
in
implementing
its
principal
investment
strategies.
A
high
rate
of
portfolio
turnover
(100%
or
more)
involves
correspondingly
greater
expenses
which
are
borne
by
the
Fund
and
its
shareholders
and
may
also
result
in
short-term
capital
gains
taxable
to
shareholders.
Preferred
Securities
Risk
— There
are
certain
additional
risks
associated
with
investing
in
preferred
securities,
including,
but
not
limited
to,
preferred
securities
may
include
provisions
that
permit
the
issuer,
at
its
discretion,
to
defer
or
omit
distributions
for
a
stated
period
without
any
adverse
consequences
to
the
issuer;
preferred
securities
are
generally
subordinated
to
bonds
and
other
debt
instruments
in
a
company’s
capital
structure
in
terms
of
having
priority
to
corporate
income
and
liquidation
payments,
and
therefore
will
be
subject
to
greater
credit
risk
than
more
senior
debt
instruments;
preferred
securities
may
be
substantially
less
liquid
than
many
other
securities,
such
as
common
stocks
or
U.S.
Government
securities;
generally,
traditional
preferred
securities
offer
no
voting
rights
with
respect
to
the
issuing
company
unless
preferred
dividends
have
been
in
arrears
for
a
specified
number
of
periods,
at
which
time
the
preferred
security
holders
may
elect
a
number
of
directors
to
the
issuer’s
board;
and
in
certain
varying
circumstances,
an
issuer
of
preferred
securities
may
redeem
the
securities
prior
to
a
specified
date.
Prepayment Risk
—
When
interest
rates
fall,
certain
obligations
will
be
paid
off
by
the
obligor
more
quickly
than
originally
anticipated,
and
a
Fund
may
have
to
invest
the
proceeds
in
securities
with
lower
yields.
In
periods
of
falling
interest
rates,
the
rate
of
prepayments
tends
to
increase
(as
does
price
fluctuation)
as
borrowers
are
motivated
to
pay
off
debt
and
refinance
at new
lower
rates.
During
such
periods,
reinvestment
of
the
prepayment
proceeds
by
the
management
team
will
generally
be
at
lower
rates
of
return
than
the
return
on
the
assets
that
were
prepaid.
Prepayment
generally
reduces
the
yield
to
maturity
and
the
average
life
of
the
security.
Quantitative
Investing Risk
— Quantitative
Investing
Risk
is
the
risk
that
securities
selected
according
to
a
quantitative
analysis
methodology
can
perform
differently
from
the
market
as
a
whole
based
on
the
model
and
the
factors
used
in
the
analysis,
the
weight
placed
on
each
factor
and
changes
in
the
factor’s
historical
trends.
Such
models
are
based
on
assumptions
of
these
and
other
market
factors,
and
the
models
may
not
take
into
account
certain
factors,
or
perform
as
intended,
and
may
result
in
a
decline
in
the
value
of
the
Fund’s
portfolio.
Real
Estate
Investment
Trust
("REIT") Risk
— REITs
generally
can
be
divided
into
three
types:
equity
REITs,
mortgage
REITs,
and
hybrid
REITs
(which
combine
the
characteristics
of
equity
REITs
and
mortgage
REITs).
Equity
REITs
will
be
affected
by
changes
in
the
values
of,
and
income
from,
the
properties
they
own,
while
mortgage
REITs
may
be
affected
by
the
credit
quality
of
the
mortgage
loans
they
hold.
All
REIT
types
may
be
affected
by
changes
in
interest
rates.
The
effect
of
rising
interest
rates
is
generally
more
pronounced
for
high
dividend
paying
stock
than
for
stocks
that
pay
little
or
no
dividends.
This
may
cause
the
value
of
real
estate
securities
to
decline
during
periods
of
rising
interest
rates,
which
would
reduce
the
overall
return
of
the
Fund.
REITs
are
subject
to
additional
risks,
including
the
fact
that
they
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
200
are
dependent
on
specialized
management
skills
that
may
affect
the
REITs’
abilities
to
generate
cash
flows
for
operating
purposes
and
for
making
investor
distributions.
REITs
may
have
limited
diversification
and
are
subject
to
the
risks
associated
with
obtaining
financing
for
real
property.
As
with
any
investment,
there
is
a
risk
that
REIT
securities
and
other
real
estate
industry
investments
may
be
overvalued
at
the
time
of
purchase.
In
addition,
a
REIT
can
pass
its
income
through
to
its
investors
without
any
tax
at
the
entity
level
if
it
complies
with
various
requirements
under
the
Internal
Revenue
Code.
There
is
the
risk,
however,
that
a
REIT
held
by
the
Fund
will
fail
to
qualify
for
this
tax-free
pass-through
treatment
of
its
income.
In
addition,
due
to
recent
changes
in
the
tax
laws,
certain
tax
benefits
of
REITs
may
not
be
passed
through
to
mutual
fund
shareholders.
By
investing
in
REITs
indirectly
through
the
Fund,
in
addition
to
bearing
a
proportionate
share
of
the
expenses
of
the
Fund,
you
will
also
indirectly
bear
similar
expenses
of
the
REITs
in
which
the
Fund
invests.
Redemption
 Risk
— The
Fund
may
need
to
sell
portfolio
securities
to
meet
redemption
requests.
The
Fund
could
experience
a
loss
when
selling
portfolio
securities
to
meet
redemption
requests
if
there
is
(i)
significant
redemption
activity
by
shareholders,
including,
for
example,
when
a
single
investor
or
few
large
investors
make
a
significant
redemption
of
Fund
shares,
(ii)
a
disruption
in
the
normal
operation
of
the
markets
in
which
the
Fund
buys
and
sells
portfolio
securities
or
(iii)
the
inability
of
the
Fund
to
sell
portfolio
securities
because
such
securities
are
illiquid.
In
such
events,
the
Fund
could
be
forced
to
sell
portfolio
securities
at
unfavorable
prices
in
an
effort
to
generate
sufficient
cash
to
pay
redeeming
shareholders.
Although
the
Fund
generally
does
not
have
the
ability
to
impose
liquidity
fees
or
temporarily
suspend
redemptions,
the
payment
of
redemption
proceeds
could
be
delayed
or
denied
if
the
Fund
is
liquidated,
to
the
extent
permitted
by
applicable
regulations.
Regulatory
Risk
—
Legal,
tax,
and
regulatory
developments
may
adversely
affect
the
Funds.
Securities
and
futures
markets
are
subject
to
comprehensive
statutes,
regulations,
and
margin
requirements
enforced
by
the
SEC,
other
regulators
and
self-regulatory
organizations,
and
exchanges
authorized
to
take
extraordinary
actions
in
the
event
of
market
emergencies.
The
regulatory
environment
for
the
Funds
is
evolving,
and
changes
in
the
regulation
of
investment
funds,
managers,
and
their
trading
activities
and
capital
markets,
or
a
regulator’s
disagreement
with
the
Funds’
interpretation
of
the
application
of
certain
regulations,
may
adversely
affect
the
ability
of
a
Fund
to
pursue
its
investment
strategy,
its
ability
to
obtain
leverage
and
financing,
and
the
value
of
investments
held
by
the
Fund.
Small
Cap Risk
— Smaller,
less
seasoned
companies
often
have
greater
price
volatility,
lower
trading
volume,
and
less
liquidity
than
larger,
more
established
companies.
These
companies
tend
to
have
small
revenues,
narrower
product
lines,
less
management
depth
and
experience,
small
shares
of
their
product
or
service
markets,
fewer
financial
resources,
and
less
competitive
strength
than
larger
companies.
Such
companies
seldom
pay
significant
dividends
that
could
soften
the
impact
of
a
falling
market
on
returns.
Sovereign
Debt Risk
— Sovereign
debt
securities
are
issued
or
guaranteed
by
foreign
governmental
entities.
These
investments
are
subject
to
the
risk
that
a
governmental
entity
may
delay
or
refuse
to
pay
interest
or
repay
principal
on
its
sovereign
debt,
due,
for
example,
to
cash
flow
problems,
insufficient
foreign
currency
reserves,
political
considerations,
the
relative
size
of
the
governmental
entity’s
debt
position
in
relation
to
the
economy
or
the
failure
to
put
in
place
economic
reforms
required
by
the
International
Monetary
Fund
or
other
multilateral
agencies.
If
a
governmental
entity
defaults,
it
may
ask
for
more
time
in
which
to
pay
or
for
further
loans.
There
is
no
legal
process
for
collecting
sovereign
debts
that
a
government
does
not
pay
nor
are
there
bankruptcy
proceedings
through
which
all
or
part
of
the
sovereign
debt
that
a
governmental
entity
has
not
repaid
may
be
collected.
Tax Risk
— Changes
in
federal
income
tax
laws
or
rates
may
affect
both
the
net
asset
value
of
the
Fund
and
the
taxable
equivalent
interest
generated
from
securities
in
the
Fund.
Since
the
Fund
may
invest
in
municipal
securities
subject
to
the
federal
alternative
minimum
tax
without
limitation,
the
Fund
may
not
be
suitable
for
investors
who
already
are
or
could
be
subject
to
the
federal
alternative
minimum
tax.
Technology-Oriented
Companies Risk
— Common
stocks
of
companies
that
rely
extensively
on
technology,
science
or
communications
in
their
product
development
or
operations
may
be
more
volatile
than
the
overall
stock
market
and
may
or
may
not
move
in
tandem
with
the
overall
stock
market.
Technology,
science
and
communications
are
rapidly
changing
fields,
and
stocks
of
these
companies,
especially
of
smaller
or
unseasoned
companies,
may
be
subject
to
more
abrupt
or
erratic
market
movements
than
the
stock
market
in
general.
There
are
significant
competitive
pressures
among
technology-oriented
companies
and
the
products
or
operations
of
such
companies
may
become
obsolete
quickly.
In
addition,
these
companies
may
have
limited
product
lines,
markets
or
financial
resources
and
the
management
of
such
companies
may
be
more
dependent
upon
one
or
a
few
key
people.
Value
Investing
Risk
— Value
style
investing
includes
the
risk
that
stocks
of
undervalued
companies
may
not
rise
as
quickly
as
anticipated
if
the
market
doesn’t
recognize
their
intrinsic
value
or
if
value
stocks
are
out
of
favor.
Thrivent
Mutual
Funds
Financial
Highlights
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
201
FOR
A
SHARE
OUTSTANDING
THROUGHOUT
EACH
PERIOD
*
f
Income
from
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
Net
Realized
Gain
on
Investments
AGGRESSIVE
ALLOCATION
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
$
15.60
$
0.10
$
(1.29)
$
(1.19)
$
(0.13)
$
(0.85)
Year
Ended
10/31/2019
15.51
0.11
1.22
1.33
(0.12)
(1.12)
Year
Ended
10/31/2018
16.01
0.06
0.39
0.45
(0.06)
(0.89)
Year
Ended
10/31/2017
13.11
0.05
2.98
3.03
(0.07)
(0.06)
Year
Ended
10/31/2016
14.05
0.07
0.08
0.15
(0.03)
(1.06)
Year
Ended
10/31/2015
14.77
0.04
0.33
0.37
(0.07)
(1.02)
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
15.77
0.11
(1.30)
(1.19)
(0.16)
(0.85)
Year
Ended
10/31/2019
15.68
0.13
1.24
1.37
(0.16)
(1.12)
Year
Ended
10/31/2018
16.17
0.10
0.40
0.50
(0.10)
(0.89)
Year
Ended
10/31/2017
13.25
0.08
3.02
3.10
(0.12)
(0.06)
Year
Ended
10/31/2016
14.19
0.10
0.11
0.21
(0.09)
(1.06)
Year
Ended
10/31/2015
14.90
0.09
0.35
0.44
(0.13)
(1.02)
BALANCED
INCOME
PLUS
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
12.69
0.14
(1.14)
(1.00)
(0.13)
–
Year
Ended
10/31/2019
12.93
0.31
0.58
0.89
(0.35)
(0.78)
Year
Ended
10/31/2018
13.26
0.32
(0.18)
0.14
(0.31)
(0.16)
Year
Ended
10/31/2017
12.22
0.29
1.01
1.30
(0.26)
–
Year
Ended
10/31/2016
12.80
0.30
0.03
0.33
(0.29)
(0.62)
Year
Ended
10/31/2015
13.43
0.31
(0.04)
0.27
(0.29)
(0.61)
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
12.66
0.16
(1.13)
(0.97)
(0.15)
–
Year
Ended
10/31/2019
12.90
0.34
0.58
0.92
(0.38)
(0.78)
Year
Ended
10/31/2018
13.23
0.36
(0.18)
0.18
(0.35)
(0.16)
Year
Ended
10/31/2017
12.20
0.32
1.02
1.34
(0.31)
–
Year
Ended
10/31/2016
12.77
0.34
0.04
0.38
(0.33)
(0.62)
Year
Ended
10/31/2015
13.40
0.36
(0.03)
0.33
(0.35)
(0.61)
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
fund
shares.
(b)
Total
investment
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
*
**
***
All
per
share
amounts
have
been
rounded
to
the
nearest
cent.
Computed
on
an
annualized
basis
for
periods
less
than
one
year.
Management
identified
an
error
in
the
calculation
of
the
10/31/2016
Portfolio
Turnover
Rates.
The
market
value
of
a
short
term
security
was
incorrectly
included
in
the
calculation.
The
impact
of
the
revised
calculation
was
evaluated,
and
Management
concluded
that
the
error
did
not
result
in
a
material
misstatement
of
the
Financial
Statement
or
the
Financial
Highlights.
Management
determined
that
a
revision
of
the
10/31/2016
Portfolio
Turnover
Rate
for
Aggressive
Allocation
Fund
was
57%
and
Balanced
Income
Plus
Fund
was
120%.
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
202
RATIOS/SUPPLEMENTAL
DATA
Ratio
to
Average
Net
Assets
**
Ratios
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses
**
Total
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/(Loss)
Expenses
Net
Investment
Income/(Loss)
*
**
Portfolio
Turnover
Rate
$
(0.98)
$
13.43
(8.39)%
$
863.4
0.95%
1.39%
1.16%
1.19%
26%
(1.24)
15.60
9.60%
955.0
0.94%
0.74%
1.15%
0.52%
58%
(0.95)
15.51
2.89%
896.6
0.91%
0.40%
1.15%
0.15%
52%
(0.13)
16.01
23.31%
879.6
0.92%
0.32%
1.19%
0.05%
59%
(1.09)
13.11
1.34%
730.0
0.94%
0.50%
1.21%
0.23%
58%
***
(1.09)
14.05
2.78%
732.0
0.92%
0.23%
0.96%
0.19%
51%
(1.01)
13.57
(8.33)%
469.9
0.79%
1.52%
0.99%
1.32%
26%
(1.28)
15.77
9.80%
445.1
0.76%
0.87%
0.97%
0.66%
58%
(0.99)
15.68
3.20%
336.4
0.66%
0.61%
0.90%
0.37%
52%
(0.18)
16.17
23.64%
238.1
0.63%
0.56%
0.89%
0.29%
59%
(1.15)
13.25
1.76%
140.9
0.56%
0.86%
0.83%
0.59%
58%
***
(1.15)
14.19
3.21%
120.3
0.49%
0.65%
0.54%
0.61%
51%
(0.13)
11.56
(7.87)%
223.2
1.03%
2.24%
1.03%
2.24%
45%
(1.13)
12.69
7.60%
250.2
1.04%
2.49%
1.04%
2.49%
113%
(0.47)
12.93
0.99%
246.3
1.03%
2.38%
1.03%
2.38%
149%
(0.26)
13.26
10.78%
250.7
1.06%
2.26%
1.06%
2.26%
145%
(0.91)
12.22
2.83%
231.8
1.07%
2.52%
1.07%
2.52%
125%
***
(0.90)
12.80
2.18%
232.8
1.06%
2.38%
1.06%
2.38%
148%
(0.15)
11.54
(7.68)%
101.7
0.77%
2.47%
0.77%
2.47%
45%
(1.16)
12.66
7.92%
140.1
0.77%
2.75%
0.77%
2.75%
113%
(0.51)
12.90
1.31%
120.3
0.72%
2.74%
0.72%
2.74%
149%
(0.31)
13.23
11.09%
94.5
0.73%
2.58%
0.73%
2.58%
145%
(0.95)
12.20
3.30%
65.6
0.70%
2.88%
0.70%
2.88%
125%
***
(0.96)
12.77
2.58%
54.4
0.67%
2.77%
0.67%
2.77%
148%
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
203
FOR
A
SHARE
OUTSTANDING
THROUGHOUT
EACH
PERIOD
*
Income
from
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
Net
Realized
Gain
on
Investments
GLOBAL
STOCK
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
$
26.16
$
0.09
$
(2.15)
$
(2.06)
$
(0.32)
$
(2.79)
Year
Ended
10/31/2019
26.59
0.34
1.45
1.79
(0.30)
(1.92)
Year
Ended
10/31/2018
29.21
0.31
(0.21)
0.10
(0.27)
(2.45)
Year
Ended
10/31/2017
24.77
0.30
5.13
5.43
(0.29)
(0.70)
Year
Ended
10/31/2016
26.32
0.26
(0.66)
(0.40)
(0.24)
(0.91)
Year
Ended
10/31/2015
27.75
0.24
0.90
1.14
(0.24)
(2.33)
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
26.46
0.14
(2.17)
(2.03)
(0.41)
(2.79)
Year
Ended
10/31/2019
26.88
0.43
1.46
1.89
(0.39)
(1.92)
Year
Ended
10/31/2018
29.50
0.41
(0.21)
0.20
(0.37)
(2.45)
Year
Ended
10/31/2017
25.01
0.40
5.17
5.57
(0.38)
(0.70)
Year
Ended
10/31/2016
26.57
0.32
(0.62)
(0.30)
(0.35)
(0.91)
Year
Ended
10/31/2015
27.99
0.39
0.86
1.25
(0.34)
(2.33)
GOVERNMENT
BOND
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
10.11
0.08
0.53
0.61
(0.08)
(0.02)
Year
Ended
10/31/2019
9.47
0.19
0.64
0.83
(0.19)
–
Year
Ended
10/31/2018
9.92
0.19
(0.38)
(0.19)
(0.19)
(0.07)
Year
Ended
10/31/2017
10.14
0.14
(0.20)
(0.06)
(0.14)
(0.02)
Year
Ended
10/31/2016
10.12
0.12
0.21
0.33
(0.12)
(0.19)
Year
Ended
10/31/2015
10.05
0.09
0.09
0.18
(0.08)
(0.03)
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
10.11
0.09
0.53
0.62
(0.09)
(0.02)
Year
Ended
10/31/2019
9.47
0.20
0.64
0.84
(0.20)
–
Year
Ended
10/31/2018
9.92
0.20
(0.38)
(0.18)
(0.20)
(0.07)
Year
Ended
10/31/2017
10.14
0.15
(0.20)
(0.05)
(0.15)
(0.02)
Year
Ended
10/31/2016
10.12
0.12
0.22
0.34
(0.13)
(0.19)
Year
Ended
10/31/2015
10.05
0.12
0.10
0.22
(0.12)
(0.03)
HIGH
INCOME
MUNICIPAL
BOND
FUND
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
10.66
0.14
(1.27)
(1.13)
(0.15)
–
Year
Ended
10/31/2019
9.86
0.31
0.81
1.12
(0.32)
–
Year
Ended
10/31/2018
(c)
10.00
0.22
(0.14)
0.08
(0.22)
–
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
fund
shares.
(b)
Total
investment
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
(c)
*
**
***
Since
fund
inception,
February
28,
2018.
All
per
share
amounts
have
been
rounded
to
the
nearest
cent.
Computed
on
an
annualized
basis
for
periods
less
than
one
year.
Management
identified
an
error
in
the
calculation
of
the
10/31/2016
Portfolio
Turnover
Rates.
The
market
value
of
a
short
term
security
was
incorrectly
included
in
the
calculation.
The
impact
of
the
revised
calculation
was
evaluated,
and
Management
concluded
that
the
error
did
not
result
in
a
material
misstatement
of
the
Financial
Statement
or
the
Financial
Highlights.
Management
determined
that
a
revision
of
the
10/31/2016
Portfolio
Turnover
Rate
for
Global
Stock
Fund
was
62%
and
Government
Bond
Fund
was
149%.
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
204
RATIOS/SUPPLEMENTAL
DATA
Ratio
to
Average
Net
Assets
**
Ratios
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses
**
Total
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/(Loss)
Expenses
Net
Investment
Income/(Loss)
*
**
Portfolio
Turnover
Rate
$
(3.11)
$
20.99
(9.43)%
$
1,278.9
1.02%
1.01%
1.02%
1.01%
29%
(2.22)
26.16
7.73%
1,478.5
1.01%
1.39%
1.01%
1.39%
73%
(2.72)
26.59
0.22%
1,492.5
0.99%
1.15%
0.99%
1.15%
52%
(0.99)
29.21
22.61%
1,594.8
1.01%
1.11%
1.01%
1.11%
73%
(1.15)
24.77
(1.48)%
1,399.8
1.03%
1.03%
1.03%
1.03%
64%
***
(2.57)
26.32
4.59%
1,560.0
1.02%
0.99%
1.02%
0.99%
52%
(3.20)
21.23
(9.26)%
268.1
0.66%
1.38%
0.66%
1.38%
29%
(2.31)
26.46
8.12%
296.7
0.65%
1.75%
0.65%
1.75%
73%
(2.82)
26.88
0.56%
276.6
0.64%
1.50%
0.64%
1.50%
52%
(1.08)
29.50
23.06%
263.3
0.65%
1.47%
0.65%
1.47%
73%
(1.26)
25.01
(1.08)%
203.7
0.64%
1.42%
0.64%
1.42%
64%
***
(2.67)
26.57
5.02%
187.8
0.61%
1.40%
0.61%
1.40%
52%
(0.10)
10.62
6.13%
4.4
0.85%
1.62%
1.09%
1.37%
181%
(0.19)
10.11
8.84%
4.5
0.85%
1.94%
1.06%
1.73%
274%
(0.26)
9.47
(1.99)%
4.9
0.85%
1.92%
1.04%
1.73%
280%
(0.16)
9.92
(0.56)%
6.5
0.85%
1.40%
1.00%
1.25%
193%
(0.31)
10.14
3.36%
8.7
0.87%
1.16%
1.04%
0.98%
152%
***
(0.11)
10.12
1.83%
18.7
0.90%
0.86%
1.12%
0.65%
145%
(0.11)
10.62
6.18%
63.4
0.75%
1.71%
0.76%
1.70%
181%
(0.20)
10.11
8.95%
49.9
0.75%
2.04%
0.77%
2.02%
274%
(0.27)
9.47
(1.89)%
52.3
0.75%
2.02%
0.79%
1.98%
280%
(0.17)
9.92
(0.47)%
52.0
0.76%
1.49%
0.79%
1.46%
193%
(0.32)
10.14
3.41%
46.9
0.81%
1.22%
0.81%
1.22%
152%
***
(0.15)
10.12
2.17%
73.9
0.57%
1.18%
0.57%
1.18%
145%
(0.15)
9.38
(10.76)%
16.5
0.62%
2.82%
1.65%
1.80%
60%
(0.32)
10.66
11.51%
13.8
0.66%
3.07%
2.36%
1.37%
93%
(0.22)
9.86
0.79%
6.6
0.43%
3.26%
3.71%
(0.02)%
201%
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
205
FOR
A
SHARE
OUTSTANDING
THROUGHOUT
EACH
PERIOD
*
d
Income
from
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
Net
Realized
Gain
on
Investments
HIGH
YIELD
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
$
4.73
$
0.12
$
(0.52)
$
(0.40)
$
(0.12)
$
–
Year
Ended
10/31/2019
4.63
0.25
0.10
0.35
(0.25)
–
Year
Ended
10/31/2018
4.90
0.26
(0.27)
(0.01)
(0.26)
–
Year
Ended
10/31/2017
4.76
0.25
0.14
0.39
(0.25)
–
Year
Ended
10/31/2016
4.74
0.25
0.02
0.27
(0.25)
–
Year
Ended
10/31/2015
5.04
0.26
(0.30)
(0.04)
(0.26)
–
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
4.73
0.12
(0.52)
(0.40)
(0.12)
–
Year
Ended
10/31/2019
4.64
0.26
0.09
0.35
(0.26)
–
Year
Ended
10/31/2018
4.90
0.27
(0.26)
0.01
(0.27)
–
Year
Ended
10/31/2017
4.76
0.27
0.13
0.40
(0.26)
–
Year
Ended
10/31/2016
4.74
0.26
0.03
0.29
(0.27)
–
Year
Ended
10/31/2015
5.05
0.28
(0.31)
(0.03)
(0.28)
–
INCOME
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
9.56
0.13
0.07
0.20
(0.13)
(0.04)
Year
Ended
10/31/2019
8.70
0.29
0.86
1.15
(0.29)
–
Year
Ended
10/31/2018
9.27
0.29
(0.54)
(0.25)
(0.29)
(0.03)
Year
Ended
10/31/2017
9.26
0.28
0.02
0.30
(0.28)
(0.01)
Year
Ended
10/31/2016
9.01
0.29
0.29
0.58
(0.29)
(0.04)
Year
Ended
10/31/2015
9.29
0.30
(0.24)
0.06
(0.30)
(0.04)
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
9.55
0.15
0.07
0.22
(0.15)
(0.04)
Year
Ended
10/31/2019
8.70
0.32
0.85
1.17
(0.32)
–
Year
Ended
10/31/2018
9.26
0.32
(0.53)
(0.21)
(0.32)
(0.03)
Year
Ended
10/31/2017
9.25
0.31
0.02
0.33
(0.31)
(0.01)
Year
Ended
10/31/2016
9.00
0.32
0.29
0.61
(0.32)
(0.04)
Year
Ended
10/31/2015
9.29
0.34
(0.26)
0.08
(0.33)
(0.04)
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
fund
shares.
(b)
Total
investment
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
*
**
***
All
per
share
amounts
have
been
rounded
to
the
nearest
cent.
Computed
on
an
annualized
basis
for
periods
less
than
one
year.
Management
identified
an
error
in
the
calculation
of
the
10/31/2016
Portfolio
Turnover
Rates.
The
market
value
of
a
short
term
security
was
incorrectly
included
in
the
calculation.
The
impact
of
the
revised
calculation
was
evaluated,
and
Management
concluded
that
the
error
did
not
result
in
a
material
misstatement
of
the
Financial
Statement
or
the
Financial
Highlights.
Management
determined
that
a
revision
of
the
10/31/2016
Portfolio
Turnover
Rate
for
High
Yield
Fund
was
42%
and
Income
Fund
was
104%.
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
206
RATIOS/SUPPLEMENTAL
DATA
Ratio
to
Average
Net
Assets
**
Ratios
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses
**
Total
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/(Loss)
Expenses
Net
Investment
Income/(Loss)
*
**
Portfolio
Turnover
Rate
$
(0.12)
$
4.21
(8.65)%
$
386.5
0.80%
5.13%
0.80%
5.13%
29%
(0.25)
4.73
7.74%
437.9
0.80%
5.30%
0.80%
5.30%
42%
(0.26)
4.63
(0.29)%
437.4
0.80%
5.42%
0.80%
5.42%
38%
(0.25)
4.90
8.42%
477.7
0.80%
5.25%
0.80%
5.25%
48%
(0.25)
4.76
6.05%
471.5
0.81%
5.42%
0.81%
5.42%
43%
***
(0.26)
4.74
(0.77)%
489.2
0.81%
5.39%
0.81%
5.39%
38%
(0.12)
4.21
(8.53)%
360.8
0.53%
5.40%
0.53%
5.40%
29%
(0.26)
4.73
7.79%
342.1
0.54%
5.55%
0.54%
5.55%
42%
(0.27)
4.64
0.14%
283.4
0.57%
5.65%
0.57%
5.65%
38%
(0.26)
4.90
8.68%
259.9
0.57%
5.49%
0.57%
5.49%
48%
(0.27)
4.76
6.34%
232.2
0.55%
5.68%
0.55%
5.68%
43%
***
(0.28)
4.74
(0.66)%
235.9
0.50%
5.69%
0.50%
5.69%
38%
(0.17)
9.59
2.14%
313.5
0.76%
2.72%
0.76%
2.72%
67%
(0.29)
9.56
13.43%
313.7
0.77%
3.19%
0.77%
3.19%
99%
(0.32)
8.70
(2.71)%
298.5
0.76%
3.25%
0.76%
3.25%
109%
(0.29)
9.27
3.34%
342.5
0.77%
3.04%
0.77%
3.04%
100%
(0.33)
9.26
6.62%
359.3
0.77%
3.20%
0.77%
3.20%
107%
***
(0.34)
9.01
0.65%
370.0
0.77%
3.29%
0.77%
3.29%
92%
(0.19)
9.58
2.29%
626.1
0.46%
3.02%
0.46%
3.02%
67%
(0.32)
9.55
13.66%
598.6
0.46%
3.49%
0.46%
3.49%
99%
(0.35)
8.70
(2.30)%
508.3
0.45%
3.57%
0.45%
3.57%
109%
(0.32)
9.26
3.66%
504.7
0.45%
3.35%
0.45%
3.35%
100%
(0.36)
9.25
6.97%
462.9
0.44%
3.53%
0.44%
3.53%
107%
***
(0.37)
9.00
0.90%
429.9
0.41%
3.66%
0.41%
3.66%
92%
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
207
FOR
A
SHARE
OUTSTANDING
THROUGHOUT
EACH
PERIOD
*
Income
from
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
Net
Realized
Gain
on
Investments
INTERNATIONAL
ALLOCATION
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
$
10.16
$
0.06
$
(1.70)
$
(1.64)
$
(0.22)
$
–
Year
Ended
10/31/2019
9.80
0.20
0.65
0.85
(0.17)
(0.32)
Year
Ended
10/31/2018
11.33
0.19
(1.34)
(1.15)
(0.23)
(0.15)
Year
Ended
10/31/2017
9.65
0.20
1.67
1.87
(0.19)
–
Year
Ended
10/31/2016
9.62
0.21
–
0.21
(0.18)
–
Year
Ended
10/31/2015
10.03
0.16
(0.37)
(0.21)
(0.20)
–
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
10.23
0.07
(1.70)
(1.63)
(0.26)
–
Year
Ended
10/31/2019
9.87
0.23
0.67
0.90
(0.22)
(0.32)
Year
Ended
10/31/2018
11.40
0.23
(1.34)
(1.11)
(0.27)
(0.15)
Year
Ended
10/31/2017
9.71
0.23
1.69
1.92
(0.23)
–
Year
Ended
10/31/2016
9.69
0.22
0.02
0.24
(0.22)
–
Year
Ended
10/31/2015
10.11
0.20
(0.38)
(0.18)
(0.24)
–
LARGE
CAP
GROWTH
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
11.45
(0.01)
1.09
1.08
–
(0.63)
Year
Ended
10/31/2019
11.30
(0.02)
1.31
1.29
–
(1.14)
Year
Ended
10/31/2018
10.23
(0.04)
1.38
1.34
–
(0.27)
Year
Ended
10/31/2017
8.23
(0.04)
2.09
2.05
–
(0.05)
Year
Ended
10/31/2016
9.12
(0.03)
(0.36)
(0.39)
–
(0.50)
Year
Ended
10/31/2015
8.31
(0.02)
0.97
0.95
–
(0.14)
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
12.82
–
1.25
1.25
–
(0.63)
Year
Ended
10/31/2019
12.47
0.01
1.48
1.49
–
(1.14)
Year
Ended
10/31/2018
11.23
–
1.51
1.51
–
(0.27)
Year
Ended
10/31/2017
8.99
–
2.29
2.29
–
(0.05)
Year
Ended
10/31/2016
9.89
0.01
(0.41)
(0.40)
–
(0.50)
Year
Ended
10/31/2015
8.96
–
1.07
1.07
–
(0.14)
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
fund
shares.
(b)
Total
investment
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
*
**
***
All
per
share
amounts
have
been
rounded
to
the
nearest
cent.
Computed
on
an
annualized
basis
for
periods
less
than
one
year.
Management
identified
an
error
in
the
calculation
of
the
10/31/2016
Portfolio
Turnover
Rates.
The
market
value
of
a
short
term
security
was
incorrectly
included
in
the
calculation.
The
impact
of
the
revised
calculation
was
evaluated,
and
Management
concluded
that
the
error
did
not
result
in
a
material
misstatement
of
the
Financial
Statement
or
the
Financial
Highlights.
Management
determined
that
a
revision
of
the
10/31/2016
Portfolio
Turnover
Rate
for
International
Allocation
Fund
was
107%
and
Large
Cap
Growth
Fund
was
67%.
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
208
RATIOS/SUPPLEMENTAL
DATA
Ratio
to
Average
Net
Assets
**
Ratios
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses
**
Total
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/(Loss)
Expenses
Net
Investment
Income/(Loss)
*
**
Portfolio
Turnover
Rate
$
(0.22)
$
8.30
(16.55)%
$
114.3
1.20%
1.09%
1.36%
0.93%
45%
(0.49)
10.16
9.36%
144.3
1.27%
2.04%
1.43%
1.89%
106%
(0.38)
9.80
(10.52)%
138.5
1.35%
1.73%
1.47%
1.62%
75%
(0.19)
11.33
19.76%
161.4
1.36%
1.86%
1.56%
1.65%
94%
(0.18)
9.65
2.21%
141.3
1.40%
1.82%
1.58%
1.64%
108%
***
(0.20)
9.62
(2.14)%
167.3
1.40%
1.61%
1.57%
1.44%
68%
(0.26)
8.34
(16.41)%
620.1
0.80%
1.51%
0.80%
1.51%
45%
(0.54)
10.23
9.84%
743.0
0.87%
2.45%
0.87%
2.45%
106%
(0.42)
9.87
(10.13)%
678.3
0.94%
2.14%
0.95%
2.14%
75%
(0.23)
11.40
20.22%
747.4
0.96%
2.26%
1.01%
2.22%
94%
(0.22)
9.71
2.60%
615.9
1.00%
2.24%
1.00%
2.24%
108%
***
(0.24)
9.69
(1.77)%
640.3
0.98%
2.04%
0.99%
2.03%
68%
(0.63)
11.90
9.69%
285.1
1.13%
(0.33)%
1.14%
(0.35)%
27%
(1.14)
11.45
13.09%
259.0
1.14%
(0.26)%
1.17%
(0.29)%
58%
(0.27)
11.30
13.37%
237.8
1.17%
(0.37)%
1.20%
(0.41)%
62%
(0.05)
10.23
25.03%
210.2
1.20%
(0.32)%
1.26%
(0.38)%
65%
(0.50)
8.23
(4.52)%
178.8
1.20%
(0.25)%
1.28%
(0.33)%
68%
***
(0.14)
9.12
11.61%
218.8
1.20%
(0.35)%
1.30%
(0.45)%
64%
(0.63)
13.44
9.99%
935.1
0.78%
0.01%
0.78%
0.01%
27%
(1.14)
12.82
13.49%
839.6
0.79%
0.08%
0.79%
0.08%
58%
(0.27)
12.47
13.70%
765.8
0.81%
(0.02)%
0.81%
(0.02)%
62%
(0.05)
11.23
25.59%
654.1
0.82%
0.05%
0.82%
0.05%
65%
(0.50)
8.99
(4.26)%
510.1
0.82%
0.12%
0.82%
0.12%
68%
***
(0.14)
9.89
12.12%
509.3
0.81%
0.03%
0.81%
0.03%
64%
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
209
FOR
A
SHARE
OUTSTANDING
THROUGHOUT
EACH
PERIOD
*
Income
from
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
Net
Realized
Gain
on
Investments
LARGE
CAP
VALUE
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
$
22.51
$
0.18
$
(3.38)
$
(3.20)
$
(0.36)
$
–
Year
Ended
10/31/2019
22.71
0.36
0.88
1.24
(0.27)
(1.17)
Year
Ended
10/31/2018
22.67
0.30
0.91
1.21
(0.24)
(0.93)
Year
Ended
10/31/2017
19.42
0.29
3.85
4.14
(0.24)
(0.65)
Year
Ended
10/31/2016
19.99
0.30
0.39
0.69
(0.19)
(1.07)
Year
Ended
10/31/2015
20.65
0.22
0.01
0.23
(0.19)
(0.70)
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
22.70
0.22
(3.40)
(3.18)
(0.44)
–
Year
Ended
10/31/2019
22.90
0.43
0.89
1.32
(0.35)
(1.17)
Year
Ended
10/31/2018
22.84
0.37
0.95
1.32
(0.33)
(0.93)
Year
Ended
10/31/2017
19.56
0.36
3.89
4.25
(0.32)
(0.65)
Year
Ended
10/31/2016
20.14
0.32
0.46
0.78
(0.29)
(1.07)
Year
Ended
10/31/2015
20.80
0.30
0.01
0.31
(0.27)
(0.70)
LIMITED
MATURITY
BOND
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
12.53
0.14
(0.20)
(0.06)
(0.14)
–
Year
Ended
10/31/2019
12.30
0.30
0.24
0.54
(0.31)
–
Year
Ended
10/31/2018
12.49
0.27
(0.19)
0.08
(0.27)
–
Year
Ended
10/31/2017
12.48
0.21
0.01
0.22
(0.21)
–
Year
Ended
10/31/2016
12.38
0.20
0.10
0.30
(0.20)
–
Year
Ended
10/31/2015
12.44
0.17
(0.06)
0.11
(0.17)
–
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
12.52
0.15
(0.19)
(0.04)
(0.15)
–
Year
Ended
10/31/2019
12.30
0.33
0.22
0.55
(0.33)
–
Year
Ended
10/31/2018
12.48
0.29
(0.17)
0.12
(0.30)
–
Year
Ended
10/31/2017
12.48
0.23
0.01
0.24
(0.24)
–
Year
Ended
10/31/2016
12.37
0.22
0.11
0.33
(0.22)
–
Year
Ended
10/31/2015
12.44
0.20
(0.07)
0.13
(0.20)
–
LOW
VOLATILITY
EQUITY
FUND
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
12.20
0.09
(1.05)
(0.96)
(0.14)
(0.09)
Year
Ended
10/31/2019
10.85
0.14
1.52
1.66
(0.13)
(0.18)
Year
Ended
10/31/2018
10.87
0.10
0.11
0.21
(0.13)
(0.10)
Year
Ended
10/31/2017
(c)
10.00
0.09
0.78
0.87
–
–
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
fund
shares.
(b)
Total
investment
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
(c)
*
**
***
Since
fund
inception,
February
28,
2017.
All
per
share
amounts
have
been
rounded
to
the
nearest
cent.
Computed
on
an
annualized
basis
for
periods
less
than
one
year.
Management
identified
an
error
in
the
calculation
of
the
10/31/2016
Portfolio
Turnover
Rates.
The
market
value
of
a
short
term
security
was
incorrectly
included
in
the
calculation.
The
impact
of
the
revised
calculation
was
evaluated,
and
Management
concluded
that
the
error
did
not
result
in
a
material
misstatement
of
the
Financial
Statement
or
the
Financial
Highlights.
Management
determined
that
a
revision
of
the
10/31/2016
Portfolio
Turnover
Rate
for
Limited
Maturity
Bond
Fund
was
81%.
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
210
RATIOS/SUPPLEMENTAL
DATA
Ratio
to
Average
Net
Assets
**
Ratios
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses
**
Total
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/(Loss)
Expenses
Net
Investment
Income/(Loss)
*
**
Portfolio
Turnover
Rate
$
(0.36)
$
18.95
(14.53)%
$
188.3
0.90%
1.66%
0.90%
1.66%
14%
(1.44)
22.51
6.22%
225.1
0.90%
1.67%
0.90%
1.67%
19%
(1.17)
22.71
5.42%
227.1
0.89%
1.28%
0.89%
1.28%
18%
(0.89)
22.67
21.77%
228.0
0.91%
1.31%
0.91%
1.31%
17%
(1.26)
19.42
3.86%
198.6
0.93%
1.34%
0.93%
1.34%
22%
(0.89)
19.99
1.14%
231.1
0.94%
1.08%
0.94%
1.08%
31%
(0.44)
19.08
(14.38)%
807.6
0.54%
2.02%
0.54%
2.02%
14%
(1.52)
22.70
6.61%
927.3
0.54%
2.03%
0.54%
2.03%
19%
(1.26)
22.90
5.85%
836.5
0.53%
1.64%
0.53%
1.64%
18%
(0.97)
22.84
22.21%
757.3
0.53%
1.69%
0.53%
1.69%
17%
(1.36)
19.56
4.29%
618.7
0.53%
1.73%
0.53%
1.73%
22%
(0.97)
20.14
1.55%
580.9
0.52%
1.50%
0.52%
1.50%
31%
(0.14)
12.33
(0.49)%
290.4
0.61%
2.24%
0.61%
2.24%
66%
(0.31)
12.53
4.40%
292.0
0.61%
2.45%
0.61%
2.45%
109%
(0.27)
12.30
0.67%
298.0
0.61%
2.17%
0.61%
2.17%
82%
(0.21)
12.49
1.79%
336.0
0.61%
1.69%
0.61%
1.69%
79%
(0.20)
12.48
2.42%
351.2
0.62%
1.58%
0.62%
1.58%
83%
***
(0.17)
12.38
0.89%
374.4
0.62%
1.37%
0.62%
1.37%
89%
(0.15)
12.33
(0.32)%
806.6
0.44%
2.41%
0.44%
2.41%
66%
(0.33)
12.52
4.51%
729.2
0.43%
2.63%
0.43%
2.63%
109%
(0.30)
12.30
0.94%
627.7
0.42%
2.38%
0.42%
2.38%
82%
(0.24)
12.48
1.91%
550.1
0.42%
1.89%
0.42%
1.89%
79%
(0.22)
12.48
2.72%
441.0
0.41%
1.80%
0.41%
1.80%
83%
***
(0.20)
12.37
1.05%
356.4
0.38%
1.62%
0.38%
1.62%
89%
(0.23)
11.01
(8.09)%
27.2
1.02%
1.92%
1.51%
1.43%
21%
(0.31)
12.20
15.75%
19.3
1.20%
1.59%
1.96%
0.83%
58%
(0.23)
10.85
1.92%
10.7
1.20%
1.27%
2.64%
(0.17)%
58%
–
10.87
8.70%
5.8
1.20%
1.31%
4.22%
(1.71)%
77%
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
211
FOR
A
SHARE
OUTSTANDING
THROUGHOUT
EACH
PERIOD
*
Income
from
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
Net
Realized
Gain
on
Investments
MID
CAP
GROWTH
FUND
Class
S
Shares
Year
Ended
4/30/2020
(unaudited)
(c)
$
10.00
$
(0.01)
$
0.10
$
0.09
$
–
$
–
MID
CAP
STOCK
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
23.68
0.02
(3.13)
(3.11)
(0.04)
(0.67)
Year
Ended
10/31/2019
24.87
0.06
1.36
1.42
(0.04)
(2.57)
Year
Ended
10/31/2018
26.05
0.05
1.00
1.05
–
(2.23)
Year
Ended
10/31/2017
21.63
(0.02)
5.45
5.43
(0.02)
(0.99)
Year
Ended
10/31/2016
21.61
0.02
2.44
2.46
(0.03)
(2.41)
Year
Ended
10/31/2015
23.55
(0.07)
0.82
0.75
(0.05)
(2.64)
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
27.10
0.05
(3.60)
(3.55)
(0.10)
(0.67)
Year
Ended
10/31/2019
28.06
0.01
1.71
1.72
(0.11)
(2.57)
Year
Ended
10/31/2018
29.04
0.02
1.23
1.25
–
(2.23)
Year
Ended
10/31/2017
24.00
(0.03)
6.15
6.12
(0.10)
(0.98)
Year
Ended
10/31/2016
23.69
0.02
2.79
2.81
(0.09)
(2.41)
Year
Ended
10/31/2015
25.54
0.47
0.45
0.92
(0.13)
(2.64)
MID
CAP
VALUE
FUND
Class
S
Shares
Year
Ended
4/30/2020
(unaudited)
(c)
10.00
0.01
(0.76)
(0.75)
–
–
MODERATE
ALLOCATION
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
14.15
0.13
(0.51)
(0.38)
(0.13)
(0.52)
Year
Ended
10/31/2019
13.37
0.21
1.12
1.33
(0.24)
(0.31)
Year
Ended
10/31/2018
13.89
0.20
(0.12)
0.08
(0.22)
(0.38)
Year
Ended
10/31/2017
12.52
0.17
1.45
1.62
(0.17)
(0.08)
Year
Ended
10/31/2016
12.90
0.16
0.20
0.36
(0.15)
(0.59)
Year
Ended
10/31/2015
13.26
0.16
0.08
0.24
(0.18)
(0.42)
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
14.19
0.14
(0.51)
(0.37)
(0.14)
(0.52)
Year
Ended
10/31/2019
13.41
0.25
1.11
1.36
(0.27)
(0.31)
Year
Ended
10/31/2018
13.93
0.24
(0.13)
0.11
(0.25)
(0.38)
Year
Ended
10/31/2017
12.55
0.20
1.46
1.66
(0.20)
(0.08)
Year
Ended
10/31/2016
12.94
0.19
0.20
0.39
(0.19)
(0.59)
Year
Ended
10/31/2015
13.29
0.21
0.08
0.29
(0.22)
(0.42)
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
fund
shares.
(b)
Total
investment
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
(c)
*
**
***
Since
fund
inception,
February
28,
2020.
All
per
share
amounts
have
been
rounded
to
the
nearest
cent.
Computed
on
an
annualized
basis
for
periods
less
than
one
year.
Management
identified
an
error
in
the
calculation
of
the
10/31/2016
Portfolio
Turnover
Rates.
The
market
value
of
a
short
term
security
was
incorrectly
included
in
the
calculation.
The
impact
of
the
revised
calculation
was
evaluated
and
Management
concluded
that
the
error
did
not
result
in
a
material
misstatement
of
the
Financial
Statements
or
the
Financial
Highlights.
Management
determined
that
a
revision
of
the
10/31/2016
Portfolio
Turnover
Rates
was
appropriate
and
the
revisions
are
reflected
in
the
Financial
Highlights.
The
previously
stated
10/31/2016
Portfolio
Turnover
Rate
for
Mid
Cap
Stock
Fund
was
21%
and
Moderate
Allocation
Fund
was
138%.
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
212
RATIOS/SUPPLEMENTAL
DATA
Ratio
to
Average
Net
Assets
**
Ratios
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses
**
Total
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/(Loss)
Expenses
Net
Investment
Income/(Loss)
*
**
Portfolio
Turnover
Rate
$
–
$
10.09
0.90%
$
5.1
0.96%
(0.39)%
4.07%
(3.50)%
26%
(0.71)
19.86
(13.66)%
980.5
1.04%
0.18%
1.04%
0.18%
22%
(2.61)
23.68
6.89%
1,174.7
1.04%
0.22%
1.04%
0.22%
28%
(2.23)
24.87
4.07%
1,171.8
1.04%
0.17%
1.04%
0.17%
34%
(1.01)
26.05
25.63%
1,188.0
1.06%
(0.07)%
1.06%
(0.07)%
29%
(2.44)
21.63
12.93%
1,005.1
1.09%
0.09%
1.09%
0.09%
22%
***
(2.69)
21.61
3.60%
963.3
1.09%
0.10%
1.11%
0.09%
56%
(0.77)
22.78
(13.59)%
942.0
0.77%
0.45%
0.77%
0.45%
22%
(2.68)
27.10
7.25%
1,081.0
0.77%
0.50%
0.77%
0.50%
28%
(2.23)
28.06
4.36%
744.0
0.74%
0.61%
0.74%
0.61%
34%
(1.08)
29.04
26.04%
516.3
0.72%
0.26%
0.72%
0.26%
29%
(2.50)
24.00
13.36%
337.7
0.72%
0.47%
0.72%
0.47%
22%
***
(2.77)
23.69
4.05%
286.6
0.69%
0.51%
0.70%
0.50%
56%
–
9.25
(7.50)%
4.6
0.96%
0.46%
4.25%
(2.82)%
27%
(0.65)
13.12
(2.93)%
1,779.3
0.81%
1.89%
1.00%
1.70%
63%
(0.55)
14.15
10.34%
1,884.8
0.80%
1.59%
1.00%
1.39%
145%
(0.60)
13.37
0.50%
1,778.0
0.79%
1.46%
1.00%
1.25%
133%
(0.25)
13.89
13.08%
1,839.5
0.80%
1.31%
1.02%
1.09%
158%
(0.74)
12.52
3.06%
1,682.9
0.81%
1.31%
1.02%
1.10%
147%
***
(0.60)
12.90
1.93%
1,706.5
0.76%
1.25%
0.81%
1.21%
107%
(0.66)
13.16
(2.80)%
849.1
0.58%
2.05%
0.76%
1.87%
63%
(0.58)
14.19
10.57%
712.2
0.57%
1.78%
0.77%
1.59%
145%
(0.63)
13.41
0.77%
535.5
0.53%
1.69%
0.74%
1.47%
133%
(0.28)
13.93
13.44%
369.4
0.53%
1.51%
0.75%
1.30%
158%
(0.78)
12.55
3.31%
179.0
0.49%
1.56%
0.71%
1.35%
147%
***
(0.64)
12.94
2.36%
108.3
0.41%
1.60%
0.46%
1.55%
107%
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
213
FOR
A
SHARE
OUTSTANDING
THROUGHOUT
EACH
PERIOD
*
Income
from
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
Net
Realized
Gain
on
Investments
MODERATELY
AGGRESSIVE
ALLOCATION
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
$
15.24
$
0.13
$
(0.86)
$
(0.73)
$
(0.18)
$
(0.76)
Year
Ended
10/31/2019
14.62
0.17
1.23
1.40
(0.19)
(0.59)
Year
Ended
10/31/2018
15.19
0.15
0.06
0.21
(0.16)
(0.62)
Year
Ended
10/31/2017
13.11
0.13
2.22
2.35
(0.13)
(0.14)
Year
Ended
10/31/2016
13.73
0.13
0.15
0.28
(0.09)
(0.81)
Year
Ended
10/31/2015
14.17
0.11
0.20
0.31
(0.15)
(0.60)
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
15.38
0.14
(0.86)
(0.72)
(0.21)
(0.76)
Year
Ended
10/31/2019
14.75
0.20
1.25
1.45
(0.23)
(0.59)
Year
Ended
10/31/2018
15.32
0.18
0.07
0.25
(0.20)
(0.62)
Year
Ended
10/31/2017
13.23
0.15
2.25
2.40
(0.17)
(0.14)
Year
Ended
10/31/2016
13.86
0.14
0.18
0.32
(0.14)
(0.81)
Year
Ended
10/31/2015
14.29
0.16
0.21
0.37
(0.20)
(0.60)
MODERATELY
CONSERVATIVE
ALLOCATION
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
12.70
0.13
(0.27)
(0.14)
(0.12)
(0.41)
Year
Ended
10/31/2019
11.98
0.24
0.93
1.17
(0.26)
(0.19)
Year
Ended
10/31/2018
12.48
0.24
(0.29)
(0.05)
(0.24)
(0.21)
Year
Ended
10/31/2017
11.78
0.21
0.80
1.01
(0.21)
(0.10)
Year
Ended
10/31/2016
11.88
0.20
0.21
0.41
(0.18)
(0.33)
Year
Ended
10/31/2015
12.19
0.18
(0.03)
0.15
(0.20)
(0.26)
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
12.74
0.14
(0.26)
(0.12)
(0.14)
(0.41)
Year
Ended
10/31/2019
12.02
0.27
0.93
1.20
(0.29)
(0.19)
Year
Ended
10/31/2018
12.52
0.27
(0.29)
(0.02)
(0.27)
(0.21)
Year
Ended
10/31/2017
11.82
0.23
0.81
1.04
(0.24)
(0.10)
Year
Ended
10/31/2016
11.91
0.22
0.24
0.46
(0.22)
(0.33)
Year
Ended
10/31/2015
12.22
0.23
(0.04)
0.19
(0.24)
(0.26)
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
fund
shares.
(b)
Total
investment
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
*
**
***
All
per
share
amounts
have
been
rounded
to
the
nearest
cent.
Computed
on
an
annualized
basis
for
periods
less
than
one
year.
Management
identified
an
error
in
the
calculation
of
the
10/31/2016
Portfolio
Turnover
Rates.
The
market
value
of
a
short
term
security
was
incorrectly
included
in
the
calculation.
The
impact
of
the
revised
calculation
was
evaluated,
and
Management
concluded
that
the
error
did
not
result
in
a
material
misstatement
of
the
Financial
Statement
or
the
Financial
Highlights.
Management
determined
that
a
revision
of
the
10/31/2016
Portfolio
Turnover
Rate
for
Moderately
Aggressive
Allocation
Fund
was
90%
and
Moderately
Conservative
Allocation
Funds
was
181%.
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
214
RATIOS/SUPPLEMENTAL
DATA
Ratio
to
Average
Net
Assets
**
Ratios
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses
**
Total
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/(Loss)
Expenses
Net
Investment
Income/(Loss)
*
**
Portfolio
Turnover
Rate
$
(0.94)
$
13.57
(5.32)%
$
2,082.3
0.84%
1.82%
1.06%
1.59%
43%
(0.78)
15.24
10.36%
2,251.4
0.83%
1.21%
1.06%
0.98%
98%
(0.78)
14.62
1.37%
2,123.3
0.80%
0.99%
1.06%
0.73%
86%
(0.27)
15.19
18.21%
2,086.9
0.81%
0.91%
1.08%
0.64%
103%
(0.90)
13.11
2.36%
1,809.6
0.82%
1.01%
1.10%
0.73%
94%
***
(0.75)
13.73
2.34%
1,814.6
0.81%
0.81%
0.85%
0.76%
66%
(0.97)
13.69
(5.21)%
814.4
0.64%
1.99%
0.86%
1.77%
43%
(0.82)
15.38
10.62%
782.5
0.62%
1.36%
0.86%
1.12%
98%
(0.82)
14.75
1.61%
580.8
0.57%
1.17%
0.83%
0.91%
86%
(0.31)
15.32
18.48%
389.9
0.55%
1.07%
0.83%
0.79%
103%
(0.95)
13.23
2.66%
191.0
0.49%
1.28%
0.77%
1.00%
94%
***
(0.80)
13.86
2.75%
125.5
0.42%
1.19%
0.47%
1.14%
66%
(0.53)
12.03
(1.17)%
679.4
0.83%
2.08%
0.98%
1.93%
80%
(0.45)
12.70
10.09%
701.9
0.82%
1.98%
0.98%
1.83%
182%
(0.45)
11.98
(0.45)%
672.7
0.82%
1.93%
0.98%
1.77%
175%
(0.31)
12.48
8.70%
719.7
0.83%
1.70%
0.99%
1.54%
208%
(0.51)
11.78
3.65%
703.3
0.84%
1.69%
0.99%
1.54%
196%
***
(0.46)
11.88
1.32%
716.6
0.80%
1.54%
0.83%
1.52%
187%
(0.55)
12.07
(1.04)%
286.2
0.59%
2.31%
0.74%
2.16%
80%
(0.48)
12.74
10.33%
267.1
0.58%
2.18%
0.73%
2.03%
182%
(0.48)
12.02
(0.18)%
195.9
0.55%
2.18%
0.71%
2.02%
175%
(0.34)
12.52
8.97%
141.9
0.56%
1.93%
0.72%
1.77%
208%
(0.55)
11.82
4.05%
69.4
0.53%
1.95%
0.69%
1.80%
196%
***
(0.50)
11.91
1.66%
37.5
0.46%
1.87%
0.49%
1.84%
187%
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
215
FOR
A
SHARE
OUTSTANDING
THROUGHOUT
EACH
PERIOD
*
Income
from
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
Net
Realized
Gain
on
Investments
MONEY
MARKET
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
$
1.00
$
0.01
$
–
$
0.01
$
(0.01)
$
–
Year
Ended
10/31/2019
1.00
0.02
–
0.02
(0.02)
–
Year
Ended
10/31/2018
1.00
0.01
–
0.01
(0.01)
–
Year
Ended
10/31/2017
1.00
–
–
–
–
–
Year
Ended
10/31/2016
1.00
–
–
–
–
–
Year
Ended
10/31/2015
1.00
–
–
–
–
–
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
1.00
0.01
–
0.01
(0.01)
–
Year
Ended
10/31/2019
1.00
0.02
–
0.02
(0.02)
–
Year
Ended
10/31/2018
1.00
0.01
–
0.01
(0.01)
–
Year
Ended
10/31/2017
1.00
–
–
–
–
–
Year
Ended
10/31/2016
1.00
–
–
–
–
–
Year
Ended
10/31/2015
1.00
–
–
–
–
–
MUNICIPAL
BOND
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
11.47
0.15
(0.46)
(0.31)
(0.17)
–
Year
Ended
10/31/2019
10.89
0.33
0.61
0.94
(0.36)
–
Year
Ended
10/31/2018
11.39
0.38
(0.50)
(0.12)
(0.38)
–
Year
Ended
10/31/2017
11.65
0.39
(0.26)
0.13
(0.39)
–
Year
Ended
10/31/2016
11.60
0.39
0.05
0.44
(0.39)
–
Year
Ended
10/31/2015
11.68
0.40
(0.08)
0.32
(0.40)
–
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
11.47
0.17
(0.47)
(0.30)
(0.18)
–
Year
Ended
10/31/2019
10.89
0.37
0.59
0.96
(0.38)
–
Year
Ended
10/31/2018
11.39
0.41
(0.50)
(0.09)
(0.41)
–
Year
Ended
10/31/2017
11.65
0.41
(0.26)
0.15
(0.41)
–
Year
Ended
10/31/2016
11.60
0.41
0.06
0.47
(0.42)
–
Year
Ended
10/31/2015
11.68
0.43
(0.08)
0.35
(0.43)
–
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
fund
shares.
(b)
Total
investment
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
*
**
All
per
share
amounts
have
been
rounded
to
the
nearest
cent.
Computed
on
an
annualized
basis
for
periods
less
than
one
year.
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
216
RATIOS/SUPPLEMENTAL
DATA
Ratio
to
Average
Net
Assets
**
Ratios
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses
**
Total
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/(Loss)
Expenses
Net
Investment
Income/(Loss)
*
**
Portfolio
Turnover
Rate
$
(0.01)
$
1.00
0.51%
$
393.3
0.48%
1.02%
0.63%
0.87%
N/A
(0.02)
1.00
1.87%
359.4
0.50%
1.85%
0.64%
1.71%
N/A
(0.01)
1.00
1.13%
322.9
0.61%
1.12%
0.69%
1.04%
N/A
–
1.00
0.03%
325.1
0.80%
0.03%
0.80%
0.03%
N/A
–
1.00
0.00%
381.3
0.41%
0.00%
0.85%
(0.43)%
N/A
–
1.00
0.00%
409.5
0.20%
0.00%
0.95%
(0.75)%
N/A
(0.01)
1.00
0.55%
376.8
0.40%
1.09%
0.50%
0.99%
N/A
(0.02)
1.00
1.97%
298.1
0.40%
1.94%
0.50%
1.84%
N/A
(0.01)
1.00
1.29%
171.9
0.44%
1.36%
0.53%
1.28%
N/A
–
1.00
0.31%
78.1
0.53%
0.32%
0.53%
0.32%
N/A
–
1.00
0.00%
56.6
0.44%
0.00%
0.53%
(0.09)%
N/A
–
1.00
0.00%
10.4
0.20%
0.00%
0.61%
(0.41)%
N/A
(0.17)
10.99
(2.76)%
1,178.8
0.74%
2.75%
0.74%
2.75%
16%
(0.36)
11.47
8.76%
1,253.7
0.75%
2.99%
0.75%
2.99%
31%
(0.38)
10.89
(1.08)%
1,238.9
0.74%
3.42%
0.74%
3.42%
35%
(0.39)
11.39
1.15%
1,382.3
0.74%
3.41%
0.74%
3.41%
18%
(0.39)
11.65
3.79%
1,471.0
0.74%
3.29%
0.74%
3.29%
10%
(0.40)
11.60
2.75%
1,463.5
0.74%
3.42%
0.74%
3.42%
8%
(0.18)
10.99
(2.66)%
292.7
0.54%
2.94%
0.54%
2.94%
16%
(0.38)
11.47
8.98%
285.4
0.54%
3.14%
0.54%
3.14%
31%
(0.41)
10.89
(0.85)%
232.2
0.51%
3.66%
0.51%
3.66%
35%
(0.41)
11.39
1.39%
213.9
0.50%
3.64%
0.50%
3.64%
18%
(0.42)
11.65
4.04%
193.0
0.49%
3.53%
0.49%
3.53%
10%
(0.43)
11.60
3.01%
108.5
0.48%
3.68%
0.48%
3.68%
8%
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
217
FOR
A
SHARE
OUTSTANDING
THROUGHOUT
EACH
PERIOD
*
Income
from
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
Net
Realized
Gain
on
Investments
OPPORTUNITY
INCOME
PLUS
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
$
10.11
$
0.17
$
(0.60)
$
(0.43)
$
(0.17)
$
–
Year
Ended
10/31/2019
9.96
0.39
0.15
0.54
(0.39)
–
Year
Ended
10/31/2018
10.31
0.37
(0.34)
0.03
(0.38)
–
Year
Ended
10/31/2017
10.23
0.34
0.08
0.42
(0.34)
–
Year
Ended
10/31/2016
10.05
0.36
0.19
0.55
(0.37)
–
Year
Ended
10/31/2015
10.38
0.38
(0.33)
0.05
(0.38)
–
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
10.11
0.18
(0.60)
(0.42)
(0.18)
–
Year
Ended
10/31/2019
9.96
0.42
0.15
0.57
(0.42)
–
Year
Ended
10/31/2018
10.31
0.40
(0.34)
0.06
(0.41)
–
Year
Ended
10/31/2017
10.23
0.36
0.08
0.44
(0.36)
–
Year
Ended
10/31/2016
10.05
0.39
0.18
0.57
(0.39)
–
Year
Ended
10/31/2015
10.38
0.40
(0.33)
0.07
(0.40)
–
SMALL
CAP
GROWTH
FUND
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
10.87
(0.01)
0.15
0.14
–
(0.06)
Year
Ended
10/31/2019
10.57
(0.05)
0.55
0.50
–
(0.20)
Year
Ended
10/31/2018
(c)
10.00
(0.06)
0.63
0.57
–
–
SMALL
CAP
STOCK
FUND
Class
A
Shares
Period
Ended
4/30/2020
(unaudited)
19.58
0.05
(2.67)
(2.62)
(0.06)
(1.98)
Year
Ended
10/31/2019
21.82
0.04
0.78
0.82
–
(3.06)
Year
Ended
10/31/2018
22.60
–
0.96
0.96
–
(1.74)
Year
Ended
10/31/2017
17.53
(0.02)
5.98
5.96
(0.03)
(0.86)
Year
Ended
10/31/2016
18.15
0.04
0.88
0.92
–
(1.54)
Year
Ended
10/31/2015
20.12
0.08
0.14
0.22
–
(2.19)
Class
S
Shares
Period
Ended
4/30/2020
(unaudited)
(d)
24.44
0.04
(3.36)
(3.32)
(0.11)
(1.98)
Year
Ended
10/31/2019
(d)
26.35
0.10
1.05
1.15
–
(3.06)
Year
Ended
10/31/2018
(d)
26.87
0.07
1.15
1.22
–
(1.74)
Year
Ended
10/31/2017
20.68
(0.01)
7.16
7.15
(0.10)
(0.86)
Year
Ended
10/31/2016
21.10
0.01
1.15
1.16
(0.04)
(1.54)
Year
Ended
10/31/2015
22.92
0.01
0.36
0.37
–
(2.19)
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
fund
shares.
(b)
Total
investment
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
(c)
(d)
*
**
***
Since
fund
inception,
February
28,
2018.
Per
share
amounts
have
been
calculated
using
the
average
shares
outstanding
method.
All
per
share
amounts
have
been
rounded
to
the
nearest
cent.
Computed
on
an
annualized
basis
for
periods
less
than
one
year.
Management
identified
an
error
in
the
calculation
of
the
10/31/2016
Portfolio
Turnover
Rates.
The
market
value
of
a
short
term
security
was
incorrectly
included
in
the
calculation.
The
impact
of
the
revised
calculation
was
evaluated,
and
Management
concluded
that
the
error
did
not
result
in
a
material
misstatement
of
the
Financial
Statement
or
the
Financial
Highlights.
Management
determined
that
a
revision
of
the
10/31/2016
Portfolio
Turnover
Rate
for
Opportunity
Income
Plus
Fund
was
147%.
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
218
RATIOS/SUPPLEMENTAL
DATA
Ratio
to
Average
Net
Assets
**
Ratios
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses
**
Total
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/(Loss)
Expenses
Net
Investment
Income/(Loss)
*
**
Portfolio
Turnover
Rate
$
(0.17)
$
9.51
(4.31)%
$
230.3
0.88%
3.40%
0.88%
3.40%
98%
(0.39)
10.11
5.57%
246.7
0.89%
3.90%
0.89%
3.90%
186%
(0.38)
9.96
0.31%
244.6
0.89%
3.67%
0.89%
3.67%
190%
(0.34)
10.31
4.16%
264.8
0.90%
3.29%
0.91%
3.28%
186%
(0.37)
10.23
5.60%
258.4
0.89%
3.65%
0.92%
3.62%
156%
***
(0.38)
10.05
0.47%
265.3
0.85%
3.70%
0.94%
3.61%
165%
(0.18)
9.51
(4.18)%
492.9
0.61%
3.68%
0.61%
3.68%
98%
(0.42)
10.11
5.85%
408.8
0.62%
4.16%
0.62%
4.16%
186%
(0.41)
9.96
0.55%
312.6
0.65%
3.94%
0.65%
3.94%
190%
(0.36)
10.31
4.40%
260.2
0.66%
3.53%
0.66%
3.53%
186%
(0.39)
10.23
5.84%
178.2
0.66%
3.88%
0.66%
3.88%
156%
***
(0.40)
10.05
0.69%
142.0
0.63%
3.92%
0.63%
3.92%
165%
(0.06)
10.95
1.24%
10.8
1.07%
(0.50)%
2.92%
(2.35)%
24%
(0.20)
10.87
5.03%
8.4
1.22%
(0.60)%
3.76%
(3.14)%
48%
–
10.57
5.70%
5.2
1.24%
(0.77)%
3.91%
(3.43)%
32%
(2.04)
14.92
(15.42)%
341.7
1.14%
0.39%
1.14%
0.39%
35%
(3.06)
19.58
5.53%
415.5
1.14%
0.13%
1.14%
0.13%
57%
(1.74)
21.82
4.48%
421.8
1.13%
(0.02)%
1.13%
(0.02)%
63%
(0.89)
22.60
34.84%
424.0
1.16%
(0.07)%
1.16%
(0.07)%
47%
(1.54)
17.53
5.72%
331.4
1.21%
0.23%
1.21%
0.23%
58%
(2.19)
18.15
1.32%
342.6
1.23%
(0.01)%
1.23%
(0.01)%
70%
(2.09)
19.03
(15.24)%
220.0
0.83%
0.71%
0.83%
0.71%
35%
(3.06)
24.44
5.87%
259.8
0.83%
0.43%
0.83%
0.43%
57%
(1.74)
26.35
4.75%
243.0
0.85%
0.25%
0.85%
0.25%
63%
(0.96)
26.87
35.34%
171.0
0.80%
0.30%
0.80%
0.30%
47%
(1.58)
20.68
6.12%
115.1
0.80%
0.64%
0.80%
0.64%
58%
(2.19)
21.10
1.86%
100.4
0.75%
0.47%
0.75%
0.47%
70%
219
Additional
Information
(unaudited)
Proxy
Voting
The
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
are
attached
to
the
Trust’s
Statement
of
Additional
Information.
You
may
request
a
free
copy
of
the
Statement
of
Additional
Information
by
calling
800-847-4836.
You
also
may
review
the
Statement
of
Additional
Information
or
the
report
of
how
the
Trust
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
29
by
clicking
on
the
tab
for
each
Fund
and
navigating
to
“Related
Documents”
under
Fund
Details
–
Holdings
at
ThriventFunds.com
or
SEC.gov
where
it
is
filed
on
Form
N-PX.
Quarterly
Schedule
of
Investments
Through
April
2019,
the
Trust
filed
its
Schedule
of
Investments
on
Form
N-Q
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year.
Beginning
in
April
2019,
the
Trust
no
longer
files
Form
N-Q
and
has
begun
filing
Form
N-PORT
with
the
SEC.
Part
F
of
each
Fund’s
N-PORT
filing
for
the
first
and
third
fiscal
quarters
will
include
the
complete
schedule
of
investments
which
were
previously
filed
on
Form
N-Q.
Thrivent
Money
Market
Fund
is
not
included
as
part
of
Form
N-PORT.
The
Trust’s
most
recent
Schedule
of
Investments
can
be
found
at
ThriventFunds.com
or
SEC.gov.
You
also
may
review
and
copy
the
Forms
N-PORT-EX
and
N-Q
for
the
Trust
at
the
SEC’s
Public
Reference
Room
in
Washington,
DC.
You
may
get
information
about
the
operation
of
the
Public
Reference
Room
by
calling
800-SEC-0330.
Summary
Schedule
of
Investments
The
summary
schedule
of
investments
is
designed
to
streamline
the
report
and
help
investors
better
focus
on
a
fund’s
principal
holdings.
A
complete
listing
of
holdings
for
a
fund
in
which
the
summary
is
included
in
the
shareholder
report
is
available
free
of
charge
by
calling
1-800-847-4836.
It
is
also
available
at
ThriventFunds.com
or
SEC.gov
where
it
is
part
of
form
N-CSR.
Liquidity
Risk
Management
Program
Pursuant
to
Rule
22e-4
under
the
1940
Act,
the
Funds
other
than
Thrivent
Money
Market
Fund
have
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Liquidity
Program”)
designed
to
assess
and
manage
each
Fund’s
liquidity
risk
(defined
by
the
U.S.
Securities
and
Exchange
Commission
as
the
risk
that
a
Fund
could
not
meet
shareholder
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund).
The
Board,
including
a
majority
of
the
independent
Trustees,
designated
Thrivent
Asset
Management,
LLC
(“TAM”),
the
Funds’
investment
adviser,
as
the
liquidity
risk
management
program
administrator
(the
“Program
Administrator”).
The
Program
Administrator
has
delegated
oversight
of
the
Liquidity
Program
to
the
Liquidity
Risk
Management
Committee
(the
“LRM
Committee”).
The
LRM
Committee
is
comprised
of
representatives
of
TAM.
The
Liquidity
Program
is
comprised
of
various
components
designed
to
support
the
assessment
and/or
management
of
liquidity
risk,
including:
(1)
the
periodic
assessment
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk
based
on
a
variety
of
factors;
(2)
the
periodic
classification
(no
less
frequently
than
monthly)
of
a
Fund’s
investments
into
one
of
four
liquidity
categories
based
on
the
number
of
days
in
which
the
Fund
reasonably
expects
the
investment
to
be
convertible
to
cash
(or
sold
or
disposed
of,
in
the
case
of
less
liquid
or
illiquid
investments)
under
current
market
conditions
without
significantly
changing
the
market
value
of
the
investment
and
taking
into
account
the
affect
of
trading
varying
portions
of
the
investment
in
sizes
that
the
Fund
would
reasonably
anticipate
trading;
(3)
a
15%
limit
on
the
acquisition
of
“illiquid
investments”
(as
defined
under
Rule
22e-4);
(4)
for
any
Fund
that
does
not
invest
primarily
in
“highly
liquid
investments”
(as
defined
under
Rule
22e-4),
the
determination
of
a
minimum
percentage
of
the
Fund’s
assets
that
will
generally
be
invested
in
highly
liquid
investments;
and
(5)
periodic
reporting
to
the
Board.
Among
other
things,
Rule
22e-4
requires
that
a
written
report
(the
“Report”)
be
provided
to
the
Board
on
an
annual
basis
that
addresses
the
operation
of
the
Liquidity
Program
and
assesses
the
adequacy
and
effectiveness
of
its
implementation,
including
the
operation
of
any
Highly
Liquidity
Investment
Minimum
(“HLIM”)
established
for
a
Fund
and
any
material
changes
to
the
Liquidity
Program.
At
a
meeting
of
the
Board
on
March
3-4,
2020,
the
LRM
Committee,
on
behalf
of
the
Program
Administrator,
provided
the
Report
to
the
Board
for
the
initial
period
from
December
1,
2018
through
December
31,
2019
(the
“Reporting
Period”).
The
Report
summarized
the
operation
of
the
Liquidity
Program
and
the
information
and
factors
considered
by
the
220
Additional
Information
(unaudited)
LRM
Committee
in
assessing
whether
the
Liquidity
Program
has
been
adequately
and
effectively
implemented
for
each
Fund.
The
Report
discussed,
among
other
things:
(1)
the
framework
used
to
assess,
manage,
and
periodically
review
each
Fund’s
liquidity
risk
and
the
results
of
the
annual
assessment;
(2)
the
methodologies
used
to
classify
investments
into
one
of
four
liquidity
categories,
including
a
review
of
LRM
Committee-approved
overrides
of
vendor
classifications;
(3)
whether
any
Fund
invested
more
than
15%
of
its
assets
in
“illiquid
investments”
(as
defined
under
Rule
22e-4);
and
(4)
the
LRM
Committee’s
oversight
of
vendors
used
by
the
Liquidity
Program,
including
assessment
of
the
vendors’
classification
methodologies
used
in
determining
preliminary
liquidity
classifications.
The
Report
noted
two
material
changes
to
the
Liquidity
Program
during
the
Reporting
Period:
(1)
to
incorporate
SEC
staff
guidance
regarding
extended
foreign
market
holiday
closures,
and
(2)
to
reflect
the
addition
of
a
vendor
for
bank
loan
classification.
The
Report
also
noted
that
no
Fund
was
required
to
determine
a
minimum
percentage
of
its
net
assets
that
must
be
invested
in
highly
liquid
investments
(an
“HLIM”
under
the
Liquidity
Program).
The
Report
concluded
that
the
Liquidity
Program
operated
effectively
during
the
Reporting
Period
and
that
the
LRM
Committee
had
no
recommended
material
changes
based
on
its
annual
assessment
of
the
Liquidity
Program.
There
can
be
no
assurance
that
the
Liquidity
Program
will
achieve
its
objectives
under
all
circumstances
in
the
future.
Please
refer
to
the
Funds’
prospectus
for
more
information
regarding
each
Fund’s
exposure
to
liquidity
risk
and
other
risks
to
which
it
may
be
subject.
Board
Approval
of
Advisory
Agreement
and
Subadvisory
Agreements
and
Amended
Advisory
Agreement
regarding
New
Funds
Section
15(c)
of
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
requires
that
a
fund’s
investment
advisory
and
subadvisory
agreements
be
approved
initially
by
the
fund’s
board
of
trustees.
Section
15(c)
also
requires
that
the
continuation
of
these
agreements,
after
an
initial
term
of
up
to
two
years,
be
annually
reviewed
and
approved
by
the
board.
Any
such
agreement
must
be
approved
by
a
vote
of
a
majority
of
the
trustees
who
are
not
parties
to
the
agreement
or
“interested
persons”
(as
defined
in
the
1940
Act)
of
a
party
to
the
agreement
at
an in-person meeting
of
the
board
called
for
the
purpose
of
voting
on
such
approval.
At
its
meeting
on
November
19-20,
2019
(the
“Meeting”),
the
Board
of
Trustees
(the
“Board”)
of
the
Thrivent
Mutual
Funds
(the
“Trust”),
including
the
trustees
who
are
not
parties
to
the
agreement
or
“interested
persons”
as
defined
in
the
1940
Act
(the
“Independent
Trustees”),
considered
and
voted
unanimously
to
renew
the
existing
advisory
agreement
(the
“Advisory
Agreement”),
as
amended,
between
the
Trust
and
Thrivent
Asset
Management,
LLC
(the
“Adviser”)
for
each
series
of
the
Trust
(each,
a
“Fund”).
The
Board,
including
the
Independent
Trustees,
also
unanimously
approved
the
subadvisory
agreement
(the
“Subadvisory
Agreement”)
for
the
Thrivent
International
Allocation
Fund
with
Goldman
Sachs
Asset
Management,
L.P.
(the
“Subadviser”).
At
the
Meeting,
the
Board,
including
the
Independent
Trustees,
also
considered
and
voted
unanimously
to
approve
an
amendment
to
the
Advisory
Agreement
(the
“Amended
Advisory
Agreement”)
between
the
Trust
and
the
Adviser
for
the
addition
of
Thrivent
Mid
Cap
Growth
Fund
and
Thrivent
Mid
Cap
Value
Fund
(each,
a
“New
Fund”)
for
an
initial
term
of
two
years.
The
Adviser
and
Subadviser
are
referred
to,
collectively,
as
the
“Advisory
Organizations.”
In
connection
with
its
evaluation
of
the
agreements
with
the
Advisory
Organizations,
the
Board
reviewed
a
broad
range
of
information
requested
for
this
purpose
and
considered
a
variety
of
factors,
including
the
following:
The
nature,
extent,
and
quality
of
the
services
provided
by
the
Advisory
Organizations;
The
performance
of
each
Fund;
The
advisory
fee
and
net
operating
expense
ratio
of
each
Fund
compared
to
a
peer
group;
The
cost
of
services
provided
and
profit
realized
by
the
Adviser;
The
extent
to
which
economies
of
scale
may
be
realized
as
the
Funds
grow;
Whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
the
Funds’
shareholders;
Other
benefits
realized
by
the
Advisory
Organizations
and
their
affiliates
from
their
relationship
with
the
Trust;
and
Any
other
factors
that
the
Board
deemed
relevant
to
its
consideration.
221
Additional
Information
(unaudited)
With
respect
to
the
New
Funds,
the
Board
also
considered
many
of
the
factors
listed
above
to
the
extent
such
factor
was
applicable
in
the
context
of
an
approval
of
the
Amended
Advisory
Agreement
for
the
New
Funds.
Accordingly,
the
Board
considered:
The
nature,
extent
and
quality
of
services
the
Adviser
proposes
to
provide
to
the
New
Funds;
The
Adviser’s
investment
management
personnel
and
their
track
record
managing
accounts
with
a
similar
strategy;
The
proposed
advisory
fee
and
net
operating
expense
ratio
of
the
New
Funds
compared
to
a
peer
group;
The
extent
to
which
economies
of
scale
may
be
realized
as
each
New
Fund
grows;
Any
other
benefits
anticipated
to
be
derived
by
the
Adviser
or
its
affiliates
from
their
relationships
with
the
Trust
with
respect
to
the
New
Funds;
and
Any
other
factors
that
the
Board
deemed
relevant
to
its
consideration.
The
Contracts
Committee
of
the
Board
(consisting
of
all
of
the
Independent
Trustees)
met
on
five
occasions
from
May
21
to
November
19,
2019
to
consider
information
relevant
to
the
renewal
process
furnished
by
the
Adviser
and
Subadviser
in
advance
of
the
meetings.
The
Board
had
the
opportunity
to
ask
questions
and
request
further
information
in
connection
with
its
consideration.
The
Independent
Trustees
also
retained
the
services
of
Management
Practice
Inc.
(“MPI”)
as
an
independent
consultant
to
assist
in
the
compilation,
organization,
and
evaluation
of
relevant
information.
This
information
included
Fund-by-Fund
statistical
comparisons
of
the
advisory
fees,
other
fees,
net
operating
expenses
and
performance
of
each
of
the
Funds
in
comparison
to
peer
groups
of
comparable
funds;
portfolio
turnover
percentages;
3-year
standard
deviation
ratios;
brokerage
costs;
information
with
respect
to
services
provided
to
the
Funds
and
fees
charged,
including
effective
advisory
fees
that
take
into
account
breakpoints
and
fee
waivers
by
the
Adviser;
asset
and
flow
trends
for
the
Funds;
the
cost
of
services
and
profit
realized
by
the
Adviser
and
its
affiliates
that
provide
services
to
the
Funds;
and
information
regarding
the
types
of
services
furnished
to
the
Funds.
The
Board
received
information
from
the
Adviser
regarding
the
personnel
providing
services
to
the
Funds,
including
investment
management,
compliance
and
administrative
personnel.
The
Board
also
received
monthly
reports
from
the
Adviser’s
investment
management
staff
with
respect
to
the
performance
of
the
Funds.
In
addition
to
its
review
of
the
information
presented
to
the
Board
during
the
contract
renewal
process,
the
Board
also
considered
information
obtained
from
management
throughout
the
course
of
the
year.
The
Board
also
reviewed
information
from
MPI,
including
Fund-by-Fund
analyses
and
independent
assessment
of
information
relating
to
the
Funds
and
the
agreements.
The
Board
also
received
information
from
the
Adviser
from
August
20
to
November
19,
2019
with
respect
to
the
New
Funds.
The
Subadviser
provided
information
to
the
Board
in
response
to
requests
for
information
submitted
on
behalf
of
the
Independent
Trustees
to
facilitate
the
Board’s
evaluation
of
the
terms
of
the
Subadvisory
Agreement.
The
Board
also
noted
that
the
Subadvisers’
responses
were
reviewed
by
individuals
representing
various
functional
areas
of
or
supporting
the
Adviser.
The
Independent
Trustees
were
represented
by
independent
counsel
throughout
the
review
process
and
during
executive
sessions
without
management
present
to
consider
the
reapproval
of
the
Advisory
and
Subadvisory
Agreements
for
the
Funds
and
the
approval
of
the
Amended
Advisory
Agreement
for
the
New
Funds.
As
noted
above,
the
Independent
Trustees
were
assisted
throughout
the
process
by
an
independent
consultant,
MPI.
Each
Independent
Trustee
relied
on
his
or
her
own
business
judgment
in
determining
the
weight
to
be
given
to
each
factor
considered
in
evaluating
the
materials
that
were
presented
to
them.
The
Contracts
Committee’s
and
Board’s
review
and
conclusions
were
based
on
a
comprehensive
consideration
of
all
information
presented
to
them
and
were
not
the
result
of
any
single
controlling
factor.
In
addition,
each
Trustee
may
have
weighed
individual
factors
differently.
The
key
factors
considered
and
the
conclusions
reached
are
described
below.
Nature,
Extent
and
Quality
of
Services
At
each
of
the
Board’s
regular
quarterly
meetings,
management
presented
information
describing
the
services
furnished
to
the
Funds
by
the
Adviser,
transfer
agent,
administrator
and,
as
for
the
Thrivent
International
Allocation
Fund,
the
Subadviser.
During
these
meetings,
management
reported
on
the
investment
management,
portfolio
trading
and
compliance
services
222
Additional
Information
(unaudited)
provided
to
the
Funds.
During
the
renewal
process,
the
Board
considered
the
specific
services
provided
under
the
Advisory
and
Subadvisory
Agreements.
The
Board
considered
information
relating
to
the
investment
experience
and
qualifications
of
the
portfolio
managers
of
the
Adviser
and
Subadviser
overseeing
investments
for
the
Funds.
The
Board
also
considered
similar
information
with
respect
to
the
services
to
be
provided
to
the
New
Funds
pursuant
to
the
Amended
Advisory
Agreement.
The
Board
received
reports
and
presentations
at
each
of
its
quarterly
meetings
from
the
Adviser’s
senior
investment
team
about
each
of
the
Funds.
These
reports
and
presentations
gave
the
Board
the
opportunity
to
evaluate
the
abilities
of
the
portfolio
manager
and
other
investment
professionals
and
the
quality
of
services
they
provide
to
the
Funds.
The
Adviser
reviewed
with
the
Board
the
services
provided
by
the
Adviser
and
Subadviser
and
the
Adviser’s
oversight
of
the
Subadviser.
The
Independent
Trustees
also
met
in-person,
including
in
executive
session,
with
and
received
quarterly
reports
from
the
Trust’s
Chief
Compliance
Officer.
The
Board
noted
that
the
Chief
Compliance
Officer
met
regularly
between
quarterly
meetings
with
the
Chair
of
the
Ethics
and
Compliance
Committee.
The
Board
considered
the
depth
and
quality
of
the
Adviser’s
oversight
of
the
Subadviser.
In
addition,
the
Board
noted
the
broad
functions
that
the
Adviser
performed
in
support
of
the
International
Allocation
Fund
and
its
use
of
the
Subadviser,
including,
among
other
things,
allocation
of
assets
among
various
sleeves,
management
of
portfolio
cash
and
short-term
investments,
expense
management
and
payment,
and
investment
performance
and
compliance
monitoring.
The
Board
noted
that
investment
management
staff
of
the
Adviser
and
the
Trust’s
Chief
Compliance
Officer
conduct
in-person
oversight
visits
of
the
Subadviser,
follow
through
with
additional
inquiry
on
any
questions
or
concerns
that
arise
during
the
visit
and
then
report
the
results
of
the
visit
to
the
Board.
The
Board
also
noted
that,
as
part
of
its
oversight
practice,
the
Adviser
requires
the
Subadviser
to
respond
to
a
variety
of
compliance
checklists
and
certifications
to
ensure
its
ongoing
compliance
with
policies.
The
Board
noted
that
the
Adviser
requires
the
Subadviser
to
complete
an
annual
questionnaire
addressing
a
range
of
compliance
topics.
The
Board
noted
that
the
Adviser
has
dedicated
personnel
responsible
for
daily
monitoring
of
the
Subadviser’s
activities.
The
Board
considered
the
adequacy
of
the
Advisory
Organizations’
resources
used
to
provide
services
to
the
Trust
pursuant
to
the
Advisory
and
Subadvisory
Agreements.
The
Adviser
reviewed
with
the
Board
the
Adviser’s
process
for
overseeing
the
portfolio
management
teams
of
each
Fund.
In
addition,
the
Adviser
noted
that
its
investments
in
technology
and
personnel
have
benefitted
the
Funds
and
discussed
continued
investments
in
these
resources,
noting,
in
particular,
additional
personnel
to
enhance
its
research
function.
The
Adviser
also
discussed
how
it
has
continued
to
strengthen
its
compliance
program.
The
Board
viewed
these
actions
as
a
positive
factor
in
reapproving
the
existing
Advisory
Agreement,
as
they
demonstrated
the
Adviser’s
commitment
to
provide
the
Funds
with
quality
service
and
competitive
investment
performance.
The
Board
concluded
that,
within
the
context
of
its
full
deliberations,
the
nature,
extent
and
quality
of
the
investment
advisory
services
provided
to
the
Funds
by
the
Adviser
and,
for
the
Thrivent
International
Allocation
Fund,
by
the
Subadviser
supported
renewal
of
the
Advisory
Agreement
and
Subadvisory
Agreements.
The
Board
also
concluded
that,
within
the
context
of
its
full
deliberations,
the
nature,
extent
and
quality
of
the
investment
advisory
services
to
be
provided
to
the
New
Funds
by
the
Adviser
supported
the
approval
of
the
Amended
Advisory
Agreement.
Performance
of
the
Funds
In
connection
with
each
of
its
regular
quarterly
meetings,
the
Board
received
information
on
the
performance
of
each
Fund,
including
net
performance,
relative
performance
rankings
within
each
Fund’s
Lipper
peer
group,
Morningstar
ratings,
and
performance
as
compared
to
benchmark
index
returns.
At
each
quarterly
Board
meeting,
members
of
the
Adviser’s
senior
investment
team
reviewed
with
the
Board
the
economic
and
market
environment,
risk
management,
and
style
consistency
in
connection
with
management
of
the
Funds.
The
Board
considered
investment
performance
for
each
Fund,
to
the
extent
applicable,
over
the
one-,
two-,
three-,
five-,
and
ten-year
periods.
When
evaluating
investment
performance,
the
Board
considered
longer-term
performance
and
the
trend
of
performance,
and
focused
particularly
upon
the
three-year
performance
record.
The
Board
noted
that
certain
Funds
did
not
fit
well
within
a
Lipper
peer
group
because
of
differences
between
the
principal
investment
strategies
of
these
Funds
and
funds
included
in
their
respective
Lipper
peer
group.
In
such
cases,
the
Adviser
provided
information
regarding
these
Funds’
performance
compared
to
a
customized
benchmark
that
the
Adviser
believed
better
represented
the
investment
strategies
of
such
Funds.
MPI
assisted
the
Independent
Trustees
in
connection
with
the
evaluation
of
peer
groups
and
customized
benchmarks.
Although
the
Board
conducted
its
review
on
a
Fund-by-Fund
basis,
it
noted
that
78%
of
the
Funds
(both
Class
A
and
Class
S)
ranked
better
than
median
in
their
respective
Lipper
peer
group
or
established
custom
peer
group
for
the
three-year
period
ended
June
30,
2019
(with
five
Funds
being
measured
on
the
one-year
period
223
Additional
Information
(unaudited)
because
they
were
new
or
repositioned
Funds).
The
Board
concluded
that
the
performance
of
each
individual
Fund
was
either
satisfactory
or
that
the
Adviser
had
taken
appropriate
actions
in
an
effort
to
improve
performance.
The
New
Funds
had
not
commenced
operations
prior
to
the
Meeting.
Accordingly,
the
New
Funds
did
not
yet
have
an
investment
performance
record.
The
Board
considered
historical
performance
information
with
respect
to
small
and
mid-
cap
equity
funds
or
accounts
managed
by
the
Adviser
and
the
proposed
portfolio
managers.
The
Board
concluded
that
the
historical
performance
records,
viewed
together
with
the
other
relevant
factors
and
information
considered
by
the
Board,
supported
a
decision
to
approve
the
Amended
Advisory
Agreement.
The
Board
also
concluded
that
it
was
appropriate
to
consider
the
New
Funds’
investment
performance
in
connection
with
future
reviews
of
the
Amended
Advisory
Agreement.
Advisory
Fees
and
Fund
Expenses
The
Board
reviewed
information
prepared
by
MPI
comparing
each
Fund’s
advisory
fee
with
the
advisory
fee
of
a
peer
group
selected
by
MPI
based
on
similar
investment
objective
and
size.
The
Board
considered
both
the
contractual
and
effective
advisory
fees
for
each
of
the
Funds.
The
Board
noted
that
the
majority
of
the
Funds’
contractual
advisory
fees
were
near
or
below
the
medians
of
their
peer
groups.
Although
the
Board
conducted
its
review
on
a
Fund-by-Fund
basis,
it
noted
that
the
average
ranking
of
the
Funds’
contractual
advisory
fees
for
its
Class
A
shares
was
28%
and
the
average
ranking
of
the
Funds’
contractual
advisory
fees
for
its
Class
S
shares
was
34%
(on
a
scale
of
1-99%,
with
1%
being
the
lowest
fee).
The
Board
also
reviewed
information
prepared
by
MPI
comparing
each
Fund’s
overall
expense
ratio
with
the
expense
ratio
of
its
peer
group.
The
Board
conducted
its
review
on
a
Fund-by-Fund
basis.
The
Board
noted
that
only
two
Funds
had
total
net
expense
ratios
higher
than
their
peer
group
medians
and
that
those
two
Funds
had
total
net
expense
ratios
for
Class
A
that
were
only
0.01%
higher
than
their
peer
group
medians.
The
Board
viewed
favorably
the
Adviser’s
proposal
to
provide
fee
waivers
and
expense
limitations
for
certain
Funds
and
considered
the
effect
of
the
waivers
in
lowering
the
Funds’
expenses.
The
Board
reviewed
information
relating
to
the
fee
paid
by
the
Adviser
to
the
Subadviser
and
the
difference
between
that
fee
and
the
fee
paid
by
the
Thrivent
International
Allocation
Fund
to
the
Adviser.
On
the
basis
of
its
review,
the
Board
concluded
that
the
advisory
fees
charged
under
the
Advisory
and
Subadvisory
Agreements
were
reasonable.
The
Board
considered
the
proposed
advisory
fees
to
be
paid
under
the
Amended
Advisory
Agreement
and
the
anticipated
net
expense
ratio
and
evaluated
the
reasonableness
of
those
fees
and
expenses
compared
to
peer
group
medians
and
averages.
The
Board
also
considered
the
proposed
breakpoint
schedules
in
the
advisory
fee
rates
of
the
New
Funds.
In
addition,
the
Board
received
and
considered
estimates
of
the
New
Funds’
projected
asset
levels.
Although
the
Board
recognized
that
the
Adviser’s
proposed
advisory
fees
and
anticipated
net
operating
expenses
of
the
New
Funds
and
those
of
identified
peer
funds
are
imprecise,
the
Board
found
that
the
information
supported
its
consideration
and
approval
of
the
proposed
advisory
fees
and
evaluation
of
the
anticipated
net
operating
expenses.
Cost
of
Services
and
Profitability
The
Board
considered
the
Adviser’s
estimates
of
its
profitability,
which
included
allocations
by
the
Adviser
of
its
costs
in
providing
advisory
services
to
the
Funds.
The
internal
audit
department
of
the
Adviser
(Business
Risk
Management)
conducted
a
review
of
such
allocations,
and
a
department
representative
reported
to
the
Board
the
department’s
views
regarding
the
reasonableness
and
consistency
of
these
allocations.
The
Board
considered
the
profitability
of
the
Adviser
both
overall
and
on
a
Fund-by-Fund
basis.
The
Board
also
considered
the
expense
reimbursements
and
waivers
in
effect.
Based
on
its
review
of
the
data
prepared
by
MPI
and
expense
and
profit
information
provided
by
the
Adviser,
the
Board
concluded
that
the
profits
earned
by
the
Adviser
from
the
Advisory
Agreement
were
not
excessive
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Funds.
With
respect
to
fees
paid
to
Subadviser
under
the
Subadvisory
Agreement,
the
Board
did
not
consider
profitability
information
with
respect
to
the
Subadviser,
which
is
not
affiliated
with
the
Adviser.
The
Board
considered
that
the
Subadvisory
Agreement
had
been
negotiated
on
an
arm’s-length
basis
between
the
Adviser
and
the
Subadviser,
and
that
the
Subadviser’s
separate
profitability
from
its
relationship
with
the
Thrivent
International
Allocation
Fund
was
not
a
material
factor
in
determining
whether
to
renew
the
Subadvisory
Agreement.
224
Additional
Information
(unaudited)
With
respect
to
the
New
Funds,
the
Board
considered
that
the
Adviser
would
bear
all
costs
to
launch
the
New
Funds.
The
Board
considered
the
Adviser’s
estimated
profitability
at
various
asset
levels
and
noted
that
it
would
have
opportunity
to
consider
profitability
information
in
connection
with
future
reviews
of
the
Amended
Advisory
Agreement.
Economies
of
Scale
and
Breakpoints
The
Board
considered
information
regarding
the
extent
to
which
economies
of
scale
may
be
realized
as
a
Fund’s
assets
increase
and
whether
the
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
shareholders.
The
Adviser
explained
its
general
goal
with
respect
to
the
employment
of
fee
waivers,
expense
reimbursements
and
breakpoints.
The
Board
considered
information
provided
by
the
Adviser
related
to
advisory
fees,
breakpoints
in
the
advisory
fee
rates
and
fee
waivers
provided
by
the
Adviser.
The
Board
also
considered
management’s
view
that
it
is
difficult
to
generalize
as
to
whether,
or
to
what
extent,
economies
in
the
advisory
function
may
be
realized
as
a
Fund’s
assets
increase.
The
Board
noted
that
expected
economies
of
scale,
where
they
exist,
may
be
shared
through
the
use
of
fee
breakpoints,
fee
waivers
and
expense
limitations
by
the
Adviser,
and/or
a
lower
overall
fee.
The
New
Funds
had
not
commenced
operations
prior
to
the
Meeting.
As
a
result,
no
specific
information
was
available
concerning
the
asset
growth
and
economies
of
scale.
The
Board
considered
estimated
asset
levels,
corresponding
estimated
fees
and
expenses,
and
the
extent
to
which
economies
of
scale
may
be
shared
as
assets
grow.
The
Board
concluded
that
it
was
appropriate
to
consider
potential
economies
of
scale
in
connection
with
future
reviews
of
the
Amended
Advisory
Agreement,
and
the
Board
was
satisfied
with
the
extent
to
which
economies
of
scale
would
be
shared
for
the
benefit
of
shareholders
based
on
anticipated
asset
levels.
Other
Benefits
to
the
Adviser,
Subadvisers
and
their
Affiliates
The
Board
considered
information
regarding
potential
“fall-out”
or
ancillary
benefits
that
the
Adviser
and
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
Trust,
both
tangible
and
intangible,
such
as
their
ability
to
leverage
investment
professionals
who
manage
other
portfolios,
an
enhanced
reputation
as
an
investment
adviser
which
may
help
in
attracting
other
clients
and
investment
personnel,
the
engagement
of
affiliates
as
service
providers
to
the
Funds,
and
fees
collected
by
affiliates
for
services
provided
to
Fund
shareholders.
The
Board
noted
that
such
benefits
were
difficult
to
quantify
but
were
consistent
with
benefits
received
by
other
mutual
fund
advisers.
The
Board
also
considered
the
research
received
by
the
Adviser
generated
from
commission
dollars
spent
on
the
Funds’
portfolio
trading.
In
addition,
the
Board
considered
the
potential
benefits,
other
than
subadvisory
fees,
that
the
Subadviser
and
its
affiliates
may
receive
because
of
their
relationships
with
the
Thrivent
International
Allocation
Fund,
including
the
potential
increased
ability
to
use
affiliated
brokers
or
soft
dollars
consistent
with
Trust
policies
and
other
benefits
from
increases
in
assets
under
management.
The
Board
concluded
that
benefits
that
may
accrue
to
the
Subadviser
and
its
affiliates
are
consistent
with
those
expected
for
a
subadviser
to
a
mutual
fund
such
as
the
Thrivent
International
Allocation
Fund.
Based
on
the
factors
discussed
above,
the
Contracts
Committee
unanimously
recommended
approval
of
the
Advisory
Agreement
and
the
Subadvisory
Agreement,
and
the
Board,
including
all
of
the
Independent
Trustees
voting
separately,
approved
each
of
the
agreements.
The
Board,
including
the
Independent
Trustees
voting
separately,
approved
the
Amended
Advisory
Agreement
with
respect
to
the
New
Funds
for
an
initial
term
of
two
years.
23459SAR
R6-20
4321
North
Ballard
Road
Appleton,
WI
54919-0001
The
principal
underwriter
for
Thrivent
Mutual
Funds
is
Thrivent
Distributors,
LLC,
a
registered
broker/dealer
and
member
of
FINRA
and
SIPC
and
a
subsidiary
of
Thrivent,
the
marketing
name
for
Thrivent
Financial
for
Lutherans.
A
better
way
to
deliver
documents
In
response
to
concerns
regarding
multiple
mailings,
we
send
one
copy
of
a
shareholder
report
and
one
copy
of
a
prospectus
for
Thrivent
Mutual
Funds
to
each
household.
This
consolidated
mailing
process
is
known
as
householding.
It
helps
saves
money
by
reducing
printing
and
postage
costs.
If
you
purchased
shares
of
Thrivent
Mutual
Funds
through
Thrivent:
If
you
wish
to
revoke
householding
,
write
to
us
at
4321
North
Ballard
Road,
Appleton,
WI
54919-0001,
or
call
us
at
800-
847-4836.
We
will
begin
to
send
separate
regulatory
mailings
within
30
days
of
when
we
receive
your
request.
If
you
wish
to
receive
an
additional
copy
of
this
shareholder
report,
or
a
prospectus
for
Thrivent
Mutual
Funds,
call
us
at
800-847-4836.
These
documents
are
also
available
by
visiting
thriventfunds.com.
If
you
purchased
shares
of
Thrivent
Mutual
Funds
from
a
firm
other
than
Thrivent:
If
you
wish
to
revoke
householding
in
the
future,
or
to
receive
an
additional
copy
of
this
shareholder
report
or
a
prospectus
for
Thrivent
Mutual
Funds,
contact
your
financial
professional.
These
documents
are
also
available
by
visiting
thriventfunds.com.
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
1
Shares
Registered
Investment
Companies
(
43
.5
%
)
Value
Unaffiliated  (0.9%)
12,306
Health
Care
Select
Sector
SPDR
Fund
$
1,227,277
12,444
iShares
Dow
Jones
US
Home
Construction
Index
Fund
454,455
4,943
ProShares
Ultra
S&P
500
a
550,156
27,064
SPDR
S&P
500
ETF
Trust
7,861,551
7,059
SPDR
S&P
Biotech
ETF
a
659,240
23,914
SPDR
S&P
Regional
Banking
ETF
911,841
2,206
VanEck
Vectors
Oil
Services
ETF
a,b
242,174
Total
11,906,694
Affiliated  (42.6%)
1,499,423
Thrivent
Core
Emerging
Markets
Equity
Fund
12,775,081
6,031,233
Thrivent
Core
International
Equity
Fund
47,465,807
7,476,236
Thrivent
Core
Low
Volatility
Equity
Fund
81,042,399
1,627,130
Thrivent
Global
Stock
Fund,
Class
S
34,543,972
1,450,416
Thrivent
High
Yield
Fund,
Class
S
6,106,251
485,601
Thrivent
Income
Fund,
Class
S
4,652,061
12,775,335
Thrivent
International
Allocation
Fund,
Class
S
106,546,291
8,260,339
Thrivent
Large
Cap
Growth
Fund,
Class
S
111,018,954
3,208,458
Thrivent
Large
Cap
Value
Fund,
Class
S
61,217,385
581,368
Thrivent
Limited
Maturity
Bond
Fund,
Class
S
7,168,266
2,969,214
Thrivent
Mid
Cap
Stock
Fund,
Class
S
67,638,690
1,493,352
Thrivent
Small
Cap
Stock
Fund,
Class
S
28,418,483
Total
568,593,640
Total
Registered
Investment
Companies
(cost
$527,587,527)
580,500,334
Shares
Common
Stock
(
39
.6
%
)
Value
Communications
Services
(1.5%)
1,572
Activision
Blizzard,
Inc.
100,184
1,312
Alphabet,
Inc.,
Class
A
b
1,766,870
1,629
Alphabet,
Inc.,
Class
C
b
2,196,967
27,000
AMC
Entertainment
Holdings,
Inc.
a
132,840
2,088
AMC
Networks,
Inc.
b
49,799
8,127
AT&T,
Inc.
247,630
14,052
Auto
Trader
Group
plc
c
80,890
637
Boingo
Wireless,
Inc.
b
8,880
930
Carsales.com,
Ltd.
8,508
8,844
CenturyLink,
Inc.
93,923
9,512
Cinemark
Holdings,
Inc.
135,831
58,933
Comcast
Corporation
2,217,649
2,500
Consolidated
Communications
Holdings,
Inc.
b
15,675
3,310
Discovery,
Inc.,
Class
A
a,b
74,210
20,117
DISH
Network
Corporation
b
503,227
4,055
EchoStar
Corporation
b
127,935
4,737
Facebook,
Inc.
b
969,711
45,260
Gannett
Company,
Inc.
51,144
701
Hemisphere
Media
Group,
Inc.
b
6,505
7,000
HKT
Trust
and
HKT,
Ltd.
11,296
5,455
Interpublic
Group
of
Companies,
Inc.
92,626
253
Ipsos
SA
4,872
700
KDDI
Corporation
20,275
Shares
Common
Stock
(
39
.6
%
)
Value
Communications
Services
(1.5%)
-
continued
7,595
Lions
Gate
Entertainment
Corporation,
Class
A
a,b
$
54,228
6,031
Lions
Gate
Entertainment
Corporation,
Class
B
b
40,287
31,798
Live
Nation
Entertainment,
Inc.
b
1,426,776
290
Madison
Square
Garden
Entertainment
Corporation
b
23,983
7,087
Mediaset
Espana
Comunicacion
SA
b
25,395
12,001
Meredith
Corporation
a
177,975
991
News
Corporation
10,128
1,000
NTT
DOCOMO,
Inc.
29,471
844
Orange
SA
10,254
57,933
ORBCOMM,
Inc.
b
152,943
83,130
QuinStreet,
Inc.
b
844,601
612
Rightmove
plc
3,827
5,862
RingCentral,
Inc.
b
1,339,643
313
Roku,
Inc.
b
37,945
1,232
Scholastic
Corporation
35,814
3,229
Seven
West
Media,
Ltd.
b
178
1,665
Sinclair
Broadcast
Group,
Inc.
29,387
2,400
SoftBank
Corporation
32,683
500
SoftBank
Group
Corporation
21,431
7,402
Take-Two
Interactive
Software,
Inc.
b
896,012
45,649
Telecom
Italia
SPA
b
18,128
4,383
Telefonica
SA
20,041
678
Telephone
&
Data
Systems,
Inc.
13,302
2,400
TV
Asahi
Holdings
Corporation
35,627
20,042
Twitter,
Inc.
b
574,805
2,579
Uber
Technologies,
Inc.
b
78,066
62,105
Verizon
Communications,
Inc.
3,567,932
12,546
ViacomCBS,
Inc.
216,544
3,108
Vodafone
Group
plc
4,384
6,238
Walt
Disney
Company
674,640
568
Wolters
Kluwer
NV
41,779
15,272
Zillow
Group,
Inc.
b
664,943
Total
20,020,599
Consumer
Discretionary
(4.0%)
2,578
Abercrombie
&
Fitch
Company
27,275
3,919
Adient
plc
b
58,707
1,219
Amazon.com,
Inc.
b
3,015,806
1,292
American
Axle
&
Manufacturing
Holdings,
Inc.
b
5,581
10,655
American
Eagle
Outfitters,
Inc.
84,707
665
American
Public
Education,
Inc.
b
17,137
100
AOKI
Holdings,
Inc.
608
200
Aoyama
Trading
Company,
Ltd.
1,690
17,125
Aptiv
plc
1,191,044
7,850
At
Home
Group,
Inc.
b
18,447
400
Autobacs
Seven
Company,
Ltd.
4,671
603
AutoZone,
Inc.
b
615,253
4,689
Beazer
Homes
USA,
Inc.
b
33,011
21,752
Bed
Bath
&
Beyond,
Inc.
134,645
507
Berkeley
Group
Holdings
plc
26,614
2,514
Big
Lots,
Inc.
58,953
1,530
BJ's
Restaurants,
Inc.
33,446
360
Booking
Holdings,
Inc.
b
533,005
342
Boyd
Gaming
Corporation
5,708
200
Bridgestone
Corporation
6,225
18,172
Bright
Horizons
Family
Solutions,
Inc.
b
2,116,129
14,605
Burlington
Stores,
Inc.
b
2,668,187
1,652
Caleres,
Inc.
13,398
2,272
Camping
World
Holdings,
Inc.
20,153
849
Capri
Holdings,
Ltd.
b
12,947
5,704
Carnival
Corporation
90,694
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
2
Shares
Common
Stock
(
39
.6
%
)
Value
Consumer
Discretionary
(4.0%)
-
continued
3,844
Century
Casinos,
Inc.
b
$
17,433
1,178
Century
Communities,
Inc.
b
25,233
31,883
Chico's
FAS,
Inc.
47,825
2,071
Chipotle
Mexican
Grill,
Inc.
b
1,819,477
400
Chiyoda
Company,
Ltd.
3,832
597
Churchill
Downs,
Inc.
59,831
4,400
Citizen
Watch
Company,
Ltd.
15,529
77,274
Cooper-Standard
Holdings,
Inc.
b
992,971
859
Cracker
Barrel
Old
Country
Store,
Inc.
83,667
56,593
Crocs,
Inc.
b
1,372,380
3,842
Culp,
Inc.
27,317
15,012
D.R.
Horton,
Inc.
708,867
4,393
Dana,
Inc.
50,520
2,633
Dave
&
Buster's
Entertainment,
Inc.
38,547
2,800
Denso
Corporation
98,425
66,143
Designer
Brands,
Inc.
420,008
2,473
Dick's
Sporting
Goods,
Inc.
72,681
1,640
Dine
Brands
Global,
Inc.
72,800
4,551
Domino's
Pizza,
Inc.
1,647,143
33,704
Duluth
Holdings,
Inc.
a,b
135,153
4,115
Eldorado
Resorts,
Inc.
a,b
88,226
7,571
Emerald
Holding,
Inc
17,262
3,300
Ethan
Allen
Interiors,
Inc.
37,323
29,917
Etsy,
Inc.
b
1,940,716
100
Exedy
Corporation
1,611
4,378
Express,
Inc.
b
9,062
4,417
Extended
Stay
America,
Inc.
48,013
30,828
Five
Below,
Inc.
b
2,779,452
7,409
Foot
Locker,
Inc.
189,893
13,426
Fossil,
Inc.
b
53,167
7,000
Galaxy
Entertainment
Group,
Ltd.
45,021
14,745
GameStop
Corporation
a,b
84,489
4,930
Gap,
Inc.
40,032
8,122
Garrett
Motion,
Inc.
b
44,265
8,384
Genuine
Parts
Company
664,684
7,258
Goodyear
Tire
&
Rubber
Company
52,040
2,007
Grand
Canyon
Education,
Inc.
b
172,642
137
Group
1
Automotive,
Inc.
7,753
2,410
GrubHub,
Inc.
b
115,174
2,257
Hertz
Global
Holdings,
Inc.
b
9,118
6,380
Home
Depot,
Inc.
1,402,515
1,418
Hooker
Furniture
Corporation
21,256
980
Hovnanian
Enterprises,
Inc.
b
12,368
513
Industria
de
Diseno
Textil
SA
13,139
3,934
KB
Home
103,228
10,671
Knoll,
Inc.
124,424
1,034
Kohl's
Corporation
19,088
4,990
L
Brands,
Inc.
59,331
5,544
Lear
Corporation
541,372
22,623
Lowe's
Companies,
Inc.
2,369,759
4,310
Lululemon
Athletica,
Inc.
b
963,199
1,548
Lumber
Liquidators
Holdings,
Inc.
b
10,913
12,063
Macy's,
Inc.
70,689
290
Madison
Square
Garden
Sports
Corporation
b
49,683
3,541
Marcus
Corporation
51,486
358
Marriott
Vacations
Worldwide
Corporation
29,714
26,999
Mattel,
Inc.
b
235,431
3,397
McDonald's
Corporation
637,141
18,319
Michaels
Companies,
Inc.
b
55,690
3,289
Modine
Manufacturing
Company
b
15,228
3,165
Mohawk
Industries,
Inc.
b
277,634
5,259
Moneysupermarket.com
Group
plc
20,953
46,767
Movado
Group,
Inc.
482,168
874
Netflix,
Inc.
b
366,949
Shares
Common
Stock
(
39
.6
%
)
Value
Consumer
Discretionary
(4.0%)
-
continued
464
Newell
Brands,
Inc.
$
6,440
1,700
NHK
Spring
Company,
Ltd.
11,249
1,464
NIKE,
Inc.
127,632
900
Nissan
Motor
Company,
Ltd.
3,063
1,331
Norwegian
Cruise
Line
Holdings,
Ltd.
b
21,828
752
NVR,
Inc.
b
2,331,200
14,793
Office
Depot,
Inc.
32,840
25,271
Ollie's
Bargain
Outlet
Holdings,
Inc.
a,b
1,716,154
400
Onward
Holdings
Company,
Ltd.
1,251
17,010
Oxford
Industries,
Inc.
a
713,059
7,145
Park
Hotels
&
Resorts,
Inc.
67,949
8,235
Party
City
Holdco,
Inc.
b
6,246
17,749
Penn
National
Gaming,
Inc.
b
316,287
49,458
Planet
Fitness,
Inc.
b
2,983,801
85,150
Playa
Hotels
and
Resorts
NV
b
210,321
300
PLENUS
Company,
Ltd.
4,914
524
PVH
Corporation
25,797
14,626
Qurate
Retail,
Inc.
b
117,812
38,972
Red
Rock
Resorts,
Inc.
427,133
3,287
Redrow
plc
19,098
8,163
RH
a,b
1,173,676
500
Rinnai
Corporation
37,873
8,129
Ruth's
Hospitality
Group,
Inc.
91,492
4,944
Sally
Beauty
Holdings,
Inc.
b
48,006
700
Sangetsu
Company,
Ltd.
10,418
400
SHIMAMURA
Company,
Ltd.
25,219
5,588
Signet
Jewelers,
Ltd.
56,215
5,976
Six
Flags
Entertainment
Corporation
119,580
19,116
Skyline
Corporation
b
376,776
300
Sony
Corporation
19,306
14,900
Sony
Corporation
ADR
957,325
7,883
Standard
Motor
Products,
Inc.
320,759
8,500
Sumitomo
Electric
Industries,
Ltd.
87,452
200
Sumitomo
Forestry
Company,
Ltd.
2,471
4,000
Sumitomo
Rubber
Industries,
Ltd.
38,826
351
Super
Retail
Group,
Ltd.
1,432
6,091
Tailored
Brands,
Inc.
10,111
100
Takara
Standard
Company,
Ltd.
1,474
365
Tapestry,
Inc.
5,431
11,686
Taylor
Morrison
Home
Corporation
b
170,031
12,352
Taylor
Wimpey
plc
22,812
9,140
Tenneco,
Inc.
b
47,437
50,979
Texas
Roadhouse,
Inc.
2,400,601
2,245
Thor
Industries,
Inc.
148,619
9,108
TJX
Companies,
Inc.
446,747
4,622
Toll
Brothers,
Inc.
111,020
600
Toyoda
Gosei
Company,
Ltd.
11,175
6,138
Tri
Pointe
Homes,
Inc.
b
70,464
13,721
Tupperware
Brands
Corporation
44,182
7,165
Ulta
Beauty,
Inc.
b
1,561,397
2,380
Urban
Outfitters,
Inc.
b
41,269
3,226
Vail
Resorts,
Inc.
551,646
3,281
Wendy's
Company
65,161
124
Williams-Sonoma,
Inc.
7,668
11,262
Wingstop,
Inc.
1,320,695
4,644
Workhorse
Group,
Inc.
b
13,607
1,580
Wynn
Resorts,
Ltd.
135,137
33,813
Zumiez,
Inc.
b
714,806
Total
53,249,371
Consumer
Staples
(1.3%)
387
Andersons,
Inc.
6,567
719
Anheuser-Busch
InBev
NV
33,484
400
Arcs
Company,
Ltd.
7,505
6,149
B&G
Foods,
Inc.
119,414
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
3
Shares
Common
Stock
(
39
.6
%
)
Value
Consumer
Staples
(1.3%)
-
continued
120
Beyond
Meat,
Inc.
b
$
11,879
7,228
BJ's
Wholesale
Club
Holdings,
Inc.
b
190,169
568
Carlsberg
AS
71,655
16,706
Casey's
General
Stores,
Inc.
2,529,455
1,886
Central
Garden
&
Pet
Company
b
62,125
22,161
Coca-Cola
Company
1,016,968
10,463
Colgate-Palmolive
Company
735,235
1,633
Costco
Wholesale
Corporation
494,799
142,195
Cott
Corporation
1,458,921
2,952
Edgewell
Personal
Care
Company
b
81,505
480
Energizer
Holdings,
Inc.
18,701
605
ForFarmers
BV
4,031
142
Glanbia
plc
1,511
35,706
Hain
Celestial
Group,
Inc.
b
922,643
9,456
John
B.
Sanfilippo
&
Son,
Inc.
776,621
100
Kao
Corporation
7,712
400
Kewpie
Corporation
7,943
4,735
Kimberly-Clark
Corporation
655,703
2
Lindt
&
Spruengli
AG
15,580
78
L'Oreal
SA
b
22,678
100
Ministop
Company,
Ltd.
1,380
12,294
Monster
Beverage
Corporation
b
759,892
1,619
Nestle
SA
171,468
6,333
PepsiCo,
Inc.
837,792
2,441
Philip
Morris
International,
Inc.
182,099
9,093
Procter
&
Gamble
Company
1,071,792
150
Reckitt
Benckiser
Group
plc
12,495
1,094
Seneca
Foods
Corporation
b
39,362
25,810
Simply
Good
Foods
Company
b
486,518
2,383
Sprouts
Farmers
Markets,
Inc.
b
49,519
800
Sugi
Holdings
Company,
Ltd.
48,242
1,700
Sundrug
Company,
Ltd.
58,205
2,728
TreeHouse
Foods,
Inc.
b
141,119
81,442
Turning
Point
Brands,
Inc.
1,897,599
715
Unilever
NV
35,607
6,367
United
Natural
Foods,
Inc.
b
67,745
3,012
Vector
Group,
Ltd.
32,228
23,505
Wal-Mart
Stores,
Inc.
2,857,033
Total
18,002,899
Energy
(1.1%)
7,298
Abraxas
Petroleum
Corporation
b
2,297
38,861
Antero
Midstream
Corporation
a
184,590
670
Apache
Corporation
8,764
50,890
Archrock,
Inc.
244,781
37,474
BP
plc
ADR
891,881
62,655
Callon
Petroleum
Company
b
58,877
9,413
Centennial
Resource
Development,
Inc.
b
11,107
13,495
Chevron
Corporation
1,241,540
19,333
Cimarex
Energy
Company
491,445
11,113
CNX
Resources
Corporation
b
117,798
9,711
Concho
Resources,
Inc.
550,808
10,160
ConocoPhillips
427,736
17,091
Continental
Resources,
Inc.
a
280,121
8,666
Core
Laboratories
NV
169,940
5,838
Devon
Energy
Corporation
72,800
8,748
Diamondback
Energy,
Inc.
380,888
1,913
Eni
SPA
18,224
18,133
EnLink
Midstream,
LLC
40,255
26,167
Enterprise
Products
Partners,
LP
459,492
5,174
EOG
Resources,
Inc.
245,817
21,459
EQT
Corporation
313,087
15,778
Equitrans
Midstream
Corporation
132,220
46,951
Euronav
NV
501,906
628
Evolution
Petroleum
Corporation
1,865
Shares
Common
Stock
(
39
.6
%
)
Value
Energy
(1.1%)
-
continued
5,844
Exterran
Corporation
b
$
39,739
12,746
Exxon
Mobil
Corporation
592,307
8,648
Frank's
International
NV
b
21,015
66
Gaztransport
Et
Technigaz
SA
4,785
19,832
Gran
Tierra
Energy,
Inc.
b
6,731
40,585
Halliburton
Company
426,142
9,270
Helmerich
&
Payne,
Inc.
183,268
10,800
JXTG
Holdings,
Inc.
38,290
7,417
Liberty
Oilfield
Services,
Inc.
35,008
86,857
Marathon
Oil
Corporation
531,565
22,672
Marathon
Petroleum
Corporation
727,318
1,090
Nabors
Industries,
Ltd.
b
16,056
19,330
NexTier
Oilfield
Solutions,
Inc.
b
44,846
93,183
Nine
Energy
Service,
Inc.
b
135,115
8,566
Oceaneering
International,
Inc.
b
44,029
2,148
Oil
States
International,
Inc.
b
7,389
138
OMV
AG
4,506
2,407
ONEOK,
Inc.
72,041
18,203
Patterson-UTI
Energy,
Inc.
67,169
4,691
PBF
Energy,
Inc.
53,477
4,113
PDC
Energy,
Inc.
b
53,428
4,458
Peabody
Energy
Corporation
15,113
1,387
Penn
Virginia
Corporation
b
8,724
9,131
Pioneer
Natural
Resources
Company
815,490
5,086
Plains
GP
Holdings,
LP
46,740
2,579
ProPetro
Holding
Corporation
b
10,935
127,383
QEP
Resources,
Inc.
125,600
3,378
Royal
Dutch
Shell
plc,
Class
A
55,616
5,458
Royal
Dutch
Shell
plc,
Class
B
87,375
8,784
RPC,
Inc.
29,953
5,293
Schlumberger,
Ltd.
89,028
40,112
SEACOR
Holdings,
Inc.
b
1,133,565
3,580
SM
Energy
Company
14,499
34,853
Southwestern
Energy
Company
b
112,575
51,864
Talos
Energy,
Inc.
a,b
590,731
3,240
Targa
Resources
Corporation
41,990
533
TC
Energy
Corporation
24,530
442
Total
SA
15,688
62,002
Transocean,
Ltd.
a,b
79,362
154,189
WPX
Energy,
Inc.
b
945,179
Total
14,195,156
Financials
(6.0%)
124
1st
Source
Corporation
4,306
3,093
AB
Industrivarden
b
63,292
20,695
Aflac,
Inc.
770,682
7,125
AG
Mortgage
Investment
Trust,
Inc.
22,729
2,200
AIA
Group,
Ltd.
20,191
44,734
Air
Lease
Corporation
1,169,794
1,104
Alleghany
Corporation
589,216
801
Allianz
SE
147,410
36,435
Ally
Financial,
Inc.
597,170
981
American
Equity
Investment
Life
Holding
Company
20,621
2,433
American
Express
Company
222,011
24,701
American
Financial
Group,
Inc.
1,636,194
15,497
American
International
Group,
Inc.
394,089
3,874
Ameriprise
Financial,
Inc.
445,278
18,618
Ameris
Bancorp
473,456
1,479
Aon
plc
255,379
1,000
Argo
Group
International
Holdings,
Ltd.
35,360
431
ARMOUR
Residential
REIT,
Inc.
3,810
8,951
Arthur
J.
Gallagher
&
Company
702,653
1,733
Artisan
Partners
Asset
Management,
Inc.
51,019
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
4
Shares
Common
Stock
(
39
.6
%
)
Value
Financials
(6.0%)
-
continued
11,129
Associated
Banc-Corp
$
157,364
101,857
Assured
Guaranty,
Ltd.
3,028,209
638
Baloise
Holding
AG
95,456
8,069
Bank
Leumi
Le-Israel
BM
43,477
132,902
Bank
of
America
Corporation
3,196,293
1,490
Bank
of
Marin
Bancorp
49,110
1,065
Bank
of
Montreal
54,147
32,893
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
723,975
4,394
Bank
of
New
York
Mellon
Corporation
164,951
4,051
Bank
OZK
91,634
3,585
BankFinancial
Corporation
29,648
3,680
BankUnited,
Inc.
72,901
8,404
Banner
Corporation
322,966
4,846
Berkshire
Hathaway,
Inc.
b
907,947
1,554
BlackRock,
Inc.
780,170
960
BOK
Financial
Corporation
49,718
24,329
Boston
Private
Financial
Holdings,
Inc.
184,900
80,233
Bridgewater
Bancshares,
Inc.
b
812,760
3,264
Brighthouse
Financial,
Inc.
b
83,917
41,731
BrightSphere
Investment
Group
309,227
1,454
Brown
&
Brown,
Inc.
52,213
2,328
Byline
Bancorp,
Inc.
28,681
888
Cadence
Bancorporation
5,879
21,730
Capital
One
Financial
Corporation
1,407,235
9,712
Cboe
Global
Markets,
Inc.
965,179
2,386
Charles
Schwab
Corporation
90,000
6,175
Chubb,
Ltd.
666,962
6,659
CI
Financial
Corporation
70,754
4,202
Cincinnati
Financial
Corporation
276,492
8,938
CIT
Group,
Inc.
169,643
55,635
Citigroup,
Inc.
2,701,636
19,547
Citizens
Financial
Group,
Inc.
437,657
1,071
CME
Group,
Inc.
190,863
333
CNP
Assurances
b
3,435
19,193
Cohen
&
Steers,
Inc.
1,108,204
42,107
Colony
Capital,
Inc.
97,267
32,443
Comerica,
Inc.
1,130,963
1,182
Commonwealth
Bank
of
Australia
47,748
377
Community
Bank
System,
Inc.
23,559
10,114
Community
Trust
Bancorp,
Inc.
342,865
10,765
Cullen/Frost
Bankers,
Inc.
773,573
4,800
DBS
Group
Holdings,
Ltd.
67,580
235
Deutsche
Boerse
AG
36,434
2,340
Deutsche
Pfandbriefbank
AG
c
17,199
281
Diamond
Hill
Investment
Group,
Inc.
30,786
7,765
Discover
Financial
Services
333,662
4,773
DnB
ASA
a
57,791
3,745
East
West
Bancorp,
Inc.
131,337
3,120
Ellington
Residential
Mortgage
REIT
27,830
1,205
Encore
Capital
Group,
Inc.
b
31,306
3,582
Enstar
Group,
Ltd.
b
518,029
1,774
Enterprise
Financial
Services
Corporation
54,533
15,473
Essent
Group,
Ltd.
422,722
1,152
Euronext
NV
c
96,715
3,483
Evercore,
Inc.
179,723
234,330
Everi
Holdings,
Inc.
b
1,159,933
1,477
FBL
Financial
Group,
Inc.
57,721
673
Federal
Agricultural
Mortgage
Corporation
44,842
10,747
Fifth
Third
Bancorp
200,861
4,578
Financial
Institutions,
Inc.
88,584
3,437
First
American
Financial
Corporation
158,514
740
First
Bancshares,
Inc.
14,741
11,299
First
Busey
Corporation
208,128
Shares
Common
Stock
(
39
.6
%
)
Value
Financials
(6.0%)
-
continued
1,080
First
Citizens
BancShares,
Inc.
$
412,560
14,540
First
Defiance
Financial
Corporation
252,705
3,631
First
Financial
Corporation
128,973
55,269
First
Interstate
BancSystem,
Inc.
1,868,092
360
First
Mid-Illinois
Bancshares,
Inc.
9,612
4,790
First
Midwest
Bancorp,
Inc.
70,796
445
First
of
Long
Island
Corporation
7,027
7,169
First
Republic
Bank
747,655
12,273
FlexiGroup,
Ltd.
7,168
2,403
Glacier
Bancorp,
Inc.
91,506
2,389
Goldman
Sachs
Group,
Inc.
438,190
8,250
Granite
Point
Mortgage
Trust,
Inc.
41,085
9,258
Great
Southern
Bancorp,
Inc.
394,113
9,028
Great
Western
Bancorp,
Inc.
169,726
21,990
Hamilton
Lane,
Inc.
1,426,051
2,193
Hancock
Whitney
Corporation
45,856
812
Hanmi
Financial
Corporation
9,801
3,948
Hanover
Insurance
Group,
Inc.
396,300
28,874
Hartford
Financial
Services
Group,
Inc.
1,096,923
38,091
Heartland
Financial
USA,
Inc.
1,293,951
112,003
Heritage
Commerce
Corporation
994,587
810
Heritage
Financial
Corporation
16,240
6,484
Hometrust
Bancshares,
Inc.
99,659
7,299
Horizon
Bancorp,
Inc.
83,063
8,114
Houlihan
Lokey,
Inc.
481,809
3,546
HSBC
Holdings
plc
18,226
8,762
Independent
Bank
Corporation
128,714
28,307
Interactive
Brokers
Group,
Inc.
1,160,587
1,978
International
Bancshares
Corporation
57,342
18,880
Israel
Discount
Bank,
Ltd.
61,253
12,775
J.P.
Morgan
Chase
&
Company
1,223,334
439
Janus
Henderson
Group
plc
7,858
800
Japan
Exchange
Group,
Inc.
14,880
1,300
Japan
Post
Bank
Company,
Ltd.
12,071
200
Japan
Post
Holdings
Company,
Ltd.
1,600
16,516
Kemper
Corporation
1,110,205
96,666
KeyCorp
1,126,159
154
L
E
Lundbergforetagen
AB
b
6,466
1,020
Ladder
Capital
Corporation
8,109
2,962
Lakeland
Bancorp,
Inc.
33,145
1,215
Laurentian
Bank
of
Canada
27,138
3,960
Loews
Corporation
137,254
6,432
M&T
Bank
Corporation
720,899
4,858
Manulife
Financial
Corporation
61,181
936
Markel
Corporation
b
810,426
1,525
Marsh
&
McLennan
Companies,
Inc.
148,428
2,099
Mercantile
Bank
Corporation
49,536
13,124
Meridian
Bancorp,
Inc.
154,601
18,011
MetLife,
Inc.
649,837
10,725
MidWestOne
Financial
Group,
Inc.
223,831
2,700
Mitsubishi
UFJ
Financial
Group,
Inc.
10,908
412
Mizrahi
Tefahot
Bank,
Ltd.
8,438
26,739
Morgan
Stanley
1,054,319
135
Morningstar,
Inc.
21,055
3,914
Mr.
Cooper
Group,
Inc.
b
37,496
200
MS
and
AD
Insurance
Group
Holdings,
Inc.
5,762
4,418
MSCI,
Inc.
1,444,686
399
National
Bank
of
Canada
16,092
91
National
Western
Life
Group,
Inc.
17,538
2,926
Natixis
6,908
855
NBT
Bancorp,
Inc.
28,326
4,171
New
York
Community
Bancorp,
Inc.
45,297
638
NMI
Holdings,
Inc.
b
8,626
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
5
Shares
Common
Stock
(
39
.6
%
)
Value
Financials
(6.0%)
-
continued
8,559
Northern
Trust
Corporation
$
677,530
3,593
Northwest
Bancshares,
Inc.
38,122
1,725
OFG
Bancorp
21,700
1,173
Old
Republic
International
Corporation
18,709
3,442
Old
Second
Bancorp,
Inc.
28,328
306
Onex
Corporation
14,105
3,057
PacWest
Bancorp
61,874
370
Paragon
Banking
Group
plc
1,549
318
Pargesa
Holding
SA
22,621
245
Park
National
Corporation
19,595
658
PCSB
Financial
Corporation
8,982
408
Peapack-Gladstone
Financial
Corporation
7,699
1,448
Peoples
Bancorp,
Inc.
35,201
7,610
PNC
Financial
Services
Group,
Inc.
811,759
27,347
Popular,
Inc.
1,055,321
1,267
Power
Corporation
of
Canada
20,262
14,244
Primerica,
Inc.
1,480,094
62,649
Prosight
Global,
Inc.
b
523,746
1,256
Provident
Financial
Services,
Inc.
18,024
7,424
QCR
Holdings,
Inc.
228,511
34,400
Radian
Group,
Inc.
515,312
37,677
Raymond
James
Financial,
Inc.
2,483,668
584
Ready
Capital
Corporation
3,895
9,121
Redwood
Trust,
Inc.
37,396
5,797
Reinsurance
Group
of
America,
Inc.
606,830
5,383
Renasant
Corporation
141,196
689
Royal
Bank
of
Canada
42,386
385
S&P
Global,
Inc.
112,759
1,120
Safety
Insurance
Group,
Inc.
94,214
1,928
Sandy
Spring
Bancorp,
Inc.
49,164
55,817
Santander
Consumer
USA
Holdings,
Inc.
a
870,187
71,706
Seacoast
Banking
Corporation
of
Florida
b
1,611,234
13,023
SEI
Investments
Company
663,652
9,844
Selective
Insurance
Group,
Inc.
493,480
500
Senshu
Ikeda
Holdings,
Inc.
780
900
Singapore
Exchange,
Ltd.
6,137
3,143
SLM
Corporation
26,213
18,688
Spirit
of
Texas
Bancshares,
Inc.
b
214,725
319
Starwood
Property
Trust,
Inc.
4,128
26,108
State
Auto
Financial
Corporation
655,050
2,451
Sun
Life
Financial,
Inc.
84,010
7,494
SVB
Financial
Group
b
1,447,616
261
Swiss
Life
Holding
AG
92,557
87,285
Synovus
Financial
Corporation
1,833,858
7,754
T.
Rowe
Price
Group,
Inc.
896,595
238
TCF
Financial
Corporation
7,066
1,439
Territorial
Bancorp,
Inc.
36,162
9,708
TMX
Group,
Ltd.
841,041
500
Tokio
Marine
Holdings,
Inc.
23,458
153
Topdanmark
AS
6,176
4,269
Toronto-Dominion
Bank
178,372
7,527
TPG
RE
Finance
Trust,
Inc.
57,883
2,939
TriCo
Bancshares
88,523
30,681
Triumph
Bancorp,
Inc.
b
850,170
10,889
TrustCo
Bank
Corporation
68,601
26,285
U.S.
Bancorp
959,402
232
UMB
Financial
Corporation
11,795
2,005
Umpqua
Holdings
Corporation
25,113
483
Univest
Financial
Corporation
8,549
84
Virtus
Investment
Partners,
Inc.
6,827
512
Walker
&
Dunlop,
Inc.
19,676
2,264
Washington
Trust
Bancorp,
Inc.
79,263
Shares
Common
Stock
(
39
.6
%
)
Value
Financials
(6.0%)
-
continued
15,161
Webster
Financial
Corporation
$
428,298
4,361
Wells
Fargo
&
Company
126,687
3,563
WesBanco,
Inc.
87,935
624
Westamerica
Bancorporation
39,312
38,407
Western
Alliance
Bancorp
1,378,043
10,174
Western
Asset
Mortgage
Capital
Corporation
31,031
155
Westwood
Holdings
Group,
Inc.
3,570
18,427
Wintrust
Financial
Corporation
772,091
56,495
Zions
Bancorporations
NA
1,785,807
Total
80,556,813
Health
Care
(6.5%)
8,597
Abbott
Laboratories
791,698
1,719
AbbVie,
Inc.
141,302
1,912
Acadia
Healthcare
Company,
Inc.
b
45,907
376
Acceleron
Pharma,
Inc.
b
34,039
5,798
ADMA
Biologics,
Inc.
b
17,104
2,773
Aduro
Biotech,
Inc.
b
7,667
14,714
Aerie
Pharmaceuticals,
Inc.
a,b
224,241
2,482
Agenus,
Inc.
b
6,615
3,247
Agile
Therapeutics,
Inc.
b
7,874
9,960
Agilent
Technologies,
Inc.
763,534
21,177
Agios
Pharmaceuticals,
Inc.
b
871,222
1,675
Akebia
Therapeutics,
Inc.
b
13,567
5,480
Alexion
Pharmaceuticals,
Inc.
b
588,936
3,975
Align
Technology,
Inc.
b
854,029
2,872
Alkermes
plc
b
39,375
3,304
AmerisourceBergen
Corporation
296,237
4,265
Amgen,
Inc.
1,020,273
3,042
AnaptysBio,
Inc.
b
47,516
2,301
Anavex
Life
Sciences
Corporation
b
7,961
5,299
Arena
Pharmaceuticals,
Inc.
b
259,492
1,852
Argenx
SE
ADR
b
271,299
742
Assembly
Biosciences,
Inc.
b
12,992
1,586
Atara
Biotherapeutics,
Inc.
b
13,148
660
Athenex,
Inc.
b
5,900
73
Atrion
Corporation
46,124
427
AVROBIO,
Inc.
b
5,495
38,980
Axonics
Modulation
Technologies,
Inc.
a,b
1,255,546
358
Axsome
Therapeutics,
Inc.
b
34,021
23,095
Bausch
Health
Companies,
Inc.
b
418,481
1,079
Becton,
Dickinson
and
Company
272,480
3,415
Biogen,
Inc.
b
1,013,674
13,742
Biohaven
Pharmaceutical
Holding
Company,
Ltd.
a,b
647,248
1,287
Bio-Rad
Laboratories,
Inc.
b
566,409
12,588
Bio-Techne
Corporation
2,832,300
1,249
Bluebird
Bio,
Inc.
b
67,296
244
Blueprint
Medicines
Corporation
b
14,355
598
Bruker
Corporation
23,513
63,548
Catalent,
Inc.
b
4,394,344
1,711
CEL-SCI
Corporation
b
30,114
20,080
Centene
Corporation
b
1,336,926
3,231
Charles
River
Laboratories
International,
Inc.
b
467,429
521
Chemed
Corporation
217,033
200
Chugai
Pharmaceutical
Company,
Ltd.
23,840
6,839
Cigna
Holding
Company
1,338,939
1,861
Clovis
Oncology,
Inc.
b
14,162
3,028
Community
Health
Systems,
Inc.
b
9,175
8,634
CryoLife,
Inc.
b
192,797
838
CSL,
Ltd.
167,036
28,061
CVS
Health
Corporation
1,727,155
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
6
Shares
Common
Stock
(
39
.6
%
)
Value
Health
Care
(6.5%)
-
continued
1,470
CytomX
Therapeutics,
Inc.
b
$
15,170
200
Daiichi
Sankyo
Company,
Ltd.
13,748
1,859
Danaher
Corporation
303,872
397
Deciphera
Pharmaceuticals,
Inc.
b
23,018
6,838
Dexcom,
Inc.
b
2,292,098
4,239
Dynavax
Technologies
Corporation
b
18,016
3,578
Edwards
Lifesciences
Corporation
b
778,215
1,598
Encompass
Health
Corporation
105,868
4,921
Endo
International
plc
b
22,637
7,402
Gilead
Sciences,
Inc.
621,768
8,867
GlaxoSmithKline
plc
184,988
419
Global
Blood
Therapeutics,
Inc.
b
32,062
1,022
Grifols
SA
34,878
36,492
Guardant
Health,
Inc.
a,b
2,808,424
65,230
Halozyme
Therapeutics,
Inc.
b
1,477,786
6,799
HCA
Healthcare,
Inc.
747,074
699
HealthStream,
Inc.
b
15,955
5,300
Hill-Rom
Holdings,
Inc.
596,197
234
Humana,
Inc.
89,346
13,716
iBio,
Inc.
b
15,362
13,426
ImmunoGen,
Inc.
b
54,778
1,076
Insmed,
Inc.
b
24,748
17,241
Inspire
Medical
Systems,
Inc.
b
1,235,490
4,508
Insulet
Corporation
b
900,338
432
Intra-Cellular
Therapies,
Inc.
b
7,633
1,038
Intuitive
Surgical,
Inc.
b
530,293
977
Invitae
Corporation
b
16,169
1,481
Iovance
Biotherapeutics,
Inc.
b
47,614
3,773
IQVIA
Holding,
Inc.
b
537,992
4,766
Jazz
Pharmaceuticals,
Inc.
b
525,452
28,047
Johnson
&
Johnson
4,208,172
3,352
Kadmon
Holdings,
Inc.
b
14,414
200
KYORIN
Holdings,
Inc.
4,156
1,847
Laboratory
Corporation
of
America
Holdings
b
303,739
37,440
LHC
Group,
Inc.
b
4,866,826
4,433
Ligand
Pharmaceuticals,
Inc.
a,b
436,961
65
LNA
Sante
2,883
100
M3,
Inc.
3,609
1,577
MacroGenics,
Inc.
b
11,354
29,669
Medtronic
plc
2,896,584
33,408
Merck
&
Company,
Inc.
2,650,591
974
Mersana
Therapeutics,
Inc.
b
8,795
2,205
Mesa
Laboratories,
Inc.
a
524,790
154
Mirati
Therapeutics,
Inc.
b
13,096
3,302
Molina
Healthcare,
Inc.
b
541,429
408
Momenta
Pharmaceuticals,
Inc.
b
12,934
1,712
Myovant
Sciences,
Ltd.
b
20,510
923
Myriad
Genetics,
Inc.
b
14,270
29,824
Natera,
Inc.
b
1,104,681
4,051
National
Healthcare
Corporation
276,967
5,441
Nektar
Therapeutics
b
104,467
13,524
Neurocrine
Biosciences,
Inc.
b
1,327,245
17,391
Nevro
Corporation
b
2,045,877
3,119
Novartis
AG
266,171
3,052
Novo
Nordisk
AS
194,687
803
Novo
Nordisk
AS
ADR
50,854
200
Olympus
Corporation
b
3,173
99,758
Optinose,
Inc.
b
403,022
2,014
Orthifix
Medical,
Inc.
b
71,396
6,476
PerkinElmer,
Inc.
586,272
36,192
Pfizer,
Inc.
1,388,325
1,214
Portola
Pharmaceuticals,
Inc.
b
8,595
14,194
PRA
Health
Sciences,
Inc.
b
1,369,721
1,395
Precision
BioSciences,
Inc.
b
9,598
1,260
Prothena
Corporation
plc
b
14,137
Shares
Common
Stock
(
39
.6
%
)
Value
Health
Care
(6.5%)
-
continued
1,219
Puma
Biotechnology,
Inc.
b
$
12,251
1,429
Quest
Diagnostics,
Inc.
157,347
433
Reata
Pharmaceuticals,
Inc.
b
68,483
1,180
Recordati
SPA
51,387
8,218
Repligen
Corporation
b
954,521
3,868
ResMed,
Inc.
600,778
4,552
Rite
Aid
Corporation
b
65,230
823
Roche
Holding
AG
285,003
2,993
Sage
Therapeutics,
Inc.
b
116,667
3,617
Sarepta
Therapeutics,
Inc.
a,b
426,372
10
Siegfried
Holding
AG
b
4,558
20,995
Silk
Road
Medical,
Inc.
a,b
879,271
242
Sonova
Holding
AG
43,709
5,717
Spectrum
Pharmaceuticals,
Inc.
b
16,579
4,000
Stryker
Corporation
745,720
554
Surmodics,
Inc.
b
21,107
36,002
Syneos
Health,
Inc.
b
2,008,552
30,748
Tactile
Systems
Technology,
Inc.
b
1,587,212
600
Takeda
Pharmaceutical
Company,
Ltd.
21,637
347
Teladoc
Health,
Inc.
b
57,113
7,359
Teleflex,
Inc.
2,468,209
5,675
Tenet
Healthcare
Corporation
b
114,522
3,322
Thermo
Fisher
Scientific,
Inc.
1,111,807
1,485
Tilray,
Inc.
a,b
11,954
100
Tsumura
&
Company
2,766
1,003
U.S.
Physical
Therapy,
Inc.
75,727
1,499
United
Therapeutics
Corporation
b
164,230
4,787
UnitedHealth
Group,
Inc.
1,400,054
5,405
Universal
Health
Services,
Inc.
571,254
2,382
Varian
Medical
Systems,
Inc.
b
272,453
18,065
Veeva
Systems,
Inc.
b
3,446,802
3,583
Vertex
Pharmaceuticals,
Inc.
b
900,050
2,420
Viking
Therapeutics,
Inc.
b
13,939
1,525
Waters
Corporation
b
285,175
834
West
Pharmaceutical
Services,
Inc.
157,843
55,467
Wright
Medical
Group
NV
b
1,615,199
3,244
Zimmer
Biomet
Holdings,
Inc.
388,307
16,822
Zoetis,
Inc.
2,175,253
Total
86,594,151
Industrials
(6.0%)
982
3M
Company
149,185
15,166
A.O.
Smith
Corporation
642,735
944
Aalberts
NV
b
26,583
2,482
AECOM
b
89,997
2,054
Aegion
Corporation
b
32,967
19,626
Aerojet
Rocketdyne
Holdings,
Inc.
b
807,414
55
Aeroports
de
Paris
SA
5,369
37,095
AGCO
Corporation
1,960,100
111,463
Altra
Industrial
Motion
Corporation
3,110,932
5,999
American
Airlines
Group,
Inc.
a
72,048
17,271
AMETEK,
Inc.
1,448,519
38,680
Arcosa,
Inc.
1,441,604
49,500
ASGN,
Inc.
b
2,299,275
1,799
Assa
Abloy
AB
32,206
2,899
Atlas
Air
Worldwide
Holdings,
Inc.
b
95,232
2,453
Atlas
Copco
AB,
Class
A
84,541
968
Atlas
Copco
AB,
Class
B
29,942
2,884
Avis
Budget
Group,
Inc.
b
47,528
13,227
AZZ,
Inc.
415,196
820
Bloom
Energy
Corporation
b
6,289
2,631
Boeing
Company
371,024
18,919
BWX
Technologies,
Inc.
1,003,842
636
Carlisle
Companies,
Inc.
76,931
38,786
Carrier
Global
Corporation
b
686,900
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
7
Shares
Common
Stock
(
39
.6
%
)
Value
Industrials
(6.0%)
-
continued
14,210
Casella
Waste
Systems,
Inc.
b
$
659,060
3,770
Caterpillar,
Inc.
438,753
18,412
CBIZ,
Inc.
b
437,285
14,720
Chart
Industries,
Inc.
b
525,798
433
CIA
De
Distribucion
Integral
7,729
222
Columbus
McKinnon
Corporation
6,012
9,995
Copart,
Inc.
b
800,699
1,841
Cornerstone
Building
Brands,
Inc.
b
9,813
1,915
CRA
International,
Inc.
80,679
12,727
Crane
Company
692,985
7,155
CSW
Industrials,
Inc.
473,947
8,701
CSX
Corporation
576,267
27,018
Curtiss-Wright
Corporation
2,800,416
24,665
Delta
Air
Lines,
Inc.
639,070
1,312
Douglas
Dynamics,
Inc.
48,492
17,349
EMCOR
Group,
Inc.
1,102,182
11,202
Emerson
Electric
Company
638,850
18,153
Encore
Wire
Corporation
831,044
5,380
Expeditors
International
of
Washington,
Inc.
385,235
12,260
Fluor
Corporation
143,442
10,607
Forrester
Research,
Inc.
b
331,999
4,349
FuelCell
Energy,
Inc.
b
8,785
67
Geberit
AG
29,963
12,042
General
Dynamics
Corporation
1,572,926
4,715
Gorman-Rupp
Company
139,092
400
GS
Yuasa
Corporation
5,684
5,692
GWA
Group,
Ltd.
10,217
500
Hanwa
Company,
Ltd.
7,943
3,410
Heico
Corporation
298,716
27,125
Helios
Technologies,
Inc.
964,836
307
Herc
Holdings,
Inc.
b
8,667
600
Hino
Motors,
Ltd.
3,569
16,244
Honeywell
International,
Inc.
2,305,024
5,251
Hubbell,
Inc.
653,382
4,887
Huntington
Ingalls
Industries,
Inc.
935,421
1,032
ICF
International,
Inc.
75,893
18,931
IDEX
Corporation
2,908,370
1,200
Inaba
Denki
Sangyo
Company,
Ltd.
25,387
6,789
Ingersoll
-
Rand,
Inc.
b
197,424
1,601
Interface,
Inc.
14,793
8,716
John
Bean
Technologies
Corporation
a
668,866
29,937
Johnson
Controls
International
plc
871,466
3,890
Kansas
City
Southern
507,840
2,593
KAR
Auction
Services,
Inc.
38,843
1,600
Kinden
Corporation
25,746
1,585
Koninklijke
Philips
NV
69,094
1,762
Legrand
SA
118,789
32,200
Lincoln
Electric
Holdings,
Inc.
a
2,592,422
1,309
Lockheed
Martin
Corporation
509,280
4,122
Manpower,
Inc.
306,017
6,200
Marubeni
Corporation
29,858
2,005
Masonite
International
Corporation
b
118,455
6,470
Mercury
Systems,
Inc.
b
576,865
110,317
Meritor,
Inc.
b
2,261,499
3,600
Mitsubishi
Corporation
76,349
500
Mitsuboshi
Belting,
Ltd.
6,846
5,900
Mitsui
&
Company,
Ltd.
82,354
2,632
MSC
Industrial
Direct
Company,
Inc.
156,972
3,000
NAPCO
Security
Technologies,
Inc.
b
60,120
2,215
National
Express
Group
plc
7,622
1,700
Nitto
Kogyo
Corporation
28,639
905
Nobina
AB
c
4,935
7,378
Nordson
Corporation
1,187,194
413
Norfolk
Southern
Corporation
70,664
329
Northrop
Grumman
Corporation
108,790
Shares
Common
Stock
(
39
.6
%
)
Value
Industrials
(6.0%)
-
continued
14,457
Old
Dominion
Freight
Line,
Inc.
b
$
2,100,458
9,283
Otis
Worldwide
Corporation
b
472,598
2,723
PageGroup
plc
12,895
9,515
Parker-Hannifin
Corporation
1,504,512
98,170
Primoris
Services
Corporation
1,532,434
2,372
Quad/Graphics,
Inc.
8,824
49,555
Raven
Industries,
Inc.
1,103,590
18,566
Raytheon
Technologies
Corporation
1,203,262
667
Redde
Northgate
plc
1,505
5,312
Regal-Beloit
Corporation
377,205
5,731
RELX
plc
129,301
860
Republic
Services,
Inc.
67,372
6,224
Resideo
Technologies,
Inc.
b
31,929
73,161
Ritchie
Brothers
Auctioneers,
Inc.
3,152,507
3,579
Rockwell
Automation,
Inc.
678,149
4,831
Roper
Industries,
Inc.
1,647,516
4,030
Ryder
System,
Inc.
142,662
21,094
Saia,
Inc.
b
1,951,617
1,300
Sandvik
AB
b
19,998
1,217
Schneider
Electric
SE
b
112,466
1,997
Signify
NV
c
40,652
5,548
Simpson
Manufacturing
Company,
Inc.
400,011
8,435
SiteOne
Landscape
Supply,
Inc.
a,b
747,594
2,460
SKF
AB
38,828
30,000
Sojitz
Corporation
69,430
61,697
Southwest
Airlines
Company
1,928,031
659
SP
Plus
Corporation
b
13,898
268
Spirax-Sarco
Engineering
plc
29,330
2,284
Spirit
Airlines,
Inc.
b
34,306
662
SPX
FLOW,
Inc.
b
21,561
11,525
Standex
International
Corporation
574,406
3,400
Sumitomo
Corporation
38,461
200
Taikisha,
Ltd.
5,825
1,785
Teledyne
Technologies,
Inc.
b
581,321
1,211
Thermon
Group
Holdings,
Inc.
b
18,504
500
Toppan
Forms
Company,
Ltd.
4,393
491
Transcontinental,
Inc.
4,448
13,912
Trex
Company,
Inc.
a,b
1,324,701
13,743
TriMas
Corporation
b
327,633
500
Tsubakimoto
Chain
Company
11,711
1,409
UniFirst
Corporation
236,923
1,188
Union
Pacific
Corporation
189,831
16,723
United
Airlines
Holdings,
Inc.
a,b
494,666
21,588
United
Rentals,
Inc.
b
2,774,058
12,635
Valmont
Industries,
Inc.
1,481,327
11,948
Verisk
Analytics,
Inc.
1,826,013
392
Vinci
SA
32,114
10,044
Waste
Connections,
Inc.
862,880
4,034
Watsco,
Inc.
649,434
38,514
Willdan
Group,
Inc.
b
976,715
4,832
XPO
Logistics,
Inc.
b
322,488
300
Yuasa
Trading
Company,
Ltd.
8,073
Total
79,538,099
Information
Technology
(8.7%)
5,297
Accenture
plc
980,951
1,760
Adobe,
Inc.
b
622,406
1,792
ADTRAN,
Inc.
18,422
11,821
Advanced
Energy
Industries,
Inc.
b
657,248
31,609
Advanced
Micro
Devices,
Inc.
b
1,655,996
26,237
Agilysys,
Inc.
b
513,983
19,344
Akamai
Technologies,
Inc.
b
1,890,102
11,574
Alliance
Data
Systems
Corporation
579,510
8,446
Alteryx,
Inc.
a,b
955,918
1,767
Amadeus
IT
Holding
SA
84,344
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
8
Shares
Common
Stock
(
39
.6
%
)
Value
Information
Technology
(8.7%)
-
continued
2,859
American
Software,
Inc.
$
47,116
28,038
Amphenol
Corporation
2,474,634
25,072
Anaplan,
Inc.
b
1,024,442
5,006
ANSYS,
Inc.
b
1,310,721
17,259
Apple,
Inc.
5,070,694
39
ASM
International
NV
4,293
359
ASML
Holding
NV
104,859
6,712
Atlassian
Corporation
plc
b
1,043,649
6,450
Automatic
Data
Processing,
Inc.
946,151
19,719
Avalara,
Inc.
b
1,762,287
1,816
Avnet,
Inc.
54,516
24,025
Bandwidth,
Inc.
a,b
1,959,479
1,134
BE
Semiconductor
Industries
NV
b
46,932
9,656
Benchmark
Electronics,
Inc.
199,493
33,121
Blackline,
Inc.
b
2,011,770
754
Broadcom,
Ltd.
204,801
3,915
Broadridge
Financial
Solutions,
Inc.
454,140
442
CACI
International,
Inc.
b
110,562
700
Canon,
Inc.
14,725
17,845
CDK
Global,
Inc.
700,952
2,925
CDW
Corporation
324,090
209
CEVA,
Inc.
b
6,552
2,337
CGI,
Inc.
b
149,039
87,860
Change
Healthcare,
Inc.
b
1,022,690
50,496
Ciena
Corporation
b
2,335,440
105,384
Cisco
Systems,
Inc.
4,466,174
16,471
Cognex
Corporation
909,858
3,084
CommScope
Holding
Company,
Inc.
b
33,955
25,180
Computer
Services,
Inc.
1,076,445
2,699
Computershare,
Ltd.
21,235
20,913
Coupa
Software,
Inc.
b
3,682,570
1,461
Cree,
Inc.
b
63,013
6,894
CTS
Corporation
159,665
17,843
Descartes
Systems
Group,
Inc.
b
750,833
193
Dialog
Semiconductor
plc
b
6,061
16,885
DocuSign,
Inc.
b
1,768,704
45,470
Dolby
Laboratories,
Inc.
2,729,564
1,210
DSP
Group,
Inc.
b
20,873
23,079
Elastic
NV
b
1,480,287
917
Endava
plc
ADR
b
40,137
424
EPAM
Systems,
Inc.
b
93,657
3,783
ePlus,
Inc.
b
267,647
9,983
Euronet
Worldwide,
Inc.
b
916,040
32,699
Eventbrite,
Inc.
b
298,215
3,847
ExlService
Holdings,
Inc.
b
237,475
585
eXp
World
Holdings,
Inc.
b
5,370
2,909
F5
Networks,
Inc.
b
405,107
325
Fair
Isaac
Corporation
b
114,706
19,879
Five9,
Inc.
b
1,842,187
397
FLIR
Systems,
Inc.
17,230
600
Fuji
Soft,
Inc.
21,121
1,194
Gartner,
Inc.
b
141,859
13,431
Global
Payments,
Inc.
2,229,815
19,023
Guidewire
Software,
Inc.
b
1,728,049
4,724
Halma
plc
124,195
14,280
Health
Catalyst,
Inc.
a,b
380,848
300
Hoya
Corporation
27,358
995
II-VI,
Inc.
b
34,248
119
Infineon
Technologies
AG
2,212
6,365
Inphi
Corporation
b
614,477
8,901
Intel
Corporation
533,882
2,546
InterDigital,
Inc.
147,082
1,936
International
Business
Machines
Corporation
243,084
2,499
Intuit,
Inc.
674,255
1,329
Jack
Henry
&
Associates,
Inc.
217,358
Shares
Common
Stock
(
39
.6
%
)
Value
Information
Technology
(8.7%)
-
continued
4,051
Juniper
Networks,
Inc.
$
87,502
100
Keyence
Corporation
35,701
4,227
KLA-Tencor
Corporation
693,608
1,412
Kulicke
and
Soffa
Industries,
Inc.
33,846
4,605
Lam
Research
Corporation
1,175,564
62,971
Lattice
Semiconductor
Corporation
b
1,417,477
6,055
Littelfuse,
Inc.
879,428
1,519
ManTech
International
Corporation
113,257
5,525
MasterCard,
Inc.
1,519,209
8,086
Maxim
Integrated
Products,
Inc.
444,568
12,842
Medallia,
Inc.
b
275,846
8,941
Methode
Electronics,
Inc.
268,409
41,814
Microsoft
Corporation
7,493,487
3,627
MicroStrategy,
Inc.
b
458,199
14,807
MKS
Instruments,
Inc.
1,484,106
4,525
MoneyGram
International,
Inc.
b
7,512
27,178
Monolithic
Power
Systems,
Inc.
5,433,154
4,342
MTS
Systems
Corporation
92,354
41,797
National
Instruments
Corporation
1,605,841
900
NEC
Networks
&
System
Integration
Corporation
38,729
264
NetApp,
Inc.
11,555
9,571
Nice,
Ltd.
ADR
a,b
1,572,515
15,851
Nova
Measuring
Instruments,
Ltd.
b
607,252
8,200
Novanta,
Inc.
b
712,498
85,814
Nuance
Communications,
Inc.
b
1,733,443
1,248
NVIDIA
Corporation
364,765
11,389
Oracle
Corporation
603,275
100
Oracle
Corporation
Japan
10,295
8,461
Palo
Alto
Networks,
Inc.
b
1,662,671
2,204
Paychex,
Inc.
151,018
976
PayPal
Holdings,
Inc.
b
120,048
16,958
Plexus
Corporation
b
1,063,097
1,262
Progress
Software
Corporation
51,628
7,653
Proofpoint,
Inc.
b
931,600
16,210
Q2
Holdings,
Inc.
a,b
1,292,261
3,640
QAD,
Inc.
154,045
9,226
QUALCOMM,
Inc.
725,809
6,065
Rogers
Corporation
b
673,458
965
Rubicon
Project,
Inc.
b
6,919
300
Ryoyo
Electro
Corporation
6,736
97,866
SailPoint
Technologies
Holdings,
Inc.
b
1,819,329
645
Salesforce.com,
Inc.
b
104,458
992
Samsung
Electronics
Company,
Ltd.
GDR
1,030,819
63
SAP
SE
7,504
3,078
ScanSource,
Inc.
b
79,782
8,599
ServiceNow,
Inc.
b
3,022,892
1,626
Silicon
Laboratories,
Inc.
b
158,080
1,685
Square,
Inc.
b
109,761
51,294
STMicroelectronics
NV
ADR
a
1,311,588
454
Sykes
Enterprises,
Inc.
b
12,998
11,162
Synopsys,
Inc.
b
1,753,773
12,437
TE
Connectivity,
Ltd.
913,622
15,677
Teradyne,
Inc.
980,440
20,298
Texas
Instruments,
Inc.
2,355,989
100
Tokyo
Electron,
Ltd.
21,298
4,585
Tyler
Technologies,
Inc.
b
1,470,364
600
Unisys
Corporation
b
7,554
3,895
VeriSign,
Inc.
b
815,964
34,888
Virtusa
Corporation
b
1,151,304
4,174
Visa,
Inc.
745,977
3,620
VMware,
Inc.
a,b
476,102
5,670
WEX,
Inc.
b
750,254
17
Wirecard
AG
1,682
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
9
Shares
Common
Stock
(
39
.6
%
)
Value
Information
Technology
(8.7%)
-
continued
15,835
Zscaler,
Inc.
a,b
$
1,062,212
Total
116,046,189
Materials
(1.5%)
4,825
AdvanSix,
Inc.
b
58,768
1,500
Air
Water,
Inc.
20,223
335
Anglo
American
plc
5,958
3,370
AptarGroup,
Inc.
360,860
1,062
Arcelor
Mittal
11,600
1,190
Avery
Dennison
Corporation
131,364
101
Balchem
Corporation
9,013
12,386
Ball
Corporation
812,398
18,778
Boise
Cascade
Company
587,188
2,791
Cabot
Corporation
94,587
6,493
Celanese
Corporation
539,374
21,285
CF
Industries
Holdings,
Inc.
585,338
12,903
Chemours
Company
a
151,352
21,782
Coeur
Mining,
Inc.
b
91,702
980
Domtar
Corporation
22,893
26,437
Eastman
Chemical
Company
1,599,703
3,442
Ecolab,
Inc.
666,027
107,059
Element
Solutions,
Inc.
b
1,097,355
52
Eramet
SA
1,638
2,022
Ferro
Corporation
b
20,159
6,790
Ferroglobe
Representation
&
Warranty
Insurance
Trust
b,d
1
1,426
First
Majestic
Silver
Corporation
b
11,508
3,498
Gold
Road
Resources,
Ltd.
b
3,572
1,861
Granges
AB
13,598
9,236
Hecla
Mining
Company
24,291
2,667
Hexpol
AB
b
19,160
1,109
Hochschild
Mining
plc
1,935
3,085
IAMGOLD
Corporation
b
10,828
2,928
Ingevity
Corporation
b
152,022
6,521
Innospec,
Inc.
472,903
245,828
Ivanhoe
Mines,
Ltd.
b
515,692
7,876
Kaiser
Aluminum
Corporation
568,883
203
Kirkland
Lake
Gold,
Ltd.
8,392
961
Koninklijke
DSM
NV
117,782
4,754
Kraton
Performance
Polymers,
Inc.
b
74,210
1,500
Kyoei
Steel,
Ltd.
19,061
200
Lintec
Corporation
4,292
129,062
Louisiana-Pacific
Corporation
2,581,240
181
MAG
Silver
Corporation
b
2,058
8,673
Martin
Marietta
Materials,
Inc.
1,649,865
5,401
Materion
Corporation
279,448
3,777
Minerals
Technologies,
Inc.
166,339
7,932
Myers
Industries,
Inc.
98,040
6,654
Neenah,
Inc.
325,114
300
Nippon
Light
Metal
Holdings
Company,
Ltd.
472
5,300
Nippon
Steel
Corporation
44,592
491
Northern
Star
Resources,
Ltd.
3,965
15,814
Nucor
Corporation
651,379
4,603
Olin
Corporation
61,450
675
Olympic
Steel,
Inc.
6,372
10,103
PPG
Industries,
Inc.
917,655
197
Quaker
Chemical
Corporation
29,968
2,700
Ramelius
Resources,
Ltd.
2,294
1,793
Reliance
Steel
&
Aluminum
Company
160,617
5,586
Resolute
Mining,
Ltd.
b
3,328
261
Rio
Tinto,
Ltd.
14,710
865
RPM
International,
Inc.
57,445
5,354
Ryerson
Holding
Corporation
b
24,735
3,896
Sandfire
Resources,
Ltd.
11,307
246
Schnitzer
Steel
Industries,
Inc.
3,828
Shares
Common
Stock
(
39
.6
%
)
Value
Materials
(1.5%)
-
continued
306
Sensient
Technologies
Corporation
$
14,624
827
Sherwin-Williams
Company
443,578
1,377
St
Barbara,
Ltd.
2,266
38,750
Steel
Dynamics,
Inc.
940,463
3,800
Sumitomo
Chemical
Company,
Ltd.
11,655
200
Taiyo
Holdings
Company,
Ltd.
8,178
1,000
Toagosei
Company,
Ltd.
9,149
9,800
Toray
Industries,
Inc.
44,930
700
Ube
Industries,
Ltd.
11,739
13,524
UFP
Technologies,
Inc.
b
581,532
14,095
United
States
Lime
&
Minerals,
Inc.
1,129,010
14,340
United
States
Steel
Corporation
a
110,131
2,074
UPM-Kymmene
Oyj
56,880
656
W.
R.
Grace
&
Company
30,983
1,441
Worthington
Industries,
Inc.
38,100
Total
19,415,069
Real
Estate
(2.2%)
29,046
Agree
Realty
Corporation
1,891,185
4,955
Alexandria
Real
Estate
Equities,
Inc.
778,381
883
Allied
Properties
REIT
28,267
932
Alstria
Office
REIT
AG
13,970
41,700
American
Campus
Communities,
Inc.
1,471,593
443
American
Tower
Corporation
105,434
8,139
Apartment
Investment
&
Management
Company
306,596
529
Ares
Commercial
Real
Estate
Corporation
4,100
4,985
Armada
Hoffler
Properties,
Inc.
47,906
17,160
Ascendas
REIT
35,886
2,200
Ascott
Trust
1,384
16,724
Ashford
Hospitality
Trust,
Inc.
13,752
2,403
AvalonBay
Communities,
Inc.
391,569
1,912
BBX
Capital
Corporation
4,053
71
Bluerock
Residential
Growth
REIT,
Inc.
413
12,947
Camden
Property
Trust
1,140,242
1,369
Castellum
AB
24,012
9,342
CBL
&
Associates
Properties,
Inc.
b
2,700
19,485
Cedar
Realty
Trust,
Inc.
20,459
669
Choice
Properties
REIT
6,065
2,203
City
Office
REIT,
Inc.
22,250
32
Cofinimmo
SA
4,449
17,526
Colliers
International
Group,
Inc.
963,930
2,165
Colony
Credit
Real
Estate,
Inc.
10,414
3,917
Columbia
Property
Trust,
Inc.
55,974
1,321
Corepoint
Lodging,
Inc.
5,746
7,147
CoreSite
Realty
Corporation
866,145
3,444
CoStar
Group,
Inc.
b
2,232,607
36,995
Cousins
Properties,
Inc.
1,116,139
700
Daito
Trust
Construction
Company,
Ltd.
66,560
14,658
DiamondRock
Hospitality
Company
91,319
4,286
Digital
Realty
Trust,
Inc.
640,714
14,554
Diversified
Healthcare
Trust
45,263
12,239
Douglas
Emmett,
Inc.
373,167
22,064
Duke
Realty
Corporation
765,621
1,517
EastGroup
Properties,
Inc.
160,802
340
Entra
ASA
a,c
4,281
4,053
EPR
Properties
119,239
4,199
Equity
Lifestyle
Properties,
Inc.
253,242
16,392
Equity
Residential
1,066,464
30,235
Essential
Properties
Realty
Trust,
Inc.
444,152
1,716
Essex
Property
Trust,
Inc.
418,876
1,747
Farmland
Partners,
Inc.
11,460
17,412
First
Industrial
Realty
Trust,
Inc.
657,651
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
10
Shares
Common
Stock
(
39
.6
%
)
Value
Real
Estate
(2.2%)
-
continued
6,824
FirstService
Corporation
$
590,822
6,499
Four
Corners
Property
Trust,
Inc.
145,513
1,816
Franklin
Street
Properties
Corporation
9,879
3,514
Gaming
and
Leisure
Properties,
Inc.
99,235
697
Getty
Realty
Corporation
18,931
1,291
Granite
REIT
58,987
4,047
Healthcare
Realty
Trust,
Inc.
118,941
4,319
Healthcare
Trust
of
America,
Inc.
106,377
3,822
Hersha
Hospitality
Trust
19,989
62,221
Host
Hotels
&
Resorts,
Inc.
765,941
1,251
Hudson
Pacific
Properties,
Inc.
30,750
3,000
Hysan
Development
Company,
Ltd.
10,008
5,460
Industrial
Logistics
Properties
Trust
102,047
1,962
Innovative
Industrial
Properties,
Inc.
153,939
1,266
Investors
Real
Estate
Trust
79,290
6,661
iSTAR
Financial,
Inc.
66,743
52
Japan
Hotel
REIT
Investment
Corporation
17,259
3,099
Jones
Lang
LaSalle,
Inc.
327,192
17,787
Kilroy
Realty
Corporation
1,107,419
7,481
Kite
Realty
Group
Trust
76,531
234
Kungsleden
AB
1,782
1,196
Lamar
Advertising
Company
68,949
3,140
Lexington
Realty
Trust
32,813
10,549
Macerich
Company
78,801
4,400
Mapletree
Commercial
Trust
6,059
22,746
Medical
Properties
Trust,
Inc.
389,866
495
National
Health
Investors,
Inc.
27,255
9,327
National
Retail
Properties,
Inc.
304,433
57,960
National
Storage
Affiliates
Trust
1,650,701
11,389
New
Residential
Investment
Corporation
69,359
3,358
New
Senior
Investment
Group,
Inc.
11,115
1,603
Omega
Healthcare
Investors,
Inc.
46,727
2,349
One
Liberty
Properties,
Inc.
36,926
2,334
Pebblebrook
Hotel
Trust
27,635
7,568
Pennsylvania
REIT
7,644
1,988
Physicians
Realty
Trust
30,655
1,112
Plymouth
Industrial
REIT,
Inc.
15,579
1,504
PotlatchDeltic
Corporation
52,805
4,482
Preferred
Apartment
Communities,
Inc.
33,212
1,020
PS
Business
Parks,
Inc.
131,672
889
PSP
Swiss
Property
AG
103,273
3,657
QTS
Realty
Trust,
Inc.
228,672
1,763
Quebecor,
Inc.
38,390
9,436
Retail
Properties
of
America,
Inc.
58,503
15,161
Rexford
Industrial
Realty,
Inc.
617,356
486
RioCan
REIT
5,551
225
RMR
Group,
Inc.
6,674
3,000
Road
King
Infrastructure,
Ltd.
4,637
2,811
RPT
Realty
19,171
641
Ryman
Hospitality
Properties
22,653
12,899
Sabra
Health
Care
REIT,
Inc.
165,365
5,987
SBA
Communications
Corporation
1,735,751
30,807
Service
Properties
Trust
213,493
3,705
Spirit
Realty
Capital,
Inc.
113,966
1,052
STAG
Industrial,
Inc.
27,615
5,069
Store
Capital
Corporation
101,735
1,529
Summit
Hotel
Properties,
Inc.
9,266
111,287
Sunstone
Hotel
Investors,
Inc.
1,022,728
346
Swiss
Prime
Site
AG
32,941
2,873
TAG
Immobilien
AG
62,930
3,280
Taubman
Centers,
Inc.
141,368
10,898
Terreno
Realty
Corporation
597,428
Shares
Common
Stock
(
39
.6
%
)
Value
Real
Estate
(2.2%)
-
continued
11,855
UDR,
Inc.
$
444,207
1,993
UMH
Properties,
Inc.
25,889
14,060
Uniti
Group,
Inc.
99,264
82
Universal
Health
Realty
Income
Trust
8,771
958
Urstadt
Biddle
Properties,
Inc.
13,996
20,886
Washington
Prime
Group,
Inc.
17,958
7,800
Wing
Tai
Holdings,
Ltd.
9,536
Total
29,563,300
Utilities
(0.8%)
654
AGL
Energy,
Ltd.
7,178
1,492
ALLETE,
Inc.
85,879
15,205
Alliant
Energy
Corporation
738,203
759
American
States
Water
Company
60,242
2,253
Artesian
Resources
Corporation
77,796
3,343
Avista
Corporation
143,883
2,068
Black
Hills
Corporation
128,092
1,140
California
Water
Service
Group
51,209
661
Chesapeake
Utilities
Corporation
58,089
12,811
CMS
Energy
Corporation
731,380
2,120
Consolidated
Water
Company,
Ltd.
31,842
2,698
DTE
Energy
Company
279,890
1,831
Enagas
SA
42,739
10,006
Enel
SPA
68,346
9,868
Entergy
Corporation
942,493
1,345
Essential
Utilities,
Inc
56,208
45,027
Exelon
Corporation
1,669,601
15,894
FirstEnergy
Corporation
655,945
3,324
Hawaiian
Electric
Industries,
Inc.
131,198
1,508
IDACORP,
Inc.
138,404
878
MGE
Energy,
Inc.
56,771
335
Middlesex
Water
Company
20,200
1,366
National
Fuel
Gas
Company
56,006
5,268
New
Jersey
Resources
Corporation
177,953
452
NextEra
Energy,
Inc.
104,466
473
Northland
Power,
Inc.
10,150
2,232
Northwest
Natural
Holding
Company
145,303
10,345
NorthWestern
Corporation
596,803
5,576
OGE
Energy
Corporation
175,756
1,204
Otter
Tail
Corporation
53,434
22,642
PNM
Resources,
Inc.
916,775
13,568
Portland
General
Electric
Company
634,847
3,084
PPL
Corporation
78,395
5,236
Public
Service
Enterprise
Group,
Inc.
265,518
245
SJW
Group
14,585
4,502
South
Jersey
Industries,
Inc.
128,712
2,508
Southwest
Gas
Holdings,
Inc.
190,106
10,033
Spire,
Inc.
732,008
4,861
UGI
Corporation
146,705
1,443
Unitil
Corporation
72,597
134
Verbund
AG
6,067
Total
10,681,774
Total
Common
Stock
(cost
$508,080,042)
527,863,420
Principal
Amount
Long-Term
Fixed
Income
(
5
.1
%
)
Value
Collateralized
Mortgage
Obligations
(<0.1%)
MASTR
Alternative
Loans
Trust
$
28,151
0.937%, 
(LIBOR
1M
+
0.450%),
12/25/2035,
Ser.
2005-6,
Class
2A1
e
5,214
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
11
Principal
Amount
Long-Term
Fixed
Income
(
5
.1
%
)
Value
Collateralized
Mortgage
Obligations
(<0.1%)
-
continued
Sequoia
Mortgage
Trust
$
52,791
3.641%, 
9/20/2046,
Ser.
2007-1,
Class
4A1
e
$
38,471
WaMu
Mortgage
Pass
Through
Certificates
25,025
3.725%, 
9/25/2036,
Ser.
2006-AR10,
Class
1A2
e
21,896
37,558
3.694%, 
10/25/2036,
Ser.
2006-AR12,
Class
1A1
e
33,782
Total
99,363
Mortgage-Backed
Securities
(2.2%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
15-Yr.
Pass
Through
1,296,488
3.500%, 
5/1/2034
1,371,044
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
1,292,865
3.000%, 
3/25/2050
1,366,267
349,058
3.000%, 
4/1/2050
368,876
617,608
3.500%, 
7/1/2047
656,287
1,030,536
3.000%, 
8/1/2047
1,090,831
Federal
National
Mortgage
Association
537,995
4.500%, 
5/1/2048
581,483
844,749
3.500%, 
10/1/2048
894,438
2,983,521
3.500%, 
2/1/2049
3,150,136
936,130
3.500%, 
8/1/2049
993,709
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
4,681,000
2.000%, 
6/1/2034
f
4,821,064
3,480,000
2.500%, 
6/1/2034
f
3,634,833
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
3,025,000
2.500%, 
5/1/2050
f
3,149,899
2,019,905
4.000%, 
7/1/2048
2,149,789
1,975,000
3.000%, 
5/1/2049
f
2,084,859
9,000
3.000%, 
6/1/2049
f
9,490
2,775,000
2.500%, 
7/1/2049
f
2,884,871
Total
29,207,876
U.S.
Government
&
Agencies
(2.9%)
U.S.
Treasury
Bonds
1,490,000
2.250%, 
11/15/2027
1,676,948
4,500,000
2.875%, 
5/15/2028
5,309,473
190,000
5.250%, 
11/15/2028
264,085
2,291,000
2.500%, 
5/15/2046
2,907,959
U.S.
Treasury
Notes
600,000
2.750%, 
11/30/2020
609,141
100,000
2.500%, 
2/28/2021
101,937
1,240,000
1.125%, 
8/31/2021
1,255,452
1,250,000
1.500%, 
9/30/2021
1,273,291
410,000
2.000%, 
11/30/2022
428,578
500,000
2.125%, 
7/31/2024
537,637
1,210,000
2.250%, 
11/15/2024
1,313,228
1,930,000
2.125%, 
11/30/2024
2,085,682
540,000
2.625%, 
1/31/2026
606,424
Principal
Amount
Long-Term
Fixed
Income
(
5
.1
%
)
Value
U.S.
Government
&
Agencies
(2.9%)
-
continued
$
17,570,000
2.500%, 
2/28/2026
$
19,631,043
Total
38,000,878
Total
Long-Term
Fixed
Income
(cost
$62,565,214)
67,308,117
Shares
Collateral
Held
for
Securities
Loaned
(
2
.0
%
)
Value
26,934,926
Thrivent
Cash
Management
Trust
26,934,926
Total
Collateral
Held
for
Securities
Loaned
(cost
$26,934,926)
26,934,926
Shares
or
Principal
Amount
Short-Term
Investments
(
13
.0
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
1,100,000
0.900%,
5/7/2020
g,h
1,099,983
200,000
0.720%,
5/8/2020
g,h
199,996
9,400,000
1.045%,
5/12/2020
g,h
9,399,741
7,900,000
0.500%,
5/13/2020
g,h
7,899,763
3,100,000
0.461%,
5/19/2020
g,h
3,099,861
4,200,000
0.150%,
5/20/2020
g,h
4,199,801
300,000
0.000%,
5/28/2020
h
299,980
2,100,000
0.150%,
6/4/2020
g,h
2,099,802
10,600,000
0.172%,
6/9/2020
g,h
10,598,852
3,000,000
0.530%,
6/12/2020
g,h
2,999,650
5,900,000
0.150%,
6/23/2020
g,h
5,899,131
1,300,000
0.028%,
6/29/2020
g,h
1,299,787
1,700,000
0.005%,
7/7/2020
g,h
1,699,620
700,000
0.080%,
7/22/2020
g,h
699,809
1,900,000
0.180%,
8/4/2020
g,h
1,899,398
Thrivent
Core
Short-Term
Reserve
Fund
11,998,191
1.450%
119,981,916
Total
Short-Term
Investments
(cost
$173,253,449)
173,377,090
Total
Investments
(cost
$1,298,421,158)
103.2%
$
1,375,983,887
Other
Assets
and
Liabilities,
Net
(3.2%)
(
42,725,689
)
Total
Net
Assets
100.0%
$
1,333,258,198
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
12
a
All
or
a
portion
of
the
security
is
on
loan.
b
Non-income
producing
security.
c
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$244,672
or
0.0%
of
total
net
assets.
d
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
e
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
f
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
g
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
h
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Aggressive
Allocation
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Common
Stock
$
25,530,491
Total
lending
$25,530,491
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$26,934,926
Net
amounts
due
to
counterparty
$1,404,435
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
ETF
-
Exchange
Traded
Fund
GDR
-
Global
Depository
Receipts,
which
are
certificates
for
shares
of
an
underlying
foreign
security’s
shares
held
by
an
issuing
depository
bank
from
more
than
one
country.
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
13
Principal
Amount
Bank
Loans
(
15
.5
%
)
a
Value
Basic
Materials
(0.7%)
Ball
Metalpack
Finco,
LLC,
Term
Loan
$
176,850
6.113%, 
(LIBOR
3M
+
4.500%),
7/31/2025
b
$
149,143
Big
River
Steel,
LLC,
Term
Loan
336,375
6.450%, 
(LIBOR
3M
+
5.000%),
8/23/2023
b
290,964
Hexion,
Inc.,
Term
Loan
318,575
4.940%, 
(LIBOR
3M
+
3.500%),
7/1/2026
b,c,d
302,847
Innophos
Holdings,
Inc.,
Term
Loan
315,000
4.614%, 
(LIBOR
1M
+
3.750%),
2/7/2027
b
298,856
Momentive
Performance
Materials
USA,
LLC,
Term
Loan
297,750
3.660%, 
(LIBOR
1M
+
3.250%),
5/15/2024
b
264,572
Nouryon
USA,
LLC,
Term
Loan
533,617
3.864%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
482,924
Pixelle
Specialty
Solutions,
LLC,
Term
Loan
626,222
7.500%, 
(LIBOR
1M
+
6.500%),
10/31/2024
b
537,298
Univar
Solutions
USA,
Inc.,
Term
Loan
129,675
3.450%, 
(LIBOR
3M
+
2.000%),
11/22/2026
b
123,313
Total
2,449,917
Capital
Goods
(1.6%)
Advanced
Disposal
Services,
Inc.,
Term
Loan
302,324
3.000%, 
(LIBOR
1W
+
2.250%),
11/10/2023
b
298,209
Flex
Acquisition
Company,
Inc.
Term
Loan
728,996
4.683%, 
(LIBOR
3M
+
3.250%),
6/29/2025
b
678,695
GFL
Environmental,
Inc.,
Term
Loan
821,140
4.000%, 
(LIBOR
1M
+
3.000%),
5/31/2025
b,c,d
805,538
Mauser
Packaging
Solutions
Holding
Company,
Term
Loan
456,657
4.561%, 
(LIBOR
3M
+
3.250%),
4/3/2024
b
390,730
Natgasoline,
LLC,
Term
Loan
385,125
4.313%, 
(LIBOR
3M
+
3.500%),
11/14/2025
b,e
346,612
Navistar,
Inc.,
Term
Loan
635,375
4.220%, 
(LIBOR
1M
+
3.500%),
11/6/2024
b
572,238
Reynolds
Group
Holdings,
Inc.,
Term
Loan
99,741
3.154%, 
(LIBOR
1M
+
2.750%),
2/5/2023
b
94,900
TransDigm,
Inc.,
Term
Loan
1,117,200
2.654%, 
(LIBOR
1M
+
2.250%),
12/9/2025
b
975,282
Principal
Amount
Bank
Loans
(
15
.5
%
)
a
Value
Capital
Goods
(1.6%)
-
continued
Vertiv
Group
Corporation,
Term
Loan
$
1,060,000
3.993%, 
(LIBOR
1M
+
3.000%),
3/2/2027
b,e
$
993,750
Total
5,155,954
Communications
Services
(3.7%)
Altice
France
SA,
Term
Loan
276,450
3.154%, 
(LIBOR
1M
+
2.750%),
7/31/2025
b
251,915
CenturyLink,
Inc.,
Term
Loan
1,615,950
2.654%, 
(LIBOR
1M
+
2.250%),
3/15/2027
b
1,525,053
CommScope,
Inc.,
Term
Loan
825,850
3.654%, 
(LIBOR
1M
+
3.250%),
4/4/2026
b
774,532
Coral-US
Co-Borrower,
LLC,
Term
Loan
1,310,000
2.654%, 
(LIBOR
1M
+
2.250%),
1/31/2028
b
1,212,300
CSC
Holdings,
LLC,
Term
Loan
509,250
3.064%, 
(LIBOR
1M
+
2.250%),
7/17/2025
b
483,706
1,206,975
3.314%, 
(LIBOR
1M
+
2.500%),
4/15/2027
b
1,146,843
Diamond
Sports
Group,
LLC,
Term
Loan
880,925
3.820%, 
(LIBOR
1M
+
3.250%),
8/24/2026
b
714,835
Entercom
Media
Corporation,
Term
Loan
388,732
2.904%, 
(LIBOR
1M
+
2.500%),
11/17/2024
b
342,182
Gray
Television,
Inc.,
Term
Loan
160,000
0.000%, 
(LIBOR
3M
+
2.250%),
2/7/2024
b,c,d
151,434
HCP
Acquisition,
LLC,
Term
Loan
630,566
4.000%, 
(LIBOR
1M
+
3.000%),
5/16/2024
b
595,229
iHeartCommunications,
Inc.,
Term
Loan
90,000
3.989%, 
(LIBOR
1M
+
3.000%),
5/1/2026
b,c,d
80,425
Mediacom
Illinois,
LLC,
Term
Loan
192,528
1.900%, 
(LIBOR
1W
+
1.750%),
2/15/2024
b
184,105
NEP
Group,
Inc.,
Term
Loan
641,875
4.700%, 
(LIBOR
3M
+
3.250%),
10/20/2025
b,e
513,500
SBA
Senior
Finance
II,
LLC,
Term
Loan
432,798
2.160%, 
(LIBOR
1M
+
1.750%),
4/11/2025
b
417,108
Terrier
Media
Buyer,
Inc.,
Term
Loan
389,025
5.700%, 
(LIBOR
3M
+
4.250%),
12/17/2026
b
360,821
T-Mobile
USA,
Inc.,
Term
Loan
785,000
0.000%, 
(LIBOR
1M
+
3.000%),
4/1/2027
b,c,d
779,811
TNS,
Inc.,
Term
Loan
234,723
4.410%, 
(LIBOR
1M
+
4.000%),
8/14/2022
b
207,730
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
14
Principal
Amount
Bank
Loans
(
15
.5
%
)
a
Value
Communications
Services
(3.7%)
-
continued
Virgin
Media
Bristol,
LLC,
Term
Loan
$
660,000
3.314%, 
(LIBOR
1M
+
2.500%),
1/31/2028
b
$
623,205
WideOpenWest
Finance,
LLC,
Term
Loan
787,750
4.250%, 
(LIBOR
1M
+
3.250%),
8/19/2023
b
729,409
Windstream
Services,
LLC,
Term
Loan
397,055
8.250%, 
(PRIME
+
5.000%),
3/30/2021
b,f
220,366
Ziggo
Financing
Partnership,
Term
Loan
695,000
3.314%, 
(LIBOR
1M
+
2.500%),
4/30/2028
b
647,219
Total
11,961,728
Consumer
Cyclical
(2.8%)
1011778
B.C.,
LLC,
Term
Loan
1,331,663
2.154%, 
(LIBOR
1M
+
1.750%),
11/19/2026
b
1,245,517
Boyd
Gaming
Corporation,
Term
Loan
161,761
2.387%, 
(LIBOR
1W
+
2.250%),
9/15/2023
b
149,731
Cengage
Learning,
Inc.,
Term
Loan
630,973
5.250%, 
(LIBOR
3M
+
4.250%),
6/7/2023
b
479,540
Eldorado
Resorts,
Inc.,
Term
Loan
89,323
3.250%, 
(LIBOR
3M
+
2.250%),
4/17/2024
b
84,243
Four
Seasons
Hotels,
Ltd.,
Term
Loan
473,977
2.404%, 
(LIBOR
1M
+
2.000%),
11/30/2023
b
437,936
Golden
Entertainment,
Inc.,
Term
Loan
839,550
3.750%, 
(LIBOR
1M
+
3.000%),
10/20/2024
b
684,233
Golden
Nugget,
LLC,
Term
Loan
1,062,029
3.455%, 
(LIBOR
1M
+
2.500%),
10/4/2023
b
847,372
IAA,
Inc.,
Term
Loan
198,337
2.688%, 
(LIBOR
1M
+
2.250%),
6/28/2026
b
186,933
LCPR
Loan
Financing,
LLC,
Term
Loan
1,010,000
5.814%, 
(LIBOR
1M
+
5.000%),
10/25/2026
b
987,275
Men's
Warehouse,
Inc.,
Term
Loan
382,980
4.335%, 
(LIBOR
1M
+
3.250%),
4/9/2025
b
130,213
Mohegan
Gaming
and
Entertainment,
Term
Loan
721,128
5.375%, 
(LIBOR
1M
+
4.375%),
10/13/2023
b
493,973
Scientific
Games
International,
Inc.,
Term
Loan
1,638,970
3.521%, 
(LIBOR
2M
+
2.750%),
8/14/2024
b
1,350,790
Staples,
Inc.,
Term
Loan
223,312
5.516%, 
(LIBOR
3M
+
4.500%),
9/12/2024
b
180,140
719,837
6.016%, 
(LIBOR
3M
+
5.000%),
4/12/2026
b
571,068
Principal
Amount
Bank
Loans
(
15
.5
%
)
a
Value
Consumer
Cyclical
(2.8%)
-
continued
Stars
Group
Holdings
BV,
Term
Loan
$
754,075
4.950%, 
(LIBOR
3M
+
3.500%),
7/10/2025
b,e
$
748,419
Tenneco,
Inc.,
Term
Loan
572,750
3.404%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
443,165
Total
9,020,548
Consumer
Non-Cyclical
(2.8%)
Bausch
Health
Americas,
Inc.,
Term
Loan
845,625
3.718%, 
(LIBOR
1M
+
3.000%),
6/1/2025
b
817,085
Change
Healthcare
Holdings,
LLC,
Term
Loan
380,000
0.000%, 
(LIBOR
1M
+
2.500%),
3/1/2024
b,c,d
365,275
Chobani,
LLC,
Term
Loan
484,991
4.500%, 
(LIBOR
1M
+
3.500%),
10/10/2023
b
460,203
Elanco
Animal
Health,
Inc.,
Term
Loan
345,000
0.000%, 
(LIBOR
1M
+
1.750%),
2/4/2027
b,c,d
332,494
Endo
International
plc,
Term
Loan
330,035
5.000%, 
(LIBOR
1M
+
4.250%),
4/27/2024
b
299,302
Energizer
Holdings,
Inc.,
Term
Loan
178,695
3.250%, 
(LIBOR
1M
+
2.250%),
12/17/2025
b
174,526
Global
Medical
Response,
Inc.,
Term
Loan
1,485,800
4.250%, 
(LIBOR
1M
+
3.250%),
4/28/2022
b
1,360,904
Grifols
Worldwide
Operations
USA,
Inc.,
Term
Loan
468,825
2.137%, 
(LIBOR
1W
+
2.000%),
11/15/2027
b
453,199
IQVIA,
Inc.,
Term
Loan
30,000
0.000%, 
(LIBOR
1M
+
1.750%),
1/1/2025
b,c,d
28,763
JBS
USA
LUX
SA,
Term
Loan
781,055
3.072%, 
(LIBOR
3M
+
2.000%),
5/1/2026
b
751,281
Libbey
Glass,
Inc.,
Term
Loan
238,445
3.864%, 
(LIBOR
1M
+
3.000%),
4/9/2021
b
111,261
Mallinckrodt
International
Finance
SA,
Term
Loan
322,254
4.704%, 
(LIBOR
3M
+
3.000%),
2/24/2025
b
223,389
McGraw-Hill,
LLC,
Term
Loan
460,089
5.450%, 
(LIBOR
1M
+
4.000%),
5/4/2022
b
370,754
MPH
Acquisition
Holdings,
LLC,
Term
Loan
1,300,000
4.200%, 
(LIBOR
3M
+
2.750%),
6/7/2023
b
1,193,569
Ortho-Clinical
Diagnostics
SA,
Term
Loan
1,202,737
4.266%, 
(LIBOR
1M
+
3.250%),
6/30/2025
b
1,065,926
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
15
Principal
Amount
Bank
Loans
(
15
.5
%
)
a
Value
Consumer
Non-Cyclical
(2.8%)
-
continued
Plantronics,
Inc.,
Term
Loan
$
499,201
2.991%, 
(LIBOR
1M
+
2.500%),
7/2/2025
b
$
405,835
R.R.
Donnelley
&
Sons
Company,
Term
Loan
89,322
5.404%, 
(LIBOR
1M
+
5.000%),
1/15/2024
b
78,156
Sotera
Health
Holdings,
LLC,
Term
Loan
415,000
5.500%, 
(LIBOR
1M
+
4.500%),
12/13/2026
b
397,778
US
Foods,
Inc.,
Term
Loan
90,000
2.154%, 
(LIBOR
1M
+
1.750%),
6/27/2023
b,c,d
82,730
Total
8,972,430
Energy
(0.7%)
BCP
Raptor
II,
LLC,
Term
Loan
357,300
5.154%, 
(LIBOR
1M
+
4.750%),
11/3/2025
b
166,591
Buckeye
Partners,
LP,
Term
Loan
135,000
3.120%, 
(LIBOR
1M
+
2.750%),
11/1/2026
b,c,d
126,141
Calpine
Corporation,
Term
Loan
482,340
2.660%, 
(LIBOR
1M
+
2.250%),
1/15/2024
b
465,207
CONSOL
Energy,
Inc.,
Term
Loan
386,100
4.910%, 
(LIBOR
1M
+
4.500%),
9/28/2024
b
231,421
Fieldwood
Energy,
LLC,
Term
Loan
520,000
6.250%, 
(LIBOR
3M
+
5.250%),
4/11/2022
b
109,200
Radiate
Holdco,
LLC,
Term
Loan
1,280,310
3.750%, 
(LIBOR
1M
+
3.000%),
2/1/2024
b
1,222,491
Total
2,321,051
Financials
(1.6%)
Avolon
TLB
Borrower
1
US,
LLC,
Term
Loan
350,745
2.500%, 
(LIBOR
1M
+
1.750%),
1/15/2025
b
329,199
Delos
Finance
SARL,
Term
Loan
105,000
2.794%, 
(LIBOR
3M
+
1.750%),
10/6/2023
b,c,d
99,172
Digicel
International
Finance,
Ltd.,
Term
Loan
796,621
4.870%, 
(LIBOR
3M
+
3.250%),
5/27/2024
b
646,259
GGP
Nimbus,
LLC,
Term
Loan
891,425
2.904%, 
(LIBOR
1M
+
2.500%),
8/24/2025
b
657,747
INEOS
U.S.
Finance,
LLC,
Term
Loan
90,000
0.000%, 
(LIBOR
1M
+
2.000%),
3/31/2024
b,c,d
84,802
Level
3
Financing,
Inc.,
Term
Loan
660,000
2.154%, 
(LIBOR
1M
+
1.750%),
3/1/2027
b
630,848
MoneyGram
International,
Inc.,
Term
Loan
362,954
6.862%, 
(LIBOR
2M
+
6.000%),
6/30/2023
b
259,171
Principal
Amount
Bank
Loans
(
15
.5
%
)
a
Value
Financials
(1.6%)
-
continued
NCR
Corporation,
Term
Loan
$
552,225
2.910%, 
(LIBOR
1M
+
2.500%),
8/28/2026
b,e
$
519,092
Northriver
Midstream
Finance,
LP,
Term
Loan
537,273
4.683%, 
(LIBOR
3M
+
3.250%),
10/1/2025
b
430,968
Tronox
Finance,
LLC,
Term
Loan
1,148,391
3.587%, 
(LIBOR
3M
+
2.750%),
9/22/2024
b
1,074,469
Vericast
Corporation,
Term
Loan
661,410
6.463%, 
(LIBOR
3M
+
4.750%),
11/3/2023
b
418,891
Total
5,150,618
Technology
(1.2%)
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
665,927
4.260%, 
(LIBOR
2M
+
3.500%),
8/21/2026
b,c,d
576,860
Prime
Security
Services
Borrower,
LLC,
Term
Loan
1,512,400
4.266%, 
(LIBOR
1M
+
3.250%),
9/23/2026
b
1,430,292
Rackspace
Hosting,
Inc.,
Term
Loan
1,350,025
4.763%, 
(LIBOR
2M
+
3.000%),
11/3/2023
b
1,262,138
SS&C
Technologies,
Inc.,
Term
Loan
221,244
2.154%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
212,419
157,873
2.154%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
151,575
Zayo
Group
Holdings,
Inc.,
Term
Loan
445,000
3.404%, 
(LIBOR
1M
+
3.000%),
3/9/2027
b
417,058
Total
4,050,342
Transportation
(0.1%)
United
Airlines,
Inc.,
Term
Loan
235,000
2.154%, 
(LIBOR
3M
+
1.750%),
4/1/2024
b,c,d
205,773
Total
205,773
Utilities
(0.3%)
Advanced
Drainage
Systems,
Inc.,
Term
Loan
90,000
3.250%, 
(LIBOR
1M
+
2.250%),
9/24/2026
b,c,d
87,188
Core
and
Main,
LP,
Term
Loan
394,875
3.988%, 
(LIBOR
6M
+
2.750%),
8/1/2024
b
370,566
EnergySolutions,
LLC,
Term
Loan
294,750
5.200%, 
(LIBOR
3M
+
3.750%),
5/11/2025
b
262,327
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
16
Principal
Amount
Bank
Loans
(
15
.5
%
)
a
Value
Utilities
(0.3%)
-
continued
Talen
Energy
Supply,
LLC,
Term
Loan
$
258,700
4.154%, 
(LIBOR
1M
+
3.750%),
7/8/2026
b,e
$
235,417
Total
955,498
Total
Bank
Loans
(cost
$56,690,252)
50,243,859
Shares
Common
Stock
(
44
.9
%
)
Value
Communications
Services
(3.0%)
3,548
Activision
Blizzard,
Inc.
226,114
1,285
Alphabet,
Inc.,
Class
A
g
1,730,510
691
Alphabet,
Inc.,
Class
C
g
931,924
4,248
AT&T,
Inc.
129,437
62,492
Auto
Trader
Group
plc
h
359,734
4,474
Carsales.com,
Ltd.
40,927
4,622
CenturyLink,
Inc.
49,086
115
Charter
Communications,
Inc.
g
56,951
21,359
Comcast
Corporation
803,739
1,179
Discovery,
Inc.,
Class
A
g,i
26,433
9,562
DISH
Network
Corporation
g
239,193
4,100
Facebook,
Inc.
g
839,311
33,000
HKT
Trust
and
HKT,
Ltd.
53,253
1,290
Ipsos
SA
24,840
3,100
KDDI
Corporation
89,789
3,766
Live
Nation
Entertainment,
Inc.
g
168,980
37,560
Mediaset
Espana
Comunicacion
SA
g
134,589
2,491
Meredith
Corporation
i
36,942
200
Nintendo
Company,
Ltd.
82,585
4,700
NTT
DOCOMO,
Inc.
138,515
3,802
Orange
SA
46,191
12,058
QuinStreet,
Inc.
g
122,509
3,113
Rightmove
plc
19,464
171
Roku,
Inc.
g
20,730
17,254
Seven
West
Media,
Ltd.
g
949
11,200
SoftBank
Corporation
152,521
2,200
SoftBank
Group
Corporation
94,298
205,678
Telecom
Italia
SPA
g
81,677
19,748
Telefonica
SA
90,298
11,000
TV
Asahi
Holdings
Corporation
163,291
10,071
Twitter,
Inc.
g
288,836
6,100
Uber
Technologies,
Inc.
g
184,647
22,187
Verizon
Communications,
Inc.
1,274,643
4,056
ViacomCBS,
Inc.
70,007
14,002
Vodafone
Group
plc
19,752
3,292
Walt
Disney
Company
356,030
2,500
Wolters
Kluwer
NV
183,884
6,522
Zillow
Group,
Inc.
g,i
283,968
Total
9,616,547
Consumer
Discretionary
(4.2%)
1,252
Amazon.com,
Inc.
g
3,097,448
700
AOKI
Holdings,
Inc.
4,253
1,000
Aoyama
Trading
Company,
Ltd.
8,448
6,229
Aptiv
plc
433,227
1,600
Autobacs
Seven
Company,
Ltd.
18,684
216
AutoZone,
Inc.
g
220,389
2,280
Berkeley
Group
Holdings
plc
119,684
192
Booking
Holdings,
Inc.
g
284,269
1,000
Bridgestone
Corporation
31,127
884
Bright
Horizons
Family
Solutions,
Inc.
g
102,942
1,422
Burlington
Stores,
Inc.
g
259,785
1,066
Century
Casinos,
Inc.
g
4,834
Shares
Common
Stock
(
44
.9
%
)
Value
Consumer
Discretionary
(4.2%)
-
continued
208
Chipotle
Mexican
Grill,
Inc.
g
$
182,738
1,800
Chiyoda
Company,
Ltd.
17,243
291
Churchill
Downs,
Inc.
29,164
19,900
Citizen
Watch
Company,
Ltd.
70,234
5,543
Cooper-Standard
Holdings,
Inc.
g
71,227
8,226
Crocs,
Inc.
g
199,480
5,362
D.R.
Horton,
Inc.
253,194
12,800
Denso
Corporation
449,942
9,453
Designer
Brands,
Inc.
60,026
2,151
Eldorado
Resorts,
Inc.
g,i
46,117
909
Emerald
Holding,
Inc
2,072
6,803
Etsy,
Inc.
g
441,311
400
Exedy
Corporation
6,445
32,000
Galaxy
Entertainment
Group,
Ltd.
205,808
1,593
Genuine
Parts
Company
126,293
4,786
Home
Depot,
Inc.
1,052,106
2,305
Industria
de
Diseno
Textil
SA
59,037
8,073
Lowe's
Companies,
Inc.
845,647
1,841
Lululemon
Athletica,
Inc.
g
411,427
1,795
McDonald's
Corporation
336,670
1,122
Mohawk
Industries,
Inc.
g
98,422
23,507
Moneysupermarket.com
Group
plc
93,658
6,659
Movado
Group,
Inc.
68,654
457
Netflix,
Inc.
g
191,871
7,500
NHK
Spring
Company,
Ltd.
49,626
3,009
NIKE,
Inc.
262,325
3,900
Nissan
Motor
Company,
Ltd.
13,275
155
NVR,
Inc.
g
480,500
1,900
Onward
Holdings
Company,
Ltd.
5,944
200
Oriental
Land
Company,
Ltd.
25,289
2,476
Oxford
Industries,
Inc.
103,794
2,919
Penn
National
Gaming,
Inc.
g
52,017
2,638
Playa
Hotels
and
Resorts
NV
g
6,516
1,400
PLENUS
Company,
Ltd.
22,931
14,771
Redrow
plc
85,824
3,497
RH
g,i
502,799
2,100
Rinnai
Corporation
159,066
3,500
Sangetsu
Company,
Ltd.
52,091
1,700
SHIMAMURA
Company,
Ltd.
107,179
1,600
Sony
Corporation
102,967
5,312
Sony
Corporation
ADR
341,296
39,400
Sumitomo
Electric
Industries,
Ltd.
405,365
900
Sumitomo
Forestry
Company,
Ltd.
11,119
18,200
Sumitomo
Rubber
Industries,
Ltd.
176,659
1,863
Super
Retail
Group,
Ltd.
7,601
500
Takara
Standard
Company,
Ltd.
7,369
55,510
Taylor
Wimpey
plc
102,518
4,335
Texas
Roadhouse,
Inc.
204,135
4,844
TJX
Companies,
Inc.
237,598
2,900
Toyoda
Gosei
Company,
Ltd.
54,013
864
Wynn
Resorts,
Ltd.
73,898
4,915
Zumiez,
Inc.
g
103,903
Total
13,661,493
Consumer
Staples
(2.2%)
3,242
Anheuser-Busch
InBev
NV
150,981
2,000
Arcs
Company,
Ltd.
37,526
1,274
B&G
Foods,
Inc.
24,741
4,821
Bunge,
Ltd.
191,249
2,557
Carlsberg
AS
322,573
747
Casey's
General
Stores,
Inc.
113,103
11,696
Coca-Cola
Company
536,729
5,469
Colgate-Palmolive
Company
384,307
863
Costco
Wholesale
Corporation
261,489
20,322
Cott
Corporation
208,504
3,138
ForFarmers
BV
20,908
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
17
Shares
Common
Stock
(
44
.9
%
)
Value
Consumer
Staples
(2.2%)
-
continued
719
Glanbia
plc
$
7,652
14,277
Hain
Celestial
Group,
Inc.
g
368,918
1,377
John
B.
Sanfilippo
&
Son,
Inc.
113,093
600
Kao
Corporation
46,270
1,700
Kewpie
Corporation
33,759
1,697
Kimberly-Clark
Corporation
235,001
10
Lindt
&
Spruengli
AG
77,900
342
L'Oreal
SA
g
99,434
700
Ministop
Company,
Ltd.
9,658
7,321
Nestle
SA
775,367
3,343
PepsiCo,
Inc.
442,245
3,261
Philip
Morris
International,
Inc.
243,271
4,847
Procter
&
Gamble
Company
571,316
676
Reckitt
Benckiser
Group
plc
56,310
3,700
Sugi
Holdings
Company,
Ltd.
223,117
7,800
Sundrug
Company,
Ltd.
267,060
6,262
Turning
Point
Brands,
Inc.
145,905
3,240
Unilever
NV
161,350
8,873
Wal-Mart
Stores,
Inc.
1,078,513
Total
7,208,249
Energy
(1.7%)
13,389
BP
plc
ADR
318,658
5,110
Chevron
Corporation
470,120
4,070
Cimarex
Energy
Company
103,459
2,262
Comstock
Resources,
Inc.
g,i
17,327
3,624
ConocoPhillips
152,570
1,844
Continental
Resources,
Inc.
i
30,223
4,964
Contura
Energy,
Inc.
g
18,962
4,132
Diamondback
Energy,
Inc.
179,907
16,575
Enbridge,
Inc.
508,521
8,617
Eni
SPA
82,089
35,944
Enterprise
Products
Partners,
LP
631,177
2,745
EOG
Resources,
Inc.
130,415
6,837
Euronav
NV
73,088
5,280
Exxon
Mobil
Corporation
245,362
345
Gaztransport
Et
Technigaz
SA
25,012
17,366
Halliburton
Company
182,343
2,041
Helmerich
&
Payne,
Inc.
40,351
49,500
JXTG
Holdings,
Inc.
175,495
23,155
Marathon
Oil
Corporation
141,709
8,094
Marathon
Petroleum
Corporation
259,656
5,176
NexTier
Oilfield
Solutions,
Inc.
g
12,008
7,394
Nine
Energy
Service,
Inc.
g
10,721
622
OMV
AG
20,310
1,316
ONEOK,
Inc.
39,388
17,487
Pacific
Drilling
SA
g,i
11,206
3,469
Pioneer
Natural
Resources
Company
309,816
15,169
Royal
Dutch
Shell
plc,
Class
A
249,745
24,546
Royal
Dutch
Shell
plc,
Class
B
392,946
2,901
Schlumberger,
Ltd.
48,795
5,828
SEACOR
Holdings,
Inc.
g
164,699
4,191
Talos
Energy,
Inc.
g
47,735
2,427
TC
Energy
Corporation
111,695
1,989
Total
SA
70,595
50,725
WPX
Energy,
Inc.
g
310,944
Total
5,587,047
Financials
(7.0%)
13,825
AB
Industrivarden
g
282,901
7,383
Aflac,
Inc.
274,943
9,600
AIA
Group,
Ltd.
88,107
6,511
Air
Lease
Corporation
170,263
3,620
Allianz
SE
666,196
15,503
Ally
Financial,
Inc.
254,094
Shares
Common
Stock
(
44
.9
%
)
Value
Financials
(7.0%)
-
continued
2,849
American
Express
Company
$
259,971
2,429
American
Financial
Group,
Inc.
160,897
5,542
American
International
Group,
Inc.
140,933
489
Ameriprise
Financial,
Inc.
56,206
781
Aon
plc
134,855
664
Ares
Capital
Corporation
8,526
21,944
Assured
Guaranty,
Ltd.
652,395
2,876
Baloise
Holding
AG
430,300
36,380
Bank
Leumi
Le-Israel
BM
196,019
54,233
Bank
of
America
Corporation
1,304,304
276
Bank
of
Marin
Bancorp
9,097
4,846
Bank
of
Montreal
i
246,382
4,701
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
103,469
2,402
Bank
of
New
York
Mellon
Corporation
90,171
2,558
Berkshire
Hathaway,
Inc.
g
479,267
823
BlackRock,
Inc.
413,179
1,990
Blackstone
Mortgage
Trust,
Inc.
46,825
11,680
Bridgewater
Bancshares,
Inc.
g
118,318
7,775
Capital
One
Financial
Corporation
503,509
5,417
Charles
Schwab
Corporation
204,329
2,215
Chubb,
Ltd.
239,242
30,002
CI
Financial
Corporation
318,783
20,820
Citigroup,
Inc.
1,011,019
1,910
Citizens
Financial
Group,
Inc.
42,765
566
CME
Group,
Inc.
100,867
1,620
CNP
Assurances
g
16,713
2,794
Cohen
&
Steers,
Inc.
161,326
8,268
Comerica,
Inc.
288,222
5,354
Commonwealth
Bank
of
Australia
216,282
1,011
Community
Trust
Bancorp,
Inc.
34,273
991
Cullen/Frost
Bankers,
Inc.
71,213
21,600
DBS
Group
Holdings,
Ltd.
304,109
1,064
Deutsche
Boerse
AG
164,962
10,543
Deutsche
Pfandbriefbank
AG
h
77,493
21,630
DnB
ASA
i
261,894
1,831
Ellington
Residential
Mortgage
REIT
16,332
522
Enstar
Group,
Ltd.
g
75,492
5,192
Euronext
NV
h
435,891
507
Evercore,
Inc.
26,161
16,680
Everi
Holdings,
Inc.
g
82,566
282
FBL
Financial
Group,
Inc.
11,021
333
Financial
Institutions,
Inc.
6,444
2,085
First
Busey
Corporation
38,406
7,227
First
Interstate
BancSystem,
Inc.
244,273
213
First
Mid-Illinois
Bancshares,
Inc.
5,687
52,842
FlexiGroup,
Ltd.
30,863
349
Glacier
Bancorp,
Inc.
13,290
917
Goldman
Sachs
Group,
Inc.
168,196
1,353
Great
Southern
Bancorp,
Inc.
57,597
1,049
Hamilton
Lane,
Inc.
i
68,028
10,990
Hartford
Financial
Services
Group,
Inc.
417,510
5,545
Heartland
Financial
USA,
Inc.
188,364
15,127
Heritage
Commerce
Corporation
134,328
862
Hometrust
Bancshares,
Inc.
13,249
1,052
Houlihan
Lokey,
Inc.
62,468
16,134
HSBC
Holdings
plc
82,928
389
Independent
Bank
Corporation
5,714
4,634
Interactive
Brokers
Group,
Inc.
189,994
85,124
Israel
Discount
Bank,
Ltd.
276,169
5,384
J.P.
Morgan
Chase
&
Company
515,572
3,600
Japan
Exchange
Group,
Inc.
66,962
6,000
Japan
Post
Bank
Company,
Ltd.
55,711
1,000
Japan
Post
Holdings
Company,
Ltd.
7,999
4,144
Kemper
Corporation
278,560
38,766
KeyCorp
451,624
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
18
Shares
Common
Stock
(
44
.9
%
)
Value
Financials
(7.0%)
-
continued
810
L
E
Lundbergforetagen
AB
g
$
34,009
582
Lakeland
Bancorp,
Inc.
6,513
5,475
Laurentian
Bank
of
Canada
122,287
994
M&T
Bank
Corporation
111,407
22,014
Manulife
Financial
Corporation
277,241
399
Markel
Corporation
g
345,470
840
Marsh
&
McLennan
Companies,
Inc.
81,757
6,732
Meridian
Bancorp,
Inc.
79,303
6,424
MetLife,
Inc.
231,778
2,618
MidWestOne
Financial
Group,
Inc.
54,638
12,200
Mitsubishi
UFJ
Financial
Group,
Inc.
49,288
2,006
Mizrahi
Tefahot
Bank,
Ltd.
41,085
9,554
Morgan
Stanley
376,714
800
MS
and
AD
Insurance
Group
Holdings,
Inc.
23,048
1,799
National
Bank
of
Canada
72,557
13,183
Natixis
31,122
1,255
New
York
Community
Bancorp,
Inc.
13,629
1,794
Northern
Trust
Corporation
142,013
1,381
Onex
Corporation
63,655
1,981
Paragon
Banking
Group
plc
8,294
1,439
Pargesa
Holding
SA
102,365
96
PCSB
Financial
Corporation
1,310
239
Peapack-Gladstone
Financial
Corporation
4,510
2,720
PNC
Financial
Services
Group,
Inc.
290,142
4,004
Popular,
Inc.
154,514
5,708
Power
Corporation
of
Canada
91,282
2,073
Primerica,
Inc.
215,405
6,459
Prosight
Global,
Inc.
g
53,997
193
QCR
Holdings,
Inc.
5,940
12,322
Radian
Group,
Inc.
184,584
4,161
Raymond
James
Financial,
Inc.
274,293
3,061
Royal
Bank
of
Canada
188,307
872
S&P
Global,
Inc.
255,391
6,038
Santander
Consumer
USA
Holdings,
Inc.
94,132
7,291
Seacoast
Banking
Corporation
of
Florida
g
163,829
1,336
Selective
Insurance
Group,
Inc.
66,974
2,300
Senshu
Ikeda
Holdings,
Inc.
3,590
5,000
Singapore
Exchange,
Ltd.
34,095
3,801
State
Auto
Financial
Corporation
95,367
11,042
Sun
Life
Financial,
Inc.
378,472
481
SVB
Financial
Group
g
92,915
1,177
Swiss
Life
Holding
AG
417,392
9,557
Synovus
Financial
Corporation
200,793
1,880
T.
Rowe
Price
Group,
Inc.
217,384
2,100
Tokio
Marine
Holdings,
Inc.
98,523
734
Topdanmark
AS
29,630
19,169
Toronto-Dominion
Bank
800,940
4,466
Triumph
Bancorp,
Inc.
g
123,753
9,386
U.S.
Bancorp
342,589
196
Washington
Trust
Bancorp,
Inc.
6,862
3,158
Wells
Fargo
&
Company
91,740
9,253
Western
Alliance
Bancorp
331,998
16,731
Zions
Bancorporations
NA
528,867
Total
22,739,711
Health
Care
(6.9%)
4,537
Abbott
Laboratories
417,812
939
AbbVie,
Inc.
77,186
1,983
Alexion
Pharmaceuticals,
Inc.
g
213,113
1,703
Align
Technology,
Inc.
g
365,890
2,373
Amgen,
Inc.
567,669
675
Anthem,
Inc.
189,493
Shares
Common
Stock
(
44
.9
%
)
Value
Health
Care
(6.9%)
-
continued
9,863
Bausch
Health
Companies,
Inc.
g
$
178,718
570
Becton,
Dickinson
and
Company
143,942
1,243
Biogen,
Inc.
g
368,960
4,055
Catalent,
Inc.
g
280,403
894
CEL-SCI
Corporation
g
15,734
7,179
Centene
Corporation
g
477,978
1,000
Chugai
Pharmaceutical
Company,
Ltd.
119,202
2,436
Cigna
Holding
Company
476,920
3,777
CSL,
Ltd.
752,858
10,016
CVS
Health
Corporation
616,485
900
Daiichi
Sankyo
Company,
Ltd.
61,867
3,828
Danaher
Corporation
625,725
2,495
Edwards
Lifesciences
Corporation
g
542,662
2,996
Gilead
Sciences,
Inc.
251,664
39,951
GlaxoSmithKline
plc
833,477
4,618
Grifols
SA
157,599
5,895
Halozyme
Therapeutics,
Inc.
g
133,551
2,632
HCA
Healthcare,
Inc.
289,204
538
Humana,
Inc.
205,419
7,169
iBio,
Inc.
g
8,029
353
Illumina,
Inc.
g
112,618
992
Intuitive
Surgical,
Inc.
g
506,793
1,991
IQVIA
Holding,
Inc.
g
283,897
2,036
Jazz
Pharmaceuticals,
Inc.
g
224,469
11,797
Johnson
&
Johnson
1,770,022
900
KYORIN
Holdings,
Inc.
18,703
284
Laboratory
Corporation
of
America
Holdings
g
46,704
1,719
LHC
Group,
Inc.
g
223,453
336
LNA
Sante
14,904
400
M3,
Inc.
14,438
12,040
Medtronic
plc
1,175,465
12,385
Merck
&
Company,
Inc.
982,626
950
Neurocrine
Biosciences,
Inc.
g
93,233
14,054
Novartis
AG
1,199,347
13,704
Novo
Nordisk
AS
874,179
1,831
Novo
Nordisk
AS
ADR
115,957
900
Olympus
Corporation
g
14,280
7,333
Optinose,
Inc.
g
29,625
926
PerkinElmer,
Inc.
83,831
14,604
Pfizer,
Inc.
560,209
5,304
Recordati
SPA
230,978
3,730
Roche
Holding
AG
1,291,689
48
Siegfried
Holding
AG
g
21,879
1,092
Sonova
Holding
AG
197,230
2,679
Stryker
Corporation
499,446
5,146
Syneos
Health,
Inc.
g
287,095
1,127
Tactile
Systems
Technology,
Inc.
g
58,176
3,000
Takeda
Pharmaceutical
Company,
Ltd.
108,184
182
Teladoc
Health,
Inc.
g
29,955
2,370
Thermo
Fisher
Scientific,
Inc.
793,192
400
Tsumura
&
Company
11,065
2,502
UnitedHealth
Group,
Inc.
731,760
2,308
Universal
Health
Services,
Inc.
243,932
588
Veeva
Systems,
Inc.
g
112,190
1,216
Vertex
Pharmaceuticals,
Inc.
g
305,459
7,130
Wright
Medical
Group
NV
g
207,626
1,129
Zimmer
Biomet
Holdings,
Inc.
135,141
2,891
Zoetis,
Inc.
373,835
Total
22,355,145
Industrials
(5.6%)
537
3M
Company
81,581
4,221
Aalberts
NV
g
118,863
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
19
Shares
Common
Stock
(
44
.9
%
)
Value
Industrials
(5.6%)
-
continued
248
Aeroports
de
Paris
SA
$
24,209
8,210
AGCO
Corporation
433,816
18,556
Altra
Industrial
Motion
Corporation
517,898
5,476
AMETEK,
Inc.
459,272
5,528
Arcosa,
Inc.
206,029
4,697
ASGN,
Inc.
g
218,176
8,071
Assa
Abloy
AB
144,487
11,052
Atlas
Copco
AB,
Class
A
380,901
4,371
Atlas
Copco
AB,
Class
B
135,203
1,018
Boeing
Company
143,558
14,225
Carrier
Global
Corporation
g
251,925
1,971
Caterpillar,
Inc.
229,385
2,203
CIA
De
Distribucion
Integral
39,324
510
CSW
Industrials,
Inc.
33,782
3,100
CSX
Corporation
205,313
3,876
Curtiss-Wright
Corporation
401,747
8,812
Delta
Air
Lines,
Inc.
228,319
1,630
EMCOR
Group,
Inc.
103,554
5,768
Emerson
Electric
Company
328,949
2,643
Encore
Wire
Corporation
120,997
301
Geberit
AG
134,608
5,126
General
Dynamics
Corporation
669,558
260
Gorman-Rupp
Company
7,670
1,700
GS
Yuasa
Corporation
24,158
26,602
GWA
Group,
Ltd.
47,750
2,300
Hanwa
Company,
Ltd.
36,538
1,461
Heico
Corporation
127,984
3,951
Helios
Technologies,
Inc.
140,537
2,600
Hino
Motors,
Ltd.
15,467
8,145
Honeywell
International,
Inc.
1,155,776
2,095
Huntington
Ingalls
Industries,
Inc.
401,004
1,989
IDEX
Corporation
305,570
5,600
Inaba
Denki
Sangyo
Company,
Ltd.
118,472
2,419
Ingersoll
-
Rand,
Inc.
g,i
70,345
10,715
Johnson
Controls
International
plc
311,914
1,390
Kansas
City
Southern
181,465
7,200
Kinden
Corporation
115,856
7,146
Koninklijke
Philips
NV
311,513
7,917
Legrand
SA
533,740
2,313
Lincoln
Electric
Holdings,
Inc.
i
186,220
1,195
Lockheed
Martin
Corporation
464,927
28,300
Marubeni
Corporation
136,288
9,495
Meritor,
Inc.
g
194,648
16,400
Mitsubishi
Corporation
347,811
2,200
Mitsuboshi
Belting,
Ltd.
30,123
26,900
Mitsui
&
Company,
Ltd.
375,479
437
NAPCO
Security
Technologies,
Inc.
g
8,757
10,337
National
Express
Group
plc
35,571
7,600
Nitto
Kogyo
Corporation
128,035
4,827
Nobina
AB
h
26,322
929
Norfolk
Southern
Corporation
158,952
181
Northrop
Grumman
Corporation
59,851
2,160
Old
Dominion
Freight
Line,
Inc.
g
313,826
3,477
Otis
Worldwide
Corporation
g
177,014
12,269
PageGroup
plc
58,102
2,844
Parker-Hannifin
Corporation
449,693
14,030
Primoris
Services
Corporation
219,008
7,219
Raven
Industries,
Inc.
160,767
6,955
Raytheon
Technologies
Corporation
450,754
3,448
Redde
Northgate
plc
7,779
25,764
RELX
plc
581,279
5,775
Ritchie
Brothers
Auctioneers,
Inc.
248,845
1,086
Rockwell
Automation,
Inc.
205,775
1,630
Saia,
Inc.
g
150,808
5,812
Sandvik
AB
g
89,408
200
Sanwa
Holdings
Corporation
1,552
Shares
Common
Stock
(
44
.9
%
)
Value
Industrials
(5.6%)
-
continued
5,475
Schneider
Electric
SE
g
$
505,960
8,997
Signify
NV
h
183,147
11,082
SKF
AB
174,914
137,000
Sojitz
Corporation
317,064
12,113
Southwest
Airlines
Company
378,531
1,208
Spirax-Sarco
Engineering
plc
132,202
172
Stanley
Black
&
Decker,
Inc.
18,954
15,700
Sumitomo
Corporation
177,601
900
Taikisha,
Ltd.
26,211
399
Teledyne
Technologies,
Inc.
g
129,942
2,400
Toppan
Forms
Company,
Ltd.
21,084
2,545
Transcontinental,
Inc.
23,056
2,200
Tsubakimoto
Chain
Company
51,530
655
Union
Pacific
Corporation
104,662
7,163
United
Airlines
Holdings,
Inc.
g
211,882
3,127
United
Rentals,
Inc.
g
401,820
815
Valmont
Industries,
Inc.
95,551
1,414
Verisk
Analytics,
Inc.
216,102
1,784
Vinci
SA
146,149
1,300
Yuasa
Trading
Company,
Ltd.
34,983
Total
18,136,152
Information
Technology
(9.5%)
2,769
Accenture
plc
512,791
1,574
Adobe,
Inc.
g
556,629
1,690
Advanced
Energy
Industries,
Inc.
g
93,964
24,280
Advanced
Micro
Devices,
Inc.
g
1,272,029
3,819
Agilysys,
Inc.
g
74,814
5,758
Akamai
Technologies,
Inc.
g
562,614
4,959
Alliance
Data
Systems
Corporation
248,297
8,007
Amadeus
IT
Holding
SA
382,196
4,233
Amphenol
Corporation
373,605
1,917
ANSYS,
Inc.
g
501,928
11,367
Apple,
Inc.
3,339,625
191
ASM
International
NV
21,025
1,633
ASML
Holding
NV
476,978
3,405
Automatic
Data
Processing,
Inc.
499,479
5,338
BE
Semiconductor
Industries
NV
g
220,918
2,730
Blackline,
Inc.
g
165,820
1,407
Broadcom,
Ltd.
382,169
1,002
Broadridge
Financial
Solutions,
Inc.
116,232
3,300
Canon,
Inc.
69,416
10,531
CGI,
Inc.
g
671,602
12,767
Change
Healthcare,
Inc.
g
148,608
12,369
Ciena
Corporation
g
572,066
41,192
Cisco
Systems,
Inc.
1,745,717
3,662
Computer
Services,
Inc.
156,551
12,233
Computershare,
Ltd.
96,245
1,020
Dialog
Semiconductor
plc
g
32,033
3,796
Dolby
Laboratories,
Inc.
227,874
229
Euronet
Worldwide,
Inc.
g
21,013
2,900
Fuji
Soft,
Inc.
102,083
653
Gartner,
Inc.
g
77,583
21,284
Halma
plc
559,562
1,200
Hoya
Corporation
109,432
537
Infineon
Technologies
AG
9,983
4,698
Intel
Corporation
281,786
1,022
International
Business
Machines
Corporation
128,322
2,005
Intuit,
Inc.
540,969
500
Keyence
Corporation
178,506
1,806
KLA-Tencor
Corporation
296,347
429
Lam
Research
Corporation
109,515
4,498
Lattice
Semiconductor
Corporation
g
101,250
825
Littelfuse,
Inc.
119,823
1,992
Lumentum
Holdings,
Inc.
g
161,173
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
20
Shares
Common
Stock
(
44
.9
%
)
Value
Information
Technology
(9.5%)
-
continued
4,591
MasterCard,
Inc.
$
1,262,387
2,519
Microchip
Technology,
Inc.
220,992
9,587
Micron
Technology,
Inc.
g
459,121
24,549
Microsoft
Corporation
4,399,426
713
Monolithic
Power
Systems,
Inc.
142,536
1,849
Motorola
Solutions,
Inc.
265,905
5,700
National
Instruments
Corporation
218,994
4,100
NEC
Networks
&
System
Integration
Corporation
176,430
1,346
Nice,
Ltd.
ADR
g
221,148
29,667
Nuance
Communications,
Inc.
g
599,273
1,654
NVIDIA
Corporation
483,431
4,065
Oracle
Corporation
215,323
400
Oracle
Corporation
Japan
41,179
1,205
Paychex,
Inc.
82,567
2,181
PayPal
Holdings,
Inc.
g
268,263
2,468
Plexus
Corporation
g
154,719
3,289
QUALCOMM,
Inc.
258,746
1,600
Ryoyo
Electro
Corporation
35,924
7,748
SailPoint
Technologies
Holdings,
Inc.
g
144,035
1,067
Salesforce.com,
Inc.
g
172,801
354
Samsung
Electronics
Company,
Ltd.
GDR
367,853
285
SAP
SE
33,946
1,212
ServiceNow,
Inc.
g
426,067
3,840
Square,
Inc.
g
250,138
1,628
Synopsys,
Inc.
g
255,791
3,615
TE
Connectivity,
Ltd.
265,558
7,359
Teradyne,
Inc.
460,232
10,117
Texas
Instruments,
Inc.
1,174,280
400
Tokyo
Electron,
Ltd.
85,192
586
VeriSign,
Inc.
g
122,761
4,818
Virtusa
Corporation
g
158,994
5,451
Visa,
Inc.
974,203
1,362
VMware,
Inc.
g
179,130
74
Wirecard
AG
7,323
Total
30,903,240
Materials
(1.7%)
7,000
Air
Water,
Inc.
94,372
1,511
Anglo
American
plc
26,873
4,786
Arcelor
Mittal
52,279
5,290
Ball
Corporation
346,971
2,733
Boise
Cascade
Company
85,461
7,620
CF
Industries
Holdings,
Inc.
209,550
4,295
Coeur
Mining,
Inc.
g
18,082
5,926
Eastman
Chemical
Company
358,582
2,685
Ecolab,
Inc.
519,547
15,527
Element
Solutions,
Inc.
g
159,152
234
Eramet
SA
7,369
6,425
First
Majestic
Silver
Corporation
g
51,850
15,760
Gold
Road
Resources,
Ltd.
g
16,093
8,253
Granges
AB
60,304
11,922
Hexpol
AB
g
85,650
4,999
Hochschild
Mining
plc
8,721
13,902
IAMGOLD
Corporation
g
48,796
35,665
Ivanhoe
Mines,
Ltd.
g
74,817
913
Kirkland
Lake
Gold,
Ltd.
37,741
4,320
Koninklijke
DSM
NV
529,470
6,900
Kyoei
Steel,
Ltd.
87,679
800
Lintec
Corporation
17,168
12,883
Louisiana-Pacific
Corporation
257,660
815
MAG
Silver
Corporation
g
9,269
1,600
Nippon
Light
Metal
Holdings
Company,
Ltd.
2,520
24,400
Nippon
Steel
Corporation
205,293
Shares
Common
Stock
(
44
.9
%
)
Value
Materials
(1.7%)
-
continued
2,211
Northern
Star
Resources,
Ltd.
$
17,854
4,459
Nucor
Corporation
183,666
2,863
PPG
Industries,
Inc.
260,046
12,167
Ramelius
Resources,
Ltd.
10,338
25,170
Resolute
Mining,
Ltd.
g
14,996
1,172
Rio
Tinto,
Ltd.
66,055
18,164
Sandfire
Resources,
Ltd.
52,717
100
Sanyo
Special
Steel
Company,
Ltd.
873
436
Sherwin-Williams
Company
233,857
6,203
St
Barbara,
Ltd.
10,210
8,729
Steel
Dynamics,
Inc.
211,853
17,500
Sumitomo
Chemical
Company,
Ltd.
53,676
1,200
Taiyo
Holdings
Company,
Ltd.
49,070
4,600
Toagosei
Company,
Ltd.
42,087
44,800
Toray
Industries,
Inc.
205,395
3,100
Ube
Industries,
Ltd.
51,985
1,968
UFP
Technologies,
Inc.
g
84,624
2,210
United
States
Lime
&
Minerals,
Inc.
177,021
9,304
UPM-Kymmene
Oyj
255,165
8,309
Verso
Corporation
g
115,412
Total
5,468,169
Real
Estate
(2.1%)
1,338
Agree
Realty
Corporation
87,117
2,123
Alexandria
Real
Estate
Equities,
Inc.
333,502
3,977
Allied
Properties
REIT
127,314
4,173
Alstria
Office
REIT
AG
62,552
9,237
American
Campus
Communities,
Inc.
325,974
1,092
American
Tower
Corporation
259,896
76,848
Ascendas
REIT
160,711
11,800
Ascott
Trust
7,423
865
AvalonBay
Communities,
Inc.
140,952
3,452
Camden
Property
Trust
304,018
6,205
Castellum
AB
108,835
3,468
Choice
Properties
REIT
31,442
171
Cofinimmo
SA
23,773
2,551
Colliers
International
Group,
Inc.
140,305
420
CoreSite
Realty
Corporation
50,900
5,386
Cousins
Properties,
Inc.
162,496
592
Crown
Castle
International
Corporation
94,383
3,200
Daito
Trust
Construction
Company,
Ltd.
304,273
1,837
Digital
Realty
Trust,
Inc.
274,613
4,984
Douglas
Emmett,
Inc.
151,962
9,424
Duke
Realty
Corporation
327,013
561
EastGroup
Properties,
Inc.
59,466
1,791
Entra
ASA
h,i
22,550
663
Equity
Commonwealth
22,509
8,674
Equity
Residential
564,330
3,425
Essential
Properties
Realty
Trust,
Inc.
50,313
834
Essex
Property
Trust,
Inc.
203,579
5,815
Granite
REIT
265,695
24,682
Host
Hotels
&
Resorts,
Inc.
303,835
13,000
Hysan
Development
Company,
Ltd.
43,370
3,482
iSTAR
Financial,
Inc.
34,890
238
Japan
Hotel
REIT
Investment
Corporation
78,993
1,234
Kungsleden
AB
9,397
23,200
Mapletree
Commercial
Trust
31,946
6,594
National
Storage
Affiliates
Trust
187,797
581
Plymouth
Industrial
REIT,
Inc.
8,140
4,006
PSP
Swiss
Property
AG
465,366
7,943
Quebecor,
Inc.
172,961
2,188
RioCan
REIT
24,993
17,000
Road
King
Infrastructure,
Ltd.
26,276
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
21
Shares
Common
Stock
(
44
.9
%
)
Value
Real
Estate
(2.1%)
-
continued
16,199
Sunstone
Hotel
Investors,
Inc.
$
148,869
1,574
Swiss
Prime
Site
AG
149,855
12,917
TAG
Immobilien
AG
282,931
1,619
Terreno
Realty
Corporation
88,754
3,106
UDR,
Inc.
116,382
36,700
Wing
Tai
Holdings,
Ltd.
44,868
Total
6,887,519
Utilities
(1.0%)
3,445
AGL
Energy,
Ltd.
37,809
6,494
Alliant
Energy
Corporation
315,284
396
American
States
Water
Company
31,431
1,747
Avista
Corporation
75,191
626
Black
Hills
Corporation
38,774
596
California
Water
Service
Group
26,772
5,471
CMS
Energy
Corporation
312,339
497
DTE
Energy
Company
51,559
8,271
Enagas
SA
193,060
45,084
Enel
SPA
307,945
4,374
Entergy
Corporation
417,761
16,080
Exelon
Corporation
596,246
5,699
FirstEnergy
Corporation
235,198
459
MGE
Energy,
Inc.
29,679
247
NextEra
Energy,
Inc.
57,087
2,273
Northland
Power,
Inc.
48,777
766
Northwest
Natural
Holding
Company
49,867
1,506
NorthWestern
Corporation
86,881
2,492
PNM
Resources,
Inc.
100,901
1,975
Portland
General
Electric
Company
92,410
1,686
PPL
Corporation
42,858
2,237
Public
Service
Enterprise
Group,
Inc.
113,438
1,814
South
Jersey
Industries,
Inc.
51,862
1,207
Spire,
Inc.
88,063
219
Unitil
Corporation
11,018
604
Verbund
AG
27,348
Total
3,439,558
Total
Common
Stock
(cost
$143,990,142)
146,002,830
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Asset-Backed
Securities
(2.1%)
Babson
CLO,
Ltd.
300,000
4.035%, 
(LIBOR
3M
+
2.900%),
7/20/2029,
Ser.
2018-3A,
Class
D
b,h
247,170
Benefit
Street
Partners
CLO
IV,
Ltd.
300,000
2.885%, 
(LIBOR
3M
+
1.750%),
1/20/2029,
Ser.
2014-IVA,
Class
A2RR
b,h
280,892
Business
Jet
Securities,
LLC
338,621
4.447%, 
6/15/2033,
Ser.
2018-2,
Class
A
h
286,727
Cent
CLO,
LP
750,000
3.291%, 
(LIBOR
3M
+
2.300%),
10/25/2028,
Ser.
2018-27A,
Class
B
b,h
679,488
College
Ave
Student
Loans,
LLC
178,257
2.137%, 
(LIBOR
1M
+
1.650%),
11/26/2046,
Ser.
2017-A,
Class
A1
b,h
175,363
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Asset-Backed
Securities
(2.1%)
-
continued
Foundation
Finance
Trust
$
128,314
3.300%, 
7/15/2033,
Ser.
2017-1A,
Class
A
h
$
128,921
Harley
Marine
Financing,
LLC
398,213
5.682%, 
5/15/2043,
Ser.
2018-1A,
Class
A2
h
351,402
Madison
Park
Funding
XIV,
Ltd.
425,000
2.498%, 
(LIBOR
3M
+
1.400%),
10/22/2030,
Ser.
2014-14A,
Class
A2RR
b,h
388,690
OHA
Credit
Funding
1,
Ltd.
350,000
2.585%, 
(LIBOR
3M
+
1.450%),
10/20/2030,
Ser.
2018-1A,
Class
A2
b,h
333,433
OZLM
Funding
II,
Ltd.
700,000
2.260%, 
(LIBOR
3M
+
1.500%),
7/30/2031,
Ser.
2012-2A,
Class
A1BR
b,h
634,330
OZLM
IX,
Ltd.
400,000
2.685%, 
(LIBOR
3M
+
1.550%),
10/20/2031,
Ser.
2014-9A,
Class
A1BR
b,h
371,420
Palmer
Square
Loan
Funding,
Ltd.
300,000
3.385%, 
(LIBOR
3M
+
2.250%),
4/20/2027,
Ser.
2019-1A,
Class
B
b,h
283,718
Park
Avenue
Institutional
Advisers
CLO,
Ltd.
700,000
2.635%, 
(LIBOR
3M
+
1.500%),
10/20/2031,
Ser.
2018-1A,
Class
A1B
b,h
667,620
Pretium
Mortgage
Credit
Partners,
LLC
374,906
3.721%, 
1/25/2059,
Ser.
2019-CFL1,
Class
A1
h,j
340,543
Riserva
CLO,
Ltd.
325,000
2.835%, 
(LIBOR
3M
+
1.700%),
10/18/2028,
Ser.
2016-3A,
Class
BR
b,h
305,396
Sound
Point
CLO
X,
Ltd.
350,000
3.835%, 
(LIBOR
3M
+
2.700%),
1/20/2028,
Ser.
2015-3A,
Class
DR
b,h
289,134
Sound
Point
CLO
XXI,
Ltd.
700,000
2.441%, 
(LIBOR
3M
+
1.450%),
10/26/2031,
Ser.
2018-3A,
Class
A1B
b,h
633,165
THL
Credit
Wind
River
CLO,
Ltd.
350,000
4.069%, 
(LIBOR
3M
+
2.850%),
7/15/2028,
Ser.
2016-1A,
Class
DR
b,h
284,156
Vericrest
Opportunity
Loan
Transferee
254,963
3.352%, 
9/25/2049,
Ser.
2019-NPL5,
Class
A1A
h,j
228,718
Total
6,910,286
Basic
Materials
(0.5%)
Air
Products
and
Chemicals,
Inc.
7,000
1.500%, 
10/15/2025
7,058
Anglo
American
Capital
plc
76,000
4.125%, 
9/27/2022
h
77,113
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
22
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Basic
Materials
(0.5%)
-
continued
BHP
Billiton
Finance
USA,
Ltd.
$
132,000
6.750%, 
10/19/2075
b,h
$
147,510
Cleveland-Cliffs,
Inc.
60,000
5.750%, 
3/1/2025
42,900
50,000
9.875%, 
10/17/2025
h
49,500
First
Quantum
Minerals,
Ltd.
90,000
7.500%, 
4/1/2025
h
79,425
Freeport-McMoRan,
Inc.
80,000
4.125%, 
3/1/2028
74,200
90,000
4.250%, 
3/1/2030
83,799
Kinross
Gold
Corporation
38,000
5.125%, 
9/1/2021
38,810
Krayton
Polymers,
LLC
110,000
7.000%, 
4/15/2025
h
105,600
Methanex
Corporation
100,000
5.250%, 
12/15/2029
84,071
Mosaic
Company
14,000
3.250%, 
11/15/2022
13,995
Norbord,
Inc.
110,000
5.750%, 
7/15/2027
h
100,100
Novelis
Corporation
140,000
5.875%, 
9/30/2026
h
136,122
30,000
4.750%, 
1/30/2030
h
26,700
Olin
Corporation
100,000
5.125%, 
9/15/2027
91,340
Peabody
Securities
Finance
Corporation
170,000
6.375%, 
3/31/2025
h
100,623
Syngenta
Finance
NV
64,000
3.933%, 
4/23/2021
h
63,190
Tronox
Finance
plc
120,000
5.750%, 
10/1/2025
h
106,200
Xstrata
Finance
Canada,
Ltd.
57,000
4.950%, 
11/15/2021
h
58,584
Total
1,486,840
Capital
Goods
(1.2%)
AECOM
185,000
5.125%, 
3/15/2027
188,237
Aerojet
Rocketdyne
Holdings,
Inc.,
Convertible
219,000
2.250%, 
12/15/2023
358,477
Amsted
Industries,
Inc.
145,000
5.625%, 
7/1/2027
h
145,159
Ardagh
Packaging
Finance
plc
160,000
6.000%, 
2/15/2025
h
160,139
Building
Materials
Corporation
of
America
195,000
6.000%, 
10/15/2025
h
200,850
Caterpillar
Financial
Services
Corporation
53,000
1.900%, 
9/6/2022
54,089
44,000
1.950%, 
11/18/2022
44,870
Chart
Industries,
Inc.,
Convertible
26,000
1.000%, 
11/15/2024
h
23,262
Cintas
Corporation
No.
2
57,000
2.900%, 
4/1/2022
58,818
CNH
Industrial
Capital,
LLC
56,000
4.875%, 
4/1/2021
56,435
Covanta
Holding
Corporation
110,000
6.000%, 
1/1/2027
105,600
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Capital
Goods
(1.2%)
-
continued
Crown
Americas
Capital
Corporation
IV
$
160,000
4.500%, 
1/15/2023
$
164,032
Dycom
Industries,
Inc.,
Convertible
143,000
0.750%, 
9/15/2021
130,665
Fortive
Corporation,
Convertible
113,000
0.875%, 
2/15/2022
108,534
General
Electric
Company
240,000
5.000%, 
1/21/2021
b,k
197,486
H&E
Equipment
Services,
Inc.
130,000
5.625%, 
9/1/2025
123,838
Howmet
Aerospace,
Inc.
40,000
6.875%, 
5/1/2025
40,905
Huntington
Ingalls
Industries,
Inc.
25,000
3.844%, 
5/1/2025
h
26,270
John
Deere
Capital
Corporation
39,000
1.200%, 
4/6/2023
39,291
44,000
2.050%, 
1/9/2025
45,582
KBR,
Inc.,
Convertible
181,000
2.500%, 
11/1/2023
190,163
L3Harris
Technologies,
Inc.
65,000
4.950%, 
2/15/2021
h
66,095
Lockheed
Martin
Corporation
20,000
2.500%, 
11/23/2020
20,126
Otis
Worldwide
Corporation
39,000
2.056%, 
4/5/2025
h
39,606
Owens-Brockway
Glass
Container,
Inc.
130,000
5.000%, 
1/15/2022
h
131,300
PACCAR
Financial
Corporation
15,000
2.650%, 
4/6/2023
15,547
Parker-Hannifin
Corporation
64,000
2.700%, 
6/14/2024
65,377
Patrick
Industries,
Inc.,
Convertible
126,000
1.000%, 
2/1/2023
106,698
Republic
Services,
Inc.
36,000
2.500%, 
8/15/2024
37,464
Reynolds
Group
Issuer,
Inc.
150,000
5.125%, 
7/15/2023
h
150,750
Rockwell
Collins,
Inc.
37,000
2.800%, 
3/15/2022
37,934
Roper
Technologies,
Inc.
31,000
2.350%, 
9/15/2024
31,430
Spirit
AeroSystems,
Inc.
90,000
7.500%, 
4/15/2025
h
88,650
Textron
Financial
Corporation
140,000
3.427%, 
(LIBOR
3M
+
1.735%),
2/15/2042
b,h
86,800
TransDigm,
Inc.
40,000
6.250%, 
3/15/2026
h
39,150
160,000
5.500%, 
11/15/2027
h
135,200
TTM
Technologies,
Inc.,
Convertible
105,000
1.750%, 
12/15/2020
129,609
United
Rentals
North
America,
Inc.
180,000
4.000%, 
7/15/2030
169,650
United
Technologies
Corporation
70,000
3.950%, 
8/16/2025
78,610
Waste
Management,
Inc.
32,000
2.950%, 
6/15/2024
34,118
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
23
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Capital
Goods
(1.2%)
-
continued
WW
Grainger,
Inc.
$
24,000
1.850%, 
2/15/2025
$
24,660
Total
3,951,476
Collateralized
Mortgage
Obligations
(4.9%)
Antler
Mortgage
Trust
350,000
4.458%, 
6/27/2022,
Ser.
2019-RTL1,
Class
A1
h
313,668
1,100,000
4.335%, 
7/25/2022,
Ser.
2018-RTL1,
Class
A1
h
1,098,318
Banc
of
America
Alternative
Loan
Trust
232,998
6.000%, 
11/25/2035,
Ser.
2005-10,
Class
3CB1
205,482
Banc
of
America
Mortgage
Securities
Trust
264,039
3.985%, 
9/25/2035,
Ser.
2005-H,
Class
3A1
b
226,640
57,356
4.096%, 
9/25/2035,
Ser.
2005-H,
Class
2A1
b
48,993
Bellemeade
Re,
Ltd.
388,881
2.087%, 
(LIBOR
1M
+
1.600%),
4/25/2028,
Ser.
2018-1A,
Class
M1B
b,h
374,963
CHL
Mortgage
Pass-Through
Trust
260,521
3.422%, 
11/20/2035,
Ser.
2005-HYB7,
Class
6A1
b
205,515
124,641
3.791%, 
12/20/2035,
Ser.
2005-HYB8,
Class
3A1
b
113,464
361,535
6.000%, 
11/25/2037,
Ser.
2007-18,
Class
1A2
277,488
CIM
Trust
240,862
5.000%, 
12/25/2057,
Ser.
2018-R3,
Class
A1
b,h
244,051
Citigroup
Mortgage
Loan
Trust,
Inc.
312,609
4.021%, 
4/25/2037,
Ser.
2007-AR5,
Class
1A1A
b
275,276
Countrywide
Alternative
Loan
Trust
280,812
6.500%, 
8/25/2036,
Ser.
2006-23CB,
Class
2A3
149,676
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
148,777
3.562%, 
11/25/2035,
Ser.
2005-22,
Class
2A1
b
127,273
Credit
Suisse
First
Boston
Mortgage
Securities
Corporation
104,602
5.250%, 
10/25/2035,
Ser.
2005-9,
Class
1A3
102,290
Credit
Suisse
Mortgage
Capital
Certificates
129,099
3.393%, 
2/25/2024,
Ser.
2020-BPL1,
Class
A1
h,j
119,988
237,376
3.322%, 
10/25/2058,
Ser.
2019-RPL8,
Class
A1
b,h
228,070
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
215,651
5.250%, 
6/25/2035,
Ser.
2005-3,
Class
4A6
213,447
Eagle
Re,
Ltd.
485,818
2.287%, 
(LIBOR
1M
+
1.800%),
4/25/2029,
Ser.
2019-1,
Class
M1B
b,h
455,581
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Collateralized
Mortgage
Obligations
(4.9%)
-
continued
Federal
Home
Loan
Mortgage
Corporation
$
924,928
3.500%, 
8/15/2035,
Ser.
345,
Class
C8
l
$
86,865
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
751,400
3.000%, 
5/15/2027,
Ser.
4046,
Class
GI
l
45,077
850,834
3.500%, 
10/15/2032,
Ser.
4119,
Class
KI
l
105,883
864,739
3.000%, 
4/15/2033,
Ser.
4203,
Class
DI
l
66,059
Federal
National
Mortgage
Association
-
REMIC
989,241
3.000%, 
7/25/2027,
Ser.
2012-73,
Class
DI
l
58,266
822,826
3.000%, 
7/25/2027,
Ser.
2012-74,
Class
AI
l
43,652
1,267,302
3.000%, 
8/25/2027,
Ser.
2012-95,
Class
HI
l
66,873
1,957,070
3.000%, 
11/25/2027,
Ser.
2012-121,
Class
BI
l
127,795
1,093,973
3.000%, 
12/25/2027,
Ser.
2012-139,
Class
DI
l
61,930
601,451
2.500%, 
1/25/2028,
Ser.
2012-152,
Class
AI
l
34,277
1,436,264
3.000%, 
1/25/2028,
Ser.
2012-147,
Class
EI
l
83,481
2,251,292
3.000%, 
3/25/2028,
Ser.
2013-18,
Class
IL
l
132,286
789,852
2.500%, 
6/25/2028,
Ser.
2013-87,
Class
IW
l
47,392
870,576
3.000%, 
11/25/2031,
Ser.
2013-69,
Class
IO
l
43,895
542,135
3.000%, 
2/25/2033,
Ser.
2013-1,
Class
YI
l
59,174
Genworth
Mortgage
Insurance
Corporation
150,000
2.387%, 
(LIBOR
1M
+
1.900%),
11/26/2029,
Ser.
2019-1,
Class
M1
b,h
143,847
GMAC
Mortgage
Corporation
Loan
Trust
144,826
3.816%, 
5/25/2035,
Ser.
2005-AR2,
Class
4A
b
124,978
19,791
0.987%, 
(LIBOR
1M
+
0.500%),
8/25/2035,
Ser.
2005-HE1,
Class
A2
b,m
19,512
IndyMac
INDA
Mortgage
Loan
Trust
702,090
3.879%, 
8/25/2036,
Ser.
2006-AR1,
Class
A1
b
591,467
IndyMac
INDX
Mortgage
Loan
Trust
454,970
0.697%, 
(LIBOR
1M
+
0.210%),
4/25/2046,
Ser.
2006-AR2,
Class
1A1B
b
377,600
J.P.
Morgan
Alternative
Loan
Trust
126,285
3.818%, 
3/25/2036,
Ser.
2006-A1,
Class
2A1
b
109,502
379,410
6.500%, 
3/25/2036,
Ser.
2006-S1,
Class
1A19
285,112
Legacy
Mortgage
Asset
Trust
351,841
4.000%, 
1/25/2059,
Ser.
2019-GS1,
Class
A1
h
333,967
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
24
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Collateralized
Mortgage
Obligations
(4.9%)
-
continued
$
415,071
3.250%, 
11/25/2059,
Ser.
2019-GS7,
Class
A1
h,j
$
386,081
Lehman
Mortgage
Trust
27,321
6.000%, 
1/25/2036,
Ser.
2005-3,
Class
2A7
27,854
Master
Asset
Securitization
Trust
346,992
0.987%, 
(LIBOR
1M
+
0.500%),
6/25/2036,
Ser.
2006-2,
Class
2A2
b
97,734
Merrill
Lynch
Mortgage
Investors
Trust
229,563
4.304%, 
6/25/2035,
Ser.
2005-A5,
Class
M1
b
113,119
Preston
Ridge
Partners
Mortgage
Trust,
LLC
107,435
4.500%, 
1/25/2024,
Ser.
2019-1A,
Class
A1
h,j
102,214
370,525
3.967%, 
4/25/2024,
Ser.
2019-2A,
Class
A1
h,j
344,621
341,347
3.500%, 
10/25/2024,
Ser.
2019-GS1,
Class
A1
b,h
308,845
204,808
4.750%, 
10/25/2024,
Ser.
2019-GS1,
Class
A2
b,h
170,838
Pretium
Mortgage
Credit
Partners,
LLC
386,848
2.858%, 
5/27/2059,
Ser.
2020-NPL1,
Class
A1
h,j
345,678
Radnor
RE,
Ltd.
475,000
3.187%, 
(LIBOR
1M
+
2.700%),
3/25/2028,
Ser.
2018-1,
Class
M2
b,h
413,721
RCO
Mortgage,
LLC
183,277
3.475%, 
11/25/2024,
Ser.
2019-2,
Class
A1
h,j
177,580
412,246
3.197%, 
11/25/2052,
Ser.
2017-INV1,
Class
A
b,h
397,096
Renaissance
Home
Equity
Loan
Trust
457,524
5.285%, 
1/25/2037,
Ser.
2006-4,
Class
AF2
j
202,440
Residential
Accredit
Loans,
Inc.
Trust
173,485
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
164,982
171,581
5.750%, 
9/25/2035,
Ser.
2005-QS13,
Class
2A3
159,494
119,026
6.000%, 
1/25/2037,
Ser.
2007-QS1,
Class
1A1
105,579
Residential
Asset
Securitization
Trust
181,322
3.359%, 
1/25/2034,
Ser.
2004-IP1,
Class
A1
b
164,897
249,241
5.500%, 
4/25/2035,
Ser.
2005-A1,
Class
A3
260,672
Residential
Funding
Mortgage
Security
I
Trust
275,923
6.000%, 
7/25/2037,
Ser.
2007-S7,
Class
A20
251,689
Stanwich
Mortgage
Loan
Trust
156,474
3.475%, 
11/16/2024,
Ser.
2019-NPB2,
Class
A1
h,j
154,892
Starwood
Mortgage
Residential
Trust
285,994
4.121%, 
10/25/2048,
Ser.
2018-IMC2,
Class
A1
b,h
290,353
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Collateralized
Mortgage
Obligations
(4.9%)
-
continued
Structured
Adjustable
Rate
Mortgage
Loan
Trust
$
96,045
4.197%, 
7/25/2035,
Ser.
2005-15,
Class
4A1
b
$
80,195
185,078
3.826%, 
9/25/2035,
Ser.
2005-18,
Class
1A1
b
138,353
Structured
Asset
Mortgage
Investments,
Inc.
368,262
0.797%, 
(LIBOR
1M
+
0.310%),
12/25/2035,
Ser.
2005-AR4,
Class
A1
b
322,632
Toorak
Mortgage
Corporation
450,000
4.375%, 
8/25/2021,
Ser.
2018-1,
Class
A1
h,j
403,836
500,000
4.458%, 
3/25/2022,
Ser.
2019-1,
Class
A1
h,j
448,234
250,000
2.734%, 
3/25/2023,
Ser.
2020-1,
Class
A1
h,j
251,756
Vericrest
Opportunity
Loan
Transferee
145,704
2.981%, 
3/25/2050,
Ser.
2020-NPL4,
Class
A1
h,j
131,006
350,000
3.475%, 
3/25/2050,
Ser.
2020-NPL5,
Class
A1B
h,j
266,209
106,202
3.352%, 
8/25/2049,
Ser.
2019-NPL4,
Class
A1A
h,j
92,892
750,000
4.090%, 
11/25/2049,
Ser.
2019-NPL8,
Class
A1B
h,j
549,029
85,734
3.426%, 
12/27/2049,
Ser.
2019-NP10,
Class
A1A
h,j
79,882
Verus
Securitization
Trust
276,259
3.345%, 
5/25/2059,
Ser.
2019-2,
Class
A2
b,h
276,543
Wachovia
Asset
Securitization,
Inc.
178,977
0.627%, 
(LIBOR
1M
+
0.140%),
7/25/2037,
Ser.
2007-HE1,
Class
A
b,h,m
150,910
WaMu
Mortgage
Pass
Through
Certificates
222,291
2.750%, 
(12
MTA
+
0.880%),
10/25/2046,
Ser.
2006-AR13,
Class
1A
b
183,986
Wells
Fargo
Home
Equity
Trust
179,077
0.987%, 
(LIBOR
1M
+
0.500%),
4/25/2034,
Ser.
2004-1,
Class
M1
b
168,600
Total
16,013,515
Commercial
Mortgage-Backed
Securities
(0.1%)
Federal
National
Mortgage
Association
-
ACES
4,487,680
1.468%, 
2/25/2031,
Ser.
2019-M21,
Class
X2
b,l
493,052
Total
493,052
Communications
Services
(2.2%)
AMC
Networks,
Inc.
125,000
5.000%, 
4/1/2024
121,187
American
Tower
Corporation
20,000
2.800%, 
6/1/2020
20,000
28,000
3.450%, 
9/15/2021
28,810
46,000
3.375%, 
5/15/2024
49,079
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
25
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Communications
Services
(2.2%)
-
continued
$
37,000
2.950%, 
1/15/2025
$
38,802
AT&T,
Inc.
128,000
4.450%, 
4/1/2024
139,302
CCO
Holdings,
LLC
100,000
5.500%, 
5/1/2026
h
104,011
100,000
5.125%, 
5/1/2027
h
103,835
100,000
4.500%, 
8/15/2030
h
100,500
CCOH
Safari,
LLC
135,000
5.750%, 
2/15/2026
h
140,751
Charter
Communications
Operating,
LLC
68,000
3.579%, 
7/23/2020
68,098
46,000
4.500%, 
2/1/2024
49,786
33,000
4.908%, 
7/23/2025
37,192
Clear
Channel
Worldwide
Holdings,
Inc.
100,000
5.125%, 
8/15/2027
h
93,960
Comcast
Corporation
46,000
1.625%, 
1/15/2022
46,775
35,000
3.700%, 
4/15/2024
38,266
35,000
3.950%, 
10/15/2025
39,448
Cox
Communications,
Inc.
48,000
2.950%, 
6/30/2023
h
49,646
Crown
Castle
International
Corporation
25,000
3.400%, 
2/15/2021
25,230
29,000
4.450%, 
2/15/2026
32,541
CSC
Holdings,
LLC
200,000
5.500%, 
5/15/2026
h
207,000
Deutsche
Telekom
International
Finance
BV
36,000
2.485%, 
9/19/2023
h
36,849
Discovery
Communications,
LLC
75,000
2.950%, 
3/20/2023
77,159
DISH
Network
Corporation,
Convertible
993,000
3.375%, 
8/15/2026
804,926
Embarq
Corporation
110,000
7.995%, 
6/1/2036
113,300
Fox
Corporation
68,000
4.030%, 
1/25/2024
73,372
Front
Range
BidCo,
Inc.
140,000
4.000%, 
3/1/2027
h
135,776
GCI
Liberty,
Inc.,
Convertible
586,000
1.750%, 
9/30/2046
h
807,613
Gray
Escrow,
Inc.
100,000
7.000%, 
5/15/2027
h
100,720
iHeartCommunications,
Inc.
150,000
4.750%, 
1/15/2028
h
129,750
Lamar
Media
Corporation
70,000
3.750%, 
2/15/2028
h
64,444
Level
3
Financing,
Inc.
90,000
5.250%, 
3/15/2026
92,250
190,000
4.625%, 
9/15/2027
h
188,252
Liberty
Interactive,
LLC,
Convertible
109,000
3.500%, 
1/15/2031
82,502
Liberty
Media
Corporation,
Convertible
60,000
1.000%, 
1/30/2023
63,380
Moody's
Corporation
38,000
2.750%, 
12/15/2021
38,730
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Communications
Services
(2.2%)
-
continued
Neptune
Finco
Corporation
$
95,000
10.875%, 
10/15/2025
h
$
102,690
Netflix,
Inc.
200,000
4.875%, 
4/15/2028
212,686
Nexstar
Escrow
Corporation
70,000
5.625%, 
8/1/2024
h
68,075
90,000
5.625%, 
7/15/2027
h
85,950
SFR
Group
SA
130,000
7.375%, 
5/1/2026
h
135,850
Sirius
XM
Radio,
Inc.
210,000
5.000%, 
8/1/2027
h
214,777
Sprint
Corporation
200,000
7.250%, 
9/15/2021
209,750
205,000
7.625%, 
2/15/2025
236,795
Telesat
Canada
/
Telesat,
LLC
160,000
4.875%, 
6/1/2027
h
156,000
T-Mobile
USA,
Inc.
43,000
3.500%, 
4/15/2025
h
45,139
310,000
4.500%, 
2/1/2026
319,393
Twitter,
Inc.,
Convertible
283,000
0.250%, 
6/15/2024
263,837
VeriSign,
Inc.
110,000
4.750%, 
7/15/2027
117,173
Verizon
Communications,
Inc.
91,000
2.946%, 
3/15/2022
94,672
73,000
2.792%, 
(LIBOR
3M
+
1.100%),
5/15/2025
b
72,584
Viacom,
Inc.
55,000
4.250%, 
9/1/2023
58,009
85,000
5.875%, 
2/28/2057
b
77,401
Virgin
Media
Secured
Finance
plc
150,000
5.500%, 
8/15/2026
h
154,823
Vodafone
Group
plc
48,000
3.750%, 
1/16/2024
51,676
Windstream
Services,
LLC
120,000
8.625%, 
10/31/2025
f,h
72,000
Ziggo
BV
100,000
5.500%, 
1/15/2027
h
101,720
Total
7,194,242
Consumer
Cyclical
(1.3%)
1011778
B.C.,
ULC
220,000
4.375%, 
1/15/2028
h
212,729
Allison
Transmission,
Inc.
130,000
5.000%, 
10/1/2024
h
124,800
American
Honda
Finance
Corporation
53,000
2.050%, 
1/10/2023
52,803
BMW
Finance
NV
31,000
2.250%, 
8/12/2022
h
30,901
Booking
Holdings,
Inc.,
Convertible
13,000
0.900%, 
9/15/2021
13,144
66,000
0.750%, 
5/1/2025
h
74,468
Brookfield
Property
REIT,
Inc.
80,000
5.750%, 
5/15/2026
h
64,000
Brookfield
Residential
Properties,
Inc.
175,000
6.250%, 
9/15/2027
h
160,125
Cedar
Fair,
LP
80,000
5.250%, 
7/15/2029
h
68,800
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
26
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Consumer
Cyclical
(1.3%)
-
continued
D.R.
Horton,
Inc.
$
53,000
2.550%, 
12/1/2020
$
52,829
Daimler
Finance
North
America,
LLC
29,000
2.550%, 
8/15/2022
h
28,617
Ford
Motor
Company
30,000
9.000%, 
4/22/2025
29,175
20,000
9.625%, 
4/22/2030
19,650
Ford
Motor
Credit
Company,
LLC
200,000
4.063%, 
11/1/2024
175,500
210,000
4.134%, 
8/4/2025
178,275
General
Motors
Financial
Company,
Inc.
57,000
4.375%, 
9/25/2021
56,155
33,000
4.200%, 
11/6/2021
32,336
37,000
3.150%, 
6/30/2022
35,254
63,000
3.950%, 
4/13/2024
59,819
44,000
2.900%, 
2/26/2025
39,853
Hanesbrands,
Inc.
150,000
4.875%, 
5/15/2026
h
150,960
Harley-Davidson
Financial
Services,
Inc.
48,000
4.050%, 
2/4/2022
h
47,989
Herc
Holdings,
Inc.
50,000
5.500%, 
7/15/2027
h
46,870
Hilton
Domestic
Operating
Company,
Inc.
210,000
4.875%, 
1/15/2030
201,075
Home
Depot,
Inc.
60,000
2.625%, 
6/1/2022
62,590
26,000
3.750%, 
2/15/2024
28,618
Hyundai
Capital
America
48,000
3.000%, 
6/20/2022
h
47,323
L
Brands,
Inc.
54,000
6.694%, 
1/15/2027
38,070
Landry's,
Inc.
110,000
6.750%, 
10/15/2024
h
85,800
Lennar
Corporation
55,000
2.950%, 
11/29/2020
54,065
18,000
4.125%, 
1/15/2022
18,071
40,000
4.875%, 
12/15/2023
41,000
215,000
4.500%, 
4/30/2024
219,300
14,000
5.875%, 
11/15/2024
14,560
Live
Nation
Entertainment,
Inc.,
Convertible
146,000
2.500%, 
3/15/2023
139,445
Lowe's
Companies,
Inc.
26,000
4.000%, 
4/15/2025
28,855
Marriott
Vacations
Worldwide
Corporation,
Convertible
15,000
1.500%, 
9/15/2022
13,734
Mattamy
Group
Corporation
190,000
5.250%, 
12/15/2027
h
178,125
McDonald's
Corporation
64,000
3.350%, 
4/1/2023
68,048
MGM
Resorts
International
75,000
6.000%, 
3/15/2023
72,938
125,000
5.750%, 
6/15/2025
120,001
Prime
Security
Services
Borrower,
LLC
215,000
5.750%, 
4/15/2026
h
211,840
Ralph
Lauren
Corporation
20,000
2.625%, 
8/18/2020
20,048
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Consumer
Cyclical
(1.3%)
-
continued
Ryman
Hospitality
Properties,
Inc.
$
30,000
4.750%, 
10/15/2027
h
$
26,175
Scientific
Games
International,
Inc.
100,000
5.000%, 
10/15/2025
h
87,330
40,000
7.000%, 
5/15/2028
h
28,800
ServiceMaster
Company,
LLC
210,000
5.125%, 
11/15/2024
h
214,242
Six
Flags
Entertainment
Corporation
60,000
5.500%, 
4/15/2027
h
51,942
Six
Flags
Theme
Parks,
Inc.
40,000
7.000%, 
7/1/2025
h
41,392
Staples,
Inc.
110,000
7.500%, 
4/15/2026
h
86,900
Target
Corporation
26,000
2.250%, 
4/15/2025
27,358
TJX
Companies,
Inc.
25,000
3.500%, 
4/15/2025
26,978
Volkswagen
Group
of
America
Finance,
LLC
55,000
4.250%, 
11/13/2023
h
57,608
Yum!
Brands,
Inc.
140,000
4.750%, 
1/15/2030
h
142,800
Total
4,210,083
Consumer
Non-Cyclical
(1.9%)
Abbott
Laboratories
40,000
3.400%, 
11/30/2023
43,407
AbbVie,
Inc.
38,000
2.900%, 
11/6/2022
39,532
62,000
2.300%, 
11/21/2022
h
63,555
95,000
3.600%, 
5/14/2025
103,121
Albertson's
Companies,
Inc.
130,000
6.625%, 
6/15/2024
134,063
40,000
4.875%, 
2/15/2030
h
40,550
Allergan
Sales,
LLC
19,000
4.875%, 
2/15/2021
h
19,664
Allergan,
Inc.
36,000
2.800%, 
3/15/2023
36,710
Altria
Group,
Inc.
32,000
3.800%, 
2/14/2024
34,250
32,000
4.400%, 
2/14/2026
35,483
Amgen,
Inc.
39,000
1.900%, 
2/21/2025
39,840
Anheuser-Busch
Companies,
LLC
32,000
3.650%, 
2/1/2026
34,874
Anheuser-Busch
InBev
Finance,
Inc.
34,000
3.300%, 
2/1/2023
35,761
Anheuser-Busch
InBev
Worldwide,
Inc.
51,000
4.150%, 
1/23/2025
56,823
Anthem,
Inc.
39,000
2.375%, 
1/15/2025
40,106
Aramark
Services,
Inc.
80,000
6.375%, 
5/1/2025
h
83,200
Avantor,
Inc.
100,000
6.000%, 
10/1/2024
h
105,400
B&G
Foods,
Inc.
95,000
5.250%, 
9/15/2027
96,053
BAT
Capital
Corporation
38,000
2.764%, 
8/15/2022
38,502
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
27
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Consumer
Non-Cyclical
(1.9%)
-
continued
$
51,000
3.222%, 
8/15/2024
$
52,907
Bausch
Health
Companies,
Inc.
100,000
7.000%, 
1/15/2028
h
103,750
30,000
5.000%, 
1/30/2028
h
28,719
30,000
5.250%, 
1/30/2030
h
29,700
Bayer
U.S.
Finance
II,
LLC
64,000
3.500%, 
6/25/2021
h
65,302
Boston
Scientific
Corporation
64,000
3.450%, 
3/1/2024
67,779
Bristol-Myers
Squibb
Company
51,000
3.625%, 
5/15/2024
h
56,084
Bunge,
Ltd.
Finance
Corporation
60,000
3.500%, 
11/24/2020
60,320
Cardtronics,
Inc.,
Convertible
187,000
1.000%, 
12/1/2020
179,962
Cargill,
Inc.
15,000
1.375%, 
7/23/2023
h
15,075
Centene
Corporation
200,000
4.750%, 
1/15/2025
204,670
40,000
5.375%, 
8/15/2026
h
42,604
30,000
4.250%, 
12/15/2027
h
31,388
80,000
4.625%, 
12/15/2029
h
87,600
Cigna
Corporation
69,000
4.125%, 
11/15/2025
77,371
Conagra
Brands,
Inc.
34,000
3.800%, 
10/22/2021
35,067
34,000
4.300%, 
5/1/2024
36,850
Constellation
Brands,
Inc.
64,000
4.250%, 
5/1/2023
68,465
CVS
Health
Corporation
38,000
2.750%, 
12/1/2022
39,320
111,000
3.700%, 
3/9/2023
117,695
64,000
4.100%, 
3/25/2025
70,652
Encompass
Health
Corporation
100,000
4.500%, 
2/1/2028
100,190
Energizer
Holdings,
Inc.
130,000
6.375%, 
7/15/2026
h
133,738
General
Mills,
Inc.
32,000
3.700%, 
10/17/2023
34,654
32,000
3.650%, 
2/15/2024
34,456
HCA,
Inc.
290,000
5.375%, 
2/1/2025
311,791
Illumina,
Inc.,
Convertible
20,000
0.500%, 
6/15/2021
26,807
Imperial
Brands
Finance
plc
36,000
3.125%, 
7/26/2024
h
35,444
JBS
USA,
LLC
50,000
5.750%, 
6/15/2025
h
50,626
220,000
5.500%, 
1/15/2030
h
222,750
Kellogg
Company
70,000
3.125%, 
5/17/2022
72,456
Keurig
Dr
Pepper,
Inc.
74,000
3.551%, 
5/25/2021
75,511
Kraft
Foods
Group,
Inc.
100,000
5.000%, 
6/4/2042
101,372
Kraft
Heinz
Foods
Company
100,000
4.625%, 
1/30/2029
105,246
160,000
3.750%, 
4/1/2030
h
162,548
Kroger
Company
37,000
2.800%, 
8/1/2022
38,306
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Consumer
Non-Cyclical
(1.9%)
-
continued
Mead
Johnson
Nutrition
Company
$
60,000
3.000%, 
11/15/2020
$
60,523
Medtronic,
Inc.
12,000
3.500%, 
3/15/2025
13,387
Mondelez
International
Holdings
Netherlands
BV
55,000
2.000%, 
10/28/2021
h
55,538
Mylan
NV
37,000
3.150%, 
6/15/2021
37,220
Mylan,
Inc.
36,000
4.200%, 
11/29/2023
37,478
Novartis
Capital
Corporation
30,000
1.750%, 
2/14/2025
30,950
Par
Pharmaceutical,
Inc.
100,000
7.500%, 
4/1/2027
h
101,280
PepsiCo,
Inc.
39,000
2.250%, 
3/19/2025
41,225
Pernod
Ricard
SA
30,000
5.750%, 
4/7/2021
h
31,222
Philip
Morris
International,
Inc.
17,000
1.500%, 
5/1/2025
16,974
Post
Holdings,
Inc.
120,000
5.750%, 
3/1/2027
h
122,850
Reynolds
American,
Inc.
32,000
4.850%, 
9/15/2023
34,742
Scotts
Miracle-Gro
Company
120,000
4.500%, 
10/15/2029
117,000
Shire
Acquisitions
Investments
Ireland
Designated
Activity
Company
74,000
2.400%, 
9/23/2021
75,115
Simmons
Foods,
Inc.
80,000
5.750%, 
11/1/2024
h
74,400
Spectrum
Brands,
Inc.
110,000
5.750%, 
7/15/2025
109,725
50,000
5.000%, 
10/1/2029
h
47,750
Sysco
Corporation
55,000
5.650%, 
4/1/2025
61,634
Teleflex,
Inc.
170,000
4.625%, 
11/15/2027
174,250
Tenet
Healthcare
Corporation
50,000
4.625%, 
7/15/2024
49,340
160,000
5.125%, 
11/1/2027
h
158,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV
15,000
2.200%, 
7/21/2021
14,606
90,000
2.800%, 
7/21/2023
82,688
Thermo
Fisher
Scientific,
Inc.
26,000
4.133%, 
3/25/2025
29,320
UnitedHealth
Group,
Inc.
60,000
3.350%, 
7/15/2022
63,331
VRX
Escrow
Corporation
330,000
6.125%, 
4/15/2025
h
333,506
Zoetis,
Inc.
55,000
3.450%, 
11/13/2020
55,568
54,000
3.250%, 
2/1/2023
56,323
Total
6,144,014
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
28
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Energy
(1.2%)
Archrock
Partners,
LP
$
60,000
6.250%, 
4/1/2028
h
$
44,700
BP
Capital
Markets
America,
Inc.
152,000
2.520%, 
9/19/2022
154,668
15,000
2.937%, 
4/6/2023
15,475
Buckeye
Partners,
LP
70,000
4.125%, 
3/1/2025
h
64,750
60,000
3.950%, 
12/1/2026
54,300
10,000
4.125%, 
12/1/2027
8,925
Canadian
Natural
Resources,
Ltd.
38,000
2.950%, 
1/15/2023
36,757
Canadian
Oil
Sands,
Ltd.
37,000
9.400%, 
9/1/2021
h
39,701
Cheniere
Energy
Partners,
LP
185,000
5.625%, 
10/1/2026
176,786
Chesapeake
Energy
Corporation
65,000
11.500%, 
1/1/2025
h
1,788
CNX
Resources
Corporation,
Convertible
50,000
2.250%, 
5/1/2026
h
50,214
Comstock
Resources,
Inc.
61,000
9.750%, 
8/15/2026
52,766
Continental
Resources,
Inc.
71,000
5.000%, 
9/15/2022
66,740
46,000
4.500%, 
4/15/2023
40,681
Diamondback
Energy,
Inc.
31,000
2.875%, 
12/1/2024
28,342
Enagas
SA
235,000
5.500%, 
1/15/2028
h
160,975
Enbridge,
Inc.
38,000
2.900%, 
7/15/2022
38,211
244,000
6.250%, 
3/1/2078
b
223,382
Endeavor
Energy
Resources,
LP
50,000
5.750%, 
1/30/2028
h
43,500
Energy
Transfer
Operating,
LP
37,000
4.200%, 
9/15/2023
36,378
64,000
5.875%, 
1/15/2024
66,453
74,000
6.625%, 
2/15/2028
b,k
53,007
EnLink
Midstream
Partners,
LP
120,000
4.850%, 
7/15/2026
73,200
Enterprise
Products
Operating,
LLC
190,000
4.875%, 
8/16/2077
b
165,300
EOG
Resources,
Inc.
60,000
2.625%, 
3/15/2023
61,545
EQT
Corporation
100,000
3.900%, 
10/1/2027
84,000
Equinor
ASA
25,000
2.875%, 
4/6/2025
26,221
Exxon
Mobil
Corporation
20,000
1.571%, 
4/15/2023
20,283
27,000
2.992%, 
3/19/2025
28,885
Hess
Corporation
37,000
3.500%, 
7/15/2024
33,639
Kinder
Morgan
Energy
Partners,
LP
76,000
3.450%, 
2/15/2023
78,036
Marathon
Petroleum
Corporation
32,000
4.750%, 
12/15/2023
32,258
MPLX,
LP
57,000
4.500%, 
7/15/2023
57,016
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Energy
(1.2%)
-
continued
Murphy
Oil
Corporation
$
90,000
5.875%, 
12/1/2027
$
61,083
Nabors
Industries,
Inc.
100,000
5.750%, 
2/1/2025
23,000
Nabors
Industries,
Ltd.
30,000
7.250%, 
1/15/2026
h
11,400
Newfield
Exploration
Company
39,000
5.625%, 
7/1/2024
27,895
Occidental
Petroleum
Corporation
12,000
4.850%, 
3/15/2021
11,520
60,000
2.700%, 
8/15/2022
52,200
120,000
2.900%, 
8/15/2024
91,164
40,000
3.400%, 
4/15/2026
28,600
ONEOK,
Inc.
13,000
2.200%, 
9/15/2025
11,241
Parsley
Energy,
LLC
100,000
5.625%, 
10/15/2027
h
85,500
Plains
All
American
Pipeline,
LP
83,000
5.000%, 
2/1/2021
81,170
155,000
6.125%, 
11/15/2022
b,k
103,901
12,000
2.850%, 
1/31/2023
11,335
Sabine
Pass
Liquefaction,
LLC
38,000
6.250%, 
3/15/2022
39,207
38,000
5.625%, 
4/15/2023
39,506
Shell
International
Finance
BV
25,000
2.375%, 
4/6/2025
25,773
Southwestern
Energy
Company
185,000
7.500%, 
4/1/2026
i
165,664
Sunoco
Logistics
Partners
Operations,
LP
60,000
4.400%, 
4/1/2021
59,836
Sunoco,
LP
70,000
5.875%, 
3/15/2028
66,500
Targa
Resources
Partners,
LP
130,000
5.375%, 
2/1/2027
110,500
Transocean
Guardian,
Ltd.
58,451
5.875%, 
1/15/2024
h
44,715
Transocean,
Ltd.
80,000
8.000%, 
2/1/2027
h
30,400
Viper
Energy
Partners,
LP
150,000
5.375%, 
11/1/2027
h
134,250
W&T
Offshore,
Inc.
170,000
9.750%, 
11/1/2023
h
56,100
Western
Gas
Partners,
LP
38,000
4.000%, 
7/1/2022
36,765
Williams
Partners,
LP
77,000
4.000%, 
11/15/2021
78,064
WPX
Energy,
Inc.
135,000
5.750%, 
6/1/2026
122,351
60,000
5.250%, 
10/15/2027
52,200
Total
3,780,722
Financials
(4.6%)
ACE
INA
Holdings,
Inc.
60,000
2.875%, 
11/3/2022
62,600
AerCap
Ireland
Capital,
Ltd.
29,000
3.500%, 
1/15/2025
25,008
Air
Lease
Corporation
73,000
2.500%, 
3/1/2021
69,311
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
29
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Financials
(4.6%)
-
continued
Aircastle,
Ltd.
$
46,000
5.000%, 
4/1/2023
$
43,479
American
Express
Company
36,000
3.375%, 
5/17/2021
36,658
36,000
3.700%, 
8/3/2023
38,183
32,000
3.400%, 
2/22/2024
33,895
Ares
Capital
Corporation,
Convertible
35,000
4.625%, 
3/1/2024
32,659
Athene
Global
Funding
53,000
4.000%, 
1/25/2022
h
54,559
Australia
and
New
Zealand
Banking
Group,
Ltd.
121,000
6.750%, 
6/15/2026
b,h,k
129,772
52,000
2.950%, 
7/22/2030
b,h
51,280
Avolon
Holdings
Funding,
Ltd.
16,000
5.250%, 
5/15/2024
h
13,874
BAC
Capital
Trust
XIV
84,000
4.000%, 
(LIBOR
3M
+
0.400%),
5/18/2020
b,k
72,787
Banco
Santander
Mexico
SA
14,000
5.375%, 
4/17/2025
h
14,367
Bank
of
America
Corporation
74,000
3.499%, 
5/17/2022
b
75,397
50,000
3.004%, 
12/20/2023
b
51,759
103,000
3.550%, 
3/5/2024
b
108,320
150,000
5.125%, 
6/20/2024
b,k
147,375
129,000
3.864%, 
7/23/2024
b
137,626
64,000
4.200%, 
8/26/2024
69,207
252,000
6.250%, 
9/5/2024
b,k
262,634
32,000
3.458%, 
3/15/2025
b
33,799
Bank
of
Montreal
96,000
3.300%, 
2/5/2024
101,269
Bank
of
New
York
Mellon
Corporation
46,000
2.600%, 
2/7/2022
47,289
15,000
1.600%, 
4/24/2025
15,221
Bank
of
Nova
Scotia
57,000
2.700%, 
3/7/2022
58,662
71,000
2.375%, 
1/18/2023
72,995
29,000
1.950%, 
2/1/2023
29,348
Barclays
plc
59,000
4.610%, 
2/15/2023
b
61,327
201,000
7.750%, 
9/15/2023
b,k
193,965
74,000
4.338%, 
5/16/2024
b
77,781
BB&T
Corporation
36,000
2.500%, 
8/1/2024
37,107
Blackstone
Mortgage
Trust,
Inc.,
Convertible
56,000
4.375%, 
5/5/2022
50,248
BNP
Paribas
SA
270,000
7.625%, 
3/30/2021
b,h,k
274,725
35,000
2.819%, 
11/19/2025
b,h
35,264
BPCE
SA
32,000
3.000%, 
5/22/2022
h
32,450
29,000
2.375%, 
1/14/2025
h
28,856
Camden
Property
Trust
32,000
4.875%, 
6/15/2023
33,866
Canadian
Imperial
Bank
of
Commerce
29,000
2.250%, 
1/28/2025
29,218
Capital
One
Bank
USA
NA
48,000
3.375%, 
2/15/2023
48,718
44,000
2.280%, 
1/28/2026
b
42,495
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Financials
(4.6%)
-
continued
Capital
One
Financial
Corporation
$
111,000
3.050%, 
3/9/2022
$
112,707
Cascades
USA,
Inc.
110,000
5.125%, 
1/15/2026
h
110,000
Central
Fidelity
Capital
Trust
I
125,000
2.219%, 
(LIBOR
3M
+
1.000%),
4/15/2027
b
109,665
Charles
Schwab
Corporation
78,000
5.375%, 
6/1/2025
b,k
80,925
CIT
Group,
Inc.
125,000
4.750%, 
2/16/2024
119,375
Citigroup,
Inc.
38,000
2.750%, 
4/25/2022
38,908
37,000
1.681%, 
(LIBOR
3M
+
0.690%),
10/27/2022
b
36,385
125,000
2.312%, 
11/4/2022
b
125,992
73,000
3.142%, 
1/24/2023
b
74,765
168,000
5.000%, 
9/12/2024
b,k
152,763
234,000
4.700%, 
1/30/2025
b,k
203,580
96,000
3.352%, 
4/24/2025
b
100,774
84,000
5.950%, 
5/15/2025
b,k
84,639
CNA
Financial
Corporation
32,000
5.750%, 
8/15/2021
33,557
38,000
3.950%, 
5/15/2024
40,171
Cooperatieve
Centrale
Raiffeisen-
Boerenleenbank
BA
74,000
3.950%, 
11/9/2022
76,381
Credit
Agricole
SA
38,000
3.375%, 
1/10/2022
h
38,784
112,400
8.125%, 
12/23/2025
b,h,k
124,764
Credit
Suisse
Group
AG
126,000
7.500%, 
12/11/2023
b,h,k
133,087
31,000
2.593%, 
9/11/2025
b,h
30,922
200,000
6.375%, 
8/21/2026
b,h,k
197,000
Credit
Suisse
Group
Funding
(Guernsey),
Ltd.
114,000
3.800%, 
9/15/2022
118,637
Danske
Bank
AS
56,000
5.000%, 
1/12/2022
h
57,893
Deutsche
Bank
AG
37,000
2.700%, 
7/13/2020
36,960
114,000
4.250%, 
10/14/2021
114,745
Deutsche
Bank
AG
of
New
York
31,000
3.950%, 
2/27/2023
30,895
Digital
Realty
Trust,
LP
55,000
2.750%, 
2/1/2023
56,068
Discover
Bank
36,000
4.200%, 
8/8/2023
37,507
47,000
2.450%, 
9/12/2024
45,975
Fidelity
National
Financial,
Inc.
52,000
5.500%, 
9/1/2022
55,539
Fifth
Third
Bancorp
57,000
2.600%, 
6/15/2022
58,044
32,000
3.650%, 
1/25/2024
33,834
FNB
Corporation
53,000
2.200%, 
2/24/2023
52,497
FTI
Consulting,
Inc.,
Convertible
440,000
2.000%, 
8/15/2023
607,793
General
Electric
Capital
Corporation
62,000
3.100%, 
1/9/2023
63,319
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
30
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Financials
(4.6%)
-
continued
Goldman
Sachs
Group,
Inc.
$
159,000
5.375%, 
6/1/2020
b,k
$
147,671
76,000
5.250%, 
7/27/2021
79,371
55,000
2.862%, 
(LIBOR
3M
+
1.170%),
11/15/2021
b
54,916
76,000
3.000%, 
4/26/2022
76,986
51,000
2.876%, 
10/31/2022
b
51,797
37,000
2.364%, 
(LIBOR
3M
+
1.050%),
6/5/2023
b
36,395
64,000
3.625%, 
2/20/2024
67,760
190,000
5.500%, 
8/10/2024
b,i,k
193,087
25,000
3.500%, 
4/1/2025
26,590
45,000
3.272%, 
9/29/2025
b
47,097
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Convertible
101,000
4.125%, 
9/1/2022
116,150
Hartford
Financial
Services
Group,
Inc.
59,000
3.817%, 
(LIBOR
3M
+
2.125%),
2/12/2047
b,h
46,020
HCP,
Inc.
30,000
4.250%, 
11/15/2023
31,176
Hospitality
Properties
Trust
55,000
4.250%, 
2/15/2021
52,689
HSBC
Holdings
plc
114,000
3.400%, 
3/8/2021
116,092
76,000
6.875%, 
6/1/2021
b,k
76,190
164,000
6.375%, 
9/17/2024
b,k
159,695
59,000
3.803%, 
3/11/2025
b
62,784
124,000
6.375%, 
3/30/2025
b,k
123,147
36,000
2.633%, 
11/7/2025
b
36,689
84,000
6.500%, 
3/23/2028
b,k
83,338
Huntington
Bancshares,
Inc.
30,000
3.150%, 
3/14/2021
30,448
Icahn
Enterprises,
LP
75,000
6.750%, 
2/1/2024
75,084
40,000
6.375%, 
12/15/2025
39,800
40,000
6.250%, 
5/15/2026
39,305
ILFC
E-Capital
Trust
II
126,000
3.570%, 
(H15T30Y
+
1.800%),
12/21/2065
b,h
62,685
ING
Groep
NV
64,000
4.100%, 
10/2/2023
68,471
International
Lease
Finance
Corporation
76,000
5.875%, 
8/15/2022
74,301
Iron
Mountain,
Inc.
127,750
6.000%, 
8/15/2023
129,028
50,000
4.875%, 
9/15/2027
h
48,750
iStar,
Inc.,
Convertible
29,000
3.125%, 
9/15/2022
27,096
J.P.
Morgan
Chase
&
Company
89,000
2.776%, 
4/25/2023
b
91,130
64,000
3.375%, 
5/1/2023
67,030
98,000
5.150%, 
5/1/2023
b,k
96,530
78,000
2.250%, 
(LIBOR
3M
+
1.230%),
10/24/2023
b
77,903
270,000
5.000%, 
8/1/2024
b,k
251,100
64,000
3.875%, 
9/10/2024
68,827
133,000
4.023%, 
12/5/2024
b
143,736
234,000
4.600%, 
2/1/2025
b,k
209,898
20,000
2.083%, 
4/22/2026
b
20,270
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Financials
(4.6%)
-
continued
Liberty
Mutual
Group,
Inc.
$
27,000
5.000%, 
6/1/2021
h
$
27,841
Lincoln
National
Corporation
40,000
4.049%, 
(LIBOR
3M
+
2.358%),
5/17/2066
b
27,200
Lloyds
Banking
Group
plc
61,000
3.000%, 
1/11/2022
61,972
47,000
2.858%, 
3/17/2023
b
47,469
60,000
3.900%, 
3/12/2024
63,087
142,000
6.657%, 
5/21/2037
b,h,k
156,200
Macquarie
Bank,
Ltd.
162,000
6.125%, 
3/28/2027
b,h,k
156,330
MFA
Financial,
Inc.,
Convertible
33,000
6.250%, 
6/15/2024
22,749
MGIC
Investment
Corporation,
Convertible
358,000
9.000%, 
4/1/2063
h
462,715
Mitsubishi
UFJ
Financial
Group,
Inc.
38,000
2.998%, 
2/22/2022
38,893
54,000
2.623%, 
7/18/2022
55,053
73,000
3.455%, 
3/2/2023
76,055
32,000
3.407%, 
3/7/2024
33,688
Mizuho
Financial
Group,
Inc.
54,000
2.721%, 
7/16/2023
b
54,924
Morgan
Stanley
74,000
5.500%, 
7/28/2021
77,603
37,000
2.750%, 
5/19/2022
37,932
40,000
4.875%, 
11/1/2022
42,744
74,000
3.125%, 
1/23/2023
76,952
61,000
4.100%, 
5/22/2023
64,405
32,000
2.720%, 
7/22/2025
b
32,951
20,000
2.188%, 
4/28/2026
b
20,218
MPT
Operating
Partnership,
LP
100,000
5.250%, 
8/1/2026
101,000
120,000
4.625%, 
8/1/2029
119,326
National
Australia
Bank,
Ltd.
44,000
1.875%, 
12/13/2022
44,635
National
Bank
of
Canada
44,000
2.100%, 
2/1/2023
44,481
National
Securities
Clearing
Corporation
15,000
1.200%, 
4/23/2023
h
15,004
Nippon
Life
Insurance
Company
117,000
3.400%, 
1/23/2050
b,h
118,170
Nomura
Holdings,
Inc.
35,000
2.648%, 
1/16/2025
35,362
Nordea
Bank
Abp
200,000
6.625%, 
3/26/2026
b,h,k
201,250
Outfront
Media
Cap,
LLC
110,000
4.625%, 
3/15/2030
h
100,375
Park
Aerospace
Holdings,
Ltd.
16,000
4.500%, 
3/15/2023
h
14,150
PNC
Bank
NA
74,000
2.450%, 
11/5/2020
74,497
PNC
Financial
Services
Group,
Inc.
32,000
3.500%, 
1/23/2024
34,226
Quicken
Loans,
Inc.
215,000
5.750%, 
5/1/2025
h
210,700
Redwood
Trust,
Inc.,
Convertible
53,000
4.750%, 
8/15/2023
36,769
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
31
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Financials
(4.6%)
-
continued
Regions
Financial
Corporation
$
37,000
3.800%, 
8/14/2023
$
39,055
Reinsurance
Group
of
America,
Inc.
56,000
4.700%, 
9/15/2023
58,992
Royal
Bank
of
Canada
20,000
1.600%, 
4/17/2023
20,084
29,000
2.250%, 
11/1/2024
29,611
Royal
Bank
of
Scotland
Group
plc
190,000
8.625%, 
8/15/2021
b,k
193,800
32,000
6.125%, 
12/15/2022
34,290
32,000
6.100%, 
6/10/2023
34,646
81,000
4.269%, 
3/22/2025
b
86,336
23,000
3.754%, 
11/1/2029
b
22,922
Santander
UK
Group
Holdings
plc
76,000
2.875%, 
8/5/2021
76,915
Santander
UK
plc
44,000
2.100%, 
1/13/2023
44,385
Simon
Property
Group,
LP
30,000
2.500%, 
7/15/2021
29,931
36,000
2.000%, 
9/13/2024
34,121
Societe
Generale
SA
36,000
2.625%, 
10/16/2024
h
35,899
240,000
8.000%, 
9/29/2025
b,h,k
243,600
Springleaf
Finance
Corporation
100,000
6.875%, 
3/15/2025
94,570
Standard
Chartered
plc
48,000
2.744%, 
9/10/2022
b,h
48,119
Starwood
Property
Trust,
Inc.,
Convertible
40,000
4.375%, 
4/1/2023
34,600
State
Street
Corporation
25,000
2.825%, 
3/30/2023
b,h
25,705
28,000
2.354%, 
11/1/2025
b
28,822
Sumitomo
Mitsui
Financial
Group,
Inc.
37,000
2.784%, 
7/12/2022
37,827
128,000
2.778%, 
10/18/2022
131,498
36,000
2.448%, 
9/27/2024
36,665
SunTrust
Banks,
Inc.
50,000
2.900%, 
3/3/2021
50,658
Synchrony
Financial
36,000
2.850%, 
7/25/2022
34,950
34,000
4.250%, 
8/15/2024
33,221
Toronto-Dominion
Bank
32,000
3.250%, 
3/11/2024
33,893
Truist
Financial
Corporation
102,000
4.800%, 
9/1/2024
b,k
95,356
UBS
Group
Funding
Jersey,
Ltd.
74,000
3.000%, 
4/15/2021
h
74,789
USB
Realty
Corporation
168,000
2.366%, 
(LIBOR
3M
+
1.147%),
1/15/2022
b,h,k
131,880
Ventas
Realty,
LP
37,000
3.100%, 
1/15/2023
36,591
32,000
3.750%, 
5/1/2024
32,053
VICI
Properties,
LP
/
VICI
Note
Company,
Inc.
40,000
4.250%, 
12/1/2026
h
37,384
20,000
3.750%, 
2/15/2027
h
18,600
40,000
4.625%, 
12/1/2029
h
36,950
20,000
4.125%, 
8/15/2030
h
18,200
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Financials
(4.6%)
-
continued
Wachovia
Capital
Trust
II
$
40,000
1.719%, 
(LIBOR
3M
+
0.500%),
1/15/2027
b
$
34,221
Wells
Fargo
&
Company
45,000
2.100%, 
7/26/2021
45,424
37,000
2.625%, 
7/22/2022
37,890
64,000
4.125%, 
8/15/2023
68,214
50,000
1.990%, 
(LIBOR
3M
+
1.230%),
10/31/2023
b
49,799
34,000
3.750%, 
1/24/2024
36,177
63,000
2.406%, 
10/30/2025
b
63,976
15,000
2.188%, 
4/30/2026
b
15,077
Westpac
Banking
Corporation
29,000
2.000%, 
1/13/2023
29,551
29,000
2.894%, 
2/4/2030
b
28,568
Total
14,789,976
Mortgage-Backed
Securities
(3.4%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
15-Yr.
Pass
Through
648,244
3.500%, 
5/1/2034
685,522
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
745,883
3.000%, 
3/25/2050
788,231
209,435
3.000%, 
4/1/2050
221,326
145,320
3.500%, 
7/1/2047
154,420
515,268
3.000%, 
8/1/2047
545,415
Federal
National
Mortgage
Association
268,997
4.500%, 
5/1/2048
290,741
444,605
3.500%, 
10/1/2048
470,757
1,228,509
3.500%, 
2/1/2049
1,297,115
92,457
3.500%, 
6/1/2049
98,003
490,786
3.500%, 
8/1/2049
520,974
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
1,220,000
2.000%, 
6/1/2034
d
1,256,505
935,000
2.500%, 
6/1/2034
d
976,600
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
775,000
2.500%, 
5/1/2050
d
806,999
933,441
4.000%, 
7/1/2048
993,463
750,000
3.000%, 
5/1/2049
d
791,719
375,000
3.000%, 
6/1/2049
d
395,404
725,000
2.500%, 
7/1/2049
d
753,705
Total
11,046,899
Technology
(1.5%)
Akamai
Technologies,
Inc.,
Convertible
531,000
0.375%, 
9/1/2027
h
554,392
Apple,
Inc.
50,000
2.400%, 
1/13/2023
52,307
112,000
3.450%, 
5/6/2024
123,243
Baidu,
Inc.
37,000
3.000%, 
6/30/2020
37,051
20,000
3.075%, 
4/7/2025
20,441
Booking
Holdings,
Inc.,
Convertible
52,000
0.350%, 
6/15/2020
59,160
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
32
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Technology
(1.5%)
-
continued
Broadcom
Corporation
$
121,000
2.650%, 
1/15/2023
$
123,347
44,000
3.125%, 
1/15/2025
45,420
CommScope
Technologies
Finance,
LLC
190,000
6.000%, 
6/15/2025
h
169,081
Dell
International,
LLC/
EMC
Corporation
48,000
4.000%, 
7/15/2024
h
48,709
10,000
5.850%, 
7/15/2025
h
10,902
Diamond
1
Finance
Corporation
108,000
5.450%, 
6/15/2023
h
114,172
Diamond
Sports
Group,
LLC
60,000
5.375%, 
8/15/2026
h
45,600
110,000
6.625%, 
8/15/2027
h
60,225
Fiserv,
Inc.
70,000
2.750%, 
7/1/2024
73,621
Global
Payments,
Inc.
18,000
2.650%, 
2/15/2025
18,505
Harland
Clarke
Holdings
Corporation
105,000
8.375%, 
8/15/2022
h
75,170
Hewlett
Packard
Enterprise
Company
55,000
3.600%, 
10/15/2020
55,347
36,000
2.250%, 
4/1/2023
36,522
15,000
4.450%, 
10/2/2023
15,791
Intel
Corporation
60,000
3.100%, 
7/29/2022
63,157
J2
Global,
Inc.,
Convertible
156,000
3.250%, 
6/15/2029
199,370
Lumentum
Holdings,
Inc.,
Convertible
111,000
0.250%, 
3/15/2024
161,284
Marvell
Technology
Group,
Ltd.
37,000
4.200%, 
6/22/2023
38,285
Microchip
Technology,
Inc.,
Convertible
105,000
1.625%, 
2/15/2027
131,216
Micron
Technology,
Inc.
10,000
2.497%, 
4/24/2023
10,178
Microsoft
Corporation
46,000
2.400%, 
2/6/2022
47,424
NCR
Corporation
160,000
6.125%, 
9/1/2029
h
158,800
Nuance
Communications,
Inc.,
Convertible
786,000
1.250%, 
4/1/2025
947,130
NXP
BV/NXP
Funding,
LLC
48,000
4.875%, 
3/1/2024
h
52,089
ON
Semiconductor
Corporation,
Convertible
43,000
1.000%, 
12/1/2020
45,195
210,000
1.625%, 
10/15/2023
228,849
Open
Text
Corporation
90,000
4.125%, 
2/15/2030
h
87,543
Oracle
Corporation
20,000
2.500%, 
5/15/2022
20,585
37,000
2.500%, 
4/1/2025
39,004
Panasonic
Corporation
54,000
2.536%, 
7/19/2022
h
54,496
Plantronics,
Inc.
120,000
5.500%, 
5/31/2023
h
95,076
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Technology
(1.5%)
-
continued
PTC,
Inc.
$
30,000
3.625%, 
2/15/2025
h
$
29,535
Seagate
HDD
Cayman
31,000
4.250%, 
3/1/2022
31,714
SS&C
Technologies,
Inc.
150,000
5.500%, 
9/30/2027
h
153,750
Teradyne,
Inc.,
Convertible
79,000
1.250%, 
12/15/2023
161,083
Texas
Instruments,
Inc.
38,000
1.375%, 
3/12/2025
38,367
Verint
Systems,
Inc.,
Convertible
143,000
1.500%, 
6/1/2021
138,429
Vishay
Intertechnology,
Inc.,
Convertible
145,000
2.250%, 
6/15/2025
133,630
Total
4,805,195
Transportation
(0.3%)
AerCap
Holdings
NV
150,000
5.875%, 
10/10/2079
b
100,125
Air
Canada
Pass
Through
Trust
13,252
3.875%, 
3/15/2023
h
11,267
Air
Lease
Corporation
29,000
2.300%, 
2/1/2025
25,325
CSX
Corporation
32,000
3.700%, 
11/1/2023
34,313
Delta
Air
Lines,
Inc.
29,000
2.900%, 
10/28/2024
22,763
90,000
7.000%, 
5/1/2025
h
92,241
Hertz
Corporation
110,000
5.500%, 
10/15/2024
h
22,000
90,000
6.000%, 
1/15/2028
h
16,200
J.B.
Hunt
Transport
Services,
Inc.
60,000
3.300%, 
8/15/2022
61,746
Meritor,
Inc.,
Convertible
162,000
3.250%, 
10/15/2037
155,520
NCL
Corporation,
Ltd.
110,000
3.625%, 
12/15/2024
h
70,675
Penske
Truck
Leasing
Company,
LP
32,000
3.375%, 
2/1/2022
h
32,499
Ryder
System,
Inc.
68,000
3.500%, 
6/1/2021
68,183
Southwest
Airlines
Company
30,000
5.250%, 
5/4/2025
29,883
Southwest
Airlines
Company,
Convertible
40,000
1.250%, 
5/1/2025
44,146
Union
Pacific
Corporation
55,000
3.750%, 
7/15/2025
61,086
United
Airlines
Pass
Through
Trust
60,000
3.700%, 
12/1/2022
53,284
United
Continental
Holdings,
Inc.
50,000
4.875%, 
1/15/2025
36,500
XPO
Logistics,
Inc.
150,000
6.750%, 
8/15/2024
h
154,440
Total
1,092,196
Utilities
(0.8%)
Alabama
Power
Company
38,000
2.450%, 
3/30/2022
39,009
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
33
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Utilities
(0.8%)
-
continued
Ameren
Corporation
$
60,000
2.700%, 
11/15/2020
$
60,466
32,000
2.500%, 
9/15/2024
33,114
Berkshire
Hathaway
Energy
Company
26,000
4.050%, 
4/15/2025
h
29,237
Calpine
Corporation
90,000
4.500%, 
2/15/2028
h
87,264
CenterPoint
Energy,
Inc.
37,000
2.500%, 
9/1/2022
38,023
36,000
2.500%, 
9/1/2024
37,098
Dominion
Energy,
Inc.
32,000
2.715%, 
8/15/2021
32,285
32,000
3.071%, 
8/15/2024
33,622
124,000
4.650%, 
12/15/2024
b,k
120,590
DTE
Energy
Company
51,000
3.300%, 
6/15/2022
52,540
53,000
2.529%, 
10/1/2024
53,935
Duke
Energy
Corporation
74,000
2.400%, 
8/15/2022
75,916
126,000
4.875%, 
9/16/2024
b,k
124,740
Edison
International
106,000
2.950%, 
3/15/2023
106,015
14,000
3.550%, 
11/15/2024
14,409
26,000
4.950%, 
4/15/2025
28,210
Evergy,
Inc.
36,000
2.450%, 
9/15/2024
37,279
Eversource
Energy
37,000
2.500%, 
3/15/2021
37,304
FirstEnergy
Corporation
56,000
2.850%, 
7/15/2022
57,132
24,000
2.050%, 
3/1/2025
24,031
Florida
Power
&
Light
Company
26,000
2.850%, 
4/1/2025
28,161
Georgia
Power
Company
29,000
2.100%, 
7/30/2023
29,910
36,000
2.200%, 
9/15/2024
37,048
NextEra
Energy
Capital
Holdings,
Inc.
26,000
2.750%, 
5/1/2025
27,669
NextEra
Energy
Operating
Partners,
LP
205,000
3.875%, 
10/15/2026
h
202,622
NiSource,
Inc.
50,000
3.650%, 
6/15/2023
53,524
195,000
5.650%, 
6/15/2023
b,k
179,400
NRG
Energy,
Inc.,
Convertible
115,000
2.750%, 
6/1/2048
116,178
Pinnacle
West
Capital
Corporation
37,000
2.250%, 
11/30/2020
37,050
PPL
Capital
Funding,
Inc.
64,000
3.950%, 
3/15/2024
67,608
PSEG
Power,
LLC
50,000
3.000%, 
6/15/2021
50,691
Public
Service
Enterprise
Group,
Inc.
32,000
2.875%, 
6/15/2024
33,392
Sempra
Energy
62,000
3.550%, 
6/15/2024
65,350
Southern
Company
37,000
2.350%, 
7/1/2021
37,435
TerraForm
Power
Operating,
LLC
85,000
5.000%, 
1/31/2028
h
89,168
Principal
Amount
Long-Term
Fixed
Income
(
26
.0
%
)
Value
Utilities
(0.8%)
-
continued
TransCanada
Trust
$
325,000
5.875%, 
8/15/2076
b
$
307,643
Vistra
Operations
Company,
LLC
110,000
5.000%, 
7/31/2027
h
112,189
Total
2,597,257
Total
Long-Term
Fixed
Income
(cost
$88,234,156)
84,515,753
Shares
Registered
Investment
Companies
(
8
.1
%
)
Value
Unaffiliated  (1.0%)
12,700
AllianzGI
NFJ
Dividend
Interest
&
Premium
Strategy
Fund
134,366
17,550
BlackRock
Resources
&
Commodities
Strategy
Trust
98,105
1,788
Health
Care
Select
Sector
SPDR
Fund
178,317
29,300
Invesco
Senior
Loan
ETF
614,714
37,700
Invesco
Variable
Rate
Preferred
ETF
i
879,164
1,812
iShares
Dow
Jones
US
Home
Construction
Index
Fund
66,174
21,850
iShares
S&P
U.S.
Preferred
Stock
Index
Fund
757,102
3,482
SPDR
S&P
Regional
Banking
ETF
132,769
36,578
Templeton
Global
Income
Fund
197,887
321
VanEck
Vectors
Oil
Services
ETF
g,i
35,239
47,541
Western
Asset
High
Income
Opportunity
Fund,
Inc.
209,656
Total
3,303,493
Affiliated  (7.1%)
2,555,366
Thrivent
Core
Emerging
Markets
Debt
Fund
23,023,843
Total
23,023,843
Total
Registered
Investment
Companies
(cost
$28,306,310)
26,327,336
Shares
Preferred
Stock
(
1
.5
%
)
Value
Communications
Services
(0.2%)
3,925
AT&T,
Inc.,
4.750%
k
90,314
376
Crown
Castle
International
Corporation,
Convertible,
6.875%
529,747
Total
620,061
Consumer
Discretionary
(<0.1%)
400
International
Flavors
&
Fragrances,
Inc.,
Convertible,
6.000%
19,020
Total
19,020
Consumer
Staples
(0.1%)
10,600
CHS,
Inc.,
7.100%
b,k
278,780
Total
278,780
Energy
(0.1%)
40,412
Crestwood
Equity
Partners,
LP,
9.250%
k
278,843
1,450
Energy
Transfer
Operating,
LP,
7.600%
b,k
30,667
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
34
Shares
Preferred
Stock
(
1
.5
%
)
Value
Energy
(0.1%)
-
continued
2,345
Nustar
Logistics,
LP,
7.953%
b
$
44,743
Total
354,253
Financials
(0.8%)
2,475
Aegon
Funding
Corporation
II,
5.100%
59,425
2,826
Agribank
FCB,
6.875%
b,k
282,600
5,200
Allstate
Corporation,
5.100%
k
133,120
4,500
Bank
of
America
Corporation,
5.000%
k
112,680
170
Bank
of
America
Corporation,
Convertible,
7.250%
k
235,008
5,050
Capital
One
Financial
Corporation,
5.000%
i,k
117,160
2,200
Cobank
ACB,
6.250%
b,k
222,200
5,375
Equitable
Holdings,
Inc.,
5.250%
k
129,645
140
First
Horizon
Bank,
3.750%
b,h,k
95,200
7,700
GMAC
Capital
Trust
I,
7.477%
b
173,635
3,525
Hartford
Financial
Services
Group,
Inc.,
7.875%
b
94,258
3,350
J.P.
Morgan
Chase
&
Company,
4.750%
k
84,420
5,600
Morgan
Stanley,
7.125%
b,k
152,320
3,600
Regions
Financial
Corporation,
5.700%
b,k
95,436
725
Synovus
Financial
Corporation,
5.875%
b,k
15,609
495
Wells
Fargo
&
Company,
Convertible,
7.500%
k
692,426
Total
2,695,142
Health
Care
(0.1%)
404
Danaher
Corporation,
Convertible,
4.750%
482,008
Total
482,008
Industrials
(0.1%)
103
Fortive
Corporation,
Convertible,
5.000%
85,467
1,457
Stanley
Black
&
Decker,
Inc.,
Convertible,
5.250%
115,846
Total
201,313
Real
Estate
(<0.1%)
2,472
Equity
Commonwealth,
Convertible,
6.500%
k
67,486
Total
67,486
Utilities
(0.1%)
132
Sempra
Energy,
Convertible,
6.000%
13,505
4,502
Southern
Company,
Convertible,
6.750%
213,125
Total
226,630
Total
Preferred
Stock
(cost
$4,980,102)
4,944,693
Shares
Collateral
Held
for
Securities
Loaned
(
0
.7
%
)
Value
2,289,597
Thrivent
Cash
Management
Trust
$
2,289,597
Total
Collateral
Held
for
Securities
Loaned
(cost
$2,289,597)
2,289,597
Shares
or
Principal
Amount
Short-Term
Investments
(
6
.0
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
300,000
1.520%,
5/12/2020
n,o
299,992
200,000
0.000%,
5/28/2020
199,987
500,000
1.420%,
6/2/2020
n,o
499,956
200,000
0.500%,
6/9/2020
n
199,978
500,000
0.200%,
7/13/2020
n,o
499,878
200,000
0.100%,
7/22/2020
n,o
199,945
300,000
0.120%,
7/27/2020
n,o
299,913
800,000
0.150%,
7/31/2020
n,o
799,757
Thrivent
Core
Short-Term
Reserve
Fund
1,646,562
1.450%
16,465,623
Total
Short-Term
Investments
(cost
$19,439,897)
19,465,029
Total
Investments
(cost
$343,930,456)
102.7%
$
333,789,097
Other
Assets
and
Liabilities,
Net
(2.7%)
(
8,891,460
)
Total
Net
Assets
100.0%
$
324,897,637
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
35
a
The
stated
interest
rate
represents
the
weighted
average
of
all
contracts
within
the
bank
loan
facility.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
All
or
a
portion
of
the
loan
is
unfunded.
d
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
e
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
f
In
bankruptcy.  Interest
is
being
accrued
per
the
bankruptcy
agreement
terms.  
g
Non-income
producing
security.
h
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$34,498,348
or
10.6%
of
total
net
assets.
i
All
or
a
portion
of
the
security
is
on
loan.
j
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
April
30,
2020.
k
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
l
Denotes
interest
only
security.  Interest
only
securities
represent
the
right
to
receive
monthly
interest
payments
on
an
underlying
pool
of
mortgages
or
assets.  The
principal
shown
is
the
outstanding
par
amount
of
the
pool
as
of
the
end
of
the
period.
The
actual
effective
yield
of
the
security
is
different
than
the
stated
coupon
rate.
m
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
n
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
o
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Balanced
Income
Plus
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
335,157
Common
Stock
1,822,368
Total
lending
$2,157,525
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$2,289,597
Net
amounts
due
to
counterparty
$132,072
Definitions:
ACES
-
Alternative
Credit
Enhancement
Securities
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
GDR
-
Global
Depository
Receipts,
which
are
certificates
for
shares
of
an
underlying
foreign
security’s
shares
held
by
an
issuing
depository
bank
from
more
than
one
country.
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
12
MTA
-
12
Month
Treasury
Average
H15T30Y
-
U.
S.
Treasury
Yield
Curve
Rate
Treasury
Note
Constant
Maturity
30
Year
LIBOR
1W
-
ICE
Libor
USD
Rate
1
Week
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
2M
-
ICE
Libor
USD
Rate
2
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
LIBOR
6M
-
ICE
Libor
USD
Rate
6
Month
PRIME
-
Federal
Reserve
Prime
Loan
Rate
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
36
Shares
Common
Stock
(
86
.3
%
)
Value
Communications
Services
(6.3%)
75,730
Activision
Blizzard,
Inc.
$
4,826,273
16,528
Alphabet,
Inc.,
Class
A
a
22,258,258
3,222
Alphabet,
Inc.,
Class
C
a
4,345,383
41,465
AMC
Entertainment
Holdings,
Inc.
204,008
2,668
AMC
Networks,
Inc.
a
63,632
899,142
Auto
Trader
Group
plc
b
5,175,890
1,236
Boingo
Wireless,
Inc.
a
17,230
60,172
Carsales.com,
Ltd.
550,440
12,687
Cinemark
Holdings,
Inc.
181,170
180,783
Comcast
Corporation
6,802,864
4,851
Consolidated
Communications
Holdings,
Inc.
a
30,416
10,560
Discovery,
Inc.,
Class
A
a
236,755
6,237
EchoStar
Corporation
a
196,777
45,251
Facebook,
Inc.
a
9,263,332
72,614
Gannett
Company,
Inc.
82,054
1,907
Hemisphere
Media
Group,
Inc.
a
17,697
459,000
HKT
Trust
and
HKT,
Ltd.
740,698
10,588
Interpublic
Group
of
Companies,
Inc.
179,784
14,982
Ipsos
SA
288,486
44,400
KDDI
Corporation
1,286,015
11,888
Lions
Gate
Entertainment
Corporation,
Class
A
a
84,880
9,621
Lions
Gate
Entertainment
Corporation,
Class
B
a
64,268
106,413
Live
Nation
Entertainment,
Inc.
a,c
4,774,751
536
Madison
Square
Garden
Entertainment
Corporation
a
44,327
459,826
Mediaset
Espana
Comunicacion
SA
a
1,647,700
10,504
Meredith
Corporation
155,774
2,511
News
Corporation
25,663
3,000
Nintendo
Company,
Ltd.
1,238,773
67,000
NTT
DOCOMO,
Inc.
1,974,572
55,103
Orange
SA
669,451
48,473
ORBCOMM,
Inc.
a
127,969
38,235
Rightmove
plc
239,061
5,084
RingCentral,
Inc.
a
1,161,847
2,361
Scholastic
Corporation
68,634
200,053
Seven
West
Media,
Ltd.
a
11,003
2,128
Sinclair
Broadcast
Group,
Inc.
37,559
160,100
SoftBank
Corporation
2,180,238
31,700
SoftBank
Group
Corporation
1,358,746
6,420
Take-Two
Interactive
Software,
Inc.
a
777,141
2,981,177
Telecom
Italia
SPA
a
1,183,859
286,237
Telefonica
SA
1,308,821
1,316
Telephone
&
Data
Systems,
Inc.
25,820
155,500
TV
Asahi
Holdings
Corporation
2,308,340
125,508
Uber
Technologies,
Inc.
a
3,799,127
196,698
Verizon
Communications,
Inc.
11,300,300
37,513
ViacomCBS,
Inc.
647,474
202,954
Vodafone
Group
plc
286,301
35,934
Wolters
Kluwer
NV
2,643,080
Total
96,892,641
Consumer
Discretionary
(9.5%)
5,002
Abercrombie
&
Fitch
Company
52,921
5,877
Adient
plc
a
88,037
17,154
Amazon.com,
Inc.
a
42,438,996
2,507
American
Axle
&
Manufacturing
Holdings,
Inc.
a
10,830
14,572
American
Eagle
Outfitters,
Inc.
115,847
849
American
Public
Education,
Inc.
a
21,879
9,600
AOKI
Holdings,
Inc.
58,324
14,500
Aoyama
Trading
Company,
Ltd.
122,494
94,109
Aptiv
plc
6,545,281
12,466
At
Home
Group,
Inc.
a
29,295
Shares
Common
Stock
(
86
.3
%
)
Value
Consumer
Discretionary
(9.5%)
-
continued
22,500
Autobacs
Seven
Company,
Ltd.
$
262,744
1,920
AutoZone,
Inc.
a
1,959,014
7,717
Beazer
Homes
USA,
Inc.
a
54,328
31,772
Bed
Bath
&
Beyond,
Inc.
196,669
32,845
Berkeley
Group
Holdings
plc
1,724,126
4,184
Big
Lots,
Inc.
98,115
2,286
BJ's
Restaurants,
Inc.
49,972
664
Boyd
Gaming
Corporation
11,082
13,200
Bridgestone
Corporation
410,881
18,341
Bright
Horizons
Family
Solutions,
Inc.
a
2,135,809
9,551
Burlington
Stores,
Inc.
a
1,744,872
3,206
Caleres,
Inc.
26,001
4,439
Camping
World
Holdings,
Inc.
39,374
1,096
Capri
Holdings,
Ltd.
a
16,714
7,363
Carnival
Corporation
117,072
3,948
Century
Casinos,
Inc.
a
17,904
2,301
Century
Communities,
Inc.
a
49,287
52,102
Chico's
FAS,
Inc.
78,153
6,165
Chipotle
Mexican
Grill,
Inc.
a
5,416,261
25,000
Chiyoda
Company,
Ltd.
239,488
126
Churchill
Downs,
Inc.
12,628
283,600
Citizen
Watch
Company,
Ltd.
1,000,923
36,281
Cooper-Standard
Holdings,
Inc.
a
466,211
1,108
Cracker
Barrel
Old
Country
Store,
Inc.
107,919
7,359
Culp,
Inc.
52,323
47,632
D.R.
Horton,
Inc.
2,249,183
5,666
Dana,
Inc.
65,159
4,004
Dave
&
Buster's
Entertainment,
Inc.
58,619
182,500
Denso
Corporation
6,415,193
3,192
Dick's
Sporting
Goods,
Inc.
93,813
2,693
Dine
Brands
Global,
Inc.
119,542
3,947
Domino's
Pizza,
Inc.
1,428,538
26,910
Duluth
Holdings,
Inc.
a
107,909
9,979
Emerald
Holding,
Inc
22,752
5,628
Ethan
Allen
Interiors,
Inc.
63,653
10,985
Etsy,
Inc.
a
712,597
6,000
Exedy
Corporation
96,673
8,494
Express,
Inc.
a
17,583
5,676
Extended
Stay
America,
Inc.
61,698
25,691
Five
Below,
Inc.
a
2,316,301
10,207
Foot
Locker,
Inc.
261,605
20,631
Fossil,
Inc.
a
81,699
458,000
Galaxy
Entertainment
Group,
Ltd.
2,945,629
22,839
GameStop
Corporation
a
130,867
6,364
Gap,
Inc.
51,676
10,431
Garrett
Motion,
Inc.
a
56,849
6,928
Genuine
Parts
Company
549,252
10,060
Goodyear
Tire
&
Rubber
Company
72,130
2,564
Grand
Canyon
Education,
Inc.
a
220,555
266
Group
1
Automotive,
Inc.
15,053
3,080
GrubHub,
Inc.
a
147,193
4,379
Hertz
Global
Holdings,
Inc.
a
17,691
39,372
Home
Depot,
Inc.
8,655,147
1,815
Hooker
Furniture
Corporation
27,207
1,914
Hovnanian
Enterprises,
Inc.
a
24,155
33,200
Industria
de
Diseno
Textil
SA
850,335
5,812
KB
Home
152,507
14,686
Knoll,
Inc.
171,239
1,335
Kohl's
Corporation
24,644
9,684
L
Brands,
Inc.
115,143
8,093
Lear
Corporation
790,281
71,619
Lowe's
Companies,
Inc.
7,502,090
1,978
Lumber
Liquidators
Holdings,
Inc.
a
13,945
20,304
Macy's,
Inc.
118,981
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
37
Shares
Common
Stock
(
86
.3
%
)
Value
Consumer
Discretionary
(9.5%)
-
continued
536
Madison
Square
Garden
Sports
Corporation
a
$
91,828
5,547
Marcus
Corporation
80,653
698
Marriott
Vacations
Worldwide
Corporation
57,934
37,064
Mattel,
Inc.
a
323,198
26,307
Michaels
Companies,
Inc.
a
79,973
4,620
Modine
Manufacturing
Company
a
21,391
10,035
Mohawk
Industries,
Inc.
a
880,270
338,797
Moneysupermarket.com
Group
plc
1,349,857
899
Newell
Brands,
Inc.
12,478
107,400
NHK
Spring
Company,
Ltd.
710,643
62,546
NIKE,
Inc.
5,452,760
55,800
Nissan
Motor
Company,
Ltd.
189,932
1,701
Norwegian
Cruise
Line
Holdings,
Ltd.
a
27,896
337
NVR,
Inc.
a
1,044,700
28,705
Office
Depot,
Inc.
63,725
21,375
Ollie's
Bargain
Outlet
Holdings,
Inc.
a
1,451,576
23,600
Onward
Holdings
Company,
Ltd.
73,837
2,700
Oriental
Land
Company,
Ltd.
341,402
9,130
Park
Hotels
&
Resorts,
Inc.
86,826
15,979
Party
City
Holdco,
Inc.
a
12,120
16,912
Penn
National
Gaming,
Inc.
a
301,372
41,314
Planet
Fitness,
Inc.
a
2,492,474
86,579
Playa
Hotels
and
Resorts
NV
a
213,850
17,400
PLENUS
Company,
Ltd.
284,995
676
PVH
Corporation
33,280
25,322
Qurate
Retail,
Inc.
a
203,969
30,609
Red
Rock
Resorts,
Inc.
335,475
213,170
Redrow
plc
1,238,579
30,400
Rinnai
Corporation
2,302,664
12,283
Ruth's
Hospitality
Group,
Inc.
138,245
6,317
Sally
Beauty
Holdings,
Inc.
a
61,338
48,400
Sangetsu
Company,
Ltd.
720,341
24,600
SHIMAMURA
Company,
Ltd.
1,550,941
9,157
Signet
Jewelers,
Ltd.
92,119
8,742
Six
Flags
Entertainment
Corporation
174,927
15,369
Skyline
Corporation
a
302,923
22,500
Sony
Corporation
1,447,968
47,311
Sony
Corporation
ADR
3,039,732
11,381
Standard
Motor
Products,
Inc.
463,093
561,900
Sumitomo
Electric
Industries,
Ltd.
5,781,081
11,000
Sumitomo
Forestry
Company,
Ltd.
135,895
259,200
Sumitomo
Rubber
Industries,
Ltd.
2,515,935
22,880
Super
Retail
Group,
Ltd.
93,345
11,819
Tailored
Brands,
Inc.
19,620
6,900
Takara
Standard
Company,
Ltd.
101,689
709
Tapestry,
Inc.
10,550
16,372
Taylor
Morrison
Home
Corporation
a
238,213
801,104
Taylor
Wimpey
plc
1,479,504
13,919
Tenneco,
Inc.
a
72,240
16,660
Texas
Roadhouse,
Inc.
784,519
2,985
Thor
Industries,
Inc.
197,607
6,285
Toll
Brothers,
Inc.
150,966
41,800
Toyoda
Gosei
Company,
Ltd.
778,535
7,924
Tri
Pointe
Homes,
Inc.
a
90,968
17,532
Tupperware
Brands
Corporation
56,453
6,214
Ulta
Beauty,
Inc.
a
1,354,155
3,042
Urban
Outfitters,
Inc.
a
52,748
4,477
Vail
Resorts,
Inc.
765,567
4,235
Wendy's
Company
84,107
241
Williams-Sonoma,
Inc.
14,903
8,847
Wingstop,
Inc.
1,037,488
Shares
Common
Stock
(
86
.3
%
)
Value
Consumer
Discretionary
(9.5%)
-
continued
9,011
Workhorse
Group,
Inc.
a
$
26,402
Total
146,190,634
Consumer
Staples
(3.3%)
751
Andersons,
Inc.
12,744
46,985
Anheuser-Busch
InBev
NV
2,188,103
27,900
Arcs
Company,
Ltd.
523,487
4,742
B&G
Foods,
Inc.
92,090
233
Beyond
Meat,
Inc.
a
23,065
9,236
BJ's
Wholesale
Club
Holdings,
Inc.
a
242,999
36,789
Carlsberg
AS
4,641,043
9,574
Casey's
General
Stores,
Inc.
1,449,599
2,414
Central
Garden
&
Pet
Company
a
79,517
3,772
Edgewell
Personal
Care
Company
a
104,145
931
Energizer
Holdings,
Inc.
36,272
36,465
ForFarmers
BV
242,959
8,832
Glanbia
plc
93,993
2,908
Hain
Celestial
Group,
Inc.
a
75,143
8,300
Kao
Corporation
640,066
24,100
Kewpie
Corporation
478,581
14,994
Kimberly-Clark
Corporation
2,076,369
137
Lindt
&
Spruengli
AG
1,067,229
4,936
L'Oreal
SA
a
1,435,104
9,000
Ministop
Company,
Ltd.
124,176
10,640
Monster
Beverage
Corporation
a
657,658
105,390
Nestle
SA
11,161,858
53,952
Philip
Morris
International,
Inc.
4,024,819
9,795
Reckitt
Benckiser
Group
plc
815,917
2,096
Seneca
Foods
Corporation
a
75,414
20,285
Simply
Good
Foods
Company
a
382,372
3,045
Sprouts
Farmers
Markets,
Inc.
a
63,275
53,100
Sugi
Holdings
Company,
Ltd.
3,202,038
111,600
Sundrug
Company,
Ltd.
3,821,014
3,486
TreeHouse
Foods,
Inc.
a
180,331
30,393
Turning
Point
Brands,
Inc.
708,157
46,642
Unilever
NV
2,322,749
10,203
United
Natural
Foods,
Inc.
a
108,560
5,844
Vector
Group,
Ltd.
62,531
65,592
Wal-Mart
Stores,
Inc.
7,972,708
Total
51,186,085
Energy
(2.5%)
57,615
Antero
Midstream
Corporation
273,671
1,307
Apache
Corporation
17,096
80,247
Archrock,
Inc.
385,988
118,700
BP
plc
ADR
2,825,060
86,752
Callon
Petroleum
Company
a
81,521
18,315
Centennial
Resource
Development,
Inc.
a
21,612
37,256
Chevron
Corporation
3,427,552
19,433
Cimarex
Energy
Company
493,987
14,345
CNX
Resources
Corporation
a
152,057
8,415
Concho
Resources,
Inc.
477,299
32,190
ConocoPhillips
1,355,199
19,465
Continental
Resources,
Inc.
319,031
13,968
Core
Laboratories
NV
273,913
11,331
Devon
Energy
Corporation
141,298
124,904
Eni
SPA
1,189,882
35,187
EnLink
Midstream,
LLC
78,115
82,945
Enterprise
Products
Partners,
LP
1,456,514
30,283
EQT
Corporation
441,829
23,048
Equitrans
Midstream
Corporation
193,142
11,199
Exterran
Corporation
a
76,153
26,460
Exxon
Mobil
Corporation
1,229,596
16,572
Frank's
International
NV
a
40,270
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
38
Shares
Common
Stock
(
86
.3
%
)
Value
Energy
(2.5%)
-
continued
4,246
Gaztransport
Et
Technigaz
SA
$
307,824
25,214
Gran
Tierra
Energy,
Inc.
a
8,558
80,710
Halliburton
Company
847,455
8,657
Helmerich
&
Payne,
Inc.
171,149
705,000
JXTG
Holdings,
Inc.
2,499,479
11,734
Liberty
Oilfield
Services,
Inc.
55,385
241,986
Marathon
Oil
Corporation
1,480,954
71,816
Marathon
Petroleum
Corporation
2,303,857
2,129
Nabors
Industries,
Ltd.
a
31,360
12,690
NexTier
Oilfield
Solutions,
Inc.
a
29,441
32,553
Nine
Energy
Service,
Inc.
a
47,202
14,173
Oceaneering
International,
Inc.
a
72,849
2,760
Oil
States
International,
Inc.
a
9,494
9,016
OMV
AG
294,390
28,560
Patterson-UTI
Energy,
Inc.
105,386
6,055
PBF
Energy,
Inc.
69,027
5,279
PDC
Energy,
Inc.
a
68,574
8,651
Peabody
Energy
Corporation
29,327
1,772
Penn
Virginia
Corporation
a
11,146
25,390
Pioneer
Natural
Resources
Company
2,267,581
9,870
Plains
GP
Holdings,
LP
90,705
5,039
ProPetro
Holding
Corporation
a
21,365
189,374
QEP
Resources,
Inc.
186,723
218,729
Royal
Dutch
Shell
plc,
Class
A
3,601,193
353,472
Royal
Dutch
Shell
plc,
Class
B
5,658,581
11,288
RPC,
Inc.
38,492
6,993
SM
Energy
Company
28,322
67,630
Southwestern
Energy
Company
a
218,445
17,708
Talos
Energy,
Inc.
a
201,694
6,288
Targa
Resources
Corporation
81,493
35,273
TC
Energy
Corporation
1,623,326
28,836
Total
SA
1,023,463
87,133
Transocean,
Ltd.
a
111,530
Total
38,546,555
Financials
(13.4%)
337
1st
Source
Corporation
11,704
199,255
AB
Industrivarden
a
4,077,355
65,536
Aflac,
Inc.
2,440,561
12,544
AG
Mortgage
Investment
Trust,
Inc.
40,015
137,800
AIA
Group,
Ltd.
1,264,697
1,540
Alleghany
Corporation
821,913
52,094
Allianz
SE
9,586,971
1,916
American
Equity
Investment
Life
Holding
Company
40,274
42,452
American
Express
Company
3,873,745
29,485
American
Financial
Group,
Inc.
1,953,086
49,365
American
International
Group,
Inc.
1,255,352
3,828
Ameriprise
Financial,
Inc.
439,990
14,851
Ameris
Bancorp
377,661
1,942
Argo
Group
International
Holdings,
Ltd.
68,669
837
ARMOUR
Residential
REIT,
Inc.
7,399
7,764
Arthur
J.
Gallagher
&
Company
609,474
3,386
Artisan
Partners
Asset
Management,
Inc.
99,684
16,883
Associated
Banc-Corp
238,726
7,426
Assured
Guaranty,
Ltd.
220,775
41,685
Baloise
Holding
AG
6,236,802
523,197
Bank
Leumi
Le-Israel
BM
2,819,038
515,469
Bank
of
America
Corporation
12,397,029
1,297
Bank
of
Marin
Bancorp
42,749
70,429
Bank
of
Montreal
c
3,580,775
5,230
Bank
OZK
118,303
7,435
BankFinancial
Corporation
61,487
5,109
BankUnited,
Inc.
101,209
Shares
Common
Stock
(
86
.3
%
)
Value
Financials
(13.4%)
-
continued
12,209
Banner
Corporation
$
469,192
1,889
BOK
Financial
Corporation
97,831
40,048
Boston
Private
Financial
Holdings,
Inc.
304,365
4,904
Brighthouse
Financial,
Inc.
a
126,082
62,447
BrightSphere
Investment
Group
462,732
2,839
Brown
&
Brown,
Inc.
101,948
3,849
Byline
Bancorp,
Inc.
47,420
1,724
Cadence
Bancorporation
11,413
69,007
Capital
One
Financial
Corporation
4,468,893
8,415
Cboe
Global
Markets,
Inc.
836,283
115,381
Charles
Schwab
Corporation
4,352,171
19,546
Chubb,
Ltd.
2,111,163
434,866
CI
Financial
Corporation
4,620,617
5,407
Cincinnati
Financial
Corporation
355,781
12,439
CIT
Group,
Inc.
236,092
162,616
Citigroup,
Inc.
7,896,633
20,640
Citizens
Financial
Group,
Inc.
462,130
21,990
CNP
Assurances
a
226,865
70,979
Colony
Capital,
Inc.
163,961
45,167
Comerica,
Inc.
1,574,522
77,069
Commonwealth
Bank
of
Australia
3,113,309
737
Community
Bank
System,
Inc.
46,055
11,555
Community
Trust
Bancorp,
Inc.
391,715
14,497
Cullen/Frost
Bankers,
Inc.
1,041,754
311,400
DBS
Group
Holdings,
Ltd.
4,384,235
15,297
Deutsche
Boerse
AG
2,371,633
152,819
Deutsche
Pfandbriefbank
AG
b
1,123,243
423
Diamond
Hill
Investment
Group,
Inc.
46,344
9,920
Discover
Financial
Services
426,262
311,318
DnB
ASA
c
3,769,410
4,834
East
West
Bancorp,
Inc.
169,528
2,354
Encore
Capital
Group,
Inc.
a
61,157
3,443
Enterprise
Financial
Services
Corporation
105,838
12,380
Essent
Group,
Ltd.
338,222
75,255
Euronext
NV
b
6,317,986
93,740
Everi
Holdings,
Inc.
a
464,013
1,914
FBL
Financial
Group,
Inc.
74,799
1,118
Federal
Agricultural
Mortgage
Corporation
74,492
13,730
Fifth
Third
Bancorp
256,614
7,428
Financial
Institutions,
Inc.
143,732
6,069
First
American
Financial
Corporation
279,902
950
First
Bancshares,
Inc.
18,924
12,419
First
Busey
Corporation
228,758
1,682
First
Citizens
BancShares,
Inc.
642,524
20,403
First
Defiance
Financial
Corporation
354,604
6,287
First
Financial
Corporation
223,314
11,499
First
Interstate
BancSystem,
Inc.
388,666
9,179
First
Midwest
Bancorp,
Inc.
135,666
1,199
First
of
Long
Island
Corporation
18,932
6,212
First
Republic
Bank
647,849
737,856
FlexiGroup,
Ltd.
430,956
6,365
Goldman
Sachs
Group,
Inc.
1,167,468
16,116
Granite
Point
Mortgage
Trust,
Inc.
80,258
10,934
Great
Southern
Bancorp,
Inc.
465,460
12,902
Great
Western
Bancorp,
Inc.
242,558
11,620
Hamilton
Lane,
Inc.
753,557
4,250
Hancock
Whitney
Corporation
88,868
1,037
Hanmi
Financial
Corporation
12,517
7,712
Hanover
Insurance
Group,
Inc.
774,131
61,618
Hartford
Financial
Services
Group,
Inc.
2,340,868
9,590
Heritage
Commerce
Corporation
85,159
1,040
Heritage
Financial
Corporation
20,852
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
39
Shares
Common
Stock
(
86
.3
%
)
Value
Financials
(13.4%)
-
continued
8,741
Hometrust
Bancshares,
Inc.
$
134,349
13,201
Horizon
Bancorp,
Inc.
150,227
1,749
Houlihan
Lokey,
Inc.
103,856
234,475
HSBC
Holdings
plc
1,205,187
13,142
Independent
Bank
Corporation
193,056
14,738
Interactive
Brokers
Group,
Inc.
604,258
3,837
International
Bancshares
Corporation
111,235
1,224,218
Israel
Discount
Bank,
Ltd.
3,971,748
25,368
J.P.
Morgan
Chase
&
Company
2,429,240
853
Janus
Henderson
Group
plc
15,269
51,100
Japan
Exchange
Group,
Inc.
950,482
85,500
Japan
Post
Bank
Company,
Ltd.
793,883
14,000
Japan
Post
Holdings
Company,
Ltd.
111,984
116,990
KeyCorp
1,362,934
9,950
L
E
Lundbergforetagen
AB
a
417,771
1,992
Ladder
Capital
Corporation
15,836
3,779
Lakeland
Bancorp,
Inc.
42,287
79,355
Laurentian
Bank
of
Canada
c
1,772,439
5,067
Loews
Corporation
175,622
5,827
M&T
Bank
Corporation
653,090
316,849
Manulife
Financial
Corporation
3,990,347
2,870
Mercantile
Bank
Corporation
67,732
57,027
MetLife,
Inc.
2,057,534
10,534
MidWestOne
Financial
Group,
Inc.
219,845
174,100
Mitsubishi
UFJ
Financial
Group,
Inc.
703,364
27,221
Mizrahi
Tefahot
Bank,
Ltd.
557,517
84,908
Morgan
Stanley
3,347,922
264
Morningstar,
Inc.
41,173
7,646
Mr.
Cooper
Group,
Inc.
a
73,249
10,900
MS
and
AD
Insurance
Group
Holdings,
Inc.
314,030
3,827
MSCI,
Inc.
1,251,429
26,082
National
Bank
of
Canada
1,051,937
175
National
Western
Life
Group,
Inc.
33,728
191,075
Natixis
451,087
1,098
NBT
Bancorp,
Inc.
36,377
5,385
New
York
Community
Bancorp,
Inc.
58,481
1,246
NMI
Holdings,
Inc.
a
16,846
6,659
Northern
Trust
Corporation
527,126
4,611
Northwest
Bancshares,
Inc.
48,923
2,220
OFG
Bancorp
27,928
2,277
Old
Republic
International
Corporation
36,318
6,597
Old
Second
Bancorp,
Inc.
54,293
20,016
Onex
Corporation
922,610
3,934
PacWest
Bancorp
79,624
22,970
Paragon
Banking
Group
plc
96,169
20,702
Pargesa
Holding
SA
1,472,669
314
Park
National
Corporation
25,114
2,459
Peoples
Bancorp,
Inc.
59,778
24,400
PNC
Financial
Services
Group,
Inc.
2,602,748
31,286
Popular,
Inc.
1,207,327
82,740
Power
Corporation
of
Canada
1,323,174
14,911
Prosight
Global,
Inc.
a
124,656
1,612
Provident
Financial
Services,
Inc.
23,132
10,732
QCR
Holdings,
Inc.
330,331
10,835
Radian
Group,
Inc.
162,308
61,731
Raymond
James
Financial,
Inc.
4,069,308
1,134
Ready
Capital
Corporation
7,564
17,816
Redwood
Trust,
Inc.
73,046
9,440
Reinsurance
Group
of
America,
Inc.
988,179
7,291
Renasant
Corporation
191,243
44,180
Royal
Bank
of
Canada
2,717,866
18,584
S&P
Global,
Inc.
5,442,882
1,544
Safety
Insurance
Group,
Inc.
129,881
Shares
Common
Stock
(
86
.3
%
)
Value
Financials
(13.4%)
-
continued
3,769
Sandy
Spring
Bancorp,
Inc.
$
96,110
11,248
Santander
Consumer
USA
Holdings,
Inc.
175,356
16,461
Seacoast
Banking
Corporation
of
Florida
a
369,879
20,449
SEI
Investments
Company
1,042,081
854
Selective
Insurance
Group,
Inc.
42,811
25,700
Senshu
Ikeda
Holdings,
Inc.
40,120
60,800
Singapore
Exchange,
Ltd.
414,602
6,099
SLM
Corporation
50,866
14,680
Spirit
of
Texas
Bancshares,
Inc.
a
168,673
620
Starwood
Property
Trust,
Inc.
8,023
160,054
Sun
Life
Financial,
Inc.
5,485,956
7,332
SVB
Financial
Group
a
1,416,322
17,064
Swiss
Life
Holding
AG
6,051,295
34,312
Synovus
Financial
Corporation
720,895
5,406
T.
Rowe
Price
Group,
Inc.
625,096
462
TCF
Financial
Corporation
13,717
2,608
Territorial
Bancorp,
Inc.
65,539
7,617
TMX
Group,
Ltd.
659,890
30,100
Tokio
Marine
Holdings,
Inc.
1,412,164
9,957
Topdanmark
AS
401,938
276,416
Toronto-Dominion
Bank
11,549,520
10,440
TPG
RE
Finance
Trust,
Inc.
80,284
5,704
TriCo
Bancshares
171,804
20,868
TrustCo
Bank
Corporation
131,468
83,049
U.S.
Bancorp
3,031,289
452
UMB
Financial
Corporation
22,980
3,817
Umpqua
Holdings
Corporation
47,808
1,012
Univest
Financial
Corporation
17,912
65
Virtus
Investment
Partners,
Inc.
5,283
1,000
Walker
&
Dunlop,
Inc.
38,430
3,696
Washington
Trust
Bancorp,
Inc.
129,397
24,050
Webster
Financial
Corporation
679,413
4,993
WesBanco,
Inc.
123,227
800
Westamerica
Bancorporation
50,400
11,077
Western
Alliance
Bancorp
397,443
19,874
Western
Asset
Mortgage
Capital
Corporation
60,616
27,401
Wintrust
Financial
Corporation
1,148,102
79,648
Zions
Bancorporations
NA
2,517,673
Total
207,529,599
Health
Care
(14.2%)
2,469
Acadia
Healthcare
Company,
Inc.
a
59,281
735
Acceleron
Pharma,
Inc.
a
66,540
11,251
ADMA
Biologics,
Inc.
a
33,190
5,382
Aduro
Biotech,
Inc.
a
14,881
11,425
Aerie
Pharmaceuticals,
Inc.
a
174,117
4,817
Agenus,
Inc.
a
12,837
6,300
Agile
Therapeutics,
Inc.
a
15,277
9,801
Agilent
Technologies,
Inc.
751,345
17,632
Agios
Pharmaceuticals,
Inc.
a
725,380
3,251
Akebia
Therapeutics,
Inc.
a
26,333
1,081
Alexion
Pharmaceuticals,
Inc.
a
116,175
5,616
Alkermes
plc
a
76,995
4,228
AmerisourceBergen
Corporation
379,082
3,980
Amgen,
Inc.
952,096
5,963
AnaptysBio,
Inc.
a
93,142
4,466
Anavex
Life
Sciences
Corporation
a
15,452
4,231
Arena
Pharmaceuticals,
Inc.
a
207,192
1,454
Argenx
SE
ADR
a
212,996
1,441
Assembly
Biosciences,
Inc.
a
25,232
3,078
Atara
Biotherapeutics,
Inc.
a
25,517
1,281
Athenex,
Inc.
a
11,452
141
Atrion
Corporation
89,088
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
40
Shares
Common
Stock
(
86
.3
%
)
Value
Health
Care
(14.2%)
-
continued
829
AVROBIO,
Inc.
a
$
10,669
30,600
Axonics
Modulation
Technologies,
Inc.
a
985,626
695
Axsome
Therapeutics,
Inc.
a
66,046
10,225
Biogen,
Inc.
a
3,035,087
11,186
Biohaven
Pharmaceutical
Holding
Company,
Ltd.
a
526,861
1,894
Bio-Rad
Laboratories,
Inc.
a
833,549
11,299
Bio-Techne
Corporation
2,542,275
2,431
Bluebird
Bio,
Inc.
a
130,982
474
Blueprint
Medicines
Corporation
a
27,885
1,102
Bruker
Corporation
43,331
41,440
Catalent,
Inc.
a
2,865,576
63,940
Centene
Corporation
a
4,257,125
5,012
Charles
River
Laboratories
International,
Inc.
a
725,086
1,017
Chemed
Corporation
423,652
14,400
Chugai
Pharmaceutical
Company,
Ltd.
1,716,505
21,717
Cigna
Holding
Company
4,251,754
3,611
Clovis
Oncology,
Inc.
a
27,480
5,875
Community
Health
Systems,
Inc.
a
17,801
13,595
CryoLife,
Inc.
a
303,576
54,742
CSL,
Ltd.
10,911,552
88,853
CVS
Health
Corporation
5,468,902
2,852
CytomX
Therapeutics,
Inc.
a
29,433
13,000
Daiichi
Sankyo
Company,
Ltd.
893,636
771
Deciphera
Pharmaceuticals,
Inc.
a
44,703
5,931
Dexcom,
Inc.
a
1,988,071
8,225
Dynavax
Technologies
Corporation
a
34,956
25,458
Edwards
Lifesciences
Corporation
a
5,537,115
2,419
Encompass
Health
Corporation
160,259
9,549
Endo
International
plc
a
43,925
16,184
Gilead
Sciences,
Inc.
1,359,456
579,070
GlaxoSmithKline
plc
12,080,841
813
Global
Blood
Therapeutics,
Inc.
a
62,211
66,509
Grifols
SA
2,269,755
30,361
Guardant
Health,
Inc.
a
2,336,583
19,123
Halozyme
Therapeutics,
Inc.
a
433,232
18,080
HCA
Healthcare,
Inc.
1,986,630
1,356
HealthStream,
Inc.
a
30,951
8,324
Hill-Rom
Holdings,
Inc.
936,367
11,481
Humana,
Inc.
4,383,675
20,218
ImmunoGen,
Inc.
a
82,489
2,088
Insmed,
Inc.
a
48,024
13,550
Inspire
Medical
Systems,
Inc.
a
970,993
3,910
Insulet
Corporation
a
780,905
838
Intra-Cellular
Therapies,
Inc.
a
14,807
12,277
Intuitive
Surgical,
Inc.
a
6,272,074
1,895
Invitae
Corporation
a
31,362
2,873
Iovance
Biotherapeutics,
Inc.
a
92,367
55,816
Johnson
&
Johnson
8,374,633
6,504
Kadmon
Holdings,
Inc.
a
27,967
12,000
KYORIN
Holdings,
Inc.
249,370
1,688
Laboratory
Corporation
of
America
Holdings
a
277,592
20,837
LHC
Group,
Inc.
a
2,708,602
3,536
Ligand
Pharmaceuticals,
Inc.
a
348,544
3,906
LNA
Sante
173,255
5,300
M3,
Inc.
191,298
3,060
MacroGenics,
Inc.
a
22,032
66,432
Medtronic
plc
6,485,756
97,739
Merck
&
Company,
Inc.
7,754,612
1,889
Mersana
Therapeutics,
Inc.
a
17,058
1,731
Mesa
Laboratories,
Inc.
411,978
298
Mirati
Therapeutics,
Inc.
a
25,342
Shares
Common
Stock
(
86
.3
%
)
Value
Health
Care
(14.2%)
-
continued
4,219
Molina
Healthcare,
Inc.
a
$
691,789
798
Momenta
Pharmaceuticals,
Inc.
a
25,297
3,322
Myovant
Sciences,
Ltd.
a
39,798
1,791
Myriad
Genetics,
Inc.
a
27,689
23,429
Natera,
Inc.
a
867,810
6,835
National
Healthcare
Corporation
467,309
6,952
Nektar
Therapeutics
a
133,478
5,588
Neurocrine
Biosciences,
Inc.
a
548,406
14,385
Nevro
Corporation
a
1,692,251
203,705
Novartis
AG
17,383,874
197,615
Novo
Nordisk
AS
12,605,866
38,997
Novo
Nordisk
AS
ADR
2,469,680
13,500
Olympus
Corporation
a
214,203
39,435
Optinose,
Inc.
a
159,317
3,161
Orthifix
Medical,
Inc.
a
112,057
84,078
Pfizer,
Inc.
3,225,232
2,356
Portola
Pharmaceuticals,
Inc.
a
16,680
14,711
PRA
Health
Sciences,
Inc.
a
1,419,612
2,707
Precision
BioSciences,
Inc.
a
18,624
1,610
Prothena
Corporation
plc
a
18,064
2,366
Puma
Biotechnology,
Inc.
a
23,778
1,840
Quest
Diagnostics,
Inc.
202,602
847
Reata
Pharmaceuticals,
Inc.
a
133,962
76,408
Recordati
SPA
3,327,407
6,447
Repligen
Corporation
a
748,819
3,355
ResMed,
Inc.
521,099
7,287
Rite
Aid
Corporation
a
104,423
53,643
Roche
Holding
AG
18,576,430
3,007
Sage
Therapeutics,
Inc.
a
117,213
3,132
Sarepta
Therapeutics,
Inc.
a
369,200
652
Siegfried
Holding
AG
a
297,191
16,471
Silk
Road
Medical,
Inc.
a
689,805
15,834
Sonova
Holding
AG
2,859,838
11,093
Spectrum
Pharmaceuticals,
Inc.
a
32,170
16,256
Stryker
Corporation
3,030,606
707
Surmodics,
Inc.
a
26,937
18,346
Tactile
Systems
Technology,
Inc.
a
947,021
42,200
Takeda
Pharmaceutical
Company,
Ltd.
1,521,793
6,189
Teleflex,
Inc.
2,075,791
7,555
Tenet
Healthcare
Corporation
a
152,460
17,545
Thermo
Fisher
Scientific,
Inc.
5,871,961
2,881
Tilray,
Inc.
a
23,192
6,000
Tsumura
&
Company
165,974
1,544
U.S.
Physical
Therapy,
Inc.
116,572
2,664
United
Therapeutics
Corporation
a
291,868
3,044
Varian
Medical
Systems,
Inc.
a
348,173
27,404
Veeva
Systems,
Inc.
a
5,228,683
24,464
Vertex
Pharmaceuticals,
Inc.
a
6,145,357
4,725
Viking
Therapeutics,
Inc.
a
27,216
1,938
Waters
Corporation
a
362,406
1,619
West
Pharmaceutical
Services,
Inc.
306,412
9,263
Wright
Medical
Group
NV
a
269,739
10,179
Zimmer
Biomet
Holdings,
Inc.
1,218,426
68,271
Zoetis,
Inc.
8,828,123
Total
220,327,462
Industrials
(10.6%)
13,154
A.O.
Smith
Corporation
557,467
60,827
Aalberts
NV
a
1,712,878
3,172
AECOM
a
115,017
3,975
Aegion
Corporation
a
63,799
15,420
Aerojet
Rocketdyne
Holdings,
Inc.
a
634,379
3,590
Aeroports
de
Paris
SA
350,445
24,418
Altra
Industrial
Motion
Corporation
681,506
7,665
American
Airlines
Group,
Inc.
92,057
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
41
Shares
Common
Stock
(
86
.3
%
)
Value
Industrials
(10.6%)
-
continued
8,688
AMETEK,
Inc.
$
728,663
13,531
ASGN,
Inc.
a
628,515
117,211
Assa
Abloy
AB
2,098,304
3,974
Atlas
Air
Worldwide
Holdings,
Inc.
a
130,546
160,195
Atlas
Copco
AB,
Class
A
5,521,037
62,896
Atlas
Copco
AB,
Class
B
1,945,491
3,685
Avis
Budget
Group,
Inc.
a
60,729
20,450
AZZ,
Inc.
641,925
1,592
Bloom
Energy
Corporation
a
12,211
6,672
Boeing
Company
940,885
16,386
BWX
Technologies,
Inc.
869,441
1,239
Carlisle
Companies,
Inc.
149,869
118,363
Carrier
Global
Corporation
a
2,096,209
11,165
Casella
Waste
Systems,
Inc.
a
517,833
28,462
CBIZ,
Inc.
a
675,972
11,571
Chart
Industries,
Inc.
a
413,316
27,052
CIA
De
Distribucion
Integral
482,888
285
Columbus
McKinnon
Corporation
7,718
8,669
Copart,
Inc.
a
694,474
3,572
Cornerstone
Building
Brands,
Inc.
a
19,039
3,128
CRA
International,
Inc.
131,783
19,356
Crane
Company
1,053,934
10,040
CSW
Industrials,
Inc.
665,050
27,564
CSX
Corporation
1,825,564
11,533
Curtiss-Wright
Corporation
1,195,395
78,120
Delta
Air
Lines,
Inc.
2,024,089
2,556
Douglas
Dynamics,
Inc.
94,470
21,049
EMCOR
Group,
Inc.
1,337,243
6,945
Expeditors
International
of
Washington,
Inc.
497,297
17,078
Fluor
Corporation
199,813
15,614
Forrester
Research,
Inc.
a
488,718
8,439
FuelCell
Energy,
Inc.
a
17,047
4,370
Geberit
AG
1,954,277
22,666
General
Dynamics
Corporation
2,960,633
6,097
Gorman-Rupp
Company
179,861
24,700
GS
Yuasa
Corporation
351,004
338,127
GWA
Group,
Ltd.
606,924
33,000
Hanwa
Company,
Ltd.
524,240
770
Herc
Holdings,
Inc.
a
21,737
37,500
Hino
Motors,
Ltd.
223,077
66,335
Honeywell
International,
Inc.
9,412,936
7,814
Hubbell,
Inc.
972,296
2,017
ICF
International,
Inc.
148,330
14,054
IDEX
Corporation
2,159,116
80,200
Inaba
Denki
Sangyo
Company,
Ltd.
1,696,687
21,500
Ingersoll
-
Rand,
Inc.
a
625,220
2,047
Interface,
Inc.
18,914
6,846
John
Bean
Technologies
Corporation
525,362
95,238
Johnson
Controls
International
plc
2,772,378
12,330
Kansas
City
Southern
1,609,681
3,347
KAR
Auction
Services,
Inc.
50,138
102,600
Kinden
Corporation
1,650,946
102,772
Koninklijke
Philips
NV
4,480,107
114,116
Legrand
SA
7,693,354
20,508
Lincoln
Electric
Holdings,
Inc.
1,651,099
13,842
Lockheed
Martin
Corporation
5,385,369
5,307
Manpower,
Inc.
393,992
403,800
Marubeni
Corporation
1,944,636
2,796
Masonite
International
Corporation
a
165,188
5,071
Mercury
Systems,
Inc.
a
452,130
35,422
Meritor,
Inc.
a
726,151
234,100
Mitsubishi
Corporation
4,964,791
32,500
Mitsuboshi
Belting,
Ltd.
444,998
383,800
Mitsui
&
Company,
Ltd.
5,357,212
3,975
MSC
Industrial
Direct
Company,
Inc.
237,069
Shares
Common
Stock
(
86
.3
%
)
Value
Industrials
(10.6%)
-
continued
131,393
National
Express
Group
plc
$
452,139
108,600
Nitto
Kogyo
Corporation
1,829,551
56,084
Nobina
AB
b
305,829
6,200
Nordson
Corporation
997,642
19,866
Norfolk
Southern
Corporation
3,399,073
8,143
Old
Dominion
Freight
Line,
Inc.
a
1,183,096
26,756
Otis
Worldwide
Corporation
a
1,362,148
177,042
PageGroup
plc
838,417
20,520
Parker-Hannifin
Corporation
3,244,622
4,634
Quad/Graphics,
Inc.
17,238
53,513
Raytheon
Technologies
Corporation
3,468,178
40,052
Redde
Northgate
plc
90,356
8,405
Regal-Beloit
Corporation
596,839
371,470
RELX
plc
8,380,991
1,103
Republic
Services,
Inc.
86,409
7,953
Resideo
Technologies,
Inc.
a
40,799
26,270
Ritchie
Brothers
Auctioneers,
Inc.
1,131,974
1,947
Rockwell
Automation,
Inc.
368,918
4,184
Roper
Industries,
Inc.
1,426,870
5,658
Ryder
System,
Inc.
200,293
7,780
Saia,
Inc.
a
719,806
83,759
Sandvik
AB
a
1,288,500
2,700
Sanwa
Holdings
Corporation
20,951
78,556
Schneider
Electric
SE
a
7,259,578
130,402
Signify
NV
b
2,654,521
4,357
Simpson
Manufacturing
Company,
Inc.
314,140
6,728
SiteOne
Landscape
Supply,
Inc.
a
596,303
160,631
SKF
AB
2,535,339
1,952,600
Sojitz
Corporation
4,518,978
28,912
Southwest
Airlines
Company
903,500
1,288
SP
Plus
Corporation
a
27,164
17,360
Spirax-Sarco
Engineering
plc
1,899,860
2,948
Spirit
Airlines,
Inc.
a
44,279
1,253
SPX
FLOW,
Inc.
a
40,810
17,462
Standex
International
Corporation
870,306
224,500
Sumitomo
Corporation
2,539,588
12,800
Taikisha,
Ltd.
372,779
1,722
Teledyne
Technologies,
Inc.
a
560,804
2,320
Thermon
Group
Holdings,
Inc.
a
35,450
34,500
Toppan
Forms
Company,
Ltd.
303,089
31,184
Transcontinental,
Inc.
c
282,503
11,488
Trex
Company,
Inc.
a
1,093,887
22,953
TriMas
Corporation
a
547,200
31,800
Tsubakimoto
Chain
Company
744,835
2,342
UniFirst
Corporation
393,807
12,390
United
Rentals,
Inc.
a
1,592,115
10,621
Valmont
Industries,
Inc.
1,245,206
9,460
Verisk
Analytics,
Inc.
1,445,772
25,916
Vinci
SA
2,123,100
10,648
Waste
Connections,
Inc.
914,770
3,873
Watsco,
Inc.
623,514
30,239
Willdan
Group,
Inc.
a
766,861
6,237
XPO
Logistics,
Inc.
a
416,257
19,200
Yuasa
Trading
Company,
Ltd.
516,676
Total
164,366,499
Information
Technology
(17.7%)
17,920
Adobe,
Inc.
a
6,337,229
3,975
ADTRAN,
Inc.
40,863
11,490
Advanced
Micro
Devices,
Inc.
a
601,961
5,459
Akamai
Technologies,
Inc.
a
533,399
6,630
Alteryx,
Inc.
a
750,383
115,170
Amadeus
IT
Holding
SA
5,497,375
3,635
American
Software,
Inc.
59,905
18,931
Amphenol
Corporation
1,670,850
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
42
Shares
Common
Stock
(
86
.3
%
)
Value
Information
Technology
(17.7%)
-
continued
20,986
Anaplan,
Inc.
a
$
857,488
908
ANSYS,
Inc.
a
237,742
98,507
Apple,
Inc.
28,941,357
2,597
ASM
International
NV
285,874
23,740
ASML
Holding
NV
6,934,138
5,821
Atlassian
Corporation
plc
a
905,107
15,467
Avalara,
Inc.
a
1,382,286
3,560
Avnet,
Inc.
106,871
18,874
Bandwidth,
Inc.
a
1,539,363
76,843
BE
Semiconductor
Industries
NV
a
3,180,224
15,119
Benchmark
Electronics,
Inc.
312,359
11,465
Blackline,
Inc.
a
696,384
2,559
Broadridge
Financial
Solutions,
Inc.
296,844
848
CACI
International,
Inc.
a
212,119
46,000
Canon,
Inc.
967,616
25,614
CDK
Global,
Inc.
1,006,118
3,737
CDW
Corporation
414,060
396
CEVA,
Inc.
a
12,415
152,641
CGI,
Inc.
a
9,734,503
276,919
Cisco
Systems,
Inc.
11,735,827
12,942
Cognex
Corporation
714,916
5,984
CommScope
Holding
Company,
Inc.
a
65,884
176,072
Computershare,
Ltd.
1,385,273
17,413
Coupa
Software,
Inc.
a
3,066,255
1,867
Cree,
Inc.
a
80,524
10,476
CTS
Corporation
242,624
14,235
Descartes
Systems
Group,
Inc.
a
599,009
12,529
Dialog
Semiconductor
plc
a
393,473
14,645
DocuSign,
Inc.
a
1,534,064
27,703
Dolby
Laboratories,
Inc.
1,663,011
2,349
DSP
Group,
Inc.
a
40,520
20,017
Elastic
NV
a
1,283,890
721
Endava
plc
ADR
a
31,558
368
EPAM
Systems,
Inc.
a
81,288
5,533
ePlus,
Inc.
a
391,460
8,659
Euronet
Worldwide,
Inc.
a
794,550
25,691
Eventbrite,
Inc.
a
234,302
6,689
ExlService
Holdings,
Inc.
a
412,912
1,567
eXp
World
Holdings,
Inc.
a
14,385
4,014
F5
Networks,
Inc.
a
558,990
631
Fair
Isaac
Corporation
a
222,705
15,613
Five9,
Inc.
a
1,446,857
733
FLIR
Systems,
Inc.
31,812
40,900
Fuji
Soft,
Inc.
1,439,716
11,649
Global
Payments,
Inc.
1,933,967
15,763
Guidewire
Software,
Inc.
a
1,431,911
308,494
Halma
plc
8,110,385
11,218
Health
Catalyst,
Inc.
a
299,184
16,600
Hoya
Corporation
1,513,810
1,284
II-VI,
Inc.
a
44,195
7,789
Infineon
Technologies
AG
144,805
4,995
Inphi
Corporation
a
482,217
3,236
InterDigital,
Inc.
186,944
19,274
Intuit,
Inc.
5,200,318
1,698
Jack
Henry
&
Associates,
Inc.
277,708
7,862
Juniper
Networks,
Inc.
169,819
7,200
Keyence
Corporation
2,570,487
1,833
Kulicke
and
Soffa
Industries,
Inc.
43,937
3,990
Lam
Research
Corporation
1,018,567
25,123
Lattice
Semiconductor
Corporation
a
565,519
749
Littelfuse,
Inc.
108,785
2,911
ManTech
International
Corporation
217,044
46,431
MasterCard,
Inc.
12,767,132
10,438
Maxim
Integrated
Products,
Inc.
573,881
10,092
Medallia,
Inc.
a
216,776
11,542
Methode
Electronics,
Inc.
346,491
Shares
Common
Stock
(
86
.3
%
)
Value
Information
Technology
(17.7%)
-
continued
230,850
Microsoft
Corporation
$
41,370,629
5,788
MicroStrategy,
Inc.
a
731,198
12,119
MKS
Instruments,
Inc.
1,214,687
8,781
MoneyGram
International,
Inc.
a
14,576
19,359
Monolithic
Power
Systems,
Inc.
3,870,058
6,424
MTS
Systems
Corporation
136,639
3,673
National
Instruments
Corporation
141,117
58,400
NEC
Networks
&
System
Integration
Corporation
2,513,058
338
NetApp,
Inc.
14,794
5,567
Nice,
Ltd.
ADR
a
914,658
12,645
Nova
Measuring
Instruments,
Ltd.
a
484,430
6,542
Novanta,
Inc.
a
568,434
27,658
NVIDIA
Corporation
8,083,880
36,095
Oracle
Corporation
1,911,952
5,700
Oracle
Corporation
Japan
586,804
7,333
Palo
Alto
Networks,
Inc.
a
1,441,008
46,668
PayPal
Holdings,
Inc.
a
5,740,164
2,455
Progress
Software
Corporation
100,434
6,012
Proofpoint,
Inc.
a
731,841
12,734
Q2
Holdings,
Inc.
a
1,015,155
5,357
QAD,
Inc.
226,708
29,190
QUALCOMM,
Inc.
2,296,377
4,764
Rogers
Corporation
a
528,995
1,873
Rubicon
Project,
Inc.
a
13,429
21,600
Ryoyo
Electro
Corporation
c
484,970
34,814
SailPoint
Technologies
Holdings,
Inc.
a
647,192
20,650
Salesforce.com,
Inc.
a
3,344,268
3,206
Samsung
Electronics
Company,
Ltd.
GDR
3,331,457
4,131
SAP
SE
492,034
5,744
ScanSource,
Inc.
a
148,884
32,880
ServiceNow,
Inc.
a
11,558,635
3,154
Silicon
Laboratories,
Inc.
a
306,632
81,720
Square,
Inc.
a,c
5,323,241
44,489
STMicroelectronics
NV
ADR
1,137,584
882
Sykes
Enterprises,
Inc.
a
25,252
7,483
Synopsys,
Inc.
a
1,175,729
7,127
TE
Connectivity,
Ltd.
523,549
71,672
Texas
Instruments,
Inc.
8,318,969
6,300
Tokyo
Electron,
Ltd.
1,341,780
3,844
Tyler
Technologies,
Inc.
a
1,232,732
1,164
Unisys
Corporation
a
14,655
3,573
VeriSign,
Inc.
a
748,508
923
Virtusa
Corporation
a
30,459
90,815
Visa,
Inc.
16,230,457
11,520
VMware,
Inc.
a
1,515,110
4,915
WEX,
Inc.
a
650,353
1,080
Wirecard
AG
c
106,875
13,734
Zscaler,
Inc.
a
921,277
Total
274,466,147
Materials
(3.4%)
6,193
AdvanSix,
Inc.
a
75,431
99,100
Air
Water,
Inc.
1,336,038
21,904
Anglo
American
plc
389,562
5,908
AptarGroup,
Inc.
632,629
69,365
Arcelor
Mittal
757,690
2,308
Avery
Dennison
Corporation
254,780
187
Balchem
Corporation
16,688
4,334
Cabot
Corporation
146,879
6,343
Celanese
Corporation
526,913
67,628
CF
Industries
Holdings,
Inc.
1,859,770
18,064
Chemours
Company
211,891
24,070
Coeur
Mining,
Inc.
a
101,335
1,265
Domtar
Corporation
29,550
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
43
Shares
Common
Stock
(
86
.3
%
)
Value
Materials
(3.4%)
-
continued
67,550
Eastman
Chemical
Company
$
4,087,450
21,624
Ecolab,
Inc.
4,184,244
3,386
Eramet
SA
106,629
2,594
Ferro
Corporation
a
25,862
93,122
First
Majestic
Silver
Corporation
a,c
751,495
228,433
Gold
Road
Resources,
Ltd.
a
233,263
110,548
Granges
AB
807,761
17,922
Hecla
Mining
Company
47,135
171,818
Hexpol
AB
a
1,234,382
72,452
Hochschild
Mining
plc
126,401
201,494
IAMGOLD
Corporation
a
707,244
4,301
Ingevity
Corporation
a
223,308
10,010
Innospec,
Inc.
725,925
11,937
Kaiser
Aluminum
Corporation
862,209
13,227
Kirkland
Lake
Gold,
Ltd.
546,774
62,216
Koninklijke
DSM
NV
7,625,342
6,130
Kraton
Performance
Polymers,
Inc.
a
95,689
97,000
Kyoei
Steel,
Ltd.
1,232,593
11,700
Lintec
Corporation
251,075
31,882
Louisiana-Pacific
Corporation
637,640
11,806
MAG
Silver
Corporation
a
134,264
7,519
Martin
Marietta
Materials,
Inc.
1,430,339
8,535
Materion
Corporation
441,601
5,700
Minerals
Technologies,
Inc.
251,028
14,624
Myers
Industries,
Inc.
180,753
9,871
Neenah,
Inc.
482,297
22,500
Nippon
Light
Metal
Holdings
Company,
Ltd.
35,436
347,800
Nippon
Steel
Corporation
2,926,260
32,048
Northern
Star
Resources,
Ltd.
258,789
43,803
Nucor
Corporation
1,804,246
6,579
Olin
Corporation
87,830
1,818
Olympic
Steel,
Inc.
17,162
6,040
PPG
Industries,
Inc.
548,613
383
Quaker
Chemical
Corporation
58,262
176,349
Ramelius
Resources,
Ltd.
149,847
2,608
Reliance
Steel
&
Aluminum
Company
233,625
364,826
Resolute
Mining,
Ltd.
a
217,359
16,890
Rio
Tinto,
Ltd.
951,938
1,658
RPM
International,
Inc.
110,108
9,282
Ryerson
Holding
Corporation
a
42,883
244,030
Sandfire
Resources,
Ltd.
708,241
800
Sanyo
Special
Steel
Company,
Ltd.
6,985
316
Schnitzer
Steel
Industries,
Inc.
4,917
590
Sensient
Technologies
Corporation
28,196
89,902
St
Barbara,
Ltd.
147,974
28,195
Steel
Dynamics,
Inc.
684,293
249,700
Sumitomo
Chemical
Company,
Ltd.
765,880
16,100
Taiyo
Holdings
Company,
Ltd.
658,350
65,800
Toagosei
Company,
Ltd.
602,027
638,400
Toray
Industries,
Inc.
2,926,879
44,500
Ube
Industries,
Ltd.
746,238
18,493
United
States
Steel
Corporation
142,026
133,824
UPM-Kymmene
Oyj
3,670,162
1,257
W.
R.
Grace
&
Company
59,368
1,854
Worthington
Industries,
Inc.
49,020
Total
52,414,773
Real
Estate
(4.1%)
30,379
Agree
Realty
Corporation
1,977,977
57,643
Allied
Properties
REIT
1,845,305
60,080
Alstria
Office
REIT
AG
900,585
48,425
American
Campus
Communities,
Inc.
1,708,918
21,381
American
Tower
Corporation
5,088,678
12,733
Apartment
Investment
&
Management
Company
479,652
Shares
Common
Stock
(
86
.3
%
)
Value
Real
Estate
(4.1%)
-
continued
1,037
Ares
Commercial
Real
Estate
Corporation
$
8,037
8,218
Armada
Hoffler
Properties,
Inc.
78,975
1,106,788
Ascendas
REIT
2,314,605
144,600
Ascott
Trust
90,964
27,198
Ashford
Hospitality
Trust,
Inc.
22,365
7,718
AvalonBay
Communities,
Inc.
1,257,648
2,333
BBX
Capital
Corporation
4,946
138
Bluerock
Residential
Growth
REIT,
Inc.
803
7,351
Camden
Property
Trust
647,403
89,304
Castellum
AB
1,566,376
25,013
CBL
&
Associates
Properties,
Inc.
a
7,229
29,663
Cedar
Realty
Trust,
Inc.
31,146
42,474
Choice
Properties
REIT
385,087
4,223
City
Office
REIT,
Inc.
42,652
2,095
Cofinimmo
SA
291,252
4,200
Colony
Credit
Real
Estate,
Inc.
20,202
4,750
Columbia
Property
Trust,
Inc.
67,878
3,538
Corepoint
Lodging,
Inc.
15,390
3,402
CoreSite
Realty
Corporation
412,288
2,979
CoStar
Group,
Inc.
a
1,931,167
45,500
Daito
Trust
Construction
Company,
Ltd.
4,326,388
20,233
DiamondRock
Hospitality
Company
126,052
18,597
Diversified
Healthcare
Trust
57,837
1,084
Douglas
Emmett,
Inc.
33,051
956
EastGroup
Properties,
Inc.
101,336
22,061
Entra
ASA
b,c
277,766
5,850
EPR
Properties
172,107
4,042
Equity
Lifestyle
Properties,
Inc.
243,773
35,205
Essential
Properties
Realty
Trust,
Inc.
517,162
173
Essex
Property
Trust,
Inc.
42,229
4,680
Farmland
Partners,
Inc.
30,701
26,849
First
Industrial
Realty
Trust,
Inc.
1,014,087
5,362
FirstService
Corporation
464,242
9,400
Four
Corners
Property
Trust,
Inc.
210,466
3,549
Franklin
Street
Properties
Corporation
19,307
6,862
Gaming
and
Leisure
Properties,
Inc.
193,783
1,365
Getty
Realty
Corporation
37,073
84,290
Granite
REIT
3,851,319
6,251
Healthcare
Realty
Trust,
Inc.
183,717
8,276
Healthcare
Trust
of
America,
Inc.
203,838
7,466
Hersha
Hospitality
Trust
39,047
87,540
Host
Hotels
&
Resorts,
Inc.
1,077,617
2,397
Hudson
Pacific
Properties,
Inc.
58,918
174,000
Hysan
Development
Company,
Ltd.
580,492
7,411
Industrial
Logistics
Properties
Trust
138,512
2,833
Innovative
Industrial
Properties,
Inc.
222,277
2,186
Investors
Real
Estate
Trust
136,909
3,390
Japan
Hotel
REIT
Investment
Corporation
1,125,156
3,940
Jones
Lang
LaSalle,
Inc.
415,985
26,884
Kilroy
Realty
Corporation
1,673,798
11,023
Kite
Realty
Group
Trust
112,765
15,175
Kungsleden
AB
115,565
2,293
Lamar
Advertising
Company
132,192
6,094
Lexington
Realty
Trust
63,682
13,617
Macerich
Company
101,719
285,000
Mapletree
Commercial
Trust
392,440
36,837
Medical
Properties
Trust,
Inc.
631,386
949
National
Health
Investors,
Inc.
52,252
15,212
National
Retail
Properties,
Inc.
496,520
45,903
National
Storage
Affiliates
Trust
1,307,317
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
44
Shares
Common
Stock
(
86
.3
%
)
Value
Real
Estate
(4.1%)
-
continued
22,247
New
Residential
Investment
Corporation
$
135,484
6,560
New
Senior
Investment
Group,
Inc.
21,714
2,069
Omega
Healthcare
Investors,
Inc.
60,311
3,747
One
Liberty
Properties,
Inc.
58,903
4,529
Pebblebrook
Hotel
Trust
53,623
14,784
Pennsylvania
REIT
14,932
3,810
Physicians
Realty
Trust
58,750
2,882
PotlatchDeltic
Corporation
101,187
7,813
Preferred
Apartment
Communities,
Inc.
57,894
1,654
PS
Business
Parks,
Inc.
213,515
58,059
PSP
Swiss
Property
AG
6,744,561
4,693
QTS
Realty
Trust,
Inc.
293,453
115,126
Quebecor,
Inc.
2,506,893
15,864
Retail
Properties
of
America,
Inc.
98,357
11,906
Rexford
Industrial
Realty,
Inc.
484,812
31,714
RioCan
REIT
362,263
605
RMR
Group,
Inc.
17,944
198,000
Road
King
Infrastructure,
Ltd.
306,032
5,387
RPT
Realty
36,739
1,252
Ryman
Hospitality
Properties
44,246
19,638
Sabra
Health
Care
REIT,
Inc.
251,759
5,189
SBA
Communications
Corporation
1,504,395
45,525
Service
Properties
Trust
315,488
5,982
Spirit
Realty
Capital,
Inc.
184,006
2,015
STAG
Industrial,
Inc.
52,894
9,838
Store
Capital
Corporation
197,449
2,997
Summit
Hotel
Properties,
Inc.
18,162
22,887
Swiss
Prime
Site
AG
2,178,993
186,070
TAG
Immobilien
AG
4,075,636
4,794
Taubman
Centers,
Inc.
206,621
7,671
UDR,
Inc.
287,432
3,819
UMH
Properties,
Inc.
49,609
22,308
Uniti
Group,
Inc.
157,495
160
Universal
Health
Realty
Income
Trust
17,114
1,835
Urstadt
Biddle
Properties,
Inc.
26,809
26,962
Washington
Prime
Group,
Inc.
23,182
458,600
Wing
Tai
Holdings,
Ltd.
560,668
Total
63,957,636
Utilities
(1.3%)
42,346
AGL
Energy,
Ltd.
464,747
1,906
ALLETE,
Inc.
109,709
4,575
Artesian
Resources
Corporation
157,975
1,789
Black
Hills
Corporation
110,811
1,080
Chesapeake
Utilities
Corporation
94,910
4,063
Consolidated
Water
Company,
Ltd.
61,026
2,274
DTE
Energy
Company
235,905
118,981
Enagas
SA
2,777,235
653,459
Enel
SPA
4,463,438
1,719
Essential
Utilities,
Inc
71,837
143,251
Exelon
Corporation
5,311,747
50,847
FirstEnergy
Corporation
2,098,456
4,291
Hawaiian
Electric
Industries,
Inc.
169,366
2,911
IDACORP,
Inc.
267,172
655
Middlesex
Water
Company
39,496
1,746
National
Fuel
Gas
Company
71,586
7,322
New
Jersey
Resources
Corporation
247,337
30,511
Northland
Power,
Inc.
654,739
990
Northwest
Natural
Holding
Company
64,449
7,125
OGE
Energy
Corporation
224,580
2,159
Otter
Tail
Corporation
95,816
8,326
PNM
Resources,
Inc.
337,120
475
SJW
Group
28,277
1,331
South
Jersey
Industries,
Inc.
38,053
Shares
Common
Stock
(
86
.3
%
)
Value
Utilities
(1.3%)
-
continued
3,361
Southwest
Gas
Holdings,
Inc.
$
254,764
2,310
Spire,
Inc.
168,538
6,212
UGI
Corporation
187,478
1,791
Unitil
Corporation
90,105
8,752
Verbund
AG
396,272
Total
19,292,944
Total
Common
Stock
(cost
$1,243,078,615)
1,335,170,975
Shares
Registered
Investment
Companies
(
3
.3
%
)
Value
Unaffiliated  (2.4%)
628,028
iShares
Russell
Mid
Cap
ETF
30,986,902
20,705
SPDR
S&P
500
ETF
Trust
6,014,388
5,539
SPDR
S&P
Biotech
ETF
517,287
Total
37,518,577
Affiliated  (0.9%)
1,499,423
Thrivent
Core
Emerging
Markets
Equity
Fund
12,775,080
Total
12,775,080
Total
Registered
Investment
Companies
(cost
$55,982,068)
50,293,657
Shares
Collateral
Held
for
Securities
Loaned
(
1
.0
%
)
Value
15,492,890
Thrivent
Cash
Management
Trust
15,492,890
Total
Collateral
Held
for
Securities
Loaned
(cost
$15,492,890)
15,492,890
Shares
or
Principal
Amount
Short-Term
Investments
(
10
.3
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
400,000
1.285%,
5/5/2020
d,e
399,996
400,000
0.900%,
5/7/2020
d,e
399,994
300,000
0.720%,
5/8/2020
d,e
299,995
4,800,000
1.520%,
5/12/2020
d,e
4,799,868
2,700,000
0.500%,
5/13/2020
d,e
2,699,919
5,300,000
0.405%,
5/19/2020
d,e
5,299,761
4,900,000
0.150%,
5/20/2020
d,e
4,899,767
500,000
0.000%,
5/28/2020
e
499,966
900,000
0.150%,
6/4/2020
d,e
899,915
2,500,000
0.462%,
6/9/2020
d,e
2,499,729
2,600,000
0.530%,
6/12/2020
d,e
2,599,697
8,900,000
0.150%,
6/23/2020
d,e
8,898,690
300,000
0.250%,
6/24/2020
d,e
299,955
900,000
0.080%,
6/29/2020
d,e
899,853
3,300,000
0.005%,
7/7/2020
d,e
3,299,263
3,100,000
0.200%,
7/13/2020
d,e
3,099,246
200,000
0.150%,
7/31/2020
d,e
199,939
7,600,000
0.180%,
8/4/2020
d,e
7,597,593
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
45
Shares
or
Principal
Amount
Short-Term
Investments
(
10
.3
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
11,021,833
1.450%
$
110,218,328
Total
Short-Term
Investments
(cost
$159,692,711)
159,811,474
Total
Investments
(cost
$1,474,246,284)
100.9%
$
1,560,768,996
Other
Assets
and
Liabilities,
Net
(0.9%)
(
13,687,927
)
Total
Net
Assets
100.0%
$
1,547,081,069
a
Non-income
producing
security.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$15,855,235
or
1.0%
of
total
net
assets.
c
All
or
a
portion
of
the
security
is
on
loan.
d
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
e
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Global
Stock
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Common
Stock
$
14,645,627
Total
lending
$14,645,627
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$15,492,890
Net
amounts
due
to
counterparty
$847,263
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
ETF
-
Exchange
Traded
Fund
GDR
-
Global
Depository
Receipts,
which
are
certificates
for
shares
of
an
underlying
foreign
security’s
shares
held
by
an
issuing
depository
bank
from
more
than
one
country.
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
46
Principal
Amount
Bank
Loans
(
4.5%
)
a
Value
Capital
Goods
(0.9%)
Mauser
Packaging
Solutions
Holding
Company,
Term
Loan
$
2,352,903
4.561%, 
(LIBOR
3M
+
3.250%),
4/3/2024
b
$
2,013,214
Navistar,
Inc.,
Term
Loan
3,692,778
4.220%, 
(LIBOR
1M
+
3.500%),
11/6/2024
b
3,325,827
Vertiv
Group
Corporation,
Term
Loan
1,730,000
3.993%, 
(LIBOR
1M
+
3.000%),
3/2/2027
b,c
1,621,875
Total
6,960,916
Communications
Services
(0.4%)
Windstream
Services,
LLC,
Term
Loan
5,645,000
8.250%, 
(PRIME
+
5.000%),
3/30/2021
b,d
3,132,975
Total
3,132,975
Consumer
Cyclical
(1.0%)
Cengage
Learning,
Inc.,
Term
Loan
3,637,081
5.250%, 
(LIBOR
3M
+
4.250%),
6/7/2023
b
2,764,181
Golden
Nugget,
LLC,
Term
Loan
2,393,305
3.455%, 
(LIBOR
1M
+
2.500%),
10/4/2023
b
1,909,570
Staples,
Inc.,
Term
Loan
3,282,625
6.016%, 
(LIBOR
3M
+
5.000%),
4/12/2026
b
2,604,205
Total
7,277,956
Consumer
Non-Cyclical
(1.4%)
Bellring
Brands,
LLC,
Term
Loan
3,415,000
6.000%, 
(LIBOR
1M
+
5.000%),
10/21/2024
b,e,f
3,368,044
Chobani,
LLC,
Term
Loan
1,382,157
4.500%, 
(LIBOR
1M
+
3.500%),
10/10/2023
b
1,311,515
Dole
Food
Company,
Inc.,
Term
Loan
2,338,609
3.750%, 
(LIBOR
1M
+
2.750%),
4/6/2024
b
2,240,201
Endo
International
plc,
Term
Loan
1,642,073
5.000%, 
(LIBOR
1M
+
4.250%),
4/27/2024
b
1,489,163
Mallinckrodt
International
Finance
SA,
Term
Loan
2,925,000
4.200%, 
(LIBOR
2M
+
2.750%),
9/24/2024
b,e,f
2,040,187
Total
10,449,110
Energy
(0.1%)
Fieldwood
Energy,
LLC,
Term
Loan
2,370,000
6.250%, 
(LIBOR
3M
+
5.250%),
4/11/2022
b
497,700
Total
497,700
Principal
Amount
Bank
Loans
(
4.5%
)
a
Value
Financials
(0.7%)
Forest
City
Enterprises,
LP,
Term
Loan
$
3,224,187
3.904%, 
(LIBOR
1M
+
3.500%),
12/7/2025
b
$
2,934,010
Northriver
Midstream
Finance,
LP,
Term
Loan
2,419,500
4.683%, 
(LIBOR
3M
+
3.250%),
10/1/2025
b
1,940,778
Total
4,874,788
Total
Bank
Loans
(cost
$40,956,957)
33,193,445
Principal
Amount
Long-Term
Fixed
Income
(
91.6%
)
Value
Basic
Materials
(7.1%)
Alcoa,
Inc.
1,495,000
5.125%, 
10/1/2024
1,443,056
Big
River
Steel,
LLC
3,340,000
7.250%, 
9/1/2025
g
3,131,250
Cleveland-Cliffs,
Inc.
3,745,000
5.750%, 
3/1/2025
h
2,677,675
1,750,000
9.875%, 
10/17/2025
g
1,732,500
First
Quantum
Minerals,
Ltd.
3,955,000
7.250%, 
4/1/2023
g
3,589,558
1,960,000
6.875%, 
3/1/2026
g
1,718,920
Freeport-McMoRan,
Inc.
2,490,000
4.125%, 
3/1/2028
2,309,475
3,310,000
4.250%, 
3/1/2030
3,081,941
Grinding
Media,
Inc.
3,080,000
7.375%, 
12/15/2023
g
3,018,400
Koppers,
Inc.
2,700,000
6.000%, 
2/15/2025
g
2,193,750
Krayton
Polymers,
LLC
2,425,000
7.000%, 
4/15/2025
g
2,328,000
Mercer
International,
Inc.
1,180,000
7.375%, 
1/15/2025
1,130,322
2,785,000
5.500%, 
1/15/2026
2,471,687
Methanex
Corporation
3,343,000
4.250%, 
12/1/2024
3,000,735
Midwest
Vanadium,
Pty.
Ltd.
2,862,131
11.500%, 
2/15/2018
*,i,j
5,009
Norbord,
Inc.
1,430,000
5.750%, 
7/15/2027
g
1,301,300
NOVA
Chemicals
Corporation
1,055,000
5.250%, 
8/1/2023
g
994,338
Novelis
Corporation
2,130,000
5.875%, 
9/30/2026
g
2,070,999
2,010,000
4.750%, 
1/30/2030
g
1,788,900
Olin
Corporation
2,450,000
5.625%, 
8/1/2029
2,214,188
3,005,000
5.000%, 
2/1/2030
2,623,966
Peabody
Securities
Finance
Corporation
2,820,000
6.000%, 
3/31/2022
g,h
2,086,800
PolyOne
Corporation
490,000
5.750%, 
5/15/2025
f,g
495,206
Starfruit
US
Holdco,
LLC
2,480,000
8.000%, 
10/1/2026
g
2,322,520
Tronox
Finance
plc
2,790,000
5.750%, 
10/1/2025
g
2,469,150
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
47
Principal
Amount
Long-Term
Fixed
Income
(
91.6%
)
Value
Basic
Materials
(7.1%)
-
continued
Tronox,
Inc.
$
990,000
6.500%, 
4/15/2026
g
$
895,950
Total
53,095,595
Capital
Goods
(9.9%)
Abengoa
Abenewco
2
Bis
SA,
Convertible
3,410,758
0.000%,PIK
1.500%,
4/26/2024
*,k
153,484
Advanced
Disposal
Services,
Inc.
2,845,000
5.625%, 
11/15/2024
g
2,944,575
Advanced
Drainage
Systems,
Inc.
2,360,000
5.000%, 
9/30/2027
g
2,318,700
AECOM
1,035,000
5.875%, 
10/15/2024
1,095,030
3,005,000
5.125%, 
3/15/2027
3,057,587
Amsted
Industries,
Inc.
1,875,000
5.625%, 
7/1/2027
g
1,877,063
2,370,000
4.625%, 
5/15/2030
g
2,180,400
Arconic
Rolled
Products
Corporation
1,100,000
6.125%, 
2/15/2028
g
1,046,705
Arconic,
Inc.
1,495,000
5.900%, 
2/1/2027
1,428,174
ARD
Finance
SA
2,000,000
6.500%, 
6/30/2027
g
1,856,400
Ardagh
Packaging
Finance
plc
5,005,000
5.250%, 
8/15/2027
g
4,861,106
Berry
Global,
Inc.
1,610,000
4.500%, 
2/15/2026
g
1,589,231
Berry
Plastics
Corporation
3,940,000
5.125%, 
7/15/2023
3,964,625
Bombardier,
Inc.
2,555,000
7.500%, 
3/15/2025
g
1,652,766
3,100,000
7.875%, 
4/15/2027
g
2,007,250
BWAY
Holding
Company
2,895,000
7.250%, 
4/15/2025
g
2,265,338
Clean
Harbors,
Inc.
2,920,000
5.125%, 
7/15/2029
g
2,971,100
Covanta
Holding
Corporation
1,400,000
5.875%, 
7/1/2025
1,354,500
940,000
6.000%, 
1/1/2027
902,400
Crown
Cork
&
Seal
Company,
Inc.
2,790,000
7.375%, 
12/15/2026
3,055,050
Flex
Acquisition
Company,
Inc.
2,995,000
6.875%, 
1/15/2025
g
2,900,508
700,000
7.875%, 
7/15/2026
g
672,000
GFL
Environmental,
Inc.
1,674,000
7.000%, 
6/1/2026
g
1,742,801
H&E
Equipment
Services,
Inc.
1,729,000
5.625%, 
9/1/2025
1,647,045
Howmet
Aerospace,
Inc.
2,000,000
6.875%, 
5/1/2025
2,045,237
IAA
Spinco,
Inc.
1,100,000
5.500%, 
6/15/2027
g,h
1,097,580
JELD-WEN,
Inc
1,100,000
6.250%, 
5/15/2025
f,g
1,113,750
JELD-WEN,
Inc.
2,430,000
4.875%, 
12/15/2027
g
2,144,475
Principal
Amount
Long-Term
Fixed
Income
(
91.6%
)
Value
Capital
Goods
(9.9%)
-
continued
New
Enterprise
Stone
&
Lime
Company,
Inc.
$
1,855,000
6.250%, 
3/15/2026
g
$
1,743,700
Owens-Brockway
Glass
Container,
Inc.
2,880,000
5.875%, 
8/15/2023
g
2,908,800
Reynolds
Group
Issuer,
Inc.
2,095,000
5.125%, 
7/15/2023
g
2,105,475
Spirit
AeroSystems,
Inc.
2,350,000
7.500%, 
4/15/2025
g
2,314,750
TransDigm,
Inc.
4,255,000
6.250%, 
3/15/2026
g
4,164,581
United
Rentals
North
America,
Inc.
1,040,000
5.500%, 
7/15/2025
1,053,000
3,960,000
5.875%, 
9/15/2026
4,068,900
Total
74,304,086
Communications
Services
(16.5%)
AMC
Networks,
Inc.
1,055,000
4.750%, 
8/1/2025
963,584
CCO
Holdings,
LLC
3,520,000
5.875%, 
4/1/2024
g
3,621,024
3,250,000
5.375%, 
6/1/2029
g
3,428,783
3,760,000
4.750%, 
3/1/2030
g
3,835,200
4,605,000
4.500%, 
8/15/2030
g
4,628,025
CCOH
Safari,
LLC
5,095,000
5.750%, 
2/15/2026
g
5,312,047
Cengage
Learning,
Inc.
1,495,000
9.500%, 
6/15/2024
g
792,350
CSC
Holdings,
LLC
5,210,000
6.500%, 
2/1/2029
g
5,691,404
Embarq
Corporation
4,975,000
7.995%, 
6/1/2036
5,124,250
Entercom
Media
Corporation
2,390,000
6.500%, 
5/1/2027
g
1,762,625
Front
Range
BidCo,
Inc.
1,540,000
4.000%, 
3/1/2027
g
1,493,538
2,020,000
6.125%, 
3/1/2028
g
1,903,890
Gray
Escrow,
Inc.
1,870,000
7.000%, 
5/15/2027
g
1,883,464
iHeartCommunications,
Inc.
2,450,000
5.250%, 
8/15/2027
g
2,186,625
LCPR
Senior
Secured
Financing
DAC
3,700,000
6.750%, 
10/15/2027
g
3,811,000
Level
3
Financing,
Inc.
5,080,000
5.375%, 
5/1/2025
5,156,200
1,600,000
5.250%, 
3/15/2026
1,640,000
Meredith
Corporation
1,435,000
6.875%, 
2/1/2026
1,219,750
Neptune
Finco
Corporation
4,545,000
10.875%, 
10/15/2025
g
4,912,918
Nexstar
Escrow
Corporation
2,900,000
5.625%, 
7/15/2027
g
2,769,500
Qualitytech,
LP
3,260,000
4.750%, 
11/15/2025
g
3,280,375
Scripps
Escrow,
Inc.
3,485,000
5.875%, 
7/15/2027
g
2,944,825
SFR
Group
SA
2,450,000
7.375%, 
5/1/2026
g
2,560,250
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
48
Principal
Amount
Long-Term
Fixed
Income
(
91.6%
)
Value
Communications
Services
(16.5%)
-
continued
Sinclair
Television
Group,
Inc.
$
1,430,000
5.875%, 
3/15/2026
g
$
1,236,950
Sirius
XM
Radio,
Inc.
3,200,000
4.625%, 
7/15/2024
g
3,262,720
2,440,000
5.500%, 
7/1/2029
g
2,573,224
Sprint
Corporation
4,835,000
7.250%, 
9/15/2021
5,070,706
7,760,000
7.625%, 
2/15/2025
8,963,576
Telesat
Canada
/
Telesat,
LLC
3,100,000
4.875%, 
6/1/2027
g
3,022,500
Terrier
Media
Buyer,
Inc.
2,000,000
8.875%, 
12/15/2027
g
1,650,000
T-Mobile
USA,
Inc.
3,340,000
6.000%, 
4/15/2024
3,405,464
3,475,000
4.500%, 
2/1/2026
3,580,293
VeriSign,
Inc.
2,390,000
4.750%, 
7/15/2027
2,545,852
Virgin
Media
Secured
Finance
plc
2,205,000
5.500%, 
8/15/2026
g
2,275,891
3,700,000
5.500%, 
5/15/2029
g
3,841,340
WMG
Acquisition
Corporation
2,325,000
5.500%, 
4/15/2026
g
2,380,218
YPSO
Finance
BIS
SA
2,540,000
10.500%, 
5/15/2027
g
2,737,104
1,050,000
6.000%, 
2/15/2028
g,h
958,125
Ziggo
Bond
Company
BV
2,490,000
5.125%, 
2/28/2030
g
2,452,650
Ziggo
BV
2,460,000
4.875%, 
1/15/2030
g
2,431,218
Total
123,309,458
Consumer
Cyclical
(13.1%)
1011778
B.C.,
ULC
3,510,000
4.375%, 
1/15/2028
g
3,393,995
Allison
Transmission,
Inc.
3,680,000
5.000%, 
10/1/2024
g
3,532,800
Brookfield
Property
REIT,
Inc.
2,625,000
5.750%, 
5/15/2026
g
2,100,000
Brookfield
Residential
Properties,
Inc.
3,260,000
6.250%, 
9/15/2027
g
2,982,900
Cedar
Fair,
LP
2,500,000
5.250%, 
7/15/2029
g
2,150,000
Choice
Hotels
International,
Inc.
2,616,000
5.750%, 
7/1/2022
2,603,993
Dana
Financing
Luxembourg
SARL
3,575,000
6.500%, 
6/1/2026
g
3,271,125
Expedia
Group,
Inc.
2,300,000
6.250%, 
5/1/2025
f,g
2,344,402
Ford
Motor
Company
3,965,000
8.500%, 
4/21/2023
3,925,350
1,000,000
9.625%, 
4/22/2030
982,500
Ford
Motor
Credit
Company,
LLC
2,490,000
4.134%, 
8/4/2025
2,113,836
Gap,
Inc.
2,480,000
8.375%, 
5/15/2023
f,g
2,585,400
Hanesbrands,
Inc.
3,805,000
4.875%, 
5/15/2026
g
3,829,352
Herc
Holdings,
Inc.
4,680,000
5.500%, 
7/15/2027
g
4,387,032
Principal
Amount
Long-Term
Fixed
Income
(
91.6%
)
Value
Consumer
Cyclical
(13.1%)
-
continued
Hertz
Corporation
$
523,000
7.625%, 
6/1/2022
g
$
198,740
Hilton
Escrow
Issuer,
LLC
2,010,000
4.250%, 
9/1/2024
1,950,956
International
Game
Technology
plc
1,500,000
6.250%, 
1/15/2027
g
1,458,285
KAR
Auction
Services,
Inc.
2,430,000
5.125%, 
6/1/2025
g
2,095,899
KB
Home
1,870,000
6.875%, 
6/15/2027
1,963,500
1,990,000
4.800%, 
11/15/2029
1,860,650
Landry's,
Inc.
1,875,000
6.750%, 
10/15/2024
g
1,462,500
Lennar
Corporation
1,370,000
4.500%, 
4/30/2024
1,397,400
1,510,000
4.750%, 
5/30/2025
1,551,480
3,035,000
4.750%, 
11/29/2027
3,112,999
Levi
Strauss
&
Company
4,200,000
5.000%, 
5/1/2025
g
4,238,430
Mattamy
Group
Corporation
3,515,000
5.250%, 
12/15/2027
g
3,295,312
1,300,000
4.625%, 
3/1/2030
g
1,165,892
New
Red
Finance,
Inc.
2,190,000
5.000%, 
10/15/2025
g
2,200,950
PGT
Escrow
Issuer,
Inc.
2,805,000
6.750%, 
8/1/2026
g
2,769,096
Prime
Security
Services
Borrower,
LLC
4,530,000
5.750%, 
4/15/2026
g
4,463,409
1,050,000
6.250%, 
1/15/2028
g
942,375
Ryman
Hospitality
Properties,
Inc.
810,000
4.750%, 
10/15/2027
g
706,725
Scientific
Games
International,
Inc.
2,060,000
6.625%, 
5/15/2021
1,843,700
2,350,000
5.000%, 
10/15/2025
g
2,052,255
2,700,000
7.250%, 
11/15/2029
g
1,923,750
ServiceMaster
Company,
LLC
3,940,000
5.125%, 
11/15/2024
g
4,019,588
Six
Flags
Entertainment
Corporation
1,565,000
4.875%, 
7/31/2024
g
1,377,513
Six
Flags
Theme
Parks,
Inc.
2,000,000
7.000%, 
7/1/2025
g
2,069,600
Staples,
Inc.
1,745,000
7.500%, 
4/15/2026
g
1,378,550
Stars
Group
Holdings
BV
2,300,000
7.000%, 
7/15/2026
g
2,364,400
Station
Casinos,
LLC
470,000
5.000%, 
10/1/2025
g
391,839
Viking
Cruises,
Ltd.
1,430,000
5.875%, 
9/15/2027
g
973,372
Yum!
Brands,
Inc.
1,910,000
5.250%, 
6/1/2026
g
1,952,975
630,000
4.750%, 
1/15/2030
g
642,600
Total
98,027,425
Consumer
Non-Cyclical
(15.8%)
Air
Medical
Merger
Sub
Corporation
2,810,000
6.375%, 
5/15/2023
g
2,613,300
Albertson's
Companies,
Inc.
2,540,000
7.500%, 
3/15/2026
g
2,774,950
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
49
Principal
Amount
Long-Term
Fixed
Income
(
91.6%
)
Value
Consumer
Non-Cyclical
(15.8%)
-
continued
$
1,830,000
4.625%, 
1/15/2027
g
$
1,839,150
4,230,000
5.875%, 
2/15/2028
g
4,419,081
600,000
4.875%, 
2/15/2030
g
608,250
B&G
Foods,
Inc.
1,055,000
5.250%, 
4/1/2025
1,068,187
Bausch
Health
Companies,
Inc.
2,010,000
6.500%, 
3/15/2022
g
2,049,798
3,285,000
5.000%, 
1/30/2028
g
3,144,731
1,975,000
7.250%, 
5/30/2029
g
2,107,680
625,000
5.250%, 
1/30/2030
g
618,750
Centene
Corporation
1,970,000
5.375%, 
6/1/2026
g
2,087,432
1,450,000
4.250%, 
12/15/2027
g
1,517,063
3,650,000
4.625%, 
12/15/2029
g
3,996,750
4,260,000
3.375%, 
2/15/2030
g
4,297,062
Cooke
Omega
Investments,
Inc.
2,445,000
8.500%, 
12/15/2022
g
2,445,000
Dole
Food
Company,
Inc.
2,340,000
7.250%, 
6/15/2025
g
2,199,600
Encompass
Health
Corporation
2,455,000
4.500%, 
2/1/2028
2,459,665
Energizer
Holdings,
Inc.
3,960,000
5.500%, 
6/15/2025
g
4,005,936
1,100,000
7.750%, 
1/15/2027
g
1,167,650
HCA,
Inc.
2,810,000
4.750%, 
5/1/2023
2,994,459
3,495,000
5.375%, 
2/1/2025
3,757,614
1,970,000
5.875%, 
2/1/2029
2,257,226
JBS
USA,
LLC
3,040,000
5.750%, 
6/15/2025
g
3,078,030
4,645,000
6.500%, 
4/15/2029
g
4,888,909
2,960,000
5.500%, 
1/15/2030
g
2,997,000
Kraft
Foods
Group,
Inc.
1,535,000
3.500%, 
6/6/2022
1,577,276
Kraft
Heinz
Foods
Company
2,490,000
3.750%, 
4/1/2030
g
2,529,650
Mattel,
Inc.
2,015,000
5.875%, 
12/15/2027
g
1,969,663
MPH
Acquisition
Holdings,
LLC
4,010,000
7.125%, 
6/1/2024
g
3,573,792
Ortho-Clinical
Diagnostics,
Inc.
2,480,000
7.250%, 
2/1/2028
g
2,225,800
Par
Pharmaceutical,
Inc.
2,450,000
7.500%, 
4/1/2027
g
2,481,360
Performance
Food
Group,
Inc.
2,231,000
5.500%, 
6/1/2024
g
2,175,225
Pilgrim's
Pride
Corporation
2,985,000
5.750%, 
3/15/2025
g
3,015,238
Post
Holdings,
Inc.
4,015,000
5.000%, 
8/15/2026
g
3,999,944
Simmons
Foods,
Inc.
1,685,000
5.750%, 
11/1/2024
g
1,567,050
Spectrum
Brands,
Inc.
3,920,000
5.750%, 
7/15/2025
3,910,200
820,000
5.000%, 
10/1/2029
g
783,100
Tenet
Healthcare
Corporation
7,470,000
4.875%, 
1/1/2026
g
7,397,541
3,960,000
5.125%, 
11/1/2027
g
3,910,500
Teva
Pharmaceutical
Finance
Netherlands
III
BV
2,655,000
3.150%, 
10/1/2026
2,309,850
Principal
Amount
Long-Term
Fixed
Income
(
91.6%
)
Value
Consumer
Non-Cyclical
(15.8%)
-
continued
Valeant
Pharmaceuticals
International,
Inc.
$
2,520,000
8.500%, 
1/31/2027
g
$
2,778,048
VRX
Escrow
Corporation
6,095,000
6.125%, 
4/15/2025
g
6,159,759
Total
117,757,269
Energy
(8.1%)
Antero
Resources
Corporation
2,360,000
5.625%, 
6/1/2023
1,386,972
Boardwalk
Pipelines,
LP
3,443,000
5.950%, 
6/1/2026
3,138,753
Buckeye
Partners,
LP
3,735,000
4.125%, 
12/1/2027
3,333,487
1,530,000
4.500%, 
3/1/2028
g
1,377,000
California
Resources
Corporation
4,210,000
8.000%, 
12/15/2022
g
147,350
Centennial
Resource
Production,
LLC
4,415,000
5.375%, 
1/15/2026
g
1,324,500
Cheniere
Energy
Partners,
LP
2,655,000
5.625%, 
10/1/2026
2,537,118
5,515,000
4.500%, 
10/1/2029
g
5,087,587
Chesapeake
Energy
Corporation
3,161,000
11.500%, 
1/1/2025
g
86,927
CrownRock
Finance,
Inc.
3,450,000
5.625%, 
10/15/2025
g
2,794,880
Enagas
SA
3,810,000
5.500%, 
1/15/2028
g
2,609,850
Endeavor
Energy
Resources,
LP
2,300,000
5.750%, 
1/30/2028
g
2,001,000
EQM
Midstream
Partners,
LP
3,525,000
4.125%, 
12/1/2026
3,022,688
Murphy
Oil
Corporation
3,300,000
5.875%, 
12/1/2027
2,239,710
Nabors
Industries,
Inc.
2,800,000
5.750%, 
2/1/2025
644,000
Nabors
Industries,
Ltd.
1,000,000
7.250%, 
1/15/2026
g
380,000
Noble
Holding
International,
Ltd.
2,790,000
7.750%, 
1/15/2024
153,450
Occidental
Petroleum
Corporation
1,200,000
2.700%, 
8/15/2022
1,044,000
1,845,000
2.900%, 
8/15/2024
1,401,647
1,600,000
3.500%, 
6/15/2025
1,155,200
1,150,000
4.625%, 
6/15/2045
704,375
Pacific
Drilling
First
Lien
Escrow
Issuer,
Ltd.
1,885,000
8.375%, 
10/1/2023
g
414,700
Pacific
Drilling
Second
Lien
Escrow
Issuer,
Ltd.
596,442
0.000%,PIK
12.000%,
4/1/2024
g,k
17,893
Parsley
Energy,
LLC
2,900,000
5.625%, 
10/15/2027
g
2,479,500
Precision
Drilling
Corporation
1,060,000
7.750%, 
12/15/2023
466,400
1,530,000
7.125%, 
1/15/2026
g
612,000
Sanchez
Energy
Corporation
3,260,000
7.250%, 
2/15/2023
*,d,h
32,600
SM
Energy
Company
2,325,000
5.000%, 
1/15/2024
733,305
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
50
Principal
Amount
Long-Term
Fixed
Income
(
91.6%
)
Value
Energy
(8.1%)
-
continued
Southwestern
Energy
Company
$
3,915,000
7.500%, 
4/1/2026
$
3,505,804
Sunoco,
LP
1,535,000
4.875%, 
1/15/2023
1,492,788
1,010,000
5.500%, 
2/15/2026
974,650
Tallgrass
Energy
Partners,
LP
2,500,000
4.750%, 
10/1/2023
g
1,925,000
Targa
Resources
Partners,
LP
1,040,000
5.125%, 
2/1/2025
936,000
1,995,000
5.000%, 
1/15/2028
1,697,665
Transocean
Pontus,
Ltd.
388,275
6.125%, 
8/1/2025
g
314,503
Transocean,
Inc.
2,600,000
7.250%, 
11/1/2025
g
1,007,500
930,000
7.500%, 
1/15/2026
g
353,400
2,355,000
7.500%, 
4/15/2031
562,256
USA
Compression
Partners
LP
2,210,000
6.875%, 
9/1/2027
1,812,200
Valaris
plc
3,255,000
4.750%, 
1/15/2024
358,050
W&T
Offshore,
Inc.
3,055,000
9.750%, 
11/1/2023
g
1,008,150
WPX
Energy,
Inc.
1,595,000
8.250%, 
8/1/2023
1,531,200
820,000
5.250%, 
10/15/2027
713,400
1,000,000
4.500%, 
1/15/2030
815,000
Total
60,334,458
Financials
(9.1%)
Ally
Financial,
Inc.
1,340,000
4.625%, 
5/19/2022
1,370,150
3,900,000
5.750%, 
11/20/2025
3,997,500
Avolon
Holdings
Funding,
Ltd.
2,430,000
5.125%, 
10/1/2023
g
2,173,724
Chobani,
LLC
1,870,000
7.500%, 
4/15/2025
g
1,862,146
CIT
Group,
Inc.
1,337,000
5.000%, 
8/15/2022
1,330,315
1,183,000
5.000%, 
8/1/2023
1,157,861
Credit
Acceptance
Corporation
1,420,000
5.125%, 
12/31/2024
g
1,246,050
1,980,000
6.625%, 
3/15/2026
1,782,000
Drawbridge
Special
Opportunities
Fund,
LP
3,215,000
5.000%, 
8/1/2021
g
3,111,784
Fortress
Transportation
and
Infrastructure
Investors,
LLC
1,100,000
6.750%, 
3/15/2022
g
994,015
Global
Aircraft
Leasing
Company,
Ltd.
4,215,000
6.500%,PIK
 0.000%,
9/15/2024
g,k
2,548,810
Icahn
Enterprises,
LP
2,450,000
4.750%, 
9/15/2024
2,304,274
2,480,000
6.250%, 
5/15/2026
2,436,898
3,045,000
5.250%, 
5/15/2027
2,892,780
Iron
Mountain,
Inc.
1,960,000
5.750%, 
8/15/2024
1,925,700
MGM
Growth
Properties
Operating
Partnership,
LP
2,250,000
5.750%, 
2/1/2027
2,278,125
Principal
Amount
Long-Term
Fixed
Income
(
91.6%
)
Value
Financials
(9.1%)
-
continued
MPT
Operating
Partnership,
LP
$
780,000
5.500%, 
5/1/2024
$
776,100
1,980,000
5.250%, 
8/1/2026
1,999,800
1,260,000
5.000%, 
10/15/2027
1,285,200
2,450,000
4.625%, 
8/1/2029
2,436,231
Outfront
Media
Cap,
LLC
2,700,000
4.625%, 
3/15/2030
g
2,463,750
Park
Aerospace
Holdings,
Ltd.
3,915,000
4.500%, 
3/15/2023
g
3,462,436
Quicken
Loans,
Inc.
3,685,000
5.750%, 
5/1/2025
g
3,611,300
Royal
Bank
of
Scotland
Group
plc
2,785,000
5.125%, 
5/28/2024
2,961,112
Springleaf
Finance
Corporation
765,000
6.125%, 
3/15/2024
717,272
670,000
6.875%, 
3/15/2025
633,619
720,000
7.125%, 
3/15/2026
667,332
2,010,000
6.625%, 
1/15/2028
1,773,825
Synchrony
Financial
1,260,000
4.250%, 
8/15/2024
1,231,148
3,920,000
3.950%, 
12/1/2027
3,607,575
Trivium
Packaging
Finance
1,040,000
5.500%, 
8/15/2026
g
1,066,000
470,000
8.500%, 
8/15/2027
g
491,150
VICI
Properties,
LP
/
VICI
Note
Company,
Inc.
1,050,000
4.250%, 
12/1/2026
g
981,319
2,010,000
3.750%, 
2/15/2027
g
1,869,300
1,050,000
4.625%, 
12/1/2029
g
969,938
2,010,000
4.125%, 
8/15/2030
g
1,829,100
Total
68,245,639
Technology
(5.8%)
Anixter,
Inc.
2,045,000
5.125%, 
10/1/2021
2,075,675
CDW,
LLC
1,500,000
4.125%, 
5/1/2025
1,515,000
CommScope
Technologies
Finance,
LLC
2,010,000
6.000%, 
6/15/2025
g
1,788,699
CommScope,
Inc.
2,485,000
5.500%, 
3/1/2024
g
2,485,000
Diamond
Finance
Corporation
4,505,000
7.125%, 
6/15/2024
g
4,668,081
Diamond
Sports
Group,
LLC
2,210,000
5.375%, 
8/15/2026
g
1,679,600
4,030,000
6.625%, 
8/15/2027
g
2,206,425
Harland
Clarke
Holdings
Corporation
3,510,000
8.375%, 
8/15/2022
g
2,512,809
Inception
Merger
Sub,
Inc.
5,035,000
8.625%, 
11/15/2024
g
4,960,079
Iron
Mountain,
Inc.
3,455,000
5.250%, 
3/15/2028
g
3,377,262
NCR
Corporation
1,910,000
8.125%, 
4/15/2025
g
2,024,600
3,960,000
5.750%, 
9/1/2027
g
3,969,900
Plantronics,
Inc.
2,210,000
5.500%, 
5/31/2023
g
1,750,983
Presidio
Holdings,
Inc.
480,000
8.250%, 
2/1/2028
g
473,664
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
51
Principal
Amount
Long-Term
Fixed
Income
(
91.6%
)
Value
Technology
(5.8%)
-
continued
PTC,
Inc.
$
360,000
3.625%, 
2/15/2025
g
$
354,420
1,055,000
4.000%, 
2/15/2028
g
1,033,900
Qorvo,
Inc.
2,485,000
4.375%, 
10/15/2029
g
2,475,681
Seagate
HDD
Cayman
1,072,000
4.750%, 
1/1/2025
1,104,502
SS&C
Technologies,
Inc.
3,000,000
5.500%, 
9/30/2027
g
3,075,000
Total
43,531,280
Transportation
(1.8%)
AerCap
Holdings
NV
2,460,000
5.875%, 
10/10/2079
b
1,642,050
Delta
Air
Lines,
Inc.
3,840,000
7.000%, 
5/1/2025
g
3,935,606
Hertz
Corporation
1,860,000
5.500%, 
10/15/2024
g
372,000
4,730,000
6.000%, 
1/15/2028
g
851,400
XPO
Logistics,
Inc.
2,430,000
6.125%, 
9/1/2023
g
2,460,375
1,970,000
6.750%, 
8/15/2024
g
2,028,312
2,200,000
6.250%, 
5/1/2025
g
2,227,500
Total
13,517,243
U.S.
Government
&
Agencies
(0.1%)
U.S.
Treasury
Notes
500,000
1.375%, 
8/31/2020
l
502,148
Total
502,148
Utilities
(4.3%)
AES
Corporation
2,425,000
4.500%, 
3/15/2023
2,419,471
Calpine
Corporation
4,145,000
4.500%, 
2/15/2028
g
4,018,992
DCP
Midstream
Operating,
LP
1,185,000
8.125%, 
8/16/2030
924,300
Dynegy,
Inc.
3,255,000
8.125%, 
1/30/2026
g
3,409,612
GFL
Environmental,
Inc.
564,000
8.500%, 
5/1/2027
g
615,431
NextEra
Energy
Operating
Partners,
LP
5,010,000
3.875%, 
10/15/2026
g
4,951,884
NRG
Energy,
Inc.
1,420,000
7.250%, 
5/15/2026
1,526,500
1,270,000
5.250%, 
6/15/2029
g
1,360,488
Suburban
Propane
Partners,
LP
2,805,000
5.875%, 
3/1/2027
2,705,984
Talen
Energy
Supply,
LLC
1,860,000
6.500%, 
6/1/2025
1,283,400
1,510,000
7.250%, 
5/15/2027
g
1,494,900
Terraform
Global
Operating,
LLC
2,340,000
6.125%, 
3/1/2026
g
2,316,600
TerraForm
Power
Operating,
LLC
1,960,000
4.250%, 
1/31/2023
g
2,008,020
Principal
Amount
Long-Term
Fixed
Income
(
91.6%
)
Value
Utilities
(4.3%)
-
continued
$
2,760,000
5.000%, 
1/31/2028
g
$
2,895,350
Total
31,930,932
Total
Long-Term
Fixed
Income
(cost
$753,470,607)
684,555,533
Shares
Collateral
Held
for
Securities
Loaned
(
1.6%
)
Value
12,080,012
Thrivent
Cash
Management
Trust
12,080,012
Total
Collateral
Held
for
Securities
Loaned
(cost
$12,080,012)
12,080,012
Shares
Registered
Investment
Companies
(
1.0%
)
Value
Unaffiliated  (1.0%)
74,351
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
h
7,362,979
Total
7,362,979
Total
Registered
Investment
Companies
(cost
$6,432,819)
7,362,979
Shares
Preferred
Stock
(
0.5%
)
Value
Financials
(0.5%)
82,373
Bank
of
America
Corporation,
5.000%
m
2,062,620
480
Bank
of
America
Corporation,
Convertible,
7.250%
m
663,552
19,000
J.P.
Morgan
Chase
&
Company,
4.750%
h,m
478,800
480
Wells
Fargo
&
Company,
Convertible,
7.500%
m
671,443
Total
3,876,415
Total
Preferred
Stock
(cost
$3,751,132)
3,876,415
Shares
or
Principal
Amount
Short-Term
Investments
(
2.2%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
1,575,298
1.450%
15,752,981
U.S.
Treasury
Bills
100,000
0.105%,
7/16/2020
l,n
99,978
200,000
0.095%,
7/23/2020
n
199,955
550,000
0.023%,
9/24/2020
l,n
549,716
Total
Short-Term
Investments
(cost
$16,575,818)
16,602,630
Total
Investments
(cost
$833,267,345)
101.4%
$757,671,014
Other
Assets
and
Liabilities,
Net
(1.4%)
(10,446,426)
Total
Net
Assets
100.0%
$747,224,588
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
52
a
The
stated
interest
rate
represents
the
weighted
average
of
all
contracts
within
the
bank
loan
facility.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
In
bankruptcy.  Interest
is
being
accrued
per
the
bankruptcy
agreement
terms.  
e
All
or
a
portion
of
the
loan
is
unfunded.
f
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
g
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$466,805,366
or
62.5%
of
total
net
assets.
h
All
or
a
portion
of
the
security
is
on
loan.
i
Defaulted
security.  Interest
is
not
being
accrued.
j
In
bankruptcy.  Interest
is
not
being
accrued.
k
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
April
30,
2020.
l
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.
m
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.
n
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
High
Yield
Fund
as
of
April
30,
2020
was
$191,093
or
0.0%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
April
30,
2020.
Security
Acquisition
Date
Cost
Abengoa
Abenewco
2
Bis
SA,
Convertible,
4/26/2024
4/26/2019
$
451,436
Midwest
Vanadium,
Pty.
Ltd.,
2/15/2018
2/9/2011
2,714,489
Sanchez
Energy
Corporation,
2/15/2023
2/7/2018
3,210,713
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
High
Yield
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
4,679,325
Common
Stock
7,107,531
Total
lending
$11,786,856
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$12,080,012
Net
amounts
due
to
counterparty
$293,156
Definitions:
ETF
-
Exchange
Traded
Fund
PIK
-
Payment-In-Kind
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
2M
-
ICE
Libor
USD
Rate
2
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
PRIME
-
Federal
Reserve
Prime
Loan
Rate
Income
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
53
Principal
Amount
Bank
Loans
(
0
.8
%
)
a
Value
Basic
Materials
(<0.1%)
Ball
Metalpack
Finco,
LLC,
Term
Loan
$
58,950
6.113%, 
(LIBOR
3M
+
4.500%),
7/31/2025
b
$
49,715
Big
River
Steel,
LLC,
Term
Loan
146,250
6.450%, 
(LIBOR
3M
+
5.000%),
8/23/2023
b
126,506
MRC
Global
(US),
Inc.,
Term
Loan
161,688
3.404%, 
(LIBOR
1M
+
3.000%),
9/22/2024
b,c
137,435
Total
313,656
Capital
Goods
(0.1%)
Advanced
Disposal
Services,
Inc.,
Term
Loan
269,766
3.000%, 
(LIBOR
1W
+
2.250%),
11/10/2023
b
266,094
GFL
Environmental,
Inc.,
Term
Loan
338,545
4.000%, 
(LIBOR
1M
+
3.000%),
5/31/2025
b,d,e
332,113
Total
598,207
Communications
Services
(0.1%)
Altice
France
SA,
Term
Loan
126,100
3.154%, 
(LIBOR
1M
+
2.750%),
7/31/2025
b
114,909
Coral-US
Co-Borrower,
LLC,
Term
Loan
265,000
2.654%, 
(LIBOR
1M
+
2.250%),
1/31/2028
b
245,236
HCP
Acquisition,
LLC,
Term
Loan
214,377
4.000%, 
(LIBOR
1M
+
3.000%),
5/16/2024
b
202,364
TNS,
Inc.,
Term
Loan
210,772
4.410%, 
(LIBOR
1M
+
4.000%),
8/14/2022
b
186,533
Virgin
Media
Bristol,
LLC,
Term
Loan
310,000
3.314%, 
(LIBOR
1M
+
2.500%),
1/31/2028
b
292,717
WideOpenWest
Finance,
LLC,
Term
Loan
199,875
4.250%, 
(LIBOR
1M
+
3.250%),
8/19/2023
b
185,072
Windstream
Services,
LLC,
Term
Loan
163,744
8.250%, 
(PRIME
+
5.000%),
3/30/2021
b,f
90,878
Total
1,317,709
Consumer
Cyclical
(0.1%)
Golden
Entertainment,
Inc.,
Term
Loan
366,700
3.750%, 
(LIBOR
1M
+
3.000%),
10/20/2024
b
298,860
LCPR
Loan
Financing,
LLC,
Term
Loan
295,000
5.814%, 
(LIBOR
1M
+
5.000%),
10/25/2026
b
288,363
Scientific
Games
International,
Inc.,
Term
Loan
539,000
3.521%, 
(LIBOR
2M
+
2.750%),
8/14/2024
b
444,228
Principal
Amount
Bank
Loans
(
0
.8
%
)
a
Value
Consumer
Cyclical
(0.1%)
-
continued
Stars
Group
Holdings
BV,
Term
Loan
$
170,703
4.950%, 
(LIBOR
3M
+
3.500%),
7/10/2025
b,c
$
169,422
Tenneco,
Inc.,
Term
Loan
187,625
3.404%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
145,175
Total
1,346,048
Consumer
Non-Cyclical
(0.2%)
Bausch
Health
Americas,
Inc.,
Term
Loan
309,375
3.718%, 
(LIBOR
1M
+
3.000%),
6/1/2025
b
298,934
Endo
International
plc,
Term
Loan
129,035
5.000%, 
(LIBOR
1M
+
4.250%),
4/27/2024
b
117,019
Global
Medical
Response,
Inc.,
Term
Loan
493,638
4.250%, 
(LIBOR
1M
+
3.250%),
4/28/2022
b
452,142
97,750
5.863%, 
(LIBOR
3M
+
4.250%),
3/14/2025
b
86,726
JBS
USA
LUX
SA,
Term
Loan
163,350
3.072%, 
(LIBOR
3M
+
2.000%),
5/1/2026
b
157,123
McGraw-Hill,
LLC,
Term
Loan
91,229
5.450%, 
(LIBOR
1M
+
4.000%),
5/4/2022
b
73,515
MPH
Acquisition
Holdings,
LLC,
Term
Loan
235,466
4.200%, 
(LIBOR
3M
+
2.750%),
6/7/2023
b
216,189
Plantronics,
Inc.,
Term
Loan
341,795
2.991%, 
(LIBOR
1M
+
2.500%),
7/2/2025
b
277,869
Sotera
Health
Holdings,
LLC,
Term
Loan
90,000
5.500%, 
(LIBOR
1M
+
4.500%),
12/13/2026
b
86,265
Total
1,765,782
Energy
(0.1%)
Radiate
Holdco,
LLC,
Term
Loan
596,175
3.750%, 
(LIBOR
1M
+
3.000%),
2/1/2024
b
569,251
Total
569,251
Financials
(0.1%)
Avolon
TLB
Borrower
1
US,
LLC,
Term
Loan
105,224
2.500%, 
(LIBOR
1M
+
1.750%),
1/15/2025
b
98,760
GGP
Nimbus,
LLC,
Term
Loan
265,950
2.904%, 
(LIBOR
1M
+
2.500%),
8/24/2025
b
196,234
Tronox
Finance,
LLC,
Term
Loan
379,447
3.587%, 
(LIBOR
3M
+
2.750%),
9/22/2024
b
355,022
Income
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
54
Principal
Amount
Bank
Loans
(
0
.8
%
)
a
Value
Financials
(0.1%)
-
continued
Vericast
Corporation,
Term
Loan
$
285,314
6.463%, 
(LIBOR
3M
+
4.750%),
11/3/2023
b
$
180,698
Total
830,714
Technology
(0.1%)
Prime
Security
Services
Borrower,
LLC,
Term
Loan
313,425
4.266%, 
(LIBOR
1M
+
3.250%),
9/23/2026
b
296,409
Rackspace
Hosting,
Inc.,
Term
Loan
325,970
4.763%, 
(LIBOR
2M
+
3.000%),
11/3/2023
b
304,750
Total
601,159
Total
Bank
Loans
(cost
$8,213,057)
7,342,526
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Asset-Backed
Securities
(1.2%)
GoldentTree
Loan
Management,
Ltd.
1,150,000
3.287%, 
(LIBOR
3M
+
1.900%),
4/20/2031,
Ser.
2020-7A,
Class
A
b,c,e,g
1,150,000
Magnetite
XII,
Ltd.
1,800,000
2.319%, 
(LIBOR
3M
+
1.100%),
10/15/2031,
Ser.
2015-12A,
Class
ARR
b,g
1,731,035
Neuberger
Berman
CLO
XIV,
Ltd.
1,800,000
1.917%, 
(LIBOR
3M
+
1.030%),
1/28/2030,
Ser.
2013-14A,
Class
AR2
b,g
1,750,725
Octagon
Investment
Partners
XVI,
Ltd.
1,400,000
2.535%, 
(LIBOR
3M
+
1.400%),
7/17/2030,
Ser.
2013-1A,
Class
A2R
b,g
1,297,262
Shackleton
CLO,
Ltd.
1,200,000
2.389%, 
(LIBOR
3M
+
1.170%),
7/15/2031,
Ser.
2015-7RA,
Class
A1
b,g
1,131,996
Sound
Point
CLO
X,
Ltd.
1,800,000
3.835%, 
(LIBOR
3M
+
2.700%),
1/20/2028,
Ser.
2015-3A,
Class
DR
b,g
1,486,976
THL
Credit
Wind
River
CLO,
Ltd.
1,800,000
4.069%, 
(LIBOR
3M
+
2.850%),
7/15/2028,
Ser.
2016-1A,
Class
DR
b,g
1,461,375
Voya
CLO,
Ltd.
1,800,000
2.279%, 
(LIBOR
3M
+
1.060%),
4/15/2031,
Ser.
2019-1A,
Class
AR
b,g
1,701,103
Total
11,710,472
Basic
Materials
(2.2%)
Alcoa,
Inc.
360,000
5.125%, 
10/1/2024
347,492
Anglo
American
Capital
plc
1,800,000
3.625%, 
9/11/2024
g
1,801,006
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Basic
Materials
(2.2%)
-
continued
$
1,450,000
4.750%, 
4/10/2027
g
$
1,494,585
Cleveland-Cliffs,
Inc.
240,000
5.750%, 
3/1/2025
h
171,600
50,000
9.875%, 
10/17/2025
g
49,500
Corporacion
Nacional
del
Cobre
de
Chile
700,000
3.750%, 
1/15/2031
e,g
709,261
Freeport-McMoRan,
Inc.
180,000
4.125%, 
3/1/2028
166,950
Glencore
Funding,
LLC
1,820,000
4.125%, 
5/30/2023
g
1,841,235
1,620,000
4.000%, 
3/27/2027
g
1,639,775
International
Paper
Company
1,260,000
3.000%, 
2/15/2027
h
1,318,762
Kinross
Gold
Corporation
360,000
5.950%, 
3/15/2024
395,100
2,230,000
4.500%, 
7/15/2027
2,343,552
LyondellBasell
Industries
NV
600,000
6.000%, 
11/15/2021
630,734
Methanex
Corporation
220,000
5.250%, 
12/15/2029
184,955
Novelis
Corporation
360,000
5.875%, 
9/30/2026
g
350,028
Syngenta
Finance
NV
1,825,000
4.441%, 
4/24/2023
g
1,825,950
Teck
Resources,
Ltd.
1,730,000
6.125%, 
10/1/2035
1,709,322
Tronox
Finance
plc
360,000
5.750%, 
10/1/2025
g
318,600
Vale
Overseas,
Ltd.
1,080,000
6.250%, 
8/10/2026
1,183,680
Westlake
Chemical
Corporation
1,800,000
3.600%, 
8/15/2026
1,736,267
WestRock
Company
730,000
3.750%, 
3/15/2025
771,162
Total
20,989,516
Capital
Goods
(3.3%)
Amsted
Industries,
Inc.
145,000
5.625%, 
7/1/2027
g
145,159
BAE
Systems
plc
1,030,000
4.750%, 
10/11/2021
g
1,068,462
1,700,000
3.400%, 
4/15/2030
g
1,845,755
CNH
Industrial
Capital,
LLC
1,440,000
4.875%, 
4/1/2021
1,451,184
CNH
Industrial
NV
1,440,000
3.850%, 
11/15/2027
1,433,240
Crown
Cork
&
Seal
Company,
Inc.
360,000
7.375%, 
12/15/2026
394,200
General
Electric
Capital
Corporation
1,800,000
1.741%, 
(LIBOR
3M
+
1.000%),
3/15/2023
b
1,713,018
General
Electric
Company
2,800,000
5.000%, 
1/21/2021
b,i
2,304,008
1,450,000
3.450%, 
5/1/2027
1,474,455
Huntington
Ingalls
Industries,
Inc.
1,100,000
3.844%, 
5/1/2025
g
1,155,889
John
Deere
Capital
Corporation
1,750,000
1.750%, 
3/9/2027
1,752,473
Income
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
55
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Capital
Goods
(3.3%)
-
continued
L3Harris
Technologies,
Inc.
$
720,000
4.950%, 
2/15/2021
g
$
732,125
Northrop
Grumman
Corporation
1,250,000
3.250%, 
1/15/2028
1,358,490
Owens-Brockway
Glass
Container,
Inc.
500,000
5.875%, 
8/15/2023
g
505,000
Parker-Hannifin
Corporation
1,750,000
4.000%, 
6/14/2049
1,942,531
Roper
Technologies,
Inc.
1,080,000
3.125%, 
11/15/2022
1,116,873
1,260,000
3.800%, 
12/15/2026
1,358,475
2,000,000
2.950%, 
9/15/2029
2,091,242
Spirit
AeroSystems,
Inc.
1,800,000
1.541%, 
(LIBOR
3M
+
0.800%),
6/15/2021
b
1,693,076
280,000
7.500%, 
4/15/2025
g
275,800
Textron,
Inc.
720,000
4.300%, 
3/1/2024
751,857
370,000
3.875%, 
3/1/2025
382,026
1,440,000
3.650%, 
3/15/2027
1,431,344
United
Rentals
North
America,
Inc.
360,000
4.000%, 
7/15/2030
339,300
United
Technologies
Corporation
1,075,000
3.950%, 
8/16/2025
1,207,233
1,075,000
4.450%, 
11/16/2038
1,332,151
Total
31,255,366
Collateralized
Mortgage
Obligations
(0.1%)
GMAC
Mortgage
Corporation
Loan
Trust
107,951
0.987%, 
(LIBOR
1M
+
0.500%),
8/25/2035,
Ser.
2005-HE1,
Class
A2
b,j
106,427
IndyMac
Seconds
Asset-Backed
Trust
626,843
0.827%, 
(LIBOR
1M
+
0.340%),
10/25/2036,
Ser.
2006-2B,
Class
A
b,j
320,432
Wachovia
Mortgage
Loan
Trust,
LLC
286,147
4.180%, 
5/20/2036,
Ser.
2006-A,
Class
2A1
b
266,029
Total
692,888
Communications
Services
(8.3%)
AMC
Networks,
Inc.
180,000
5.000%, 
4/1/2024
174,510
American
Tower
Corporation
1,440,000
3.125%, 
1/15/2027
1,522,731
AT&T,
Inc.
1,810,000
4.450%, 
4/1/2024
1,969,812
2,150,000
1.964%, 
(LIBOR
3M
+
1.180%),
6/12/2024
b
2,107,271
760,000
3.400%, 
5/15/2025
805,523
2,880,000
4.250%, 
3/1/2027
3,170,539
1,519,000
4.300%, 
2/15/2030
1,711,709
1,810,000
4.300%, 
12/15/2042
1,962,758
1,800,000
4.500%, 
3/9/2048
2,040,340
2,500,000
4.550%, 
3/9/2049
2,859,990
British
Telecommunications
plc
1,800,000
4.500%, 
12/4/2023
1,953,246
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Communications
Services
(8.3%)
-
continued
CCO
Holdings,
LLC
$
220,000
5.500%, 
5/1/2026
g
$
228,824
360,000
4.750%, 
3/1/2030
g
367,200
140,000
4.500%, 
8/15/2030
g
140,700
Charter
Communications
Operating,
LLC
2,500,000
4.800%, 
3/1/2050
2,823,066
1,700,000
4.908%, 
7/23/2025
1,915,931
1,525,000
6.484%, 
10/23/2045
1,987,251
Clear
Channel
Worldwide
Holdings,
Inc.
360,000
5.125%, 
8/15/2027
g
338,256
Comcast
Corporation
400,000
4.950%, 
10/15/2058
560,291
1,080,000
3.375%, 
8/15/2025
1,182,491
1,800,000
3.300%, 
4/1/2027
1,970,196
292,000
6.400%, 
5/15/2038
424,761
1,600,000
4.600%, 
10/15/2038
2,011,453
1,850,000
3.750%, 
4/1/2040
2,117,688
1,800,000
4.650%, 
7/15/2042
2,291,235
Cox
Communications,
Inc.
1,800,000
3.350%, 
9/15/2026
g
1,913,290
315,000
4.800%, 
2/1/2035
g
363,386
1,400,000
4.700%, 
12/15/2042
g
1,522,283
Crown
Castle
International
Corporation
2,340,000
5.250%, 
1/15/2023
2,559,271
Discovery
Communications,
LLC
1,170,000
3.500%, 
6/15/2022
1,195,914
900,000
4.900%, 
3/11/2026
986,767
Fox
Corporation
1,800,000
5.476%, 
1/25/2039
2,287,992
Front
Range
BidCo,
Inc.
180,000
4.000%, 
3/1/2027
g
174,569
iHeartCommunications,
Inc.
180,000
4.750%, 
1/15/2028
g
155,700
Interpublic
Group
of
Companies,
Inc.
1,800,000
3.750%, 
10/1/2021
1,851,156
Level
3
Financing,
Inc.
360,000
5.250%, 
3/15/2026
369,000
Nexstar
Escrow
Corporation
360,000
5.625%, 
7/15/2027
g
343,800
Omnicom
Group,
Inc.
560,000
3.650%, 
11/1/2024
594,819
700,000
4.200%, 
6/1/2030
746,505
SFR
Group
SA
180,000
7.375%, 
5/1/2026
g
188,100
Sinclair
Television
Group,
Inc.
360,000
5.875%, 
3/15/2026
g
311,400
Sprint
Corporation
420,000
7.125%, 
6/15/2024
471,450
Time
Warner
Cable,
Inc.
2,200,000
4.125%, 
2/15/2021
2,211,897
Time
Warner
Entertainment
Company,
LP
780,000
8.375%, 
3/15/2023
902,551
T-Mobile
USA,
Inc.
360,000
4.500%, 
2/1/2026
370,908
3,550,000
3.750%, 
4/15/2027
g
3,805,706
VeriSign,
Inc.
360,000
4.750%, 
7/15/2027
383,476
Income
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
56
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Communications
Services
(8.3%)
-
continued
Verizon
Communications,
Inc.
$
1,400,000
4.000%, 
3/22/2050
$
1,750,160
1,260,000
3.500%, 
11/1/2024
1,377,954
2,600,000
2.792%, 
(LIBOR
3M
+
1.100%),
5/15/2025
b
2,585,172
2,150,000
4.272%, 
1/15/2036
2,563,857
1,080,000
5.250%, 
3/16/2037
1,435,333
Viacom,
Inc.
1,800,000
4.375%, 
3/15/2043
1,736,671
Virgin
Media
Secured
Finance
plc
540,000
5.500%, 
8/15/2026
g
557,361
Vodafone
Group
plc
1,350,000
5.000%, 
5/30/2038
1,607,749
Walt
Disney
Company
1,100,000
7.625%, 
11/30/2028
1,499,755
Windstream
Services,
LLC
110,000
8.625%, 
10/31/2025
f,g
66,000
Total
77,527,724
Consumer
Cyclical
(3.9%)
American
Honda
Finance
Corporation
1,400,000
2.150%, 
9/10/2024
1,397,723
Brookfield
Property
REIT,
Inc.
200,000
5.750%, 
5/15/2026
g
160,000
Brookfield
Residential
Properties,
Inc.
225,000
6.250%, 
9/15/2027
g
205,875
Cedar
Fair,
LP
280,000
5.250%, 
7/15/2029
g
240,800
Daimler
Finance
North
America,
LLC
1,100,000
2.301%, 
(LIBOR
3M
+
0.550%),
5/4/2021
b,g
1,070,509
1,100,000
1.750%, 
3/10/2023
g
1,050,167
Ford
Motor
Company
1,750,000
9.000%, 
4/22/2025
1,701,875
Ford
Motor
Credit
Company,
LLC
1,100,000
3.470%, 
4/5/2021
1,050,500
1,425,000
4.250%, 
9/20/2022
1,314,990
General
Motors
Company
1,800,000
1.796%, 
(LIBOR
3M
+
0.900%),
9/10/2021
b
1,717,729
770,000
5.000%, 
4/1/2035
644,454
General
Motors
Financial
Company,
Inc.
1,900,000
3.450%, 
4/10/2022
1,829,738
1,490,000
4.000%, 
1/15/2025
1,395,298
Hanesbrands,
Inc.
360,000
4.625%, 
5/15/2024
g
359,888
Harley-Davidson
Financial
Services,
Inc.
1,870,000
4.050%, 
2/4/2022
g
1,869,569
Hertz
Corporation
101,000
7.625%, 
6/1/2022
g
38,380
Home
Depot,
Inc.
1,750,000
2.500%, 
4/15/2027
1,846,840
1,820,000
4.250%, 
4/1/2046
2,282,282
Hyundai
Capital
America
1,050,000
3.000%, 
3/18/2021
g
1,046,069
2,150,000
2.450%, 
6/15/2021
g
2,126,768
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Consumer
Cyclical
(3.9%)
-
continued
Hyundai
Capital
Services,
Inc.
$
1,080,000
3.000%, 
3/6/2022
g
$
1,073,150
L
Brands,
Inc.
105,000
6.694%, 
1/15/2027
74,025
Lennar
Corporation
1,270,000
2.950%, 
11/29/2020
1,248,410
1,100,000
4.125%, 
1/15/2022
1,104,356
1,100,000
4.500%, 
4/30/2024
1,122,000
Lowe's
Companies,
Inc.
1,100,000
5.000%, 
4/15/2040
1,355,626
Mastercard,
Inc.
1,100,000
3.850%, 
3/26/2050
1,375,489
McDonald's
Corporation
1,825,000
4.450%, 
3/1/2047
2,231,652
ServiceMaster
Company,
LLC
360,000
5.125%, 
11/15/2024
g
367,272
Six
Flags
Entertainment
Corporation
70,000
5.500%, 
4/15/2027
g
60,599
Six
Flags
Theme
Parks,
Inc.
40,000
7.000%, 
7/1/2025
g
41,392
Visa,
Inc.
1,400,000
1.900%, 
4/15/2027
1,447,693
Volkswagen
Group
of
America
Finance,
LLC
1,550,000
4.250%, 
11/13/2023
g
1,623,510
Total
36,474,628
Consumer
Non-Cyclical
(11.9%)
Abbott
Laboratories
1,632,000
3.750%, 
11/30/2026
1,884,941
810,000
4.750%, 
11/30/2036
1,056,571
1,500,000
6.000%, 
4/1/2039
2,186,952
AbbVie,
Inc.
2,540,000
3.200%, 
5/14/2026
2,716,622
1,450,000
2.950%, 
11/21/2026
g
1,534,701
1,800,000
4.050%, 
11/21/2039
g
1,984,750
Albertson's
Companies,
Inc.
360,000
6.625%, 
6/15/2024
371,250
Allergan
Sales,
LLC
1,450,000
5.000%, 
12/15/2021
g
1,518,927
Altria
Group,
Inc.
1,800,000
4.800%, 
2/14/2029
2,009,764
2,850,000
5.800%, 
2/14/2039
3,394,972
Amgen,
Inc.
1,800,000
3.375%, 
2/21/2050
h
1,926,605
Anheuser-Busch
Companies,
LLC
1,790,000
4.700%, 
2/1/2036
1,989,725
Anheuser-Busch
InBev
Worldwide,
Inc.
2,175,000
4.000%, 
4/13/2028
2,405,897
2,500,000
3.500%, 
6/1/2030
2,666,520
1,450,000
4.600%, 
4/15/2048
1,598,426
1,800,000
4.439%, 
10/6/2048
1,945,876
1,800,000
5.550%, 
1/23/2049
2,246,920
Avantor,
Inc.
360,000
6.000%, 
10/1/2024
g
379,440
BAT
Capital
Corporation
1,500,000
5.282%, 
4/2/2050
1,730,784
1,450,000
3.222%, 
8/15/2024
1,504,218
1,750,000
4.700%, 
4/2/2027
1,932,745
Income
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
57
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Consumer
Non-Cyclical
(11.9%)
-
continued
Bausch
Health
Companies,
Inc.
$
30,000
5.000%, 
1/30/2028
g
$
28,719
30,000
5.250%, 
1/30/2030
g
29,700
Baxalta,
Inc.
871,000
4.000%, 
6/23/2025
953,195
Becton,
Dickinson
and
Company
1,750,000
3.363%, 
6/6/2024
1,858,749
2,150,000
3.700%, 
6/6/2027
2,333,222
Biogen,
Inc.
1,800,000
5.200%, 
9/15/2045
2,343,474
Boston
Scientific
Corporation
1,340,000
3.375%, 
5/15/2022
1,397,391
1,050,000
3.750%, 
3/1/2026
1,146,513
928,000
7.375%, 
1/15/2040
1,450,161
Bristol-Myers
Squibb
Company
1,090,000
3.250%, 
8/15/2022
g
1,146,203
Bunge,
Ltd.
Finance
Corporation
1,080,000
3.500%, 
11/24/2020
1,085,753
Cargill,
Inc.
1,750,000
3.250%, 
5/23/2029
g
1,839,398
Centene
Corporation
90,000
4.250%, 
12/15/2027
g
94,163
270,000
4.625%, 
12/15/2029
g,h
295,650
3,895,000
3.375%, 
2/15/2030
g
3,928,887
Cigna
Corporation
1,800,000
4.125%, 
11/15/2025
2,018,367
2,150,000
2.400%, 
3/15/2030
2,168,241
1,800,000
4.800%, 
8/15/2038
2,185,390
Conagra
Brands,
Inc.
500,000
4.600%, 
11/1/2025
558,037
Constellation
Brands,
Inc.
800,000
4.400%, 
11/15/2025
883,642
360,000
3.500%, 
5/9/2027
380,054
1,700,000
5.250%, 
11/15/2048
2,089,666
CVS
Health
Corporation
1,050,000
4.250%, 
4/1/2050
1,213,465
630,000
4.750%, 
12/1/2022
678,236
1,825,000
4.100%, 
3/25/2025
2,014,696
900,000
3.875%, 
7/20/2025
984,473
700,000
3.625%, 
4/1/2027
761,982
2,790,000
5.050%, 
3/25/2048
3,508,364
HCA,
Inc.
360,000
5.375%, 
2/1/2025
387,050
Imperial
Brands
Finance
plc
1,800,000
3.500%, 
7/26/2026
g
1,789,194
Imperial
Tobacco
Finance
plc
1,310,000
3.750%, 
7/21/2022
g
1,327,302
JBS
USA,
LLC
360,000
6.500%, 
4/15/2029
g
378,904
Kellogg
Company
1,450,000
3.125%, 
5/17/2022
1,500,870
Keurig
Dr.
Pepper,
Inc.
1,750,000
3.800%, 
5/1/2050
1,855,518
Kraft
Foods
Group,
Inc.
120,000
5.000%, 
6/4/2042
121,647
Kraft
Heinz
Foods
Company
720,000
3.000%, 
6/1/2026
714,243
250,000
3.750%, 
4/1/2030
g
253,981
Kroger
Company
1,800,000
2.650%, 
10/15/2026
1,882,268
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Consumer
Non-Cyclical
(11.9%)
-
continued
Nestle
Holdings,
Inc.
$
2,150,000
3.900%, 
9/24/2038
g
$
2,605,483
Par
Pharmaceutical,
Inc.
360,000
7.500%, 
4/1/2027
g
364,608
Reckitt
Benckiser
Treasury
Services
plc
1,620,000
2.750%, 
6/26/2024
g
1,669,405
Reynolds
American,
Inc.
2,000,000
4.850%, 
9/15/2023
2,171,355
940,000
5.850%, 
8/15/2045
1,102,210
Shire
Acquisitions
Investments
Ireland
Designated
Activity
Company
1,800,000
2.875%, 
9/23/2023
1,871,310
Smithfield
Foods,
Inc.
4,500,000
2.650%, 
10/3/2021
g
4,428,069
Sysco
Corporation
900,000
5.950%, 
4/1/2030
h
1,058,314
Tenet
Healthcare
Corporation
360,000
5.125%, 
11/1/2027
g
355,500
Thermo
Fisher
Scientific,
Inc.
720,000
2.950%, 
9/19/2026
778,526
Tyson
Foods,
Inc.
720,000
3.550%, 
6/2/2027
778,295
UnitedHealth
Group,
Inc.
1,800,000
2.950%, 
10/15/2027
1,949,896
760,000
4.750%, 
7/15/2045
998,508
1,775,000
4.450%, 
12/15/2048
2,275,458
VRX
Escrow
Corporation
450,000
6.125%, 
4/15/2025
g
454,781
Total
111,435,092
Energy
(7.9%)
Baker
Hughes,
LLC
1,425,000
4.486%, 
5/1/2030
1,464,169
BP
Capital
Markets
America,
Inc.
1,800,000
3.000%, 
2/24/2050
1,710,762
910,000
3.119%, 
5/4/2026
949,155
1,440,000
3.017%, 
1/16/2027
1,468,406
1,050,000
3.543%, 
4/6/2027
1,100,970
BP
Capital
Markets
plc
1,510,000
3.814%, 
2/10/2024
1,602,300
Buckeye
Partners,
LP
210,000
4.125%, 
3/1/2025
g
194,250
Cenovus
Energy,
Inc.
1,800,000
4.250%, 
4/15/2027
1,414,406
Centennial
Resource
Production,
LLC
360,000
5.375%, 
1/15/2026
g
108,000
Cheniere
Corpus
Christi
Holdings,
LLC
1,750,000
3.700%, 
11/15/2029
g
1,605,077
Cheniere
Energy
Partners,
LP
540,000
4.500%, 
10/1/2029
g
498,150
Chesapeake
Energy
Corporation
252,000
11.500%, 
1/1/2025
g
6,930
Continental
Resources,
Inc.
1,800,000
4.500%, 
4/15/2023
1,591,875
Diamondback
Energy,
Inc.
2,400,000
3.500%, 
12/1/2029
2,073,258
Income
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
58
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Energy
(7.9%)
-
continued
El
Paso
Pipeline
Partners
Operating
Company,
LLC
$
720,000
4.700%, 
11/1/2042
$
736,306
Enagas
SA
360,000
5.500%, 
1/15/2028
g
246,600
Energy
Transfer
Operating,
LP
2,350,000
3.750%, 
5/15/2030
2,129,399
1,800,000
6.000%, 
6/15/2048
1,690,044
Energy
Transfer
Partners,
LP
2,520,000
4.200%, 
4/15/2027
2,377,055
Enterprise
Products
Operating,
LLC
1,010,000
3.700%, 
2/15/2026
1,075,528
1,800,000
4.875%, 
8/16/2077
b
1,566,000
EOG
Resources,
Inc.
600,000
4.950%, 
4/15/2050
718,197
2,000,000
4.375%, 
4/15/2030
2,230,812
EQT
Corporation
360,000
3.900%, 
10/1/2027
302,400
Equinor
ASA
2,100,000
3.000%, 
4/6/2027
2,203,007
1,425,000
3.125%, 
4/6/2030
1,528,295
Exxon
Mobil
Corporation
1,750,000
4.327%, 
3/19/2050
2,135,513
1,800,000
3.452%, 
4/15/2051
1,951,662
Hess
Corporation
720,000
3.500%, 
7/15/2024
654,604
700,000
4.300%, 
4/1/2027
633,917
Kinder
Morgan,
Inc.
720,000
5.000%, 
2/15/2021
g
729,735
1,825,000
5.200%, 
3/1/2048
h
2,054,852
Marathon
Petroleum
Corporation
1,440,000
4.750%, 
12/15/2023
1,451,626
1,780,000
6.500%, 
3/1/2041
1,867,330
MPLX,
LP
1,450,000
3.500%, 
12/1/2022
g
1,432,097
1,450,000
4.875%, 
6/1/2025
1,414,026
1,750,000
4.800%, 
2/15/2029
1,766,446
1,080,000
5.200%, 
3/1/2047
1,029,490
Murphy
Oil
Corporation
180,000
5.875%, 
12/1/2027
122,166
Newfield
Exploration
Company
1,000,000
5.625%, 
7/1/2024
715,266
1,711,000
5.375%, 
1/1/2026
1,180,060
Noble
Energy,
Inc.
1,700,000
3.900%, 
11/15/2024
1,523,850
1,400,000
5.050%, 
11/15/2044
1,022,915
ONEOK,
Inc.
1,100,000
2.200%, 
9/15/2025
951,119
Petrobras
Global
Finance
BV
1,483,000
5.093%, 
1/15/2030
g
1,351,755
Plains
All
American
Pipeline,
LP
1,800,000
3.650%, 
6/1/2022
1,764,365
1,800,000
4.500%, 
12/15/2026
1,669,509
1,800,000
3.550%, 
12/15/2029
1,536,398
Sabine
Pass
Liquefaction,
LLC
1,090,000
5.750%, 
5/15/2024
1,142,324
Schlumberger
Holdings
Corporation
1,750,000
3.900%, 
5/17/2028
g
1,680,967
Suncor
Energy,
Inc.
1,080,000
3.600%, 
12/1/2024
1,113,042
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Energy
(7.9%)
-
continued
Sunoco
Logistics
Partners
Operations,
LP
$
1,800,000
3.450%, 
1/15/2023
$
1,755,906
2,500,000
4.000%, 
10/1/2027
2,340,807
Sunoco,
LP
360,000
5.500%, 
2/15/2026
347,400
Transocean,
Inc.
360,000
7.500%, 
1/15/2026
g
136,800
Williams
Companies,
Inc.
1,800,000
7.500%, 
1/15/2031
2,114,853
Williams
Partners,
LP
1,070,000
4.500%, 
11/15/2023
1,110,646
900,000
3.750%, 
6/15/2027
897,610
Total
74,190,407
Financials
(25.1%)
Aegon
NV
1,400,000
0.915%, 
(USISDA
10Y
+
0.100%),
7/15/2020
b,i
994,000
AerCap
Ireland
Capital,
Ltd.
540,000
3.950%, 
2/1/2022
505,632
2,200,000
3.875%, 
1/23/2028
1,848,560
Air
Lease
Corporation
1,490,000
3.750%, 
2/1/2022
1,394,398
740,000
4.250%, 
9/15/2024
696,453
Ally
Financial,
Inc.
170,000
5.750%, 
11/20/2025
174,250
American
International
Group,
Inc.
1,800,000
4.200%, 
4/1/2028
1,955,321
Associated
Banc-Corporation
1,850,000
4.250%, 
1/15/2025
1,909,730
Australia
and
New
Zealand
Banking
Group,
Ltd.
1,800,000
2.950%, 
7/22/2030
b,g
1,775,074
Avolon
Holdings
Funding,
Ltd.
700,000
5.250%, 
5/15/2024
g
606,975
3,600,000
4.375%, 
5/1/2026
g
3,082,702
Banco
Bilbao
Vizcaya
Argentaria
SA
1,600,000
6.500%, 
3/5/2025
b,i
1,454,000
Banco
Santander
SA
1,200,000
4.379%, 
4/12/2028
1,299,469
Bank
of
America
Corporation
1,100,000
3.499%, 
5/17/2022
b
1,120,762
1,857,000
3.004%, 
12/20/2023
b
1,922,336
1,670,000
4.200%, 
8/26/2024
1,805,863
1,640,000
6.500%, 
10/23/2024
b,i
1,746,600
1,800,000
4.000%, 
1/22/2025
1,943,885
1,250,000
3.950%, 
4/21/2025
1,345,343
730,000
3.875%, 
8/1/2025
799,449
1,800,000
3.093%, 
10/1/2025
b
1,889,326
1,800,000
3.705%, 
4/24/2028
b
1,964,091
1,450,000
4.271%, 
7/23/2029
b
1,646,402
2,030,000
3.194%, 
7/23/2030
b
2,162,702
Barclays
Bank
plc
1,090,000
10.179%, 
6/12/2021
g
1,167,716
Barclays
plc
2,100,000
4.610%, 
2/15/2023
b
2,182,831
1,600,000
4.338%, 
5/16/2024
b
1,681,758
720,000
4.836%, 
5/9/2028
758,010
Berkshire
Hathaway
Finance
Corporation
1,050,000
4.250%, 
1/15/2049
1,328,097
Income
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
59
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Financials
(25.1%)
-
continued
BNP
Paribas
SA
$
1,550,000
4.500%, 
2/25/2030
b,g,i
$
1,294,250
Boston
Properties,
LP
1,800,000
2.750%, 
10/1/2026
1,799,154
BPCE
SA
1,080,000
3.000%, 
5/22/2022
g
1,095,174
735,000
5.700%, 
10/22/2023
g
794,884
810,000
5.150%, 
7/21/2024
g
866,587
Capital
One
Bank
USA
NA
1,000,000
3.375%, 
2/15/2023
1,014,953
Capital
One
Financial
Corporation
1,810,000
4.200%, 
10/29/2025
1,858,368
Capital
One
NA
1,800,000
2.150%, 
9/6/2022
1,793,809
Charles
Schwab
Corporation
1,450,000
5.375%, 
6/1/2025
b,i
1,504,375
CIT
Group,
Inc.
180,000
4.125%, 
3/9/2021
176,850
540,000
5.250%, 
3/7/2025
533,412
1,100,000
6.125%, 
3/9/2028
1,127,500
Citigroup,
Inc.
1,100,000
3.142%, 
1/24/2023
b
1,126,593
1,440,000
3.010%, 
(LIBOR
3M
+
1.430%),
9/1/2023
b
1,441,922
1,800,000
4.700%, 
1/30/2025
b,i
1,566,000
1,900,000
3.352%, 
4/24/2025
b
1,994,491
2,630,000
4.400%, 
6/10/2025
2,854,766
1,695,000
5.500%, 
9/13/2025
1,941,499
1,090,000
3.700%, 
1/12/2026
1,177,987
1,510,000
4.450%, 
9/29/2027
1,654,315
1,450,000
4.650%, 
7/23/2048
1,775,366
Citizens
Bank
NA
720,000
2.650%, 
5/26/2022
730,765
Citizens
Financial
Group,
Inc.
720,000
2.375%, 
7/28/2021
724,700
CNA
Financial
Corporation
1,130,000
7.250%, 
11/15/2023
1,288,472
350,000
3.950%, 
5/15/2024
369,992
1,750,000
3.450%, 
8/15/2027
1,754,526
Commerzbank
AG
1,800,000
8.125%, 
9/19/2023
g
1,987,240
CoreStates
Capital
III
1,360,000
2.262%, 
(LIBOR
3M
+
0.570%),
2/15/2027
b,g
1,160,588
Credit
Agricole
SA
720,000
3.375%, 
1/10/2022
g
734,848
2,200,000
3.250%, 
1/14/2030
g
2,223,773
Credit
Suisse
Group
AG
1,800,000
3.574%, 
1/9/2023
g
1,840,051
2,300,000
7.500%, 
7/17/2023
b,g,i
2,323,000
1,400,000
5.100%, 
1/24/2030
b,g,i
1,253,000
Credit
Suisse
Group
Funding,
Ltd.
1,100,000
3.750%, 
3/26/2025
1,165,018
Danske
Bank
AS
2,950,000
5.000%, 
1/12/2022
g
3,049,708
1,050,000
3.244%, 
12/20/2025
b,g
1,049,864
Deutsche
Bank
AG
1,440,000
2.700%, 
7/13/2020
1,438,444
2,200,000
6.000%, 
10/30/2025
b,i
1,595,000
2,800,000
3.961%, 
11/26/2025
b
2,737,155
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Financials
(25.1%)
-
continued
Digital
Realty
Trust,
LP
$
1,550,000
2.750%, 
2/1/2023
$
1,580,088
Discover
Bank
865,000
4.200%, 
8/8/2023
901,204
1,400,000
2.450%, 
9/12/2024
1,369,468
2,510,000
4.682%, 
8/9/2028
b
2,546,144
Duke
Realty,
LP
1,780,000
3.875%, 
10/15/2022
1,841,738
Fidelity
National
Financial,
Inc.
730,000
5.500%, 
9/1/2022
779,687
Fidelity
National
Information
Services,
Inc.
1,100,000
3.750%, 
5/21/2029
1,233,128
Five
Corners
Funding
Trust
2,890,000
4.419%, 
11/15/2023
g
3,180,036
GE
Capital
International
Funding
Company
1,750,000
4.418%, 
11/15/2035
1,820,227
Goldman
Sachs
Group,
Inc.
1,150,000
2.876%, 
10/31/2022
b
1,167,975
1,080,000
2.908%, 
6/5/2023
b
1,103,900
810,000
4.000%, 
3/3/2024
869,239
2,550,000
3.850%, 
7/8/2024
2,721,947
1,800,000
4.950%, 
2/10/2025
b,h,i
1,674,000
1,510,000
4.250%, 
10/21/2025
1,619,183
HCP,
Inc.
751,000
4.250%, 
11/15/2023
780,450
HSBC
Holdings
plc
720,000
6.875%, 
6/1/2021
b,i
721,800
1,800,000
2.692%, 
(LIBOR
3M
+
1.000%),
5/18/2024
b
1,760,129
1,150,000
3.803%, 
3/11/2025
b
1,223,753
1,440,000
4.300%, 
3/8/2026
1,593,533
900,000
6.000%, 
5/22/2027
b,i
883,499
1,080,000
4.041%, 
3/13/2028
b
1,169,920
Icahn
Enterprises,
LP
360,000
6.250%, 
5/15/2026
353,743
ING
Groep
NV
2,500,000
4.100%, 
10/2/2023
2,674,668
International
Lease
Finance
Corporation
1,440,000
5.875%, 
8/15/2022
1,407,803
Itau
Unibanco
Holding
SA
2,200,000
2.900%, 
1/24/2023
g
2,123,022
J.P.
Morgan
Chase
&
Company
1,500,000
2.972%, 
1/15/2023
1,543,446
1,810,000
2.250%, 
(LIBOR
3M
+
1.230%),
10/24/2023
b
1,807,738
730,000
6.750%, 
2/1/2024
b,i
783,713
1,800,000
5.000%, 
8/1/2024
b,i
1,674,000
2,000,000
3.875%, 
9/10/2024
2,150,834
1,800,000
4.600%, 
2/1/2025
b,i
1,614,600
2,200,000
3.900%, 
7/15/2025
2,418,429
1,800,000
2.950%, 
10/1/2026
1,886,397
1,400,000
3.882%, 
7/24/2038
b
1,578,251
1,850,000
5.500%, 
10/15/2040
2,536,799
Kilroy
Realty,
LP
1,450,000
4.250%, 
8/15/2029
1,492,394
Kimco
Realty
Corporation
2,900,000
3.300%, 
2/1/2025
2,902,286
Liberty
Mutual
Group,
Inc.
1,065,000
4.950%, 
5/1/2022
g
1,123,767
Income
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
60
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Financials
(25.1%)
-
continued
Lincoln
National
Corporation
$
1,850,000
4.000%, 
9/1/2023
$
1,974,690
Lloyds
Bank
plc
1,090,000
4.650%, 
3/24/2026
1,180,022
Lloyds
Banking
Group
plc
2,250,000
2.858%, 
3/17/2023
b
2,272,430
1,100,000
2.438%, 
2/5/2026
b
1,098,039
Marsh
&
McLennan
Companies,
Inc.
800,000
4.375%, 
3/15/2029
934,522
MGM
Growth
Properties
Operating
Partnership,
LP
360,000
4.500%, 
9/1/2026
348,300
Mitsubishi
UFJ
Financial
Group,
Inc.
1,050,000
3.455%, 
3/2/2023
1,093,944
Mizuho
Financial
Group,
Inc.
1,440,000
3.663%, 
2/28/2027
1,554,439
Morgan
Stanley
1,795,000
4.875%, 
11/1/2022
1,918,127
1,810,000
2.420%, 
(LIBOR
3M
+
1.400%),
10/24/2023
b
1,809,332
1,000,000
2.720%, 
7/22/2025
b
1,029,713
1,130,000
4.000%, 
7/23/2025
1,244,680
720,000
3.125%, 
7/27/2026
763,359
1,490,000
4.350%, 
9/8/2026
1,640,895
2,400,000
3.622%, 
4/1/2031
b,h
2,638,153
930,000
4.300%, 
1/27/2045
1,114,270
MPT
Operating
Partnership,
LP
360,000
5.000%, 
10/15/2027
367,200
Nationwide
Building
Society
1,510,000
3.900%, 
7/21/2025
g
1,633,057
1,080,000
4.000%, 
9/14/2026
g
1,112,973
Nationwide
Mutual
Insurance
Company
1,775,000
4.350%, 
4/30/2050
g
1,783,030
Nippon
Life
Insurance
Company
1,450,000
3.400%, 
1/23/2050
b,g
1,464,500
Park
Aerospace
Holdings,
Ltd.
700,000
4.500%, 
3/15/2023
g
619,082
Peachtree
Corners
Funding
Trust
1,700,000
3.976%, 
2/15/2025
g
1,792,339
Preferred
Term
Securities
XXIII,
Ltd.
270,365
0.941%, 
(LIBOR
3M
+
0.200%),
12/22/2036
b,g
222,542
Prudential
Financial,
Inc.
2,200,000
3.700%, 
3/13/2051
2,334,069
1,133,000
3.935%, 
12/7/2049
1,226,647
Realty
Income
Corporation
2,170,000
3.875%, 
7/15/2024
2,290,864
Regency
Centers,
LP
1,440,000
3.600%, 
2/1/2027
1,485,137
Reinsurance
Group
of
America,
Inc.
1,450,000
4.700%, 
9/15/2023
1,527,484
400,000
3.900%, 
5/15/2029
419,942
Royal
Bank
of
Scotland
Group
plc
1,080,000
8.625%, 
8/15/2021
b,i
1,101,600
1,440,000
3.498%, 
5/15/2023
b
1,474,430
1,440,000
3.875%, 
9/12/2023
1,507,574
1,500,000
4.269%, 
3/22/2025
b
1,598,818
600,000
3.754%, 
11/1/2029
b
597,965
Santander
UK
Group
Holdings
plc
800,000
3.125%, 
1/8/2021
807,423
1,500,000
4.750%, 
9/15/2025
g
1,557,312
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Financials
(25.1%)
-
continued
Standard
Chartered
plc
$
1,550,000
2.744%, 
9/10/2022
b,g
$
1,553,847
1,750,000
2.285%, 
(LIBOR
3M
+
1.150%),
1/20/2023
b,g
1,701,812
1,800,000
4.644%, 
4/1/2031
b,g
1,979,792
Synchrony
Financial
1,750,000
4.250%, 
8/15/2024
1,709,928
2,150,000
3.950%, 
12/1/2027
1,978,645
UBS
Group
Funding
Jersey,
Ltd.
900,000
2.650%, 
2/1/2022
g
914,823
1,510,000
4.125%, 
9/24/2025
g
1,659,764
UBS
Group
Funding
Switzerland
AG
1,440,000
4.253%, 
3/23/2028
g
1,591,171
UnionBanCal
Corporation
1,420,000
3.500%, 
6/18/2022
1,463,498
Ventas
Realty,
LP
720,000
3.500%, 
2/1/2025
721,938
1,800,000
4.000%, 
3/1/2028
1,791,225
VICI
Properties,
LP
/
VICI
Note
Company,
Inc.
90,000
4.250%, 
12/1/2026
g
84,113
90,000
4.625%, 
12/1/2029
g
83,138
Wells
Fargo
&
Company
2,000,000
4.125%, 
8/15/2023
2,131,691
1,440,000
3.000%, 
4/22/2026
1,508,637
Welltower,
Inc.
1,300,000
4.000%, 
6/1/2025
1,337,832
Westpac
Banking
Corporation
1,600,000
2.894%, 
2/4/2030
b
1,576,150
Total
235,919,979
Foreign
Government
(0.6%)
Bahrain
Government
International
Bond
1,750,000
5.875%, 
1/26/2021
1,742,562
Banco
del
Estado
de
Chile
2,150,000
2.704%, 
1/9/2025
g
2,139,250
Dominican
Republic
Government
International
Bond
550,000
6.000%, 
7/19/2028
g
496,375
Qatar
Government
International
Bond
1,100,000
4.500%, 
4/23/2028
g
1,254,660
Total
5,632,847
Mortgage-Backed
Securities
(4.7%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
15-Yr.
Pass
Through
1,672,887
3.500%, 
5/1/2034
1,769,089
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
5,221,184
3.000%, 
3/25/2050
5,517,615
448,789
3.000%, 
4/1/2050
474,270
3,669,320
3.500%, 
7/1/2047
3,899,115
3,419,507
3.000%, 
8/1/2047
3,619,574
Federal
National
Mortgage
Association
648,759
4.500%, 
5/1/2048
701,200
2,756,550
3.500%, 
10/1/2048
2,918,693
2,397,311
3.500%, 
6/1/2049
2,541,135
Income
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
61
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Mortgage-Backed
Securities
(4.7%)
-
continued
$
3,090,137
3.500%, 
8/1/2049
$
3,280,204
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
3,475,000
2.000%, 
6/1/2034
e
3,578,979
3,225,000
2.500%, 
6/1/2034
e
3,368,487
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
4,200,000
2.500%, 
5/1/2050
e
4,373,414
2,999,252
4.000%, 
7/1/2048
3,192,110
500,000
3.000%, 
5/1/2049
e
527,813
4,200,000
2.500%, 
7/1/2049
e
4,366,292
Total
44,127,990
Technology
(5.5%)
Apple,
Inc.
2,550,000
3.250%, 
2/23/2026
2,831,501
1,080,000
3.750%, 
9/12/2047
1,301,123
Applied
Materials,
Inc.
720,000
3.300%, 
4/1/2027
793,911
Broadcom
Corporation
4,350,000
3.875%, 
1/15/2027
4,513,026
1,800,000
3.500%, 
1/15/2028
1,823,676
Broadcom,
Inc.
2,150,000
4.250%, 
4/15/2026
g
2,302,809
1,800,000
5.000%, 
4/15/2030
g
2,012,504
Dell
International,
LLC/
EMC
Corporation
700,000
6.100%, 
7/15/2027
g,h
765,008
Diamond
1
Finance
Corporation
238,000
5.875%, 
6/15/2021
g
238,000
5,575,000
6.020%, 
6/15/2026
g
6,031,926
Diamond
Sports
Group,
LLC
130,000
5.375%, 
8/15/2026
g
98,800
180,000
6.625%, 
8/15/2027
g
98,550
Fiserv,
Inc.
700,000
2.750%, 
7/1/2024
736,212
1,775,000
3.200%, 
7/1/2026
1,901,660
Hewlett
Packard
Enterprise
Company
1,440,000
4.400%, 
10/15/2022
1,510,603
1,250,000
2.250%, 
4/1/2023
1,268,132
1,400,000
4.650%, 
10/1/2024
1,489,549
Iron
Mountain,
Inc.
360,000
4.875%, 
9/15/2029
g
344,700
Lam
Research
Corporation
1,750,000
4.000%, 
3/15/2029
2,039,832
Marvell
Technology
Group,
Ltd.
900,000
4.200%, 
6/22/2023
931,247
1,100,000
4.875%, 
6/22/2028
1,202,518
Micron
Technology,
Inc.
1,750,000
5.327%, 
2/6/2029
2,001,675
NVIDIA
Corporation
1,800,000
3.500%, 
4/1/2040
2,017,780
NXP
BV/NXP
Funding,
LLC
1,750,000
4.875%, 
3/1/2024
g
1,899,070
1,750,000
5.350%, 
3/1/2026
g
1,978,099
NXP
Funding,
LLC
1,100,000
3.150%, 
5/1/2027
g
1,111,808
Oracle
Corporation
2,100,000
2.800%, 
4/1/2027
2,250,669
1,800,000
4.300%, 
7/8/2034
2,201,131
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Technology
(5.5%)
-
continued
Panasonic
Corporation
$
1,600,000
3.113%, 
7/19/2029
g
$
1,640,146
Seagate
HDD
Cayman
489,000
4.250%, 
3/1/2022
500,262
Texas
Instruments,
Inc.
1,800,000
4.150%, 
5/15/2048
2,291,651
Total
52,127,578
Transportation
(1.5%)
AerCap
Holdings
NV
1,800,000
5.875%, 
10/10/2079
b
1,201,500
Aircastle,
Ltd.
1,785,000
4.400%, 
9/25/2023
1,566,695
Burlington
Northern
Santa
Fe,
LLC
1,500,000
4.700%, 
9/1/2045
1,912,515
1,800,000
4.050%, 
6/15/2048
2,155,317
CSX
Corporation
1,100,000
2.400%, 
2/15/2030
1,129,271
Delta
Air
Lines,
Inc.
790,724
4.250%, 
7/30/2023
704,705
1,800,000
2.900%, 
10/28/2024
1,412,864
300,000
7.000%, 
5/1/2025
g
307,469
Hertz
Corporation
360,000
6.000%, 
1/15/2028
g
64,800
Penske
Truck
Leasing
Company,
LP
1,400,000
3.375%, 
2/1/2022
g
1,421,812
Southwest
Airlines
Company
1,525,000
5.250%, 
5/4/2025
1,519,070
United
Airlines
Pass
Through
Trust
678,696
3.750%, 
9/3/2026
594,323
XPO
Logistics,
Inc.
360,000
6.125%, 
9/1/2023
g
364,500
Total
14,354,841
U.S.
Government
&
Agencies
(7.6%)
U.S.
Treasury
Bonds
11,500,000
2.000%, 
2/15/2050
13,511,602
4,000,000
2.375%, 
5/15/2029
4,616,562
7,500,000
1.625%, 
8/15/2029
8,178,516
11,000,000
1.750%, 
11/15/2029
12,134,375
5,000,000
1.500%, 
2/15/2030
5,406,250
4,100,000
3.000%, 
2/15/2049
5,791,730
17,500,000
2.250%, 
8/15/2049
21,585,840
Total
71,224,875
Utilities
(9.5%)
AEP
Transmission
Company,
LLC
2,520,000
3.100%, 
12/1/2026
2,716,958
Ameren
Illinois
Company
1,050,000
4.500%, 
3/15/2049
1,372,020
American
Electric
Power
Company,
Inc.
1,750,000
3.250%, 
3/1/2050
1,766,376
1,435,000
2.950%, 
12/15/2022
1,484,654
American
Water
Capital
Corporation
1,800,000
3.450%, 
5/1/2050
2,001,592
Arizona
Public
Service
Company
1,800,000
3.500%, 
12/1/2049
1,982,746
Baltimore
Gas
and
Electric
Company
1,440,000
2.400%, 
8/15/2026
1,497,888
Income
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
62
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Utilities
(9.5%)
-
continued
Berkshire
Hathaway
Energy
Company
$
1,425,000
4.450%, 
1/15/2049
$
1,864,671
CenterPoint
Energy,
Inc.
2,340,000
2.500%, 
9/1/2022
2,404,684
1,750,000
2.950%, 
3/1/2030
1,789,015
CMS
Energy
Corporation
1,440,000
3.450%, 
8/15/2027
1,552,619
Consolidated
Edison
Company
of
New
York,
Inc.
720,000
2.900%, 
12/1/2026
771,302
2,250,000
4.125%, 
5/15/2049
2,725,636
Consumers
Energy
Company
1,050,000
4.350%, 
4/15/2049
1,427,511
Dominion
Energy,
Inc.
800,000
2.715%, 
8/15/2021
807,125
1,600,000
3.071%, 
8/15/2024
1,681,090
1,250,000
4.650%, 
12/15/2024
b,i
1,215,625
Duke
Energy
Corporation
2,160,000
2.650%, 
9/1/2026
2,290,742
2,160,000
3.150%, 
8/15/2027
2,301,498
1,800,000
3.750%, 
9/1/2046
2,042,034
Edison
International
975,000
3.550%, 
11/15/2024
1,003,472
5,000,000
5.750%, 
6/15/2027
5,675,245
Exelon
Corporation
1,500,000
4.700%, 
4/15/2050
1,922,609
900,000
3.497%, 
6/1/2022
927,329
880,000
3.950%, 
6/15/2025
971,815
340,000
3.400%, 
4/15/2026
369,136
FirstEnergy
Corporation
2,520,000
3.900%, 
7/15/2027
2,770,902
700,000
4.850%, 
7/15/2047
900,361
FirstEnergy
Transmission,
LLC
1,850,000
5.450%, 
7/15/2044
g
2,331,326
Georgia
Power
Company
1,800,000
2.650%, 
9/15/2029
1,853,249
ITC
Holdings
Corporation
2,920,000
4.050%, 
7/1/2023
3,098,825
National
Rural
Utilities
Cooperative
Finance
Corporation
1,400,000
4.400%, 
11/1/2048
1,742,851
Nevada
Power
Company
1,700,000
6.750%, 
7/1/2037
2,479,940
NextEra
Energy
Operating
Partners,
LP
360,000
3.875%, 
10/15/2026
g
355,824
NiSource
Finance
Corporation
1,080,000
4.375%, 
5/15/2047
1,290,105
NiSource,
Inc.
1,800,000
3.600%, 
5/1/2030
2,003,013
Oncor
Electric
Delivery
Company,
LLC
1,510,000
3.750%, 
4/1/2045
1,830,671
Pacific
Gas
and
Electric
Company
730,000
2.950%, 
3/1/2026
k,l
731,825
1,100,000
3.300%, 
12/1/2027
k,l
1,102,750
1,100,000
3.950%, 
12/1/2047
k,l
1,075,250
PPL
Capital
Funding,
Inc.
1,795,000
3.500%, 
12/1/2022
1,867,001
1,810,000
3.950%, 
3/15/2024
1,912,027
PPL
Electric
Utilities
Corporation
2,200,000
3.000%, 
10/1/2049
2,354,404
Principal
Amount
Long-Term
Fixed
Income
(
93
.3
%
)
Value
Utilities
(9.5%)
-
continued
San
Diego
Gas
and
Electric
Company
$
1,800,000
4.150%, 
5/15/2048
$
2,154,246
Sempra
Energy
1,800,000
3.250%, 
6/15/2027
1,881,732
South
Carolina
Electric
&
Gas
Company
1,100,000
5.100%, 
6/1/2065
1,567,226
Southern
California
Edison
Company
1,800,000
3.650%, 
2/1/2050
1,942,453
Southern
Company
4,370,000
3.250%, 
7/1/2026
4,665,506
TerraForm
Power
Operating,
LLC
360,000
5.000%, 
1/31/2028
g
377,654
Total
88,854,533
Total
Long-Term
Fixed
Income
(cost
$834,244,812)
876,518,736
Shares
Registered
Investment
Companies
(
3
.0
%
)
Value
Unaffiliated  (3.0%)
70,000
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
7,035,000
200,000
iShares
S&P
U.S.
Preferred
Stock
Index
Fund
6,930,000
90,000
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
8,912,700
70,000
Vanguard
Short-Term
Corporate
Bond
ETF
h
5,675,600
Total
28,553,300
Total
Registered
Investment
Companies
(cost
$28,166,091)
28,553,300
Shares
Collateral
Held
for
Securities
Loaned
(
1
.6
%
)
Value
14,974,280
Thrivent
Cash
Management
Trust
14,974,280
Total
Collateral
Held
for
Securities
Loaned
(cost
$14,974,280)
14,974,280
Shares
Preferred
Stock
(
0
.1
%
)
Value
Financials
(0.1%)
12,500
Cobank
ACB,
6.250%
b,i
1,262,500
Total
1,262,500
Total
Preferred
Stock
(cost
$1,250,000)
1,262,500
Shares
or
Principal
Amount
Short-Term
Investments
(
3
.9
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
200,000
0.900%,
5/7/2020
m,n
199,997
300,000
0.500%,
5/12/2020
m,n
299,992
300,000
0.500%,
5/13/2020
m
299,991
200,000
0.530%,
6/12/2020
m,n
199,977
300,000
0.090%,
7/13/2020
m
299,927
Thrivent
Core
Short-Term
Reserve
Fund
3,489,090
1.450%
34,890,898
Income
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
63
Shares
or
Principal
Amount
Short-Term
Investments
(
3
.9
%
)
Value
U.S.
Treasury
Bills
100,000
0.275%,
7/23/2020
m
$
99,977
100,000
0.101%,
7/30/2020
m
99,974
Total
Short-Term
Investments
(cost
$36,304,367)
36,390,733
Total
Investments
(cost
$923,152,607)
102.7%
$
965,042,075
Other
Assets
and
Liabilities,
Net
(2.7%)
(
25,459,246
)
Total
Net
Assets
100.0%
$
939,582,829
a
The
stated
interest
rate
represents
the
weighted
average
of
all
contracts
within
the
bank
loan
facility.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
All
or
a
portion
of
the
loan
is
unfunded.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
f
In
bankruptcy.  Interest
is
being
accrued
per
the
bankruptcy
agreement
terms.  
g
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$163,797,895
or
17.4%
of
total
net
assets.
h
All
or
a
portion
of
the
security
is
on
loan.
i
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
j
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
k
Defaulted
security.  Interest
is
not
being
accrued.
l
In
bankruptcy.  Interest
is
not
being
accrued.
m
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
n
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Income
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
9,202,012
Common
Stock
5,391,820
Total
lending
$14,593,832
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$14,974,280
Net
amounts
due
to
counterparty
$380,448
Definitions:
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
LIBOR
1W
-
ICE
Libor
USD
Rate
1
Week
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
2M
-
ICE
Libor
USD
Rate
2
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
PRIME
-
Federal
Reserve
Prime
Loan
Rate
USISDA
10Y
-
ICE
Swap
USD
Rate
10
Year
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
64
Shares
Common
Stock
(
92
.2
%
)
Value
Australia
(4.6%)
20,965
Ansell,
Ltd.
$
386,640
100,806
Aristocrat
Leisure,
Ltd.
1,653,193
158,104
Austal,
Ltd.
343,109
512,496
Beach
Energy,
Ltd.
499,555
68,163
BHP
Group,
Ltd.
1,391,497
26,722
Breville
Group,
Ltd.
302,392
82,860
BWP
Trust
189,357
44,997
Carsales.com,
Ltd.
411,622
142,864
Charter
Hall
Group
705,968
112,039
Commonwealth
Bank
of
Australia
4,525,971
12,107
Computershare,
Ltd.
95,254
57,546
CSL,
Ltd.
11,470,464
250,053
Evolution
Mining,
Ltd.
814,305
228,398
Genworth
Mortgage
Insurance
Australia,
Ltd.
315,750
49,366
Gold
Road
Resources,
Ltd.
a
50,410
227,258
Independence
Group
NL
689,425
179,715
IPH,
Ltd.
859,555
10,158
IRESS,
Ltd.
74,094
24,244
Kogan.com,
Ltd
125,082
4,462
Megaport,
Ltd.
a
34,336
4,718
Mineral
Resources,
Ltd.
50,850
8,637
Newcrest
Mining,
Ltd.
b
156,532
11,207
Nick
Scali,
Ltd.
33,346
23,049
Northern
Star
Resources,
Ltd.
186,122
12,287
Perpetual,
Ltd.
238,841
371,525
Perseus
Mining,
Ltd.
a
224,525
43,958
Pro
Medicus,
Ltd.
739,872
202,350
Ramelius
Resources,
Ltd.
171,940
405,751
Regis
Resources,
Ltd.
1,160,190
37,267
Rio
Tinto,
Ltd.
2,100,407
92,260
Saracen
Mineral
Holdings,
Ltd.
a
253,031
59,710
Select
Harvests,
Ltd.
280,670
351,528
Silver
Lake
Resources,
Ltd.
a
434,183
24,874
Super
Retail
Group,
Ltd.
101,480
118,145
Technology
One,
Ltd.
724,764
112,409
Transurban
Group
a
1,002,098
423,321
Vita
Group,
Ltd.
298,861
5,334
Webjet,
Ltd.
10,458
97,093
Westgold
Resources,
Ltd.
a
127,553
21,093
Woodside
Petroleum,
Ltd.
302,035
Total
33,535,737
Austria
(0.3%)
4,595
AT&S
Austria
Technologie
&
Systemtechnik
AG
79,200
10,763
BAWAG
Group
AG
c
365,811
6,363
Immofinanz
AG
a
117,498
22,228
OMV
AG
725,788
272
Osterreichische
Post
AG
a
10,251
2,594
S
IMMO
AG
48,211
17,027
UNIQA
Insurance
Group
AG
114,797
26,876
Wienerberger
AG
503,371
Total
1,964,927
Belgium
(0.3%)
4,920
Barco
NV
784,861
3,188
bpost
SA
22,244
2,042
Gimv
NV
112,187
7,003
KBC
Ancora
245,893
354
Melexis
NV
21,532
5,938
Mobistar
SA
98,777
2,987
NV
Bekaert
SA
63,148
9,082
SA
D'Ieteren
NV
455,141
Shares
Common
Stock
(
92
.2
%
)
Value
Belgium
(0.3%)
-
continued
3,039
Warehouses
De
Pauw
CVA
a
$
83,371
Total
1,887,154
Bermuda
(0.1%)
17,000
K
Wah
International
Holdings,
Ltd.
7,790
36,000
Road
King
Infrastructure,
Ltd.
55,642
131,000
Shanghai
Industrial
Urban
Development
Group,
Ltd.
12,912
790,000
Yuexiu
Transport
Infrastructure,
Ltd.
551,480
Total
627,824
Brazil
(0.5%)
21,900
Ambev
SA
45,790
14,900
Atacadao
SA
55,047
9,500
B3
SA
-
Brasil
Bolsa
Balcao
66,823
91,700
Banco
ABC
Brasil
SA
245,358
27,900
Banco
do
Brasil
SA
145,352
190,200
BR
Malls
Participacoes
SA
351,516
11,200
Braskem
SA
a
43,973
25,800
Cosan
SA
286,234
77,200
EDP
-
Energias
do
Brasil
SA
240,917
12,830
Embraer
SA
ADR
a
81,214
62,257
Gerdau
SA
ADR
133,853
23,100
GOL
Linhas
Aereas
Inteligentes
SA
a
52,547
58,600
Iochpe-Maxion
SA
140,522
63,852
Itau
Unibanco
Holding
SA
ADR
268,817
397,900
Metalurgica
Gerdau
SA
379,029
31,400
Petrobras
Distribuidora
SA
113,927
131,390
Petroleo
Brasileiro
SA
436,364
39,439
Petroleo
Brasileiro
SA
ADR
272,524
2,400
Raia
Drogasil
SA
46,505
91,500
Randon
SA
Implementos
e
Participacoes
145,548
23,100
Rumo
SA
a
83,685
15,800
Tupy
SA
43,583
11,230
Vale
SA
ADR
92,647
Total
3,771,775
Canada
(6.5%)
51,925
Alaris
Royalty
Corporation
378,260
49,830
Allied
Properties
REIT
1,595,190
35,409
Bank
of
Montreal
1,800,277
67,939
Barrick
Gold
Corporation
1,748,809
17,634
Canadian
Natural
Resources,
Ltd.
295,304
99,762
CGI,
Inc.
a
6,362,206
400,644
CI
Financial
Corporation
4,256,995
30,378
First
Quantum
Minerals,
Ltd.
185,504
106,951
Granite
REIT
4,886,730
103,580
Laurentian
Bank
of
Canada
2,313,519
218,680
Manulife
Financial
Corporation
2,754,022
149,467
Northland
Power,
Inc.
3,207,428
46,050
Onex
Corporation
2,122,611
49,291
Peyto
Exploration
&
Development
Corporation
99,506
32,981
Power
Corporation
of
Canada
527,431
95,046
Quebecor,
Inc.
2,069,646
38,366
RioCan
REIT
438,248
666
Shopify
Inc.
a
421,105
96,262
Sun
Life
Financial,
Inc.
3,299,443
9,475
Suncor
Energy,
Inc.
168,950
8,015
TC
Energy
Corporation
368,865
9,738
TMX
Group,
Ltd.
843,640
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
65
Shares
Common
Stock
(
92
.2
%
)
Value
Canada
(6.5%)
-
continued
185,178
Toronto-Dominion
Bank
$
7,737,313
Total
47,881,002
Cayman
Islands
(1.7%)
70,000
3SBio,
Inc.
a,c
70,967
22,100
ASM
Pacific
Technology,
Ltd.
223,314
3,000
Ausnutria
Dairy
Corporation,
Ltd.
5,533
8,069
Baidu.com,
Inc.
ADR
a
814,404
28,600
Budweiser
Brewing
Company
APAC,
Ltd.
a,c
77,718
45,000
Central
China
Real
Estate,
Ltd.
22,938
129,000
China
Aoyuan
Group,
Ltd.
151,566
17,000
China
Mengniu
Dairy
Company,
Ltd.
60,199
200,000
China
Resources
Land,
Ltd.
826,441
65,000
China
Shineway
Pharmaceutical
Group,
Ltd.
48,175
140,000
Consun
Pharmaceutical
Group,
Ltd.
71,575
58,000
Fu
Shou
Yuan
International
Group,
Ltd.
52,450
113,000
Goodbaby
International
Holdings,
Ltd.
a
11,567
157,000
IGG,
Inc.
99,821
126,500
Kingboard
Holdings,
Ltd.
308,604
37,500
Longfor
Group
Holdings,
Ltd.
c
190,651
10,800
Meituan
Dianping
a
144,602
2,464
NetEase,
Inc.
ADR
849,982
4,229
New
Oriental
Education
&
Technology
Group,
Inc.
ADR
a
539,874
18,671
NIO,
Inc.
ADR
a
63,668
1,196
Pinduoduo,
Inc.
ADR
a
56,738
143,200
Sands
China,
Ltd.
579,745
1,502,000
Shui
On
Land,
Ltd.
266,100
31,000
SITC
International
Holdings
Company,
Ltd.
30,624
11,000
Sunny
Optical
Technology
(Group)
Company,
Ltd.
153,181
4,425
TAL
Education
Group
ADR
a
239,791
100,890
Tencent
Holdings,
Ltd.
5,303,731
116,000
Tingyi
(Cayman
Islands)
Holding
Corporation
205,911
2,732
Trip.com
Group,
Ltd.
ADR
a
70,376
371,000
Value
Partners
Group,
Ltd.
147,255
8,000
Vinda
International
Holdings,
Ltd.
23,950
23,000
Wisdom
Marine
Lines
Company,
Ltd.
19,343
4,000
Wuxi
Biologics
(Cayman),
Inc.
a,c
62,266
203,600
Wynn
Macau,
Ltd.
351,592
133,800
Xiaomi
Corporation
a,c
175,491
4,071
ZTO
Express,
Inc.
ADR
121,153
Total
12,441,296
Chile
(0.1%)
14,029
Banco
Santander
Chile
SA
ADR
235,968
39,773
CAP
SA
a
194,125
Total
430,093
China
(2.6%)
24,500
360
Security
Technology,
Inc.
63,816
28,642
Alibaba
Group
Holding,
Ltd.
ADR
a
5,804,874
11,500
Anhui
Conch
Cement
Company,
Ltd.,
Class
A
96,425
81,000
Anhui
Conch
Cement
Company,
Ltd.,
Class
H
638,716
362
Autohome, 
Inc.
 ADR
29,738
683,000
Bank
of
China,
Ltd.
260,020
Shares
Common
Stock
(
92
.2
%
)
Value
China
(2.6%)
-
continued
977,000
Bank
of
Communications
Company,
Ltd.
$
619,131
44,400
Beijing
SL
Pharmaceutical
Company,
Ltd.
69,195
811,000
China
Coal
Energy
Company,
Ltd.
216,972
1,212,000
China
Construction
Bank
Corporation
972,829
168,000
China
Everbright
Bank
Company,
Ltd.
71,291
28,500
China
Merchants
Bank
Company,
Ltd.
134,871
18,400
China
National
Accord
Medicines
Corporation,
Ltd.
106,323
238,000
China
National
Building
Material
Company,
Ltd.
297,297
6,286
China
Petroleum
&
Chemical
Corporation
ADR
312,288
146,300
China
Resources
Double-Crane
Pharmaceutical
Company,
Ltd.
262,391
61,687
China
Resources
Sanjiu
Medical
and
Pharmaceutical
Company,
Ltd.
251,486
2,402,000
China
Telecom
Corporation,
Ltd.
829,652
488,000
China
Tower
Corporation,
Ltd.
a,c
108,602
126,200
China
Vanke
Company,
Ltd.
424,124
18,100
China
Vanke
Company,
Ltd.
67,920
146,899
China
Yangtze
Power
Company,
Ltd.
361,850
353,000
CNOOC,
Ltd.
390,285
13,700
CSC
Financial
Company,
Ltd.
66,729
30,000
Foxconn
Industrial
Internet
Company,
Ltd.
61,792
1,100
GigaDevice
Semiconductor
(Beijing),
Inc.
42,743
67,300
Huaan
Securities
Company,
Ltd.
67,998
60,274
Hualan
Biological
Engineering,
Inc.
330,006
921,000
Industrial
and
Commercial
Bank
of
China,
Ltd.
617,539
181,061
Inner
Mongolia
Eerduosi
Resources
Company,
Ltd.
190,847
22,088
JD.com,
Inc.
ADR
a
951,993
76,000
Jiangxi
Copper
Company,
Ltd.
73,937
3,202
Kweichow
Moutai
Company,
Ltd.
570,417
19,600
Livzon
Pharmaceutical
Group,
Inc.
109,346
19,664
Midea
Group
Company,
Ltd.
147,351
165,168
Ping
An
Insurance
Company
of
China,
Ltd.
1,680,793
17,000
Shandong
Gold
Mining
Company,
Ltd.
86,518
140,000
Shandong
Weigao
Group
Medical
Polymer
Company,
Ltd.
212,680
4,100
Shanghai
Haohai
Biological
Technology
Company,
Ltd.
c
19,965
60,200
Shanghai
Pharmaceuticals
Holding
Company,
Ltd.
105,964
33,600
Sinopharm
Group
Company,
Ltd.
90,598
189,000
Tong
Ren
Tang
Technologies
Company,
Ltd.
149,756
14,000
Tsingtao
Brewery
Company,
Ltd.
85,049
10,656
Vipshop
Holdings,
Ltd.
ADR
a
169,750
2,100
Will
Semiconductor,
Ltd.
57,000
27,400
Winning
Health
Technology
Group
Company,
Ltd.
97,847
6,600
Wuliangye
Yibin
Company,
Ltd.
125,566
291,000
Xiamen
C&D,
Inc.
342,578
233,700
Zoomlion
Heavy
Industry
Science
and
Technology
Company,
Ltd.
210,515
19,000
ZTE
Corporation
a
53,554
Total
19,108,927
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
66
Shares
Common
Stock
(
92
.2
%
)
Value
Colombia
(<0.1%)
1,462
Bancolombia
SA
ADR
$
38,158
Total
38,158
Czech
Republic
(<0.1%)
33
Philip
Morris
CR
a
18,840
Total
18,840
Denmark
(1.9%)
14,306
Coloplast
AS
2,256,398
18,930
DSV
AS
1,966,831
129,198
Novo
Nordisk
AS
8,241,544
3,503
Per
Aarsleff
Holding
AS
102,852
13,214
Scandinavian
Tobacco
Group
AS
c
151,854
3,059
SimCorp
AS
282,556
19,199
Topdanmark
AS
775,013
Total
13,777,048
Egypt
(<0.1%)
113,700
EFG
Hermes
Holding
Company
81,359
Total
81,359
Finland
(0.6%)
36,098
Kesko
Oyj
588,187
14,741
Raisio
Oyj
54,710
105,675
UPM-Kymmene
Oyj
2,898,168
15,833
Uponor
Oyj
177,535
20,009
Valmet
Oyj
a
457,590
Total
4,176,190
France
(4.7%)
122
Albioma
SA
4,041
4,983
Beneteau
SA
31,553
41,063
CNP
Assurances
a
423,637
51,950
Coface
SA
305,554
25,052
Credit
Agricole
SA
201,506
36,974
Derichebourg
103,750
7,479
Elis
SA
92,187
79,462
Engie
862,132
3,333
Gaztransport
Et
Technigaz
SA
241,634
2,355
Hermes
International
1,721,678
8,576
Innate
Pharma
SA
a
60,346
4,542
Jacquet
Metal
Service
46,288
7,184
Kaufman
&
Broad
SA
259,627
11,713
Klepierre
SA
237,785
110,128
Legrand
SA
7,424,495
9,083
L'Oreal
SA
a
2,640,813
13,312
LVMH
Moet
Hennessy
Louis
Vuitton
SE
5,146,346
16,992
Metropole
Television
SA
189,136
300
Nexans
SA
10,685
10,177
Quadient
SAS
140,543
86,670
Rexel
SA
809,482
4,849
Sanofi
473,622
86,543
Schneider
Electric
SE
a
7,997,679
6,076
Societe
BIC
SA
303,941
1,384
Sopra
Group
SA
163,867
102,785
Total
SA
3,648,102
15,523
Vinci
SA
1,271,681
327
Virbac
SA
a
64,483
Total
34,876,593
Germany
(5.0%)
9,820
Adidas
AG
2,248,127
Shares
Common
Stock
(
92
.2
%
)
Value
Germany
(5.0%)
-
continued
3,361
ADVA
Optical
Networking
SE
a
$
21,986
53,327
Allianz
SE
9,813,883
76,892
Alstria
Office
REIT
AG
1,152,593
435
Amadeus
Fire
AG
44,796
3,790
Aurubis
AG
196,476
23,153
Bayer
AG
1,522,765
6,338
Bechtle
AG
916,590
12,305
CANCOM
SE
626,462
14,607
Daimler
AG
499,606
37,151
Deutsche
Boerse
AG
5,759,858
268,661
Deutsche
Pfandbriefbank
AG
c
1,974,699
58,068
Deutsche
Telekom
AG
a
848,937
42,125
Deutz
AG
161,918
16,184
Dialog
Semiconductor
plc
a
508,259
2,082
Eckert
&
Ziegler
Strahlen-
und
Medizintechnik
AG
299,627
37,306
Freenet
AG
707,723
17,209
Gerresheimer
AG
1,368,626
10,643
Hamburger
Hafen
und
Logistik
AG
173,169
2,975
HelloFresh
SE
a
106,039
21,829
Jungheinrich
AG
394,198
859
Nemetschek
SE
54,044
988
New
Work
SE
234,820
835
Rheinmetall
AG
56,512
3,168
Rocket
Internet
SE
a,c
66,641
17,446
SAP
SE
2,077,954
5,077
Siltronic
AG
434,644
8,177
Software
AG
290,357
494
STO
SE
&
Company
49,748
174,851
TAG
Immobilien
AG
3,829,897
17,729
Takkt
AG
144,054
Total
36,585,008
Greece
(<0.1%)
48,088
Alpha
Bank
AE
a
35,115
4,490
Hellenic
Telecommunications
Organization
SA
59,320
3,990
Motor
Oil
(Hellas)
Diilistiria
Korinthou
AE
59,120
33,678
Mytilineos
SA
251,135
Total
404,690
Hong
Kong
(1.5%)
309,529
AIA
Group,
Ltd.
2,840,786
90,000
China
Mobile,
Ltd.
723,515
132,500
China
Resources
Pharmaceutical
Group,
Ltd.
c
83,214
154,000
China
Traditional
Chinese
Medicine
Holdings
Company,
Ltd.
67,592
605,000
CITIC
Telecom
International
Holdings,
Ltd.
223,872
811,000
CITIC,
Ltd.
842,308
68,000
CSPC
Pharmaceutical
Group,
Ltd.
134,621
122,000
Far
East
Horizon,
Ltd.
98,763
89,500
Fosun
International,
Ltd.
112,364
312,000
Galaxy
Entertainment
Group,
Ltd.
2,006,630
203,778
Hang
Lung
Group,
Ltd.
465,442
21,100
Hong
Kong
Exchanges
&
Clearing,
Ltd.
676,512
54,000
Hysan
Development
Company,
Ltd.
180,153
6,300
Link
REIT
56,160
262,000
Melco
International
Development,
Ltd.
489,761
148,000
MMG,
Ltd.
a
25,612
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
67
Shares
Common
Stock
(
92
.2
%
)
Value
Hong
Kong
(1.5%)
-
continued
409,000
New
World
Development
Company,
Ltd.
$
483,211
131,000
Shanghai
Industrial
Holdings,
Ltd.
222,868
390,000
Shun
Tak
Holdings,
Ltd.
136,400
143,000
Sun
Hung
Kai
&
Company,
Ltd.
58,776
40,500
Sun
Hung
Kai
Properties,
Ltd.
553,790
144,000
United
Laboratories
International
Holdings
124,383
1,662,000
Yuexiu
Property
Company,
Ltd.
315,995
Total
10,922,728
India
(1.0%)
16,029
Alembic
Pharmaceuticals,
Ltd.
156,643
41,807
Amara
Raja
Batteries,
Ltd.
314,933
5,096
Asian
Paints,
Ltd.
118,905
9,981
Bajaj
Auto,
Ltd.
347,090
7,841
Bharti
Airtel,
Ltd.
a
53,398
56,542
Coal
India,
Ltd.
110,564
12,580
Divi's
Laboratories,
Ltd.
387,906
1,415
Dr.
Lal
PathLabs,
Ltd.
c
29,426
7,464
Dr.
Reddy's
Laboratories,
Ltd.
ADR
382,082
203
Gillette
India,
Ltd.
14,360
37,140
Granules
India,
Ltd.
78,581
7,840
Greaves
Cotton,
Ltd.
a
8,219
115,766
HCL
Technologies,
Ltd.
830,262
28,331
Heidelberg
Cement
India,
Ltd.
58,486
5,772
Hindustan
Unilever,
Ltd.
167,131
38,017
Housing
Development
Finance
Corporation
961,633
3,819
ICICI
Bank,
Ltd.
ADR
37,273
22,700
Infosys,
Ltd.
ADR
209,521
50,497
Jindal
Saw,
Ltd.
37,049
2,912
Maruti
Suzuki
India,
Ltd.
206,728
6,998
Mindtree,
Ltd.
84,719
4,554
Multi
Commodity
Exchange
of
India,
Ltd.
64,386
933
Nestle
India,
Ltd.
221,309
2,041
NIIT
Technologies,
Ltd.
32,428
184,447
Oil
and
Natural
Gas
Corporation,
Ltd.
195,184
5,288
Persistent
Systems,
Ltd.
33,214
12,680
Polycab
India,
Ltd.
120,855
6,569
PVR,
Ltd.
88,026
32,556
Reliance
Industries,
Ltd.
632,987
14,165
Syngene
International,
Ltd.
c
59,985
20,893
Tata
Consultancy
Services,
Ltd.
553,087
29,113
Tata
Elxsi,
Ltd.
308,907
59,162
Tech
Mahindra,
Ltd.
425,498
123,248
Wipro,
Ltd.
ADR
405,486
Total
7,736,261
Indonesia
(0.1%)
1,253,190
Astra
International
Tbk
PT
320,524
273,500
Industri
Jamu
Dan
Farmasi
Sido
Muncul
Tbk
PT
23,181
694,500
Media
Nusantara
Citra
Tbk
PT
42,354
990,600
Mitra
Adiperkasa
Tbk
PT
43,275
872,300
PT
PP
(Persero)
Tbk
38,797
11,512
Telekomunikasi
Indonesia
Persero
Tbk
PT
ADR
249,695
824,900
Wijaya
Karya
Persero
Tbk
PT
52,165
Total
769,991
Ireland
(0.1%)
59,218
Glanbia
plc
630,219
101,212
Greencore
Group
plc
231,802
Shares
Common
Stock
(
92
.2
%
)
Value
Ireland
(0.1%)
-
continued
38,565
Hibernia
REIT
plc
$
50,165
Total
912,186
Israel
(1.2%)
338,295
Bank
Leumi
Le-Israel
BM
1,822,768
52,494
First
International
Bank
of
Israel,
Ltd.
1,294,890
1,470,817
Israel
Discount
Bank,
Ltd.
4,771,792
459
Paz
Oil
Company,
Ltd.
a
39,996
59,116
Plus500,
Ltd.
926,538
Total
8,855,984
Italy
(2.1%)
410,507
A2A
SPA
559,609
5,183
Acea 
SPA
86,632
10,063
Amplifon
SPA
230,356
61,204
Anima
Holding
SPA
c
216,679
14,625
ASTM
SPA
286,022
24,970
Azimut
Holding
SPA
425,533
36,812
Banca
Generali
SPA
915,169
17,830
Banca
Popolare
Di
Sondrio
SCRL
28,307
20,439
Buzzi
Unicem
SPA
400,995
16,157
Cerved
Information
Solutions
SPA
110,070
5,927
DiaSorin
SPA
1,010,687
437,031
Enel
SPA
2,985,131
48,880
Eni
SPA
465,649
16,321
Falck
Renewables
SPA
80,219
83,237
Hera
SPA
308,123
345,121
Intesa
Sanpaolo
SPA
538,910
122,946
Iren
SPA
303,170
75,979
Italgas
SPA
425,699
7,167
La
Doria
SPA
76,079
504,168
Piaggio
&
C.
SPA
1,155,877
74,271
Recordati
SPA
3,234,345
2,019
Reply
SPA
141,338
1,169,081
Telecom
Italia
SPA
a
464,255
2,634
Tinexta
SPA
35,042
87,580
UniCredit
SPA
a
676,363
14,861
Unipol
Gruppo
SPA
51,277
Total
15,211,536
Japan
(20.7%)
7,100
Adeka
Corporation
89,156
7,900
Advantest
Corporation
383,319
2,600
Aeon
Company,
Ltd.
52,342
7,000
Aica
Kogyo
Company,
Ltd.
201,716
26,400
Aichi
Corporation
176,794
65,500
Air
Water,
Inc.
883,052
100
Alpen
Company,
Ltd.
1,534
10,600
AOKI
Holdings,
Inc.
64,400
1,400
Arata
Corporation
57,821
8,000
Arcland
Sakamoto
Company,
Ltd.
76,286
6,600
Arcs
Company,
Ltd.
123,836
2,200
Argo
Graphics,
Inc.
68,905
2,900
Asahi
Holdings,
Inc.
65,528
2,800
Asahi
Intecc
Company,
Ltd.
74,175
1,800
ASKUL
Corporation
51,392
44,000
Astellas
Pharmaceutical,
Inc.
727,723
9,900
Autobacs
Seven
Company,
Ltd.
115,607
3,300
Avex,
Inc.
24,978
7,100
BayCurrent
Consulting,
Inc.
402,347
200
Bengo4.com,
Inc.
a
12,650
2,000
BML,
Inc.
51,307
30,100
Bridgestone
Corporation
936,932
21,400
Bunka
Shutter
Company,
Ltd.
156,232
15,500
Canon
Electronics,
Inc.
227,005
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
68
Shares
Common
Stock
(
92
.2
%
)
Value
Japan
(20.7%)
-
continued
9,500
Central
Glass
Company,
Ltd.
$
162,814
46,600
Chiyoda
Company,
Ltd.
446,406
2,800
Chiyoda
Integre
Company,
Ltd.
45,582
16,500
Chugai
Pharmaceutical
Company,
Ltd.
1,966,828
125,721
Citizen
Watch
Company,
Ltd.
443,713
4,500
Cocokara
Fine,
Inc.
212,225
12,400
Computer
Engineering
&
Consulting,
Ltd.
189,701
1,300
CONEXIO
Corporation
17,485
3,500
Cosel
Company,
Ltd.
29,291
700
Create
SD
Holdings
Company,
Ltd.
19,945
1,500
Cybozu,
Inc.
29,046
1,000
Daiichi
Jitsugyo
Company,
Ltd.
33,810
22,800
Daiichi
Sankyo
Company,
Ltd.
1,567,301
11,500
Daiichikosho
Company,
Ltd.
345,164
1,900
Daikin
Industries,
Ltd.
243,829
7,000
Daiseki
Company,
Ltd.
154,648
21,677
Daito
Trust
Construction
Company,
Ltd.
2,061,167
85,400
DCM
Holdings
Company,
Ltd.
834,455
3,200
Demae-Can
Co.,
Ltd
42,670
97,200
Dena
Company,
Ltd.
1,196,541
107,600
Denso
Corporation
3,782,328
16,400
Dexerials
Corporation
107,690
600
DISCO
Corporation
133,989
4,900
Doshisha
Company,
Ltd.
60,286
2,600
Doutor
Nichires
Holdings
Company,
Ltd.
39,348
700
DOWA
Holdings
Company,
Ltd.
19,361
66,518
DTS
Corporation
1,274,875
800
Earth
Chemical
Company,
Ltd.
46,403
3,400
Ebara
Corporation
74,958
29,900
EDION
Corporation
259,899
7,400
Eisai
Company,
Ltd.
516,601
15,400
EPS
Holdings,
Inc.
160,163
134,400
Exedy
Corporation
2,165,469
1,000
Ezaki
Glico
Company,
Ltd.
43,920
35,100
F@N
Communications,
Inc.
147,485
1,500
Fancl
Corporation
35,960
1,400
Fast
Retailing
Company,
Ltd.
663,946
24,000
Fuji
Oil
Holdings,
Inc.
559,913
44,000
Fuji
Soft,
Inc.
1,548,839
1,800
Fujibo
Holdings,
Inc.
48,124
400
Fujicco
Company,
Ltd.
7,190
7,000
FUJIFILM
Holdings
NPV
333,428
52
Fukuoka
REIT
Corporation
52,300
2,800
Fuyo
General
Lease
Company,
Ltd.
139,998
20,400
Glory,
Ltd.
458,474
1,200
GMO
Payment
Gateway,
Inc.
106,979
15,300
Goldcrest
Company,
Ltd.
230,802
92,100
Gree,
Inc.
362,073
122,640
GS
Yuasa
Corporation
1,742,797
22,500
Hachijuni
Bank,
Ltd.
80,344
400
Hamakyorex
Company,
Ltd.
10,934
139,200
Hanwa
Company,
Ltd.
2,211,341
517
Heiwa
Real
Estate
REIT,
Inc.
455,990
500
Hitachi
High-Technologies
Corporation
37,236
12,800
Hogy
Medical
Company,
Ltd.
400,247
85,200
Hokuetsu
Corporation
336,460
16
Hoshino
Resorts
REIT,
Inc.
54,414
3,200
House
Foods
Group,
Inc.
100,784
15,400
Hoya
Corporation
1,404,378
33,300
IBIDEN
Company,
Ltd.
851,149
476
Ichigo
Real
Estate
Investment
Corporation
300,074
18,500
Iida
Group
Holdings
Company,
Ltd.
245,726
Shares
Common
Stock
(
92
.2
%
)
Value
Japan
(20.7%)
-
continued
2,800
Inabata
&
Company,
Ltd.
$
31,057
16,500
INES
Corporation
216,345
1,287
Invincible
Investment
Corporation
329,295
2,000
Itochu
Enex
Company,
Ltd.
14,850
5,800
Izumi
Company,
Ltd.
169,780
13,100
Japan
Aviation
Electronics
Industry,
Ltd.
169,942
17,000
Japan
Exchange
Group,
Inc.
316,207
1,707
Japan
Hotel
REIT
Investment
Corporation
566,561
38,100
Japan
Lifeline
Company,
Ltd.
448,059
133,500
Japan
Post
Bank
Company,
Ltd.
1,239,572
106,800
Japan
Post
Holdings
Company,
Ltd.
854,282
142,800
JVCKENWOOD
Corporation
226,975
688,512
JXTG
Holdings,
Inc.
2,441,023
900
Kaga
Electronics
Company,
Ltd.
16,275
5,600
Kaken
Pharmaceutical
Company,
Ltd.
308,232
280,056
Kandenko
Company,
Ltd.
2,343,524
2,800
Kanematsu
Electronics,
Ltd.
94,952
17,171
Kao
Corporation
1,324,165
47,000
KDDI
Corporation
1,361,322
589
Kenedix
Retail
REIT
Corporation
923,336
17,300
Kenedix,
Inc.
78,177
6,900
Keyence
Corporation
2,463,384
600
Kikkoman
Corporation
27,570
112,100
Kinden
Corporation
1,803,812
3,400
Kirin
Holdings
Company,
Ltd.
65,614
21,600
KITZ
Corporation
132,497
23,600
KLab,
Inc.
a
159,714
2,600
Kobayashi
Pharmaceutical
Company,
Ltd.
241,014
1,000
Kobe
Bussan
Company,
Ltd.
48,309
1,800
Koei
Tecmo
Holdings
Company,
Ltd.
47,351
21,600
Kohnan
Shoji
Company,
Ltd.
501,329
36,300
Kokuyo
Company,
Ltd.
443,796
41,500
KOMERI
Company,
Ltd.
806,073
32,000
Konoike
Transport
Company,
Ltd.
344,959
400
KOSE
Corporation
50,005
85,900
K's
Holdings
Corporation
935,844
7,500
Kureha
Corporation
302,495
9,000
Kyokuto
Kaihatsu
Kogyo
Company,
Ltd.
104,969
43,300
KYORIN
Holdings,
Inc.
899,809
4,300
Lasertec
Corporation
284,387
33,100
Lintec
Corporation
710,308
2,100
Lion
Corporation
44,147
17,300
M3,
Inc.
624,426
14,600
Macnica
Fuji
Electronics
Holdings,
Inc.
198,741
12,100
Mandom
Corporation
232,522
85,300
Marubeni
Corporation
410,791
10,614
Maruichi
Steel
Tube,
Ltd.
238,655
33,600
Matsumotokiyoshi
Holdings
Company,
Ltd.
1,156,466
442
MCUBS
MidCity
Investment
Corporation
306,778
3,000
Megmilk
Snow
Brand
Company,
Ltd.
68,450
11,400
Meiko
Network
Japan
Company,
Ltd.
82,828
400
Ministop
Company,
Ltd.
5,519
17,800
MIRAIT
Holdings
Corporation
229,936
220,600
Mitsubishi
Corporation
4,678,483
2,400
Mitsubishi
Logistics
Corporation
52,990
31,400
Mitsubishi
Materials
Corporation
643,146
3,000
Mitsubishi
Pencil
Company,
Ltd.
37,547
3,100
Mitsubishi
Research
Institute,
Inc.
105,046
6,900
Mitsubishi
Shokuhin
Company,
Ltd.
174,136
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
69
Shares
Common
Stock
(
92
.2
%
)
Value
Japan
(20.7%)
-
continued
498,600
Mitsubishi
UFJ
Financial
Group,
Inc.
$
2,014,344
356,700
Mitsui
&
Company,
Ltd.
4,978,941
4,800
Mitsui
Mining
and
Smelting
Company,
Ltd.
89,555
4,200
Mitsui
Sugar
Company,
Ltd.
83,796
7,300
Mixi,
Inc.
125,955
559,800
Mizuho
Financial
Group,
Inc.
651,842
15
MORI
TRUST
Hotel
REIT,
Inc.
11,549
5,300
Morinaga
Milk
Industry
Company,
Ltd.
205,418
16,300
MS
and
AD
Insurance
Group
Holdings,
Inc.
469,604
16,400
Murata
Manufacturing
Company,
Ltd.
924,091
5,000
Nagase
&
Company,
Ltd.
60,143
22,400
NEC
Networks
&
System
Integration
Corporation
963,913
15,700
NEXON
Company,
Ltd.
253,492
4,000
Nichiha
Corporation
73,068
64,500
Nichi-Iko
Pharmaceutical
Company,
Ltd.
838,619
18,200
Nichirei
Corporation
455,286
3,000
Nidec
Corporation
174,642
9,700
Nihon
Chouzai
Company,
Ltd.
160,466
21,800
Nihon
Unisys,
Ltd.
630,476
5,500
Nikkiso
Company,
Ltd.
42,795
14,400
Nikkon
Holdings
Company,
Ltd.
279,612
3,800
Nintendo
Company,
Ltd.
1,569,112
15,300
Nippon
Electric
Glass
Company,
Ltd.
222,886
15,500
Nippon
Flour
Mills
Company,
Ltd.
244,004
1,686,656
Nippon
Light
Metal
Holdings
Company,
Ltd.
2,656,345
21
Nippon
REIT
Investment
Corporation
62,550
134,345
Nippon
Steel
Corporation
1,130,329
31,900
Nippon
Steel
Trading
Corporation
1,005,017
47,100
Nippon
Suisan
Kaisha,
Ltd.
209,570
13,200
Nippon
Telegraph
&
Telephone
Corporation
300,612
16,183
Nishimatsu
Construction
Company,
Ltd.
306,438
5,500
Nishio
Rent
All
Company,
Ltd.
113,250
85,778
Nissan
Motor
Company,
Ltd.
291,970
17,000
Nisshin
Oillio
Group,
Ltd.
559,061
2,200
Nitto
Kogyo
Corporation
37,063
600
Noevir
Holdings
Company,
Ltd.
28,106
6,300
Nojima
Corporation
109,198
4,800
Nomura
Company,
Ltd.
36,361
13,700
Nomura
Holdings,
Inc.
56,850
9,200
Nomura
Research
Institute,
Ltd.
225,225
2,200
Noritake
Company,
Ltd.
72,051
31,900
NSD
Company,
Ltd.
451,713
64,800
NTT
DOCOMO,
Inc.
1,909,735
4,600
OBIC
Business
Consultants
Company,
Ltd.
205,685
2,600
OBIC
Company,
Ltd.
390,160
2,400
Okamura
Corporation
17,345
3,100
Oki
Electric
Industry
Company,
Ltd.
29,819
14,275
Okinawa
Electric
Power
Company,
Inc.
260,319
38,400
Olympus
Corporation
a
609,288
700
Ono
Pharmaceutical
Company,
Ltd.
16,865
201,300
Onward
Holdings
Company,
Ltd.
629,805
13,300
Open
House
Company,
Ltd.
289,915
700
OPTiM
Corporation
a
13,867
8,700
Oracle
Corporation
Japan
895,648
1,200
Organo
Corporation
63,735
6,200
Oriental
Land
Company,
Ltd.
783,961
25,600
Otsuka
Corporation
1,159,109
Shares
Common
Stock
(
92
.2
%
)
Value
Japan
(20.7%)
-
continued
6,000
Paramount
Bed
Holdings
Company,
Ltd.
$
247,523
29,598
Park24
Company,
Ltd.
464,718
559
Premier
Investment
Corporation
561,343
10,400
Prima
Meat
Packers,
Ltd.
235,815
500
Qol
Holdings
Company,
Ltd.
5,528
31,516
Recruit
Holdings
Company,
Ltd.
919,359
14,300
Relia,
Inc.
150,738
18,300
Rengo
Company,
Ltd.
142,569
2,600
Restar
Holdings
Corporation
41,934
22,900
Rinnai
Corporation
1,734,572
82,800
Riso
Kyoiku
Corporation,
Ltd.
196,717
3,000
ROHTO
Pharmaceutical
Company,
Ltd.
87,287
800
Ryosan
Company,
Ltd.
17,494
9,700
Saint
Marc
Holdings
Company,
Ltd.
161,965
2,500
Saizeriya
Company,
Ltd.
49,557
31,300
Samty
Corporation,
Ltd.
404,924
13,000
Sanki
Engineering
Company,
Ltd.
146,585
39,100
Sanyo
Special
Steel
Company,
Ltd.
341,411
14,800
Sato
Holdings
Corporation
304,344
20,500
Sawai
Pharmaceutical
Company,
Ltd.
1,119,388
15,300
SCSK
Corporation
692,622
28,500
Seiko
Holdings
Corporation
473,201
20,200
Seino
Holdings
Company,
Ltd.
240,483
400
SEIREN
Company,
Ltd.
4,736
20,300
Senko
Group
Holdings
Company,
Ltd.
165,442
8,500
Seven
&
I
Holdings
Company,
Ltd.
281,495
12,900
Shimachu
Company,
Ltd.
322,163
15,300
SHIMAMURA
Company,
Ltd.
964,610
8,200
Shin-Etsu
Chemical
Company,
Ltd.
904,477
32,200
Shinko
Electric
Industries
Company,
Ltd.
401,926
1,200
Shionogi
&
Company,
Ltd.
66,273
14,091
Shiseido
Company,
Ltd.
828,456
400
Showa
Sangyo
Company,
Ltd.
11,979
66,300
SKY
Perfect
JSAT
Holdings,
Inc.
249,246
900
SMC
Corporation
406,820
117,200
SoftBank
Corporation
1,596,027
44,100
SoftBank
Group
Corporation
1,890,242
545,200
Sojitz
Corporation
1,261,777
22,300
Sony
Corporation
1,435,097
84
Star
Asia
Investment
Corporation
REIT
66,490
3,700
Starts
Corporation,
Inc.
71,577
200
Strike
Company,
Ltd.
8,088
25,900
Sugi
Holdings
Company,
Ltd.
1,561,823
307,500
Sumitomo
Chemical
Company,
Ltd.
943,164
93,700
Sumitomo
Corporation
1,059,953
443,100
Sumitomo
Electric
Industries,
Ltd.
4,558,813
8,700
Sumitomo
Forestry
Company,
Ltd.
107,481
17,500
Sumitomo
Mitsui
Financial
Group,
Inc.
460,202
8,000
Sumitomo
Osaka
Cement
Company,
Ltd.
260,328
132,800
Sumitomo
Rubber
Industries,
Ltd.
1,289,029
22,000
Sumitomo
Warehouse
Company,
Ltd.
251,125
85,376
Sundrug
Company,
Ltd.
2,923,144
4,200
Sysmex
Corporation
290,166
12,900
Taiho
Kogyo
Company,
Ltd.
62,063
800
Taikisha,
Ltd.
23,299
91,800
Takara
Leben
Company,
Ltd.
300,622
66,000
Takeda
Pharmaceutical
Company,
Ltd.
2,380,056
15,000
Takuma
Company,
Ltd.
162,175
18,700
TANSEISHA
Company,
Ltd.
119,932
20,100
Terumo
Corporation
666,971
1,500
T-GAIA
Corporation
29,799
72,800
TIS,
Inc.
1,388,251
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
70
Shares
Common
Stock
(
92
.2
%
)
Value
Japan
(20.7%)
-
continued
1,700
TKC
Corporation
$
83,954
5,000
Toa
Corporation
65,570
15,800
Toho
Holdings
Company,
Ltd.
327,218
13,400
Tokio
Marine
Holdings,
Inc.
628,671
6,400
Tokyo
Electron,
Ltd.
1,363,079
1,900
Tokyo
Seimitsu
Company,
Ltd.
61,459
11,700
Topre
Corporation
135,343
266,000
Toray
Industries,
Inc.
1,219,533
40,300
Tosei
Corporation
391,106
18,900
Towa
Pharmaceutical
Company,
Ltd.
389,666
11,300
Toyo
Tanso
Company,
Ltd.
155,184
21,900
Toyota
Motor
Corporation
1,354,008
11,400
Transcosmos,
Inc.
227,471
40,900
Tsubakimoto
Chain
Company
957,980
178,100
TV
Asahi
Holdings
Corporation
2,643,829
80,300
Ube
Industries,
Ltd.
1,346,583
18,651
Unicharm
Corporation
687,355
11,500
Universal
Entertainment
Corporation
188,602
21,100
Ushio,
Inc.
222,492
500
Valor
Company,
Ltd.
9,286
20,400
Wakita
&
Company,
Ltd.
187,963
1,700
Welcia
Holdings
Company,
Ltd.
123,417
300
Yakult
Honsha
Company,
Ltd.
17,427
16,900
Yellow
Hat,
Ltd.
234,812
8,700
Zenrin
Company,
Ltd.
91,708
Total
151,897,794
Jersey
(0.3%)
306,216
boohoo
group
plc
a
1,244,280
16,228
IWG
plc
48,527
453,969
Man
Group
plc
760,579
5,732
Sanne
Group
PLC
46,715
Total
2,100,101
Luxembourg
(<0.1%)
25,152
B&M
European
Value
Retail
SA
105,184
Total
105,184
Malaysia
(0.1%)
5,700
AEON
Credit
Service
(M)
Berhad
12,023
73,600
Berjaya
Sports
Toto
Berhad
39,567
22,200
Kuala
Lumpur
Kepong
Berhad
107,885
132,100
PETRONAS
Chemicals
Group
Berhad
170,995
47,800
Public
Bank
Berhad
181,667
751,509
Sapura
Energy
Berhad
14,732
183,200
Serba
Dinamik
Holdings
Berhad
67,208
50,300
Yinson
Holdings
Berhad
60,489
Total
654,566
Mexico
(0.2%)
7,986
America
Movil
SAB
de
CV
ADR
96,151
333,500
Corporacion
Inmobiliaria
Vesta,
SAB
de
CV
456,918
3,210
Fomento
Economico
Mexicano
SAB
de
CV
ADR
206,499
94,930
Grupo
Financiero
Banorte
SAB
de
CV
ADR
259,885
9,035
Industrias
Penoles,
SAB
de
CV
69,166
169,800
Wal-Mart
de
Mexico,
SAB
de
CV
409,828
Total
1,498,447
Netherlands
(4.3%)
89,248
Aalberts
NV
a
2,513,209
Shares
Common
Stock
(
92
.2
%
)
Value
Netherlands
(4.3%)
-
continued
27,195
ASM
International
NV
$
2,993,587
22,040
ASML
Holding
NV
6,437,590
57,893
BE
Semiconductor
Industries
NV
a
2,395,959
42,782
Euronext
NV
c
3,591,736
3,650
Ferrari
NV
570,480
746
ForFarmers
BV
4,970
15,726
Koninklijke
DSM
NV
1,927,417
105,580
Koninklijke
Philips
NV
4,602,515
2,399
NSI
NV
96,635
2,550
NSI
NV,
Rights
a,b
294
353,409
Pharming
Group
NV
a
521,285
89,573
Signify
NV
c
1,823,388
59,903
STMicroelectronics
NV
1,542,597
7,692
TKH
Group
NV
269,864
23,487
TomTom
NV
a
184,926
39,605
Unilever
NV
1,972,310
Total
31,448,762
New
Zealand
(0.1%)
45,519
Contact
Energy,
Ltd.
173,599
197,203
Z
Energy,
Ltd.
371,493
Total
545,092
Norway
(1.6%)
8,288
Atea
ASA
72,556
47,953
Austevoll
Seafood
ASA
373,545
319,481
DnB
ASA
3,868,247
176,121
Elkem
ASA
c
292,958
267,499
Entra
ASA
c
3,368,035
142,646
Europris
ASA
523,558
7,117
Fjordkraft
Holding
ASA
c
47,787
41,760
Grieg
Seafood
ASA
409,552
184,296
Leroy
Seafood
Group
ASA
978,742
27,047
Nordic
Semiconductor
ASA
a
158,701
930
Norway
Royal
Salmon
ASA
18,860
28,255
SalMar
ASA
1,101,182
1,811
Scatec
Solar
ASA
c
26,365
15,570
SpareBank
1
SMN
113,128
13,626
Tomra
Systems
ASA
452,749
9,095
Veidekke
ASA
80,749
Total
11,886,714
Panama
(<0.1%)
17,880
Avianca
Holdings
SA
ADR
17,880
Total
17,880
Peru
(<0.1%)
17,266
Cia
de
Minas
Buenaventura
SA
ADR
129,322
Total
129,322
Philippines
(<0.1%)
57,696
Bank
of
the
Philippine
Islands
66,267
15,310
Manila
Electric
Company
76,443
Total
142,710
Poland
(0.1%)
7,318
Alior
Bank
SA
a
26,852
20,996
Asseco
Poland
SA
339,292
19,416
Jastrzebska
Spolka
Weglowa
SA
64,461
11,951
KGHM
Polska
Miedz
SA
a
224,788
74,147
PGE
Polska
Grupa
Energetyczna
SA
a
74,161
18,521
Polski
Koncern
Naftowy
Orlen
SA
281,137
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
71
Shares
Common
Stock
(
92
.2
%
)
Value
Poland
(0.1%)
-
continued
2,388
Santander
Bank
Polska
SA
$
94,923
Total
1,105,614
Portugal
(<0.1%)
18,858
Redes
Energeticas
Nacionais
SGPS
SA
51,080
Total
51,080
Russian
Federation
(0.5%)
61,460
Aeroflot
PJSC
62,474
63,310
Gazprom
OAO
ADR
319,716
12,637
Lukoil
ADR
824,409
46,150
M.Video
PJSC
225,400
222,560
Moscow
Exchange
MICEX-RTS
PJSC
359,749
1,272
Novatek
Pao
GDR
176,808
228
PAO
Transneft
418,320
69,304
Rosneft
Oil
Company
PJSC
GDR
310,727
118,330
Sberbank
of
Russia
PJSC
311,827
61,966
Surgutneftegas
ADR
300,535
585,400
Surgutneftegas
PJSC
286,463
Total
3,596,428
Singapore
(0.9%)
459,064
AEM
Holdings,
Ltd.
793,143
6,200
ARA
LOGOS
Logistics
Trust
a
2,358
126,700
Ascendas
REIT
264,965
71,100
China
Aviation
Oil
(Singapore)
Corporation,
Ltd.
51,694
2,061
China
Yuchai
International,
Ltd.
25,453
230,400
DBS
Group
Holdings,
Ltd.
3,243,827
293,400
ESR
REIT
70,301
1,100
First
REIT
a
621
255,200
Frasers
Logistics
and
Commercial
Trust
190,998
174,200
Keppel
DC
REIT
288,868
42,100
Keppel
REIT
Management,
Ltd.
a
31,445
20,400
Manulife
U.S.
REIT
14,670
158,100
Mapletree
Greater
China
Commercial
Trust
105,001
19,200
Mapletree
Industrial
Trust
34,471
150,700
Mapletree
Logistics
Trust
190,896
38,100
Parkway
Life
REIT
a
89,016
192,500
Sheng
Siong
Group,
Ltd.
201,713
96,700
Singapore
Exchange,
Ltd.
659,407
69,800
Singapore
Post,
Ltd.
35,968
183,100
Yanlord
Land
Group,
Ltd.
136,874
Total
6,431,689
South
Africa
(0.4%)
49,612
AECI,
Ltd.
198,879
6,765
AngloGold
Ashanti,
Ltd.
ADR
164,998
85,736
Barloworld,
Ltd.
314,549
78,161
DataTec,
Ltd.
102,881
23,519
Emira
Property
Fund,
Ltd.
8,220
86,199
FirstRand,
Ltd.
188,130
7,346
Gold
Fields,
Ltd.
ADR
53,920
31,470
Impala
Platinum
Holdings,
Ltd.
187,695
127,696
Investec,
Ltd.
265,939
196,401
Momentum
Metropolitan
Holdings
185,429
28,038
Motus
Holdings,
Ltd.
45,668
6,008
Naspers,
Ltd.
935,136
50,736
Ninety
One,
Ltd.
a
106,889
Shares
Common
Stock
(
92
.2
%
)
Value
South
Africa
(0.4%)
-
continued
89,612
RMB
Holdings,
Ltd.
$
256,917
Total
3,015,250
South
Korea
(1.2%)
1,274
AK
Holdings,
Inc.
26,399
1,467
Binggrae
Company,
Ltd.
77,295
435
Celltrion,
Inc.
a
75,184
13,968
Cheil
Worldwide,
Inc.
203,860
4,172
DB
HiTek
Company,
Ltd.
91,724
16,078
Dongkuk
Steel
Mill
Corporation,
Ltd.
a
56,187
16,479
Doosan
Heavy
Construction
Corporation,
Ltd.
a
53,532
788
Green
Cross
Corporation
96,242
6,925
GS
Holdings
Corporation
217,898
2,271
Hana
Tour
Service,
Inc.
79,283
2,334
Handsome
Corporation
47,091
9,603
Hanwha
Corporation
163,800
11,674
Hanwha
Investment
&
Securities
Corporation,
Ltd.
a
17,054
52,595
Hanwha
Life
Insurance
Corporation,
Ltd.
78,364
255
Hugel,
Inc.
a
80,006
2,911
Hyundai
Department
Store
Company,
Ltd.
173,688
525
Hyundai
Motor
Company
40,578
4,035
Hyundai
Steel
Company
71,766
3,450
Hyundai
Wia
Corporation
93,468
19,850
JB
Financial
Group
Corporation,
Ltd.
79,067
2,318
Kakao
Corporation
350,294
6,297
Kangwon
Land,
Inc.
130,142
1,802
KEPCO
Plant
Service
&
Engineering
Company,
Ltd.
48,151
1,874
Korea
Zinc
Company,
Ltd.
595,621
119
LG
Chem,
Ltd.
36,975
3,015
LG
Electronics,
Inc.
135,690
100
LG
Household
&
Health
Care,
Ltd.
113,400
8,422
LG
International
Corporation
91,352
1,948
LS
Electric
Company,
Ltd.
62,732
1,413
NAVER
Corporation
229,090
496
NCSoft
Corporation
262,805
2,863
POSCO
432,615
6,795
Samsung
Card
Corporation,
Ltd.
167,303
78,948
Samsung
Electronics
Company,
Ltd.
3,246,149
12,911
Samsung
Securities
Corporation,
Ltd.
319,913
2,169
SeAH
Besteel
Corporation
16,578
739
Seegene,
Inc.
55,660
3,102
Seojin
System
Company,
Ltd.
67,108
7,000
SK
Hynix,
Inc.
481,723
603
Soulbrain
Company,
Ltd.
36,293
207
Taekwang
Industrial
Corporation,
Ltd.
135,963
42
YoungPoong
Corporation
18,036
Total
8,856,079
Spain
(2.3%)
10,377
Almirall
SA
133,823
79,560
Amadeus
IT
Holding
SA
3,797,614
44,709
Applus
Services
SA
293,327
305,465
Banco
Bilbao
Vizcaya
Argentaria
SA
998,502
345,090
Banco
Santander
SA
771,069
81,845
CIA
De
Distribucion
Integral
1,460,963
1,295
Construcciones
y
Auxiliar
de
Ferrocarriles
SA
44,337
533
Corporacion
Financiera
Alba
SA
19,863
106,188
Enagas
SA
2,478,623
1,129
Euskaltel
SA
c
9,007
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
72
Shares
Common
Stock
(
92
.2
%
)
Value
Spain
(2.3%)
-
continued
47,141
Faes
Farma
SA
$
206,125
13,127
Global
Dominion
Access
SA
a,c
40,386
67,656
Grifols
SA
2,308,898
60,256
Iberdrola
SA
599,416
26,430
Industria
de
Diseno
Textil
SA
676,939
17,563
Inmobiliaria
Colonial
Socimi
SA
169,641
6,866
Lar
Espana
Real
Estate
SOCIMI
SA
28,178
4,443
Let's
GOWEX
SA
a,b,d
1
5,596
Masmovil
Ibercom
SA
a
105,663
309,446
Mediaset
Espana
Comunicacion
SA
a
1,108,841
56,324
Merlin
Properties
Socimi
SA
522,695
12,912
Neinor
Homes
SA
a,c
113,132
16,948
Solaria
Energia
y
Medio
Ambiente
SA
a
172,928
147,315
Telefonica
SA
673,599
808
Viscofan
SA
51,783
Total
16,785,353
Sweden
(2.8%)
172,153
AB
Industrivarden
a
3,522,767
85,534
Arjo
AB
422,451
29,491
Assa
Abloy
AB
527,946
19,576
Axfood
AB
416,437
85,884
Betsson
AB
483,973
2,412
Bilia
AB
a
16,358
19,607
BillerudKorsnas
AB
247,186
909
BioGaia
AB
43,802
25,978
Biotage
AB
a
321,131
20,270
Bure
Equity
AB
370,108
81,147
Castellum
AB
1,423,304
318,108
Cloetta
AB
a
732,537
62,172
Dios
Fastigheter
AB
382,841
8,811
Dustin
Group
AB
c
44,971
18,891
Essity
Aktiebolag
a
611,943
15,948
Evolution
Gaming
Group
AB
a,c
730,364
9,550
Fortnox
AB
219,277
39,270
Getinge
AB
a
752,700
38,398
Granges
AB
280,569
208,308
Hexpol
AB
a
1,496,535
32,202
Inwido
AB
185,122
360,136
Kungsleden
AB
2,742,600
5,747
L
E
Lundbergforetagen
AB
a
241,299
5,013
Lifco
AB
a
236,953
37,566
Lindab
International
AB
344,217
12,885
Micronic
Mydata
AB
215,240
218
Nobia
AB
815
42,656
Nobina
AB
c
232,605
12,675
Nolato
AB
666,192
3,202
Paradox
Interactive
AB
62,053
2,074
RaySearch
Laboratories
AB
a
15,767
60,213
Skandinaviska
Enskilda
Banken
AB
a
495,701
98,544
SKF
AB
1,555,381
2,053
Stillfront
Group
AB
a
121,981
48,546
Svenska
Handelsbanken
AB
a
443,096
17,669
Volvo
AB
a
226,421
Total
20,832,643
Switzerland
(9.6%)
2,108
Allreal
Holding
AG
391,544
2,113
ALSO
Holding
AG
434,698
829
Bachem
Holding
AG
195,835
32,630
Baloise
Holding
AG
4,882,016
4
Belimo
Holding
AG
26,630
536
BKW
FMB
Energie
43,478
2,340
Bucher
Industries
AG
659,963
1,786
DKSH
Holding
AG
a
100,571
Shares
Common
Stock
(
92
.2
%
)
Value
Switzerland
(9.6%)
-
continued
304
EMS-CHEMIE
Holding
AG
$
196,588
18,082
Galenica
AG
c
1,294,859
5,712
Geberit
AG
2,554,424
117
Givaudan
SA
392,334
359,056
Glencore
Xstrata
plc
672,667
9,182
Huber
&
Suhner
AG
586,356
122
Interroll
Holding
AG
231,967
931
Kardex
AG
134,459
11,825
Landis+Gyr
Group
AG
798,543
58
Lindt
&
Spruengli
AG
451,820
41,414
Logitech
International
SA
1,994,634
99,420
Nestle
SA
10,529,575
142,137
Novartis
AG
12,129,754
49,673
PSP
Swiss
Property
AG
5,770,381
38,429
Roche
Holding
AG
13,307,862
3,542
Roche
Holding
AG-BR
1,230,158
2,055
Siegfried
Holding
AG
a
936,698
12,114
Sonova
Holding
AG
2,187,955
834
Straumann
Holding
AG
634,530
4,877
Sunrise
Communications
Group
AG
c
390,656
9,713
Swiss
Life
Holding
AG
3,444,458
3,235
Swiss
Prime
Site
AG
307,993
7,203
Tecan
Group
AG
2,318,950
8,166
VAT
Group
AG
c
1,347,728
280
VZ
Holding
AG
19,547
140
Zur
Rose
Group
AG
a
23,031
Total
70,622,662
Taiwan
(1.7%)
77,000
Capital
Securities
Corporation
25,332
31,000
Cheng
Loong
Corporation
22,057
2,028,000
China
Development
Financial
Holding
Corporation
613,609
209,805
China
Man-Made
Fiber
Corporation
45,587
607,000
CTBC
Financial
Holding
Company,
Ltd.
404,500
80,000
Far
Eastern
Department
Stores,
Ltd.
61,845
20,000
Feng
Hsin
Iron
&
Steel
Company,
Ltd.
34,964
721,000
Fubon
Financial
Holding
Company,
Ltd.
1,019,479
410,000
Hon
Hai
Precision
Industry
Company,
Ltd.
1,053,687
16,000
Huaku
Development
Company,
Ltd.
48,681
266,980
IBF
Financial
Holdings
Company,
Ltd.
97,823
27,000
MediaTek,
Inc.
372,828
28,000
Namchow
Holdings
Company,
Ltd.
42,485
121,000
Powertech
Technology,
Inc.
404,632
39,000
President
Chain
Store
Corporation
403,289
108,000
SerComm
Corporation
269,875
5,000
Shin
Zu
Shing
Company,
Ltd.
21,940
395,000
Shinkong
Synthetic
Fibers
Corporation
145,043
56,758
Sigurd
Microelectronics
Corporation
69,110
30,000
Supreme
Electronics
Company,
Ltd.
33,694
63,000
Syncmold
Enterprise
Corporation
164,609
131,000
Synnex
Technology
International
Corporation
174,832
57,000
Systex
Corporation
154,995
277,000
Taichung
Commercial
Bank
Company,
Ltd.
106,101
39,000
Taiwan
Hon
Chuan
Enterprise
Company,
Ltd.
71,050
405,620
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
4,091,813
116,000
TECO
Electric
&
Machinery
Company,
Ltd.
104,383
61,000
Topco
Scientific
Company,
Ltd.
209,699
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
73
Shares
Common
Stock
(
92
.2
%
)
Value
Taiwan
(1.7%)
-
continued
88,000
Transcend
Information,
Inc.
$
207,826
57,000
TXC
Corporation
122,856
493,000
Uni-President
Enterprises
Corporation
1,147,895
15,000
United
Integrated
Services
Company,
Ltd.
94,696
92,000
Wistron
Corporation
86,272
24,000
WT
Microelectronics
Company,
Ltd.
30,891
863,000
Yuanta
Financial
Holding
Company,
Ltd.
491,892
Total
12,450,270
Thailand
(0.3%)
48,200
Advanced
Info
Service
Public
Company,
Ltd.
NVDR
293,581
34,200
Airports
of
Thailand
Public
Company,
Ltd.
NVDR
65,231
246,300
Bangkok
Dusit
Medical
Services
Public
Company,
Ltd.
NVDR
156,496
44,800
Berli
Jucker
Public
Company,
Ltd.
NVDR
55,079
328,700
Charoen
Pokphand
Foods
Public
Company,
Ltd.
NVDR
272,283
229,600
CP
ALL
Public
Company,
Ltd.
NVDR
501,888
39,600
Intouch
Holdings
Public
Company,
Ltd.
NVDR
64,888
285,300
Major
Cineplex
Group
Public
Company,
Ltd.
NVDR
127,654
37,100
PTT
Exploration
and
Production
Public
Company,
Ltd.
NVDR
95,763
610,800
Thai
Union
Group
Public
Company,
Ltd.
NVDR
246,411
204,100
Thai
Vegetable
Oil
Public
Company,
Ltd.
NVDR
153,756
Total
2,033,030
Turkey
(0.1%)
300,695
Haci
Omer
Sabanci
Holding
AS
351,330
49,321
Koza
Anadolu
Metal
Madencilik
Isletmeleri
AS
a
81,008
13,623
Sok
Marketler
Ticaret
AS
a
21,370
75,800
Turk
Hava
Yollari
Anonim
Ortakligi
a
115,972
Total
569,680
United
Kingdom
(10.0%)
4,619
A.G.
BARR
plc
28,693
19,675
Abcam
plc
314,713
22,365
Aggreko
plc
128,971
9,308
AstraZeneca
plc
973,538
133,617
Auto
Trader
Group
plc
c
769,163
5,576
Avast
plc
c
32,117
93,322
Aviva
plc
282,216
57,948
Barratt
Developments
plc
377,782
51,044
Beazley
plc
252,388
28,419
Bellway
plc
950,933
31,165
BHP
Group
plc
523,101
5,416
Blue
Prism
Group
plc
a
88,521
43,860
Bodycote
plc
320,873
46,340
BP
plc
182,598
34,334
Brewin
Dolphin
Holdings
plc
118,299
66,295
British
American
Tobacco
plc
2,555,278
61,271
Card
Factory
plc
32,288
319,774
Centrica
plc
159,936
29,140
Cineworld
Group
plc
24,024
16,620
Computacenter
plc
303,745
105,997
ConvaTec
Group
plc
c
283,109
Shares
Common
Stock
(
92
.2
%
)
Value
United
Kingdom
(10.0%)
-
continued
21,359
Diageo
plc
$
735,383
14,096
Diploma
plc
305,525
542,812
Direct
Line
Insurance
Group
plc
1,849,372
43,517
Drax
Group
plc
114,084
16,725
Dunelm
Group
plc
193,236
6,386
Euromoney
Institutional
Investor
plc
66,356
9,669
Frasers
Group
plc
a
31,643
4,008
Games
Workshop
Group
plc
303,342
561,994
GlaxoSmithKline
plc
11,724,593
2,032
Go-Ahead
Group
plc
34,292
129,290
Great
Portland
Estates
plc
1,101,196
43,875
Greggs
plc
1,009,172
140,011
Halma
plc
3,680,925
72,295
HomeServe
plc
1,012,679
1,500,178
HSBC
Holdings
plc
7,710,819
95,387
Ibstock
plc
c
241,276
137,364
IG
Group
Holdings
plc
1,301,963
5,907
IMI
plc
61,421
2,894
Inchcape
plc
18,230
69,206
Indivior
plc
a
42,990
120,937
Jupiter
Fund
Management
plc
332,452
1,625,427
Lloyds
TSB
Group
plc
657,657
41,763
Marshalls
plc
334,485
874,231
Moneysupermarket.com
Group
plc
3,483,168
3,897
Morgan
Sindall
Group
plc
62,793
617,458
National
Express
Group
plc
2,124,748
23,257
PageGroup
plc
110,138
137,304
Paragon
Banking
Group
plc
574,855
42,580
Pennon
Group
plc
586,317
15,739
Phoenix
Group
Holdings
plc
119,432
9,871
PZ
Cussons
plc
23,249
8,379
Reckitt
Benckiser
Group
plc
697,965
128,843
Redrow
plc
748,615
100,013
RELX
plc
2,256,462
33,914
Rio
Tinto
plc
1,574,234
65,247
Rotork
plc
203,401
227,271
Royal
Dutch
Shell
plc,
Class
A
3,741,830
252,449
Royal
Dutch
Shell
plc,
Class
B
4,041,347
24,385
RWS
Holdings
plc
164,701
55,193
Safestore
Holdings
plc
499,274
385,221
Sage
Group
plc
3,098,123
44,596
Smith
&
Nephew
plc
872,699
6,954
Spectris
plc
234,493
89,689
Spirent
Communications
plc
271,305
2,254
Stagecoach
Group
plc
2,113
2,134
TalkTalk
Telecom
Group
plc
2,216
75,548
Tate
&
Lyle
plc
676,934
469,939
Taylor
Wimpey
plc
867,898
1,027
Telecom
plus
plc
17,126
53,495
Tritax
Big
Box
REIT
plc
81,195
74,372
Unilever
plc
3,829,556
728
UNITE
Group
plc
8,039
30,315
Vistry
Group
plc
307,865
492,816
Vodafone
Group
plc
695,200
Total
73,542,668
United
States
(0.1%)
12,402
Yum
China
Holding,
Inc.
601,001
Total
601,001
Total
Common
Stock
(cost
$723,358,488)
676,935,326
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
74
Shares
Preferred
Stock
(
<0.1%
)
Value
South
Korea
(0.1%)
23,461
Samsung
Electronics
Company,
Ltd.
$
813,290
Total
813,290
Total
Preferred
Stock
(cost
$238,868)
813,290
Principal
Amount
Long-Term
Fixed
Income
(
<0.1%
)
Venezuela
(<0.1%)
Petroleos
de
Venezuela
SA
$
5,360,000
6.000%, 
10/28/2022
e
187,600
3,250,000
6.000%, 
5/16/2024
e
121,875
637,000
6.000%, 
11/15/2026
e
23,888
680,000
5.375%, 
4/12/2027
e
25,500
70,000
5.500%, 
4/12/2037
e
2,625
Total
361,488
Total
Long-Term
Fixed
Income
(cost
$3,822,422)
361,488
Shares
or
Principal
Amount
Short-Term
Investments
(
10
.1
%
)
Federal
Home
Loan
Bank
Discount
Notes
300,000
0.900%,
 5/7/2020
f
299,995
1,800,000
0.500%,
 5/12/2020
f,g
1,799,950
2,000,000
0.500%,
 5/13/2020
f
1,999,940
2,300,000
0.396%,
 5/19/2020
f,g
2,299,896
200,000
0.000%,
 5/28/2020
g
199,987
300,000
0.150%,
 6/4/2020
f,g
299,972
2,300,000
0.234%,
 6/9/2020
f,g
2,299,751
2,300,000
0.530%,
 6/12/2020
f,g
2,299,732
3,400,000
0.150%,
 6/23/2020
f,g
3,399,499
1,300,000
0.006%,
 7/7/2020
f,g
1,299,710
1,000,000
0.200%,
 7/13/2020
f
999,757
1,300,000
0.120%,
 7/27/2020
f,g
1,299,623
5,500,000
0.150%,
 7/31/2020
f,g
5,498,332
2,700,000
0.180%,
 8/4/2020
f,g
2,699,145
Thrivent
Core
Short-Term
Reserve
Fund
4,726,320
1.450%
47,263,200
Total
Short-Term
Investments
(cost
$73,880,330)
73,958,489
Total
Investments
(cost
$801,300,108)
102.4%
$
752,068,593
Other
Assets
and
Liabilities,
Net
(2.4%)
(
17,624,259
)
Total
Net
Assets
100.0%
$
734,444,334
a
Non-income
producing
security.
b
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
c
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$18,333,611
or
2.5%
of
total
net
assets.
d
In
bankruptcy.  Interest
is
being
accrued
per
the
bankruptcy
agreement
terms.  
e
Defaulted
security.  Interest
is
not
being
accrued.
f
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
g
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
GDR
-
Global
Depository
Receipts,
which
are
certificates
for
shares
of
an
underlying
foreign
security’s
shares
held
by
an
issuing
depository
bank
from
more
than
one
country.
NVDR
-
Non-Voting
Depository
Receipts
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
75
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Asset-Backed
Securities
(16.8%)
Ares
XXXVII
CLO,
Ltd.
$
4,000,000
2.389%, 
(LIBOR
3M
+
1.170%),
10/15/2030,
Ser.
2015-4A,
Class
A1R
a,b
$
3,864,960
ARI
Fleet
Lease
Trust
195,489
1.910%, 
4/15/2026,
Ser.
2017-A,
Class
A2
a
195,424
Ascentium
Equipment
Receivables,
LLC
2,024,667
3.210%, 
9/11/2023,
Ser.
2018-1A,
Class
A3
a
2,029,129
Assurant
CLO
III,
Ltd.
4,700,000
2.365%, 
(LIBOR
3M
+
1.230%),
10/20/2031,
Ser.
2018-2A,
Class
A
a,b
4,483,814
Axis
Equipment
Finance
Receivables
Trust
2,000,000
2.630%, 
6/20/2024,
Ser.
2019-1A,
Class
A2
a
2,012,702
Bank
of
the
West
Auto
Trust
1,112,282
2.110%, 
1/15/2023,
Ser.
2017-1,
Class
A3
a
1,117,290
BCC
Funding
XIV,
LLC
870,402
2.960%, 
6/20/2023,
Ser.
2018-1A,
Class
A2
a
872,815
Benefit
Street
Partners
CLO
IV,
Ltd.
5,400,000
2.385%, 
(LIBOR
3M
+
1.250%),
1/20/2029,
Ser.
2014-IVA,
Class
A1RR
a,b
5,320,323
Betony
CLO,
Ltd.
2,750,000
1.840%, 
(LIBOR
3M
+
1.080%),
4/30/2031,
Ser.
2018-1A,
Class
A1
a,b
2,632,743
BlueMountain
CLO,
Ltd.
2,972,094
2.365%, 
(LIBOR
3M
+
1.230%),
1/20/2029,
Ser.
2013-1A,
Class
A1R2
a,b
2,920,724
3,522,000
2.135%, 
(LIBOR
3M
+
1.000%),
4/20/2031,
Ser.
2015-3A,
Class
A1R
a,b
3,367,669
Business
Jet
Securities,
LLC
875,547
4.335%, 
2/15/2033,
Ser.
2018-1,
Class
A
a
756,238
CBAM,
Ltd.
5,000,000
2.499%, 
(LIBOR
3M
+
1.280%),
2/12/2030,
Ser.
2019-9A,
Class
A
a,b
4,848,290
CCG
Receivables
Trust
885,868
2.500%, 
6/16/2025,
Ser.
2018-1,
Class
A2
a
887,669
Cedar
Funding
VI
CLO,
Ltd.
6,000,000
2.225%, 
(LIBOR
3M
+
1.090%),
10/20/2028,
Ser.
2016-6A,
Class
AR
a,b
5,746,578
Commonbond
Student
Loan
Trust
113,988
3.200%, 
6/25/2032,
Ser.
2015-A,
Class
A
a
114,059
779,572
2.550%, 
5/25/2041,
Ser.
2017-AGS,
Class
A1
a
792,124
2,042,662
0.987%, 
(LIBOR
1M
+
0.500%),
2/25/2044,
Ser.
2018-AGS,
Class
A2
a,b
1,994,695
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Asset-Backed
Securities
(16.8%)
-
continued
Conn
Funding
II,
LP
$
262,498
3.250%, 
1/15/2023,
Ser.
2018-A,
Class
A
a
$
259,688
CoreVest
American
Finance
Trust
2,053,782
3.804%, 
6/15/2051,
Ser.
2018-1,
Class
A
a
2,098,565
Credit
Acceptance
Auto
Loan
Trust
2,800,000
3.470%, 
5/17/2027,
Ser.
2018-2A,
Class
A
a
2,819,163
Deephaven
Residential
Mortgage
Trust
1,710,855
4.080%, 
10/25/2058,
Ser.
2018-4A,
Class
A1
a,b
1,672,564
DRB
Prime
Student
Loan
Trust
505,797
2.387%, 
(LIBOR
1M
+
1.900%),
10/27/2031,
Ser.
2015-B,
Class
A1
a,b
508,031
Earnest
Student
Loan
Program,
LLC
966,312
2.650%, 
1/25/2041,
Ser.
2017-A,
Class
A2
a
971,606
Edlinc
Student
Loan
Funding
Trust
41,262
3.270%, 
(CMT
3M
+
3.150%),
10/1/2025,
Ser.
2012-A,
Class
AT
a,b
41,380
Education
Funding
Trust
5,032,405
2.790%, 
7/25/2041,
Ser.
2020-A,
Class
A
a
5,020,421
Fifth
Third
Auto
Trust
349,313
1.800%, 
2/15/2022,
Ser.
2017-1,
Class
A3
349,822
FREED
ABS
Trust
965,916
3.420%, 
6/18/2026,
Ser.
2019-1,
Class
A
a
952,392
Freedom
ABS
Trust
2,827,373
2.520%, 
3/18/2027,
Ser.
2020-FP1,
Class
A
a
2,715,809
Garrison
BSL
CLO,
Ltd.
6,000,000
2.105%, 
(LIBOR
3M
+
0.970%),
7/17/2028,
Ser.
2018-1A,
Class
A1
a,b
5,804,040
GM
Financial
Automobile
Leasing
Trust
6,500,000
3.080%, 
12/20/2022,
Ser.
2019-1,
Class
A4
6,592,262
GM
Financial
Consumer
Automobile
Receivables
Trust
3,000,000
1.500%, 
3/16/2023,
Ser.
2020-2,
Class
A2A
3,008,567
GoldenTree
Loan
Opportunities,
Ltd.
3,000,000
2.141%, 
(LIBOR
3M
+
1.300%),
10/29/2029,
Ser.
2014-9A,
Class
AJR2
a,b
2,805,021
Golub
Capital
Partners,
Ltd.
6,000,000
2.285%, 
(LIBOR
3M
+
1.150%),
10/20/2028,
Ser.
2018-39A,
Class
A1
a,b
5,781,516
Home
Partners
of
America
Trust
2,104,121
1.568%, 
(LIBOR
1M
+
0.817%),
7/17/2034,
Ser.
2017-1,
Class
A
a,b
2,063,407
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
76
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Asset-Backed
Securities
(16.8%)
-
continued
HSI
Asset
Securitization
Corporation
Trust
$
1,344,315
0.857%, 
(LIBOR
1M
+
0.370%),
1/25/2036,
Ser.
2006-OPT2,
Class
M1
b
$
1,340,686
Invitation
Homes
Trust
4,232,073
1.851%, 
(LIBOR
1M
+
1.100%),
1/17/2038,
Ser.
2018-SFR4,
Class
A
a,b
4,118,545
Marlette
Funding
Trust
485,196
3.200%, 
9/15/2028,
Ser.
2018-3A,
Class
A
a
483,636
1,968,309
3.440%, 
4/16/2029,
Ser.
2019-1A,
Class
A
a
1,938,302
National
Collegiate
Trust
1,370,118
0.782%, 
(LIBOR
1M
+
0.295%),
5/25/2031,
Ser.
2007-A,
Class
A
a,b
1,307,296
Nationstar
HECM
Loan
Trust
2,886,715
2.272%, 
11/25/2029,
Ser.
2019-2A,
Class
A
a,b
2,870,904
Navient
Private
Education
Loan
Trust
1,672,345
2.820%, 
2/15/2068,
Ser.
2019-CA,
Class
A1
a
1,678,583
Navient
Student
Loan
Trust
1,812,819
2.180%, 
8/15/2068,
Ser.
2019-FA,
Class
A1
a
1,817,784
2,529,863
1.087%, 
(LIBOR
1M
+
0.600%),
7/26/2066,
Ser.
2017-3A,
Class
A2
a,b
2,504,640
1,935,241
1.237%, 
(LIBOR
1M
+
0.750%),
7/26/2066,
Ser.
2017-1A,
Class
A2
a,b
1,927,062
Neuberger
Berman
CLO
XIV,
Ltd.
3,500,000
1.917%, 
(LIBOR
3M
+
1.030%),
1/28/2030,
Ser.
2013-14A,
Class
AR2
a,b
3,404,188
Neuberger
Berman
CLO,
Ltd.
3,000,000
2.128%, 
(LIBOR
3M
+
1.030%),
4/22/2029,
Ser.
2014-17A,
Class
AR2
a,b
2,904,270
NextGear
Floorplan
Master
Owner
Trust
3,200,000
2.560%, 
10/17/2022,
Ser.
2017-2A,
Class
A2
a
3,184,909
Northstar
Education
Finance,
Inc.
690,815
1.187%, 
(LIBOR
1M
+
0.700%),
12/26/2031,
Ser.
2012-1,
Class
A
a,b
680,512
NRZ
Excess
Spread-Collateralized
Notes
Series
2,081,922
3.193%, 
1/25/2023,
Ser.
2018-PLS1,
Class
A
a
2,086,819
OZLM
VIII,
Ltd.
4,363,492
2.305%, 
(LIBOR
3M
+
1.170%),
10/17/2029,
Ser.
2014-8A,
Class
A1RR
a,b
4,179,736
Pretium
Mortgage
Credit
Partners,
LLC
3,608,473
3.721%, 
1/25/2059,
Ser.
2019-CFL1,
Class
A1
a,c
3,277,730
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Asset-Backed
Securities
(16.8%)
-
continued
Progress
Residential
Trust
$
2,987,415
2.768%, 
8/17/2034,
Ser.
2017-SFR1,
Class
A
a
$
3,011,393
3,000,000
3.422%, 
8/17/2035,
Ser.
2019-SFR1,
Class
A
a
3,109,662
Prosper
Marketplace
Issuance
Trust
88,716
3.350%, 
10/15/2024,
Ser.
2018-2A,
Class
A
a
88,581
RCO
Mortgage,
LLC
6,810,735
4.458%, 
10/25/2023,
Ser.
2018-2,
Class
A1
a,c
6,549,710
Residential
Asset
Mortgage
Program
Series
Trust
719,060
0.777%, 
(LIBOR
1M
+
0.290%),
8/25/2036,
Ser.
2006-RZ3,
Class
A3
b
716,327
SLM
Student
Loan
Trust
2,981,829
0.887%, 
(LIBOR
1M
+
0.400%),
3/25/2025,
Ser.
2010-1,
Class
A
b
2,686,409
91,841
1.007%, 
(LIBOR
1M
+
0.520%),
3/25/2026,
Ser.
2011-1,
Class
A1
b
91,789
Small
Business
Lending
Trust
1,105,185
2.850%, 
7/15/2026,
Ser.
2019-A,
Class
A
a
1,089,688
1,908,638
2.620%, 
12/15/2026,
Ser.
2020-A,
Class
A
a
1,871,678
SoFi
Consumer
Loan
Program
Trust
2,548,847
3.010%, 
4/25/2028,
Ser.
2019-2,
Class
A
a
2,550,224
1,032,402
2.020%, 
1/25/2029,
Ser.
2020-1,
Class
A
a
1,006,274
SoFi
Consumer
Loan
Program,
LLC
449,073
2.770%, 
5/25/2026,
Ser.
2017-3,
Class
A
a
448,471
1,648,926
3.060%, 
9/25/2028,
Ser.
2016-5,
Class
A
a
1,636,119
SoFi
Professional
Loan
Program,
LLC
330,360
2.510%, 
8/25/2033,
Ser.
2015-C,
Class
A2
a
329,843
219,701
1.337%, 
(LIBOR
1M
+
0.850%),
7/25/2039,
Ser.
2016-E,
Class
A1
a,b
216,236
Sound
Point
CLO
XX,
Ltd.
3,000,000
2.091%, 
(LIBOR
3M
+
1.100%),
7/26/2031,
Ser.
2018-2A,
Class
A
a,b
2,771,589
Springleaf
Funding
Trust
242,292
2.900%, 
11/15/2029,
Ser.
2016-AA,
Class
A
a
242,053
Synchrony
Credit
Card
Master
Note
Trust
2,500,000
3.470%, 
5/15/2026,
Ser.
2018-2,
Class
A
2,634,954
THL
Credit
Wind
River
CLO,
Ltd.
6,000,000
2.365%, 
(LIBOR
3M
+
1.230%),
7/20/2030,
Ser.
2017-2A,
Class
A
a,b
5,757,090
Upstart
Securitization
Trust
2,593,286
2.897%, 
9/20/2029,
Ser.
2019-2,
Class
A
a
2,464,541
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
77
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Asset-Backed
Securities
(16.8%)
-
continued
$
3,283,430
2.684%, 
1/21/2030,
Ser.
2019-3,
Class
A
a
$
3,190,496
5,135,706
2.322%, 
4/22/2030,
Ser.
2020-1,
Class
A
a
4,777,871
Vericrest
Opportunity
Loan
Transferee
4,104,909
3.352%, 
9/25/2049,
Ser.
2019-NPL5,
Class
A1A
a,c
3,682,356
Verizon
Owner
Trust
1,925,141
2.060%, 
4/20/2022,
Ser.
2017-3A,
Class
A1A
a
1,929,661
Voya
CLO,
Ltd.
1,250,000
2.419%, 
(LIBOR
3M
+
1.200%),
10/15/2030,
Ser.
2012-4A,
Class
A1AR
a,b
1,207,610
2,750,000
2.279%, 
(LIBOR
3M
+
1.060%),
4/15/2031,
Ser.
2019-1A,
Class
AR
a,b
2,598,907
Total
183,786,634
Basic
Materials
(0.8%)
Air
Products
and
Chemicals,
Inc.
975,000
1.500%, 
10/15/2025
983,065
Dow
Chemical
Company
1,500,000
3.150%, 
5/15/2024
1,563,552
DowDuPont,
Inc.
2,000,000
4.205%, 
11/15/2023
2,163,861
Glencore
Funding,
LLC
1,500,000
3.000%, 
10/27/2022
a
1,488,225
Kinross
Gold
Corporation
1,000,000
5.950%, 
3/15/2024
1,097,500
Mosaic
Company
750,000
3.250%, 
11/15/2022
749,744
Syngenta
Finance
NV
1,000,000
4.892%, 
4/24/2025
a
996,403
Total
9,042,350
Capital
Goods
(1.9%)
Caterpillar
Financial
Services
Corporation
1,580,000
1.950%, 
11/18/2022
1,611,228
General
Electric
Company
1,010,000
3.450%, 
5/15/2024
1,037,947
Huntington
Ingalls
Industries,
Inc.
800,000
3.844%, 
5/1/2025
a
840,646
Lockheed
Martin
Corporation
1,250,000
2.500%, 
11/23/2020
1,257,882
Northrop
Grumman
Corporation
2,000,000
2.550%, 
10/15/2022
2,070,200
Otis
Worldwide
Corporation
2,375,000
2.056%, 
4/5/2025
a
2,411,936
PACCAR
Financial
Corporation
1,350,000
2.650%, 
4/6/2023
1,399,219
Republic
Services,
Inc.
1,250,000
2.500%, 
8/15/2024
1,300,841
Roper
Technologies,
Inc.
500,000
2.800%, 
12/15/2021
d
510,050
1,250,000
3.650%, 
9/15/2023
1,317,421
750,000
2.350%, 
9/15/2024
760,395
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Capital
Goods
(1.9%)
-
continued
Siemens
Financieringsmaatschappij
NV
$
2,000,000
1.351%, 
(LIBOR
3M
+
0.610%),
3/16/2022
a,b
$
1,967,232
Textron,
Inc.
2,000,000
3.875%, 
3/1/2025
2,065,007
Waste
Management,
Inc.
750,000
2.950%, 
6/15/2024
799,647
WW
Grainger,
Inc.
1,125,000
1.850%, 
2/15/2025
1,155,938
Total
20,505,589
Collateralized
Mortgage
Obligations
(18.0%)
Ajax
Mortgage
Loan
Trust
4,668,523
2.956%, 
9/25/2065,
Ser.
2019-D,
Class
A1
a
4,690,800
Angel
Oak
Mortgage
Trust
I,
LLC
2,171,351
3.258%, 
4/27/2048,
Ser.
2018-1,
Class
A1
a,b
2,177,969
2,445,093
3.674%, 
7/27/2048,
Ser.
2018-2,
Class
A1
a,b
2,467,705
Antler
Mortgage
Trust
2,500,000
4.458%, 
6/27/2022,
Ser.
2019-RTL1,
Class
A1
a
2,240,488
3,370,000
4.335%, 
7/25/2022,
Ser.
2018-RTL1,
Class
A1
a
3,364,846
Banc
of
America
Funding
Trust
952,439
3.442%, 
1/25/2035,
Ser.
2004-D,
Class
4A1
b
829,491
1,540,957
5.750%, 
3/25/2036,
Ser.
2006-3,
Class
3A1
1,518,746
Bear
Stearns
Adjustable
Rate
Mortgage
Trust
120,005
4.270%, 
(CMT
1Y
+
2.300%),
10/25/2035,
Ser.
2005-9,
Class
A1
b
114,557
608,684
4.753%, 
10/25/2036,
Ser.
2006-4,
Class
1A1
b
565,588
BRAVO
Residential
Funding
Trust
1,908,083
3.500%, 
3/25/2058,
Ser.
2019-1,
Class
A1C
a
1,923,984
4,123,804
2.748%, 
11/25/2059,
Ser.
2019-NQM2,
Class
A1
a,b
4,089,867
Cascade
Funding
Mortgage
Trust
2,500,509
4.000%, 
10/25/2068,
Ser.
2018-RM2,
Class
A
a,b
2,548,559
Chase
Mortgage
Finance
Trust
Series
1,618,558
4.643%, 
7/25/2037,
Ser.
2007-A2,
Class
1M
b
1,406,990
Civic
Mortgage,
LLC
1,726,434
4.349%, 
11/25/2022,
Ser.
2018-2,
Class
A1
a
1,721,002
COLT
Funding,
LLC
863,160
3.470%, 
7/27/2048,
Ser.
2018-2,
Class
A1
a,b
863,707
1,833,529
2.764%, 
8/25/2049,
Ser.
2019-3,
Class
A1
a,b
1,819,701
Countrywide
Alternative
Loan
Trust
168,541
5.500%, 
11/25/2035,
Ser.
2005-49CB,
Class
A1
153,839
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
78
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Collateralized
Mortgage
Obligations
(18.0%)
-
continued
$
140,485
5.500%, 
2/25/2036,
Ser.
2005-85CB,
Class
2A2
$
126,858
Credit
Suisse
Mortgage
Capital
Certificates
2,397,548
3.393%, 
2/25/2024,
Ser.
2020-BPL1,
Class
A1
a,c
2,228,344
5,000,000
1.794%, 
(LIBOR
1M
+
0.980%),
5/15/2036,
Ser.
2019-ICE4,
Class
A
a,b
4,866,350
4,747,513
3.322%, 
10/25/2058,
Ser.
2019-RPL8,
Class
A1
a,b
4,561,394
Deephaven
Residential
Mortgage
Trust
4,308,040
2.791%, 
10/25/2059,
Ser.
2019-4A,
Class
A1
a,b
4,296,234
Ellington
Financial
Mortgage
Trust
1,374,193
4.140%, 
10/25/2058,
Ser.
2018-1,
Class
A1FX
a,b
1,389,958
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
1,806,976
3.000%, 
8/15/2040,
Ser.
4364,
Class
A
1,854,729
Federal
National
Mortgage
Association
-
REMIC
4,269,673
4.000%, 
3/25/2029,
Ser.
2012-74,
Class
V
4,524,173
8,734,270
3.000%, 
2/25/2040,
Ser.
2018-13,
Class
EB
8,931,266
949,068
3.000%, 
1/25/2041,
Ser.
2015-79,
Class
BA
974,907
5,968,205
3.000%, 
8/25/2041,
Ser.
2015-80,
Class
LA
6,152,358
5,137,045
3.000%, 
2/25/2044,
Ser.
2016-81,
Class
PA
5,482,388
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
74,600
2.250%, 
6/25/2025,
Ser.
2010-58,
Class
PT
74,890
FWD
Securitization
Trust
3,324,505
2.810%, 
6/25/2049,
Ser.
2019-INV1,
Class
A1
a,b
3,279,953
GCAT
Trust
3,442,539
2.985%, 
2/25/2059,
Ser.
2019-NQM1,
Class
A1
a,c
3,493,157
Genworth
Mortgage
Insurance
Corporation
2,000,000
2.387%, 
(LIBOR
1M
+
1.900%),
11/26/2029,
Ser.
2019-1,
Class
M1
a,b
1,917,962
GMAC
Mortgage
Corporation
Loan
Trust
26,987
0.987%, 
(LIBOR
1M
+
0.500%),
8/25/2035,
Ser.
2005-HE1,
Class
A2
b,e
26,606
132,973
5.750%, 
10/25/2036,
Ser.
2006-HE3,
Class
A2
b
133,560
GS
Mortgage-Backed
Securities
Trust
3,045,035
3.750%, 
10/25/2057,
Ser.
2018-RPL1,
Class
A1A
a
3,118,585
1,169,541
2.625%, 
1/25/2059,
Ser.
2019-SL1,
Class
A1
a,b
1,156,822
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Collateralized
Mortgage
Obligations
(18.0%)
-
continued
GSAA
Home
Equity
Trust
$
920,881
4.536%, 
8/25/2034,
Ser.
2004-10,
Class
M2
c
$
917,988
Homeward
Opportunities
Fund
I
Trust
4,080,565
3.454%, 
1/25/2059,
Ser.
2019-1,
Class
A1
a,b
4,043,482
Homeward
Opportunities
Fund
Trust
2,053,009
3.766%, 
6/25/2048,
Ser.
2018-1,
Class
A1
a,b
2,042,525
J.P.
Morgan
Alternative
Loan
Trust
488,722
3.818%, 
3/25/2036,
Ser.
2006-A1,
Class
2A1
b
423,772
J.P.
Morgan
Mortgage
Trust
225,304
4.012%, 
2/25/2036,
Ser.
2006-A1,
Class
2A2
b
187,387
Legacy
Mortgage
Asset
Trust
3,463,682
4.000%, 
1/25/2059,
Ser.
2019-GS1,
Class
A1
a
3,287,718
3,677,044
3.250%, 
11/25/2059,
Ser.
2019-GS7,
Class
A1
a,c
3,420,228
Long
Beach
Mortgage
Loan
Trust
880,777
1.357%, 
(LIBOR
1M
+
0.870%),
2/25/2035,
Ser.
2005-1,
Class
M3
b
872,472
Master
Asset
Securitization
Trust
527,427
0.987%, 
(LIBOR
1M
+
0.500%),
6/25/2036,
Ser.
2006-2,
Class
2A2
b
148,555
Merrill
Lynch
Mortgage
Investors
Trust
249,788
1.672%, 
(LIBOR
1M
+
1.185%),
7/25/2035,
Ser.
2004-WMC5,
Class
M3
b
245,812
Mortgage
Equity
Conversion
Asset
Trust
1,212,027
0.660%, 
(CMT
1Y
+
0.490%),
1/25/2042,
Ser.
2007-FF1,
Class
A
a,b
1,120,501
1,195,825
0.650%, 
(CMT
1Y
+
0.470%),
2/25/2042,
Ser.
2007-FF2,
Class
A
a,b
1,115,754
New
Residential
Mortgage,
LLC
2,737,596
3.790%, 
7/25/2054,
Ser.
2018-FNT2,
Class
A
a
2,625,418
Oaktown
Re
II,
Ltd.
325,140
2.037%, 
(LIBOR
1M
+
1.550%),
7/25/2028,
Ser.
2018-1A,
Class
M1
a,b
316,912
Preston
Ridge
Partners
Mortgage
Trust,
LLC
895,295
4.500%, 
1/25/2024,
Ser.
2019-1A,
Class
A1
a,c
851,783
2,058,471
3.967%, 
4/25/2024,
Ser.
2019-2A,
Class
A1
a,c
1,914,563
3,641,038
3.500%, 
10/25/2024,
Ser.
2019-GS1,
Class
A1
a,b
3,294,344
2,968,100
3.351%, 
11/25/2024,
Ser.
2019-4A,
Class
A1
a,c
2,740,004
2,869,487
2.981%, 
2/25/2025,
Ser.
2020-1A,
Class
A1
a,c
2,707,791
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
79
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Collateralized
Mortgage
Obligations
(18.0%)
-
continued
Pretium
Mortgage
Credit
Partners,
LLC
$
5,802,724
2.858%, 
5/27/2059,
Ser.
2020-NPL1,
Class
A1
a,c
$
5,185,166
Radnor
RE,
Ltd.
692,264
1.887%, 
(LIBOR
1M
+
1.400%),
3/25/2028,
Ser.
2018-1,
Class
M1
a,b
681,278
RCO
Mortgage,
LLC
3,665,544
3.475%, 
11/25/2024,
Ser.
2019-2,
Class
A1
a,c
3,551,593
3,088,169
4.270%, 
12/26/2053,
Ser.
2018-VFS1,
Class
A1
a,b
3,040,207
Renaissance
Home
Equity
Loan
Trust
686,286
5.285%, 
1/25/2037,
Ser.
2006-4,
Class
AF2
c
303,660
Residential
Asset
Securitization
Trust
274,095
5.750%, 
2/25/2036,
Ser.
2005-A15,
Class
5A1
169,302
Residential
Funding
Mortgage
Security
I
Trust
306,032
5.500%, 
10/25/2021,
Ser.
2006-S10,
Class
2A1
288,925
Silver
Hill
Trust
2,802,196
3.046%, 
11/25/2049,
Ser.
2019-SBC1,
Class
A1
a,b
2,782,592
Specialty
Underwriting
and
Residential
Finance
Trust
3,195,358
1.487%, 
(LIBOR
1M
+
1.000%),
7/25/2035,
Ser.
2004-BC3,
Class
A2C
b
2,685,951
3,769,213
1.467%, 
(LIBOR
1M
+
0.980%),
10/25/2035,
Ser.
2004-BC4,
Class
A2C
b
3,431,439
Stanwich
Mortgage
Loan
Trust
3,129,471
3.475%, 
11/16/2024,
Ser.
2019-NPB2,
Class
A1
a,c
3,097,845
Starwood
Mortgage
Residential
Trust
2,605,724
4.121%, 
10/25/2048,
Ser.
2018-IMC2,
Class
A1
a,b
2,645,438
Terwin
Mortgage
Trust
1,445,006
1.487%, 
(LIBOR
1M
+
1.000%),
12/25/2034,
Ser.
2004-21HE,
Class
2M2
a,b
1,342,944
Toorak
Mortgage
Corporation
4,000,000
4.375%, 
8/25/2021,
Ser.
2018-1,
Class
A1
a,c
3,589,657
6,000,000
4.458%, 
3/25/2022,
Ser.
2019-1,
Class
A1
a,c
5,378,812
3,500,000
3.721%, 
9/25/2022,
Ser.
2019-2,
Class
A1
3,176,186
3,500,000
2.734%, 
3/25/2023,
Ser.
2020-1,
Class
A1
a,c
3,524,585
TVC
Mortgage
Trust
3,200,000
3.474%, 
9/25/2024,
Ser.
2020-RTL1,
Class
A1
a
2,595,051
Vericrest
Opportunity
Loan
Transferee
2,428,396
2.981%, 
3/25/2050,
Ser.
2020-NPL4,
Class
A1
a,c
2,183,432
1,274,425
3.352%, 
8/25/2049,
Ser.
2019-NPL4,
Class
A1A
a,c
1,114,710
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Collateralized
Mortgage
Obligations
(18.0%)
-
continued
$
3,500,000
4.090%, 
11/25/2049,
Ser.
2019-NPL8,
Class
A1B
a,c
$
2,562,134
4,337,009
3.376%, 
11/26/2049,
Ser.
2019-NPL9,
Class
A1A
a,c
3,909,598
4,000,000
4.090%, 
11/26/2049,
Ser.
2019-NPL9,
Class
A1B
a,c
2,989,455
2,572,022
3.426%, 
12/27/2049,
Ser.
2019-NP10,
Class
A1A
a,c
2,396,458
Verus
Securitization
Trust
2,805,602
3.836%, 
2/25/2059,
Ser.
2019-1,
Class
A1
a,b
2,780,010
4,124,476
3.211%, 
5/25/2059,
Ser.
2019-2,
Class
A1
a,b
4,129,346
3,442,308
2.913%, 
7/25/2059,
Ser.
2019-INV2,
Class
A1
a,b
3,426,996
Wachovia
Asset
Securitization,
Inc.
243,592
0.627%, 
(LIBOR
1M
+
0.140%),
7/25/2037,
Ser.
2007-HE1,
Class
A
a,b,e
205,393
Wachovia
Mortgage
Loan
Trust,
LLC
109,008
4.180%, 
5/20/2036,
Ser.
2006-A,
Class
2A1
b
101,345
WaMu
Mortgage
Pass
Through
Certificates
1,196,949
2.750%, 
(12
MTA
+
0.880%),
10/25/2046,
Ser.
2006-AR13,
Class
1A
b
990,694
Total
197,625,544
Commercial
Mortgage-Backed
Securities
(0.3%)
Federal
National
Mortgage
Association
-
ACES
1,980,584
3.560%, 
9/25/2021,
Ser.
2018-M5,
Class
A2
b
2,011,026
GSAA
Home
Equity
Trust
1,030,997
2.437%, 
(LIBOR
1M
+
1.950%),
5/25/2034,
Ser.
2004-4,
Class
M2
b
1,021,505
Total
3,032,531
Communications
Services
(2.3%)
American
Tower
Corporation
2,500,000
3.450%, 
9/15/2021
2,572,279
1,500,000
3.375%, 
5/15/2024
1,600,415
AT&T,
Inc.
2,000,000
3.200%, 
3/1/2022
2,073,907
2,000,000
2.594%, 
(LIBOR
3M
+
0.890%),
2/15/2023
b
1,946,104
Charter
Communications
Operating,
LLC
1,000,000
3.579%, 
7/23/2020
1,001,435
2,125,000
4.500%, 
2/1/2024
2,299,888
Cox
Communications,
Inc.
1,500,000
3.150%, 
8/15/2024
a
1,584,475
Crown
Castle
International
Corporation
250,000
3.400%, 
2/15/2021
252,301
1,000,000
2.250%, 
9/1/2021
1,010,560
1,000,000
3.200%, 
9/1/2024
1,060,941
Discovery
Communications,
LLC
2,000,000
2.950%, 
3/20/2023
2,057,576
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
80
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Communications
Services
(2.3%)
-
continued
Fox
Corporation
$
1,000,000
3.666%, 
1/25/2022
$
1,035,994
1,060,000
3.050%, 
4/7/2025
1,120,312
Omnicom
Group,
Inc.
1,250,000
3.625%, 
5/1/2022
1,310,461
T-Mobile
USA,
Inc.
2,265,000
3.500%, 
4/15/2025
a
2,377,684
Vodafone
Group
PLC
2,125,000
2.950%, 
2/19/2023
2,227,426
Total
25,531,758
Consumer
Cyclical
(2.6%)
Alibaba
Group
Holding,
Ltd.
500,000
2.800%, 
6/6/2023
516,629
American
Honda
Finance
Corporation
1,050,000
1.950%, 
5/10/2023
1,043,658
BMW
U.S.
Capital,
LLC
2,000,000
3.150%, 
4/18/2024
a
2,043,490
Daimler
Finance
North
America,
LLC
2,000,000
2.271%, 
(LIBOR
3M
+
0.530%),
5/5/2020
a,b
1,999,940
1,125,000
1.750%, 
3/10/2023
a
1,074,035
1,000,000
2.591%, 
(LIBOR
3M
+
0.840%),
5/4/2023
a,b
893,567
Ford
Motor
Credit
Company,
LLC
1,000,000
2.927%, 
(LIBOR
3M
+
1.235%),
2/15/2023
b
845,000
General
Motors
Financial
Company,
Inc.
2,100,000
3.950%, 
4/13/2024
1,993,971
1,580,000
2.900%, 
2/26/2025
1,431,072
Harley-Davidson
Financial
Services,
Inc.
574,000
4.050%, 
2/4/2022
a
573,868
Home
Depot,
Inc.
1,600,000
4.400%, 
4/1/2021
1,638,658
Hyundai
Capital
Services,
Inc.
2,000,000
3.000%, 
3/6/2022
a
1,987,315
1,500,000
3.000%, 
8/29/2022
a
1,480,753
Lennar
Corporation
1,260,000
4.875%, 
12/15/2023
1,291,500
400,000
5.875%, 
11/15/2024
416,000
Lowe's
Companies,
Inc.
800,000
4.000%, 
4/15/2025
887,843
Ralph
Lauren
Corporation
225,000
2.625%, 
8/18/2020
225,541
Target
Corporation
1,060,000
2.250%, 
4/15/2025
1,115,383
TJX
Companies,
Inc.
1,325,000
3.500%, 
4/15/2025
1,429,827
Toyota
Motor
Credit
Corporation
1,075,000
1.800%, 
2/13/2025
1,083,228
VF
Corporation
1,100,000
2.050%, 
4/23/2022
1,111,627
Volkswagen
Group
of
America
Finance,
LLC
2,000,000
4.250%, 
11/13/2023
a
2,094,852
1,500,000
2.850%, 
9/26/2024
a
1,471,983
Total
28,649,740
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Consumer
Non-Cyclical
(5.5%)
Abbott
Laboratories
$
1,262,000
2.550%, 
3/15/2022
$
1,306,130
AbbVie,
Inc.
2,100,000
2.300%, 
11/21/2022
a
2,152,659
2,080,000
3.600%, 
5/14/2025
2,257,817
Allergan
Funding
SCS
2,000,000
3.850%, 
6/15/2024
2,142,289
Altria
Group,
Inc.
2,500,000
3.800%, 
2/14/2024
2,675,790
Amgen,
Inc.
1,680,000
1.900%, 
2/21/2025
1,716,201
Anheuser-Busch
InBev
Finance,
Inc.
1,200,000
3.300%, 
2/1/2023
1,262,163
Anthem,
Inc.
1,225,000
2.375%, 
1/15/2025
1,259,739
Becton,
Dickinson
and
Company
750,000
2.250%, 
(LIBOR
3M
+
0.875%),
12/29/2020
b
744,484
1,950,000
3.125%, 
11/8/2021
1,994,720
Boston
Scientific
Corporation
2,100,000
3.450%, 
3/1/2024
2,224,010
Bristol-Myers
Squibb
Company
2,000,000
3.625%, 
5/15/2024
a
2,199,385
Cargill,
Inc.
1,000,000
3.250%, 
3/1/2023
a
1,048,423
1,200,000
1.375%, 
7/23/2023
a
1,206,003
Centene
Corporation
1,200,000
5.375%, 
8/15/2026
a
1,278,120
CK
Hutchison
International,
Ltd.
2,000,000
2.750%, 
3/29/2023
a
2,037,020
Coca-Cola
Company
1,100,000
2.950%, 
3/25/2025
1,196,750
Conagra
Brands,
Inc.
1,750,000
4.300%, 
5/1/2024
1,896,666
Constellation
Brands,
Inc.
1,000,000
2.700%, 
5/9/2022
1,016,580
1,500,000
3.200%, 
2/15/2023
1,563,775
CVS
Health
Corporation
1,750,000
3.700%, 
3/9/2023
1,855,557
1,050,000
4.000%, 
12/5/2023
1,131,741
1,000,000
4.100%, 
3/25/2025
1,103,943
Diageo
Capital
plc
800,000
1.375%, 
9/29/2025
798,612
General
Mills,
Inc.
1,500,000
2.145%, 
(LIBOR
3M
+
1.010%),
10/17/2023
b
1,464,579
Imperial
Brands
Finance
plc
1,750,000
3.125%, 
7/26/2024
a
1,722,973
Imperial
Tobacco
Finance
plc
1,500,000
3.750%, 
7/21/2022
a
1,519,812
Mead
Johnson
Nutrition
Company
1,000,000
3.000%, 
11/15/2020
1,008,723
Mondelez
International,
Inc.
975,000
2.125%, 
4/13/2023
992,535
Mylan
NV
1,125,000
3.150%, 
6/15/2021
1,131,704
Novartis
Capital
Corporation
2,400,000
1.750%, 
2/14/2025
2,476,001
PepsiCo,
Inc.
1,850,000
2.250%, 
3/19/2025
1,955,529
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
81
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Consumer
Non-Cyclical
(5.5%)
-
continued
Pernod
Ricard
SA
$
1,915,000
4.250%, 
7/15/2022
a
$
2,019,531
Philip
Morris
International,
Inc.
1,100,000
1.125%, 
5/1/2023
1,098,119
Smithfield
Foods,
Inc.
2,000,000
2.650%, 
10/3/2021
a
1,968,031
Thermo
Fisher
Scientific,
Inc.
800,000
4.133%, 
3/25/2025
902,160
UnitedHealth
Group,
Inc.
1,000,000
3.500%, 
2/15/2024
d
1,086,535
Zimmer
Biomet
Holdings,
Inc.
1,500,000
1.802%, 
(LIBOR
3M
+
0.750%),
3/19/2021
b
1,483,801
Zoetis,
Inc.
1,450,000
3.250%, 
2/1/2023
1,512,376
Total
60,410,986
Energy
(2.7%)
BP
Capital
Markets
America,
Inc.
1,500,000
1.702%, 
(LIBOR
3M
+
0.650%),
9/19/2022
b
1,439,992
1,000,000
3.790%, 
2/6/2024
1,057,223
Continental
Resources,
Inc.
2,100,000
4.500%, 
4/15/2023
1,857,188
Diamondback
Energy,
Inc.
1,050,000
2.875%, 
12/1/2024
959,956
Encana
Corporation
1,000,000
3.900%, 
11/15/2021
911,630
Energy
Transfer
Operating,
LP
1,675,000
4.200%, 
9/15/2023
1,646,858
1,050,000
2.900%, 
5/15/2025
976,821
EOG
Resources,
Inc.
975,000
2.625%, 
3/15/2023
1,000,103
Equinor
ASA
1,075,000
2.875%, 
4/6/2025
1,127,489
Exxon
Mobil
Corporation
1,465,000
1.371%, 
(LIBOR
3M
+
0.370%),
3/6/2022
b
1,451,603
1,400,000
2.992%, 
3/19/2025
1,497,723
Hess
Corporation
2,000,000
3.500%, 
7/15/2024
1,818,344
Marathon
Oil
Corporation
2,000,000
2.800%, 
11/1/2022
1,881,897
Marathon
Petroleum
Corporation
1,325,000
3.400%, 
12/15/2020
1,329,861
MPLX,
LP
500,000
3.500%, 
12/1/2022
a
493,826
1,500,000
4.875%, 
6/1/2025
1,462,786
Newfield
Exploration
Company
1,000,000
5.750%, 
1/30/2022
851,845
700,000
5.625%, 
7/1/2024
500,686
ONEOK,
Inc.
1,000,000
2.750%, 
9/1/2024
918,560
Petroleos
Mexicanos
850,000
2.378%, 
4/15/2025
878,670
Plains
All
American
Pipeline,
LP
2,000,000
3.850%, 
10/15/2023
1,918,789
Schlumberger
Holdings
Corporation
1,500,000
3.750%, 
5/1/2024
a
1,514,005
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Energy
(2.7%)
-
continued
Transcontinental
Gas
Pipe
Line
Company,
LLC
$
650,000
7.850%, 
2/1/2026
$
766,653
Williams
Partners,
LP
1,325,000
3.600%, 
3/15/2022
1,340,363
Total
29,602,871
Financials
(15.4%)
ABN
AMRO
Bank
NV
1,600,000
2.450%, 
6/4/2020
a
1,601,408
AerCap
Ireland
Capital
Designated
Activity
Company
and
AerCap
Global
Aviation
Trust
1,000,000
3.300%, 
1/23/2023
895,139
American
Express
Credit
Corporation
650,000
1.791%, 
(LIBOR
3M
+
1.050%),
9/14/2020
b
650,186
American
International
Group,
Inc.
1,150,000
3.300%, 
3/1/2021
1,166,699
Athene
Global
Funding
2,000,000
2.667%, 
(LIBOR
3M
+
1.230%),
7/1/2022
a,b
1,927,775
Australia
and
New
Zealand
Banking
Group,
Ltd.
2,110,000
2.950%, 
7/22/2030
a,b
2,080,782
Banco
Santander
Mexico
SA
380,000
5.375%, 
4/17/2025
a
389,975
Banco
Santander
SA
800,000
2.431%, 
(LIBOR
3M
+
1.120%),
4/12/2023
b
771,318
Bank
of
America
Corporation
1,500,000
2.816%, 
7/21/2023
b
1,540,868
2,150,000
4.200%, 
8/26/2024
2,324,914
1,000,000
3.458%, 
3/15/2025
b
1,056,228
2,100,000
2.456%, 
10/22/2025
b
2,150,905
Bank
of
Montreal
1,500,000
3.300%, 
2/5/2024
1,582,331
Bank
of
New
York
Mellon
Corporation
2,115,000
1.850%, 
1/27/2023
2,151,444
1,100,000
1.600%, 
4/24/2025
1,116,185
Bank
of
New
Zealand
1,125,000
2.000%, 
2/21/2025
a
1,123,184
Bank
of
Nova
Scotia
1,325,000
1.950%, 
2/1/2023
1,340,912
1,265,000
1.625%, 
5/1/2023
1,264,848
Barclays
plc
1,250,000
3.250%, 
1/12/2021
1,258,987
2,000,000
3.684%, 
1/10/2023
2,044,674
2,000,000
3.072%, 
(LIBOR
3M
+
1.380%),
5/16/2024
b
1,894,992
BNP
Paribas
SA
1,040,000
2.819%, 
11/19/2025
a,b
1,047,840
BPCE
SA
1,000,000
2.903%, 
(LIBOR
3M
+
1.220%),
5/22/2022
a,b
989,990
1,050,000
2.375%, 
1/14/2025
a
1,044,771
Branch
Banking
and
Trust
Company
2,200,000
2.150%, 
12/6/2024
2,248,079
Canadian
Imperial
Bank
of
Commerce
2,125,000
2.250%, 
1/28/2025
2,140,972
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
82
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Financials
(15.4%)
-
continued
Capital
One
Bank
USA
NA
$
2,125,000
2.014%, 
1/27/2023
b
$
2,105,990
Capital
One
Financial
Corporation
2,000,000
2.473%, 
(LIBOR
3M
+
0.760%),
5/12/2020
b
1,999,752
1,500,000
3.900%, 
1/29/2024
1,563,230
Capital
One
NA
2,000,000
2.554%, 
(LIBOR
3M
+
0.820%),
8/8/2022
b
1,950,252
Charles
Schwab
Corporation
600,000
5.375%, 
6/1/2025
b,f
622,500
Citigroup,
Inc.
1,500,000
1.951%, 
(LIBOR
3M
+
0.960%),
4/25/2022
b
1,488,525
2,110,000
2.312%, 
11/4/2022
b,d
2,126,750
2,200,000
4.000%, 
8/5/2024
2,347,593
1,075,000
3.106%, 
4/8/2026
b
1,125,601
CNA
Financial
Corporation
1,250,000
5.750%, 
8/15/2021
1,310,804
Comerica,
Inc.
750,000
3.700%, 
7/31/2023
789,186
Compass
Bank
1,500,000
2.875%, 
6/29/2022
1,507,601
Cooperatieve
Centrale
Raiffeisen-
Boerenleenbank
BA
1,400,000
2.500%, 
1/19/2021
1,415,805
Credit
Suisse
AG
825,000
2.800%, 
4/8/2022
d
845,032
Credit
Suisse
Group
AG
1,500,000
6.500%, 
8/8/2023
a
1,581,504
810,000
7.500%, 
12/11/2023
a,b,f
855,562
Danske
Bank
AS
1,500,000
5.375%, 
1/12/2024
a
1,619,555
Discover
Bank
1,250,000
2.450%, 
9/12/2024
1,222,740
Fifth
Third
Bancorp
1,100,000
2.875%, 
10/1/2021
1,121,579
2,100,000
2.375%, 
1/28/2025
2,132,205
First
Republic
Bank
1,060,000
1.912%, 
2/12/2024
b
1,061,536
FNB
Corporation
1,685,000
2.200%, 
2/24/2023
1,669,012
Goldman
Sachs
Group,
Inc.
1,060,000
3.500%, 
4/1/2025
1,127,431
2,085,000
3.272%, 
9/29/2025
b
2,182,166
HCP,
Inc.
1,325,000
4.250%, 
11/15/2023
1,376,959
HSBC
Bank
Canada
1,000,000
3.300%, 
11/28/2021
a
1,035,225
HSBC
Holdings
plc
1,175,000
2.873%, 
(LIBOR
3M
+
1.500%),
1/5/2022
b
1,176,543
2,000,000
3.262%, 
3/13/2023
b
2,050,812
1,500,000
6.250%, 
3/23/2023
b,f
1,458,750
Huntington
Bancshares,
Inc.
1,450,000
3.150%, 
3/14/2021
1,471,668
ING
Groep
NV
2,400,000
2.525%, 
(LIBOR
3M
+
1.150%),
3/29/2022
b
2,377,581
500,000
4.625%, 
1/6/2026
a
560,682
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Financials
(15.4%)
-
continued
International
Lease
Finance
Corporation
$
1,440,000
5.875%, 
8/15/2022
$
1,407,803
J.P.
Morgan
Chase
&
Company
1,250,000
5.300%, 
8/1/2020
b,f
1,186,719
1,900,000
3.875%, 
9/10/2024
2,043,292
1,500,000
2.161%, 
(LIBOR
3M
+
0.850%),
1/10/2025
b,d
1,450,737
1,200,000
2.005%, 
3/13/2026
b
1,212,336
1,100,000
2.083%, 
4/22/2026
b
1,114,823
Kilroy
Realty,
LP
700,000
3.800%, 
1/15/2023
713,206
Lincoln
National
Corporation
1,000,000
4.000%, 
9/1/2023
1,067,400
Lloyds
Banking
Group
plc
1,500,000
2.858%, 
3/17/2023
b
1,514,953
2,000,000
2.907%, 
11/7/2023
b
2,031,817
350,000
4.582%, 
12/10/2025
378,132
Macquarie
Group,
Ltd.
1,500,000
2.633%, 
(LIBOR
3M
+
1.020%),
11/28/2023
a,b
1,465,573
Mitsubishi
UFJ
Financial
Group,
Inc.
995,000
1.833%, 
(LIBOR
3M
+
1.060%),
9/13/2021
b
993,488
1,600,000
2.599%, 
(LIBOR
3M
+
0.920%),
2/22/2022
b
1,587,274
1,125,000
2.193%, 
2/25/2025
1,130,367
Mizuho
Financial
Group
Cayman
3,
Ltd.
675,000
4.600%, 
3/27/2024
a
715,333
Mizuho
Financial
Group,
Inc.
1,175,000
1.913%, 
(LIBOR
3M
+
1.140%),
9/13/2021
b
1,174,708
1,500,000
2.555%, 
9/13/2025
b
1,521,269
Morgan
Stanley
1,000,000
4.829%, 
(LIBOR
3M
+
3.610%),
7/15/2020
b,f
900,000
2,200,000
4.100%, 
5/22/2023
2,322,816
750,000
2.720%, 
7/22/2025
b
772,285
1,425,000
5.000%, 
11/24/2025
1,608,998
National
Bank
of
Canada
1,050,000
2.100%, 
2/1/2023
1,061,467
National
Securities
Clearing
Corporation
1,650,000
1.200%, 
4/23/2023
a
1,650,436
Nationwide
Building
Society
2,000,000
3.766%, 
3/8/2024
a,b
2,064,353
New
York
Life
Global
Funding
1,050,000
2.000%, 
1/22/2025
a
1,067,943
Nomura
Holdings,
Inc.
2,110,000
2.648%, 
1/16/2025
2,131,844
PayPal
Holdings,
Inc.
1,000,000
2.200%, 
9/26/2022
1,017,915
1,000,000
2.400%, 
10/1/2024
1,037,503
Peachtree
Corners
Funding
Trust
1,125,000
3.976%, 
2/15/2025
a
1,186,107
Realty
Income
Corporation
2,000,000
3.250%, 
10/15/2022
2,051,494
Reinsurance
Group
of
America,
Inc.
2,000,000
4.700%, 
9/15/2023
2,106,875
Royal
Bank
of
Canada
2,100,000
1.950%, 
1/17/2023
2,128,859
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
83
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Financials
(15.4%)
-
continued
$
1,100,000
1.600%, 
4/17/2023
d
$
1,104,624
Royal
Bank
of
Scotland
Group
plc
2,000,000
3.162%, 
(LIBOR
3M
+
1.470%),
5/15/2023
b
1,935,195
2,000,000
3.498%, 
5/15/2023
b
2,047,820
Santander
Holdings
USA,
Inc.
1,000,000
3.400%, 
1/18/2023
1,006,444
Santander
UK
Group
Holdings
plc
750,000
3.125%, 
1/8/2021
756,959
Santander
UK
plc
1,050,000
2.100%, 
1/13/2023
1,059,184
Simon
Property
Group,
LP
1,350,000
2.500%, 
9/1/2020
1,349,797
1,400,000
2.500%, 
7/15/2021
d
1,396,775
Societe
Generale
SA
2,200,000
2.625%, 
10/16/2024
a
2,193,820
Stadshypotek
AB
2,000,000
2.500%, 
4/5/2022
a
2,060,942
Standard
Chartered
plc
1,000,000
3.950%, 
1/11/2023
a
1,009,015
State
Street
Corporation
2,062,000
2.592%, 
(LIBOR
3M
+
0.900%),
8/18/2020
b
2,062,914
250,000
2.825%, 
3/30/2023
a,b
257,045
1,585,000
2.354%, 
11/1/2025
b
1,631,510
Sumitomo
Mitsui
Financial
Group,
Inc.
2,300,000
2.448%, 
9/27/2024
2,342,498
SunTrust
Banks,
Inc.
725,000
2.900%, 
3/3/2021
734,536
Synchrony
Financial
250,000
2.850%, 
7/25/2022
242,711
1,780,000
4.250%, 
8/15/2024
1,739,241
Synovus
Bank
1,060,000
2.289%, 
2/10/2023
b
1,047,446
U.S.
Bank
NA
2,200,000
2.050%, 
1/21/2025
2,259,929
UBS
AG
550,000
1.750%, 
4/21/2022
a
552,542
Ventas
Realty,
LP
2,000,000
3.100%, 
1/15/2023
1,977,891
Voya
Financial,
Inc.
500,000
5.650%, 
5/15/2053
b
490,000
Wells
Fargo
&
Company
750,000
3.450%, 
2/13/2023
780,835
1,500,000
3.750%, 
1/24/2024
1,596,055
2,110,000
2.406%, 
10/30/2025
b
2,142,691
Westpac
Banking
Corporation
1,055,000
2.000%, 
1/13/2023
1,075,050
500,000
2.000%, 
1/16/2025
a
521,247
1,060,000
2.894%, 
2/4/2030
b
1,044,199
Total
169,322,577
Foreign
Government
(0.1%)
Province
of
Ontario
Canada
750,000
3.400%, 
10/17/2023
818,484
Total
818,484
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Mortgage-Backed
Securities
(5.9%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
15-Yr.
Pass
Through
$
2,592,975
3.500%, 
5/1/2034
$
2,742,088
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
1,491,767
3.000%, 
3/25/2050
1,576,461
1,667,502
3.000%, 
4/1/2050
1,762,175
1,217,907
3.000%, 
8/1/2047
1,289,163
Federal
National
Mortgage
Association
1,044,343
4.500%, 
5/1/2048
1,128,761
1,600,577
3.500%, 
10/1/2048
1,694,725
3,202,898
3.500%, 
2/1/2049
3,381,764
1,817,727
3.500%, 
8/1/2049
1,929,532
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
21,300,000
2.000%, 
6/1/2034
g
21,937,336
16,100,000
2.500%, 
6/1/2034
g
16,816,324
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
4,800,000
2.500%, 
5/1/2050
g
4,998,188
238,637
3.443%, 
(LIBOR
12M
+
1.482%),
1/1/2043
b
245,106
2,570,788
4.000%, 
7/1/2048
2,736,095
2,838,000
3.000%, 
6/1/2049
g
2,992,417
Total
65,230,135
Technology
(2.2%)
Apple,
Inc.
1,900,000
2.007%, 
(LIBOR
3M
+
0.300%),
5/6/2020
b
1,899,971
Baidu,
Inc.
1,020,000
3.075%, 
4/7/2025
1,042,491
Broadcom
Corporation
2,250,000
3.125%, 
1/15/2025
2,322,638
Dell
International,
LLC/
EMC
Corporation
1,500,000
4.000%, 
7/15/2024
a
1,522,161
410,000
5.850%, 
7/15/2025
a
446,984
Fiserv,
Inc.
2,000,000
2.750%, 
7/1/2024
2,103,463
Global
Payments,
Inc.
875,000
2.650%, 
2/15/2025
899,528
Hewlett
Packard
Enterprise
Company
1,750,000
3.500%, 
10/5/2021
1,792,039
1,150,000
4.450%, 
10/2/2023
1,210,641
Intel
Corporation
1,100,000
3.400%, 
3/25/2025
1,209,650
Marvell
Technology
Group,
Ltd.
1,000,000
4.200%, 
6/22/2023
1,034,719
Micron
Technology,
Inc.
1,250,000
2.497%, 
4/24/2023
1,272,202
NXP
Funding,
LLC
575,000
2.700%, 
5/1/2025
a
581,726
Oracle
Corporation
1,195,000
2.500%, 
4/1/2025
1,259,739
Panasonic
Corporation
1,000,000
2.536%, 
7/19/2022
a
1,009,192
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
84
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Technology
(2.2%)
-
continued
$
1,000,000
2.679%, 
7/19/2024
a
$
1,010,339
Seagate
HDD
Cayman
1,190,000
4.250%, 
3/1/2022
1,217,406
Texas
Instruments,
Inc.
750,000
1.375%, 
3/12/2025
757,249
VMware,
Inc.
1,500,000
2.950%, 
8/21/2022
1,521,855
Total
24,113,993
Transportation
(1.9%)
Air
Canada
Pass
Through
Trust
795,105
3.875%, 
3/15/2023
a
676,047
Air
Lease
Corporation
1,750,000
3.500%, 
1/15/2022
1,656,227
1,500,000
4.250%, 
2/1/2024
1,429,877
Aircastle,
Ltd.
1,500,000
4.400%, 
9/25/2023
1,316,551
American
Airlines
Pass
Through
Trust
707,723
4.950%, 
1/15/2023
626,972
538,042
3.700%, 
5/1/2023
368,549
Avolon
Holdings
Funding,
Ltd.
1,500,000
3.950%, 
7/1/2024
a
1,290,124
British
Airways
plc
1,052,297
4.625%, 
6/20/2024
a
1,047,802
Continental
Airlines,
Inc.
1,540,352
4.150%, 
4/11/2024
1,389,552
Delta
Air
Lines,
Inc.
255,343
4.750%, 
5/7/2020
255,159
2,100,000
2.900%, 
10/28/2024
1,648,341
ERAC
USA
Finance,
LLC
1,400,000
2.600%, 
12/1/2021
a
1,404,440
J.B.
Hunt
Transport
Services,
Inc.
1,200,000
3.300%, 
8/15/2022
1,234,915
Penske
Truck
Leasing
Company,
LP
750,000
3.650%, 
7/29/2021
a
759,648
1,000,000
2.700%, 
11/1/2024
a
997,496
1,000,000
3.950%, 
3/10/2025
a
1,049,921
Ryder
System,
Inc.
1,000,000
3.400%, 
3/1/2023
1,012,742
Southwest
Airlines
Company
1,625,000
4.750%, 
5/4/2023
1,613,629
TTX
Company
650,000
4.125%, 
10/1/2023
a
700,972
US
Airways
Pass
Through
Trust
652,360
3.950%, 
11/15/2025
531,696
Total
21,010,660
U.S.
Government
&
Agencies
(16.5%)
Federal
Home
Loan
Bank
8,000,000
2.500%, 
2/13/2024
8,614,466
3,500,000
1.500%, 
8/15/2024
3,653,347
Federal
National
Mortgage
Association
3,500,000
2.875%, 
9/12/2023
3,788,899
U.S.
Treasury
Bonds
1,275,000
2.250%, 
11/15/2027
1,434,973
6,750,000
5.500%, 
8/15/2028
9,447,627
20,590,000
2.625%, 
2/15/2029
24,140,971
2,970,000
1.500%, 
2/15/2030
3,211,312
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
U.S.
Government
&
Agencies
(16.5%)
-
continued
U.S.
Treasury
Notes
$
29,000,000
1.500%, 
9/30/2021
$
29,540,351
21,400,000
2.500%, 
1/15/2022
22,235,937
3,350,000
1.125%, 
2/28/2022
3,406,531
13,845,000
2.000%, 
11/30/2022
14,472,352
7,000,000
1.375%, 
2/15/2023
7,221,484
3,875,000
2.750%, 
7/31/2023
4,185,454
1,500,000
2.500%, 
1/31/2024
1,622,461
2,750,000
2.125%, 
7/31/2024
2,957,002
12,225,000
1.250%, 
8/31/2024
12,704,927
2,250,000
1.375%, 
1/31/2025
2,357,754
2,000,000
2.875%, 
7/31/2025
2,257,344
21,000,000
2.625%, 
1/31/2026
23,583,164
Total
180,836,356
Utilities
(3.1%)
Ameren
Corporation
1,100,000
2.700%, 
11/15/2020
1,108,548
750,000
2.500%, 
9/15/2024
776,107
American
Electric
Power
Company,
Inc.
1,000,000
3.650%, 
12/1/2021
1,033,226
Berkshire
Hathaway
Energy
Company
1,925,000
4.050%, 
4/15/2025
a
2,164,662
CenterPoint
Energy,
Inc.
1,750,000
3.850%, 
2/1/2024
1,867,889
DTE
Energy
Company
1,500,000
3.700%, 
8/1/2023
d
1,599,043
1,500,000
2.529%, 
10/1/2024
1,526,473
Edison
International
1,580,000
2.950%, 
3/15/2023
d
1,580,232
Enel
Finance
International
NV
2,000,000
2.750%, 
4/6/2023
a
2,018,646
Exelon
Corporation
1,350,000
2.850%, 
6/15/2020
1,350,756
1,250,000
3.497%, 
6/1/2022
1,287,957
Florida
Power
&
Light
Company
1,350,000
2.850%, 
4/1/2025
1,462,202
Georgia
Power
Company
1,050,000
2.100%, 
7/30/2023
1,082,964
ITC
Holdings
Corporation
1,500,000
2.700%, 
11/15/2022
1,536,220
Jersey
Central
Power
&
Light
Company
1,500,000
4.300%, 
1/15/2026
a
1,641,413
National
Rural
Utilities
Cooperative
Finance
Corporation
850,000
4.750%, 
4/30/2043
b
848,824
NextEra
Energy
Capital
Holdings,
Inc.
1,075,000
2.750%, 
5/1/2025
1,144,005
NiSource
Finance
Corporation
1,000,000
2.650%, 
11/17/2022
1,028,641
NiSource,
Inc.
1,250,000
5.650%, 
6/15/2023
b,f
1,150,000
PPL
Capital
Funding,
Inc.
1,420,000
3.500%, 
12/1/2022
1,476,959
Public
Service
Enterprise
Group,
Inc.
2,000,000
2.875%, 
6/15/2024
2,086,986
Sempra
Energy
2,125,000
3.550%, 
6/15/2024
2,239,829
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
85
Principal
Amount
Long-Term
Fixed
Income
(
96
.0
%
)
Value
Utilities
(3.1%)
-
continued
Southern
Company
$
1,500,000
2.950%, 
7/1/2023
$
1,580,984
Total
33,592,566
Total
Long-Term
Fixed
Income
(cost
$1,051,132,841)
1,053,112,774
Shares
Registered
Investment
Companies
(
2
.9
%
)
Value
Unaffiliated  (2.9%)
398,300
Vanguard
Short-Term
Corporate
Bond
ETF
32,294,164
Total
32,294,164
Total
Registered
Investment
Companies
(cost
$32,056,207)
32,294,164
Shares
Collateral
Held
for
Securities
Loaned
(
0
.3
%
)
Value
2,969,500
Thrivent
Cash
Management
Trust
2,969,500
Total
Collateral
Held
for
Securities
Loaned
(cost
$2,969,500)
2,969,500
Shares
Preferred
Stock
(
0
.1
%
)
Value
Financials
(0.1%)
54,000
Citigroup
Capital
XIII,
7.130%
b
1,445,580
Total
1,445,580
Total
Preferred
Stock
(cost
$1,490,400)
1,445,580
Shares
or
Principal
Amount
Short-Term
Investments
(
5
.4
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
500,000
0.150%,
5/20/2020
h,i
499,977
400,000
0.130%,
6/9/2020
h,i
399,957
200,000
0.170%,
6/16/2020
h,i
199,974
600,000
0.180%,
8/4/2020
h,i
599,810
Thrivent
Core
Short-Term
Reserve
Fund
5,637,925
1.450%
56,379,245
U.S.
Treasury
Bills
100,000
0.105%,
7/16/2020
h,j
99,978
100,000
0.095%,
7/23/2020
h,j
99,977
460,000
0.035%,
9/24/2020
h,j
459,762
Total
Short-Term
Investments
(cost
$58,638,673)
58,738,680
Total
Investments
(cost
$1,146,287,621)
104.7%
$
1,148,560,698
Other
Assets
and
Liabilities,
Net
(4.7%)
(
51,503,627
)
Total
Net
Assets
100.0%
$
1,097,057,071
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
April
30,
2020,
the
value
of
these
investments
was
$410,547,302
or
37.4%
of
total
net
assets.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Denotes
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
April
30,
2020.
d
All
or
a
portion
of
the
security
is
on
loan.
e
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
f
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
g
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
h
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
i
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
j
All
or
a
portion
of
the
security
is
pledged
as
collateral
under
the
agreement
between
the
counterparty,
the
custodian
and
the
fund
for
open
swap
contracts.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Limited
Maturity
Bond
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
2,904,097
Total
lending
$2,904,097
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$2,969,500
Net
amounts
due
to
counterparty
$65,403
Definitions:
ACES
-
Alternative
Credit
Enhancement
Securities
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
HECM
-
Home
Equity
Conversion
Mortgage
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
Ser.
-
Series
Reference
Rate
Index:
12
MTA
-
12
Month
Treasury
Average
CMT
1Y
-
Constant
Maturity
Treasury
Yield
1
Year
CMT
3M
-
Constant
Maturity
Treasury
Yield
3
Month
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
LIBOR
12M
-
ICE
Libor
USD
Rate
12
Month
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
86
Principal
Amount
Bank
Loans
(
1
.5
%
)
a
Value
Basic
Materials
(0.1%)
Arch
Coal,
Inc.,
Term
Loan
$
416,414
3.750%, 
(LIBOR
1M
+
2.750%),
3/7/2024
b,c
$
347,706
Ball
Metalpack
Finco,
LLC,
Term
Loan
162,112
6.113%, 
(LIBOR
3M
+
4.500%),
7/31/2025
b
136,714
Big
River
Steel,
LLC,
Term
Loan
263,250
6.450%, 
(LIBOR
3M
+
5.000%),
8/23/2023
b
227,711
Chemours
Company,
Term
Loan
490,000
2.160%, 
(LIBOR
1M
+
1.750%),
4/3/2025
b
445,988
Hexion,
Inc.,
Term
Loan
230,000
4.940%, 
(LIBOR
3M
+
3.500%),
7/1/2026
b,d,e
218,645
Momentive
Performance
Materials
USA,
LLC,
Term
Loan
223,313
3.660%, 
(LIBOR
1M
+
3.250%),
5/15/2024
b
198,429
MRC
Global
(US),
Inc.,
Term
Loan
365,024
3.404%, 
(LIBOR
1M
+
3.000%),
9/22/2024
b,c
310,271
Nouryon
USA,
LLC,
Term
Loan
384,005
3.864%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
347,524
Peabody
Energy
Corporation,
Term
Loan
279,300
3.154%, 
(LIBOR
1M
+
2.750%),
3/31/2025
b
151,939
Pixelle
Specialty
Solutions,
LLC,
Term
Loan
448,153
7.500%, 
(LIBOR
1M
+
6.500%),
10/31/2024
b
384,515
Total
2,769,442
Capital
Goods
(0.2%)
Advanced
Disposal
Services,
Inc.,
Term
Loan
223,254
3.000%, 
(LIBOR
1W
+
2.250%),
11/10/2023
b
220,216
Flex
Acquisition
Company,
Inc.
Term
Loan
459,652
4.683%, 
(LIBOR
3M
+
3.250%),
6/29/2025
b
427,936
GFL
Environmental,
Inc.,
Term
Loan
701,138
4.000%, 
(LIBOR
1M
+
3.000%),
5/31/2025
b,d,e
687,817
Mauser
Packaging
Solutions
Holding
Company,
Term
Loan
328,312
4.561%, 
(LIBOR
3M
+
3.250%),
4/3/2024
b
280,914
Navistar,
Inc.,
Term
Loan
459,425
4.220%, 
(LIBOR
1M
+
3.500%),
11/6/2024
b
413,772
Reynolds
Group
Holdings,
Inc.,
Term
Loan
269,301
3.154%, 
(LIBOR
1M
+
2.750%),
2/5/2023
b
256,229
TransDigm,
Inc.,
Term
Loan
802,988
2.654%, 
(LIBOR
1M
+
2.250%),
12/9/2025
b
700,984
Principal
Amount
Bank
Loans
(
1
.5
%
)
a
Value
Capital
Goods
(0.2%)
-
continued
Vertiv
Group
Corporation,
Term
Loan
$
765,000
3.993%, 
(LIBOR
1M
+
3.000%),
3/2/2027
b,c
$
717,187
Total
3,705,055
Communications
Services
(0.3%)
Altice
France
SA,
Term
Loan
189,150
3.154%, 
(LIBOR
1M
+
2.750%),
7/31/2025
b
172,363
CenturyLink,
Inc.,
Term
Loan
1,162,088
2.654%, 
(LIBOR
1M
+
2.250%),
3/15/2027
b
1,096,720
Charter
Communications
Operating,
LLC,
Term
Loan
1,015,000
2.160%, 
(LIBOR
1M
+
1.750%),
4/30/2025
b,d,e
982,439
CommScope,
Inc.,
Term
Loan
199,000
3.654%, 
(LIBOR
1M
+
3.250%),
4/4/2026
b
186,634
Coral-US
Co-Borrower,
LLC,
Term
Loan
940,000
2.654%, 
(LIBOR
1M
+
2.250%),
1/31/2028
b
869,895
Diamond
Sports
Group,
LLC,
Term
Loan
688,425
3.820%, 
(LIBOR
1M
+
3.250%),
8/24/2026
b
558,629
Entercom
Media
Corporation,
Term
Loan
280,478
2.904%, 
(LIBOR
1M
+
2.500%),
11/17/2024
b
246,890
Gray
Television,
Inc.,
Term
Loan
110,000
0.000%, 
(LIBOR
3M
+
2.250%),
2/7/2024
b,d,e
104,110
HCP
Acquisition,
LLC,
Term
Loan
459,589
4.000%, 
(LIBOR
1M
+
3.000%),
5/16/2024
b
433,834
iHeartCommunications,
Inc.,
Term
Loan
185,000
3.989%, 
(LIBOR
1M
+
3.000%),
5/1/2026
b,d,e
165,318
Mediacom
Illinois,
LLC,
Term
Loan
139,417
1.900%, 
(LIBOR
1W
+
1.750%),
2/15/2024
b
133,317
NEP
Group,
Inc.,
Term
Loan
311,062
4.700%, 
(LIBOR
3M
+
3.250%),
10/20/2025
b,c
248,850
40,000
8.450%, 
(LIBOR
3M
+
7.000%),
10/19/2026
b,c
22,600
SBA
Senior
Finance
II,
LLC,
Term
Loan
408,151
2.160%, 
(LIBOR
1M
+
1.750%),
4/11/2025
b
393,356
Terrier
Media
Buyer,
Inc.,
Term
Loan
279,300
5.700%, 
(LIBOR
3M
+
4.250%),
12/17/2026
b
259,051
T-Mobile
USA,
Inc.,
Term
Loan
565,000
0.000%, 
(LIBOR
1M
+
3.000%),
4/1/2027
b,d,e
561,265
TNS,
Inc.,
Term
Loan
546,091
4.410%, 
(LIBOR
1M
+
4.000%),
8/14/2022
b
483,291
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
87
Principal
Amount
Bank
Loans
(
1
.5
%
)
a
Value
Communications
Services
(0.3%)
-
continued
WideOpenWest
Finance,
LLC,
Term
Loan
$
563,925
4.250%, 
(LIBOR
1M
+
3.250%),
8/19/2023
b
$
522,161
Windstream
Services,
LLC,
Term
Loan
50,000
2.910%, 
(LIBOR
1M
+
2.500%),
2/26/2021
b
48,875
342,487
8.250%, 
(PRIME
+
5.000%),
3/30/2021
b,f
190,080
Ziggo
Financing
Partnership,
Term
Loan
500,000
3.314%, 
(LIBOR
1M
+
2.500%),
4/30/2028
b
465,625
Total
8,145,303
Consumer
Cyclical
(0.2%)
Cengage
Learning,
Inc.,
Term
Loan
430,350
5.250%, 
(LIBOR
3M
+
4.250%),
6/7/2023
b
327,066
Four
Seasons
Hotels,
Ltd.,
Term
Loan
342,045
2.404%, 
(LIBOR
1M
+
2.000%),
11/30/2023
b
316,036
Golden
Entertainment,
Inc.,
Term
Loan
651,375
3.750%, 
(LIBOR
1M
+
3.000%),
10/20/2024
b
530,871
Golden
Nugget,
LLC,
Term
Loan
762,866
3.455%, 
(LIBOR
1M
+
2.500%),
10/4/2023
b
608,675
LCPR
Loan
Financing,
LLC,
Term
Loan
745,000
5.814%, 
(LIBOR
1M
+
5.000%),
10/25/2026
b
728,237
Mohegan
Gaming
and
Entertainment,
Term
Loan
490,178
5.375%, 
(LIBOR
1M
+
4.375%),
10/13/2023
b
335,772
Penn
National
Gaming,
Inc.,
Term
Loan
246,875
3.000%, 
(LIBOR
1M
+
2.250%),
10/15/2025
b
213,547
Scientific
Games
International,
Inc.,
Term
Loan
1,212,448
3.521%, 
(LIBOR
2M
+
2.750%),
8/14/2024
b
999,263
Staples,
Inc.,
Term
Loan
163,762
5.516%, 
(LIBOR
3M
+
4.500%),
9/12/2024
b
132,102
516,225
6.016%, 
(LIBOR
3M
+
5.000%),
4/12/2026
b
409,537
Stars
Group
Holdings
BV,
Term
Loan
671,210
4.950%, 
(LIBOR
3M
+
3.500%),
7/10/2025
b,c
666,176
Tenneco,
Inc.,
Term
Loan
508,562
3.404%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
393,500
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
241,325
2.154%, 
(LIBOR
1M
+
1.750%),
5/30/2025
b
220,692
Total
5,881,474
Principal
Amount
Bank
Loans
(
1
.5
%
)
a
Value
Consumer
Non-Cyclical
(0.3%)
Aramark
Services,
Inc.,
Term
Loan
$
565,000
2.154%, 
(LIBOR
1M
+
1.750%),
3/11/2025
b
$
527,744
Bausch
Health
Americas,
Inc.,
Term
Loan
676,500
3.718%, 
(LIBOR
1M
+
3.000%),
6/1/2025
b
653,668
Change
Healthcare
Holdings,
LLC,
Term
Loan
275,000
0.000%, 
(LIBOR
1M
+
2.500%),
3/1/2024
b,d,e
264,344
Chobani,
LLC,
Term
Loan
356,320
4.500%, 
(LIBOR
1M
+
3.500%),
10/10/2023
b
338,108
Dole
Food
Company,
Inc.,
Term
Loan
275,000
3.750%, 
(LIBOR
1M
+
2.750%),
4/6/2024
b,d,e
263,428
Endo
International
plc,
Term
Loan
380,660
5.000%, 
(LIBOR
1M
+
4.250%),
4/27/2024
b
345,213
Energizer
Holdings,
Inc.,
Term
Loan
159,885
3.250%, 
(LIBOR
1M
+
2.250%),
12/17/2025
b
156,155
Global
Medical
Response,
Inc.,
Term
Loan
1,242,899
4.250%, 
(LIBOR
1M
+
3.250%),
4/28/2022
b
1,138,421
102,637
5.863%, 
(LIBOR
3M
+
4.250%),
3/14/2025
b
91,062
IQVIA,
Inc.,
Term
Loan
70,000
0.000%, 
(LIBOR
1M
+
1.750%),
1/1/2025
b,d,e
67,112
JBS
USA
LUX
SA,
Term
Loan
567,136
3.072%, 
(LIBOR
3M
+
2.000%),
5/1/2026
b
545,516
Mallinckrodt
International
Finance
SA,
Term
Loan
237,757
4.704%, 
(LIBOR
3M
+
3.000%),
2/24/2025
b
164,816
McGraw-Hill,
LLC,
Term
Loan
330,893
5.450%, 
(LIBOR
1M
+
4.000%),
5/4/2022
b
266,644
MPH
Acquisition
Holdings,
LLC,
Term
Loan
960,000
4.200%, 
(LIBOR
3M
+
2.750%),
6/7/2023
b
881,405
Ortho-Clinical
Diagnostics
SA,
Term
Loan
986,650
4.266%, 
(LIBOR
1M
+
3.250%),
6/30/2025
b
874,419
Plantronics,
Inc.,
Term
Loan
926,445
2.991%, 
(LIBOR
1M
+
2.500%),
7/2/2025
b
753,172
R.R.
Donnelley
&
Sons
Company,
Term
Loan
59,548
5.404%, 
(LIBOR
1M
+
5.000%),
1/15/2024
b
52,104
Sotera
Health
Holdings,
LLC,
Term
Loan
300,000
5.500%, 
(LIBOR
1M
+
4.500%),
12/13/2026
b
287,550
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
88
Principal
Amount
Bank
Loans
(
1
.5
%
)
a
Value
Consumer
Non-Cyclical
(0.3%)
-
continued
US
Foods,
Inc.,
Term
Loan
$
185,000
2.154%, 
(LIBOR
1M
+
1.750%),
6/27/2023
b,d,e
$
170,056
Total
7,840,937
Energy
(0.1%)
BCP
Raptor
II,
LLC,
Term
Loan
297,750
5.154%, 
(LIBOR
1M
+
4.750%),
11/3/2025
b
138,826
Buckeye
Partners,
LP,
Term
Loan
495,000
3.120%, 
(LIBOR
1M
+
2.750%),
11/1/2026
b,d,e
462,518
Calpine
Corporation,
Term
Loan
355,665
2.660%, 
(LIBOR
1M
+
2.250%),
1/15/2024
b
343,032
CONSOL
Energy,
Inc.,
Term
Loan
287,100
4.910%, 
(LIBOR
1M
+
4.500%),
9/28/2024
b
172,082
Fieldwood
Energy,
LLC,
Term
Loan
375,000
6.250%, 
(LIBOR
3M
+
5.250%),
4/11/2022
b
78,750
McDermott
Technology
(Americas),
Inc.,
Term
Loan
574,762
6.945%, 
(LIBOR
3M
+
5.000%),
5/10/2025
b,f
190,631
Radiate
Holdco,
LLC,
Term
Loan
957,789
3.750%, 
(LIBOR
1M
+
3.000%),
2/1/2024
b
914,535
Total
2,300,374
Financials
(0.1%)
Avolon
TLB
Borrower
1
US,
LLC,
Term
Loan
220,970
2.500%, 
(LIBOR
1M
+
1.750%),
1/15/2025
b
207,395
Blackstone
CQP
Holdco,
LP,
Term
Loan
238,200
4.616%, 
(LIBOR
3M
+
3.500%),
9/30/2024
b
218,151
Delos
Finance
SARL,
Term
Loan
230,000
2.794%, 
(LIBOR
3M
+
1.750%),
10/6/2023
b,d,e
217,235
Digicel
International
Finance,
Ltd.,
Term
Loan
733,997
4.870%, 
(LIBOR
3M
+
3.250%),
5/27/2024
b
595,455
GGP
Nimbus,
LLC,
Term
Loan
561,450
2.904%, 
(LIBOR
1M
+
2.500%),
8/24/2025
b
414,271
INEOS
U.S.
Finance,
LLC,
Term
Loan
185,000
0.000%, 
(LIBOR
1M
+
2.000%),
3/31/2024
b,d,e
174,316
Level
3
Financing,
Inc.,
Term
Loan
475,000
2.154%, 
(LIBOR
1M
+
1.750%),
3/1/2027
b
454,019
MoneyGram
International,
Inc.,
Term
Loan
268,028
6.862%, 
(LIBOR
2M
+
6.000%),
6/30/2023
b
191,388
Principal
Amount
Bank
Loans
(
1
.5
%
)
a
Value
Financials
(0.1%)
-
continued
Northriver
Midstream
Finance,
LP,
Term
Loan
$
388,030
4.683%, 
(LIBOR
3M
+
3.250%),
10/1/2025
b
$
311,255
Tronox
Finance,
LLC,
Term
Loan
510,145
3.587%, 
(LIBOR
3M
+
2.750%),
9/22/2024
b
477,308
Vericast
Corporation,
Term
Loan
558,432
6.463%, 
(LIBOR
3M
+
4.750%),
11/3/2023
b
353,672
Total
3,614,465
Technology
(0.2%)
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
603,125
4.260%, 
(LIBOR
2M
+
3.500%),
8/21/2026
b,d,e
522,457
Prime
Security
Services
Borrower,
LLC,
Term
Loan
1,194,000
4.266%, 
(LIBOR
1M
+
3.250%),
9/23/2026
b
1,129,178
Rackspace
Hosting,
Inc.,
Term
Loan
998,174
4.763%, 
(LIBOR
2M
+
3.000%),
11/3/2023
b
933,193
SS&C
Technologies,
Inc.,
Term
Loan
156,831
2.154%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
150,575
111,910
2.154%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
107,446
147,727
2.154%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
141,767
Zayo
Group
Holdings,
Inc.,
Term
Loan
725,000
3.404%, 
(LIBOR
1M
+
3.000%),
3/9/2027
b
679,477
Total
3,664,093
Transportation
(<0.1%)
Genesee
&
Wyoming,
Inc.,
Term
Loan
455,000
3.450%, 
(LIBOR
3M
+
2.000%),
12/30/2026
b
439,239
United
Airlines,
Inc.,
Term
Loan
340,000
2.154%, 
(LIBOR
3M
+
1.750%),
4/1/2024
b,d,e
297,714
Total
736,953
Utilities
(<0.1%)
Advanced
Drainage
Systems,
Inc.,
Term
Loan
115,000
3.250%, 
(LIBOR
1M
+
2.250%),
9/24/2026
b,d,e
111,406
Core
and
Main,
LP,
Term
Loan
307,125
3.988%, 
(LIBOR
6M
+
2.750%),
8/1/2024
b
288,219
EnergySolutions,
LLC,
Term
Loan
240,712
5.200%, 
(LIBOR
3M
+
3.750%),
5/11/2025
b
214,234
Total
613,859
Total
Bank
Loans
(cost
$44,273,295)
39,271,955
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
89
Shares
Registered
Investment
Companies
(
41
.5
%
)
Value
Unaffiliated  (1.3%)
4,588
Health
Care
Select
Sector
SPDR
Fund
$
457,561
212,050
Invesco
Senior
Loan
ETF
4,448,809
4,639
iShares
Dow
Jones
US
Home
Construction
Index
Fund
169,416
55,000
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
7,104,350
6,185
ProShares
Ultra
S&P
500
g
688,391
40,785
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
4,038,938
33,845
SPDR
S&P
500
ETF
Trust
9,831,296
4,980
SPDR
S&P
Biotech
ETF
g
465,082
8,915
SPDR
S&P
Regional
Banking
ETF
339,929
822
VanEck
Vectors
Oil
Services
ETF
g,h
90,239
111,250
Vanguard
Short-Term
Corporate
Bond
ETF
9,020,150
Total
36,654,161
Affiliated  (40.2%)
6,751,435
Thrivent
Core
Emerging
Markets
Debt
Fund
60,830,430
424,856
Thrivent
Core
Emerging
Markets
Equity
Fund
3,619,770
2,369,413
Thrivent
Core
International
Equity
Fund
18,647,284
9,249,734
Thrivent
Core
Low
Volatility
Equity
Fund
100,267,112
2,271,188
Thrivent
Global
Stock
Fund,
Class
S
48,217,322
8,569,008
Thrivent
High
Yield
Fund,
Class
S
36,075,524
13,187,460
Thrivent
Income
Fund,
Class
S
126,335,871
13,184,695
Thrivent
International
Allocation
Fund,
Class
S
109,960,358
14,466,170
Thrivent
Large
Cap
Growth
Fund,
Class
S
194,425,326
8,926,945
Thrivent
Large
Cap
Value
Fund,
Class
S
170,326,107
5,386,921
Thrivent
Limited
Maturity
Bond
Fund,
Class
S
66,420,731
4,250,886
Thrivent
Mid
Cap
Stock
Fund,
Class
S
96,835,181
1,285,073
Thrivent
Small
Cap
Stock
Fund,
Class
S
24,454,937
Total
1,056,415,953
Total
Registered
Investment
Companies
(cost
$936,960,116)
1,093,070,114
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Asset-Backed
Securities
(1.1%)
Access
Group,
Inc.
62,917
0.987%, 
(LIBOR
1M
+
0.500%),
2/25/2036,
Ser.
2013-1,
Class
A
b,i
60,847
Aimco
800,000
2.418%, 
(LIBOR
3M
+
1.320%),
7/22/2032,
Ser.
2019-10A,
Class
A
b,i
760,539
Ares
CLO,
Ltd.
1,000,000
2.535%, 
(LIBOR
3M
+
1.400%),
10/17/2030,
Ser.
2018-28RA,
Class
A2
b,i
934,779
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Asset-Backed
Securities
(1.1%)
-
continued
Benefit
Street
Partners
CLO
IV,
Ltd.
$
1,300,000
2.385%, 
(LIBOR
3M
+
1.250%),
1/20/2029,
Ser.
2014-IVA,
Class
A1RR
b,i
$
1,280,818
800,000
2.885%, 
(LIBOR
3M
+
1.750%),
1/20/2029,
Ser.
2014-IVA,
Class
A2RR
b,i
749,045
Betony
CLO,
Ltd.
940,000
1.840%, 
(LIBOR
3M
+
1.080%),
4/30/2031,
Ser.
2018-1A,
Class
A1
b,i
899,919
Buttermilk
Park
CLO,
Ltd.
1,750,000
2.619%, 
(LIBOR
3M
+
1.400%),
10/15/2031,
Ser.
2018-1A,
Class
A2
b,i
1,628,578
Carlyle
Global
Market
Strategies
CLO,
Ltd.
1,150,000
2.669%, 
(LIBOR
3M
+
1.450%),
7/15/2031,
Ser.
2014-5A,
Class
A2RR
b,i
1,079,213
Carvana
Auto
Receivables
Trust
250,000
2.340%, 
6/15/2023,
Ser.
2019-3A,
Class
A3
i
249,868
Colony
American
Finance
Trust
1,277,839
2.835%, 
6/15/2052,
Ser.
2019-2,
Class
A
i
1,243,211
Commonbond
Student
Loan
Trust
115,622
0.987%, 
(LIBOR
1M
+
0.500%),
2/25/2044,
Ser.
2018-AGS,
Class
A2
b,i
112,907
CoreVest
American
Finance
Trust
1,491,028
2.705%, 
10/15/2052,
Ser.
2019-3,
Class
A
i
1,444,736
Deephaven
Residential
Mortgage
Trust
611,020
4.080%, 
10/25/2058,
Ser.
2018-4A,
Class
A1
b,i
597,344
Dryden
Senior
Loan
Fund
950,000
2.535%, 
(LIBOR
3M
+
1.400%),
7/18/2030,
Ser.
2018-65A,
Class
A2
b,i
893,128
Earnest
Student
Loan
Program,
LLC
180,346
3.020%, 
5/25/2034,
Ser.
2016-B,
Class
A2
i
178,290
Edlinc
Student
Loan
Funding
Trust
1,356
3.270%, 
(CMT
3M
+
3.150%),
10/1/2025,
Ser.
2012-A,
Class
AT
b,i
1,360
Galaxy
XX
CLO,
Ltd.
650,000
2.135%, 
(LIBOR
3M
+
1.000%),
4/20/2031,
Ser.
2015-20A,
Class
AR
b,i
615,917
Golub
Capital
Partners,
Ltd.
890,000
2.285%, 
(LIBOR
3M
+
1.150%),
10/20/2028,
Ser.
2018-39A,
Class
A1
b,i
857,592
769,000
2.335%, 
(LIBOR
3M
+
1.200%),
1/20/2031,
Ser.
2015-23A,
Class
AR
b,i
712,072
Harley
Marine
Financing,
LLC
2,178,461
5.682%, 
5/15/2043,
Ser.
2018-1A,
Class
A2
i
1,922,375
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
90
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Asset-Backed
Securities
(1.1%)
-
continued
Home
Partners
of
America
Trust
$
1,444,478
2.908%, 
9/17/2039,
Ser.
2019-1,
Class
A
i
$
1,466,230
1,459,725
2.703%, 
10/19/2039,
Ser.
2019-2,
Class
A
i
1,466,507
Madison
Park
Funding
XIV,
Ltd.
750,000
2.498%, 
(LIBOR
3M
+
1.400%),
10/22/2030,
Ser.
2014-14A,
Class
A2RR
b,i
685,923
Magnetite
XII,
Ltd.
650,000
2.319%, 
(LIBOR
3M
+
1.100%),
10/15/2031,
Ser.
2015-12A,
Class
ARR
b,i
625,096
Mountain
View
CLO,
Ltd.
475,000
2.339%, 
(LIBOR
3M
+
1.120%),
7/15/2031,
Ser.
2015-9A,
Class
A1R
b,i
437,832
National
Collegiate
Trust
456,706
0.782%, 
(LIBOR
1M
+
0.295%),
5/25/2031,
Ser.
2007-A,
Class
A
b,i
435,765
Neuberger
Berman
CLO
XIV,
Ltd.
1,000,000
1.917%, 
(LIBOR
3M
+
1.030%),
1/28/2030,
Ser.
2013-14A,
Class
AR2
b,i
972,625
Neuberger
Berman
CLO,
Ltd.
400,000
2.128%, 
(LIBOR
3M
+
1.030%),
4/22/2029,
Ser.
2014-17A,
Class
AR2
b,i
387,236
Octagon
Investment
Partners
XVI,
Ltd.
200,000
2.535%, 
(LIBOR
3M
+
1.400%),
7/17/2030,
Ser.
2013-1A,
Class
A2R
b,i
185,323
OneMain
Financial
Issuance
Trust
1,070,000
3.840%, 
5/14/2032,
Ser.
2020-1A,
Class
A
e,i
1,070,000
OZLM
VIII,
Ltd.
1,502,594
2.305%, 
(LIBOR
3M
+
1.170%),
10/17/2029,
Ser.
2014-8A,
Class
A1RR
b,i
1,439,316
Palmer
Square
Loan
Funding,
Ltd.
550,000
2.785%, 
(LIBOR
3M
+
1.650%),
4/20/2027,
Ser.
2019-1A,
Class
A2
b,i
522,532
PPM
CLO
3,
Ltd.
500,000
2.535%, 
(LIBOR
3M
+
1.400%),
7/17/2030,
Ser.
2019-3A,
Class
A
b,i
474,921
RCO
Mortgage,
LLC
567,561
4.458%, 
10/25/2023,
Ser.
2018-2,
Class
A1
i,j
545,809
Shackleton
CLO,
Ltd.
450,000
2.389%, 
(LIBOR
3M
+
1.170%),
7/15/2031,
Ser.
2015-7RA,
Class
A1
b,i
424,498
SLM
Student
Loan
Trust
153,925
0.887%, 
(LIBOR
1M
+
0.400%),
3/25/2025,
Ser.
2010-1,
Class
A
b
138,675
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Asset-Backed
Securities
(1.1%)
-
continued
Voya
CLO,
Ltd.
$
500,000
2.419%, 
(LIBOR
3M
+
1.200%),
10/15/2030,
Ser.
2012-4A,
Class
A1AR
b,i
$
483,044
Total
27,983,870
Basic
Materials
(0.3%)
Air
Products
and
Chemicals,
Inc.
700,000
2.700%, 
5/15/2040
706,521
Anglo
American
Capital
plc
300,000
4.875%, 
5/14/2025
i
315,887
Cleveland-Cliffs,
Inc.
185,000
5.750%, 
3/1/2025
g
132,275
150,000
9.875%, 
10/17/2025
i
148,500
Dow
Chemical
Company
325,000
4.800%, 
11/30/2028
364,865
DowDuPont,
Inc.
600,000
4.493%, 
11/15/2025
660,395
First
Quantum
Minerals,
Ltd.
320,000
7.500%, 
4/1/2025
i
282,400
Freeport-McMoRan,
Inc.
230,000
4.125%, 
3/1/2028
213,325
240,000
4.250%, 
3/1/2030
223,464
Glencore
Funding,
LLC
152,000
4.125%, 
5/30/2023
i
153,773
200,000
4.000%, 
3/27/2027
i
202,441
International
Paper
Company
390,000
4.350%, 
8/15/2048
440,317
Kinross
Gold
Corporation
154,000
5.950%, 
3/15/2024
169,015
460,000
4.500%, 
7/15/2027
483,423
Koppers,
Inc.
280,000
6.000%, 
2/15/2025
i
227,500
Krayton
Polymers,
LLC
270,000
7.000%, 
4/15/2025
i
259,200
Methanex
Corporation
360,000
5.250%, 
12/15/2029
302,654
Norbord,
Inc.
320,000
5.750%, 
7/15/2027
i
291,200
Novelis
Corporation
355,000
5.875%, 
9/30/2026
i
345,166
100,000
4.750%, 
1/30/2030
i
89,000
Olin
Corporation
360,000
5.125%, 
9/15/2027
328,824
Peabody
Securities
Finance
Corporation
465,000
6.375%, 
3/31/2025
i
275,234
Sherwin-Williams
Company
153,000
3.125%, 
6/1/2024
160,425
Syngenta
Finance
NV
475,000
3.933%, 
4/23/2021
i
468,990
Teck
Resources,
Ltd.
581,000
6.125%, 
10/1/2035
574,056
Tronox
Finance
plc
310,000
5.750%, 
10/1/2025
i
274,350
Vale
Overseas,
Ltd.
225,000
6.250%, 
8/10/2026
246,600
132,000
6.875%, 
11/21/2036
153,451
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
91
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Basic
Materials
(0.3%)
-
continued
WestRock
Company
$
245,000
3.750%, 
3/15/2025
$
258,815
Total
8,752,066
Capital
Goods
(0.5%)
AECOM
540,000
5.125%, 
3/15/2027
549,450
Amsted
Industries,
Inc.
390,000
5.625%, 
7/1/2027
i
390,429
Ardagh
Packaging
Finance
plc
480,000
6.000%, 
2/15/2025
i
480,418
Building
Materials
Corporation
of
America
460,000
6.000%, 
10/15/2025
i
473,800
Cintas
Corporation
No.
2
230,000
3.700%, 
4/1/2027
248,884
CNH
Industrial
Capital,
LLC
336,000
4.875%, 
4/1/2021
338,610
CNH
Industrial
NV
210,000
3.850%, 
11/15/2027
209,014
Covanta
Holding
Corporation
270,000
6.000%, 
1/1/2027
259,200
Crown
Cork
&
Seal
Company,
Inc.
450,000
7.375%, 
12/15/2026
492,750
Emerson
Electric
Company
700,000
1.800%, 
10/15/2027
699,654
H&E
Equipment
Services,
Inc.
275,000
5.625%, 
9/1/2025
261,965
Howmet
Aerospace,
Inc.
505,000
6.875%, 
5/1/2025
516,422
Ingersoll-Rand
Luxembourg
Finance
SA
625,000
3.500%, 
3/21/2026
660,945
L3Harris
Technologies,
Inc.
507,000
3.950%, 
5/28/2024
i
540,598
Lockheed
Martin
Corporation
312,000
3.600%, 
3/1/2035
371,001
304,000
4.500%, 
5/15/2036
378,790
78,000
6.150%, 
9/1/2036
111,315
Northrop
Grumman
Corporation
550,000
3.850%, 
4/15/2045
640,044
Owens-Brockway
Glass
Container,
Inc.
675,000
5.000%, 
1/15/2022
i
681,750
Republic
Services,
Inc.
235,000
2.900%, 
7/1/2026
249,504
Reynolds
Group
Issuer,
Inc.
570,000
5.125%, 
7/15/2023
i
572,850
Rockwell
Collins,
Inc.
580,000
2.800%, 
3/15/2022
594,641
Roper
Technologies,
Inc.
130,000
3.650%, 
9/15/2023
137,012
192,000
4.200%, 
9/15/2028
215,451
Siemens
Financieringsmaatschappij
NV
386,000
4.200%, 
3/16/2047
*
499,821
Spirit
AeroSystems,
Inc.
300,000
7.500%, 
4/15/2025
i
295,500
Textron,
Inc.
510,000
3.375%, 
3/1/2028
496,154
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Capital
Goods
(0.5%)
-
continued
TransDigm,
Inc.
$
175,000
6.250%, 
3/15/2026
i
$
171,281
470,000
5.500%, 
11/15/2027
i
397,150
United
Rentals
North
America,
Inc.
200,000
5.875%, 
9/15/2026
205,500
640,000
4.000%, 
7/15/2030
603,200
United
Technologies
Corporation
375,000
4.450%, 
11/16/2038
464,704
400,000
3.750%, 
11/1/2046
470,042
Total
13,677,849
Collateralized
Mortgage
Obligations
(1.2%)
Ajax
Mortgage
Loan
Trust
948,356
4.360%, 
9/25/2065,
Ser.
2018-C,
Class
A
b,i
956,712
Alternative
Loan
Trust
161,229
6.000%, 
8/1/2036,
Ser.
2006-24CB,
Class
A9
113,623
Angel
Oak
Mortgage
Trust
I,
LLC
501,384
3.500%, 
7/25/2046,
Ser.
2016-1,
Class
A1
i
512,079
1,258,860
3.674%, 
7/27/2048,
Ser.
2018-2,
Class
A1
b,i
1,270,502
Bellemeade
Re,
Ltd.
249,995
2.087%, 
(LIBOR
1M
+
1.600%),
4/25/2028,
Ser.
2018-1A,
Class
M1B
b,i
241,048
463,535
1.587%, 
(LIBOR
1M
+
1.100%),
7/25/2029,
Ser.
2019-3A,
Class
M1A
b,i
452,678
BRAVO
Residential
Funding
Trust
610,586
3.500%, 
3/25/2058,
Ser.
2019-1,
Class
A1C
i
615,675
618,571
2.748%, 
11/25/2059,
Ser.
2019-NQM2,
Class
A1
b,i
613,480
CHL
Mortgage
Pass-Through
Trust
2,272,504
6.000%, 
11/25/2037,
Ser.
2007-18,
Class
1A2
1,744,210
CIM
Trust
1,362,774
5.000%, 
12/25/2057,
Ser.
2018-R3,
Class
A1
b,i
1,380,818
Citicorp
Mortgage
Securities,
Inc.
931,139
6.000%, 
7/25/2037,
Ser.
2007-6,
Class
1A4
865,798
Citigroup
Mortgage
Loan
Trust,
Inc.
192,826
5.500%, 
11/25/2035,
Ser.
2005-9,
Class
21A2
186,636
COLT
Funding,
LLC
341,399
3.470%, 
7/27/2048,
Ser.
2018-2,
Class
A1
b,i
341,616
Countrywide
Alternative
Loan
Trust
196,310
3.357%, 
10/25/2035,
Ser.
2005-43,
Class
4A1
b
171,607
322,274
6.000%, 
4/25/2036,
Ser.
2006-4CB,
Class
1A1
222,522
696,648
7.000%, 
10/25/2037,
Ser.
2007-24,
Class
A10
373,836
Countrywide
Home
Loans,
Inc.
238,510
5.750%, 
4/25/2037,
Ser.
2007-3,
Class
A27
175,977
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
92
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Collateralized
Mortgage
Obligations
(1.2%)
-
continued
Credit
Suisse
Mortgage
Capital
Certificates
$
811,478
3.393%, 
2/25/2024,
Ser.
2020-BPL1,
Class
A1
i,j
$
754,209
Credit
Suisse
Mortgage
Trust
1,193,786
3.850%, 
9/25/2057,
Ser.
2018-RPL9,
Class
A1
b,i
1,238,383
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
110,398
6.000%, 
10/25/2021,
Ser.
2006-AR5,
Class
23A
95,454
Ellington
Financial
Mortgage
Trust
680,013
4.140%, 
10/25/2058,
Ser.
2018-1,
Class
A1FX
b,i
687,814
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
576,691
4.000%, 
7/15/2031,
Ser.
4104,
Class
KI
k
37,532
498,472
3.000%, 
2/15/2033,
Ser.
4170,
Class
IG
k
46,731
1,457,604
3.000%, 
3/15/2033,
Ser.
4180,
Class
PI
k
146,280
895,781
3.000%, 
7/15/2046,
Ser.
4750,
Class
PA
928,013
Federal
National
Mortgage
Association
-
REMIC
2,286,908
3.000%, 
12/25/2027,
Ser.
2012-137,
Class
AI
k
144,971
FWD
Securitization
Trust
2,077,815
2.810%, 
6/25/2049,
Ser.
2019-INV1,
Class
A1
b,i
2,049,970
Galton
Funding
Mortgage
Trust
2017-1
643,888
4.500%, 
10/25/2058,
Ser.
2018-2,
Class
A41
b,i
654,404
GCAT
Trust
151,487
2.985%, 
2/25/2059,
Ser.
2019-NQM1,
Class
A1
i,j
153,714
GS
Mortgage-Backed
Securities
Trust
1,130,557
2.625%, 
1/25/2059,
Ser.
2019-SL1,
Class
A1
b,i
1,118,261
MASTR
Alternative
Loans
Trust
375,342
0.937%, 
(LIBOR
1M
+
0.450%),
12/25/2035,
Ser.
2005-6,
Class
2A1
b
69,520
Merrill
Lynch
Alternative
Note
Asset
Trust
188,100
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
124,326
MFRA
Trust
724,510
4.164%, 
7/25/2048,
Ser.
2018-NPL2,
Class
A1
i,j
654,237
Preston
Ridge
Partners
Mortgage
Trust,
LLC
608,801
4.500%, 
1/25/2024,
Ser.
2019-1A,
Class
A1
i,j
579,212
846,541
3.500%, 
10/25/2024,
Ser.
2019-GS1,
Class
A1
b,i
765,935
RCO
Mortgage,
LLC
454,892
3.197%, 
11/25/2052,
Ser.
2017-INV1,
Class
A
b,i
438,175
965,053
4.270%, 
12/26/2053,
Ser.
2018-VFS1,
Class
A1
b,i
950,065
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Collateralized
Mortgage
Obligations
(1.2%)
-
continued
Residential
Accredit
Loans,
Inc.
Trust
$
361,427
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
$
343,712
Toorak
Mortgage
Corporation
1,900,000
4.458%, 
3/25/2022,
Ser.
2019-1,
Class
A1
i,j
1,703,291
3,500,000
3.721%, 
9/25/2022,
Ser.
2019-2,
Class
A1
3,176,186
600,000
2.734%, 
3/25/2023,
Ser.
2020-1,
Class
A1
i,j
604,215
Verus
Securitization
Trust
147,721
2.853%, 
1/25/2047,
Ser.
2017-1A,
Class
A1
b,i
146,125
213,470
3.836%, 
2/25/2059,
Ser.
2019-1,
Class
A1
b,i
211,522
138,127
3.211%, 
5/25/2059,
Ser.
2019-2,
Class
A1
b,i
138,290
276,259
3.345%, 
5/25/2059,
Ser.
2019-2,
Class
A2
b,i
276,543
1,032,693
2.913%, 
7/25/2059,
Ser.
2019-INV2,
Class
A1
b,i
1,028,099
618,978
2.947%, 
11/25/2059,
Ser.
2019-INV3,
Class
A2
b,i
602,013
WaMu
Mortgage
Pass
Through
Certificates
48,912
3.725%, 
9/25/2036,
Ser.
2006-AR10,
Class
1A2
b
42,796
189,045
3.694%, 
10/25/2036,
Ser.
2006-AR12,
Class
1A1
b
170,037
Total
30,318,852
Commercial
Mortgage-Backed
Securities
(0.2%)
Citigroup
Commercial
Mortgage
Trust
1,250,000
3.102%, 
12/15/2072,
Ser.
2019-C7,
Class
A4
1,337,618
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
792,862
3.000%, 
3/15/2045,
Ser.
4741,
Class
GA
825,052
Federal
National
Mortgage
Association
-
ACES
1,525,000
3.776%, 
8/25/2030,
Ser.
2018-M12,
Class
A2
b
1,810,053
GS
Mortgage
Securities
Trust
1,200,000
3.666%, 
9/10/2047,
Ser.
2014-GC24,
Class
A4
1,260,270
UBS
Commercial
Mortgage
Trust
950,000
2.921%, 
10/15/2052,
Ser.
2019-C17,
Class
A4
969,366
Total
6,202,359
Communications
Services
(1.1%)
AMC
Networks,
Inc.
280,000
5.000%, 
4/1/2024
271,460
American
Tower
Corporation
275,000
2.900%, 
1/15/2030
287,848
AT&T,
Inc.
725,000
4.350%, 
3/1/2029
814,521
235,000
4.300%, 
2/15/2030
264,813
315,000
5.250%, 
3/1/2037
373,276
300,000
4.900%, 
8/15/2037
346,597
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
93
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Communications
Services
(1.1%)
-
continued
$
228,000
6.350%, 
3/15/2040
$
297,313
285,000
5.550%, 
8/15/2041
346,713
540,000
5.450%, 
3/1/2047
682,623
British
Sky
Broadcasting
Group
plc
315,000
3.125%, 
11/26/2022
i
331,200
British
Telecommunications
plc
625,000
4.500%, 
12/4/2023
678,211
CCO
Holdings,
LLC
275,000
5.500%, 
5/1/2026
i
286,030
260,000
5.125%, 
5/1/2027
i
269,971
650,000
4.750%, 
3/1/2030
i
663,000
CCOH
Safari,
LLC
200,000
5.750%, 
2/15/2026
i
208,520
Charter
Communications
Operating,
LLC
129,000
6.834%, 
10/23/2055
172,504
300,000
4.500%, 
2/1/2024
324,690
430,000
4.200%, 
3/15/2028
477,589
1,075,000
6.484%, 
10/23/2045
1,400,849
Clear
Channel
Worldwide
Holdings,
Inc.
350,000
5.125%, 
8/15/2027
i
328,860
Comcast
Corporation
575,000
4.950%, 
10/15/2058
805,418
370,000
4.049%, 
11/1/2052
450,360
250,000
2.750%, 
3/1/2023
262,628
355,000
3.950%, 
10/15/2025
400,113
575,000
4.250%, 
10/15/2030
691,835
130,000
4.400%, 
8/15/2035
161,102
410,000
4.750%, 
3/1/2044
531,522
250,000
4.600%, 
8/15/2045
318,754
Cox
Communications,
Inc.
420,000
3.350%, 
9/15/2026
i
446,434
156,000
4.600%, 
8/15/2047
i
178,462
Crown
Castle
International
Corporation
234,000
5.250%, 
1/15/2023
255,927
312,000
3.200%, 
9/1/2024
331,014
CSC
Holdings,
LLC
310,000
5.500%, 
5/15/2026
i
320,850
Discovery
Communications,
LLC
390,000
4.900%, 
3/11/2026
427,599
Embarq
Corporation
270,000
7.995%, 
6/1/2036
278,100
Fox
Corporation
420,000
3.500%, 
4/8/2030
450,901
Front
Range
BidCo,
Inc.
400,000
4.000%, 
3/1/2027
i
387,932
Gray
Television,
Inc.
295,000
5.875%, 
7/15/2026
i
283,200
iHeartCommunications,
Inc.
390,000
4.750%, 
1/15/2028
i
337,350
Lamar
Media
Corporation
200,000
3.750%, 
2/15/2028
g,i
184,125
Level
3
Financing,
Inc.
690,000
4.625%, 
9/15/2027
i
683,652
Neptune
Finco
Corporation
499,000
10.875%, 
10/15/2025
i
539,394
Netflix,
Inc.
590,000
4.875%, 
4/15/2028
627,424
Nexstar
Escrow
Corporation
201,000
5.625%, 
8/1/2024
i
195,473
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Communications
Services
(1.1%)
-
continued
$
340,000
5.625%, 
7/15/2027
i
$
324,700
Nielsen
Finance,
LLC
310,000
5.000%, 
4/15/2022
i
305,384
Omnicom
Group,
Inc.
156,000
3.600%, 
4/15/2026
166,248
210,000
4.200%, 
6/1/2030
223,952
SFR
Group
SA
440,000
7.375%, 
5/1/2026
i
459,800
Sirius
XM
Radio,
Inc.
540,000
5.000%, 
8/1/2027
i
552,285
Sprint
Corporation
590,000
7.250%, 
9/15/2021
618,763
595,000
7.625%, 
2/15/2025
687,285
Telefonica
Emisiones
SAU
475,000
4.570%, 
4/27/2023
513,950
Telesat
Canada
/
Telesat,
LLC
480,000
4.875%, 
6/1/2027
i
468,000
Time
Warner
Entertainment
Company,
LP
379,000
8.375%, 
3/15/2023
438,547
T-Mobile
USA,
Inc.
820,000
4.500%, 
2/1/2026
844,846
725,000
3.750%, 
4/15/2027
i
777,222
600,000
4.375%, 
4/15/2040
i
677,736
VeriSign,
Inc.
350,000
4.750%, 
7/15/2027
372,824
Verizon
Communications,
Inc.
298,000
3.376%, 
2/15/2025
326,621
170,000
2.792%, 
(LIBOR
3M
+
1.100%),
5/15/2025
b
169,030
1,192,000
4.272%, 
1/15/2036
1,421,450
Viacom,
Inc.
160,000
4.250%, 
9/1/2023
168,753
228,000
5.850%, 
9/1/2043
258,035
Virgin
Media
Secured
Finance
plc
410,000
5.500%, 
8/15/2026
i
423,182
Vodafone
Group
plc
400,000
4.875%, 
6/19/2049
476,721
Windstream
Services,
LLC
310,000
8.625%, 
10/31/2025
f,i
186,000
Ziggo
BV
575,000
5.500%, 
1/15/2027
i
584,890
Total
29,822,381
Consumer
Cyclical
(0.9%)
1011778
B.C.,
ULC
550,000
4.375%, 
1/15/2028
i
531,823
Allison
Transmission,
Inc.
410,000
5.000%, 
10/1/2024
i
393,600
Amazon.com,
Inc.
390,000
3.875%, 
8/22/2037
473,802
234,000
4.050%, 
8/22/2047
304,371
American
Honda
Finance
Corporation
400,000
2.150%, 
9/10/2024
399,349
Brookfield
Property
REIT,
Inc.
210,000
5.750%, 
5/15/2026
i
168,000
Brookfield
Residential
Properties,
Inc.
560,000
6.250%, 
9/15/2027
i
512,400
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
94
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Consumer
Cyclical
(0.9%)
-
continued
Cedar
Fair,
LP
$
230,000
5.250%, 
7/15/2029
i
$
197,800
Costco
Wholesale
Corporation
700,000
1.375%, 
6/20/2027
702,855
D.R.
Horton,
Inc.
365,000
2.550%, 
12/1/2020
363,823
Daimler
Finance
North
America,
LLC
175,000
2.301%, 
(LIBOR
3M
+
0.550%),
5/4/2021
b,i
170,308
Ford
Motor
Company
120,000
9.000%, 
4/22/2025
116,700
70,000
9.625%, 
4/22/2030
68,775
Ford
Motor
Credit
Company,
LLC
114,000
3.200%, 
1/15/2021
110,010
115,000
2.645%, 
(LIBOR
3M
+
1.270%),
3/28/2022
b
101,631
670,000
4.063%, 
11/1/2024
587,925
660,000
4.134%, 
8/4/2025
560,294
General
Motors
Company
560,000
1.796%, 
(LIBOR
3M
+
0.900%),
9/10/2021
b
534,404
General
Motors
Financial
Company,
Inc.
152,000
4.200%, 
3/1/2021
150,961
210,000
2.170%, 
(LIBOR
3M
+
0.850%),
4/9/2021
b
201,756
400,000
3.150%, 
6/30/2022
381,124
152,000
3.950%, 
4/13/2024
144,326
360,000
4.300%, 
7/13/2025
337,783
Hanesbrands,
Inc.
400,000
4.875%, 
5/15/2026
i
402,560
Herc
Holdings,
Inc.
160,000
5.500%, 
7/15/2027
i
149,984
Hilton
Domestic
Operating
Company,
Inc.
530,000
4.875%, 
1/15/2030
507,475
Home
Depot,
Inc.
375,000
5.400%, 
9/15/2040
516,039
228,000
4.250%, 
4/1/2046
285,912
965,000
3.900%, 
6/15/2047
1,135,182
Hyundai
Capital
America
550,000
3.000%, 
6/20/2022
i
542,242
L
Brands,
Inc.
150,000
6.694%, 
1/15/2027
105,750
Landry's,
Inc.
220,000
6.750%, 
10/15/2024
i
171,600
Lennar
Corporation
350,000
4.125%, 
1/15/2022
351,386
620,000
4.875%, 
12/15/2023
635,500
200,000
4.500%, 
4/30/2024
204,000
Mastercard,
Inc.
560,000
3.300%, 
3/26/2027
623,838
275,000
3.950%, 
2/26/2048
344,880
Mattamy
Group
Corporation
460,000
5.250%, 
12/15/2027
i
431,250
McDonald's
Corporation
125,000
2.750%, 
12/9/2020
126,264
700,000
2.125%, 
3/1/2030
g
696,976
470,000
4.450%, 
3/1/2047
574,727
MGM
Resorts
International
540,000
6.000%, 
3/15/2023
525,150
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Consumer
Cyclical
(0.9%)
-
continued
Prime
Security
Services
Borrower,
LLC
$
550,000
5.750%, 
4/15/2026
i
$
541,915
Ryman
Hospitality
Properties,
Inc.
70,000
4.750%, 
10/15/2027
i
61,075
Scientific
Games
International,
Inc.
270,000
5.000%, 
10/15/2025
i
235,791
90,000
7.000%, 
5/15/2028
i
64,800
ServiceMaster
Company,
LLC
550,000
5.125%, 
11/15/2024
i
561,110
Six
Flags
Entertainment
Corporation
150,000
5.500%, 
4/15/2027
g,i
129,855
Six
Flags
Theme
Parks,
Inc.
130,000
7.000%, 
7/1/2025
i
134,524
Staples,
Inc.
290,000
7.500%, 
4/15/2026
i
229,100
Target
Corporation
650,000
2.250%, 
4/15/2025
683,961
TJX
Companies,
Inc.
700,000
3.750%, 
4/15/2027
763,741
430,000
3.875%, 
4/15/2030
479,820
Visa,
Inc.
425,000
1.900%, 
4/15/2027
439,478
700,000
2.700%, 
4/15/2040
731,280
Volkswagen
Group
of
America
Finance,
LLC
725,000
4.250%, 
11/13/2023
i
759,384
Walmart,
Inc.
425,000
3.250%, 
7/8/2029
g
484,383
Yum!
Brands,
Inc.
430,000
4.750%, 
1/15/2030
i
438,600
Total
22,583,352
Consumer
Non-Cyclical
(1.6%)
Abbott
Laboratories
133,000
3.750%, 
11/30/2026
153,613
643,000
4.750%, 
11/30/2036
838,734
AbbVie,
Inc.
390,000
3.600%, 
5/14/2025
423,341
325,000
2.950%, 
11/21/2026
i
343,985
175,000
4.700%, 
5/14/2045
207,537
750,000
4.875%, 
11/14/2048
944,368
Albertson's
Companies,
Inc.
560,000
7.500%, 
3/15/2026
i
611,800
Allergan,
Inc.
400,000
2.800%, 
3/15/2023
407,888
Altria
Group,
Inc.
400,000
4.400%, 
2/14/2026
443,536
600,000
5.800%, 
2/14/2039
714,731
Amgen,
Inc.
700,000
3.375%, 
2/21/2050
g
749,235
150,000
3.125%, 
5/1/2025
162,855
Anheuser-Busch
Companies,
LLC
800,000
3.650%, 
2/1/2026
871,852
608,000
4.700%, 
2/1/2036
675,840
Anheuser-Busch
InBev
Worldwide,
Inc.
950,000
4.750%, 
4/15/2058
1,063,165
495,000
4.375%, 
4/15/2038
533,362
195,000
4.600%, 
4/15/2048
214,961
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
95
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Consumer
Non-Cyclical
(1.6%)
-
continued
Anthem,
Inc.
$
560,000
3.125%, 
5/15/2050
$
558,589
390,000
4.625%, 
5/15/2042
473,599
Aramark
Services,
Inc.
250,000
6.375%, 
5/1/2025
i
260,000
Avantor,
Inc.
330,000
6.000%, 
10/1/2024
i
347,820
B&G
Foods,
Inc.
320,000
5.250%, 
9/15/2027
323,546
BAT
Capital
Corporation
350,000
5.282%, 
4/2/2050
403,850
234,000
3.222%, 
8/15/2024
242,750
312,000
4.540%, 
8/15/2047
324,198
Bausch
Health
Companies,
Inc.
250,000
7.000%, 
1/15/2028
i
259,375
70,000
5.000%, 
1/30/2028
i
67,011
70,000
5.250%, 
1/30/2030
i
69,300
Baxalta,
Inc.
201,000
4.000%, 
6/23/2025
219,968
Becton,
Dickinson
and
Company
341,000
3.734%, 
12/15/2024
368,066
325,000
3.700%, 
6/6/2027
352,696
Biogen,
Inc.
600,000
5.200%, 
9/15/2045
781,158
Boston
Scientific
Corporation
228,000
7.375%, 
1/15/2040
356,289
Bristol-Myers
Squibb
Company
330,000
2.875%, 
8/15/2020
i
331,713
Bunge,
Ltd.
Finance
Corporation
114,000
3.500%, 
11/24/2020
114,607
Campbell
Soup
Company
200,000
2.375%, 
4/24/2030
201,999
Cargill,
Inc.
400,000
3.250%, 
5/23/2029
i
420,434
Centene
Corporation
550,000
4.750%, 
1/15/2025
562,842
90,000
4.250%, 
12/15/2027
i
94,162
210,000
4.625%, 
12/15/2029
g,i
229,950
Cigna
Corporation
90,000
2.109%, 
(LIBOR
3M
+
0.890%),
7/15/2023
b
87,220
490,000
4.125%, 
11/15/2025
549,444
285,000
3.050%, 
10/15/2027
293,107
605,000
4.800%, 
8/15/2038
734,534
Clorox
Company
505,000
3.100%, 
10/1/2027
557,283
Conagra
Brands,
Inc.
380,000
4.300%, 
5/1/2024
411,848
Constellation
Brands,
Inc.
360,000
3.600%, 
2/15/2028
382,190
275,000
2.875%, 
5/1/2030
279,213
CVS
Health
Corporation
180,000
3.700%, 
3/9/2023
190,857
75,000
4.000%, 
12/5/2023
80,839
465,000
4.100%, 
3/25/2025
513,333
700,000
3.625%, 
4/1/2027
761,982
935,000
4.875%, 
7/20/2035
1,141,135
Encompass
Health
Corporation
350,000
4.500%, 
2/1/2028
350,665
Energizer
Holdings,
Inc.
540,000
5.500%, 
6/15/2025
g,i
546,264
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Consumer
Non-Cyclical
(1.6%)
-
continued
Express
Scripts
Holding
Company
$
690,000
4.800%, 
7/15/2046
$
767,603
General
Mills,
Inc.
375,000
2.875%, 
4/15/2030
400,567
HCA,
Inc.
810,000
5.375%, 
2/1/2025
870,863
Imperial
Brands
Finance
plc
400,000
3.875%, 
7/26/2029
i
400,332
JBS
USA,
LLC
55,000
5.750%, 
6/15/2025
i
55,688
570,000
5.500%, 
1/15/2030
i
577,125
Keurig
Dr.
Pepper,
Inc.
600,000
3.200%, 
5/1/2030
640,033
Kimberly-Clark
Corporation
420,000
3.100%, 
3/26/2030
467,714
390,000
3.900%, 
5/4/2047
483,699
Kraft
Foods
Group,
Inc.
320,000
5.000%, 
6/4/2042
324,391
Kraft
Heinz
Foods
Company
650,000
3.375%, 
6/15/2021
g
659,410
500,000
4.625%, 
1/30/2029
526,231
480,000
3.750%, 
4/1/2030
i
487,643
Kroger
Company
200,000
2.800%, 
8/1/2022
207,059
Medtronic,
Inc.
848,000
4.375%, 
3/15/2035
1,076,173
23,000
4.625%, 
3/15/2045
31,011
Merck
&
Company,
Inc.
70,000
3.700%, 
2/10/2045
84,173
Mondelez
International,
Inc.
225,000
2.750%, 
4/13/2030
238,222
Mylan,
Inc.
65,000
3.125%, 
1/15/2023
i
65,675
Nestle
Holdings,
Inc.
375,000
3.900%, 
9/24/2038
i
454,445
Par
Pharmaceutical,
Inc.
270,000
7.500%, 
4/1/2027
i
273,456
Pilgrim's
Pride
Corporation
350,000
5.875%, 
9/30/2027
i
354,183
Post
Holdings,
Inc.
350,000
5.750%, 
3/1/2027
i
358,313
Reynolds
American,
Inc.
481,000
5.700%, 
8/15/2035
562,031
Roche
Holdings,
Inc.
228,000
4.000%, 
11/28/2044
i
282,374
Scotts
Miracle-Gro
Company
300,000
4.500%, 
10/15/2029
292,500
Shire
Acquisitions
Investments
Ireland
Designated
Activity
Company
462,000
2.400%, 
9/23/2021
468,964
Simmons
Foods,
Inc.
185,000
5.750%, 
11/1/2024
i
172,050
Smithfield
Foods,
Inc.
275,000
2.650%, 
10/3/2021
i
270,604
Spectrum
Brands,
Inc.
520,000
5.750%, 
7/15/2025
518,700
Teleflex,
Inc.
570,000
4.625%, 
11/15/2027
584,250
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
96
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Consumer
Non-Cyclical
(1.6%)
-
continued
Tenet
Healthcare
Corporation
$
140,000
4.625%, 
7/15/2024
$
138,152
400,000
5.125%, 
11/1/2027
i
395,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV
300,000
2.800%, 
7/21/2023
275,625
Thermo
Fisher
Scientific,
Inc.
420,000
4.133%, 
3/25/2025
473,634
Tyson
Foods,
Inc.
156,000
3.550%, 
6/2/2027
168,631
UnitedHealth
Group,
Inc.
420,000
2.950%, 
10/15/2027
454,976
1,010,000
4.625%, 
7/15/2035
1,271,582
VRX
Escrow
Corporation
1,085,000
6.125%, 
4/15/2025
i
1,096,528
Zoetis,
Inc.
509,000
4.700%, 
2/1/2043
652,906
Total
41,487,155
Energy
(0.9%)
Archrock
Partners,
LP
290,000
6.250%, 
4/1/2028
i
216,050
BP
Capital
Markets
America,
Inc.
85,000
3.119%, 
5/4/2026
88,657
1,350,000
3.543%, 
4/6/2027
1,415,533
BP
Capital
Markets
plc
233,000
3.535%, 
11/4/2024
g
246,127
588,000
3.279%, 
9/19/2027
608,295
Buckeye
Partners,
LP
335,000
3.950%, 
12/1/2026
303,175
125,000
4.125%, 
12/1/2027
111,562
Canadian
Natural
Resources,
Ltd.
215,000
3.450%, 
11/15/2021
217,083
Canadian
Oil
Sands,
Ltd.
210,000
9.400%, 
9/1/2021
i
225,330
Cheniere
Energy
Partners,
LP
595,000
5.625%, 
10/1/2026
568,582
Chesapeake
Energy
Corporation
161,000
11.500%, 
1/1/2025
i
4,427
ConocoPhillips
390,000
6.500%, 
2/1/2039
558,617
Continental
Resources,
Inc.
165,000
5.000%, 
9/15/2022
g
155,100
250,000
4.500%, 
4/15/2023
221,094
Diamondback
Energy,
Inc.
750,000
3.500%, 
12/1/2029
647,893
El
Paso
Pipeline
Partners
Operating
Company,
LLC
230,000
4.300%, 
5/1/2024
243,875
Enagas
SA
820,000
5.500%, 
1/15/2028
i
561,700
Enbridge,
Inc.
300,000
2.900%, 
7/15/2022
301,669
Endeavor
Energy
Resources,
LP
160,000
5.750%, 
1/30/2028
i
139,200
Energy
Transfer
Operating,
LP
125,000
4.200%, 
9/15/2023
122,900
570,000
6.000%, 
6/15/2048
535,181
Energy
Transfer
Partners,
LP
215,000
4.900%, 
3/15/2035
193,532
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Energy
(0.9%)
-
continued
$
175,000
5.150%, 
2/1/2043
$
144,510
EnLink
Midstream
Partners,
LP
350,000
4.850%, 
7/15/2026
213,500
Enterprise
Products
Operating,
LLC
30,000
5.100%, 
2/15/2045
32,693
EOG
Resources,
Inc.
600,000
4.375%, 
4/15/2030
669,244
EQT
Corporation
350,000
3.900%, 
10/1/2027
294,000
Equinor
ASA
840,000
3.000%, 
4/6/2027
881,203
Exxon
Mobil
Corporation
700,000
4.327%, 
3/19/2050
854,205
1,100,000
3.452%, 
4/15/2051
1,192,682
Kinder
Morgan
Energy
Partners,
LP
380,000
6.500%, 
9/1/2039
436,937
Kinder
Morgan,
Inc.
440,000
6.500%, 
9/15/2020
445,063
Magellan
Midstream
Partners,
LP
215,000
5.000%, 
3/1/2026
232,786
Marathon
Petroleum
Corporation
468,000
4.750%, 
12/15/2023
471,778
87,000
6.500%, 
3/1/2041
91,268
MPLX,
LP
700,000
4.875%, 
12/1/2024
695,140
468,000
4.875%, 
6/1/2025
456,389
Murphy
Oil
Corporation
300,000
5.875%, 
12/1/2027
203,610
Nabors
Industries,
Inc.
275,000
5.750%, 
2/1/2025
63,250
Nabors
Industries,
Ltd.
100,000
7.250%, 
1/15/2026
i
38,000
Newfield
Exploration
Company
80,000
5.625%, 
7/1/2024
57,221
327,000
5.375%, 
1/1/2026
225,529
Noble
Energy,
Inc.
600,000
5.050%, 
11/15/2044
438,392
Occidental
Petroleum
Corporation
210,000
2.700%, 
8/15/2022
g
182,700
400,000
2.900%, 
8/15/2024
303,880
140,000
3.400%, 
4/15/2026
100,100
ONEOK,
Inc.
560,000
2.200%, 
9/15/2025
484,206
Parsley
Energy,
LLC
420,000
5.625%, 
10/15/2027
i
359,100
Petrobras
Global
Finance
BV
356,000
5.093%, 
1/15/2030
i
324,494
Pioneer
Natural
Resources
Company
150,000
4.450%, 
1/15/2026
157,919
Plains
All
American
Pipeline,
LP
400,000
4.500%, 
12/15/2026
371,002
575,000
3.550%, 
12/15/2029
490,794
Regency
Energy
Partners,
LP
304,000
5.875%, 
3/1/2022
309,085
Sabine
Pass
Liquefaction,
LLC
230,000
6.250%, 
3/15/2022
237,305
270,000
5.625%, 
4/15/2023
280,702
320,000
5.750%, 
5/15/2024
335,361
Schlumberger
Holdings
Corporation
365,000
4.000%, 
12/21/2025
i
368,298
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
97
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Energy
(0.9%)
-
continued
Southwestern
Energy
Company
$
545,000
7.500%, 
4/1/2026
g
$
488,037
Suncor
Energy,
Inc.
210,000
3.600%, 
12/1/2024
216,425
Sunoco
Logistics
Partners
Operations,
LP
250,000
4.000%, 
10/1/2027
234,081
Sunoco,
LP
200,000
5.875%, 
3/15/2028
190,000
Targa
Resources
Partners,
LP
410,000
5.375%, 
2/1/2027
348,500
Transocean
Guardian,
Ltd.
459,250
5.875%, 
1/15/2024
i
351,326
Viper
Energy
Partners,
LP
390,000
5.375%, 
11/1/2027
i
349,050
W&T
Offshore,
Inc.
465,000
9.750%, 
11/1/2023
i
153,450
Western
Gas
Partners,
LP
312,000
4.000%, 
7/1/2022
301,860
Williams
Companies,
Inc.
420,000
7.500%, 
1/15/2031
493,466
Williams
Partners,
LP
190,000
4.000%, 
11/15/2021
192,626
115,000
3.600%, 
3/15/2022
116,333
195,000
4.500%, 
11/15/2023
202,407
320,000
6.300%, 
4/15/2040
368,099
WPX
Energy,
Inc.
390,000
5.750%, 
6/1/2026
353,457
220,000
4.500%, 
1/15/2030
g
179,300
Total
24,666,345
Financials
(2.6%)
ABN
AMRO
Bank
NV
300,000
4.750%, 
7/28/2025
i
320,696
ACE
INA
Holdings,
Inc.
225,000
4.350%, 
11/3/2045
293,370
AerCap
Ireland
Capital,
Ltd.
152,000
4.625%, 
10/30/2020
150,064
152,000
4.625%, 
7/1/2022
143,454
275,000
3.500%, 
1/15/2025
237,145
425,000
3.875%, 
1/23/2028
357,108
Aircastle,
Ltd.
650,000
5.000%, 
4/1/2023
614,382
Ally
Financial,
Inc.
450,000
5.750%, 
11/20/2025
461,250
American
International
Group,
Inc.
228,000
4.125%, 
2/15/2024
246,634
475,000
3.750%, 
7/10/2025
506,795
450,000
3.900%, 
4/1/2026
486,808
Australia
and
New
Zealand
Banking
Group,
Ltd.
300,000
2.950%, 
7/22/2030
b,i
295,846
AvalonBay
Communities,
Inc.
175,000
3.500%, 
11/15/2025
184,405
Aviation
Capital
Group,
LLC
500,000
2.875%, 
1/20/2022
i
433,010
Avolon
Holdings
Funding,
Ltd.
325,000
5.250%, 
5/15/2024
i
281,810
Banco
Santander
Mexico
SA
425,000
5.375%, 
4/17/2025
i
436,156
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Financials
(2.6%)
-
continued
Banco
Santander
SA
$
600,000
2.431%, 
(LIBOR
3M
+
1.120%),
4/12/2023
b
$
578,489
Bank
of
America
Corporation
300,000
3.499%, 
5/17/2022
b
305,662
320,000
2.881%, 
4/24/2023
b
326,974
312,000
4.000%, 
4/1/2024
338,621
500,000
4.200%, 
8/26/2024
540,678
500,000
4.000%, 
1/22/2025
539,968
600,000
3.458%, 
3/15/2025
b
633,737
420,000
3.093%, 
10/1/2025
b
440,843
325,000
3.824%, 
1/20/2028
b
355,017
700,000
2.496%, 
2/13/2031
b
707,613
400,000
2.592%, 
4/29/2031
b
409,465
231,000
5.875%, 
2/7/2042
333,380
Bank
of
Montreal
310,000
1.771%, 
(LIBOR
3M
+
0.460%),
4/13/2021
b
309,526
Bank
of
Nova
Scotia
615,000
1.575%, 
(LIBOR
3M
+
0.440%),
4/20/2021
b,g
613,568
225,000
2.700%, 
3/7/2022
231,560
Barclays
Bank
plc
78,000
10.179%, 
6/12/2021
i
83,561
Barclays
plc
555,000
3.250%, 
1/12/2021
558,990
600,000
4.610%, 
2/15/2023
b
623,666
315,000
3.650%, 
3/16/2025
327,317
Boston
Properties,
LP
450,000
4.500%, 
12/1/2028
509,176
BPCE
SA
588,000
3.500%, 
10/23/2027
i
616,081
Camden
Property
Trust
500,000
3.150%, 
7/1/2029
527,777
Capital
One
Financial
Corporation
304,000
3.050%, 
3/9/2022
308,675
500,000
4.200%, 
10/29/2025
513,361
Capital
One
NA
475,000
2.150%, 
9/6/2022
473,366
Cascades
USA,
Inc.
280,000
5.125%, 
1/15/2026
i
280,000
CIT
Group,
Inc.
430,000
5.000%, 
8/15/2022
427,850
100,000
5.250%, 
3/7/2025
98,780
Citigroup,
Inc.
360,000
2.750%, 
4/25/2022
368,602
188,000
4.050%, 
7/30/2022
197,302
265,000
3.142%, 
1/24/2023
b
271,407
655,000
4.400%, 
6/10/2025
710,978
304,000
3.200%, 
10/21/2026
320,361
768,000
3.668%, 
7/24/2028
b
820,785
228,000
4.125%, 
7/25/2028
245,994
425,000
3.520%, 
10/27/2028
b
450,917
180,000
3.878%, 
1/24/2039
b
193,167
324,000
4.650%, 
7/23/2048
396,702
CNA
Financial
Corporation
225,000
3.900%, 
5/1/2029
233,995
Comerica,
Inc.
130,000
3.700%, 
7/31/2023
136,792
Commerzbank
AG
390,000
8.125%, 
9/19/2023
i
430,569
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
98
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Financials
(2.6%)
-
continued
Compass
Bank
$
425,000
3.500%, 
6/11/2021
$
428,581
Cooperatieve
Centrale
Raiffeisen-
Boerenleenbank
BA
432,000
3.950%, 
11/9/2022
445,900
686,000
4.625%, 
12/1/2023
733,428
Credit
Agricole
SA
500,000
3.375%, 
1/10/2022
i
510,311
525,000
3.250%, 
1/14/2030
i
530,673
Credit
Suisse
Group
AG
350,000
7.250%, 
9/12/2025
b,i,l
349,125
350,000
3.869%, 
1/12/2029
b,i
370,406
Credit
Suisse
Group
Funding
(Guernsey),
Ltd.
375,000
3.125%, 
12/10/2020
377,698
Credit
Suisse
Group
Funding,
Ltd.
304,000
3.750%, 
3/26/2025
321,969
Danske
Bank
AS
375,000
3.244%, 
12/20/2025
b,i
374,952
Deutsche
Bank
AG
468,000
3.375%, 
5/12/2021
468,379
190,000
4.250%, 
10/14/2021
191,242
450,000
3.961%, 
11/26/2025
b
439,900
Deutsche
Bank
AG
of
New
York
100,000
3.950%, 
2/27/2023
99,661
Discover
Bank
275,000
2.450%, 
9/12/2024
269,003
480,000
4.682%, 
8/9/2028
b
486,912
Duke
Realty,
LP
300,000
2.875%, 
11/15/2029
311,211
ERP
Operating,
LP
75,000
3.375%, 
6/1/2025
78,788
Fidelity
National
Financial,
Inc.
500,000
5.500%, 
9/1/2022
534,032
Fifth
Third
Bancorp
260,000
2.600%, 
6/15/2022
264,761
Five
Corners
Funding
Trust
865,000
4.419%, 
11/15/2023
i
951,810
GE
Capital
International
Funding
Company
735,000
4.418%, 
11/15/2035
764,495
Goldman
Sachs
Group,
Inc.
550,000
5.375%, 
6/1/2020
b,l
510,813
540,000
2.876%, 
10/31/2022
b
548,440
312,000
2.908%, 
6/5/2023
b
318,904
250,000
3.625%, 
2/20/2024
264,686
395,000
4.750%, 
10/21/2045
477,908
HCP,
Inc.
140,000
3.400%, 
2/1/2025
144,802
HSBC
Holdings
plc
300,000
6.875%, 
6/1/2021
b,l
300,750
250,000
2.650%, 
1/5/2022
253,805
725,000
3.803%, 
3/11/2025
b
771,497
275,000
3.900%, 
5/25/2026
299,187
700,000
4.950%, 
3/31/2030
828,716
Icahn
Enterprises,
LP
205,000
6.750%, 
2/1/2024
205,230
325,000
6.375%, 
12/15/2025
323,375
ING
Groep
NV
245,000
3.150%, 
3/29/2022
251,209
525,000
4.100%, 
10/2/2023
561,680
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Financials
(2.6%)
-
continued
International
Lease
Finance
Corporation
$
150,000
5.875%, 
8/15/2022
$
146,646
Iron
Mountain,
Inc.
310,000
6.000%, 
8/15/2023
313,100
J.P.
Morgan
Chase
&
Company
310,000
2.260%, 
(LIBOR
3M
+
0.680%),
6/1/2021
b
309,931
385,000
2.700%, 
5/18/2023
g
398,876
165,000
2.250%, 
(LIBOR
3M
+
1.230%),
10/24/2023
b
164,794
280,000
3.625%, 
5/13/2024
301,546
500,000
3.875%, 
9/10/2024
537,709
550,000
3.125%, 
1/23/2025
582,950
800,000
3.900%, 
7/15/2025
879,429
250,000
3.300%, 
4/1/2026
268,813
575,000
4.203%, 
7/23/2029
b
649,662
425,000
2.522%, 
4/22/2031
b
433,821
470,000
3.882%, 
7/24/2038
b
529,841
KeyCorp
350,000
2.900%, 
9/15/2020
352,005
Kimco
Realty
Corporation
624,000
3.300%, 
2/1/2025
624,492
Liberty
Mutual
Group,
Inc.
152,000
4.950%, 
5/1/2022
i
160,387
Lloyds
Banking
Group
plc
425,000
2.907%, 
11/7/2023
b
431,761
1,100,000
3.870%, 
7/9/2025
b
1,156,786
MassMutual
Global
Funding
250,000
2.750%, 
6/22/2024
i
261,438
MetLife,
Inc.
290,000
4.050%, 
3/1/2045
339,738
Mitsubishi
UFJ
Financial
Group,
Inc.
825,000
3.455%, 
3/2/2023
859,527
390,000
3.287%, 
7/25/2027
414,345
Morgan
Stanley
152,000
5.550%, 
7/15/2020
b,l
139,840
351,000
2.750%, 
5/19/2022
g
359,838
180,000
4.875%, 
11/1/2022
192,347
355,000
3.125%, 
1/23/2023
369,160
275,000
2.188%, 
4/28/2026
b
277,993
450,000
4.350%, 
9/8/2026
495,572
468,000
3.591%, 
7/22/2028
b
506,192
420,000
3.772%, 
1/24/2029
b
460,689
840,000
3.622%, 
4/1/2031
b,g
923,354
MPT
Operating
Partnership,
LP
260,000
6.375%, 
3/1/2024
268,499
290,000
4.625%, 
8/1/2029
288,370
Nasdaq,
Inc.
325,000
3.250%, 
4/28/2050
321,913
180,000
3.850%, 
6/30/2026
197,906
Nationwide
Building
Society
325,000
3.622%, 
4/26/2023
b,i
333,274
Outfront
Media
Cap,
LLC
475,000
4.625%, 
3/15/2030
i
433,438
Park
Aerospace
Holdings,
Ltd.
325,000
4.500%, 
3/15/2023
i
287,431
Prudential
Financial,
Inc.
375,000
3.700%, 
3/13/2051
397,853
Quicken
Loans,
Inc.
575,000
5.750%, 
5/1/2025
i
563,500
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
99
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Financials
(2.6%)
-
continued
Realty
Income
Corporation
$
320,000
4.125%, 
10/15/2026
$
349,946
Regency
Centers,
LP
550,000
4.125%, 
3/15/2028
588,056
Reinsurance
Group
of
America,
Inc.
460,000
4.700%, 
9/15/2023
484,581
93,000
3.900%, 
5/15/2029
97,637
Royal
Bank
of
Scotland
Group
plc
150,000
6.125%, 
12/15/2022
160,733
175,000
6.100%, 
6/10/2023
189,471
300,000
3.875%, 
9/12/2023
314,078
650,000
4.269%, 
3/22/2025
b
692,821
475,000
4.445%, 
5/8/2030
b
529,952
Santander
UK
Group
Holdings
plc
266,000
2.875%, 
10/16/2020
267,534
Simon
Property
Group,
LP
304,000
4.250%, 
11/30/2046
299,595
Societe
Generale
SA
234,000
4.750%, 
11/24/2025
i
247,343
Springleaf
Finance
Corporation
320,000
6.875%, 
3/15/2025
g
302,624
270,000
7.125%, 
3/15/2026
250,250
Standard
Chartered
plc
500,000
2.819%, 
1/30/2026
b,i
498,991
Sumitomo
Mitsui
Financial
Group,
Inc.
295,000
2.784%, 
7/12/2022
301,593
255,000
3.102%, 
1/17/2023
264,256
228,000
3.010%, 
10/19/2026
240,246
Synchrony
Financial
85,000
4.250%, 
8/15/2024
83,054
675,000
3.950%, 
12/1/2027
621,202
UBS
Group
Funding
Jersey,
Ltd.
228,000
4.125%, 
9/24/2025
i
250,613
UBS
Group
Funding
Switzerland
AG
300,000
3.491%, 
5/23/2023
i
308,736
Ventas
Realty,
LP
340,000
3.100%, 
1/15/2023
336,241
VICI
Properties,
LP
/
VICI
Note
Company,
Inc.
100,000
4.250%, 
12/1/2026
i
93,459
70,000
3.750%, 
2/15/2027
i
65,100
100,000
4.625%, 
12/1/2029
i
92,375
70,000
4.125%, 
8/15/2030
i
63,700
Voya
Financial,
Inc.
576,000
3.125%, 
7/15/2024
592,014
Wells
Fargo
&
Company
130,000
2.550%, 
12/7/2020
131,028
355,000
2.625%, 
7/22/2022
363,535
290,000
3.069%, 
1/24/2023
296,904
304,000
3.450%, 
2/13/2023
316,498
500,000
4.125%, 
8/15/2023
532,923
285,000
3.000%, 
2/19/2025
299,068
750,000
3.000%, 
4/22/2026
785,749
304,000
3.000%, 
10/23/2026
317,860
550,000
4.900%, 
11/17/2045
662,439
Welltower,
Inc.
130,000
3.950%, 
9/1/2023
132,736
ZB
NA
575,000
3.500%, 
8/27/2021
577,570
Total
67,541,721
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Mortgage-Backed
Securities
(10.0%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
15-Yr.
Pass
Through
$
9,660,924
3.500%, 
5/1/2034
$
10,216,489
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
16,160,808
3.000%, 
3/25/2050
17,078,332
8,427,266
3.000%, 
4/1/2050
8,905,730
490,454
3.500%, 
7/1/2047
521,169
10,211,678
3.000%, 
8/1/2047
10,809,139
Federal
National
Mortgage
Association
949,061
3.230%, 
11/1/2020
949,320
3,940,021
4.500%, 
5/1/2048
4,258,505
7,869,504
3.500%, 
10/1/2048
8,332,398
21,169,839
3.500%, 
2/1/2049
22,352,071
346,712
3.500%, 
6/1/2049
367,513
8,902,321
3.500%, 
8/1/2049
9,449,883
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
39,450,000
2.000%, 
6/1/2034
e
40,630,418
17,475,000
2.500%, 
6/1/2034
e
18,252,501
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
31,600,000
2.500%, 
5/1/2050
e
32,904,734
15,424,726
4.000%, 
7/1/2048
16,416,568
13,900,000
3.000%, 
5/1/2049
e
14,673,187
18,262,000
3.000%, 
6/1/2049
e
19,255,644
25,093,000
2.500%, 
7/1/2049
e
26,086,514
Total
261,460,115
Technology
(0.9%)
Adobe,
Inc.
275,000
2.150%, 
2/1/2027
287,831
Apple,
Inc.
85,000
3.000%, 
2/9/2024
91,247
312,000
3.200%, 
5/11/2027
347,389
260,000
3.000%, 
6/20/2027
287,322
670,000
3.000%, 
11/13/2027
740,866
920,000
3.750%, 
9/12/2047
1,108,364
Applied
Materials,
Inc.
160,000
3.300%, 
4/1/2027
176,425
Avnet,
Inc.
225,000
3.750%, 
12/1/2021
228,118
Baidu,
Inc.
560,000
3.425%, 
4/7/2030
585,067
Broadcom
Corporation
143,000
3.875%, 
1/15/2027
148,359
380,000
3.500%, 
1/15/2028
384,998
Broadcom,
Inc.
625,000
4.750%, 
4/15/2029
i
689,462
275,000
5.000%, 
4/15/2030
i
307,466
CommScope
Technologies
Finance,
LLC
500,000
6.000%, 
6/15/2025
i
444,950
Diamond
1
Finance
Corporation
1,260,000
6.020%, 
6/15/2026
i
1,363,269
Diamond
Sports
Group,
LLC
160,000
5.375%, 
8/15/2026
i
121,600
310,000
6.625%, 
8/15/2027
i
169,725
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
100
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Technology
(0.9%)
-
continued
Harland
Clarke
Holdings
Corporation
$
330,000
8.375%, 
8/15/2022
i
$
236,247
Hewlett
Packard
Enterprise
Company
550,000
2.093%, 
(LIBOR
3M
+
0.720%),
10/5/2021
b
540,565
172,000
4.400%, 
10/15/2022
180,433
400,000
4.650%, 
10/1/2024
425,585
Intel
Corporation
1,400,000
3.100%, 
2/15/2060
1,528,367
Iron
Mountain,
Inc.
220,000
4.875%, 
9/15/2029
i
210,650
KLA
Corporation
840,000
3.300%, 
3/1/2050
818,744
Lam
Research
Corporation
700,000
2.875%, 
N/A
698,159
Marvell
Technology
Group,
Ltd.
335,000
4.200%, 
6/22/2023
346,631
450,000
4.875%, 
6/22/2028
491,939
Micron
Technology,
Inc.
275,000
2.497%, 
4/24/2023
279,884
Microsoft
Corporation
475,000
4.750%, 
11/3/2055
698,700
475,000
4.200%, 
11/3/2035
603,261
1,360,000
3.700%, 
8/8/2046
1,663,035
NCR
Corporation
530,000
6.125%, 
9/1/2029
i
526,025
NVIDIA
Corporation
700,000
3.500%, 
4/1/2040
784,692
NXP
BV/NXP
Funding,
LLC
575,000
4.875%, 
3/1/2024
i
623,980
Open
Text
Corporation
380,000
4.125%, 
2/15/2030
i
369,626
Oracle
Corporation
780,000
2.950%, 
5/15/2025
836,645
875,000
2.800%, 
4/1/2027
937,779
420,000
3.850%, 
7/15/2036
483,057
700,000
3.600%, 
4/1/2040
787,191
Plantronics,
Inc.
330,000
5.500%, 
5/31/2023
i
261,459
PTC,
Inc.
100,000
3.625%, 
2/15/2025
i
98,450
90,000
4.000%, 
2/15/2028
i
88,200
SS&C
Technologies,
Inc.
430,000
5.500%, 
9/30/2027
i
440,750
Texas
Instruments,
Inc.
540,000
4.150%, 
5/15/2048
687,495
Tyco
Electronics
Group
SA
78,000
3.450%, 
8/1/2024
82,749
156,000
3.125%, 
8/15/2027
162,717
Vmware,
Inc.
575,000
4.650%, 
5/15/2027
608,935
Total
23,984,408
Transportation
(0.2%)
Air
Canada
Pass
Through
Trust
53,007
3.875%, 
3/15/2023
i
45,070
Air
Lease
Corporation
130,000
3.500%, 
1/15/2022
123,034
Burlington
Northern
Santa
Fe,
LLC
235,000
5.750%, 
5/1/2040
326,317
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Transportation
(0.2%)
-
continued
$
590,000
5.050%, 
3/1/2041
$
763,681
260,000
4.450%, 
3/15/2043
320,990
CSX
Corporation
420,000
3.800%, 
4/15/2050
481,312
126,000
3.700%, 
11/1/2023
135,108
375,000
3.350%, 
9/15/2049
399,297
Delta
Air
Lines,
Inc.
300,000
7.000%, 
5/1/2025
i
307,469
Hertz
Corporation
290,000
5.500%, 
10/15/2024
i
58,000
220,000
6.000%, 
1/15/2028
i
39,600
NCL
Corporation,
Ltd.
440,000
3.625%, 
12/15/2024
i
282,700
Penske
Truck
Leasing
Company,
LP
500,000
3.375%, 
2/1/2022
i
507,790
Southwest
Airlines
Company
560,000
4.750%, 
5/4/2023
556,081
United
Continental
Holdings,
Inc.
160,000
4.875%, 
1/15/2025
116,800
United
Parcel
Service,
Inc.
560,000
4.450%, 
4/1/2030
677,466
XPO
Logistics,
Inc.
200,000
6.125%, 
9/1/2023
i
202,500
334,000
6.750%, 
8/15/2024
i
343,886
Total
5,687,101
U.S.
Government
&
Agencies
(10.8%)
U.S.
Treasury
Bonds
2,055,000
2.250%, 
11/15/2027
2,312,838
21,400,000
2.875%, 
5/15/2028
25,249,492
5,090,000
5.250%, 
11/15/2028
7,074,702
10,000,000
1.625%, 
8/15/2029
10,904,688
10,000,000
1.500%, 
2/15/2030
10,812,500
1,175,000
4.375%, 
5/15/2040
1,873,299
560,000
3.000%, 
5/15/2042
755,803
15,871,000
2.500%, 
5/15/2046
20,145,011
13,950,000
2.875%, 
5/15/2049
19,318,570
U.S.
Treasury
Notes
750,000
1.375%, 
8/31/2020
m
753,223
22,000,000
1.375%, 
9/30/2020
g
22,115,156
220,000
1.875%, 
12/15/2020
222,372
2,750,000
2.500%, 
2/28/2021
2,803,281
1,500,000
1.375%, 
5/31/2021
1,519,336
4,773,000
1.125%, 
8/31/2021
4,832,476
23,940,000
1.500%, 
9/30/2021
24,386,070
420,000
1.125%, 
2/28/2022
427,088
3,710,000
1.875%, 
7/31/2022
3,848,400
19,860,000
2.000%, 
11/30/2022
20,759,906
5,270,000
2.500%, 
3/31/2023
5,614,197
16,750,000
2.500%, 
1/31/2024
18,117,480
6,640,000
2.125%, 
7/31/2024
7,139,816
10,000,000
1.250%, 
8/31/2024
10,392,578
5,740,000
2.250%, 
11/15/2024
6,229,694
6,340,000
2.125%, 
11/30/2024
6,851,410
750,000
1.375%, 
1/31/2025
785,918
9,100,000
2.625%, 
1/31/2026
10,219,371
33,940,000
2.500%, 
2/28/2026
37,921,321
Total
283,385,996
Utilities
(0.9%)
Ameren
Illinois
Company
390,000
4.500%, 
3/15/2049
509,607
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
101
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Utilities
(0.9%)
-
continued
American
Electric
Power
Company,
Inc.
$
479,000
2.950%, 
12/15/2022
$
495,574
American
Water
Capital
Corporation
700,000
2.800%, 
5/1/2030
745,843
Appalachian
Power
Company
155,000
3.300%, 
6/1/2027
165,215
Arizona
Public
Service
Company
300,000
3.500%, 
12/1/2049
330,458
Berkshire
Hathaway
Energy
Company
265,000
4.500%, 
2/1/2045
343,503
Calpine
Corporation
310,000
4.500%, 
2/15/2028
i
300,576
CenterPoint
Energy,
Inc.
130,000
3.850%, 
2/1/2024
138,757
375,000
2.500%, 
9/1/2024
386,434
355,000
4.250%, 
11/1/2028
387,379
CMS
Energy
Corporation
228,000
2.950%, 
2/15/2027
235,512
Commonwealth
Edison
Company
290,000
3.700%, 
3/1/2045
338,174
Consolidated
Edison
Company
of
New
York,
Inc.
825,000
4.125%, 
5/15/2049
999,400
Consolidated
Edison,
Inc.
114,000
4.500%, 
12/1/2045
141,951
Consumers
Energy
Company
475,000
4.350%, 
4/15/2049
645,779
DTE
Electric
Company
215,000
3.700%, 
3/15/2045
252,904
245,000
3.700%, 
6/1/2046
286,499
Duke
Energy
Carolinas,
LLC
585,000
3.700%, 
12/1/2047
702,571
Duke
Energy
Corporation
304,000
3.750%, 
9/1/2046
344,877
Duke
Energy
Florida,
LLC
210,000
3.200%, 
1/15/2027
230,123
Duke
Energy
Indiana,
LLC
310,000
3.750%, 
5/15/2046
364,151
Edison
International
150,000
2.950%, 
3/15/2023
150,022
875,000
5.750%, 
6/15/2027
993,168
Energy
Transfer
Operating,
LP
550,000
5.200%, 
2/1/2022
554,480
Exelon
Corporation
840,000
4.700%, 
4/15/2050
1,076,661
120,000
5.100%, 
6/15/2045
154,089
459,000
4.450%, 
4/15/2046
546,552
FirstEnergy
Corporation
100,000
2.850%, 
7/15/2022
102,022
605,000
4.850%, 
7/15/2047
778,169
ITC
Holdings
Corporation
84,000
4.050%, 
7/1/2023
89,144
152,000
5.300%, 
7/1/2043
183,865
Mississippi
Power
Company
310,000
3.950%, 
3/30/2028
339,494
Monongahela
Power
Company
210,000
5.400%, 
12/15/2043
i
283,507
National
Rural
Utilities
Cooperative
Finance
Corporation
250,000
3.900%, 
11/1/2028
280,777
Principal
Amount
Long-Term
Fixed
Income
(
33
.2
%
)
Value
Utilities
(0.9%)
-
continued
$
525,000
3.700%, 
3/15/2029
$
589,972
NextEra
Energy
Capital
Holdings,
Inc.
375,000
2.750%, 
5/1/2025
399,072
NextEra
Energy
Operating
Partners,
LP
520,000
3.875%, 
10/15/2026
i
513,968
NiSource
Finance
Corporation
156,000
3.490%, 
5/15/2027
168,503
435,000
5.650%, 
2/1/2045
602,012
NiSource,
Inc.
600,000
3.600%, 
5/1/2030
667,671
Oncor
Electric
Delivery
Company,
LLC
624,000
3.750%, 
4/1/2045
756,516
Pacific
Gas
and
Electric
Company
365,000
3.300%, 
12/1/2027
n,o
365,913
365,000
3.950%, 
12/1/2047
n,o
356,788
PPL
Capital
Funding,
Inc.
365,000
5.000%, 
3/15/2044
432,379
PPL
Electric
Utilities
Corporation
234,000
3.950%, 
6/1/2047
288,376
Public
Service
Electric
&
Gas
Company
390,000
3.000%, 
5/15/2027
421,504
San
Diego
Gas
and
Electric
Company
540,000
4.150%, 
5/15/2048
646,274
South
Carolina
Electric
&
Gas
Company
685,000
5.100%, 
6/1/2065
975,954
Southern
California
Edison
Company
320,000
4.000%, 
4/1/2047
354,207
Southern
Company
424,000
3.250%, 
7/1/2026
452,672
300,000
4.400%, 
7/1/2046
354,054
Southern
Company
Gas
Capital
Corporation
390,000
4.400%, 
5/30/2047
452,752
Southwestern
Electric
Power
Company
110,000
3.900%, 
4/1/2045
119,027
TerraForm
Power
Operating,
LLC
240,000
5.000%, 
1/31/2028
i
251,770
Virginia
Electric
and
Power
Company
375,000
4.600%, 
12/1/2048
502,871
Vistra
Operations
Company,
LLC
410,000
5.000%, 
7/31/2027
i
418,159
Total
23,967,651
Total
Long-Term
Fixed
Income
(cost
$832,201,902)
871,521,221
Shares
Common
Stock
(
17
.7
%
)
Value
Communications
Services
(0.7%)
1,880
Activision
Blizzard,
Inc.
119,812
1,873
Alphabet,
Inc.,
Class
A
h
2,522,369
1,559
Alphabet,
Inc.,
Class
C
h
2,102,561
44,351
AMC
Entertainment
Holdings,
Inc.
g
218,207
1,888
AMC
Networks,
Inc.
h
45,029
12,277
AT&T,
Inc.
374,080
25,418
Auto
Trader
Group
plc
i
146,318
1,784
Boingo
Wireless,
Inc.
h
24,869
1,671
Carsales.com,
Ltd.
15,286
13,359
CenturyLink,
Inc.
141,873
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
102
Shares
Common
Stock
(
17
.7
%
)
Value
Communications
Services
(0.7%)
-
continued
9,792
Cinemark
Holdings,
Inc.
$
139,830
38,018
Comcast
Corporation
1,430,617
7,002
Consolidated
Communications
Holdings,
Inc.
h
43,903
2,040
Discovery,
Inc.,
Class
A
g,h
45,737
10,201
DISH
Network
Corporation
h
255,178
6,530
EchoStar
Corporation
h
206,021
6,859
Facebook,
Inc.
h
1,404,106
81,741
Gannett
Company,
Inc.
92,367
2,450
Hemisphere
Media
Group,
Inc.
h
22,736
13,000
HKT
Trust
and
HKT,
Ltd.
20,978
15,290
Interpublic
Group
of
Companies,
Inc.
259,624
457
Ipsos
SA
8,800
1,200
KDDI
Corporation
34,757
13,115
Lions
Gate
Entertainment
Corporation,
Class
A
g,h
93,641
10,937
Lions
Gate
Entertainment
Corporation,
Class
B
h
73,059
27,368
Live
Nation
Entertainment,
Inc.
h
1,228,002
806
Madison
Square
Garden
Entertainment
Corporation
h
66,656
12,701
Mediaset
Espana
Comunicacion
SA
h
45,512
17,142
Meredith
Corporation
g
254,216
3,406
News
Corporation
34,809
100
Nintendo
Company,
Ltd.
41,292
1,800
NTT
DOCOMO,
Inc.
53,048
1,528
Orange
SA
18,564
40,811
ORBCOMM,
Inc.
h
107,741
30,989
QuinStreet,
Inc.
h
314,848
1,101
Rightmove
plc
6,884
4,986
RingCentral,
Inc.
h
1,139,451
472
Roku,
Inc.
h
57,221
3,202
Scholastic
Corporation
93,082
5,835
Seven
West
Media,
Ltd.
h
321
1,506
Sinclair
Broadcast
Group,
Inc.
26,581
4,400
SoftBank
Corporation
59,919
900
SoftBank
Group
Corporation
38,576
6,235
Take-Two
Interactive
Software,
Inc.
h
754,747
82,644
Telecom
Italia
SPA
h
32,819
7,935
Telefonica
SA
36,283
1,900
Telephone
&
Data
Systems,
Inc.
37,278
4,200
TV
Asahi
Holdings
Corporation
62,347
10,163
Twitter,
Inc.
h
291,475
3,086
Uber
Technologies,
Inc.
h
93,413
38,330
Verizon
Communications,
Inc.
2,202,059
8,077
ViacomCBS,
Inc.
139,409
5,626
Vodafone
Group
plc
7,936
9,412
Walt
Disney
Company
1,017,908
1,027
Wolters
Kluwer
NV
75,540
7,744
Zillow
Group,
Inc.
h
337,174
Total
18,516,869
Consumer
Discretionary
(1.8%)
7,221
Abercrombie
&
Fitch
Company
76,398
6,033
Adient
plc
h
90,374
1,731
Amazon.com,
Inc.
h
4,282,494
3,618
American
Axle
&
Manufacturing
Holdings,
Inc.
h
15,630
12,374
American
Eagle
Outfitters,
Inc.
98,373
601
American
Public
Education,
Inc.
h
15,488
300
AOKI
Holdings,
Inc.
1,823
400
Aoyama
Trading
Company,
Ltd.
3,379
12,749
Aptiv
plc
886,693
14,071
At
Home
Group,
Inc.
h
33,067
600
Autobacs
Seven
Company,
Ltd.
7,006
366
AutoZone,
Inc.
h
373,437
Shares
Common
Stock
(
17
.7
%
)
Value
Consumer
Discretionary
(1.8%)
-
continued
9,028
Beazer
Homes
USA,
Inc.
h
$
63,557
31,057
Bed
Bath
&
Beyond,
Inc.
g
192,243
912
Berkeley
Group
Holdings
plc
47,873
5,057
Big
Lots,
Inc.
118,587
2,277
BJ's
Restaurants,
Inc.
49,775
544
Booking
Holdings,
Inc.
h
805,430
959
Boyd
Gaming
Corporation
16,006
400
Bridgestone
Corporation
12,451
20,583
Bright
Horizons
Family
Solutions,
Inc.
h
2,396,890
10,839
Burlington
Stores,
Inc.
h
1,980,177
4,628
Caleres,
Inc.
37,533
6,385
Camping
World
Holdings,
Inc.
56,635
768
Capri
Holdings,
Ltd.
h
11,712
5,158
Carnival
Corporation
g
82,012
8,429
Century
Casinos,
Inc.
h
38,226
3,310
Century
Communities,
Inc.
h
70,900
60,311
Chico's
FAS,
Inc.
90,467
1,790
Chipotle
Mexican
Grill,
Inc.
h
1,572,605
700
Chiyoda
Company,
Ltd.
6,706
985
Churchill
Downs,
Inc.
98,717
7,700
Citizen
Watch
Company,
Ltd.
27,176
46,169
Cooper-Standard
Holdings,
Inc.
h
593,272
776
Cracker
Barrel
Old
Country
Store,
Inc.
75,582
21,097
Crocs,
Inc.
h
511,602
9,545
Culp,
Inc.
67,865
9,263
D.R.
Horton,
Inc.
437,399
3,973
Dana,
Inc.
45,690
4,122
Dave
&
Buster's
Entertainment,
Inc.
60,346
5,000
Denso
Corporation
175,759
24,672
Designer
Brands,
Inc.
156,667
2,236
Dick's
Sporting
Goods,
Inc.
65,716
3,138
Dine
Brands
Global,
Inc.
139,296
3,833
Domino's
Pizza,
Inc.
1,387,278
23,759
Duluth
Holdings,
Inc.
g,h
95,274
6,216
Eldorado
Resorts,
Inc.
g,h
133,271
13,269
Emerald
Holding,
Inc
30,253
7,028
Ethan
Allen
Interiors,
Inc.
79,487
17,944
Etsy,
Inc.
h
1,164,027
100
Exedy
Corporation
1,611
12,262
Express,
Inc.
h
25,382
3,994
Extended
Stay
America,
Inc.
43,415
24,248
Five
Below,
Inc.
h
2,186,200
8,818
Foot
Locker,
Inc.
226,005
22,090
Fossil,
Inc.
h
87,476
13,000
Galaxy
Entertainment
Group,
Ltd.
83,610
24,776
GameStop
Corporation
g,h
141,966
4,458
Gap,
Inc.
36,199
7,345
Garrett
Motion,
Inc.
h
40,030
9,391
Genuine
Parts
Company
744,518
8,804
Goodyear
Tire
&
Rubber
Company
63,125
1,815
Grand
Canyon
Education,
Inc.
h
156,126
385
Group
1
Automotive,
Inc.
21,787
2,180
GrubHub,
Inc.
h
104,182
6,321
Hertz
Global
Holdings,
Inc.
h
25,537
9,372
Home
Depot,
Inc.
2,060,247
1,282
Hooker
Furniture
Corporation
19,217
2,753
Hovnanian
Enterprises,
Inc.
h
34,743
922
Industria
de
Diseno
Textil
SA
23,615
5,668
KB
Home
148,728
12,511
Knoll,
Inc.
145,878
935
Kohl's
Corporation
17,260
13,979
L
Brands,
Inc.
166,210
7,849
Lear
Corporation
766,455
13,958
Lowe's
Companies,
Inc.
1,462,101
2,200
Lululemon
Athletica,
Inc.
h
491,656
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
103
Shares
Common
Stock
(
17
.7
%
)
Value
Consumer
Discretionary
(1.8%)
-
continued
1,400
Lumber
Liquidators
Holdings,
Inc.
h
$
9,870
24,905
Macy's,
Inc.
g
145,943
806
Madison
Square
Garden
Sports
Corporation
h
138,084
5,665
Marcus
Corporation
82,369
996
Marriott
Vacations
Worldwide
Corporation
82,668
31,759
Mattel,
Inc.
h
276,938
5,100
McDonald's
Corporation
956,556
24,865
Michaels
Companies,
Inc.
h
75,590
4,115
Modine
Manufacturing
Company
h
19,052
1,954
Mohawk
Industries,
Inc.
h
171,405
9,437
Moneysupermarket.com
Group
plc
37,600
17,433
Movado
Group,
Inc.
179,734
1,320
Netflix,
Inc.
h
554,202
1,298
Newell
Brands,
Inc.
18,016
2,900
NHK
Spring
Company,
Ltd.
19,189
1,802
NIKE,
Inc.
157,098
1,500
Nissan
Motor
Company,
Ltd.
5,106
1,204
Norwegian
Cruise
Line
Holdings,
Ltd.
h
19,746
511
NVR,
Inc.
h
1,584,100
41,436
Office
Depot,
Inc.
91,988
19,850
Ollie's
Bargain
Outlet
Holdings,
Inc.
g,h
1,348,014
600
Onward
Holdings
Company,
Ltd.
1,877
100
Oriental
Land
Company,
Ltd.
12,645
6,340
Oxford
Industries,
Inc.
265,773
6,462
Park
Hotels
&
Resorts,
Inc.
61,454
23,067
Party
City
Holdco,
Inc.
h
17,496
22,911
Penn
National
Gaming,
Inc.
h
408,274
38,796
Planet
Fitness,
Inc.
h
2,340,563
87,682
Playa
Hotels
and
Resorts
NV
h
216,575
500
PLENUS
Company,
Ltd.
8,190
474
PVH
Corporation
23,335
32,213
Qurate
Retail,
Inc.
h
259,476
27,491
Red
Rock
Resorts,
Inc.
301,301
5,926
Redrow
plc
34,432
4,139
RH
g,h
595,105
800
Rinnai
Corporation
60,596
12,496
Ruth's
Hospitality
Group,
Inc.
140,642
4,471
Sally
Beauty
Holdings,
Inc.
h
43,413
1,400
Sangetsu
Company,
Ltd.
20,836
700
SHIMAMURA
Company,
Ltd.
44,132
10,642
Signet
Jewelers,
Ltd.
107,059
8,571
Six
Flags
Entertainment
Corporation
171,506
14,166
Skyline
Corporation
h
279,212
600
Sony
Corporation
38,612
9,180
Sony
Corporation
ADR
589,815
11,005
Standard
Motor
Products,
Inc.
447,793
15,300
Sumitomo
Electric
Industries,
Ltd.
157,413
300
Sumitomo
Forestry
Company,
Ltd.
3,706
7,100
Sumitomo
Rubber
Industries,
Ltd.
68,916
635
Super
Retail
Group,
Ltd.
2,591
17,060
Tailored
Brands,
Inc.
g
28,320
200
Takara
Standard
Company,
Ltd.
2,948
1,023
Tapestry,
Inc.
15,222
14,325
Taylor
Morrison
Home
Corporation
h
208,429
22,269
Taylor
Wimpey
plc
41,127
14,385
Tenneco,
Inc.
h
74,658
26,057
Texas
Roadhouse,
Inc.
1,227,024
2,361
Thor
Industries,
Inc.
156,298
13,722
TJX
Companies,
Inc.
673,064
5,112
Toll
Brothers,
Inc.
122,790
1,100
Toyoda
Gosei
Company,
Ltd.
20,488
5,551
Tri
Pointe
Homes,
Inc.
h
63,725
12,408
Tupperware
Brands
Corporation
39,954
Shares
Common
Stock
(
17
.7
%
)
Value
Consumer
Discretionary
(1.8%)
-
continued
6,035
Ulta
Beauty,
Inc.
h
$
1,315,147
2,153
Urban
Outfitters,
Inc.
h
37,333
4,739
Vail
Resorts,
Inc.
810,369
2,967
Wendy's
Company
58,925
348
Williams-Sonoma,
Inc.
21,520
7,944
Wingstop,
Inc.
931,593
13,007
Workhorse
Group,
Inc.
h
38,111
2,385
Wynn
Resorts,
Ltd.
203,989
12,604
Zumiez,
Inc.
h
266,449
Total
47,255,392
Consumer
Staples
(0.6%)
1,085
Andersons,
Inc.
18,413
1,303
Anheuser-Busch
InBev
NV
60,681
800
Arcs
Company,
Ltd.
15,010
7,038
B&G
Foods,
Inc.
136,678
337
Beyond
Meat,
Inc.
h
33,360
6,536
BJ's
Wholesale
Club
Holdings,
Inc.
h
171,962
1,035
Carlsberg
AS
130,568
10,899
Casey's
General
Stores,
Inc.
1,650,218
1,706
Central
Garden
&
Pet
Company
h
56,196
33,439
Coca-Cola
Company
1,534,516
15,805
Colgate-Palmolive
Company
1,110,617
2,469
Costco
Wholesale
Corporation
748,107
53,040
Cott
Corporation
544,190
2,669
Edgewell
Personal
Care
Company
h
73,691
1,343
Energizer
Holdings,
Inc.
52,323
1,094
ForFarmers
BV
7,289
255
Glanbia
plc
2,714
19,010
Hain
Celestial
Group,
Inc.
h
491,218
3,525
John
B.
Sanfilippo
&
Son,
Inc.
289,508
200
Kao
Corporation
15,423
700
Kewpie
Corporation
13,901
2,923
Kimberly-Clark
Corporation
404,777
4
Lindt
&
Spruengli
AG
31,160
141
L'Oreal
SA
h
40,995
300
Ministop
Company,
Ltd.
4,139
10,398
Monster
Beverage
Corporation
h
642,700
2,923
Nestle
SA
309,575
9,556
PepsiCo,
Inc.
1,264,163
3,333
Philip
Morris
International,
Inc.
248,642
13,838
Procter
&
Gamble
Company
1,631,085
272
Reckitt
Benckiser
Group
plc
22,657
2,693
Seneca
Foods
Corporation
h
96,894
18,207
Simply
Good
Foods
Company
h
343,202
2,155
Sprouts
Farmers
Markets,
Inc.
h
44,781
1,400
Sugi
Holdings
Company,
Ltd.
84,423
3,000
Sundrug
Company,
Ltd.
102,716
2,467
TreeHouse
Foods,
Inc.
h
127,618
42,825
Turning
Point
Brands,
Inc.
997,823
1,295
Unilever
NV
64,490
11,677
United
Natural
Foods,
Inc.
h
124,243
8,437
Vector
Group,
Ltd.
90,276
16,998
Wal-Mart
Stores,
Inc.
2,066,107
Total
15,899,049
Energy
(0.5%)
25,132
Abraxas
Petroleum
Corporation
h
7,909
56,898
Antero
Midstream
Corporation
g
270,265
1,878
Apache
Corporation
24,564
89,441
Archrock,
Inc.
430,211
23,126
BP
plc
ADR
550,399
75,822
Callon
Petroleum
Company
h
71,250
26,350
Centennial
Resource
Development,
Inc.
h
31,093
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
104
Shares
Common
Stock
(
17
.7
%
)
Value
Energy
(0.5%)
-
continued
9,879
Chevron
Corporation
$
908,868
33,677
Cimarex
Energy
Company
856,069
10,049
CNX
Resources
Corporation
h
106,519
8,177
Concho
Resources,
Inc.
463,799
6,270
ConocoPhillips
263,967
21,428
Continental
Resources,
Inc.
g
351,205
2,986
Contura
Energy,
Inc.
h
11,407
16,050
Core
Laboratories
NV
314,741
16,363
Devon
Energy
Corporation
204,047
7,733
Diamondback
Energy,
Inc.
336,695
3,463
Eni
SPA
32,990
50,793
EnLink
Midstream,
LLC
112,760
16,133
Enterprise
Products
Partners,
LP
283,295
7,798
EOG
Resources,
Inc.
370,483
26,944
EQT
Corporation
393,113
22,099
Equitrans
Midstream
Corporation
185,190
17,502
Euronav
NV
187,096
2,152
Evolution
Petroleum
Corporation
6,391
14,703
Exterran
Corporation
h
99,980
11,791
Exxon
Mobil
Corporation
547,928
21,198
Frank's
International
NV
h
51,511
118
Gaztransport
Et
Technigaz
SA
8,555
17,938
Gran
Tierra
Energy,
Inc.
h
6,088
38,516
Halliburton
Company
404,418
15,850
Helmerich
&
Payne,
Inc.
313,355
19,300
JXTG
Holdings,
Inc.
68,425
13,273
Liberty
Oilfield
Services,
Inc.
62,649
85,018
Marathon
Oil
Corporation
520,310
13,987
Marathon
Petroleum
Corporation
448,703
3,063
Nabors
Industries,
Ltd.
h
45,118
23,206
NexTier
Oilfield
Solutions,
Inc.
h
53,838
48,472
Nine
Energy
Service,
Inc.
h
70,284
16,558
Oceaneering
International,
Inc.
h
85,108
1,942
Oil
States
International,
Inc.
h
6,680
250
OMV
AG
8,163
3,632
ONEOK,
Inc.
108,706
13,958
Pacific
Drilling
SA
g,h
8,944
31,023
Patterson-UTI
Energy,
Inc.
114,475
4,242
PBF
Energy,
Inc.
48,359
3,719
PDC
Energy,
Inc.
h
48,310
12,487
Peabody
Energy
Corporation
42,331
1,255
Penn
Virginia
Corporation
h
7,894
6,631
Pioneer
Natural
Resources
Company
592,215
14,247
Plains
GP
Holdings,
LP
130,930
7,169
ProPetro
Holding
Corporation
h
30,397
190,236
QEP
Resources,
Inc.
187,573
6,087
Royal
Dutch
Shell
plc,
Class
A
100,217
9,850
Royal
Dutch
Shell
plc,
Class
B
157,684
7,942
RPC,
Inc.
27,082
8,039
Schlumberger,
Ltd.
135,216
14,953
SEACOR
Holdings,
Inc.
h
422,572
10,059
SM
Energy
Company
40,739
97,626
Southwestern
Energy
Company
h
315,332
26,840
Talos
Energy,
Inc.
h
305,708
9,077
Targa
Resources
Corporation
117,638
971
TC
Energy
Corporation
44,687
799
Total
SA
28,359
76,977
Transocean,
Ltd.
g,h
98,531
70,902
WPX
Energy,
Inc.
h
434,629
Total
13,123,967
Financials
(2.7%)
431
1st
Source
Corporation
14,969
5,550
AB
Industrivarden
h
113,570
12,775
Aflac,
Inc.
475,741
15,665
AG
Mortgage
Investment
Trust,
Inc.
49,971
Shares
Common
Stock
(
17
.7
%
)
Value
Financials
(2.7%)
-
continued
3,800
AIA
Group,
Ltd.
$
34,876
16,675
Air
Lease
Corporation
436,051
1,377
Alleghany
Corporation
734,919
1,449
Allianz
SE
266,663
18,472
Ally
Financial,
Inc.
302,756
2,726
American
Equity
Investment
Life
Holding
Company
57,301
3,398
American
Express
Company
310,067
35,653
American
Financial
Group,
Inc.
2,361,655
9,540
American
International
Group,
Inc.
242,602
4,043
Ameriprise
Financial,
Inc.
464,702
13,125
Ameris
Bancorp
333,769
2,232
Aon
plc
385,399
2,804
Argo
Group
International
Holdings,
Ltd.
99,149
1,209
ARMOUR
Residential
REIT,
Inc.
10,688
7,540
Arthur
J.
Gallagher
&
Company
591,890
4,817
Artisan
Partners
Asset
Management,
Inc.
141,812
17,473
Associated
Banc-Corp
247,068
45,210
Assured
Guaranty,
Ltd.
1,344,093
1,156
Baloise
Holding
AG
172,958
14,674
Bank
Leumi
Le-Israel
BM
79,065
91,850
Bank
of
America
Corporation
2,208,992
1,625
Bank
of
Marin
Bancorp
53,560
1,938
Bank
of
Montreal
98,532
12,262
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
269,887
6,631
Bank
of
New
York
Mellon
Corporation
248,928
3,664
Bank
OZK
82,880
9,616
BankFinancial
Corporation
79,524
4,401
BankUnited,
Inc.
87,184
11,656
Banner
Corporation
447,940
7,312
Berkshire
Hathaway,
Inc.
h
1,369,976
2,356
BlackRock,
Inc.
1,182,806
2,481
BOK
Financial
Corporation
128,491
47,093
Boston
Private
Financial
Holdings,
Inc.
357,907
29,908
Bridgewater
Bancshares,
Inc.
h
302,968
5,050
Brighthouse
Financial,
Inc.
h
129,835
61,811
BrightSphere
Investment
Group
458,020
4,047
Brown
&
Brown,
Inc.
145,328
3,694
Byline
Bancorp,
Inc.
45,510
2,488
Cadence
Bancorporation
16,471
13,400
Capital
One
Financial
Corporation
867,784
8,177
Cboe
Global
Markets,
Inc.
812,630
2,854
Charles
Schwab
Corporation
107,653
3,816
Chubb,
Ltd.
412,166
12,055
CI
Financial
Corporation
128,089
3,799
Cincinnati
Financial
Corporation
249,974
10,947
CIT
Group,
Inc.
207,774
38,597
Citigroup,
Inc.
1,874,270
19,775
Citizens
Financial
Group,
Inc.
442,762
1,610
CME
Group,
Inc.
286,918
605
CNP
Assurances
h
6,242
7,154
Cohen
&
Steers,
Inc.
413,072
85,892
Colony
Capital,
Inc.
198,411
42,839
Comerica,
Inc.
1,493,368
2,135
Commonwealth
Bank
of
Australia
86,246
1,049
Community
Bank
System,
Inc.
65,552
13,185
Community
Trust
Bancorp,
Inc.
446,972
19,684
Cullen/Frost
Bankers,
Inc.
1,414,492
8,700
DBS
Group
Holdings,
Ltd.
122,488
425
Deutsche
Boerse
AG
65,892
4,236
Deutsche
Pfandbriefbank
AG
i
31,135
366
Diamond
Hill
Investment
Group,
Inc.
40,099
7,024
Discover
Financial
Services
301,821
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
105
Shares
Common
Stock
(
17
.7
%
)
Value
Financials
(2.7%)
-
continued
8,622
DnB
ASA
$
104,394
3,386
East
West
Bancorp,
Inc.
118,747
4,700
Ellington
Residential
Mortgage
REIT
41,924
3,387
Encore
Capital
Group,
Inc.
h
87,994
1,336
Enstar
Group,
Ltd.
h
193,212
4,975
Enterprise
Financial
Services
Corporation
152,932
10,921
Essent
Group,
Ltd.
298,362
2,086
Euronext
NV
i
175,129
1,298
Evercore,
Inc.
66,977
127,045
Everi
Holdings,
Inc.
h
628,873
3,181
FBL
Financial
Group,
Inc.
124,313
1,292
Federal
Agricultural
Mortgage
Corporation
86,086
9,721
Fifth
Third
Bancorp
181,685
9,946
Financial
Institutions,
Inc.
192,455
7,874
First
American
Financial
Corporation
363,149
669
First
Bancshares,
Inc.
13,326
20,713
First
Busey
Corporation
381,533
1,801
First
Citizens
BancShares,
Inc.
687,982
18,351
First
Defiance
Financial
Corporation
318,940
7,836
First
Financial
Corporation
278,335
29,955
First
Interstate
BancSystem,
Inc.
1,012,479
551
First
Mid-Illinois
Bancshares,
Inc.
14,712
13,647
First
Midwest
Bancorp,
Inc.
201,703
1,531
First
of
Long
Island
Corporation
24,174
6,036
First
Republic
Bank
629,494
22,461
FlexiGroup,
Ltd.
13,119
895
Glacier
Bancorp,
Inc.
34,082
1,802
Goldman
Sachs
Group,
Inc.
330,523
23,182
Granite
Point
Mortgage
Trust,
Inc.
115,446
15,484
Great
Southern
Bancorp,
Inc.
659,154
11,837
Great
Western
Bancorp,
Inc.
222,536
13,117
Hamilton
Lane,
Inc.
850,637
6,110
Hancock
Whitney
Corporation
127,760
734
Hanmi
Financial
Corporation
8,859
11,093
Hanover
Insurance
Group,
Inc.
1,113,515
16,779
Hartford
Financial
Services
Group,
Inc.
637,434
14,199
Heartland
Financial
USA,
Inc.
482,340
51,923
Heritage
Commerce
Corporation
461,076
733
Heritage
Financial
Corporation
14,697
12,695
Hometrust
Bancshares,
Inc.
195,122
18,433
Horizon
Bancorp,
Inc.
209,768
5,191
Houlihan
Lokey,
Inc.
308,242
6,452
HSBC
Holdings
plc
33,163
15,833
Independent
Bank
Corporation
232,587
19,479
Interactive
Brokers
Group,
Inc.
798,639
5,556
International
Bancshares
Corporation
161,068
34,336
Israel
Discount
Bank,
Ltd.
111,397
12,208
J.P.
Morgan
Chase
&
Company
1,169,038
1,231
Janus
Henderson
Group
plc
22,035
1,400
Japan
Exchange
Group,
Inc.
26,041
2,300
Japan
Post
Bank
Company,
Ltd.
21,356
400
Japan
Post
Holdings
Company,
Ltd.
3,200
6,998
Kemper
Corporation
470,406
52,983
KeyCorp
617,252
279
L
E
Lundbergforetagen
AB
h
11,714
2,866
Ladder
Capital
Corporation
22,785
6,351
Lakeland
Bancorp,
Inc.
71,068
2,200
Laurentian
Bank
of
Canada
g
49,138
3,581
Loews
Corporation
124,117
6,943
M&T
Bank
Corporation
778,171
8,776
Manulife
Financial
Corporation
110,524
500
Markel
Corporation
h
432,920
Shares
Common
Stock
(
17
.7
%
)
Value
Financials
(2.7%)
-
continued
2,298
Marsh
&
McLennan
Companies,
Inc.
$
223,664
2,254
Mercantile
Bank
Corporation
53,194
19,789
Meridian
Bancorp,
Inc.
233,114
11,112
MetLife,
Inc.
400,921
21,488
MidWestOne
Financial
Group,
Inc.
448,455
4,800
Mitsubishi
UFJ
Financial
Group,
Inc.
19,392
749
Mizrahi
Tefahot
Bank,
Ltd.
15,340
16,487
Morgan
Stanley
650,082
376
Morningstar,
Inc.
58,641
10,999
Mr.
Cooper
Group,
Inc.
h
105,370
300
MS
and
AD
Insurance
Group
Holdings,
Inc.
8,643
3,719
MSCI,
Inc.
1,216,113
723
National
Bank
of
Canada
29,160
223
National
Western
Life
Group,
Inc.
42,979
5,297
Natixis
12,505
774
NBT
Bancorp,
Inc.
25,643
3,772
New
York
Community
Bancorp,
Inc.
40,964
1,792
NMI
Holdings,
Inc.
h
24,228
9,778
Northern
Trust
Corporation
774,026
3,250
Northwest
Bancshares,
Inc.
34,483
1,560
OFG
Bancorp
19,625
3,288
Old
Republic
International
Corporation
52,444
8,475
Old
Second
Bancorp,
Inc.
69,749
555
Onex
Corporation
25,582
2,764
PacWest
Bancorp
55,943
671
Paragon
Banking
Group
plc
2,809
576
Pargesa
Holding
SA
40,975
221
Park
National
Corporation
17,676
246
PCSB
Financial
Corporation
3,358
616
Peapack-Gladstone
Financial
Corporation
11,624
2,770
Peoples
Bancorp,
Inc.
67,339
4,680
PNC
Financial
Services
Group,
Inc.
499,216
45,454
Popular,
Inc.
1,754,070
2,294
Power
Corporation
of
Canada
36,686
5,310
Primerica,
Inc.
551,762
29,441
Prosight
Global,
Inc.
h
246,127
1,136
Provident
Financial
Services,
Inc.
16,302
10,777
QCR
Holdings,
Inc.
331,716
30,216
Radian
Group,
Inc.
452,636
29,429
Raymond
James
Financial,
Inc.
1,939,960
1,636
Ready
Capital
Corporation
10,912
25,627
Redwood
Trust,
Inc.
105,071
10,713
Reinsurance
Group
of
America,
Inc.
1,121,437
5,962
Renasant
Corporation
156,383
1,240
Royal
Bank
of
Canada
76,282
460
S&P
Global,
Inc.
134,725
1,316
Safety
Insurance
Group,
Inc.
110,702
5,361
Sandy
Spring
Bancorp,
Inc.
136,706
25,576
Santander
Consumer
USA
Holdings,
Inc.
g
398,730
33,641
Seacoast
Banking
Corporation
of
Florida
h
755,913
22,070
SEI
Investments
Company
1,124,687
4,024
Selective
Insurance
Group,
Inc.
201,723
800
Senshu
Ikeda
Holdings,
Inc.
1,249
1,700
Singapore
Exchange,
Ltd.
11,592
8,804
SLM
Corporation
73,425
13,183
Spirit
of
Texas
Bancshares,
Inc.
h
151,473
895
Starwood
Property
Trust,
Inc.
11,581
9,733
State
Auto
Financial
Corporation
244,201
4,437
Sun
Life
Financial,
Inc.
152,081
8,813
SVB
Financial
Group
h
1,702,407
473
Swiss
Life
Holding
AG
167,737
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
106
Shares
Common
Stock
(
17
.7
%
)
Value
Financials
(2.7%)
-
continued
62,134
Synovus
Financial
Corporation
$
1,305,435
9,179
T.
Rowe
Price
Group,
Inc.
1,061,368
667
TCF
Financial
Corporation
19,803
3,672
Territorial
Bancorp,
Inc.
92,277
6,848
TMX
Group,
Ltd.
593,269
800
Tokio
Marine
Holdings,
Inc.
37,533
277
Topdanmark
AS
11,182
7,692
Toronto-Dominion
Bank
321,396
8,383
TPG
RE
Finance
Trust,
Inc.
64,465
8,233
TriCo
Bancshares
247,978
11,437
Triumph
Bancorp,
Inc.
h
316,919
31,028
TrustCo
Bank
Corporation
195,476
16,228
U.S.
Bancorp
592,322
645
UMB
Financial
Corporation
32,792
5,686
Umpqua
Holdings
Corporation
71,217
1,135
Univest
Financial
Corporation
20,090
95
Virtus
Investment
Partners,
Inc.
7,721
1,438
Walker
&
Dunlop,
Inc.
55,262
6,023
Washington
Trust
Bancorp,
Inc.
210,865
26,395
Webster
Financial
Corporation
745,659
6,580
Wells
Fargo
&
Company
191,149
4,236
WesBanco,
Inc.
104,544
564
Westamerica
Bancorporation
35,532
21,729
Western
Alliance
Bancorp
779,637
28,587
Western
Asset
Mortgage
Capital
Corporation
87,190
536
Westwood
Holdings
Group,
Inc.
12,344
27,323
Wintrust
Financial
Corporation
1,144,834
48,143
Zions
Bancorporations
NA
1,521,800
Total
71,833,714
Health
Care
(2.9%)
12,972
Abbott
Laboratories
1,194,591
2,594
AbbVie,
Inc.
213,227
1,729
Acadia
Healthcare
Company,
Inc.
h
41,513
1,048
Acceleron
Pharma,
Inc.
h
94,875
16,241
ADMA
Biologics,
Inc.
h
47,911
7,769
Aduro
Biotech,
Inc.
h
21,481
10,379
Aerie
Pharmaceuticals,
Inc.
g,h
158,176
6,953
Agenus,
Inc.
h
18,530
9,094
Agile
Therapeutics,
Inc.
h
22,053
8,560
Agilent
Technologies,
Inc.
656,210
16,481
Agios
Pharmaceuticals,
Inc.
h
678,028
4,693
Akebia
Therapeutics,
Inc.
h
38,013
3,111
Alexion
Pharmaceuticals,
Inc.
h
334,339
2,015
Align
Technology,
Inc.
h
432,923
8,030
Alkermes
plc
h
110,091
2,988
AmerisourceBergen
Corporation
267,904
6,416
Amgen,
Inc.
1,534,836
8,419
AnaptysBio,
Inc.
h
131,505
6,446
Anavex
Life
Sciences
Corporation
h
22,303
3,740
Arena
Pharmaceuticals,
Inc.
h
183,148
1,306
Argenx
SE
ADR
h
191,316
2,079
Assembly
Biosciences,
Inc.
h
36,403
4,444
Atara
Biotherapeutics,
Inc.
h
36,841
1,849
Athenex,
Inc.
h
16,530
203
Atrion
Corporation
128,261
1,196
AVROBIO,
Inc.
h
15,393
27,497
Axonics
Modulation
Technologies,
Inc.
g,h
885,678
1,004
Axsome
Therapeutics,
Inc.
h
95,410
11,711
Bausch
Health
Companies,
Inc.
h
212,203
1,628
Becton,
Dickinson
and
Company
411,119
2,290
Biogen,
Inc.
h
679,741
10,388
Biohaven
Pharmaceutical
Holding
Company,
Ltd.
g,h
489,275
Shares
Common
Stock
(
17
.7
%
)
Value
Health
Care
(2.9%)
-
continued
1,835
Bio-Rad
Laboratories,
Inc.
h
$
807,584
10,952
Bio-Techne
Corporation
2,464,200
3,497
Bluebird
Bio,
Inc.
h
188,418
684
Blueprint
Medicines
Corporation
h
40,240
1,659
Bruker
Corporation
65,232
44,714
Catalent,
Inc.
h
3,091,973
2,584
CEL-SCI
Corporation
h
45,478
12,370
Centene
Corporation
h
823,595
5,379
Charles
River
Laboratories
International,
Inc.
h
778,180
1,463
Chemed
Corporation
609,442
400
Chugai
Pharmaceutical
Company,
Ltd.
47,681
4,217
Cigna
Holding
Company
825,604
5,213
Clovis
Oncology,
Inc.
h
39,671
8,480
Community
Health
Systems,
Inc.
h
25,694
14,977
CryoLife,
Inc.
h
334,436
1,518
CSL,
Ltd.
302,578
17,318
CVS
Health
Corporation
1,065,923
4,117
CytomX
Therapeutics,
Inc.
h
42,487
300
Daiichi
Sankyo
Company,
Ltd.
20,622
2,817
Danaher
Corporation
460,467
1,113
Deciphera
Pharmaceuticals,
Inc.
h
64,532
5,815
Dexcom,
Inc.
h
1,949,188
11,873
Dynavax
Technologies
Corporation
h
50,460
2,177
Edwards
Lifesciences
Corporation
h
473,498
2,478
Encompass
Health
Corporation
164,168
13,785
Endo
International
plc
h
63,411
6,478
Gilead
Sciences,
Inc.
544,152
16,053
GlaxoSmithKline
plc
334,906
1,173
Global
Blood
Therapeutics,
Inc.
h
89,758
1,844
Grifols
SA
62,930
28,577
Guardant
Health,
Inc.
g,h
2,199,286
32,285
Halozyme
Therapeutics,
Inc.
h
731,417
5,203
HCA
Healthcare,
Inc.
571,706
1,963
HealthStream,
Inc.
h
44,805
9,111
Hill-Rom
Holdings,
Inc.
1,024,896
281
Humana,
Inc.
107,291
20,719
iBio,
Inc.
h
23,205
20,717
ImmunoGen,
Inc.
h
84,525
3,015
Insmed,
Inc.
h
69,345
12,162
Inspire
Medical
Systems,
Inc.
h
871,529
3,834
Insulet
Corporation
h
765,726
1,210
Intra-Cellular
Therapies,
Inc.
h
21,381
1,492
Intuitive
Surgical,
Inc.
h
762,233
2,736
Invitae
Corporation
h
45,281
4,148
Iovance
Biotherapeutics,
Inc.
h
133,358
5,693
IQVIA
Holding,
Inc.
h
811,765
2,417
Jazz
Pharmaceuticals,
Inc.
h
266,474
26,610
Johnson
&
Johnson
3,992,564
9,389
Kadmon
Holdings,
Inc.
h
40,373
300
KYORIN
Holdings,
Inc.
6,234
1,982
Laboratory
Corporation
of
America
Holdings
h
325,940
23,875
LHC
Group,
Inc.
h
3,103,511
3,124
Ligand
Pharmaceuticals,
Inc.
h
307,933
117
LNA
Sante
5,190
100
M3,
Inc.
3,609
4,417
MacroGenics,
Inc.
h
31,802
26,078
Medtronic
plc
2,545,995
22,913
Merck
&
Company,
Inc.
1,817,917
2,727
Mersana
Therapeutics,
Inc.
h
24,625
1,555
Mesa
Laboratories,
Inc.
g
370,090
430
Mirati
Therapeutics,
Inc.
h
36,567
2,986
Molina
Healthcare,
Inc.
h
489,614
1,135
Momenta
Pharmaceuticals,
Inc.
h
35,980
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
107
Shares
Common
Stock
(
17
.7
%
)
Value
Health
Care
(2.9%)
-
continued
4,796
Myovant
Sciences,
Ltd.
h
$
57,456
2,585
Myriad
Genetics,
Inc.
h
39,964
21,038
Natera,
Inc.
h
779,248
8,306
National
Healthcare
Corporation
567,881
4,920
Nektar
Therapeutics
h
94,464
7,347
Neurocrine
Biosciences,
Inc.
h
721,035
13,492
Nevro
Corporation
h
1,587,199
5,647
Novartis
AG
481,906
5,499
Novo
Nordisk
AS
350,781
962
Novo
Nordisk
AS
ADR
60,923
400
Olympus
Corporation
h
6,347
53,294
Optinose,
Inc.
h
215,308
3,246
Orthifix
Medical,
Inc.
h
115,071
2,416
PerkinElmer,
Inc.
218,720
30,964
Pfizer,
Inc.
1,187,779
3,401
Portola
Pharmaceuticals,
Inc.
h
24,079
14,495
PRA
Health
Sciences,
Inc.
h
1,398,768
3,908
Precision
BioSciences,
Inc.
h
26,887
1,140
Prothena
Corporation
plc
h
12,791
3,415
Puma
Biotechnology,
Inc.
h
34,321
1,292
Quest
Diagnostics,
Inc.
142,262
1,205
Reata
Pharmaceuticals,
Inc.
h
190,583
2,122
Recordati
SPA
92,409
5,797
Repligen
Corporation
h
673,322
3,288
ResMed,
Inc.
510,692
8,326
Rite
Aid
Corporation
h
119,312
1,493
Roche
Holding
AG
517,022
3,244
Sage
Therapeutics,
Inc.
h
126,451
3,046
Sarepta
Therapeutics,
Inc.
h
359,062
18
Siegfried
Holding
AG
h
8,205
14,810
Silk
Road
Medical,
Inc.
h
620,243
439
Sonova
Holding
AG
79,289
16,012
Spectrum
Pharmaceuticals,
Inc.
h
46,435
5,938
Stryker
Corporation
1,107,021
501
Surmodics,
Inc.
h
19,088
13,429
Syneos
Health,
Inc.
h
749,204
19,102
Tactile
Systems
Technology,
Inc.
g,h
986,045
1,200
Takeda
Pharmaceutical
Company,
Ltd.
43,274
525
Teladoc
Health,
Inc.
h
86,410
5,808
Teleflex,
Inc.
1,948,003
6,001
Tenet
Healthcare
Corporation
h
121,100
4,904
Thermo
Fisher
Scientific,
Inc.
1,641,271
4,159
Tilray,
Inc.
g,h
33,480
200
Tsumura
&
Company
5,532
1,544
U.S.
Physical
Therapy,
Inc.
116,572
3,557
United
Therapeutics
Corporation
h
389,705
7,232
UnitedHealth
Group,
Inc.
2,115,143
2,750
Universal
Health
Services,
Inc.
290,648
2,154
Varian
Medical
Systems,
Inc.
h
246,375
14,470
Veeva
Systems,
Inc.
h
2,760,876
3,402
Vertex
Pharmaceuticals,
Inc.
h
854,582
6,735
Viking
Therapeutics,
Inc.
g,h
38,794
1,379
Waters
Corporation
h
257,873
2,337
West
Pharmaceutical
Services,
Inc.
442,301
24,599
Wright
Medical
Group
NV
h
716,323
2,032
Zimmer
Biomet
Holdings,
Inc.
243,230
14,903
Zoetis,
Inc.
1,927,107
Total
75,554,674
Industrials
(2.6%)
1,481
3M
Company
224,994
12,774
A.O.
Smith
Corporation
541,362
1,694
Aalberts
NV
h
47,703
2,245
AECOM
h
81,404
5,314
Aegion
Corporation
h
85,290
Shares
Common
Stock
(
17
.7
%
)
Value
Industrials
(2.6%)
-
continued
13,845
Aerojet
Rocketdyne
Holdings,
Inc.
h
$
569,583
100
Aeroports
de
Paris
SA
9,762
15,208
AGCO
Corporation
803,591
55,115
Altra
Industrial
Motion
Corporation
1,538,260
5,425
American
Airlines
Group,
Inc.
g
65,154
21,948
AMETEK,
Inc.
1,840,779
14,428
Arcosa,
Inc.
537,732
24,182
ASGN,
Inc.
h
1,123,254
3,258
Assa
Abloy
AB
58,325
3,308
Atlas
Air
Worldwide
Holdings,
Inc.
h
108,668
4,441
Atlas
Copco
AB,
Class
A
153,057
1,749
Atlas
Copco
AB,
Class
B
54,100
2,608
Avis
Budget
Group,
Inc.
h
42,980
22,069
AZZ,
Inc.
692,746
2,298
Bloom
Energy
Corporation
h
17,626
2,088
Boeing
Company
294,450
15,929
BWX
Technologies,
Inc.
845,193
1,782
Carlisle
Companies,
Inc.
215,551
25,376
Carrier
Global
Corporation
h
449,409
10,024
Casella
Waste
Systems,
Inc.
h
464,913
5,695
Caterpillar,
Inc.
662,784
30,777
CBIZ,
Inc.
h
730,954
10,383
Chart
Industries,
Inc.
h
370,881
784
CIA
De
Distribucion
Integral
13,995
201
Columbus
McKinnon
Corporation
5,443
8,419
Copart,
Inc.
h
674,446
5,156
Cornerstone
Building
Brands,
Inc.
h
27,481
3,720
CRA
International,
Inc.
156,724
20,028
Crane
Company
1,090,525
12,622
CSW
Industrials,
Inc.
836,081
5,373
CSX
Corporation
355,854
22,715
Curtiss-Wright
Corporation
2,354,410
15,223
Delta
Air
Lines,
Inc.
394,428
3,672
Douglas
Dynamics,
Inc.
135,717
24,233
EMCOR
Group,
Inc.
1,539,522
16,902
Emerson
Electric
Company
963,921
6,767
Encore
Wire
Corporation
309,793
4,865
Expeditors
International
of
Washington,
Inc.
348,358
15,128
Fluor
Corporation
176,998
15,396
Forrester
Research,
Inc.
h
481,895
12,182
FuelCell
Energy,
Inc.
h
24,608
121
Geberit
AG
54,112
11,814
General
Dynamics
Corporation
1,543,145
6,120
Gorman-Rupp
Company
180,540
700
GS
Yuasa
Corporation
9,947
10,302
GWA
Group,
Ltd.
18,492
900
Hanwa
Company,
Ltd.
14,297
1,728
Heico
Corporation
151,373
10,111
Helios
Technologies,
Inc.
359,648
1,053
Herc
Holdings,
Inc.
h
29,726
1,000
Hino
Motors,
Ltd.
5,949
15,558
Honeywell
International,
Inc.
2,207,680
7,914
Hubbell,
Inc.
984,739
2,478
Huntington
Ingalls
Industries,
Inc.
474,314
2,870
ICF
International,
Inc.
211,060
18,623
IDEX
Corporation
2,861,051
2,200
Inaba
Denki
Sangyo
Company,
Ltd.
46,543
4,194
Ingersoll
-
Rand,
Inc.
h
121,962
1,442
Interface,
Inc.
13,324
6,148
John
Bean
Technologies
Corporation
g
471,798
18,461
Johnson
Controls
International
plc
537,400
2,400
Kansas
City
Southern
313,320
2,345
KAR
Auction
Services,
Inc.
35,128
2,800
Kinden
Corporation
45,055
2,882
Koninklijke
Philips
NV
125,634
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
108
Shares
Common
Stock
(
17
.7
%
)
Value
Industrials
(2.6%)
-
continued
3,155
Legrand
SA
$
212,700
28,444
Lincoln
Electric
Holdings,
Inc.
g
2,290,026
1,875
Lockheed
Martin
Corporation
729,487
3,727
Manpower,
Inc.
276,692
11,000
Marubeni
Corporation
52,974
2,434
Masonite
International
Corporation
h
143,801
4,564
Mercury
Systems,
Inc.
h
406,926
56,124
Meritor,
Inc.
h
1,150,542
6,400
Mitsubishi
Corporation
135,731
900
Mitsuboshi
Belting,
Ltd.
12,323
10,500
Mitsui
&
Company,
Ltd.
146,563
4,112
MSC
Industrial
Direct
Company,
Inc.
245,240
1,118
NAPCO
Security
Technologies,
Inc.
h
22,405
4,009
National
Express
Group
plc
13,795
3,000
Nitto
Kogyo
Corporation
50,540
1,629
Nobina
AB
i
8,883
5,892
Nordson
Corporation
948,082
494
Norfolk
Southern
Corporation
84,523
496
Northrop
Grumman
Corporation
164,012
10,480
Old
Dominion
Freight
Line,
Inc.
h
1,522,639
6,468
Otis
Worldwide
Corporation
h
329,286
4,930
PageGroup
plc
23,347
8,001
Parker-Hannifin
Corporation
1,265,118
36,617
Primoris
Services
Corporation
571,591
6,665
Quad/Graphics,
Inc.
24,794
18,472
Raven
Industries,
Inc.
411,371
12,936
Raytheon
Technologies
Corporation
838,382
1,208
Redde
Northgate
plc
2,725
9,484
Regal-Beloit
Corporation
673,459
10,428
RELX
plc
235,273
777
Republic
Services,
Inc.
60,870
5,628
Resideo
Technologies,
Inc.
h
28,872
38,417
Ritchie
Brothers
Auctioneers,
Inc.
1,655,389
4,465
Rockwell
Automation,
Inc.
846,028
4,066
Roper
Industries,
Inc.
1,386,628
5,098
Ryder
System,
Inc.
180,469
11,154
Saia,
Inc.
h
1,031,968
2,333
Sandvik
AB
h
35,890
100
Sanwa
Holdings
Corporation
776
2,174
Schneider
Electric
SE
h
200,905
3,615
Signify
NV
i
73,589
3,914
Simpson
Manufacturing
Company,
Inc.
282,199
5,946
SiteOne
Landscape
Supply,
Inc.
g,h
526,994
4,453
SKF
AB
70,284
53,300
Sojitz
Corporation
123,354
42,461
Southwest
Airlines
Company
1,326,906
1,833
SP
Plus
Corporation
h
38,658
484
Spirax-Sarco
Engineering
plc
52,968
2,065
Spirit
Airlines,
Inc.
h
31,016
1,840
SPX
FLOW,
Inc.
h
59,929
18,293
Standex
International
Corporation
911,723
6,100
Sumitomo
Corporation
69,004
300
Taikisha,
Ltd.
8,737
3,197
Teledyne
Technologies,
Inc.
h
1,041,167
3,173
Thermon
Group
Holdings,
Inc.
h
48,483
900
Toppan
Forms
Company,
Ltd.
7,907
884
Transcontinental,
Inc.
8,008
10,816
Trex
Company,
Inc.
g,h
1,029,900
27,668
TriMas
Corporation
h
659,605
900
Tsubakimoto
Chain
Company
21,080
2,790
UniFirst
Corporation
469,138
1,790
Union
Pacific
Corporation
286,024
8,480
United
Airlines
Holdings,
Inc.
g,h
250,838
15,735
United
Rentals,
Inc.
h
2,021,947
12,854
Valmont
Industries,
Inc.
1,507,003
Shares
Common
Stock
(
17
.7
%
)
Value
Industrials
(2.6%)
-
continued
12,048
Verisk
Analytics,
Inc.
$
1,841,296
713
Vinci
SA
58,411
8,746
Waste
Connections,
Inc.
751,369
3,834
Watsco,
Inc.
617,236
27,168
Willdan
Group,
Inc.
g,h
688,980
4,370
XPO
Logistics,
Inc.
h
291,654
500
Yuasa
Trading
Company,
Ltd.
13,455
Total
66,946,828
Information
Technology
(3.8%)
8,002
Accenture
plc
1,481,890
2,540
Adobe,
Inc.
h
898,246
6,167
ADTRAN,
Inc.
63,397
4,409
Advanced
Energy
Industries,
Inc.
h
245,140
22,343
Advanced
Micro
Devices,
Inc.
h
1,170,550
9,780
Agilysys,
Inc.
h
191,590
11,923
Akamai
Technologies,
Inc.
h
1,164,996
5,868
Alliance
Data
Systems
Corporation
293,811
5,957
Alteryx,
Inc.
g,h
674,213
3,202
Amadeus
IT
Holding
SA
152,840
2,586
American
Software,
Inc.
42,617
29,412
Amphenol
Corporation
2,595,903
19,847
Anaplan,
Inc.
h
810,948
3,769
ANSYS,
Inc.
h
986,837
21,444
Apple,
Inc.
6,300,247
71
ASM
International
NV
7,816
653
ASML
Holding
NV
190,733
5,653
Atlassian
Corporation
plc
h
878,985
9,733
Automatic
Data
Processing,
Inc.
1,427,734
13,910
Avalara,
Inc.
h
1,243,137
5,027
Avnet,
Inc.
150,911
16,947
Bandwidth,
Inc.
g,h
1,382,197
2,134
BE
Semiconductor
Industries
NV
h
88,318
16,695
Benchmark
Electronics,
Inc.
344,919
17,123
Blackline,
Inc.
h
1,040,051
1,138
Broadcom,
Ltd.
309,104
4,688
Broadridge
Financial
Solutions,
Inc.
543,808
1,230
CACI
International,
Inc.
h
307,672
1,300
Canon,
Inc.
27,346
24,186
CDK
Global,
Inc.
950,026
2,645
CDW
Corporation
293,066
565
CEVA,
Inc.
h
17,713
4,232
CGI,
Inc.
h
269,891
32,752
Change
Healthcare,
Inc.
h
381,233
21,217
Ciena
Corporation
h
981,286
81,787
Cisco
Systems,
Inc.
3,466,133
11,619
Cognex
Corporation
641,834
8,637
CommScope
Holding
Company,
Inc.
h
95,093
9,386
Computer
Services,
Inc.
401,251
4,877
Computershare,
Ltd.
38,371
16,230
Coupa
Software,
Inc.
h
2,857,941
1,321
Cree,
Inc.
h
56,975
11,086
CTS
Corporation
256,752
12,583
Descartes
Systems
Group,
Inc.
g,h
529,493
347
Dialog
Semiconductor
plc
h
10,898
14,360
DocuSign,
Inc.
h
1,504,210
36,580
Dolby
Laboratories,
Inc.
2,195,897
3,391
DSP
Group,
Inc.
h
58,495
19,440
Elastic
NV
h
1,246,882
647
Endava
plc
ADR
h
28,319
361
EPAM
Systems,
Inc.
h
79,741
5,601
ePlus,
Inc.
h
396,271
8,409
Euronet
Worldwide,
Inc.
h
771,610
23,066
Eventbrite,
Inc.
h
210,362
8,514
ExlService
Holdings,
Inc.
h
525,569
2,015
eXp
World
Holdings,
Inc.
h
18,498
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
109
Shares
Common
Stock
(
17
.7
%
)
Value
Information
Technology
(3.8%)
-
continued
3,373
F5
Networks,
Inc.
h
$
469,724
911
Fair
Isaac
Corporation
h
321,528
14,023
Five9,
Inc.
h
1,299,511
1,103
FLIR
Systems,
Inc.
47,870
1,100
Fuji
Soft,
Inc.
38,721
1,802
Gartner,
Inc.
h
214,096
11,423
Global
Payments,
Inc.
1,896,446
14,760
Guidewire
Software,
Inc.
h
1,340,798
8,552
Halma
plc
224,834
10,073
Health
Catalyst,
Inc.
g,h
268,647
500
Hoya
Corporation
45,597
900
II-VI,
Inc.
h
30,978
216
Infineon
Technologies
AG
4,016
4,490
Inphi
Corporation
h
433,465
13,430
Intel
Corporation
805,531
2,302
InterDigital,
Inc.
132,987
2,921
International
Business
Machines
Corporation
366,761
3,650
Intuit,
Inc.
984,806
1,202
Jack
Henry
&
Associates,
Inc.
196,587
11,353
Juniper
Networks,
Inc.
245,225
200
Keyence
Corporation
71,402
2,151
KLA-Tencor
Corporation
352,958
1,277
Kulicke
and
Soffa
Industries,
Inc.
30,610
3,878
Lam
Research
Corporation
989,976
33,946
Lattice
Semiconductor
Corporation
h
764,124
3,180
Littelfuse,
Inc.
461,863
4,219
ManTech
International
Corporation
314,569
8,053
MasterCard,
Inc.
2,214,333
7,312
Maxim
Integrated
Products,
Inc.
402,014
9,059
Medallia,
Inc.
h
194,587
8,085
Methode
Electronics,
Inc.
242,712
43,619
Microsoft
Corporation
7,816,961
6,463
MicroStrategy,
Inc.
h
816,471
11,008
MKS
Instruments,
Inc.
1,103,332
12,676
MoneyGram
International,
Inc.
h
21,042
20,355
Monolithic
Power
Systems,
Inc.
4,069,168
6,301
MTS
Systems
Corporation
134,022
20,202
National
Instruments
Corporation
776,161
1,600
NEC
Networks
&
System
Integration
Corporation
68,851
239
NetApp,
Inc.
10,461
7,006
Nice,
Ltd.
ADR
h
1,151,086
11,176
Nova
Measuring
Instruments,
Ltd.
h
428,153
5,781
Novanta,
Inc.
h
502,311
38,864
Nuance
Communications,
Inc.
h
785,053
1,704
NVIDIA
Corporation
498,045
7,026
Oracle
Corporation
372,167
200
Oracle
Corporation
Japan
20,590
7,124
Palo
Alto
Networks,
Inc.
h
1,399,937
3,326
Paychex,
Inc.
227,897
1,167
PayPal
Holdings,
Inc.
h
143,541
6,321
Plexus
Corporation
h
396,263
3,531
Progress
Software
Corporation
144,453
5,399
Proofpoint,
Inc.
h
657,220
11,435
Q2
Holdings,
Inc.
g,h
911,598
5,542
QAD,
Inc.
234,537
5,688
QUALCOMM,
Inc.
447,475
4,278
Rogers
Corporation
h
475,029
2,704
Rubicon
Project,
Inc.
h
19,388
600
Ryoyo
Electro
Corporation
13,471
50,995
SailPoint
Technologies
Holdings,
Inc.
h
947,997
840
Salesforce.com,
Inc.
h
136,038
606
Samsung
Electronics
Company,
Ltd.
GDR
629,714
115
SAP
SE
13,697
Shares
Common
Stock
(
17
.7
%
)
Value
Information
Technology
(3.8%)
-
continued
8,302
ScanSource,
Inc.
h
$
215,188
7,489
ServiceNow,
Inc.
h
2,632,683
4,553
Silicon
Laboratories,
Inc.
h
442,643
2,016
Square,
Inc.
h
131,322
43,630
STMicroelectronics
NV
ADR
g
1,115,619
1,275
Sykes
Enterprises,
Inc.
h
36,503
11,529
Synopsys,
Inc.
h
1,811,436
15,439
TE
Connectivity,
Ltd.
1,134,149
7,950
Teradyne,
Inc.
497,193
20,594
Texas
Instruments,
Inc.
2,390,346
200
Tokyo
Electron,
Ltd.
42,596
3,639
Tyler
Technologies,
Inc.
h
1,166,991
1,681
Unisys
Corporation
h
21,164
4,186
VeriSign,
Inc.
h
876,925
13,404
Virtusa
Corporation
h
442,332
5,713
Visa,
Inc.
1,021,027
2,230
VMware,
Inc.
g,h
293,290
4,775
WEX,
Inc.
h
631,828
30
Wirecard
AG
2,969
13,461
Zscaler,
Inc.
g,h
902,964
Total
99,888,339
Materials
(0.7%)
4,363
AdvanSix,
Inc.
h
53,141
2,700
Air
Water,
Inc.
36,401
607
Anglo
American
plc
10,795
7,566
AptarGroup,
Inc.
810,167
1,923
Arcelor
Mittal
21,005
3,332
Avery
Dennison
Corporation
367,820
281
Balchem
Corporation
25,076
6,281
Ball
Corporation
411,971
6,999
Boise
Cascade
Company
218,859
4,175
Cabot
Corporation
141,491
5,586
Celanese
Corporation
464,029
13,129
CF
Industries
Holdings,
Inc.
361,048
15,818
Chemours
Company
g
185,545
42,421
Coeur
Mining,
Inc.
h
178,592
886
Domtar
Corporation
20,697
25,989
Eastman
Chemical
Company
1,572,594
5,052
Ecolab,
Inc.
977,562
39,909
Element
Solutions,
Inc.
h
409,067
94
Eramet
SA
2,960
1,832
Ferro
Corporation
h
18,265
18,780
Ferroglobe
Representation
&
Warranty
Insurance
Trust
c,h
2
2,582
First
Majestic
Silver
Corporation
h
20,837
6,333
Gold
Road
Resources,
Ltd.
h
6,467
3,368
Granges
AB
24,610
25,870
Hecla
Mining
Company
68,038
4,786
Hexpol
AB
h
34,384
2,009
Hochschild
Mining
plc
3,505
5,586
IAMGOLD
Corporation
h
19,607
4,347
Ingevity
Corporation
h
225,696
10,699
Innospec,
Inc.
775,892
91,640
Ivanhoe
Mines,
Ltd.
h
192,240
12,483
Kaiser
Aluminum
Corporation
901,647
367
Kirkland
Lake
Gold,
Ltd.
15,171
1,728
Koninklijke
DSM
NV
211,788
4,299
Kraton
Performance
Polymers,
Inc.
h
67,107
2,600
Kyoei
Steel,
Ltd.
33,039
300
Lintec
Corporation
6,438
61,607
Louisiana-Pacific
Corporation
1,232,140
327
MAG
Silver
Corporation
h
3,719
7,375
Martin
Marietta
Materials,
Inc.
1,402,946
9,613
Materion
Corporation
497,377
5,958
Minerals
Technologies,
Inc.
262,390
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
110
Shares
Common
Stock
(
17
.7
%
)
Value
Materials
(0.7%)
-
continued
20,651
Myers
Industries,
Inc.
$
255,246
9,745
Neenah,
Inc.
476,141
600
Nippon
Light
Metal
Holdings
Company,
Ltd.
945
9,500
Nippon
Steel
Corporation
79,929
888
Northern
Star
Resources,
Ltd.
7,171
10,704
Nucor
Corporation
440,898
6,158
Olin
Corporation
82,209
2,335
Olympic
Steel,
Inc.
22,042
12,415
PPG
Industries,
Inc.
1,127,654
550
Quaker
Chemical
Corporation
83,666
4,889
Ramelius
Resources,
Ltd.
4,154
2,368
Reliance
Steel
&
Aluminum
Company
212,125
10,114
Resolute
Mining,
Ltd.
h
6,026
467
Rio
Tinto,
Ltd.
26,321
2,249
RPM
International,
Inc.
149,356
10,729
Ryerson
Holding
Corporation
h
49,568
7,026
Sandfire
Resources,
Ltd.
20,391
222
Schnitzer
Steel
Industries,
Inc.
3,454
863
Sensient
Technologies
Corporation
41,243
1,248
Sherwin-Williams
Company
669,390
2,492
St
Barbara,
Ltd.
4,102
40,917
Steel
Dynamics,
Inc.
993,056
6,800
Sumitomo
Chemical
Company,
Ltd.
20,857
500
Taiyo
Holdings
Company,
Ltd.
20,446
1,800
Toagosei
Company,
Ltd.
16,469
17,400
Toray
Industries,
Inc.
79,774
1,200
Ube
Industries,
Ltd.
20,123
5,041
UFP
Technologies,
Inc.
h
216,763
5,254
United
States
Lime
&
Minerals,
Inc.
420,845
12,969
United
States
Steel
Corporation
g
99,602
3,743
UPM-Kymmene
Oyj
102,653
8,771
Verso
Corporation
h
121,829
1,603
W.
R.
Grace
&
Company
75,710
1,303
Worthington
Industries,
Inc.
34,451
Total
18,276,734
Real
Estate
(1.1%)
34,845
Agree
Realty
Corporation
2,268,758
2,513
Alexandria
Real
Estate
Equities,
Inc.
394,767
1,598
Allied
Properties
REIT
51,156
1,683
Alstria
Office
REIT
AG
25,228
19,266
American
Campus
Communities,
Inc.
679,897
528
American
Tower
Corporation
125,664
13,957
Apartment
Investment
&
Management
Company
525,760
1,482
Ares
Commercial
Real
Estate
Corporation
11,486
8,945
Armada
Hoffler
Properties,
Inc.
85,961
30,984
Ascendas
REIT
64,796
4,000
Ascott
Trust
2,516
25,593
Ashford
Hospitality
Trust,
Inc.
21,045
1,482
AvalonBay
Communities,
Inc.
241,492
1,919
BBX
Capital
Corporation
4,068
196
Bluerock
Residential
Growth
REIT,
Inc.
1,141
11,692
Camden
Property
Trust
1,029,714
2,473
Castellum
AB
43,376
32,168
CBL
&
Associates
Properties,
Inc.
h
9,297
29,320
Cedar
Realty
Trust,
Inc.
30,786
1,203
Choice
Properties
REIT
10,907
5,403
City
Office
REIT,
Inc.
54,570
58
Cofinimmo
SA
8,063
6,533
Colliers
International
Group,
Inc.
359,315
6,063
Colony
Credit
Real
Estate,
Inc.
29,163
4,092
Columbia
Property
Trust,
Inc.
58,475
Shares
Common
Stock
(
17
.7
%
)
Value
Real
Estate
(1.1%)
-
continued
4,549
Corepoint
Lodging,
Inc.
$
19,788
4,078
CoreSite
Realty
Corporation
494,213
2,900
CoStar
Group,
Inc.
h
1,879,954
13,791
Cousins
Properties,
Inc.
416,074
1,200
Daito
Trust
Construction
Company,
Ltd.
114,103
15,814
DiamondRock
Hospitality
Company
98,521
2,174
Digital
Realty
Trust,
Inc.
324,991
13,162
Diversified
Healthcare
Trust
40,934
7,616
Douglas
Emmett,
Inc.
232,212
11,189
Duke
Realty
Corporation
388,258
2,857
EastGroup
Properties,
Inc.
302,842
613
Entra
ASA
g,i
7,718
5,357
EPR
Properties
157,603
4,229
Equity
Lifestyle
Properties,
Inc.
255,051
24,658
Equity
Residential
1,604,249
43,480
Essential
Properties
Realty
Trust,
Inc.
638,721
2,508
Essex
Property
Trust,
Inc.
612,203
6,019
Farmland
Partners,
Inc.
39,485
28,607
First
Industrial
Realty
Trust,
Inc.
1,080,486
4,814
FirstService
Corporation
416,796
8,800
Four
Corners
Property
Trust,
Inc.
197,032
5,049
Franklin
Street
Properties
Corporation
27,467
9,781
Gaming
and
Leisure
Properties,
Inc.
276,215
1,951
Getty
Realty
Corporation
52,989
2,337
Granite
REIT
106,781
6,918
Healthcare
Realty
Trust,
Inc.
203,320
11,997
Healthcare
Trust
of
America,
Inc.
295,486
10,739
Hersha
Hospitality
Trust
56,165
34,584
Host
Hotels
&
Resorts,
Inc.
425,729
3,062
Hudson
Pacific
Properties,
Inc.
75,264
5,000
Hysan
Development
Company,
Ltd.
16,681
6,103
Industrial
Logistics
Properties
Trust
114,065
2,708
Innovative
Industrial
Properties,
Inc.
212,470
2,742
Investors
Real
Estate
Trust
171,731
10,062
iSTAR
Financial,
Inc.
100,821
93
Japan
Hotel
REIT
Investment
Corporation
30,867
2,803
Jones
Lang
LaSalle,
Inc.
295,941
27,989
Kilroy
Realty
Corporation
1,742,595
10,244
Kite
Realty
Group
Trust
104,796
420
Kungsleden
AB
3,199
3,421
Lamar
Advertising
Company
197,221
8,800
Lexington
Realty
Trust
91,960
9,539
Macerich
Company
71,256
8,000
Mapletree
Commercial
Trust
11,016
41,829
Medical
Properties
Trust,
Inc.
716,949
1,212
National
Health
Investors,
Inc.
66,733
17,307
National
Retail
Properties,
Inc.
564,900
63,672
National
Storage
Affiliates
Trust
1,813,379
32,001
New
Residential
Investment
Corporation
194,886
9,436
New
Senior
Investment
Group,
Inc.
31,233
1,450
Omega
Healthcare
Investors,
Inc.
42,268
3,952
One
Liberty
Properties,
Inc.
62,125
6,537
Pebblebrook
Hotel
Trust
77,398
21,265
Pennsylvania
REIT
21,478
4,865
Physicians
Realty
Trust
75,018
1,680
Plymouth
Industrial
REIT,
Inc.
23,537
4,290
PotlatchDeltic
Corporation
150,622
10,027
Preferred
Apartment
Communities,
Inc.
74,300
1,931
PS
Business
Parks,
Inc.
249,273
1,610
PSP
Swiss
Property
AG
187,029
3,308
QTS
Realty
Trust,
Inc.
206,849
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
111
Shares
Common
Stock
(
17
.7
%
)
Value
Real
Estate
(1.1%)
-
continued
3,192
Quebecor,
Inc.
$
69,506
18,306
Retail
Properties
of
America,
Inc.
113,497
10,695
Rexford
Industrial
Realty,
Inc.
435,500
879
RioCan
REIT
10,041
774
RMR
Group,
Inc.
22,957
6,000
Road
King
Infrastructure,
Ltd.
9,274
6,901
RPT
Realty
47,065
1,801
Ryman
Hospitality
Properties
63,647
20,697
Sabra
Health
Care
REIT,
Inc.
265,336
5,041
SBA
Communications
Corporation
1,461,487
44,892
Service
Properties
Trust
311,102
7,202
Spirit
Realty
Capital,
Inc.
221,534
2,574
STAG
Industrial,
Inc.
67,568
14,207
Store
Capital
Corporation
285,135
4,233
Summit
Hotel
Properties,
Inc.
25,652
41,484
Sunstone
Hotel
Investors,
Inc.
381,238
630
Swiss
Prime
Site
AG
59,980
5,167
TAG
Immobilien
AG
113,177
4,693
Taubman
Centers,
Inc.
202,268
3,851
Terreno
Realty
Corporation
211,112
14,278
UDR,
Inc.
534,997
4,886
UMH
Properties,
Inc.
63,469
24,985
Uniti
Group,
Inc.
176,394
228
Universal
Health
Realty
Income
Trust
24,387
2,343
Urstadt
Biddle
Properties,
Inc.
34,231
18,888
Washington
Prime
Group,
Inc.
16,240
14,000
Wing
Tai
Holdings,
Ltd.
17,116
Total
29,944,557
Utilities
(0.3%)
1,176
AGL
Energy,
Ltd.
12,907
1,349
ALLETE,
Inc.
77,648
7,710
Alliant
Energy
Corporation
374,320
1,146
American
States
Water
Company
90,958
6,650
Artesian
Resources
Corporation
229,625
5,050
Avista
Corporation
217,352
4,312
Black
Hills
Corporation
267,085
1,722
California
Water
Service
Group
77,352
1,164
Chesapeake
Utilities
Corporation
102,292
6,496
CMS
Energy
Corporation
370,857
5,220
Consolidated
Water
Company,
Ltd.
78,404
2,990
DTE
Energy
Company
310,183
3,309
Enagas
SA
77,238
18,115
Enel
SPA
123,734
6,346
Entergy
Corporation
606,106
1,217
Essential
Utilities,
Inc
50,858
27,732
Exelon
Corporation
1,028,303
9,776
FirstEnergy
Corporation
403,456
3,006
Hawaiian
Electric
Industries,
Inc.
118,647
4,257
IDACORP,
Inc.
390,707
1,327
MGE
Energy,
Inc.
85,804
936
Middlesex
Water
Company
56,441
1,235
National
Fuel
Gas
Company
50,635
6,453
New
Jersey
Resources
Corporation
217,982
681
NextEra
Energy,
Inc.
157,393
858
Northland
Power,
Inc.
18,412
2,907
Northwest
Natural
Holding
Company
189,246
3,857
NorthWestern
Corporation
222,510
5,042
OGE
Energy
Corporation
158,924
2,748
Otter
Tail
Corporation
121,956
15,018
PNM
Resources,
Inc.
608,079
5,057
Portland
General
Electric
Company
236,617
4,653
PPL
Corporation
118,279
2,694
Public
Service
Enterprise
Group,
Inc.
136,613
686
SJW
Group
40,838
6,175
South
Jersey
Industries,
Inc.
176,543
Shares
Common
Stock
(
17
.7
%
)
Value
Utilities
(0.3%)
-
continued
2,706
Southwest
Gas
Holdings,
Inc.
$
205,115
4,834
Spire,
Inc.
352,689
4,396
UGI
Corporation
132,671
2,852
Unitil
Corporation
143,484
243
Verbund
AG
11,003
Total
8,449,266
Total
Common
Stock
(cost
$442,308,970)
465,689,389
Shares
Collateral
Held
for
Securities
Loaned
(
1
.8
%
)
Value
47,365,037
Thrivent
Cash
Management
Trust
47,365,037
Total
Collateral
Held
for
Securities
Loaned
(cost
$47,365,037)
47,365,037
Shares
or
Principal
Amount
Short-Term
Investments
(
11
.8
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
200,000
0.900%,
5/7/2020
p,q
199,997
500,000
0.720%,
5/8/2020
p,q
499,991
10,300,000
1.063%,
5/12/2020
p,q
10,299,717
4,700,000
0.500%,
5/13/2020
p,q
4,699,859
4,800,000
0.415%,
5/19/2020
p,q
4,799,784
3,400,000
0.150%,
5/20/2020
p,q
3,399,838
200,000
0.000%,
5/28/2020
199,987
1,000,000
0.150%,
6/4/2020
p,q
999,906
6,000,000
0.192%,
6/9/2020
p,q
5,999,350
3,300,000
0.530%,
6/12/2020
p,q
3,299,615
400,000
0.170%,
6/16/2020
p,q
399,949
4,800,000
0.150%,
6/23/2020
p,q
4,799,293
800,000
0.006%,
7/7/2020
p
799,821
3,900,000
0.130%,
7/20/2020
p,q
3,898,960
1,200,000
0.180%,
8/4/2020
p,q
1,199,620
Thrivent
Core
Short-Term
Reserve
Fund
26,386,908
1.450%
263,869,079
U.S.
Treasury
Bills
300,000
0.100%,
6/11/2020
m,p
299,965
100,000
0.105%,
7/16/2020
m,p
99,978
250,000
0.023%,
9/24/2020
m,p
249,871
Total
Short-Term
Investments
(cost
$309,858,260)
310,014,580
Total
Investments
(cost
$2,612,967,580)
107.5%
$
2,826,932,296
Other
Assets
and
Liabilities,
Net
(7.5%)
(
198,443,732
)
Total
Net
Assets
100.0%
$
2,628,488,564
a
The
stated
interest
rate
represents
the
weighted
average
of
all
contracts
within
the
bank
loan
facility.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
112
d
All
or
a
portion
of
the
loan
is
unfunded.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
f
In
bankruptcy.  Interest
is
being
accrued
per
the
bankruptcy
agreement
terms.  
g
All
or
a
portion
of
the
security
is
on
loan.
h
Non-income
producing
security.
i
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$105,343,142
or
4.0%
of
total
net
assets.
j
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
April
30,
2020.
k
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.
l
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
m
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.
n
Defaulted
security.  Interest
is
not
being
accrued.
o
In
bankruptcy.  Interest
is
not
being
accrued.
p
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
q
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Moderate
Allocation
Fund
as
of
April
30,
2020
was
$499,821
or
0.0%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
April
30,
2020.
Security
Acquisition
Date
Cost
Siemens
Financieringsmaatschappij
NV,
3/16/2047
3/7/2017
$
384,630
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Moderate
Allocation
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
26,464,712
Common
Stock
19,238,203
Total
lending
$45,702,915
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$47,365,037
Net
amounts
due
to
counterparty
$1,662,122
Definitions:
ACES
-
Alternative
Credit
Enhancement
Securities
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
GDR
-
Global
Depository
Receipts,
which
are
certificates
for
shares
of
an
underlying
foreign
security’s
shares
held
by
an
issuing
depository
bank
from
more
than
one
country.
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
CMT
3M
-
Constant
Maturity
Treasury
Yield
3
Month
LIBOR
1W
-
ICE
Libor
USD
Rate
1
Week
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
2M
-
ICE
Libor
USD
Rate
2
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
LIBOR
6M
-
ICE
Libor
USD
Rate
6
Month
PRIME
-
Federal
Reserve
Prime
Loan
Rate
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
113
Principal
Amount
Bank
Loans
(
0
.8
%
)
a
Value
Basic
Materials
(0.1%)
Arch
Coal,
Inc.,
Term
Loan
$
249,848
3.750%, 
(LIBOR
1M
+
2.750%),
3/7/2024
b,c
$
208,624
Big
River
Steel,
LLC,
Term
Loan
219,375
6.450%, 
(LIBOR
3M
+
5.000%),
8/23/2023
b
189,759
Chemours
Company,
Term
Loan
284,200
2.160%, 
(LIBOR
1M
+
1.750%),
4/3/2025
b
258,673
Hexion,
Inc.,
Term
Loan
150,000
4.940%, 
(LIBOR
3M
+
3.500%),
7/1/2026
b,d,e
142,595
Momentive
Performance
Materials
USA,
LLC,
Term
Loan
148,875
3.660%, 
(LIBOR
1M
+
3.250%),
5/15/2024
b
132,286
MRC
Global
(US),
Inc.,
Term
Loan
979,931
3.404%, 
(LIBOR
1M
+
3.000%),
9/22/2024
b,c
832,941
Nouryon
USA,
LLC,
Term
Loan
249,354
3.864%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
225,665
Peabody
Energy
Corporation,
Term
Loan
161,700
3.154%, 
(LIBOR
1M
+
2.750%),
3/31/2025
b
87,965
Pixelle
Specialty
Solutions,
LLC,
Term
Loan
290,554
7.500%, 
(LIBOR
1M
+
6.500%),
10/31/2024
b
249,295
Total
2,327,803
Capital
Goods
(0.1%)
Advanced
Disposal
Services,
Inc.,
Term
Loan
190,697
3.000%, 
(LIBOR
1W
+
2.250%),
11/10/2023
b
188,101
Flex
Acquisition
Company,
Inc.
Term
Loan
315,000
4.683%, 
(LIBOR
3M
+
3.250%),
6/29/2025
b
293,265
GFL
Environmental,
Inc.,
Term
Loan
250,019
4.000%, 
(LIBOR
1M
+
3.000%),
5/31/2025
b,d,e
245,269
Mauser
Packaging
Solutions
Holding
Company,
Term
Loan
223,849
4.561%, 
(LIBOR
3M
+
3.250%),
4/3/2024
b
191,532
Navistar,
Inc.,
Term
Loan
112,412
4.220%, 
(LIBOR
1M
+
3.500%),
11/6/2024
b
101,242
Reynolds
Group
Holdings,
Inc.,
Term
Loan
40,150
3.154%, 
(LIBOR
1M
+
2.750%),
2/5/2023
b
38,201
TransDigm,
Inc.,
Term
Loan
518,700
2.654%, 
(LIBOR
1M
+
2.250%),
12/9/2025
b
452,810
Principal
Amount
Bank
Loans
(
0
.8
%
)
a
Value
Capital
Goods
(0.1%)
-
continued
Vertiv
Group
Corporation,
Term
Loan
$
495,000
3.993%, 
(LIBOR
1M
+
3.000%),
3/2/2027
b,c
$
464,062
Total
1,974,482
Communications
Services
(0.2%)
Altice
France
SA,
Term
Loan
169,750
3.154%, 
(LIBOR
1M
+
2.750%),
7/31/2025
b
154,685
CenturyLink,
Inc.,
Term
Loan
753,113
2.654%, 
(LIBOR
1M
+
2.250%),
3/15/2027
b
710,750
CommScope,
Inc.,
Term
Loan
119,400
3.654%, 
(LIBOR
1M
+
3.250%),
4/4/2026
b
111,981
Coral-US
Co-Borrower,
LLC,
Term
Loan
610,000
2.654%, 
(LIBOR
1M
+
2.250%),
1/31/2028
b
564,506
CSC
Holdings,
LLC,
Term
Loan
72,750
3.064%, 
(LIBOR
1M
+
2.250%),
7/17/2025
b
69,101
Diamond
Sports
Group,
LLC,
Term
Loan
438,975
3.820%, 
(LIBOR
1M
+
3.250%),
8/24/2026
b
356,211
Entercom
Media
Corporation,
Term
Loan
191,906
2.904%, 
(LIBOR
1M
+
2.500%),
11/17/2024
b
168,925
Gray
Television,
Inc.,
Term
Loan
80,000
0.000%, 
(LIBOR
3M
+
2.250%),
2/7/2024
b,d,e
75,717
HCP
Acquisition,
LLC,
Term
Loan
297,211
4.000%, 
(LIBOR
1M
+
3.000%),
5/16/2024
b
280,555
iHeartCommunications,
Inc.,
Term
Loan
120,000
3.989%, 
(LIBOR
1M
+
3.000%),
5/1/2026
b,d,e
107,233
Mediacom
Illinois,
LLC,
Term
Loan
79,667
1.900%, 
(LIBOR
1W
+
1.750%),
2/15/2024
b
76,181
NEP
Group,
Inc.,
Term
Loan
202,437
4.700%, 
(LIBOR
3M
+
3.250%),
10/20/2025
b,c
161,950
30,000
8.450%, 
(LIBOR
3M
+
7.000%),
10/19/2026
b,c
16,950
SBA
Senior
Finance
II,
LLC,
Term
Loan
223,899
2.160%, 
(LIBOR
1M
+
1.750%),
4/11/2025
b
215,782
Terrier
Media
Buyer,
Inc.,
Term
Loan
189,525
5.700%, 
(LIBOR
3M
+
4.250%),
12/17/2026
b
175,784
T-Mobile
USA,
Inc.,
Term
Loan
365,000
0.000%, 
(LIBOR
1M
+
3.000%),
4/1/2027
b,d,e
362,587
TNS,
Inc.,
Term
Loan
340,109
4.410%, 
(LIBOR
1M
+
4.000%),
8/14/2022
b
300,997
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
114
Principal
Amount
Bank
Loans
(
0
.8
%
)
a
Value
Communications
Services
(0.2%)
-
continued
WideOpenWest
Finance,
LLC,
Term
Loan
$
364,750
4.250%, 
(LIBOR
1M
+
3.250%),
8/19/2023
b
$
337,737
Windstream
Services,
LLC,
Term
Loan
60,000
2.910%, 
(LIBOR
1M
+
2.500%),
2/26/2021
b
58,650
193,515
8.250%, 
(PRIME
+
5.000%),
3/30/2021
b,f
107,401
Ziggo
Financing
Partnership,
Term
Loan
325,000
3.314%, 
(LIBOR
1M
+
2.500%),
4/30/2028
b
302,656
Total
4,716,339
Consumer
Cyclical
(0.1%)
Boyd
Gaming
Corporation,
Term
Loan
30,521
2.387%, 
(LIBOR
1W
+
2.250%),
9/15/2023
b
28,251
Cengage
Learning,
Inc.,
Term
Loan
292,495
5.250%, 
(LIBOR
3M
+
4.250%),
6/7/2023
b
222,296
Eldorado
Resorts,
Inc.,
Term
Loan
16,853
3.250%, 
(LIBOR
3M
+
2.250%),
4/17/2024
b
15,895
Four
Seasons
Hotels,
Ltd.,
Term
Loan
200,341
2.404%, 
(LIBOR
1M
+
2.000%),
11/30/2023
b
185,107
Golden
Entertainment,
Inc.,
Term
Loan
381,175
3.750%, 
(LIBOR
1M
+
3.000%),
10/20/2024
b
310,658
Golden
Nugget,
LLC,
Term
Loan
493,619
3.455%, 
(LIBOR
1M
+
2.500%),
10/4/2023
b
393,849
LCPR
Loan
Financing,
LLC,
Term
Loan
485,000
5.814%, 
(LIBOR
1M
+
5.000%),
10/25/2026
b
474,087
Men's
Warehouse,
Inc.,
Term
Loan
206,220
4.335%, 
(LIBOR
1M
+
3.250%),
4/9/2025
b
70,115
Mohegan
Gaming
and
Entertainment,
Term
Loan
282,807
5.375%, 
(LIBOR
1M
+
4.375%),
10/13/2023
b
193,723
Penn
National
Gaming,
Inc.,
Term
Loan
162,938
3.000%, 
(LIBOR
1M
+
2.250%),
10/15/2025
b
140,941
Scientific
Games
International,
Inc.,
Term
Loan
784,222
3.521%, 
(LIBOR
2M
+
2.750%),
8/14/2024
b
646,332
Staples,
Inc.,
Term
Loan
109,175
5.516%, 
(LIBOR
3M
+
4.500%),
9/12/2024
b
88,068
352,512
6.016%, 
(LIBOR
3M
+
5.000%),
4/12/2026
b
279,658
Stars
Group
Holdings
BV,
Term
Loan
171,531
4.950%, 
(LIBOR
3M
+
3.500%),
7/10/2025
b,c
170,245
Principal
Amount
Bank
Loans
(
0
.8
%
)
a
Value
Consumer
Cyclical
(0.1%)
-
continued
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
$
137,900
2.154%, 
(LIBOR
1M
+
1.750%),
5/30/2025
b
$
126,110
Total
3,345,335
Consumer
Non-Cyclical
(0.1%)
Bausch
Health
Americas,
Inc.,
Term
Loan
944,625
3.718%, 
(LIBOR
1M
+
3.000%),
6/1/2025
b
912,744
Change
Healthcare
Holdings,
LLC,
Term
Loan
180,000
0.000%, 
(LIBOR
1M
+
2.500%),
3/1/2024
b,d,e
173,025
Chobani,
LLC,
Term
Loan
232,598
4.500%, 
(LIBOR
1M
+
3.500%),
10/10/2023
b
220,710
Dole
Food
Company,
Inc.,
Term
Loan
180,000
3.750%, 
(LIBOR
1M
+
2.750%),
4/6/2024
b,d,e
172,426
Endo
International
plc,
Term
Loan
245,269
5.000%, 
(LIBOR
1M
+
4.250%),
4/27/2024
b
222,429
Global
Medical
Response,
Inc.,
Term
Loan
547,400
4.250%, 
(LIBOR
1M
+
3.250%),
4/28/2022
b
501,385
97,750
5.863%, 
(LIBOR
3M
+
4.250%),
3/14/2025
b
86,726
IQVIA,
Inc.,
Term
Loan
40,000
0.000%, 
(LIBOR
1M
+
1.750%),
1/1/2025
b,d,e
38,350
JBS
USA
LUX
SA,
Term
Loan
383,463
3.072%, 
(LIBOR
3M
+
2.000%),
5/1/2026
b
368,846
Libbey
Glass,
Inc.,
Term
Loan
106,449
3.864%, 
(LIBOR
1M
+
3.000%),
4/9/2021
b
49,670
Mallinckrodt
International
Finance
SA,
Term
Loan
154,258
4.704%, 
(LIBOR
3M
+
3.000%),
2/24/2025
b
106,933
McGraw-Hill,
LLC,
Term
Loan
213,548
5.450%, 
(LIBOR
1M
+
4.000%),
5/4/2022
b
172,083
MPH
Acquisition
Holdings,
LLC,
Term
Loan
620,000
4.200%, 
(LIBOR
3M
+
2.750%),
6/7/2023
b
569,241
Ortho-Clinical
Diagnostics
SA,
Term
Loan
593,041
4.266%, 
(LIBOR
1M
+
3.250%),
6/30/2025
b
525,583
R.R.
Donnelley
&
Sons
Company,
Term
Loan
39,698
5.404%, 
(LIBOR
1M
+
5.000%),
1/15/2024
b
34,736
Sotera
Health
Holdings,
LLC,
Term
Loan
205,000
5.500%, 
(LIBOR
1M
+
4.500%),
12/13/2026
b
196,492
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
115
Principal
Amount
Bank
Loans
(
0
.8
%
)
a
Value
Consumer
Non-Cyclical
(0.1%)
-
continued
US
Foods,
Inc.,
Term
Loan
$
120,000
2.154%, 
(LIBOR
1M
+
1.750%),
6/27/2023
b,d,e
$
110,306
Total
4,461,685
Energy
(<0.1%)
BCP
Raptor
II,
LLC,
Term
Loan
193,538
5.154%, 
(LIBOR
1M
+
4.750%),
11/3/2025
b
90,237
Buckeye
Partners,
LP,
Term
Loan
65,000
3.120%, 
(LIBOR
1M
+
2.750%),
11/1/2026
b,d,e
60,735
Calpine
Corporation,
Term
Loan
219,246
2.660%, 
(LIBOR
1M
+
2.250%),
1/15/2024
b
211,458
CONSOL
Energy,
Inc.,
Term
Loan
188,100
4.910%, 
(LIBOR
1M
+
4.500%),
9/28/2024
b
112,743
Fieldwood
Energy,
LLC,
Term
Loan
255,000
6.250%, 
(LIBOR
3M
+
5.250%),
4/11/2022
b
53,550
McDermott
Technology
(Americas),
Inc.,
Term
Loan
338,962
6.945%, 
(LIBOR
3M
+
5.000%),
5/10/2025
b,f
112,424
Radiate
Holdco,
LLC,
Term
Loan
801,415
3.750%, 
(LIBOR
1M
+
3.000%),
2/1/2024
b
765,223
Total
1,406,370
Financials
(0.1%)
Delos
Finance
SARL,
Term
Loan
150,000
2.794%, 
(LIBOR
3M
+
1.750%),
10/6/2023
b,d,e
141,675
Digicel
International
Finance,
Ltd.,
Term
Loan
454,514
4.870%, 
(LIBOR
3M
+
3.250%),
5/27/2024
b
368,724
GGP
Nimbus,
LLC,
Term
Loan
1,068,725
2.904%, 
(LIBOR
1M
+
2.500%),
8/24/2025
b
788,569
INEOS
U.S.
Finance,
LLC,
Term
Loan
120,000
0.000%, 
(LIBOR
1M
+
2.000%),
3/31/2024
b,d,e
113,070
Level
3
Financing,
Inc.,
Term
Loan
325,000
2.154%, 
(LIBOR
1M
+
1.750%),
3/1/2027
b
310,645
MoneyGram
International,
Inc.,
Term
Loan
173,101
6.862%, 
(LIBOR
2M
+
6.000%),
6/30/2023
b
123,604
Northriver
Midstream
Finance,
LP,
Term
Loan
263,661
4.683%, 
(LIBOR
3M
+
3.250%),
10/1/2025
b
211,494
Tronox
Finance,
LLC,
Term
Loan
421,608
3.587%, 
(LIBOR
3M
+
2.750%),
9/22/2024
b
394,469
Principal
Amount
Bank
Loans
(
0
.8
%
)
a
Value
Financials
(0.1%)
-
continued
Vericast
Corporation,
Term
Loan
$
150,402
6.463%, 
(LIBOR
3M
+
4.750%),
11/3/2023
b
$
95,254
Total
2,547,504
Technology
(0.1%)
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
393,775
4.260%, 
(LIBOR
2M
+
3.500%),
8/21/2026
b,d,e
341,108
Prime
Security
Services
Borrower,
LLC,
Term
Loan
771,125
4.266%, 
(LIBOR
1M
+
3.250%),
9/23/2026
b
729,261
Rackspace
Hosting,
Inc.,
Term
Loan
645,957
4.763%, 
(LIBOR
2M
+
3.000%),
11/3/2023
b
603,905
SS&C
Technologies,
Inc.,
Term
Loan
126,025
2.154%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
120,998
89,928
2.154%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
86,340
Zayo
Group
Holdings,
Inc.,
Term
Loan
470,000
3.404%, 
(LIBOR
1M
+
3.000%),
3/9/2027
b
440,489
Total
2,322,101
Transportation
(<0.1%)
Genesee
&
Wyoming,
Inc.,
Term
Loan
295,000
3.450%, 
(LIBOR
3M
+
2.000%),
12/30/2026
b
284,781
United
Airlines,
Inc.,
Term
Loan
220,000
2.154%, 
(LIBOR
3M
+
1.750%),
4/1/2024
b,d,e
192,639
Total
477,420
Utilities
(<0.1%)
Advanced
Drainage
Systems,
Inc.,
Term
Loan
75,000
3.250%, 
(LIBOR
1M
+
2.250%),
9/24/2026
b,d,e
72,656
Core
and
Main,
LP,
Term
Loan
248,625
3.988%, 
(LIBOR
6M
+
2.750%),
8/1/2024
b
233,320
Total
305,976
Total
Bank
Loans
(cost
$27,338,495)
23,885,015
Shares
Registered
Investment
Companies
(
47
.7
%
)
Value
Unaffiliated  (1.1%)
13,098
Health
Care
Select
Sector
SPDR
Fund
1,306,264
130,800
Invesco
Senior
Loan
ETF
2,744,184
13,243
iShares
Dow
Jones
US
Home
Construction
Index
Fund
483,634
1,009
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
81,154
25,695
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
3,319,023
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
116
Shares
Registered
Investment
Companies
(
47
.7
%
)
Value
Unaffiliated  (1.1%)-
continued
8,651
ProShares
Ultra
S&P
500
g
$
962,856
13,272
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
1,314,326
47,362
SPDR
S&P
500
ETF
Trust
g
13,757,714
10,416
SPDR
S&P
Biotech
ETF
g
972,750
25,449
SPDR
S&P
Regional
Banking
ETF
970,370
2,348
VanEck
Vectors
Oil
Services
ETF
g,h
257,764
60,000
Vanguard
Short-Term
Corporate
Bond
ETF
4,864,800
Total
31,034,839
Affiliated  (46.6%)
4,274,776
Thrivent
Core
Emerging
Markets
Debt
Fund
38,515,735
749,711
Thrivent
Core
Emerging
Markets
Equity
Fund
6,387,540
9,262,251
Thrivent
Core
International
Equity
Fund
72,893,912
13,326,580
Thrivent
Core
Low
Volatility
Equity
Fund
144,460,132
5,806,792
Thrivent
Global
Stock
Fund,
Class
S
123,278,203
4,898,003
Thrivent
High
Yield
Fund,
Class
S
20,620,593
7,295,960
Thrivent
Income
Fund,
Class
S
69,895,298
24,592,671
Thrivent
International
Allocation
Fund,
Class
S
205,102,873
18,377,514
Thrivent
Large
Cap
Growth
Fund,
Class
S
246,993,793
10,485,572
Thrivent
Large
Cap
Value
Fund,
Class
S
200,064,715
3,001,219
Thrivent
Limited
Maturity
Bond
Fund,
Class
S
37,005,031
6,524,255
Thrivent
Mid
Cap
Stock
Fund,
Class
S
148,622,523
1,979,441
Thrivent
Small
Cap
Stock
Fund,
Class
S
37,668,768
Total
1,351,509,116
Total
Registered
Investment
Companies
(cost
$1,250,690,400)
1,382,543,955
Shares
Common
Stock
(
24
.0
%
)
Value
Communications
Services
(0.7%)
3,653
Activision
Blizzard,
Inc.
232,806
2,399
Alphabet,
Inc.,
Class
A
h
3,230,733
1,163
Alphabet,
Inc.,
Class
C
h
1,568,492
60,481
AMC
Entertainment
Holdings,
Inc.
g
297,567
3,302
AMC
Networks,
Inc.
h
78,753
13,487
AT&T,
Inc.
410,949
49,481
Auto
Trader
Group
plc
i
284,836
2,085
Boingo
Wireless,
Inc.
h
29,065
3,256
Carsales.com,
Ltd.
29,785
14,676
CenturyLink,
Inc.
155,859
16,101
Cinemark
Holdings,
Inc.
229,922
10,895
Comcast
Corporation
409,979
8,183
Consolidated
Communications
Holdings,
Inc.
h
51,308
450
Discovery,
Inc.,
Class
A
h
10,089
26,090
DISH
Network
Corporation
h
652,641
8,997
EchoStar
Corporation
h
283,855
8,482
Facebook,
Inc.
h
1,736,350
108,825
Gannett
Company,
Inc.
122,972
2,640
Hemisphere
Media
Group,
Inc.
h
24,499
25,000
HKT
Trust
and
HKT,
Ltd.
40,343
17,828
Interpublic
Group
of
Companies,
Inc.
302,720
842
Ipsos
SA
16,213
Shares
Common
Stock
(
24
.0
%
)
Value
Communications
Services
(0.7%)
-
continued
2,400
KDDI
Corporation
$
69,514
17,584
Lions
Gate
Entertainment
Corporation,
Class
A
g,h
125,550
14,429
Lions
Gate
Entertainment
Corporation,
Class
B
h
96,386
41,993
Live
Nation
Entertainment,
Inc.
h
1,884,226
946
Madison
Square
Garden
Entertainment
Corporation
h
78,234
24,828
Mediaset
Espana
Comunicacion
SA
h
88,967
22,383
Meredith
Corporation
g
331,940
3,692
News
Corporation
37,732
200
Nintendo
Company,
Ltd.
82,585
3,600
NTT
DOCOMO,
Inc.
106,097
2,973
Orange
SA
36,119
85,463
ORBCOMM,
Inc.
h
225,622
88,452
QuinStreet,
Inc.
h
898,672
2,140
Rightmove
plc
13,380
7,491
RingCentral,
Inc.
h
1,711,918
520
Roku,
Inc.
h
63,040
3,471
Scholastic
Corporation
100,902
11,349
Seven
West
Media,
Ltd.
h
624
2,633
Sinclair
Broadcast
Group,
Inc.
46,473
8,500
SoftBank
Corporation
115,753
1,700
SoftBank
Group
Corporation
72,867
9,367
Take-Two
Interactive
Software,
Inc.
h
1,133,875
160,863
Telecom
Italia
SPA
h
63,881
15,445
Telefonica
SA
70,622
2,220
Telephone
&
Data
Systems,
Inc.
43,556
8,300
TV
Asahi
Holdings
Corporation
123,211
25,993
Twitter,
Inc.
h
745,479
6,006
Uber
Technologies,
Inc.
h
181,802
8,523
Verizon
Communications,
Inc.
489,646
3,408
ViacomCBS,
Inc.
58,822
10,951
Vodafone
Group
plc
15,448
10,369
Walt
Disney
Company
1,121,407
1,978
Wolters
Kluwer
NV
145,489
19,806
Zillow
Group,
Inc.
h
862,353
Total
21,441,928
Consumer
Discretionary
(2.5%)
8,439
Abercrombie
&
Fitch
Company
89,285
8,418
Adient
plc
h
126,102
2,255
Amazon.com,
Inc.
h
5,578,870
4,229
American
Axle
&
Manufacturing
Holdings,
Inc.
h
18,269
19,293
American
Eagle
Outfitters,
Inc.
153,379
1,051
American
Public
Education,
Inc.
h
27,084
500
AOKI
Holdings,
Inc.
3,038
800
Aoyama
Trading
Company,
Ltd.
6,758
12,398
Aptiv
plc
862,281
18,634
At
Home
Group,
Inc.
h
43,790
1,300
Autobacs
Seven
Company,
Ltd.
15,181
80
AutoZone,
Inc.
h
81,626
11,786
Beazer
Homes
USA,
Inc.
h
82,973
44,557
Bed
Bath
&
Beyond,
Inc.
g
275,808
1,778
Berkeley
Group
Holdings
plc
93,332
6,458
Big
Lots,
Inc.
151,440
3,235
BJ's
Restaurants,
Inc.
70,717
598
Booking
Holdings,
Inc.
h
885,381
1,120
Boyd
Gaming
Corporation
18,693
700
Bridgestone
Corporation
21,789
31,054
Bright
Horizons
Family
Solutions,
Inc.
h
3,616,238
19,314
Burlington
Stores,
Inc.
h
3,528,475
5,409
Caleres,
Inc.
43,867
7,546
Camping
World
Holdings,
Inc.
66,933
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
117
Shares
Common
Stock
(
24
.0
%
)
Value
Consumer
Discretionary
(2.5%)
-
continued
1,342
Capri
Holdings,
Ltd.
h
$
20,466
9,018
Carnival
Corporation
143,386
9,878
Century
Casinos,
Inc.
h
44,797
3,912
Century
Communities,
Inc.
h
83,795
79,154
Chico's
FAS,
Inc.
118,731
2,738
Chipotle
Mexican
Grill,
Inc.
h
2,405,470
1,300
Chiyoda
Company,
Ltd.
12,453
1,096
Churchill
Downs,
Inc.
109,841
15,200
Citizen
Watch
Company,
Ltd.
53,646
101,550
Cooper-Standard
Holdings,
Inc.
h
1,304,917
1,358
Cracker
Barrel
Old
Country
Store,
Inc.
132,269
60,245
Crocs,
Inc.
h
1,460,941
12,664
Culp,
Inc.
90,041
2,052
D.R.
Horton,
Inc.
96,895
6,944
Dana,
Inc.
79,856
5,753
Dave
&
Buster's
Entertainment,
Inc.
84,224
9,700
Denso
Corporation
340,972
70,084
Designer
Brands,
Inc.
445,033
3,910
Dick's
Sporting
Goods,
Inc.
114,915
4,105
Dine
Brands
Global,
Inc.
182,221
5,759
Domino's
Pizza,
Inc.
2,084,355
49,688
Duluth
Holdings,
Inc.
g,h
199,249
6,829
Eldorado
Resorts,
Inc.
g,h
146,414
16,010
Emerald
Holding,
Inc
36,503
8,793
Ethan
Allen
Interiors,
Inc.
99,449
41,297
Etsy,
Inc.
h
2,678,936
300
Exedy
Corporation
4,834
14,330
Express,
Inc.
h
29,663
6,982
Extended
Stay
America,
Inc.
75,894
41,652
Five
Below,
Inc.
h
3,755,344
13,606
Foot
Locker,
Inc.
348,722
30,107
Fossil,
Inc.
h
119,224
25,000
Galaxy
Entertainment
Group,
Ltd.
160,788
33,526
GameStop
Corporation
g,h
192,104
7,794
Gap,
Inc.
63,287
12,833
Garrett
Motion,
Inc.
h
69,940
13,487
Genuine
Parts
Company
1,069,249
13,444
Goodyear
Tire
&
Rubber
Company
96,393
3,174
Grand
Canyon
Education,
Inc.
h
273,027
449
Group
1
Automotive,
Inc.
25,409
3,812
GrubHub,
Inc.
h
182,175
7,387
Hertz
Global
Holdings,
Inc.
h
29,843
11,146
Home
Depot,
Inc.
2,450,225
2,244
Hooker
Furniture
Corporation
33,638
3,254
Hovnanian
Enterprises,
Inc.
h
41,065
1,797
Industria
de
Diseno
Textil
SA
46,026
8,147
KB
Home
213,777
19,457
Knoll,
Inc.
226,869
1,635
Kohl's
Corporation
30,182
16,336
L
Brands,
Inc.
194,235
11,293
Lear
Corporation
1,102,761
3,100
Lowe's
Companies,
Inc.
324,725
5,589
Lululemon
Athletica,
Inc.
h
1,249,030
2,448
Lumber
Liquidators
Holdings,
Inc.
h
17,258
31,563
Macy's,
Inc.
184,959
946
Madison
Square
Garden
Sports
Corporation
h
162,069
8,322
Marcus
Corporation
121,002
1,167
Marriott
Vacations
Worldwide
Corporation
96,861
49,247
Mattel,
Inc.
h
429,434
5,622
McDonald's
Corporation
1,054,462
36,373
Michaels
Companies,
Inc.
h
110,574
6,232
Modine
Manufacturing
Company
h
28,854
430
Mohawk
Industries,
Inc.
h
37,720
18,411
Moneysupermarket.com
Group
plc
73,354
Shares
Common
Stock
(
24
.0
%
)
Value
Consumer
Discretionary
(2.5%)
-
continued
51,731
Movado
Group,
Inc.
$
533,347
1,450
Netflix,
Inc.
h
608,782
1,517
Newell
Brands,
Inc.
21,056
5,700
NHK
Spring
Company,
Ltd.
37,716
3,295
NIKE,
Inc.
287,258
3,000
Nissan
Motor
Company,
Ltd.
10,211
2,105
Norwegian
Cruise
Line
Holdings,
Ltd.
h
34,522
964
NVR,
Inc.
h
2,988,400
48,425
Office
Depot,
Inc.
107,504
34,427
Ollie's
Bargain
Outlet
Holdings,
Inc.
g,h
2,337,938
1,300
Onward
Holdings
Company,
Ltd.
4,067
100
Oriental
Land
Company,
Ltd.
12,645
18,102
Oxford
Industries,
Inc.
g
758,836
11,299
Park
Hotels
&
Resorts,
Inc.
107,453
26,958
Party
City
Holdco,
Inc.
h
20,448
31,673
Penn
National
Gaming,
Inc.
h
564,413
68,088
Planet
Fitness,
Inc.
h
4,107,749
145,105
Playa
Hotels
and
Resorts
NV
h
358,409
900
PLENUS
Company,
Ltd.
14,741
829
PVH
Corporation
40,812
40,067
Qurate
Retail,
Inc.
h
322,740
57,507
Red
Rock
Resorts,
Inc.
630,277
11,515
Redrow
plc
66,905
10,588
RH
g,h
1,522,343
1,600
Rinnai
Corporation
121,193
17,551
Ruth's
Hospitality
Group,
Inc.
197,537
7,818
Sally
Beauty
Holdings,
Inc.
h
75,913
2,800
Sangetsu
Company,
Ltd.
41,673
1,300
SHIMAMURA
Company,
Ltd.
81,960
13,938
Signet
Jewelers,
Ltd.
140,216
12,276
Six
Flags
Entertainment
Corporation
245,643
28,792
Skyline
Corporation
h
567,490
1,200
Sony
Corporation
77,225
2,020
Sony
Corporation
ADR
129,785
15,847
Standard
Motor
Products,
Inc.
644,814
29,900
Sumitomo
Electric
Industries,
Ltd.
307,625
600
Sumitomo
Forestry
Company,
Ltd.
7,412
13,900
Sumitomo
Rubber
Industries,
Ltd.
134,921
1,236
Super
Retail
Group,
Ltd.
5,043
19,938
Tailored
Brands,
Inc.
g
33,097
400
Takara
Standard
Company,
Ltd.
5,895
1,196
Tapestry,
Inc.
17,796
21,830
Taylor
Morrison
Home
Corporation
h
317,627
43,273
Taylor
Wimpey
plc
79,918
20,037
Tenneco,
Inc.
h
103,992
62,978
Texas
Roadhouse,
Inc.
2,965,634
3,845
Thor
Industries,
Inc.
254,539
15,180
TJX
Companies,
Inc.
744,579
8,138
Toll
Brothers,
Inc.
195,475
2,200
Toyoda
Gosei
Company,
Ltd.
40,976
9,705
Tri
Pointe
Homes,
Inc.
h
111,413
21,698
Tupperware
Brands
Corporation
69,868
9,067
Ulta
Beauty,
Inc.
h
1,975,881
3,764
Urban
Outfitters,
Inc.
h
65,268
6,562
Vail
Resorts,
Inc.
1,122,102
5,187
Wendy's
Company
103,014
406
Williams-Sonoma,
Inc.
25,107
16,618
Wingstop,
Inc.
1,948,793
15,201
Workhorse
Group,
Inc.
h
44,539
2,627
Wynn
Resorts,
Ltd.
224,687
35,994
Zumiez,
Inc.
h
760,913
Total
72,644,195
Consumer
Staples
(0.8%)
1,268
Andersons,
Inc.
21,518
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
118
Shares
Common
Stock
(
24
.0
%
)
Value
Consumer
Staples
(0.8%)
-
continued
2,535
Anheuser-Busch
InBev
NV
$
118,056
1,600
Arcs
Company,
Ltd.
30,021
9,914
B&G
Foods,
Inc.
192,530
394
Beyond
Meat,
Inc.
h
39,002
11,430
BJ's
Wholesale
Club
Holdings,
Inc.
h
300,723
2,007
Carlsberg
AS
253,189
21,271
Casey's
General
Stores,
Inc.
3,220,642
2,985
Central
Garden
&
Pet
Company
h
98,326
36,838
Coca-Cola
Company
1,690,496
17,362
Colgate-Palmolive
Company
1,220,028
2,704
Costco
Wholesale
Corporation
819,312
150,669
Cott
Corporation
1,545,864
4,668
Edgewell
Personal
Care
Company
h
128,883
1,570
Energizer
Holdings,
Inc.
61,167
2,031
ForFarmers
BV
13,532
497
Glanbia
plc
5,289
46,953
Hain
Celestial
Group,
Inc.
h
1,213,265
10,065
John
B.
Sanfilippo
&
Son,
Inc.
826,638
400
Kao
Corporation
30,846
1,300
Kewpie
Corporation
25,816
650
Kimberly-Clark
Corporation
90,012
7
Lindt
&
Spruengli
AG
54,530
273
L'Oreal
SA
h
79,373
500
Ministop
Company,
Ltd.
6,899
15,486
Monster
Beverage
Corporation
h
957,190
5,711
Nestle
SA
604,852
10,527
PepsiCo,
Inc.
1,392,617
4,797
Philip
Morris
International,
Inc.
357,856
15,142
Procter
&
Gamble
Company
1,784,788
529
Reckitt
Benckiser
Group
plc
44,065
3,596
Seneca
Foods
Corporation
h
129,384
38,085
Simply
Good
Foods
Company
h
717,902
3,769
Sprouts
Farmers
Markets,
Inc.
h
78,320
2,800
Sugi
Holdings
Company,
Ltd.
168,846
6,000
Sundrug
Company,
Ltd.
205,431
4,314
TreeHouse
Foods,
Inc.
h
223,163
103,957
Turning
Point
Brands,
Inc.
2,422,198
2,520
Unilever
NV
125,495
15,349
United
Natural
Foods,
Inc.
h
163,313
9,860
Vector
Group,
Ltd.
105,502
7,480
Wal-Mart
Stores,
Inc.
909,194
Total
22,476,073
Energy
(0.6%)
27,207
Abraxas
Petroleum
Corporation
h
8,562
80,855
Antero
Midstream
Corporation
g
384,061
2,203
Apache
Corporation
28,815
119,207
Archrock,
Inc.
573,386
5,143
BP
plc
ADR
122,403
116,106
Callon
Petroleum
Company
h
109,105
30,755
Centennial
Resource
Development,
Inc.
h
36,291
4,488
Chevron
Corporation
412,896
41,635
Cimarex
Energy
Company
1,058,362
17,570
CNX
Resources
Corporation
h
186,242
12,285
Concho
Resources,
Inc.
696,805
1,390
ConocoPhillips
58,519
30,984
Continental
Resources,
Inc.
g
507,828
2,170
Contura
Energy,
Inc.
h
8,289
21,011
Core
Laboratories
NV
412,026
19,079
Devon
Energy
Corporation
237,915
12,555
Diamondback
Energy,
Inc.
546,645
6,740
Eni
SPA
64,208
59,360
EnLink
Midstream,
LLC
131,779
3,575
Enterprise
Products
Partners,
LP
62,777
8,588
EOG
Resources,
Inc.
408,016
Shares
Common
Stock
(
24
.0
%
)
Value
Energy
(0.6%)
-
continued
40,656
EQT
Corporation
$
593,171
31,934
Equitrans
Midstream
Corporation
267,607
49,967
Euronav
NV
534,147
2,343
Evolution
Petroleum
Corporation
6,959
19,214
Exterran
Corporation
h
130,655
8,445
Exxon
Mobil
Corporation
392,439
28,433
Frank's
International
NV
h
69,092
232
Gaztransport
Et
Technigaz
SA
16,819
31,352
Gran
Tierra
Energy,
Inc.
h
10,641
28,587
Halliburton
Company
300,164
19,629
Helmerich
&
Payne,
Inc.
388,065
37,700
JXTG
Holdings,
Inc.
133,660
17,536
Liberty
Oilfield
Services,
Inc.
82,770
66,206
Marathon
Oil
Corporation
405,181
3,110
Marathon
Petroleum
Corporation
99,769
3,621
Nabors
Industries,
Ltd.
h
53,337
31,319
NexTier
Oilfield
Solutions,
Inc.
h
72,660
118,360
Nine
Energy
Service,
Inc.
h
171,622
21,521
Oceaneering
International,
Inc.
h
110,618
3,395
Oil
States
International,
Inc.
h
11,679
486
OMV
AG
15,869
4,002
ONEOK,
Inc.
119,780
9,112
Pacific
Drilling
SA
g,h
5,839
42,077
Patterson-UTI
Energy,
Inc.
155,264
7,416
PBF
Energy,
Inc.
84,542
6,492
PDC
Energy,
Inc.
h
84,331
14,594
Peabody
Energy
Corporation
49,474
2,194
Penn
Virginia
Corporation
h
13,800
2,957
Pioneer
Natural
Resources
Company
264,090
16,650
Plains
GP
Holdings,
LP
153,014
8,426
ProPetro
Holding
Corporation
h
35,726
269,952
QEP
Resources,
Inc.
266,173
11,921
Royal
Dutch
Shell
plc,
Class
A
196,269
19,234
Royal
Dutch
Shell
plc,
Class
B
307,909
13,883
RPC,
Inc.
g
47,341
8,878
Schlumberger,
Ltd.
149,328
42,696
SEACOR
Holdings,
Inc.
h
1,206,589
11,889
SM
Energy
Company
48,150
114,094
Southwestern
Energy
Company
h
368,524
64,333
Talos
Energy,
Inc.
g,h
732,753
10,608
Targa
Resources
Corporation
137,480
1,897
TC
Energy
Corporation
87,303
1,556
Total
SA
55,226
116,664
Transocean,
Ltd.
g,h
149,330
187,531
WPX
Energy,
Inc.
h
1,149,565
Total
15,789,654
Financials
(3.6%)
466
1st
Source
Corporation
16,184
10,828
AB
Industrivarden
h
221,573
2,840
Aflac,
Inc.
105,762
20,414
AG
Mortgage
Investment
Trust,
Inc.
65,121
7,400
AIA
Group,
Ltd.
67,915
47,605
Air
Lease
Corporation
1,244,871
2,077
Alleghany
Corporation
1,108,516
2,817
Allianz
SE
518,419
47,261
Ally
Financial,
Inc.
774,608
3,204
American
Equity
Investment
Life
Holding
Company
67,348
4,625
American
Express
Company
422,031
48,722
American
Financial
Group,
Inc.
3,227,345
2,110
American
International
Group,
Inc.
53,657
6,195
Ameriprise
Financial,
Inc.
712,053
27,459
Ameris
Bancorp
698,282
2,459
Aon
plc
424,596
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
119
Shares
Common
Stock
(
24
.0
%
)
Value
Financials
(3.6%)
-
continued
3,270
Argo
Group
International
Holdings,
Ltd.
$
115,627
1,412
ARMOUR
Residential
REIT,
Inc.
12,482
11,327
Arthur
J.
Gallagher
&
Company
889,170
5,662
Artisan
Partners
Asset
Management,
Inc.
166,689
24,245
Associated
Banc-Corp
342,824
119,378
Assured
Guaranty,
Ltd.
3,549,108
2,249
Baloise
Holding
AG
336,490
28,477
Bank
Leumi
Le-Israel
BM
153,437
38,283
Bank
of
America
Corporation
920,706
2,438
Bank
of
Marin
Bancorp
80,356
3,787
Bank
of
Montreal
192,540
34,986
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
770,042
7,305
Bank
of
New
York
Mellon
Corporation
274,230
6,406
Bank
OZK
144,904
12,127
BankFinancial
Corporation
100,290
6,769
BankUnited,
Inc.
134,094
16,879
Banner
Corporation
648,660
8,055
Berkshire
Hathaway,
Inc.
h
1,509,185
2,569
BlackRock,
Inc.
1,289,741
3,155
BOK
Financial
Corporation
163,397
60,455
Boston
Private
Financial
Holdings,
Inc.
459,458
85,382
Bridgewater
Bancshares,
Inc.
h
864,920
7,034
Brighthouse
Financial,
Inc.
h
180,844
87,746
BrightSphere
Investment
Group
650,198
4,745
Brown
&
Brown,
Inc.
170,393
5,024
Byline
Bancorp,
Inc.
61,896
2,908
Cadence
Bancorporation
19,251
2,979
Capital
One
Financial
Corporation
192,920
12,291
Cboe
Global
Markets,
Inc.
1,221,480
5,551
Charles
Schwab
Corporation
209,384
850
Chubb,
Ltd.
91,809
23,465
CI
Financial
Corporation
249,325
6,627
Cincinnati
Financial
Corporation
436,057
16,645
CIT
Group,
Inc.
315,922
15,044
Citigroup,
Inc.
730,537
31,187
Citizens
Financial
Group,
Inc.
698,277
1,782
CME
Group,
Inc.
317,570
1,183
CNP
Assurances
h
12,205
20,426
Cohen
&
Steers,
Inc.
1,179,397
110,234
Colony
Capital,
Inc.
254,641
49,724
Comerica,
Inc.
1,733,379
4,183
Commonwealth
Bank
of
Australia
168,978
1,233
Community
Bank
System,
Inc.
77,050
18,936
Community
Trust
Bancorp,
Inc.
641,930
25,064
Cullen/Frost
Bankers,
Inc.
1,801,099
16,900
DBS
Group
Holdings,
Ltd.
237,937
827
Deutsche
Boerse
AG
128,217
8,246
Deutsche
Pfandbriefbank
AG
i
60,609
538
Diamond
Hill
Investment
Group,
Inc.
58,943
12,277
Discover
Financial
Services
527,543
16,898
DnB
ASA
204,599
5,921
East
West
Bancorp,
Inc.
207,649
5,417
Ellington
Residential
Mortgage
REIT
48,320
4,003
Encore
Capital
Group,
Inc.
h
103,998
3,812
Enstar
Group,
Ltd.
h
551,291
5,785
Enterprise
Financial
Services
Corporation
177,831
22,846
Essent
Group,
Ltd.
624,153
4,061
Euronext
NV
i
340,939
3,707
Evercore,
Inc.
191,281
298,439
Everi
Holdings,
Inc.
h
1,477,273
4,118
FBL
Financial
Group,
Inc.
160,931
Shares
Common
Stock
(
24
.0
%
)
Value
Financials
(3.6%)
-
continued
1,563
Federal
Agricultural
Mortgage
Corporation
$
104,143
16,992
Fifth
Third
Bancorp
317,580
12,372
Financial
Institutions,
Inc.
239,398
9,669
First
American
Financial
Corporation
445,934
1,170
First
Bancshares,
Inc.
23,306
25,755
First
Busey
Corporation
474,407
2,446
First
Citizens
BancShares,
Inc.
934,372
28,140
First
Defiance
Financial
Corporation
489,073
9,663
First
Financial
Corporation
343,230
67,375
First
Interstate
BancSystem,
Inc.
2,277,275
629
First
Mid-Illinois
Bancshares,
Inc.
16,794
15,748
First
Midwest
Bancorp,
Inc.
232,755
1,658
First
of
Long
Island
Corporation
26,180
9,069
First
Republic
Bank
945,806
42,740
FlexiGroup,
Ltd.
24,963
2,557
Glacier
Bancorp,
Inc.
97,371
897
Goldman
Sachs
Group,
Inc.
164,528
27,399
Granite
Point
Mortgage
Trust,
Inc.
136,447
19,673
Great
Southern
Bancorp,
Inc.
837,480
17,565
Great
Western
Bancorp,
Inc.
330,222
29,487
Hamilton
Lane,
Inc.
1,912,232
7,089
Hancock
Whitney
Corporation
148,231
1,284
Hanmi
Financial
Corporation
15,498
12,696
Hanover
Insurance
Group,
Inc.
1,274,424
14,908
Hartford
Financial
Services
Group,
Inc.
566,355
40,535
Heartland
Financial
USA,
Inc.
1,376,974
126,921
Heritage
Commerce
Corporation
1,127,058
1,281
Heritage
Financial
Corporation
25,684
15,778
Hometrust
Bancshares,
Inc.
242,508
21,915
Horizon
Bancorp,
Inc.
249,393
10,613
Houlihan
Lokey,
Inc.
630,200
12,609
HSBC
Holdings
plc
64,809
21,466
Independent
Bank
Corporation
315,336
37,259
Interactive
Brokers
Group,
Inc.
1,527,619
6,462
International
Bancshares
Corporation
187,333
66,632
Israel
Discount
Bank,
Ltd.
216,175
9,139
J.P.
Morgan
Chase
&
Company
875,151
1,438
Janus
Henderson
Group
plc
25,740
2,700
Japan
Exchange
Group,
Inc.
50,221
4,600
Japan
Post
Bank
Company,
Ltd.
42,712
700
Japan
Post
Holdings
Company,
Ltd.
5,599
18,985
Kemper
Corporation
1,276,172
82,884
KeyCorp
965,599
542
L
E
Lundbergforetagen
AB
h
22,757
3,387
Ladder
Capital
Corporation
26,927
6,945
Lakeland
Bancorp,
Inc.
77,715
4,282
Laurentian
Bank
of
Canada
g
95,641
6,261
Loews
Corporation
217,006
10,327
M&T
Bank
Corporation
1,157,450
17,199
Manulife
Financial
Corporation
216,602
1,213
Markel
Corporation
h
1,050,264
2,542
Marsh
&
McLennan
Companies,
Inc.
247,413
3,623
Mercantile
Bank
Corporation
85,503
22,781
Meridian
Bancorp,
Inc.
268,360
2,470
MetLife,
Inc.
89,118
25,165
MidWestOne
Financial
Group,
Inc.
525,194
9,300
Mitsubishi
UFJ
Financial
Group,
Inc.
37,572
1,464
Mizrahi
Tefahot
Bank,
Ltd.
29,984
3,660
Morgan
Stanley
144,314
441
Morningstar,
Inc.
68,778
13,000
Mr.
Cooper
Group,
Inc.
h
124,540
600
MS
and
AD
Insurance
Group
Holdings,
Inc.
17,286
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
120
Shares
Common
Stock
(
24
.0
%
)
Value
Financials
(3.6%)
-
continued
5,590
MSCI,
Inc.
$
1,827,930
1,407
National
Bank
of
Canada
56,747
242
National
Western
Life
Group,
Inc.
46,641
10,310
Natixis
24,340
1,353
NBT
Bancorp,
Inc.
44,825
6,595
New
York
Community
Bancorp,
Inc.
71,622
2,118
NMI
Holdings,
Inc.
h
28,635
13,773
Northern
Trust
Corporation
1,090,271
5,682
Northwest
Bancshares,
Inc.
60,286
2,721
OFG
Bancorp
34,230
3,834
Old
Republic
International
Corporation
61,152
11,318
Old
Second
Bancorp,
Inc.
93,147
1,080
Onex
Corporation
49,781
4,829
PacWest
Bancorp
97,739
1,304
Paragon
Banking
Group
plc
5,460
1,120
Pargesa
Holding
SA
79,673
387
Park
National
Corporation
30,952
700
PCSB
Financial
Corporation
9,555
708
Peapack-Gladstone
Financial
Corporation
13,360
3,317
Peoples
Bancorp,
Inc.
80,636
1,030
PNC
Financial
Services
Group,
Inc.
109,870
59,429
Popular,
Inc.
2,293,365
4,465
Power
Corporation
of
Canada
71,404
15,159
Primerica,
Inc.
1,575,172
74,209
Prosight
Global,
Inc.
h
620,387
1,986
Provident
Financial
Services,
Inc.
28,499
15,090
QCR
Holdings,
Inc.
464,470
55,838
Radian
Group,
Inc.
836,453
36,183
Raymond
James
Financial,
Inc.
2,385,183
1,912
Ready
Capital
Corporation
12,753
30,290
Redwood
Trust,
Inc.
124,189
14,355
Reinsurance
Group
of
America,
Inc.
1,502,681
9,473
Renasant
Corporation
248,477
2,419
Royal
Bank
of
Canada
148,812
896
S&P
Global,
Inc.
262,420
2,041
Safety
Insurance
Group,
Inc.
171,689
6,301
Sandy
Spring
Bancorp,
Inc.
160,676
65,298
Santander
Consumer
USA
Holdings,
Inc.
g
1,017,996
84,829
Seacoast
Banking
Corporation
of
Florida
h
1,906,108
29,791
SEI
Investments
Company
1,518,149
10,822
Selective
Insurance
Group,
Inc.
542,507
1,500
Senshu
Ikeda
Holdings,
Inc.
2,342
3,300
Singapore
Exchange,
Ltd.
22,503
10,290
SLM
Corporation
85,819
27,576
Spirit
of
Texas
Bancshares,
Inc.
h
316,848
1,046
Starwood
Property
Trust,
Inc.
13,535
27,784
State
Auto
Financial
Corporation
697,101
8,636
Sun
Life
Financial,
Inc.
296,005
12,151
SVB
Financial
Group
h
2,347,209
921
Swiss
Life
Holding
AG
326,608
120,429
Synovus
Financial
Corporation
2,530,213
12,513
T.
Rowe
Price
Group,
Inc.
1,446,878
779
TCF
Financial
Corporation
23,129
4,777
Territorial
Bancorp,
Inc.
120,046
14,325
TMX
Group,
Ltd.
1,241,030
1,600
Tokio
Marine
Holdings,
Inc.
75,065
540
Topdanmark
AS
21,798
15,065
Toronto-Dominion
Bank
629,463
13,218
TPG
RE
Finance
Trust,
Inc.
101,646
9,622
TriCo
Bancshares
289,815
32,651
Triumph
Bancorp,
Inc.
h
904,759
35,804
TrustCo
Bank
Corporation
225,565
Shares
Common
Stock
(
24
.0
%
)
Value
Financials
(3.6%)
-
continued
3,610
U.S.
Bancorp
$
131,765
756
UMB
Financial
Corporation
38,435
6,633
Umpqua
Holdings
Corporation
83,078
1,340
Univest
Financial
Corporation
23,718
110
Virtus
Investment
Partners,
Inc.
8,940
1,700
Walker
&
Dunlop,
Inc.
65,331
6,924
Washington
Trust
Bancorp,
Inc.
242,409
35,425
Webster
Financial
Corporation
1,000,756
7,248
Wells
Fargo
&
Company
210,554
6,342
WesBanco,
Inc.
156,521
986
Westamerica
Bancorporation
62,118
51,391
Western
Alliance
Bancorp
1,843,909
33,788
Western
Asset
Mortgage
Capital
Corporation
103,053
581
Westwood
Holdings
Group,
Inc.
13,380
38,627
Wintrust
Financial
Corporation
1,618,471
67,064
Zions
Bancorporations
NA
2,119,893
Total
104,695,348
Health
Care
(3.8%)
14,290
Abbott
Laboratories
1,315,966
2,857
AbbVie,
Inc.
234,845
3,024
Acadia
Healthcare
Company,
Inc.
h
72,606
1,234
Acceleron
Pharma,
Inc.
h
111,714
18,980
ADMA
Biologics,
Inc.
h
55,991
9,079
Aduro
Biotech,
Inc.
h
25,103
21,710
Aerie
Pharmaceuticals,
Inc.
g,h
330,860
8,126
Agenus,
Inc.
h
21,656
10,628
Agile
Therapeutics,
Inc.
h
25,773
13,470
Agilent
Technologies,
Inc.
1,032,610
28,871
Agios
Pharmaceuticals,
Inc.
h
1,187,753
5,485
Akebia
Therapeutics,
Inc.
h
44,429
7,345
Alexion
Pharmaceuticals,
Inc.
h
789,367
5,157
Align
Technology,
Inc.
h
1,107,981
9,414
Alkermes
plc
h
129,066
5,224
AmerisourceBergen
Corporation
468,384
7,132
Amgen,
Inc.
1,706,117
9,941
AnaptysBio,
Inc.
h
155,278
7,534
Anavex
Life
Sciences
Corporation
g,h
26,068
7,825
Arena
Pharmaceuticals,
Inc.
h
383,190
2,733
Argenx
SE
ADR
h
400,357
2,430
Assembly
Biosciences,
Inc.
h
42,549
5,193
Atara
Biotherapeutics,
Inc.
h
43,050
2,161
Athenex,
Inc.
h
19,319
237
Atrion
Corporation
149,744
1,398
AVROBIO,
Inc.
h
17,992
57,518
Axonics
Modulation
Technologies,
Inc.
g,h
1,852,655
1,173
Axsome
Therapeutics,
Inc.
h
111,470
29,951
Bausch
Health
Companies,
Inc.
h
542,712
1,793
Becton,
Dickinson
and
Company
452,786
787
Biogen,
Inc.
h
233,605
19,330
Biohaven
Pharmaceutical
Holding
Company,
Ltd.
g,h
910,443
2,647
Bio-Rad
Laboratories,
Inc.
h
1,164,945
18,105
Bio-Techne
Corporation
4,073,625
4,082
Bluebird
Bio,
Inc.
h
219,938
799
Blueprint
Medicines
Corporation
h
47,005
1,947
Bruker
Corporation
76,556
84,303
Catalent,
Inc.
h
5,829,553
2,839
CEL-SCI
Corporation
h
49,966
2,740
Centene
Corporation
h
182,429
7,301
Charles
River
Laboratories
International,
Inc.
h
1,056,236
1,729
Chemed
Corporation
720,250
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
121
Shares
Common
Stock
(
24
.0
%
)
Value
Health
Care
(3.8%)
-
continued
800
Chugai
Pharmaceutical
Company,
Ltd.
$
95,361
941
Cigna
Holding
Company
184,229
6,092
Clovis
Oncology,
Inc.
h
46,360
9,911
Community
Health
Systems,
Inc.
h
30,030
20,047
CryoLife,
Inc.
h
447,650
2,954
CSL,
Ltd.
588,812
3,848
CVS
Health
Corporation
236,844
4,811
CytomX
Therapeutics,
Inc.
h
49,650
700
Daiichi
Sankyo
Company,
Ltd.
48,119
3,218
Danaher
Corporation
526,014
1,301
Deciphera
Pharmaceuticals,
Inc.
h
75,432
8,737
Dexcom,
Inc.
h
2,928,642
13,876
Dynavax
Technologies
Corporation
h
58,973
5,182
Edwards
Lifesciences
Corporation
h
1,127,085
3,452
Encompass
Health
Corporation
228,695
16,110
Endo
International
plc
h
74,106
4,248
Gilead
Sciences,
Inc.
356,832
31,246
GlaxoSmithKline
plc
651,869
1,371
Global
Blood
Therapeutics,
Inc.
h
104,909
3,599
Grifols
SA
122,823
49,495
Guardant
Health,
Inc.
g,h
3,809,135
79,060
Halozyme
Therapeutics,
Inc.
h
1,791,104
2,670
HCA
Healthcare,
Inc.
293,380
2,283
HealthStream,
Inc.
h
52,110
12,320
Hill-Rom
Holdings,
Inc.
1,385,877
548
Humana,
Inc.
209,237
22,761
iBio,
Inc.
h
25,492
28,877
ImmunoGen,
Inc.
h
117,818
3,523
Insmed,
Inc.
h
81,029
25,440
Inspire
Medical
Systems,
Inc.
h
1,823,030
5,760
Insulet
Corporation
h
1,150,387
1,414
Intra-Cellular
Therapies,
Inc.
h
24,985
1,891
Intuitive
Surgical,
Inc.
h
966,074
3,197
Invitae
Corporation
h
52,910
4,848
Iovance
Biotherapeutics,
Inc.
h
155,863
6,272
IQVIA
Holding,
Inc.
h
894,325
6,181
Jazz
Pharmaceuticals,
Inc.
h
681,455
19,763
Johnson
&
Johnson
2,965,241
10,973
Kadmon
Holdings,
Inc.
h
47,184
700
KYORIN
Holdings,
Inc.
14,547
3,000
Laboratory
Corporation
of
America
Holdings
h
493,350
48,000
LHC
Group,
Inc.
h
6,239,520
6,537
Ligand
Pharmaceuticals,
Inc.
g,h
644,352
217
LNA
Sante
9,625
300
M3,
Inc.
10,828
5,162
MacroGenics,
Inc.
h
37,166
17,306
Medtronic
plc
1,689,585
8,544
Merck
&
Company,
Inc.
677,881
3,187
Mersana
Therapeutics,
Inc.
h
28,779
3,254
Mesa
Laboratories,
Inc.
g
774,452
503
Mirati
Therapeutics,
Inc.
h
42,775
5,222
Molina
Healthcare,
Inc.
h
856,251
1,334
Momenta
Pharmaceuticals,
Inc.
h
42,288
5,605
Myovant
Sciences,
Ltd.
h
67,148
3,021
Myriad
Genetics,
Inc.
h
46,705
44,007
Natera,
Inc.
h
1,630,019
10,644
National
Healthcare
Corporation
727,730
8,604
Nektar
Therapeutics
h
165,197
17,273
Neurocrine
Biosciences,
Inc.
h
1,695,172
23,784
Nevro
Corporation
h
2,797,950
10,992
Novartis
AG
938,040
10,770
Novo
Nordisk
AS
687,019
1,873
Novo
Nordisk
AS
ADR
118,617
700
Olympus
Corporation
h
11,107
Shares
Common
Stock
(
24
.0
%
)
Value
Health
Care
(3.8%)
-
continued
125,785
Optinose,
Inc.
h
$
508,171
4,757
Orthifix
Medical,
Inc.
h
168,636
6,862
PerkinElmer,
Inc.
621,217
19,839
Pfizer,
Inc.
761,024
3,974
Portola
Pharmaceuticals,
Inc.
h
28,136
21,313
PRA
Health
Sciences,
Inc.
h
2,056,705
4,568
Precision
BioSciences,
Inc.
h
31,428
1,992
Prothena
Corporation
plc
h
22,350
3,991
Puma
Biotechnology,
Inc.
h
40,110
2,258
Quest
Diagnostics,
Inc.
248,628
1,416
Reata
Pharmaceuticals,
Inc.
h
223,955
4,137
Recordati
SPA
180,158
12,127
Repligen
Corporation
h
1,408,551
4,940
ResMed,
Inc.
767,281
10,953
Rite
Aid
Corporation
h
156,957
2,902
Roche
Holding
AG
1,004,955
5,388
Sage
Therapeutics,
Inc.
h
210,024
4,576
Sarepta
Therapeutics,
Inc.
h
539,419
35
Siegfried
Holding
AG
h
15,954
30,979
Silk
Road
Medical,
Inc.
g,h
1,297,401
854
Sonova
Holding
AG
154,244
18,713
Spectrum
Pharmaceuticals,
Inc.
h
54,268
6,864
Stryker
Corporation
1,279,656
875
Surmodics,
Inc.
h
33,338
38,147
Syneos
Health,
Inc.
h
2,128,221
42,169
Tactile
Systems
Technology,
Inc.
g,h
2,176,764
2,300
Takeda
Pharmaceutical
Company,
Ltd.
82,941
577
Teladoc
Health,
Inc.
h
94,968
9,891
Teleflex,
Inc.
3,317,441
9,751
Tenet
Healthcare
Corporation
h
196,775
5,756
Thermo
Fisher
Scientific,
Inc.
1,926,418
4,860
Tilray,
Inc.
g,h
39,123
300
Tsumura
&
Company
8,299
2,287
U.S.
Physical
Therapy,
Inc.
172,669
4,328
United
Therapeutics
Corporation
h
474,176
7,944
UnitedHealth
Group,
Inc.
2,323,382
7,009
Universal
Health
Services,
Inc.
740,781
3,767
Varian
Medical
Systems,
Inc.
h
430,869
24,691
Veeva
Systems,
Inc.
h
4,711,043
5,153
Vertex
Pharmaceuticals,
Inc.
h
1,294,434
7,899
Viking
Therapeutics,
Inc.
g,h
45,498
2,410
Waters
Corporation
h
450,670
2,732
West
Pharmaceutical
Services,
Inc.
517,058
63,844
Wright
Medical
Group
NV
h
1,859,137
605
Zimmer
Biomet
Holdings,
Inc.
72,419
22,749
Zoetis,
Inc.
2,941,673
Total
110,194,441
Industrials
(3.7%)
1,632
3M
Company
247,933
19,192
A.O.
Smith
Corporation
813,357
3,305
Aalberts
NV
h
93,068
3,925
AECOM
h
142,320
5,768
Aegion
Corporation
h
92,576
28,961
Aerojet
Rocketdyne
Holdings,
Inc.
h
1,191,456
194
Aeroports
de
Paris
SA
18,938
41,734
AGCO
Corporation
2,205,225
137,086
Altra
Industrial
Motion
Corporation
3,826,070
9,487
American
Airlines
Group,
Inc.
g
113,939
28,010
AMETEK,
Inc.
2,349,199
40,986
Arcosa,
Inc.
1,527,548
59,764
ASGN,
Inc.
h
2,776,038
6,356
Assa
Abloy
AB
113,785
5,195
Atlas
Air
Worldwide
Holdings,
Inc.
h
170,656
8,644
Atlas
Copco
AB,
Class
A
297,911
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
122
Shares
Common
Stock
(
24
.0
%
)
Value
Industrials
(3.7%)
-
continued
3,402
Atlas
Copco
AB,
Class
B
$
105,230
4,561
Avis
Budget
Group,
Inc.
h
75,165
29,943
AZZ,
Inc.
939,911
2,685
Bloom
Energy
Corporation
h
20,594
1,153
Boeing
Company
162,596
23,942
BWX
Technologies,
Inc.
1,270,362
2,079
Carlisle
Companies,
Inc.
251,476
7,943
Carrier
Global
Corporation
h
140,671
20,967
Casella
Waste
Systems,
Inc.
h
972,449
6,256
Caterpillar,
Inc.
728,073
41,720
CBIZ,
Inc.
h
990,850
21,721
Chart
Industries,
Inc.
h
775,874
1,526
CIA
De
Distribucion
Integral
27,240
351
Columbus
McKinnon
Corporation
9,505
12,649
Copart,
Inc.
h
1,013,311
6,026
Cornerstone
Building
Brands,
Inc.
h
32,119
4,797
CRA
International,
Inc.
202,098
27,719
Crane
Company
1,509,300
16,478
CSW
Industrials,
Inc.
1,091,503
1,190
CSX
Corporation
78,814
39,203
Curtiss-Wright
Corporation
4,063,391
3,380
Delta
Air
Lines,
Inc.
87,576
4,309
Douglas
Dynamics,
Inc.
159,261
33,711
EMCOR
Group,
Inc.
2,141,660
18,434
Emerson
Electric
Company
1,051,291
19,318
Encore
Wire
Corporation
884,378
8,506
Expeditors
International
of
Washington,
Inc.
609,072
22,994
Fluor
Corporation
269,030
22,404
Forrester
Research,
Inc.
h
701,245
14,237
FuelCell
Energy,
Inc.
h
28,759
237
Geberit
AG
105,987
9,066
General
Dynamics
Corporation
1,184,201
9,289
Gorman-Rupp
Company
274,025
1,300
GS
Yuasa
Corporation
18,474
18,969
GWA
Group,
Ltd.
34,049
1,800
Hanwa
Company,
Ltd.
28,595
4,423
Heico
Corporation
387,455
28,869
Helios
Technologies,
Inc.
1,026,870
1,136
Herc
Holdings,
Inc.
h
32,069
2,000
Hino
Motors,
Ltd.
11,897
12,536
Honeywell
International,
Inc.
1,778,858
11,127
Hubbell,
Inc.
1,384,533
6,338
Huntington
Ingalls
Industries,
Inc.
1,213,157
3,373
ICF
International,
Inc.
248,050
26,153
IDEX
Corporation
4,017,885
4,300
Inaba
Denki
Sangyo
Company,
Ltd.
90,970
944
Ingersoll
-
Rand,
Inc.
h
27,451
2,530
Interface,
Inc.
23,377
12,862
John
Bean
Technologies
Corporation
g
987,030
4,100
Johnson
Controls
International
plc
119,351
530
Kansas
City
Southern
69,191
4,099
KAR
Auction
Services,
Inc.
61,403
5,500
Kinden
Corporation
88,501
5,594
Koninklijke
Philips
NV
243,857
6,168
Legrand
SA
415,828
49,839
Lincoln
Electric
Holdings,
Inc.
g
4,012,538
2,361
Lockheed
Martin
Corporation
918,571
6,513
Manpower,
Inc.
483,525
21,600
Marubeni
Corporation
104,022
3,729
Masonite
International
Corporation
h
220,309
9,547
Mercury
Systems,
Inc.
h
851,211
135,955
Meritor,
Inc.
h
2,787,077
12,500
Mitsubishi
Corporation
265,100
1,700
Mitsuboshi
Belting,
Ltd.
23,277
20,500
Mitsui
&
Company,
Ltd.
286,146
Shares
Common
Stock
(
24
.0
%
)
Value
Industrials
(3.7%)
-
continued
5,699
MSC
Industrial
Direct
Company,
Inc.
$
339,888
3,193
NAPCO
Security
Technologies,
Inc.
h
63,988
7,376
National
Express
Group
plc
25,382
5,800
Nitto
Kogyo
Corporation
97,711
3,178
Nobina
AB
i
17,330
9,837
Nordson
Corporation
1,582,872
959
Norfolk
Southern
Corporation
164,085
548
Northrop
Grumman
Corporation
181,207
18,456
Old
Dominion
Freight
Line,
Inc.
h
2,681,472
2,591
Otis
Worldwide
Corporation
h
131,908
9,608
PageGroup
plc
45,501
7,194
Parker-Hannifin
Corporation
1,137,515
104,020
Primoris
Services
Corporation
1,623,752
7,878
Quad/Graphics,
Inc.
29,306
52,743
Raven
Industries,
Inc.
1,174,587
5,183
Raytheon
Technologies
Corporation
335,910
2,237
Redde
Northgate
plc
5,047
12,574
Regal-Beloit
Corporation
892,880
20,005
RELX
plc
451,347
1,361
Republic
Services,
Inc.
106,621
9,843
Resideo
Technologies,
Inc.
h
50,495
91,641
Ritchie
Brothers
Auctioneers,
Inc.
3,948,811
5,812
Rockwell
Automation,
Inc.
1,101,258
6,110
Roper
Industries,
Inc.
2,083,693
7,670
Ryder
System,
Inc.
271,518
26,519
Saia,
Inc.
h
2,453,538
4,552
Sandvik
AB
h
70,025
100
Sanwa
Holdings
Corporation
776
4,291
Schneider
Electric
SE
h
396,543
7,036
Signify
NV
i
143,228
8,188
Simpson
Manufacturing
Company,
Inc.
590,355
12,439
SiteOne
Landscape
Supply,
Inc.
g,h
1,102,469
8,668
SKF
AB
136,812
104,500
Sojitz
Corporation
241,848
78,966
Southwest
Airlines
Company
2,467,687
2,154
SP
Plus
Corporation
h
45,428
934
Spirax-Sarco
Engineering
plc
102,216
3,611
Spirit
Airlines,
Inc.
h
54,237
2,163
SPX
FLOW,
Inc.
h
70,449
25,192
Standex
International
Corporation
1,255,569
12,000
Sumitomo
Corporation
135,746
700
Taikisha,
Ltd.
20,386
3,895
Teledyne
Technologies,
Inc.
h
1,268,485
3,423
Thermon
Group
Holdings,
Inc.
h
52,303
1,800
Toppan
Forms
Company,
Ltd.
15,813
1,735
Transcontinental,
Inc.
15,718
19,168
Trex
Company,
Inc.
g,h
1,825,177
35,325
TriMas
Corporation
h
842,148
1,700
Tsubakimoto
Chain
Company
39,818
3,591
UniFirst
Corporation
603,827
1,980
Union
Pacific
Corporation
316,384
21,691
United
Airlines
Holdings,
Inc.
g,h
641,620
27,550
United
Rentals,
Inc.
h
3,540,175
21,106
Valmont
Industries,
Inc.
2,474,467
17,253
Verisk
Analytics,
Inc.
2,636,776
1,394
Vinci
SA
114,200
14,150
Waste
Connections,
Inc.
1,215,626
6,787
Watsco,
Inc.
1,092,639
56,831
Willdan
Group,
Inc.
g,h
1,441,234
7,640
XPO
Logistics,
Inc.
g,h
509,894
1,000
Yuasa
Trading
Company,
Ltd.
26,910
Total
106,702,273
Information
Technology
(5.3%)
8,790
Accenture
plc
1,627,820
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
123
Shares
Common
Stock
(
24
.0
%
)
Value
Information
Technology
(5.3%)
-
continued
3,159
Adobe,
Inc.
h
$
1,117,149
6,686
ADTRAN,
Inc.
68,732
12,526
Advanced
Energy
Industries,
Inc.
h
696,446
41,335
Advanced
Micro
Devices,
Inc.
h
2,165,541
27,921
Agilysys,
Inc.
h
546,972
24,845
Akamai
Technologies,
Inc.
h
2,427,605
15,011
Alliance
Data
Systems
Corporation
751,601
12,462
Alteryx,
Inc.
g,h
1,410,449
6,245
Amadeus
IT
Holding
SA
298,091
4,520
American
Software,
Inc.
74,490
40,139
Amphenol
Corporation
3,542,668
33,681
Anaplan,
Inc.
h
1,376,206
7,112
ANSYS,
Inc.
h
1,862,135
22,903
Apple,
Inc.
6,728,901
140
ASM
International
NV
15,411
1,277
ASML
Holding
NV
372,995
8,493
Atlassian
Corporation
plc
h
1,320,577
10,722
Automatic
Data
Processing,
Inc.
1,572,810
29,098
Avalara,
Inc.
h
2,600,488
5,935
Avnet,
Inc.
178,169
35,451
Bandwidth,
Inc.
g,h
2,891,384
3,975
BE
Semiconductor
Industries
NV
h
164,509
22,374
Benchmark
Electronics,
Inc.
462,247
41,159
Blackline,
Inc.
h
2,499,998
1,253
Broadcom,
Ltd.
340,340
6,488
Broadridge
Financial
Solutions,
Inc.
752,608
1,454
CACI
International,
Inc.
h
363,704
2,500
Canon,
Inc.
52,588
35,401
CDK
Global,
Inc.
1,390,551
4,625
CDW
Corporation
512,450
662
CEVA,
Inc.
h
20,754
8,236
CGI,
Inc.
h
525,241
93,520
Change
Healthcare,
Inc.
h
1,088,573
57,886
Ciena
Corporation
h
2,677,227
43,321
Cisco
Systems,
Inc.
1,835,944
24,305
Cognex
Corporation
1,342,608
10,094
CommScope
Holding
Company,
Inc.
h
111,135
26,808
Computer
Services,
Inc.
1,146,042
9,557
Computershare,
Ltd.
75,191
28,572
Coupa
Software,
Inc.
h
5,031,243
2,310
Cree,
Inc.
h
99,630
15,228
CTS
Corporation
352,680
26,325
Descartes
Systems
Group,
Inc.
h
1,107,756
678
Dialog
Semiconductor
plc
h
21,293
21,573
DocuSign,
Inc.
h
2,259,772
67,314
Dolby
Laboratories,
Inc.
4,040,859
5,055
DSP
Group,
Inc.
h
87,199
29,206
Elastic
NV
h
1,873,273
1,353
Endava
plc
ADR
h
59,221
542
EPAM
Systems,
Inc.
h
119,722
7,895
ePlus,
Inc.
h
558,571
12,633
Euronet
Worldwide,
Inc.
h
1,159,204
48,250
Eventbrite,
Inc.
g,h
440,040
10,575
ExlService
Holdings,
Inc.
h
652,795
2,182
eXp
World
Holdings,
Inc.
h
20,031
5,277
F5
Networks,
Inc.
h
734,875
1,062
Fair
Isaac
Corporation
h
374,822
29,333
Five9,
Inc.
h
2,718,289
1,294
FLIR
Systems,
Inc.
56,160
2,200
Fuji
Soft,
Inc.
77,442
1,985
Gartner,
Inc.
h
235,838
17,162
Global
Payments,
Inc.
2,849,235
25,843
Guidewire
Software,
Inc.
h
2,347,578
16,646
Halma
plc
437,628
21,072
Health
Catalyst,
Inc.
g,h
561,990
900
Hoya
Corporation
82,074
Shares
Common
Stock
(
24
.0
%
)
Value
Information
Technology
(5.3%)
-
continued
1,573
II-VI,
Inc.
h
$
54,143
420
Infineon
Technologies
AG
7,808
9,393
Inphi
Corporation
h
906,800
14,795
Intel
Corporation
887,404
4,024
InterDigital,
Inc.
232,466
3,218
International
Business
Machines
Corporation
404,052
4,414
Intuit,
Inc.
1,190,941
2,101
Jack
Henry
&
Associates,
Inc.
343,619
13,238
Juniper
Networks,
Inc.
285,941
400
Keyence
Corporation
142,805
5,437
KLA-Tencor
Corporation
892,157
2,232
Kulicke
and
Soffa
Industries,
Inc.
53,501
5,825
Lam
Research
Corporation
1,487,006
79,801
Lattice
Semiconductor
Corporation
h
1,796,320
7,289
Littelfuse,
Inc.
1,058,654
4,994
ManTech
International
Corporation
372,353
9,825
MasterCard,
Inc.
2,701,580
12,784
Maxim
Integrated
Products,
Inc.
702,864
18,951
Medallia,
Inc.
h
407,067
14,136
Methode
Electronics,
Inc.
424,363
40,455
Microsoft
Corporation
7,249,940
8,641
MicroStrategy,
Inc.
h
1,091,618
21,247
MKS
Instruments,
Inc.
2,129,587
14,814
MoneyGram
International,
Inc.
g,h
24,591
37,293
Monolithic
Power
Systems,
Inc.
7,455,244
9,256
MTS
Systems
Corporation
196,875
48,524
National
Instruments
Corporation
1,864,292
3,100
NEC
Networks
&
System
Integration
Corporation
133,399
417
NetApp,
Inc.
18,252
12,211
Nice,
Ltd.
ADR
g,h
2,006,267
23,379
Nova
Measuring
Instruments,
Ltd.
h
895,649
12,095
Novanta,
Inc.
h
1,050,935
103,232
Nuance
Communications,
Inc.
h
2,085,286
2,450
NVIDIA
Corporation
716,086
1,560
Oracle
Corporation
82,633
300
Oracle
Corporation
Japan
30,884
10,703
Palo
Alto
Networks,
Inc.
h
2,103,247
3,664
Paychex,
Inc.
251,057
2,262
PayPal
Holdings,
Inc.
h
278,226
18,046
Plexus
Corporation
h
1,131,304
4,122
Progress
Software
Corporation
168,631
11,293
Proofpoint,
Inc.
h
1,374,697
23,920
Q2
Holdings,
Inc.
g,h
1,906,902
7,471
QAD,
Inc.
316,173
1,260
QUALCOMM,
Inc.
99,124
8,950
Rogers
Corporation
h
993,808
3,160
Rubicon
Project,
Inc.
h
22,657
1,100
Ryoyo
Electro
Corporation
24,698
121,820
SailPoint
Technologies
Holdings,
Inc.
h
2,264,634
1,359
Salesforce.com,
Inc.
h
220,090
134
Samsung
Electronics
Company,
Ltd.
GDR
139,244
223
SAP
SE
26,561
9,703
ScanSource,
Inc.
h
251,502
11,538
ServiceNow,
Inc.
h
4,056,068
5,321
Silicon
Laboratories,
Inc.
h
517,308
3,922
Square,
Inc.
h
255,479
65,547
STMicroelectronics
NV
ADR
g
1,676,037
1,482
Sykes
Enterprises,
Inc.
h
42,430
15,715
Synopsys,
Inc.
h
2,469,141
20,205
TE
Connectivity,
Ltd.
1,484,259
20,332
Teradyne,
Inc.
1,271,563
17,370
Texas
Instruments,
Inc.
2,016,136
300
Tokyo
Electron,
Ltd.
63,894
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
124
Shares
Common
Stock
(
24
.0
%
)
Value
Information
Technology
(5.3%)
-
continued
6,147
Tyler
Technologies,
Inc.
h
$
1,971,281
1,964
Unisys
Corporation
h
24,727
6,252
VeriSign,
Inc.
h
1,309,731
37,454
Virtusa
Corporation
h
1,235,982
8,180
Visa,
Inc.
1,461,930
490
VMware,
Inc.
h
64,445
7,173
WEX,
Inc.
h
949,131
58
Wirecard
AG
5,740
20,223
Zscaler,
Inc.
g,h
1,356,559
Total
152,555,348
Materials
(1.0%)
7,616
AdvanSix,
Inc.
h
92,763
5,300
Air
Water,
Inc.
71,453
1,182
Anglo
American
plc
21,022
9,390
AptarGroup,
Inc.
1,005,481
3,743
Arcelor
Mittal
40,886
3,894
Avery
Dennison
Corporation
429,859
329
Balchem
Corporation
29,360
16,063
Ball
Corporation
1,053,572
19,983
Boise
Cascade
Company
624,868
5,614
Cabot
Corporation
190,258
8,767
Celanese
Corporation
728,275
2,910
CF
Industries
Holdings,
Inc.
80,025
24,098
Chemours
Company
g
282,669
51,115
Coeur
Mining,
Inc.
h
215,194
1,549
Domtar
Corporation
36,185
23,992
Eastman
Chemical
Company
1,451,756
6,017
Ecolab,
Inc.
1,164,289
113,911
Element
Solutions,
Inc.
h
1,167,588
183
Eramet
SA
5,763
3,198
Ferro
Corporation
h
31,884
22,270
Ferroglobe
Representation
&
Warranty
Insurance
Trust
c,h
2
5,025
First
Majestic
Silver
Corporation
h
40,552
12,326
Gold
Road
Resources,
Ltd.
h
12,587
6,417
Granges
AB
46,888
30,234
Hecla
Mining
Company
79,515
9,337
Hexpol
AB
h
67,079
3,910
Hochschild
Mining
plc
6,821
10,873
IAMGOLD
Corporation
h
38,164
6,146
Ingevity
Corporation
h
319,100
14,596
Innospec,
Inc.
1,058,502
261,580
Ivanhoe
Mines,
Ltd.
h
548,736
17,238
Kaiser
Aluminum
Corporation
1,245,101
714
Kirkland
Lake
Gold,
Ltd.
29,515
3,368
Koninklijke
DSM
NV
412,790
7,514
Kraton
Performance
Polymers,
Inc.
h
117,294
5,200
Kyoei
Steel,
Ltd.
66,077
600
Lintec
Corporation
12,876
154,085
Louisiana-Pacific
Corporation
3,081,700
637
MAG
Silver
Corporation
h
7,244
11,082
Martin
Marietta
Materials,
Inc.
2,108,129
12,758
Materion
Corporation
660,099
8,230
Minerals
Technologies,
Inc.
362,449
24,341
Myers
Industries,
Inc.
300,855
13,854
Neenah,
Inc.
676,906
1,200
Nippon
Light
Metal
Holdings
Company,
Ltd.
1,890
18,600
Nippon
Steel
Corporation
156,493
1,729
Northern
Star
Resources,
Ltd.
13,962
6,981
Nucor
Corporation
287,547
9,059
Olin
Corporation
120,938
2,515
Olympic
Steel,
Inc.
23,742
16,414
PPG
Industries,
Inc.
1,490,884
638
Quaker
Chemical
Corporation
97,053
Shares
Common
Stock
(
24
.0
%
)
Value
Materials
(1.0%)
-
continued
9,516
Ramelius
Resources,
Ltd.
$
8,086
3,658
Reliance
Steel
&
Aluminum
Company
327,684
19,686
Resolute
Mining,
Ltd.
h
11,729
913
Rio
Tinto,
Ltd.
51,458
2,844
RPM
International,
Inc.
188,870
12,548
Ryerson
Holding
Corporation
h
57,972
13,666
Sandfire
Resources,
Ltd.
39,662
388
Schnitzer
Steel
Industries,
Inc.
6,037
1,006
Sensient
Technologies
Corporation
48,077
1,374
Sherwin-Williams
Company
736,972
4,851
St
Barbara,
Ltd.
7,984
67,941
Steel
Dynamics,
Inc.
1,648,928
13,400
Sumitomo
Chemical
Company,
Ltd.
41,100
900
Taiyo
Holdings
Company,
Ltd.
36,802
3,500
Toagosei
Company,
Ltd.
32,023
34,200
Toray
Industries,
Inc.
156,797
2,400
Ube
Industries,
Ltd.
40,247
14,400
UFP
Technologies,
Inc.
h
619,200
14,998
United
States
Lime
&
Minerals,
Inc.
1,201,340
22,667
United
States
Steel
Corporation
g
174,083
7,298
UPM-Kymmene
Oyj
200,150
6,371
Verso
Corporation
h
88,493
2,156
W.
R.
Grace
&
Company
101,828
2,273
Worthington
Industries,
Inc.
60,098
Total
28,100,260
Real
Estate
(1.6%)
53,843
Agree
Realty
Corporation
3,505,718
6,427
Alexandria
Real
Estate
Equities,
Inc.
1,009,617
3,110
Allied
Properties
REIT
99,559
3,275
Alstria
Office
REIT
AG
49,091
30,119
American
Campus
Communities,
Inc.
1,062,900
1,027
American
Tower
Corporation
244,426
18,739
Apartment
Investment
&
Management
Company
705,898
1,736
Ares
Commercial
Real
Estate
Corporation
13,454
12,791
Armada
Hoffler
Properties,
Inc.
122,922
60,308
Ascendas
REIT
126,121
7,800
Ascott
Trust
4,907
35,298
Ashford
Hospitality
Trust,
Inc.
29,026
328
AvalonBay
Communities,
Inc.
53,448
2,825
BBX
Capital
Corporation
5,989
230
Bluerock
Residential
Growth
REIT,
Inc.
1,339
21,041
Camden
Property
Trust
1,853,081
4,847
Castellum
AB
85,016
34,827
CBL
&
Associates
Properties,
Inc.
h
10,065
38,904
Cedar
Realty
Trust,
Inc.
40,849
2,344
Choice
Properties
REIT
21,252
5,849
City
Office
REIT,
Inc.
59,075
114
Cofinimmo
SA
15,849
18,650
Colliers
International
Group,
Inc.
1,025,750
7,086
Colony
Credit
Real
Estate,
Inc.
34,084
6,658
Columbia
Property
Trust,
Inc.
95,143
4,925
Corepoint
Lodging,
Inc.
21,424
9,356
CoreSite
Realty
Corporation
1,133,854
4,357
CoStar
Group,
Inc.
h
2,824,469
39,369
Cousins
Properties,
Inc.
1,187,763
2,400
Daito
Trust
Construction
Company,
Ltd.
228,205
25,340
DiamondRock
Hospitality
Company
157,868
5,559
Digital
Realty
Trust,
Inc.
831,015
23,016
Diversified
Healthcare
Trust
71,580
16,992
Douglas
Emmett,
Inc.
518,086
28,614
Duke
Realty
Corporation
992,906
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
125
Shares
Common
Stock
(
24
.0
%
)
Value
Real
Estate
(1.6%)
-
continued
3,320
EastGroup
Properties,
Inc.
$
351,920
1,192
Entra
ASA
g,i
15,008
8,098
EPR
Properties
238,243
5,929
Equity
Lifestyle
Properties,
Inc.
357,578
27,285
Equity
Residential
1,775,162
59,434
Essential
Properties
Realty
Trust,
Inc.
873,085
2,842
Essex
Property
Trust,
Inc.
693,732
6,516
Farmland
Partners,
Inc.
42,745
39,042
First
Industrial
Realty
Trust,
Inc.
1,474,616
10,070
FirstService
Corporation
871,861
12,888
Four
Corners
Property
Trust,
Inc.
288,562
5,934
Franklin
Street
Properties
Corporation
32,281
11,471
Gaming
and
Leisure
Properties,
Inc.
323,941
2,284
Getty
Realty
Corporation
62,033
4,548
Granite
REIT
207,804
9,325
Healthcare
Realty
Trust,
Inc.
274,062
14,199
Healthcare
Trust
of
America,
Inc.
349,721
12,693
Hersha
Hospitality
Trust
66,384
48,642
Host
Hotels
&
Resorts,
Inc.
598,783
4,113
Hudson
Pacific
Properties,
Inc.
101,098
9,000
Hysan
Development
Company,
Ltd.
30,025
9,673
Industrial
Logistics
Properties
Trust
180,788
3,933
Innovative
Industrial
Properties,
Inc.
308,583
3,438
Investors
Real
Estate
Trust
215,322
11,053
iSTAR
Financial,
Inc.
110,751
181
Japan
Hotel
REIT
Investment
Corporation
60,075
4,900
Jones
Lang
LaSalle,
Inc.
517,342
39,440
Kilroy
Realty
Corporation
2,455,534
15,665
Kite
Realty
Group
Trust
160,253
820
Kungsleden
AB
6,245
3,934
Lamar
Advertising
Company
226,795
10,261
Lexington
Realty
Trust
107,227
16,678
Macerich
Company
124,585
15,600
Mapletree
Commercial
Trust
21,481
55,037
Medical
Properties
Trust,
Inc.
943,334
1,629
National
Health
Investors,
Inc.
89,693
22,774
National
Retail
Properties,
Inc.
743,343
97,819
National
Storage
Affiliates
Trust
2,785,885
37,823
New
Residential
Investment
Corporation
230,342
11,153
New
Senior
Investment
Group,
Inc.
36,916
2,534
Omega
Healthcare
Investors,
Inc.
73,866
4,985
One
Liberty
Properties,
Inc.
78,364
7,640
Pebblebrook
Hotel
Trust
90,458
25,134
Pennsylvania
REIT
25,385
6,536
Physicians
Realty
Trust
100,785
1,845
Plymouth
Industrial
REIT,
Inc.
25,848
4,945
PotlatchDeltic
Corporation
173,619
12,416
Preferred
Apartment
Communities,
Inc.
92,003
2,498
PS
Business
Parks,
Inc.
322,467
3,133
PSP
Swiss
Property
AG
363,952
5,784
QTS
Realty
Trust,
Inc.
361,674
6,212
Quebecor,
Inc.
135,268
25,152
Retail
Properties
of
America,
Inc.
155,942
22,372
Rexford
Industrial
Realty,
Inc.
910,988
1,711
RioCan
REIT
19,544
838
RMR
Group,
Inc.
24,855
11,000
Road
King
Infrastructure,
Ltd.
17,002
9,242
RPT
Realty
63,030
2,128
Ryman
Hospitality
Properties
75,204
28,456
Sabra
Health
Care
REIT,
Inc.
364,806
7,574
SBA
Communications
Corporation
2,195,854
64,263
Service
Properties
Trust
445,343
Shares
Common
Stock
(
24
.0
%
)
Value
Real
Estate
(1.6%)
-
continued
9,223
Spirit
Realty
Capital,
Inc.
$
283,699
2,786
STAG
Industrial,
Inc.
73,132
16,566
Store
Capital
Corporation
332,480
4,997
Summit
Hotel
Properties,
Inc.
30,282
118,428
Sunstone
Hotel
Investors,
Inc.
1,088,353
1,231
Swiss
Prime
Site
AG
117,199
10,073
TAG
Immobilien
AG
220,637
6,728
Taubman
Centers,
Inc.
289,977
11,233
Terreno
Realty
Corporation
615,793
19,219
UDR,
Inc.
720,136
5,290
UMH
Properties,
Inc.
68,717
33,176
Uniti
Group,
Inc.
234,223
345
Universal
Health
Realty
Income
Trust
36,901
2,537
Urstadt
Biddle
Properties,
Inc.
37,066
33,023
Washington
Prime
Group,
Inc.
28,393
25,900
Wing
Tai
Holdings,
Ltd.
31,664
Total
46,919,796
Utilities
(0.4%)
2,293
AGL
Energy,
Ltd.
25,166
2,359
ALLETE,
Inc.
135,784
19,719
Alliant
Energy
Corporation
957,357
1,259
American
States
Water
Company
99,927
7,439
Artesian
Resources
Corporation
256,869
5,547
Avista
Corporation
238,743
4,924
Black
Hills
Corporation
304,993
1,892
California
Water
Service
Group
84,989
1,437
Chesapeake
Utilities
Corporation
126,284
16,613
CMS
Energy
Corporation
948,436
6,970
Consolidated
Water
Company,
Ltd.
104,689
4,340
DTE
Energy
Company
450,232
6,435
Enagas
SA
150,205
35,260
Enel
SPA
240,843
13,286
Entergy
Corporation
1,268,946
2,128
Essential
Utilities,
Inc
88,929
6,156
Exelon
Corporation
228,264
2,163
FirstEnergy
Corporation
89,267
5,256
Hawaiian
Electric
Industries,
Inc.
207,454
4,958
IDACORP,
Inc.
455,045
1,457
MGE
Energy,
Inc.
94,210
1,100
Middlesex
Water
Company
66,330
2,160
National
Fuel
Gas
Company
88,560
9,838
New
Jersey
Resources
Corporation
332,328
751
NextEra
Energy,
Inc.
173,571
1,667
Northland
Power,
Inc.
35,772
3,644
Northwest
Natural
Holding
Company
237,224
11,011
NorthWestern
Corporation
635,225
8,817
OGE
Energy
Corporation
277,912
3,575
Otter
Tail
Corporation
158,658
30,204
PNM
Resources,
Inc.
1,222,960
14,447
Portland
General
Electric
Company
675,975
5,126
PPL
Corporation
130,303
6,734
Public
Service
Enterprise
Group,
Inc.
341,481
801
SJW
Group
47,683
7,390
South
Jersey
Industries,
Inc.
211,280
4,358
Southwest
Gas
Holdings,
Inc.
330,336
11,729
Spire,
Inc.
855,748
7,688
UGI
Corporation
232,024
3,471
Unitil
Corporation
174,626
472
Verbund
AG
21,371
Total
12,805,999
Total
Common
Stock
(cost
$663,127,183)
694,325,315
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
126
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Asset-Backed
Securities
(0.6%)
Access
Group,
Inc.
$
75,500
0.987%, 
(LIBOR
1M
+
0.500%),
2/25/2036,
Ser.
2013-1,
Class
A
b,i
$
73,016
Aimco
550,000
2.418%, 
(LIBOR
3M
+
1.320%),
7/22/2032,
Ser.
2019-10A,
Class
A
b,i
522,871
Ares
CLO,
Ltd.
700,000
2.535%, 
(LIBOR
3M
+
1.400%),
10/17/2030,
Ser.
2018-28RA,
Class
A2
b,i
654,345
Benefit
Street
Partners
CLO
IV,
Ltd.
400,000
2.385%, 
(LIBOR
3M
+
1.250%),
1/20/2029,
Ser.
2014-IVA,
Class
A1RR
b,i
394,098
450,000
2.885%, 
(LIBOR
3M
+
1.750%),
1/20/2029,
Ser.
2014-IVA,
Class
A2RR
b,i
421,338
Betony
CLO,
Ltd.
510,000
1.840%, 
(LIBOR
3M
+
1.080%),
4/30/2031,
Ser.
2018-1A,
Class
A1
b,i
488,254
Buttermilk
Park
CLO,
Ltd.
1,150,000
2.619%, 
(LIBOR
3M
+
1.400%),
10/15/2031,
Ser.
2018-1A,
Class
A2
b,i
1,070,208
Carlyle
Global
Market
Strategies
CLO,
Ltd.
750,000
2.669%, 
(LIBOR
3M
+
1.450%),
7/15/2031,
Ser.
2014-5A,
Class
A2RR
b,i
703,834
Carvana
Auto
Receivables
Trust
500,000
2.340%, 
6/15/2023,
Ser.
2019-3A,
Class
A3
i
499,736
CBAM,
Ltd.
800,000
2.499%, 
(LIBOR
3M
+
1.280%),
2/12/2030,
Ser.
2019-9A,
Class
A
b,i
775,726
Colony
American
Finance
Trust
835,510
2.835%, 
6/15/2052,
Ser.
2019-2,
Class
A
i
812,869
Commonbond
Student
Loan
Trust
115,622
0.987%, 
(LIBOR
1M
+
0.500%),
2/25/2044,
Ser.
2018-AGS,
Class
A2
b,i
112,907
CoreVest
American
Finance
Trust
994,018
2.705%, 
10/15/2052,
Ser.
2019-3,
Class
A
i
963,157
Dryden
Senior
Loan
Fund
650,000
2.535%, 
(LIBOR
3M
+
1.400%),
7/18/2030,
Ser.
2018-65A,
Class
A2
b,i
611,088
Earnest
Student
Loan
Program,
LLC
207,398
3.020%, 
5/25/2034,
Ser.
2016-B,
Class
A2
i
205,033
Edlinc
Student
Loan
Funding
Trust
3,537
3.270%, 
(CMT
3M
+
3.150%),
10/1/2025,
Ser.
2012-A,
Class
AT
b,i
3,547
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Asset-Backed
Securities
(0.6%)
-
continued
Galaxy
XX
CLO,
Ltd.
$
450,000
2.135%, 
(LIBOR
3M
+
1.000%),
4/20/2031,
Ser.
2015-20A,
Class
AR
b,i
$
426,404
Golub
Capital
Partners,
Ltd.
500,000
2.285%, 
(LIBOR
3M
+
1.150%),
10/20/2028,
Ser.
2018-39A,
Class
A1
b,i
481,793
416,000
2.335%, 
(LIBOR
3M
+
1.200%),
1/20/2031,
Ser.
2015-23A,
Class
AR
b,i
385,204
Harley
Marine
Financing,
LLC
1,405,459
5.682%, 
5/15/2043,
Ser.
2018-1A,
Class
A2
i
1,240,242
Home
Partners
of
America
Trust
962,986
2.908%, 
9/17/2039,
Ser.
2019-1,
Class
A
i
977,486
973,150
2.703%, 
10/19/2039,
Ser.
2019-2,
Class
A
i
977,671
Madison
Park
Funding
XIV,
Ltd.
525,000
2.498%, 
(LIBOR
3M
+
1.400%),
10/22/2030,
Ser.
2014-14A,
Class
A2RR
b,i
480,146
Magnetite
XII,
Ltd.
450,000
2.319%, 
(LIBOR
3M
+
1.100%),
10/15/2031,
Ser.
2015-12A,
Class
ARR
b,i
432,759
Mountain
View
CLO,
Ltd.
300,000
2.339%, 
(LIBOR
3M
+
1.120%),
7/15/2031,
Ser.
2015-9A,
Class
A1R
b,i
276,526
National
Collegiate
Trust
304,471
0.782%, 
(LIBOR
1M
+
0.295%),
5/25/2031,
Ser.
2007-A,
Class
A
b,i
290,510
Neuberger
Berman
CLO
XIV,
Ltd.
550,000
1.917%, 
(LIBOR
3M
+
1.030%),
1/28/2030,
Ser.
2013-14A,
Class
AR2
b,i
534,944
Neuberger
Berman
CLO,
Ltd.
250,000
2.128%, 
(LIBOR
3M
+
1.030%),
4/22/2029,
Ser.
2014-17A,
Class
AR2
b,i
242,022
Octagon
Investment
Partners
XVI,
Ltd.
100,000
2.535%, 
(LIBOR
3M
+
1.400%),
7/17/2030,
Ser.
2013-1A,
Class
A2R
b,i
92,662
OneMain
Financial
Issuance
Trust
690,000
3.840%, 
5/14/2032,
Ser.
2020-1A,
Class
A
e,i
690,000
OZLM
VIII,
Ltd.
935,389
2.305%, 
(LIBOR
3M
+
1.170%),
10/17/2029,
Ser.
2014-8A,
Class
A1RR
b,i
895,998
Palmer
Square
Loan
Funding,
Ltd.
400,000
2.785%, 
(LIBOR
3M
+
1.650%),
4/20/2027,
Ser.
2019-1A,
Class
A2
b,i
380,024
PPM
CLO
3,
Ltd.
250,000
2.535%, 
(LIBOR
3M
+
1.400%),
7/17/2030,
Ser.
2019-3A,
Class
A
b,i
237,461
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
127
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Asset-Backed
Securities
(0.6%)
-
continued
RCO
Mortgage,
LLC
$
340,537
4.458%, 
10/25/2023,
Ser.
2018-2,
Class
A1
i,j
$
327,486
Shackleton
CLO,
Ltd.
300,000
2.389%, 
(LIBOR
3M
+
1.170%),
7/15/2031,
Ser.
2015-7RA,
Class
A1
b,i
282,999
SLM
Student
Loan
Trust
200,102
0.887%, 
(LIBOR
1M
+
0.400%),
3/25/2025,
Ser.
2010-1,
Class
A
b
180,277
9,454
1.007%, 
(LIBOR
1M
+
0.520%),
3/25/2026,
Ser.
2011-1,
Class
A1
b
9,448
Voya
CLO,
Ltd.
350,000
2.419%, 
(LIBOR
3M
+
1.200%),
10/15/2030,
Ser.
2012-4A,
Class
A1AR
b,i
338,131
Total
18,492,220
Basic
Materials
(0.2%)
Air
Products
and
Chemicals,
Inc.
450,000
2.700%, 
5/15/2040
454,192
Anglo
American
Capital
plc
12,000
4.125%, 
9/27/2022
i
12,176
320,000
4.875%, 
5/14/2025
i
336,946
Cleveland-Cliffs,
Inc.
130,000
5.750%, 
3/1/2025
92,950
100,000
9.875%, 
10/17/2025
i
99,000
Dow
Chemical
Company
225,000
4.800%, 
11/30/2028
252,599
DowDuPont,
Inc.
425,000
4.493%, 
11/15/2025
467,780
First
Quantum
Minerals,
Ltd.
215,000
7.500%, 
4/1/2025
i
189,737
Freeport-McMoRan,
Inc.
150,000
4.125%, 
3/1/2028
139,125
165,000
4.250%, 
3/1/2030
153,631
Glencore
Funding,
LLC
84,000
4.125%, 
5/30/2023
i
84,980
115,000
4.000%, 
3/27/2027
i
116,404
International
Paper
Company
230,000
4.350%, 
8/15/2048
259,674
Kinross
Gold
Corporation
6,000
5.125%, 
9/1/2021
6,128
168,000
5.950%, 
3/15/2024
184,380
265,000
4.500%, 
7/15/2027
278,494
Koppers,
Inc.
190,000
6.000%, 
2/15/2025
i
154,375
Krayton
Polymers,
LLC
200,000
7.000%, 
4/15/2025
i
192,000
Methanex
Corporation
240,000
5.250%, 
12/15/2029
201,770
Norbord,
Inc.
220,000
5.750%, 
7/15/2027
i
200,200
Novelis
Corporation
230,000
5.875%, 
9/30/2026
i
223,629
70,000
4.750%, 
1/30/2030
i
62,300
Olin
Corporation
240,000
5.125%, 
9/15/2027
219,216
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Basic
Materials
(0.2%)
-
continued
Peabody
Securities
Finance
Corporation
$
280,000
6.375%, 
3/31/2025
i
$
165,732
Sherwin-Williams
Company
207,000
3.125%, 
6/1/2024
217,045
Syngenta
Finance
NV
275,000
3.933%, 
4/23/2021
i
271,520
Teck
Resources,
Ltd.
350,000
6.125%, 
10/1/2035
345,817
Tronox
Finance
plc
230,000
5.750%, 
10/1/2025
i
203,550
Vale
Overseas,
Ltd.
130,000
6.250%, 
8/10/2026
142,480
77,000
6.875%, 
11/21/2036
89,513
WestRock
Company
215,000
3.750%, 
3/15/2025
227,123
Xstrata
Finance
Canada,
Ltd.
9,000
4.950%, 
11/15/2021
i
9,250
Total
6,053,716
Capital
Goods
(0.3%)
AECOM
415,000
5.125%, 
3/15/2027
422,263
Amsted
Industries,
Inc.
280,000
5.625%, 
7/1/2027
i
280,308
Ardagh
Packaging
Finance
plc
410,000
6.000%, 
2/15/2025
i
410,357
Building
Materials
Corporation
of
America
310,000
6.000%, 
10/15/2025
i
319,300
Cintas
Corporation
No.
2
9,000
2.900%, 
4/1/2022
9,287
135,000
3.700%, 
4/1/2027
146,084
CNH
Industrial
Capital,
LLC
200,000
4.875%, 
4/1/2021
201,553
CNH
Industrial
NV
125,000
3.850%, 
11/15/2027
124,413
Covanta
Holding
Corporation
210,000
6.000%, 
1/1/2027
201,600
Crown
Americas
Capital
Corporation
IV
320,000
4.500%, 
1/15/2023
328,064
Crown
Cork
&
Seal
Company,
Inc.
180,000
7.375%, 
12/15/2026
197,100
Emerson
Electric
Company
450,000
1.800%, 
10/15/2027
449,777
H&E
Equipment
Services,
Inc.
240,000
5.625%, 
9/1/2025
228,624
Howmet
Aerospace,
Inc.
340,000
6.875%, 
5/1/2025
347,690
Ingersoll-Rand
Luxembourg
Finance
SA
450,000
3.500%, 
3/21/2026
475,881
L3Harris
Technologies,
Inc.
333,000
3.950%, 
5/28/2024
i
355,067
Lockheed
Martin
Corporation
184,000
3.600%, 
3/1/2035
218,795
168,000
4.500%, 
5/15/2036
209,331
46,000
6.150%, 
9/1/2036
65,647
Northrop
Grumman
Corporation
320,000
3.850%, 
4/15/2045
372,390
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
128
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Capital
Goods
(0.3%)
-
continued
Owens-Brockway
Glass
Container,
Inc.
$
425,000
5.000%, 
1/15/2022
i
$
429,250
Republic
Services,
Inc.
130,000
2.900%, 
7/1/2026
138,024
Reynolds
Group
Issuer,
Inc.
390,000
5.125%, 
7/15/2023
i
391,950
Rockwell
Collins,
Inc.
345,000
2.800%, 
3/15/2022
353,709
Roper
Technologies,
Inc.
70,000
3.650%, 
9/15/2023
73,776
116,000
4.200%, 
9/15/2028
130,168
Siemens
Financieringsmaatschappij
NV
362,000
4.200%, 
3/16/2047
*
468,744
Spirit
AeroSystems,
Inc.
210,000
7.500%, 
4/15/2025
i
206,850
Textron,
Inc.
300,000
3.375%, 
3/1/2028
291,856
TransDigm,
Inc.
115,000
6.250%, 
3/15/2026
i
112,556
320,000
5.500%, 
11/15/2027
i
270,400
United
Rentals
North
America,
Inc.
150,000
5.875%, 
9/15/2026
154,125
430,000
4.000%, 
7/15/2030
405,275
United
Technologies
Corporation
225,000
4.450%, 
11/16/2038
278,822
400,000
3.750%, 
11/1/2046
470,042
Total
9,539,078
Collateralized
Mortgage
Obligations
(0.6%)
Ajax
Mortgage
Loan
Trust
618,493
4.360%, 
9/25/2065,
Ser.
2018-C,
Class
A
b,i
623,942
Angel
Oak
Mortgage
Trust
I,
LLC
376,038
3.500%, 
7/25/2046,
Ser.
2016-1,
Class
A1
i
384,060
823,101
3.674%, 
7/27/2048,
Ser.
2018-2,
Class
A1
b,i
830,713
Banc
of
America
Alternative
Loan
Trust
25,189
6.000%, 
11/25/2035,
Ser.
2005-10,
Class
3CB1
22,214
Bellemeade
Re,
Ltd.
166,663
2.087%, 
(LIBOR
1M
+
1.600%),
4/25/2028,
Ser.
2018-1A,
Class
M1B
b,i
160,699
324,474
1.587%, 
(LIBOR
1M
+
1.100%),
7/25/2029,
Ser.
2019-3A,
Class
M1A
b,i
316,874
BRAVO
Residential
Funding
Trust
457,940
3.500%, 
3/25/2058,
Ser.
2019-1,
Class
A1C
i
461,756
412,380
2.748%, 
11/25/2059,
Ser.
2019-NQM2,
Class
A1
b,i
408,987
CHL
Mortgage
Pass-Through
Trust
1,446,139
6.000%, 
11/25/2037,
Ser.
2007-18,
Class
1A2
1,109,952
CIM
Trust
824,003
5.000%, 
12/25/2057,
Ser.
2018-R3,
Class
A1
b,i
834,913
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Collateralized
Mortgage
Obligations
(0.6%)
-
continued
Citicorp
Mortgage
Securities,
Inc.
$
612,592
6.000%, 
7/25/2037,
Ser.
2007-6,
Class
1A4
$
569,604
Citigroup
Mortgage
Loan
Trust,
Inc.
102,841
5.500%, 
11/25/2035,
Ser.
2005-9,
Class
21A2
99,539
9,866
3.791%, 
3/25/2037,
Ser.
2007-AR4,
Class
2A1A
b
7,565
COLT
Funding,
LLC
251,218
3.470%, 
7/27/2048,
Ser.
2018-2,
Class
A1
b,i
251,378
Countrywide
Alternative
Loan
Trust
82,657
3.357%, 
10/25/2035,
Ser.
2005-43,
Class
4A1
b
72,256
124,805
6.500%, 
8/25/2036,
Ser.
2006-23CB,
Class
2A3
66,523
335,612
7.000%, 
10/25/2037,
Ser.
2007-24,
Class
A10
180,096
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
51,080
3.562%, 
11/25/2035,
Ser.
2005-22,
Class
2A1
b
43,697
Countrywide
Home
Loans,
Inc.
119,255
5.750%, 
4/25/2037,
Ser.
2007-3,
Class
A27
87,988
Credit
Suisse
First
Boston
Mortgage
Securities
Corporation
17,434
5.250%, 
10/25/2035,
Ser.
2005-9,
Class
1A3
17,048
Credit
Suisse
Mortgage
Capital
Certificates
553,280
3.393%, 
2/25/2024,
Ser.
2020-BPL1,
Class
A1
i,j
514,233
Credit
Suisse
Mortgage
Trust
820,728
3.850%, 
9/25/2057,
Ser.
2018-RPL9,
Class
A1
b,i
851,388
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
55,199
6.000%, 
10/25/2021,
Ser.
2006-AR5,
Class
23A
47,727
Ellington
Financial
Mortgage
Trust
861,350
4.140%, 
10/25/2058,
Ser.
2018-1,
Class
A1FX
b,i
871,231
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
328,270
4.000%, 
7/15/2031,
Ser.
4104,
Class
KI
k
21,364
221,543
3.000%, 
2/15/2033,
Ser.
4170,
Class
IG
k
20,769
756,267
3.000%, 
3/15/2033,
Ser.
4180,
Class
PI
k
75,896
Federal
National
Mortgage
Association
-
REMIC
1,372,145
3.000%, 
12/25/2027,
Ser.
2012-137,
Class
AI
k
86,983
FWD
Securitization
Trust
1,246,689
2.810%, 
6/25/2049,
Ser.
2019-INV1,
Class
A1
b,i
1,229,982
Galton
Funding
Mortgage
Trust
2017-1
399,655
4.500%, 
10/25/2058,
Ser.
2018-2,
Class
A41
b,i
406,182
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
129
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Collateralized
Mortgage
Obligations
(0.6%)
-
continued
GS
Mortgage-Backed
Securities
Trust
$
350,862
2.625%, 
1/25/2059,
Ser.
2019-SL1,
Class
A1
b,i
$
347,047
J.P.
Morgan
Alternative
Loan
Trust
84,169
6.500%, 
3/25/2036,
Ser.
2006-S1,
Class
1A19
63,250
MASTR
Alternative
Loans
Trust
206,438
0.937%, 
(LIBOR
1M
+
0.450%),
12/25/2035,
Ser.
2005-6,
Class
2A1
b
38,236
Merrill
Lynch
Alternative
Note
Asset
Trust
100,320
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
66,307
MFRA
Trust
461,052
4.164%, 
7/25/2048,
Ser.
2018-NPL2,
Class
A1
i,j
416,333
Preston
Ridge
Partners
Mortgage
Trust,
LLC
393,930
4.500%, 
1/25/2024,
Ser.
2019-1A,
Class
A1
i,j
374,784
523,399
3.500%, 
10/25/2024,
Ser.
2019-GS1,
Class
A1
b,i
473,562
RCO
Mortgage,
LLC
386,021
4.270%, 
12/26/2053,
Ser.
2018-VFS1,
Class
A1
b,i
380,026
Residential
Accredit
Loans,
Inc.
Trust
236,084
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
224,513
32,740
5.750%, 
9/25/2035,
Ser.
2005-QS13,
Class
2A3
30,434
Residential
Funding
Mortgage
Security
I
Trust
34,490
6.000%, 
7/25/2037,
Ser.
2007-S7,
Class
A20
31,461
Sequoia
Mortgage
Trust
186,618
3.641%, 
9/20/2046,
Ser.
2007-1,
Class
4A1
b
135,995
Structured
Adjustable
Rate
Mortgage
Loan
Trust
42,221
3.826%, 
9/25/2035,
Ser.
2005-18,
Class
1A1
b
31,562
Structured
Asset
Mortgage
Investments,
Inc.
56,656
0.797%, 
(LIBOR
1M
+
0.310%),
12/25/2035,
Ser.
2005-AR4,
Class
A1
b
49,636
Toorak
Mortgage
Corporation
1,250,000
4.458%, 
3/25/2022,
Ser.
2019-1,
Class
A1
i,j
1,120,586
2,000,000
3.721%, 
9/25/2022,
Ser.
2019-2,
Class
A1
1,814,964
400,000
2.734%, 
3/25/2023,
Ser.
2020-1,
Class
A1
i,j
402,810
Verus
Securitization
Trust
86,171
2.853%, 
1/25/2047,
Ser.
2017-1A,
Class
A1
b,i
85,240
121,983
3.836%, 
2/25/2059,
Ser.
2019-1,
Class
A1
b,i
120,870
103,595
3.211%, 
5/25/2059,
Ser.
2019-2,
Class
A1
b,i
103,718
172,662
3.345%, 
5/25/2059,
Ser.
2019-2,
Class
A2
b,i
172,839
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Collateralized
Mortgage
Obligations
(0.6%)
-
continued
$
688,462
2.913%, 
7/25/2059,
Ser.
2019-INV2,
Class
A1
b,i
$
685,399
428,523
2.947%, 
11/25/2059,
Ser.
2019-INV3,
Class
A2
b,i
416,778
WaMu
Mortgage
Pass
Through
Certificates
48,912
3.725%, 
9/25/2036,
Ser.
2006-AR10,
Class
1A2
b
42,796
102,660
3.694%, 
10/25/2036,
Ser.
2006-AR12,
Class
1A1
b
92,338
Total
18,397,043
Commercial
Mortgage-Backed
Securities
(0.2%)
Citigroup
Commercial
Mortgage
Trust
800,000
3.102%, 
12/15/2072,
Ser.
2019-C7,
Class
A4
856,076
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
475,717
3.000%, 
3/15/2045,
Ser.
4741,
Class
GA
495,031
Federal
National
Mortgage
Association
-
ACES
1,000,000
3.776%, 
8/25/2030,
Ser.
2018-M12,
Class
A2
b
1,186,920
GS
Mortgage
Securities
Trust
700,000
3.666%, 
9/10/2047,
Ser.
2014-GC24,
Class
A4
735,158
800,000
3.470%, 
11/10/2048,
Ser.
2015-GS1,
Class
A2
855,261
UBS
Commercial
Mortgage
Trust
625,000
2.921%, 
10/15/2052,
Ser.
2019-C17,
Class
A4
637,740
Total
4,766,186
Communications
Services
(0.7%)
AMC
Networks,
Inc.
205,000
5.000%, 
4/1/2024
198,747
American
Tower
Corporation
10,000
2.800%, 
6/1/2020
10,000
290,000
2.900%, 
1/15/2030
303,549
AT&T,
Inc.
550,000
4.350%, 
3/1/2029
617,913
97,000
4.300%, 
2/15/2030
109,306
180,000
5.250%, 
3/1/2037
213,300
180,000
4.900%, 
8/15/2037
207,958
126,000
6.350%, 
3/15/2040
164,305
125,000
5.550%, 
8/15/2041
152,067
330,000
5.450%, 
3/1/2047
417,159
British
Sky
Broadcasting
Group
plc
184,000
3.125%, 
11/26/2022
i
193,463
British
Telecommunications
plc
425,000
4.500%, 
12/4/2023
461,183
CCO
Holdings,
LLC
275,000
5.500%, 
5/1/2026
i
286,030
190,000
5.125%, 
5/1/2027
i
197,286
470,000
4.750%, 
3/1/2030
i
479,400
60,000
4.500%, 
8/15/2030
i
60,300
Charter
Communications
Operating,
LLC
77,000
6.834%, 
10/23/2055
102,967
200,000
4.500%, 
2/1/2024
216,460
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
130
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Communications
Services
(0.7%)
-
continued
$
250,000
4.200%, 
3/15/2028
$
277,668
640,000
6.484%, 
10/23/2045
833,994
Clear
Channel
Worldwide
Holdings,
Inc.
210,000
5.125%, 
8/15/2027
i
197,316
Comcast
Corporation
400,000
4.950%, 
10/15/2058
560,291
225,000
4.049%, 
11/1/2052
273,868
12,000
1.625%, 
1/15/2022
12,202
140,000
2.750%, 
3/1/2023
147,071
245,000
3.950%, 
10/15/2025
276,134
400,000
4.250%, 
10/15/2030
481,277
360,000
4.400%, 
8/15/2035
446,128
243,000
4.750%, 
3/1/2044
315,024
150,000
4.600%, 
8/15/2045
191,253
Cox
Communications,
Inc.
250,000
3.350%, 
9/15/2026
i
265,735
92,000
4.600%, 
8/15/2047
i
105,247
Crown
Castle
International
Corporation
10,000
3.400%, 
2/15/2021
10,092
126,000
5.250%, 
1/15/2023
137,807
184,000
3.200%, 
9/1/2024
195,213
CSC
Holdings,
LLC
190,000
5.500%, 
5/15/2026
i
196,650
Discovery
Communications,
LLC
230,000
4.900%, 
3/11/2026
252,174
Embarq
Corporation
200,000
7.995%, 
6/1/2036
206,000
Fox
Corporation
270,000
3.500%, 
4/8/2030
289,865
Front
Range
BidCo,
Inc.
270,000
4.000%, 
3/1/2027
i
261,854
Gray
Television,
Inc.
205,000
5.875%, 
7/15/2026
i
196,800
iHeartCommunications,
Inc.
290,000
4.750%, 
1/15/2028
i
250,850
Lamar
Media
Corporation
140,000
3.750%, 
2/15/2028
i
128,887
Level
3
Financing,
Inc.
570,000
4.625%, 
9/15/2027
i
564,756
Moody's
Corporation
13,000
2.750%, 
12/15/2021
13,250
Neptune
Finco
Corporation
345,000
10.875%, 
10/15/2025
i
372,928
Netflix,
Inc.
400,000
4.875%, 
4/15/2028
425,372
Nexstar
Escrow
Corporation
123,000
5.625%, 
8/1/2024
i
119,618
170,000
5.625%, 
7/15/2027
i
162,350
Nielsen
Finance,
LLC
210,000
5.000%, 
4/15/2022
i
206,873
Omnicom
Group,
Inc.
85,000
3.600%, 
4/15/2026
90,584
135,000
4.200%, 
6/1/2030
143,969
SFR
Group
SA
290,000
7.375%, 
5/1/2026
i
303,050
Sirius
XM
Radio,
Inc.
400,000
5.000%, 
8/1/2027
i
409,100
Sprint
Corporation
400,000
7.250%, 
9/15/2021
419,500
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Communications
Services
(0.7%)
-
continued
$
405,000
7.625%, 
2/15/2025
$
467,816
Telefonica
Emisiones
SAU
375,000
4.570%, 
4/27/2023
405,750
Telesat
Canada
/
Telesat,
LLC
300,000
4.875%, 
6/1/2027
i
292,500
Time
Warner
Entertainment
Company,
LP
160,000
8.375%, 
3/15/2023
185,139
T-Mobile
USA,
Inc.
590,000
4.500%, 
2/1/2026
607,877
475,000
3.750%, 
4/15/2027
i
509,214
400,000
4.375%, 
4/15/2040
i
451,824
VeriSign,
Inc.
240,000
4.750%, 
7/15/2027
255,650
Verizon
Communications,
Inc.
385,000
3.376%, 
2/15/2025
421,977
90,000
2.792%, 
(LIBOR
3M
+
1.100%),
5/15/2025
b
89,487
842,000
4.272%, 
1/15/2036
1,004,078
Viacom,
Inc.
99,000
4.250%, 
9/1/2023
104,416
126,000
5.850%, 
9/1/2043
142,598
Virgin
Media
Secured
Finance
plc
330,000
5.500%, 
8/15/2026
i
340,610
Vodafone
Group
plc
450,000
4.875%, 
6/19/2049
536,311
Windstream
Services,
LLC
210,000
8.625%, 
10/31/2025
f,i
126,000
Ziggo
BV
180,000
5.500%, 
1/15/2027
i
183,096
Total
20,256,486
Consumer
Cyclical
(0.6%)
1011778
B.C.,
ULC
400,000
4.375%, 
1/15/2028
i
386,780
Allison
Transmission,
Inc.
280,000
5.000%, 
10/1/2024
i
268,800
Amazon.com,
Inc.
230,000
3.875%, 
8/22/2037
279,422
138,000
4.050%, 
8/22/2047
179,501
American
Honda
Finance
Corporation
450,000
2.150%, 
9/10/2024
449,268
Brookfield
Property
REIT,
Inc.
140,000
5.750%, 
5/15/2026
i
112,000
Brookfield
Residential
Properties,
Inc.
400,000
6.250%, 
9/15/2027
i
366,000
Cedar
Fair,
LP
180,000
5.250%, 
7/15/2029
i
154,800
Costco
Wholesale
Corporation
450,000
1.375%, 
6/20/2027
451,835
D.R.
Horton,
Inc.
228,000
2.550%, 
12/1/2020
227,265
Daimler
Finance
North
America,
LLC
250,000
2.301%, 
(LIBOR
3M
+
0.550%),
5/4/2021
b,i
243,297
Ford
Motor
Company
80,000
9.000%, 
4/22/2025
77,800
40,000
9.625%, 
4/22/2030
39,300
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
131
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Consumer
Cyclical
(0.6%)
-
continued
Ford
Motor
Credit
Company,
LLC
$
63,000
3.200%, 
1/15/2021
$
60,795
130,000
2.645%, 
(LIBOR
3M
+
1.270%),
3/28/2022
b
114,887
450,000
4.063%, 
11/1/2024
394,875
440,000
4.134%, 
8/4/2025
373,529
General
Motors
Company
375,000
1.796%, 
(LIBOR
3M
+
0.900%),
9/10/2021
b
357,860
General
Motors
Financial
Company,
Inc.
84,000
4.200%, 
3/1/2021
83,426
275,000
2.170%, 
(LIBOR
3M
+
0.850%),
4/9/2021
b
264,205
9,000
4.375%, 
9/25/2021
8,867
235,000
3.150%, 
6/30/2022
223,910
84,000
3.950%, 
4/13/2024
79,759
135,000
4.300%, 
7/13/2025
126,669
Hanesbrands,
Inc.
300,000
4.875%, 
5/15/2026
i
301,920
Herc
Holdings,
Inc.
110,000
5.500%, 
7/15/2027
i
103,114
Hilton
Domestic
Operating
Company,
Inc.
390,000
4.875%, 
1/15/2030
373,425
Home
Depot,
Inc.
10,000
2.625%, 
6/1/2022
10,432
215,000
5.400%, 
9/15/2040
295,862
126,000
4.250%, 
4/1/2046
158,004
730,000
3.900%, 
6/15/2047
858,739
Hyundai
Capital
America
700,000
3.000%, 
6/20/2022
i
690,126
L
Brands,
Inc.
107,000
6.694%, 
1/15/2027
75,435
Landry's,
Inc.
200,000
6.750%, 
10/15/2024
i
156,000
Lennar
Corporation
9,000
2.950%, 
11/29/2020
8,847
215,000
4.125%, 
1/15/2022
215,851
60,000
4.750%, 
11/15/2022
61,200
475,000
4.875%, 
12/15/2023
486,875
145,000
4.500%, 
4/30/2024
147,900
Mastercard,
Inc.
360,000
3.300%, 
3/26/2027
401,039
320,000
3.950%, 
2/26/2048
401,315
Mattamy
Group
Corporation
345,000
5.250%, 
12/15/2027
i
323,437
McDonald's
Corporation
125,000
2.750%, 
12/9/2020
126,264
450,000
2.125%, 
3/1/2030
g
448,056
275,000
4.450%, 
3/1/2047
336,276
MGM
Resorts
International
390,000
6.000%, 
3/15/2023
379,275
20,000
5.750%, 
6/15/2025
19,200
Prime
Security
Services
Borrower,
LLC
410,000
5.750%, 
4/15/2026
i
403,973
Ralph
Lauren
Corporation
10,000
2.625%, 
8/18/2020
10,024
Ryman
Hospitality
Properties,
Inc.
50,000
4.750%, 
10/15/2027
i
43,625
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Consumer
Cyclical
(0.6%)
-
continued
Scientific
Games
International,
Inc.
$
200,000
5.000%, 
10/15/2025
i
$
174,660
70,000
7.000%, 
5/15/2028
i
50,400
ServiceMaster
Company,
LLC
380,000
5.125%, 
11/15/2024
i
387,676
Six
Flags
Entertainment
Corporation
120,000
5.500%, 
4/15/2027
i
103,884
Six
Flags
Theme
Parks,
Inc.
80,000
7.000%, 
7/1/2025
i
82,784
Staples,
Inc.
220,000
7.500%, 
4/15/2026
i
173,800
Target
Corporation
425,000
2.250%, 
4/15/2025
447,205
TJX
Companies,
Inc.
450,000
3.750%, 
4/15/2027
490,977
270,000
3.875%, 
4/15/2030
301,282
Visa,
Inc.
270,000
1.900%, 
4/15/2027
279,198
450,000
2.700%, 
4/15/2040
470,109
Volkswagen
Group
of
America
Finance,
LLC
500,000
4.250%, 
11/13/2023
i
523,713
Walmart,
Inc.
400,000
3.250%, 
7/8/2029
455,890
Yum!
Brands,
Inc.
290,000
4.750%, 
1/15/2030
i
295,800
Total
16,398,442
Consumer
Non-Cyclical
(1.0%)
Abbott
Laboratories
80,000
3.400%, 
11/30/2023
86,814
79,000
3.750%, 
11/30/2026
91,244
381,000
4.750%, 
11/30/2036
496,980
AbbVie,
Inc.
6,000
2.900%, 
11/6/2022
6,242
210,000
3.600%, 
5/14/2025
227,953
275,000
2.950%, 
11/21/2026
i
291,064
105,000
4.700%, 
5/14/2045
124,522
750,000
4.875%, 
11/14/2048
944,368
Albertson's
Companies,
Inc.
350,000
7.500%, 
3/15/2026
i
382,375
Allergan
Sales,
LLC
11,000
4.875%, 
2/15/2021
i
11,384
Allergan,
Inc.
400,000
2.800%, 
3/15/2023
407,888
Altria
Group,
Inc.
300,000
4.400%, 
2/14/2026
332,652
475,000
5.800%, 
2/14/2039
565,829
Amgen,
Inc.
450,000
3.375%, 
2/21/2050
481,651
125,000
3.125%, 
5/1/2025
135,713
Anheuser-Busch
Companies,
LLC
484,000
3.650%, 
2/1/2026
527,470
336,000
4.700%, 
2/1/2036
373,490
Anheuser-Busch
InBev
Finance,
Inc.
5,000
3.300%, 
2/1/2023
5,259
Anheuser-Busch
InBev
Worldwide,
Inc.
550,000
4.750%, 
4/15/2058
615,516
250,000
3.500%, 
6/1/2030
266,652
290,000
4.375%, 
4/15/2038
312,475
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
132
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Consumer
Non-Cyclical
(1.0%)
-
continued
$
90,000
4.600%, 
4/15/2048
$
99,213
Anthem,
Inc.
360,000
3.125%, 
5/15/2050
359,093
230,000
4.625%, 
5/15/2042
279,302
Aramark
Services,
Inc.
170,000
6.375%, 
5/1/2025
i
176,800
Avantor,
Inc.
220,000
6.000%, 
10/1/2024
i
231,880
B&G
Foods,
Inc.
220,000
5.250%, 
9/15/2027
222,438
BAT
Capital
Corporation
400,000
5.282%, 
4/2/2050
461,542
138,000
3.222%, 
8/15/2024
143,160
184,000
4.540%, 
8/15/2047
191,194
Bausch
Health
Companies,
Inc.
200,000
7.000%, 
1/15/2028
i
207,500
50,000
5.000%, 
1/30/2028
i
47,865
50,000
5.250%, 
1/30/2030
i
49,500
Baxalta,
Inc.
118,000
4.000%, 
6/23/2025
129,136
Becton,
Dickinson
and
Company
196,000
3.734%, 
12/15/2024
211,557
225,000
3.700%, 
6/6/2027
244,174
Biogen,
Inc.
425,000
5.200%, 
9/15/2045
553,320
Boston
Scientific
Corporation
126,000
7.375%, 
1/15/2040
196,897
Bristol-Myers
Squibb
Company
370,000
2.875%, 
8/15/2020
i
371,921
Bunge,
Ltd.
Finance
Corporation
80,000
3.500%, 
11/24/2020
80,426
Campbell
Soup
Company
135,000
2.375%, 
4/24/2030
136,349
Cargill,
Inc.
450,000
3.250%, 
5/23/2029
i
472,988
Centene
Corporation
380,000
4.750%, 
1/15/2025
388,873
60,000
4.250%, 
12/15/2027
i
62,775
150,000
4.625%, 
12/15/2029
i
164,250
Cigna
Corporation
45,000
2.109%, 
(LIBOR
3M
+
0.890%),
7/15/2023
b
43,610
320,000
4.125%, 
11/15/2025
358,821
180,000
3.050%, 
10/15/2027
185,120
400,000
4.800%, 
8/15/2038
485,642
Clorox
Company
300,000
3.100%, 
10/1/2027
331,059
Conagra
Brands,
Inc.
230,000
4.300%, 
5/1/2024
249,276
Constellation
Brands,
Inc.
210,000
3.600%, 
2/15/2028
222,944
180,000
2.875%, 
5/1/2030
182,758
CVS
Health
Corporation
6,000
2.750%, 
12/1/2022
6,208
104,000
3.700%, 
3/9/2023
110,273
40,000
4.000%, 
12/5/2023
43,114
270,000
4.100%, 
3/25/2025
298,065
450,000
3.625%, 
4/1/2027
489,846
550,000
4.875%, 
7/20/2035
671,256
Encompass
Health
Corporation
210,000
4.500%, 
2/1/2028
210,399
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Consumer
Non-Cyclical
(1.0%)
-
continued
Energizer
Holdings,
Inc.
$
420,000
5.500%, 
6/15/2025
i
$
424,872
Express
Scripts
Holding
Company
425,000
4.800%, 
7/15/2046
472,799
General
Mills,
Inc.
240,000
2.875%, 
4/15/2030
256,363
HCA,
Inc.
570,000
5.375%, 
2/1/2025
612,830
Imperial
Brands
Finance
plc
475,000
3.875%, 
7/26/2029
i
475,394
Imperial
Tobacco
Finance
plc
170,000
2.950%, 
7/21/2020
i
170,316
JBS
USA,
LLC
135,000
5.750%, 
6/15/2025
i
136,689
420,000
5.500%, 
1/15/2030
i
425,250
Keurig
Dr.
Pepper,
Inc.
375,000
3.200%, 
5/1/2030
400,021
Kimberly-Clark
Corporation
270,000
3.100%, 
3/26/2030
300,673
230,000
3.900%, 
5/4/2047
285,258
Kraft
Foods
Group,
Inc.
210,000
5.000%, 
6/4/2042
212,882
Kraft
Heinz
Foods
Company
400,000
3.375%, 
6/15/2021
405,791
350,000
4.625%, 
1/30/2029
368,362
310,000
3.750%, 
4/1/2030
i
314,936
Kroger
Company
115,000
2.800%, 
8/1/2022
119,059
Mead
Johnson
Nutrition
Company
20,000
3.000%, 
11/15/2020
20,174
Medtronic,
Inc.
476,000
4.375%, 
3/15/2035
604,078
13,000
4.625%, 
3/15/2045
17,528
Merck
&
Company,
Inc.
30,000
3.700%, 
2/10/2045
36,074
Mondelez
International
Holdings
Netherlands
BV
10,000
2.000%, 
10/28/2021
i
10,098
Mondelez
International,
Inc.
150,000
2.750%, 
4/13/2030
158,815
Mylan,
Inc.
45,000
3.125%, 
1/15/2023
i
45,467
Nestle
Holdings,
Inc.
400,000
3.900%, 
9/24/2038
i
484,741
Par
Pharmaceutical,
Inc.
200,000
7.500%, 
4/1/2027
i
202,560
Pernod
Ricard
SA
10,000
5.750%, 
4/7/2021
i
10,407
Post
Holdings,
Inc.
230,000
5.750%, 
3/1/2027
i
235,463
Reynolds
American,
Inc.
257,000
5.700%, 
8/15/2035
300,295
Roche
Holdings,
Inc.
130,000
4.000%, 
11/28/2044
i
161,003
Scotts
Miracle-Gro
Company
220,000
4.500%, 
10/15/2029
214,500
Shire
Acquisitions
Investments
Ireland
Designated
Activity
Company
276,000
2.400%, 
9/23/2021
280,160
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
133
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Consumer
Non-Cyclical
(1.0%)
-
continued
Simmons
Foods,
Inc.
$
135,000
5.750%, 
11/1/2024
i
$
125,550
Smithfield
Foods,
Inc.
165,000
2.650%, 
10/3/2021
i
162,363
Spectrum
Brands,
Inc.
390,000
5.750%, 
7/15/2025
389,025
Teleflex,
Inc.
430,000
4.625%, 
11/15/2027
440,750
Tenet
Healthcare
Corporation
100,000
4.625%, 
7/15/2024
98,680
300,000
5.125%, 
11/1/2027
i
296,250
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3,000
2.200%, 
7/21/2021
2,921
220,000
2.800%, 
7/21/2023
202,125
Thermo
Fisher
Scientific,
Inc.
270,000
4.133%, 
3/25/2025
304,479
Tyson
Foods,
Inc.
92,000
3.550%, 
6/2/2027
99,449
UnitedHealth
Group,
Inc.
250,000
2.950%, 
10/15/2027
270,819
755,000
4.625%, 
7/15/2035
950,539
VRX
Escrow
Corporation
800,000
6.125%, 
4/15/2025
i
808,500
Zoetis,
Inc.
9,000
3.450%, 
11/13/2020
9,093
288,000
4.700%, 
2/1/2043
369,424
Total
28,750,910
Energy
(0.6%)
Archrock
Partners,
LP
120,000
6.250%, 
4/1/2028
i
89,400
BP
Capital
Markets
America,
Inc.
45,000
3.119%, 
5/4/2026
46,936
850,000
3.543%, 
4/6/2027
891,261
BP
Capital
Markets
plc
252,000
3.535%, 
11/4/2024
266,197
350,000
3.279%, 
9/19/2027
362,080
Buckeye
Partners,
LP
40,000
4.125%, 
3/1/2025
i
37,000
165,000
3.950%, 
12/1/2026
149,325
65,000
4.125%, 
12/1/2027
58,013
Canadian
Natural
Resources,
Ltd.
200,000
3.450%, 
11/15/2021
201,938
Canadian
Oil
Sands,
Ltd.
125,000
9.400%, 
9/1/2021
i
134,125
Cheniere
Energy
Partners,
LP
425,000
5.625%, 
10/1/2026
406,130
Chesapeake
Energy
Corporation
124,000
11.500%, 
1/1/2025
i
3,410
ConocoPhillips
230,000
6.500%, 
2/1/2039
329,441
Continental
Resources,
Inc.
115,000
5.000%, 
9/15/2022
108,100
325,000
4.500%, 
4/15/2023
287,422
Diamondback
Energy,
Inc.
700,000
3.500%, 
12/1/2029
604,700
El
Paso
Pipeline
Partners
Operating
Company,
LLC
135,000
4.300%, 
5/1/2024
143,144
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Energy
(0.6%)
-
continued
Enagas
SA
$
625,000
5.500%, 
1/15/2028
i
$
428,125
Enbridge,
Inc.
175,000
2.900%, 
7/15/2022
175,974
Endeavor
Energy
Resources,
LP
110,000
5.750%, 
1/30/2028
i
95,700
Energy
Transfer
Operating,
LP
75,000
4.200%, 
9/15/2023
73,740
330,000
6.000%, 
6/15/2048
309,841
Energy
Transfer
Partners,
LP
90,000
4.900%, 
3/15/2035
81,013
125,000
5.150%, 
2/1/2043
103,221
EnLink
Midstream
Partners,
LP
240,000
4.850%, 
7/15/2026
146,400
Enterprise
Products
Operating,
LLC
48,000
5.100%, 
2/15/2045
52,309
EOG
Resources,
Inc.
10,000
2.625%, 
3/15/2023
10,258
375,000
4.375%, 
4/15/2030
418,277
EQT
Corporation
240,000
3.900%, 
10/1/2027
201,600
Equinor
ASA
540,000
3.000%, 
4/6/2027
566,488
Exxon
Mobil
Corporation
450,000
4.327%, 
3/19/2050
549,132
725,000
3.452%, 
4/15/2051
786,086
Kinder
Morgan
Energy
Partners,
LP
12,000
3.450%, 
2/15/2023
12,321
225,000
6.500%, 
9/1/2039
258,713
Kinder
Morgan,
Inc.
255,000
6.500%, 
9/15/2020
257,934
Magellan
Midstream
Partners,
LP
120,000
5.000%, 
3/1/2026
129,927
Marathon
Petroleum
Corporation
276,000
4.750%, 
12/15/2023
278,228
59,000
6.500%, 
3/1/2041
61,895
MPLX,
LP
9,000
4.500%, 
7/15/2023
9,002
500,000
4.875%, 
12/1/2024
496,529
276,000
4.875%, 
6/1/2025
269,153
Murphy
Oil
Corporation
160,000
5.875%, 
12/1/2027
108,592
Nabors
Industries,
Inc.
200,000
5.750%, 
2/1/2025
46,000
Nabors
Industries,
Ltd.
70,000
7.250%, 
1/15/2026
i
26,600
Newfield
Exploration
Company
180,000
5.625%, 
7/1/2024
128,748
210,000
5.375%, 
1/1/2026
144,835
Noble
Energy,
Inc.
600,000
5.050%, 
11/15/2044
438,392
Occidental
Petroleum
Corporation
140,000
2.700%, 
8/15/2022
121,800
270,000
2.900%, 
8/15/2024
205,119
90,000
3.400%, 
4/15/2026
64,350
ONEOK,
Inc.
360,000
2.200%, 
9/15/2025
311,275
Parsley
Energy,
LLC
360,000
5.625%, 
10/15/2027
i
307,800
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
134
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Energy
(0.6%)
-
continued
Petrobras
Global
Finance
BV
$
252,000
5.093%, 
1/15/2030
i
$
229,698
Pioneer
Natural
Resources
Company
85,000
4.450%, 
1/15/2026
89,487
Plains
All
American
Pipeline,
LP
500,000
4.500%, 
12/15/2026
463,753
500,000
3.550%, 
12/15/2029
426,777
Regency
Energy
Partners,
LP
168,000
5.875%, 
3/1/2022
170,810
Sabine
Pass
Liquefaction,
LLC
141,000
6.250%, 
3/15/2022
145,478
166,000
5.625%, 
4/15/2023
172,580
185,000
5.750%, 
5/15/2024
193,881
Schlumberger
Holdings
Corporation
155,000
4.000%, 
12/21/2025
i
156,400
Southwestern
Energy
Company
340,000
7.500%, 
4/1/2026
g
304,463
Suncor
Energy,
Inc.
95,000
3.600%, 
12/1/2024
97,907
Sunoco
Logistics
Partners
Operations,
LP
10,000
4.400%, 
4/1/2021
9,973
345,000
4.000%, 
10/1/2027
323,031
Sunoco,
LP
140,000
5.875%, 
3/15/2028
133,000
Targa
Resources
Partners,
LP
290,000
5.375%, 
2/1/2027
246,500
Transocean
Guardian,
Ltd.
313,125
5.875%, 
1/15/2024
i
239,541
Viper
Energy
Partners,
LP
290,000
5.375%, 
11/1/2027
i
259,550
W&T
Offshore,
Inc.
320,000
9.750%, 
11/1/2023
i
105,600
Western
Gas
Partners,
LP
184,000
4.000%, 
7/1/2022
178,020
Williams
Companies,
Inc.
250,000
7.500%, 
1/15/2031
293,730
Williams
Partners,
LP
117,000
4.000%, 
11/15/2021
118,617
65,000
3.600%, 
3/15/2022
65,754
115,000
4.500%, 
11/15/2023
119,368
185,000
6.300%, 
4/15/2040
212,807
WPX
Energy,
Inc.
95,000
5.750%, 
6/1/2026
86,099
170,000
4.500%, 
1/15/2030
138,550
Total
16,775,373
Financials
(1.6%)
ABN
AMRO
Bank
NV
200,000
4.750%, 
7/28/2025
i
213,798
ACE
INA
Holdings,
Inc.
10,000
2.875%, 
11/3/2022
10,433
125,000
4.350%, 
11/3/2045
162,984
AerCap
Ireland
Capital,
Ltd.
84,000
4.625%, 
10/30/2020
82,930
84,000
4.625%, 
7/1/2022
79,277
175,000
3.500%, 
1/15/2025
150,910
350,000
3.875%, 
1/23/2028
294,089
Air
Lease
Corporation
28,000
2.500%, 
3/1/2021
26,585
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Financials
(1.6%)
-
continued
Aircastle,
Ltd.
$
400,000
5.000%, 
4/1/2023
$
378,081
Ally
Financial,
Inc.
310,000
5.750%, 
11/20/2025
317,750
American
International
Group,
Inc.
126,000
4.125%, 
2/15/2024
136,298
275,000
3.750%, 
7/10/2025
293,408
255,000
3.900%, 
4/1/2026
275,858
Athene
Global
Funding
5,000
4.000%, 
1/25/2022
i
5,147
Australia
and
New
Zealand
Banking
Group,
Ltd.
250,000
2.950%, 
7/22/2030
b,i
246,538
AvalonBay
Communities,
Inc.
200,000
3.500%, 
11/15/2025
210,748
Aviation
Capital
Group,
LLC
290,000
2.875%, 
1/20/2022
i
251,146
Avolon
Holdings
Funding,
Ltd.
275,000
5.250%, 
5/15/2024
i
238,455
Banco
Santander
Mexico
SA
275,000
5.375%, 
4/17/2025
i
282,219
Banco
Santander
SA
400,000
2.431%, 
(LIBOR
3M
+
1.120%),
4/12/2023
b
385,659
Bank
of
America
Corporation
5,000
2.738%, 
1/23/2022
b
5,032
275,000
3.499%, 
5/17/2022
b
280,191
185,000
2.881%, 
4/24/2023
b
189,032
9,000
3.550%, 
3/5/2024
b
9,465
168,000
4.000%, 
4/1/2024
182,334
450,000
4.200%, 
8/26/2024
486,610
515,000
4.000%, 
1/22/2025
556,167
450,000
3.458%, 
3/15/2025
b
475,303
240,000
3.093%, 
10/1/2025
b
251,910
185,000
3.824%, 
1/20/2028
b
202,086
450,000
2.496%, 
2/13/2031
b
454,894
270,000
2.592%, 
4/29/2031
b
276,389
208,000
5.875%, 
2/7/2042
300,187
Bank
of
Montreal
225,000
1.771%, 
(LIBOR
3M
+
0.460%),
4/13/2021
b
224,656
Bank
of
New
York
Mellon
Corporation
210,000
2.500%, 
4/15/2021
212,830
12,000
2.600%, 
2/7/2022
12,336
Bank
of
Nova
Scotia
435,000
1.575%, 
(LIBOR
3M
+
0.440%),
4/20/2021
b
433,987
199,000
2.700%, 
3/7/2022
204,802
Barclays
Bank
plc
42,000
10.179%, 
6/12/2021
i
44,995
Barclays
plc
330,000
3.250%, 
1/12/2021
332,373
425,000
4.610%, 
2/15/2023
b
441,763
168,000
3.650%, 
3/16/2025
174,569
Boston
Properties,
LP
325,000
4.500%, 
12/1/2028
367,738
BPCE
SA
350,000
3.500%, 
10/23/2027
i
366,715
Camden
Property
Trust
525,000
3.150%, 
7/1/2029
554,166
Capital
One
Financial
Corporation
186,000
3.050%, 
3/9/2022
188,860
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
135
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Financials
(1.6%)
-
continued
$
450,000
4.200%, 
10/29/2025
$
462,025
Capital
One
NA
500,000
2.150%, 
9/6/2022
498,280
Cascades
USA,
Inc.
200,000
5.125%, 
1/15/2026
i
200,000
CIT
Group,
Inc.
295,000
5.000%, 
8/15/2022
293,525
90,000
5.250%, 
3/7/2025
88,902
Citigroup,
Inc.
216,000
2.750%, 
4/25/2022
221,161
89,000
4.050%, 
7/30/2022
93,404
165,000
3.142%, 
1/24/2023
b
168,989
435,000
4.400%, 
6/10/2025
472,176
168,000
3.200%, 
10/21/2026
177,041
526,000
3.668%, 
7/24/2028
b
562,152
126,000
4.125%, 
7/25/2028
135,944
250,000
3.520%, 
10/27/2028
b
265,245
320,000
3.878%, 
1/24/2039
b
343,408
198,000
4.650%, 
7/23/2048
242,429
CNA
Financial
Corporation
200,000
3.900%, 
5/1/2029
207,995
Comerica,
Inc.
70,000
3.700%, 
7/31/2023
73,657
Commerzbank
AG
230,000
8.125%, 
9/19/2023
i
253,925
Compass
Bank
250,000
3.500%, 
6/11/2021
252,106
Cooperatieve
Centrale
Raiffeisen-
Boerenleenbank
BA
239,000
3.950%, 
11/9/2022
246,690
552,000
4.625%, 
12/1/2023
590,163
Credit
Agricole
SA
306,000
3.375%, 
1/10/2022
i
312,310
375,000
3.250%, 
1/14/2030
i
379,052
Credit
Suisse
Group
AG
250,000
2.997%, 
12/14/2023
b,i
254,419
225,000
7.250%, 
9/12/2025
b,i,l
224,438
250,000
3.869%, 
1/12/2029
b,i
264,576
Credit
Suisse
Group
Funding
(Guernsey),
Ltd.
222,000
3.125%, 
12/10/2020
223,597
18,000
3.800%, 
9/15/2022
18,732
Credit
Suisse
Group
Funding,
Ltd.
168,000
3.750%, 
3/26/2025
177,930
Danske
Bank
AS
400,000
3.244%, 
12/20/2025
b,i
399,948
Deutsche
Bank
AG
252,000
3.375%, 
5/12/2021
252,204
123,000
4.250%, 
10/14/2021
123,804
400,000
3.961%, 
11/26/2025
b
391,022
Deutsche
Bank
AG
of
New
York
100,000
3.950%, 
2/27/2023
99,661
Discover
Bank
325,000
2.450%, 
9/12/2024
317,912
290,000
4.682%, 
8/9/2028
b
294,176
Duke
Realty,
LP
300,000
2.875%, 
11/15/2029
311,211
ERP
Operating,
LP
32,000
3.375%, 
6/1/2025
33,616
Fidelity
National
Financial,
Inc.
325,000
5.500%, 
9/1/2022
347,121
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Financials
(1.6%)
-
continued
Fifth
Third
Bancorp
$
52,000
2.875%, 
7/27/2020
$
52,127
155,000
2.600%, 
6/15/2022
157,838
Five
Corners
Funding
Trust
555,000
4.419%, 
11/15/2023
i
610,699
GE
Capital
International
Funding
Company
480,000
4.418%, 
11/15/2035
499,262
Goldman
Sachs
Group,
Inc.
337,000
5.375%, 
6/1/2020
b,l
312,989
578,000
5.250%, 
7/27/2021
603,640
10,000
2.862%, 
(LIBOR
3M
+
1.170%),
11/15/2021
b
9,985
12,000
3.000%, 
4/26/2022
12,156
329,000
2.876%, 
10/31/2022
b
334,142
184,000
2.908%, 
6/5/2023
b
188,072
525,000
3.625%, 
2/20/2024
555,841
165,000
4.750%, 
10/21/2045
199,632
HCP,
Inc.
60,000
3.400%, 
2/1/2025
62,058
Hospitality
Properties
Trust
10,000
4.250%, 
2/15/2021
9,580
HSBC
Holdings
plc
212,000
6.875%, 
6/1/2021
b,l
212,530
125,000
2.650%, 
1/5/2022
126,903
525,000
3.803%, 
3/11/2025
b
558,670
200,000
3.900%, 
5/25/2026
217,590
450,000
4.950%, 
3/31/2030
532,746
Huntington
Bancshares,
Inc.
10,000
3.150%, 
3/14/2021
10,149
Icahn
Enterprises,
LP
140,000
6.750%, 
2/1/2024
140,157
185,000
6.375%, 
12/15/2025
184,075
ING
Groep
NV
200,000
3.150%, 
3/29/2022
205,069
350,000
4.100%, 
10/2/2023
374,454
International
Lease
Finance
Corporation
112,000
5.875%, 
8/15/2022
109,496
Iron
Mountain,
Inc.
163,677
6.000%, 
8/15/2023
165,314
75,000
4.875%, 
9/15/2027
i
73,125
J.P.
Morgan
Chase
&
Company
199,000
2.260%, 
(LIBOR
3M
+
0.680%),
6/1/2021
b
198,956
9,000
2.776%, 
4/25/2023
b
9,215
210,000
2.700%, 
5/18/2023
217,569
108,000
2.250%, 
(LIBOR
3M
+
1.230%),
10/24/2023
b
107,865
120,000
3.625%, 
5/13/2024
129,234
450,000
3.875%, 
9/10/2024
483,938
240,000
3.125%, 
1/23/2025
254,378
470,000
3.900%, 
7/15/2025
516,664
135,000
3.300%, 
4/1/2026
145,159
375,000
4.203%, 
7/23/2029
b
423,692
250,000
2.522%, 
4/22/2031
b
255,189
275,000
3.882%, 
7/24/2038
b
310,014
KeyCorp
100,000
2.900%, 
9/15/2020
100,573
Kimco
Realty
Corporation
368,000
3.300%, 
2/1/2025
368,290
Liberty
Mutual
Group,
Inc.
3,000
5.000%, 
6/1/2021
i
3,093
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
136
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Financials
(1.6%)
-
continued
$
84,000
4.950%, 
5/1/2022
i
$
88,635
Lloyds
Banking
Group
plc
250,000
2.907%, 
11/7/2023
b
253,977
700,000
3.870%, 
7/9/2025
b
736,137
MetLife,
Inc.
125,000
4.050%, 
3/1/2045
146,439
Mitsubishi
UFJ
Financial
Group,
Inc.
6,000
2.998%, 
2/22/2022
6,141
640,000
3.455%, 
3/2/2023
666,785
230,000
3.287%, 
7/25/2027
244,357
Morgan
Stanley
12,000
2.800%, 
6/16/2020
12,022
84,000
5.550%, 
7/15/2020
b,l
77,280
11,000
5.500%, 
7/28/2021
11,536
210,000
2.625%, 
11/17/2021
213,431
97,000
2.315%, 
(LIBOR
3M
+
1.180%),
1/20/2022
b
96,748
213,000
2.750%, 
5/19/2022
218,363
65,000
4.875%, 
11/1/2022
69,459
215,000
3.125%, 
1/23/2023
223,576
180,000
2.188%, 
4/28/2026
b
181,959
210,000
4.350%, 
9/8/2026
231,267
276,000
3.591%, 
7/22/2028
b
298,523
250,000
3.772%, 
1/24/2029
b
274,219
540,000
3.622%, 
4/1/2031
b,g
593,584
MPT
Operating
Partnership,
LP
195,000
6.375%, 
3/1/2024
201,375
255,000
4.625%, 
8/1/2029
253,567
Nasdaq,
Inc.
225,000
3.250%, 
4/28/2050
222,863
110,000
3.850%, 
6/30/2026
120,942
Nationwide
Building
Society
275,000
3.622%, 
4/26/2023
b,i
282,002
Outfront
Media
Cap,
LLC
220,000
4.625%, 
3/15/2030
i
200,750
Park
Aerospace
Holdings,
Ltd.
275,000
4.500%, 
3/15/2023
i
243,211
PNC
Bank
NA
10,000
2.450%, 
11/5/2020
10,067
Prudential
Financial,
Inc.
400,000
3.700%, 
3/13/2051
424,376
Quicken
Loans,
Inc.
395,000
5.750%, 
5/1/2025
i
387,100
Realty
Income
Corporation
185,000
4.125%, 
10/15/2026
202,312
Regency
Centers,
LP
320,000
4.125%, 
3/15/2028
342,142
Reinsurance
Group
of
America,
Inc.
323,000
4.700%, 
9/15/2023
340,260
78,000
3.900%, 
5/15/2029
81,889
Royal
Bank
of
Scotland
Group
plc
175,000
6.125%, 
12/15/2022
187,522
250,000
6.100%, 
6/10/2023
270,673
200,000
3.875%, 
9/12/2023
209,385
450,000
4.269%, 
3/22/2025
b
479,646
400,000
4.445%, 
5/8/2030
b
446,275
Santander
UK
Group
Holdings
plc
147,000
2.875%, 
10/16/2020
147,848
Simon
Property
Group,
LP
15,000
2.500%, 
7/15/2021
14,966
168,000
4.250%, 
11/30/2046
165,566
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Financials
(1.6%)
-
continued
Societe
Generale
SA
$
138,000
4.750%, 
11/24/2025
i
$
145,869
Springleaf
Finance
Corporation
210,000
6.875%, 
3/15/2025
198,597
180,000
7.125%, 
3/15/2026
166,833
Standard
Chartered
plc
500,000
2.819%, 
1/30/2026
b,i
498,991
Sumitomo
Mitsui
Financial
Group,
Inc.
176,000
2.784%, 
7/12/2022
179,933
150,000
3.102%, 
1/17/2023
155,445
126,000
3.010%, 
10/19/2026
132,767
SunTrust
Banks,
Inc.
10,000
2.900%, 
3/3/2021
10,132
Synchrony
Financial
55,000
4.250%, 
8/15/2024
53,741
425,000
3.950%, 
12/1/2027
391,128
UBS
Group
Funding
Jersey,
Ltd.
24,000
3.000%, 
4/15/2021
i
24,256
126,000
4.125%, 
9/24/2025
i
138,497
UBS
Group
Funding
Switzerland
AG
200,000
3.491%, 
5/23/2023
i
205,824
Ventas
Realty,
LP
195,000
3.100%, 
1/15/2023
192,844
VICI
Properties,
LP
/
VICI
Note
Company,
Inc.
80,000
4.250%, 
12/1/2026
i
74,767
40,000
3.750%, 
2/15/2027
i
37,200
80,000
4.625%, 
12/1/2029
i
73,900
40,000
4.125%, 
8/15/2030
i
36,400
Voya
Financial,
Inc.
342,000
3.125%, 
7/15/2024
351,509
Wells
Fargo
&
Company
170,000
2.550%, 
12/7/2020
171,344
7,000
2.100%, 
7/26/2021
7,066
205,000
2.625%, 
7/22/2022
209,929
225,000
3.069%, 
1/24/2023
230,357
168,000
3.450%, 
2/13/2023
174,907
450,000
4.125%, 
8/15/2023
479,631
15,000
1.990%, 
(LIBOR
3M
+
1.230%),
10/31/2023
b
14,940
125,000
3.000%, 
2/19/2025
131,170
600,000
3.000%, 
4/22/2026
628,599
168,000
3.000%, 
10/23/2026
175,660
323,000
4.900%, 
11/17/2045
389,032
Welltower,
Inc.
70,000
3.950%, 
9/1/2023
71,473
Westpac
Banking
Corporation
15,000
2.543%, 
(LIBOR
3M
+
0.850%),
8/19/2021
b
15,012
ZB
NA
360,000
3.500%, 
8/27/2021
361,609
Total
47,597,314
Mortgage-Backed
Securities
(5.8%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
15-Yr.
Pass
Through
6,574,447
3.500%, 
5/1/2034
6,952,520
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
137
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Mortgage-Backed
Securities
(5.8%)
-
continued
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
$
9,945,113
3.000%, 
3/25/2050
$
10,509,742
5,260,808
3.000%, 
4/1/2050
5,559,494
72,660
3.500%, 
7/1/2047
77,210
6,956,120
3.000%, 
8/1/2047
7,363,106
Federal
National
Mortgage
Association
654,525
3.230%, 
11/1/2020
654,704
2,689,975
4.500%, 
5/1/2048
2,907,413
5,201,876
3.500%, 
10/1/2048
5,507,856
15,773,175
3.500%, 
2/1/2049
16,654,030
46,228
3.500%, 
6/1/2049
49,002
5,907,614
3.500%, 
8/1/2049
6,270,979
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
24,250,000
2.000%, 
6/1/2034
e
24,975,605
13,100,000
2.500%, 
6/1/2034
e
13,682,848
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
19,625,000
2.500%, 
5/1/2050
e
20,435,298
10,619,801
4.000%, 
7/1/2048
11,302,677
8,375,000
3.000%, 
5/1/2049
e
8,840,859
9,072,000
3.000%, 
6/1/2049
e
9,565,612
16,928,000
2.500%, 
7/1/2049
e
17,598,235
Total
168,907,190
Technology
(0.6%)
Adobe,
Inc.
275,000
2.150%, 
2/1/2027
287,831
Apple,
Inc.
10,000
2.400%, 
1/13/2023
10,462
115,000
3.000%, 
2/9/2024
123,452
183,000
3.200%, 
5/11/2027
203,757
250,000
3.000%, 
6/20/2027
276,271
400,000
3.000%, 
11/13/2027
442,308
585,000
3.750%, 
9/12/2047
704,775
Applied
Materials,
Inc.
92,000
3.300%, 
4/1/2027
101,444
Avnet,
Inc.
125,000
3.750%, 
12/1/2021
126,732
Baidu,
Inc.
6,000
3.000%, 
6/30/2020
6,008
360,000
3.425%, 
4/7/2030
376,115
Broadcom
Corporation
146,000
3.875%, 
1/15/2027
151,472
220,000
3.500%, 
1/15/2028
222,894
Broadcom,
Inc.
525,000
4.750%, 
4/15/2029
i
579,148
180,000
5.000%, 
4/15/2030
i
201,250
CommScope
Technologies
Finance,
LLC
270,000
6.000%, 
6/15/2025
i
240,273
Diamond
1
Finance
Corporation
26,000
5.450%, 
6/15/2023
i
27,486
990,000
6.020%, 
6/15/2026
i
1,071,140
Diamond
Sports
Group,
LLC
110,000
5.375%, 
8/15/2026
i
83,600
250,000
6.625%, 
8/15/2027
i
136,875
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Technology
(0.6%)
-
continued
Harland
Clarke
Holdings
Corporation
$
210,000
8.375%, 
8/15/2022
i
$
150,339
Hewlett
Packard
Enterprise
Company
15,000
3.600%, 
10/15/2020
15,095
365,000
2.093%, 
(LIBOR
3M
+
0.720%),
10/5/2021
b
358,738
48,000
4.400%, 
10/15/2022
50,353
300,000
4.650%, 
10/1/2024
319,189
Intel
Corporation
900,000
3.100%, 
2/15/2060
982,522
10,000
3.100%, 
7/29/2022
10,526
Iron
Mountain,
Inc.
170,000
4.875%, 
9/15/2029
i
162,775
KLA
Corporation
540,000
3.300%, 
3/1/2050
526,335
Lam
Research
Corporation
450,000
2.875%, 
N/A
448,817
Marvell
Technology
Group,
Ltd.
205,000
4.200%, 
6/22/2023
212,117
275,000
4.875%, 
6/22/2028
300,629
Micron
Technology,
Inc.
180,000
2.497%, 
4/24/2023
183,197
Microsoft
Corporation
270,000
4.750%, 
11/3/2055
397,156
12,000
2.400%, 
2/6/2022
12,372
270,000
4.200%, 
11/3/2035
342,906
975,000
3.700%, 
8/8/2046
1,192,249
NCR
Corporation
380,000
6.125%, 
9/1/2029
i
377,150
NVIDIA
Corporation
450,000
3.500%, 
4/1/2040
504,445
NXP
BV/NXP
Funding,
LLC
425,000
4.875%, 
3/1/2024
i
461,203
Open
Text
Corporation
250,000
4.125%, 
2/15/2030
i
243,175
Oracle
Corporation
10,000
2.500%, 
5/15/2022
10,292
168,000
2.400%, 
9/15/2023
175,801
390,000
2.950%, 
5/15/2025
418,323
600,000
2.800%, 
4/1/2027
643,048
250,000
3.850%, 
7/15/2036
287,534
450,000
3.600%, 
4/1/2040
506,051
Plantronics,
Inc.
230,000
5.500%, 
5/31/2023
i
182,229
PTC,
Inc.
70,000
3.625%, 
2/15/2025
i
68,915
60,000
4.000%, 
2/15/2028
i
58,800
SS&C
Technologies,
Inc.
290,000
5.500%, 
9/30/2027
i
297,250
Texas
Instruments,
Inc.
330,000
4.150%, 
5/15/2048
420,136
Tyco
Electronics
Group
SA
46,000
3.450%, 
8/1/2024
48,801
92,000
3.125%, 
8/15/2027
95,961
Vmware,
Inc.
275,000
4.650%, 
5/15/2027
291,230
Total
16,128,952
Transportation
(0.1%)
Air
Canada
Pass
Through
Trust
36,442
3.875%, 
3/15/2023
i
30,985
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
138
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Transportation
(0.1%)
-
continued
Air
Lease
Corporation
$
70,000
3.500%, 
1/15/2022
$
66,249
Burlington
Northern
Santa
Fe,
LLC
140,000
5.750%, 
5/1/2040
194,402
430,000
5.050%, 
3/1/2041
556,581
150,000
4.450%, 
3/15/2043
185,186
CSX
Corporation
270,000
3.800%, 
4/15/2050
309,415
42,000
3.700%, 
11/1/2023
45,036
375,000
3.350%, 
9/15/2049
399,297
Delta
Air
Lines,
Inc.
200,000
7.000%, 
5/1/2025
i
204,979
Hertz
Corporation
210,000
5.500%, 
10/15/2024
i
42,000
160,000
6.000%, 
1/15/2028
i
28,800
NCL
Corporation,
Ltd.
210,000
3.625%, 
12/15/2024
i
134,925
Penske
Truck
Leasing
Company,
LP
425,000
3.375%, 
2/1/2022
i
431,621
Southwest
Airlines
Company
360,000
4.750%, 
5/4/2023
357,481
United
Airlines
Pass
Through
Trust
10,000
3.700%, 
12/1/2022
8,881
United
Continental
Holdings,
Inc.
110,000
4.875%, 
1/15/2025
80,300
United
Parcel
Service,
Inc.
360,000
4.450%, 
4/1/2030
435,514
XPO
Logistics,
Inc.
200,000
6.125%, 
9/1/2023
i
202,500
202,000
6.750%, 
8/15/2024
i
207,979
Total
3,922,131
U.S.
Government
&
Agencies
(6.3%)
U.S.
Treasury
Bonds
4,485,000
2.250%, 
11/15/2027
5,047,727
7,300,000
2.875%, 
5/15/2028
8,613,145
1,510,000
5.250%, 
11/15/2028
2,098,782
4,600,000
1.625%, 
8/15/2029
5,016,156
4,100,000
1.500%, 
2/15/2030
4,433,125
1,175,000
4.375%, 
5/15/2040
1,873,299
6,780,000
3.000%, 
5/15/2042
9,150,616
12,618,000
2.500%, 
5/15/2046
16,015,988
10,050,000
2.875%, 
5/15/2049
13,917,680
U.S.
Treasury
Notes
330,000
1.500%, 
8/15/2020
331,341
450,000
1.375%, 
8/31/2020
m
451,934
120,000
1.875%, 
12/15/2020
121,294
500,000
2.500%, 
2/28/2021
509,688
250,000
1.375%, 
5/31/2021
253,223
7,984,000
1.125%, 
8/31/2021
8,083,488
2,210,000
1.500%, 
9/30/2021
2,251,179
940,000
1.125%, 
2/28/2022
955,863
7,440,000
1.875%, 
7/31/2022
7,717,547
155,000
2.000%, 
11/30/2022
162,023
4,750,000
2.500%, 
3/31/2023
5,060,234
6,560,000
2.500%, 
1/31/2024
7,095,562
2,060,000
2.125%, 
7/31/2024
2,215,063
2,490,000
2.250%, 
11/15/2024
2,702,428
4,360,000
2.125%, 
11/30/2024
4,711,695
750,000
1.375%, 
1/31/2025
785,918
17,550,000
2.875%, 
5/31/2025
19,745,807
5,680,000
2.625%, 
1/31/2026
6,378,684
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
U.S.
Government
&
Agencies
(6.3%)
-
continued
$
40,970,000
2.500%, 
2/28/2026
$
45,775,973
Total
181,475,462
Utilities
(0.6%)
Alabama
Power
Company
6,000
2.450%, 
3/30/2022
6,159
Ameren
Corporation
10,000
2.700%, 
11/15/2020
10,078
Ameren
Illinois
Company
270,000
4.500%, 
3/15/2049
352,805
American
Electric
Power
Company,
Inc.
253,000
2.950%, 
12/15/2022
261,754
American
Water
Capital
Corporation
450,000
2.800%, 
5/1/2030
479,471
Appalachian
Power
Company
92,000
3.300%, 
6/1/2027
98,063
Arizona
Public
Service
Company
300,000
3.500%, 
12/1/2049
330,458
Berkshire
Hathaway
Energy
Company
155,000
4.500%, 
2/1/2045
200,917
Calpine
Corporation
220,000
4.500%, 
2/15/2028
i
213,312
CenterPoint
Energy,
Inc.
70,000
3.850%, 
2/1/2024
74,716
450,000
2.500%, 
9/1/2024
463,721
245,000
4.250%, 
11/1/2028
267,346
CMS
Energy
Corporation
126,000
2.950%, 
2/15/2027
130,152
Commonwealth
Edison
Company
125,000
3.700%, 
3/1/2045
145,765
70,000
4.350%, 
11/15/2045
89,272
Consolidated
Edison
Company
of
New
York,
Inc.
675,000
4.125%, 
5/15/2049
817,691
Consolidated
Edison,
Inc.
63,000
4.500%, 
12/1/2045
78,447
Consumers
Energy
Company
325,000
4.350%, 
4/15/2049
441,849
DTE
Electric
Company
95,000
3.700%, 
3/15/2045
111,748
135,000
3.700%, 
6/1/2046
157,867
Duke
Energy
Carolinas,
LLC
350,000
3.700%, 
12/1/2047
420,341
Duke
Energy
Corporation
168,000
3.750%, 
9/1/2046
190,590
Duke
Energy
Florida,
LLC
120,000
3.200%, 
1/15/2027
131,499
Duke
Energy
Indiana,
LLC
170,000
3.750%, 
5/15/2046
199,696
Edison
International
85,000
2.950%, 
3/15/2023
85,012
800,000
5.750%, 
6/15/2027
908,039
Energy
Transfer
Operating,
LP
330,000
5.200%, 
2/1/2022
332,688
Exelon
Corporation
540,000
4.700%, 
4/15/2050
692,139
90,000
5.100%, 
6/15/2045
115,567
376,000
4.450%, 
4/15/2046
447,720
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
139
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Utilities
(0.6%)
-
continued
FirstEnergy
Corporation
$
60,000
2.850%, 
7/15/2022
$
61,213
350,000
4.850%, 
7/15/2047
450,181
ITC
Holdings
Corporation
30,000
4.050%, 
7/1/2023
31,837
84,000
5.300%, 
7/1/2043
101,609
Mississippi
Power
Company
185,000
3.950%, 
3/30/2028
202,601
Monongahela
Power
Company
95,000
5.400%, 
12/15/2043
i
128,253
National
Rural
Utilities
Cooperative
Finance
Corporation
175,000
3.900%, 
11/1/2028
196,544
400,000
3.700%, 
3/15/2029
449,503
NextEra
Energy
Capital
Holdings,
Inc.
225,000
2.750%, 
5/1/2025
239,443
NextEra
Energy
Operating
Partners,
LP
390,000
3.875%, 
10/15/2026
i
385,476
NiSource
Finance
Corporation
92,000
3.490%, 
5/15/2027
99,373
245,000
5.650%, 
2/1/2045
339,064
NiSource,
Inc.
375,000
3.600%, 
5/1/2030
417,294
Oncor
Electric
Delivery
Company,
LLC
368,000
3.750%, 
4/1/2045
446,150
Pacific
Gas
and
Electric
Company
235,000
3.300%, 
12/1/2027
n,o
235,588
235,000
3.950%, 
12/1/2047
n,o
229,713
PPL
Capital
Funding,
Inc.
92,000
3.400%, 
6/1/2023
95,591
195,000
5.000%, 
3/15/2044
230,997
PPL
Electric
Utilities
Corporation
138,000
3.950%, 
6/1/2047
170,068
PSEG
Power,
LLC
8,000
3.000%, 
6/15/2021
8,111
Public
Service
Electric
&
Gas
Company
230,000
3.000%, 
5/15/2027
248,579
San
Diego
Gas
and
Electric
Company
330,000
4.150%, 
5/15/2048
394,945
South
Carolina
Electric
&
Gas
Company
455,000
5.100%, 
6/1/2065
648,262
Southern
California
Edison
Company
185,000
4.000%, 
4/1/2047
204,776
Southern
Company
6,000
2.350%, 
7/1/2021
6,070
180,000
2.950%, 
7/1/2023
189,718
250,000
3.250%, 
7/1/2026
266,905
165,000
4.400%, 
7/1/2046
194,730
Southern
Company
Gas
Capital
Corporation
230,000
4.400%, 
5/30/2047
267,008
Southwestern
Electric
Power
Company
65,000
3.900%, 
4/1/2045
70,334
TerraForm
Power
Operating,
LLC
175,000
5.000%, 
1/31/2028
i
183,582
Virginia
Electric
and
Power
Company
275,000
4.600%, 
12/1/2048
368,772
Principal
Amount
Long-Term
Fixed
Income
(
19
.8
%
)
Value
Utilities
(0.6%)
-
continued
Vistra
Operations
Company,
LLC
$
240,000
5.000%, 
7/31/2027
i
$
244,776
Total
16,061,948
Total
Long-Term
Fixed
Income
(cost
$542,656,055)
573,522,451
Shares
Collateral
Held
for
Securities
Loaned
(
1
.5
%
)
Value
44,045,413
Thrivent
Cash
Management
Trust
44,045,413
Total
Collateral
Held
for
Securities
Loaned
(cost
$44,045,413)
44,045,413
Shares
or
Principal
Amount
Short-Term
Investments
(
10
.8
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
400,000
1.285%,
5/5/2020
p,q
399,996
2,800,000
0.900%,
5/7/2020
p,q
2,799,958
300,000
0.720%,
5/8/2020
p,q
299,995
2,500,000
0.721%,
5/12/2020
p,q
2,499,931
3,800,000
0.500%,
5/13/2020
p,q
3,799,886
2,400,000
0.485%,
5/19/2020
p,q
2,399,892
4,300,000
0.150%,
5/20/2020
p,q
4,299,796
200,000
0.000%,
5/28/2020
199,987
2,100,000
0.150%,
6/4/2020
p,q
2,099,802
4,400,000
0.231%,
6/9/2020
p,q
4,399,523
2,200,000
0.530%,
6/12/2020
p,q
2,199,743
3,800,000
0.150%,
6/23/2020
p,q
3,799,441
600,000
0.028%,
6/29/2020
p,q
599,902
2,600,000
0.007%,
7/7/2020
p,q
2,599,419
6,700,000
0.200%,
7/13/2020
p,q
6,698,370
500,000
0.080%,
7/22/2020
p,q
499,863
1,000,000
0.150%,
7/31/2020
p,q
999,697
400,000
0.180%,
8/4/2020
p,q
399,873
Thrivent
Core
Short-Term
Reserve
Fund
27,163,611
1.450%
271,636,112
U.S.
Treasury
Bills
100,000
0.098%,
6/23/2020
m,p
99,985
100,000
0.105%,
7/16/2020
m,p
99,978
200,000
0.023%,
9/24/2020
m,p
199,897
Total
Short-Term
Investments
(cost
$312,890,035)
313,031,046
Total
Investments
(cost
$2,840,747,581)
104.6%
$
3,031,353,195
Other
Assets
and
Liabilities,
Net
(4.6%)
(
134,635,327
)
Total
Net
Assets
100.0%
$
2,896,717,868
a
The
stated
interest
rate
represents
the
weighted
average
of
all
contracts
within
the
bank
loan
facility.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
140
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
All
or
a
portion
of
the
loan
is
unfunded.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
f
In
bankruptcy.  Interest
is
being
accrued
per
the
bankruptcy
agreement
terms.  
g
All
or
a
portion
of
the
security
is
on
loan.
h
Non-income
producing
security.
i
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$72,632,844
or
2.5%
of
total
net
assets.
j
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
April
30,
2020.
k
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.
l
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
m
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.
n
Defaulted
security.  Interest
is
not
being
accrued.
o
In
bankruptcy.  Interest
is
not
being
accrued.
p
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
q
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Moderately
Aggressive
Allocation
Fund
as
of
April
30,
2020
was
$468,744
or
0.0%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
April
30,
2020.
Security
Acquisition
Date
Cost
Siemens
Financieringsmaatschappij
NV,
3/16/2047
3/7/2017
$
369,010
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Moderately
Aggressive
Allocation
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
1,265,346
Common
Stock
40,536,113
Total
lending
$41,801,459
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$44,045,413
Net
amounts
due
to
counterparty
$2,243,954
Definitions:
ACES
-
Alternative
Credit
Enhancement
Securities
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
GDR
-
Global
Depository
Receipts,
which
are
certificates
for
shares
of
an
underlying
foreign
security’s
shares
held
by
an
issuing
depository
bank
from
more
than
one
country.
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
CMT
3M
-
Constant
Maturity
Treasury
Yield
3
Month
LIBOR
1W
-
ICE
Libor
USD
Rate
1
Week
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
2M
-
ICE
Libor
USD
Rate
2
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
LIBOR
6M
-
ICE
Libor
USD
Rate
6
Month
PRIME
-
Federal
Reserve
Prime
Loan
Rate
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
141
Principal
Amount
Bank
Loans
(
2
.0
%
)
a
Value
Basic
Materials
(0.1%)
Arch
Coal,
Inc.,
Term
Loan
$
220,455
3.750%, 
(LIBOR
1M
+
2.750%),
3/7/2024
b,c
$
184,080
Ball
Metalpack
Finco,
LLC,
Term
Loan
93,337
6.113%, 
(LIBOR
3M
+
4.500%),
7/31/2025
b
78,714
Big
River
Steel,
LLC,
Term
Loan
151,125
6.450%, 
(LIBOR
3M
+
5.000%),
8/23/2023
b
130,723
Chemours
Company,
Term
Loan
279,300
2.160%, 
(LIBOR
1M
+
1.750%),
4/3/2025
b
254,213
Hexion,
Inc.,
Term
Loan
110,000
4.940%, 
(LIBOR
3M
+
3.500%),
7/1/2026
b,d,e
104,569
MRC
Global
(US),
Inc.,
Term
Loan
205,785
3.404%, 
(LIBOR
1M
+
3.000%),
9/22/2024
b,c
174,918
Nouryon
USA,
LLC,
Term
Loan
189,509
3.864%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
171,506
Peabody
Energy
Corporation,
Term
Loan
156,800
3.154%, 
(LIBOR
1M
+
2.750%),
3/31/2025
b
85,299
Pixelle
Specialty
Solutions,
LLC,
Term
Loan
211,506
7.500%, 
(LIBOR
1M
+
6.500%),
10/31/2024
b
181,472
Total
1,365,494
Capital
Goods
(0.2%)
Advanced
Disposal
Services,
Inc.,
Term
Loan
130,232
3.000%, 
(LIBOR
1W
+
2.250%),
11/10/2023
b
128,459
Flex
Acquisition
Company,
Inc.
Term
Loan
240,011
4.683%, 
(LIBOR
3M
+
3.250%),
6/29/2025
b
223,450
GFL
Environmental,
Inc.,
Term
Loan
340,840
4.000%, 
(LIBOR
1M
+
3.000%),
5/31/2025
b,d,e
334,364
Navistar,
Inc.,
Term
Loan
268,812
4.220%, 
(LIBOR
1M
+
3.500%),
11/6/2024
b
242,101
Reynolds
Group
Holdings,
Inc.,
Term
Loan
129,664
3.154%, 
(LIBOR
1M
+
2.750%),
2/5/2023
b
123,370
TransDigm,
Inc.,
Term
Loan
184,538
2.654%, 
(LIBOR
1M
+
2.250%),
12/9/2025
b
161,096
Vertiv
Group
Corporation,
Term
Loan
370,000
3.993%, 
(LIBOR
1M
+
3.000%),
3/2/2027
b,c
346,875
Total
1,559,715
Principal
Amount
Bank
Loans
(
2
.0
%
)
a
Value
Communications
Services
(0.4%)
Altice
France
SA,
Term
Loan
$
116,400
3.154%, 
(LIBOR
1M
+
2.750%),
7/31/2025
b
$
106,070
CenturyLink,
Inc.,
Term
Loan
259,350
2.654%, 
(LIBOR
1M
+
2.250%),
3/15/2027
b
244,762
Charter
Communications
Operating,
LLC,
Term
Loan
495,000
2.160%, 
(LIBOR
1M
+
1.750%),
4/30/2025
b,d,e
479,120
Coral-US
Co-Borrower,
LLC,
Term
Loan
455,000
2.654%, 
(LIBOR
1M
+
2.250%),
1/31/2028
b
421,066
Diamond
Sports
Group,
LLC,
Term
Loan
344,150
3.820%, 
(LIBOR
1M
+
3.250%),
8/24/2026
b
279,264
Entercom
Media
Corporation,
Term
Loan
147,620
2.904%, 
(LIBOR
1M
+
2.500%),
11/17/2024
b
129,942
Gray
Television,
Inc.,
Term
Loan
60,000
0.000%, 
(LIBOR
3M
+
2.250%),
2/7/2024
b,d,e
56,788
HCP
Acquisition,
LLC,
Term
Loan
199,741
4.000%, 
(LIBOR
1M
+
3.000%),
5/16/2024
b
188,548
iHeartCommunications,
Inc.,
Term
Loan
90,000
3.989%, 
(LIBOR
1M
+
3.000%),
5/1/2026
b,d,e
80,425
Mediacom
Illinois,
LLC,
Term
Loan
79,667
1.900%, 
(LIBOR
1W
+
1.750%),
2/15/2024
b
76,181
NEP
Group,
Inc.,
Term
Loan
172,812
4.700%, 
(LIBOR
3M
+
3.250%),
10/20/2025
b,c
138,250
25,000
8.450%, 
(LIBOR
3M
+
7.000%),
10/19/2026
b,c
14,125
SBA
Senior
Finance
II,
LLC,
Term
Loan
199,050
2.160%, 
(LIBOR
1M
+
1.750%),
4/11/2025
b
191,835
Terrier
Media
Buyer,
Inc.,
Term
Loan
144,638
5.700%, 
(LIBOR
3M
+
4.250%),
12/17/2026
b
134,151
T-Mobile
USA,
Inc.,
Term
Loan
275,000
0.000%, 
(LIBOR
1M
+
3.000%),
4/1/2027
b,d,e
273,182
TNS,
Inc.,
Term
Loan
205,982
4.410%, 
(LIBOR
1M
+
4.000%),
8/14/2022
b
182,294
WideOpenWest
Finance,
LLC,
Term
Loan
277,675
4.250%, 
(LIBOR
1M
+
3.250%),
8/19/2023
b
257,110
Windstream
Services,
LLC,
Term
Loan
178,680
8.250%, 
(PRIME
+
5.000%),
3/30/2021
b,f
99,167
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
142
Principal
Amount
Bank
Loans
(
2
.0
%
)
a
Value
Communications
Services
(0.4%)
-
continued
Ziggo
Financing
Partnership,
Term
Loan
$
240,000
3.314%, 
(LIBOR
1M
+
2.500%),
4/30/2028
b
$
223,500
Total
3,575,780
Consumer
Cyclical
(0.3%)
Cengage
Learning,
Inc.,
Term
Loan
216,313
5.250%, 
(LIBOR
3M
+
4.250%),
6/7/2023
b
164,398
Four
Seasons
Hotels,
Ltd.,
Term
Loan
195,455
2.404%, 
(LIBOR
1M
+
2.000%),
11/30/2023
b
180,592
Golden
Entertainment,
Inc.,
Term
Loan
376,350
3.750%, 
(LIBOR
1M
+
3.000%),
10/20/2024
b
306,725
Golden
Nugget,
LLC,
Term
Loan
164,540
3.455%, 
(LIBOR
1M
+
2.500%),
10/4/2023
b
131,283
LCPR
Loan
Financing,
LLC,
Term
Loan
405,000
5.814%, 
(LIBOR
1M
+
5.000%),
10/25/2026
b
395,888
Men's
Warehouse,
Inc.,
Term
Loan
171,850
4.335%, 
(LIBOR
1M
+
3.250%),
4/9/2025
b
58,429
Mohegan
Gaming
and
Entertainment,
Term
Loan
315,785
5.375%, 
(LIBOR
1M
+
4.375%),
10/13/2023
b
216,313
Penn
National
Gaming,
Inc.,
Term
Loan
133,312
3.000%, 
(LIBOR
1M
+
2.250%),
10/15/2025
b
115,315
Scientific
Games
International,
Inc.,
Term
Loan
657,674
3.521%, 
(LIBOR
2M
+
2.750%),
8/14/2024
b
542,035
Staples,
Inc.,
Term
Loan
44,662
5.516%, 
(LIBOR
3M
+
4.500%),
9/12/2024
b
36,028
308,548
6.016%, 
(LIBOR
3M
+
5.000%),
4/12/2026
b
244,780
Stars
Group
Holdings
BV,
Term
Loan
171,531
4.950%, 
(LIBOR
3M
+
3.500%),
7/10/2025
b,c
170,245
Tenneco,
Inc.,
Term
Loan
296,250
3.404%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
229,223
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
137,900
2.154%, 
(LIBOR
1M
+
1.750%),
5/30/2025
b
126,110
Total
2,917,364
Consumer
Non-Cyclical
(0.5%)
Aramark
Services,
Inc.,
Term
Loan
550,000
2.154%, 
(LIBOR
1M
+
1.750%),
3/11/2025
b
513,733
Principal
Amount
Bank
Loans
(
2
.0
%
)
a
Value
Consumer
Non-Cyclical
(0.5%)
-
continued
Bausch
Health
Americas,
Inc.,
Term
Loan
$
375,375
3.718%, 
(LIBOR
1M
+
3.000%),
6/1/2025
b
$
362,706
Change
Healthcare
Holdings,
LLC,
Term
Loan
135,000
0.000%, 
(LIBOR
1M
+
2.500%),
3/1/2024
b,d,e
129,769
Chobani,
LLC,
Term
Loan
193,007
4.500%, 
(LIBOR
1M
+
3.500%),
10/10/2023
b
183,142
Dole
Food
Company,
Inc.,
Term
Loan
135,000
3.750%, 
(LIBOR
1M
+
2.750%),
4/6/2024
b,d,e
129,319
Endo
International
plc,
Term
Loan
134,812
5.000%, 
(LIBOR
1M
+
4.250%),
4/27/2024
b
122,259
Energizer
Holdings,
Inc.,
Term
Loan
90,915
3.250%, 
(LIBOR
1M
+
2.250%),
12/17/2025
b
88,794
Global
Medical
Response,
Inc.,
Term
Loan
557,175
4.250%, 
(LIBOR
1M
+
3.250%),
4/28/2022
b
510,339
29,325
5.863%, 
(LIBOR
3M
+
4.250%),
3/14/2025
b
26,018
IQVIA,
Inc.,
Term
Loan
30,000
0.000%, 
(LIBOR
1M
+
1.750%),
1/1/2025
b,d,e
28,762
JBS
USA
LUX
SA,
Term
Loan
293,518
3.072%, 
(LIBOR
3M
+
2.000%),
5/1/2026
b
282,329
Mallinckrodt
International
Finance
SA,
Term
Loan
128,702
4.704%, 
(LIBOR
3M
+
3.000%),
2/24/2025
b
89,217
McGraw-Hill,
LLC,
Term
Loan
159,843
5.450%, 
(LIBOR
1M
+
4.000%),
5/4/2022
b
128,807
MPH
Acquisition
Holdings,
LLC,
Term
Loan
520,000
4.200%, 
(LIBOR
3M
+
2.750%),
6/7/2023
b
477,428
Ortho-Clinical
Diagnostics
SA,
Term
Loan
565,662
4.266%, 
(LIBOR
1M
+
3.250%),
6/30/2025
b
501,318
Plantronics,
Inc.,
Term
Loan
530,682
2.991%, 
(LIBOR
1M
+
2.500%),
7/2/2025
b
431,428
R.R.
Donnelley
&
Sons
Company,
Term
Loan
39,699
5.404%, 
(LIBOR
1M
+
5.000%),
1/15/2024
b
34,736
Sotera
Health
Holdings,
LLC,
Term
Loan
160,000
5.500%, 
(LIBOR
1M
+
4.500%),
12/13/2026
b
153,360
US
Foods,
Inc.,
Term
Loan
90,000
2.154%, 
(LIBOR
1M
+
1.750%),
6/27/2023
b,d,e
82,730
Total
4,276,194
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
143
Principal
Amount
Bank
Loans
(
2
.0
%
)
a
Value
Energy
(0.1%)
BCP
Raptor
II,
LLC,
Term
Loan
$
178,650
5.154%, 
(LIBOR
1M
+
4.750%),
11/3/2025
b
$
83,296
Buckeye
Partners,
LP,
Term
Loan
350,000
3.120%, 
(LIBOR
1M
+
2.750%),
11/1/2026
b,d,e
327,033
Calpine
Corporation,
Term
Loan
204,629
2.660%, 
(LIBOR
1M
+
2.250%),
1/15/2024
b
197,361
Fieldwood
Energy,
LLC,
Term
Loan
195,000
6.250%, 
(LIBOR
3M
+
5.250%),
4/11/2022
b
40,950
McDermott
Technology
(Americas),
Inc.,
Term
Loan
316,857
6.945%, 
(LIBOR
3M
+
5.000%),
5/10/2025
b,f
105,092
Radiate
Holdco,
LLC,
Term
Loan
557,081
3.750%, 
(LIBOR
1M
+
3.000%),
2/1/2024
b
531,923
Total
1,285,655
Financials
(0.2%)
Avolon
TLB
Borrower
1
US,
LLC,
Term
Loan
121,007
2.500%, 
(LIBOR
1M
+
1.750%),
1/15/2025
b
113,574
Blackstone
CQP
Holdco,
LP,
Term
Loan
387,075
4.616%, 
(LIBOR
3M
+
3.500%),
9/30/2024
b
354,495
Delos
Finance
SARL,
Term
Loan
110,000
2.794%, 
(LIBOR
3M
+
1.750%),
10/6/2023
b,d,e
103,895
Digicel
International
Finance,
Ltd.,
Term
Loan
307,896
4.870%, 
(LIBOR
3M
+
3.250%),
5/27/2024
b
249,781
GGP
Nimbus,
LLC,
Term
Loan
310,275
2.904%, 
(LIBOR
1M
+
2.500%),
8/24/2025
b
228,940
INEOS
U.S.
Finance,
LLC,
Term
Loan
90,000
0.000%, 
(LIBOR
1M
+
2.000%),
3/31/2024
b,d,e
84,802
Level
3
Financing,
Inc.,
Term
Loan
250,000
2.154%, 
(LIBOR
1M
+
1.750%),
3/1/2027
b
238,957
MoneyGram
International,
Inc.,
Term
Loan
145,182
6.862%, 
(LIBOR
2M
+
6.000%),
6/30/2023
b
103,669
NCR
Corporation,
Term
Loan
109,450
2.910%, 
(LIBOR
1M
+
2.500%),
8/28/2026
b,c
102,883
Northriver
Midstream
Finance,
LP,
Term
Loan
203,965
4.683%, 
(LIBOR
3M
+
3.250%),
10/1/2025
b
163,608
Vericast
Corporation,
Term
Loan
292,219
6.463%, 
(LIBOR
3M
+
4.750%),
11/3/2023
b
185,071
Total
1,929,675
Principal
Amount
Bank
Loans
(
2
.0
%
)
a
Value
Technology
(0.2%)
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
$
313,975
4.260%, 
(LIBOR
2M
+
3.500%),
8/21/2026
b,d,e
$
271,981
Prime
Security
Services
Borrower,
LLC,
Term
Loan
567,150
4.266%, 
(LIBOR
1M
+
3.250%),
9/23/2026
b
536,359
Rackspace
Hosting,
Inc.,
Term
Loan
476,475
4.763%, 
(LIBOR
2M
+
3.000%),
11/3/2023
b
445,457
SS&C
Technologies,
Inc.,
Term
Loan
86,818
2.154%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
83,354
61,950
2.154%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
59,479
Zayo
Group
Holdings,
Inc.,
Term
Loan
350,000
3.404%, 
(LIBOR
1M
+
3.000%),
3/9/2027
b
328,024
Total
1,724,654
Transportation
(<0.1%)
Genesee
&
Wyoming,
Inc.,
Term
Loan
220,000
3.450%, 
(LIBOR
3M
+
2.000%),
12/30/2026
b
212,379
United
Airlines,
Inc.,
Term
Loan
165,000
2.154%, 
(LIBOR
3M
+
1.750%),
4/1/2024
b,d,e
144,479
Total
356,858
Utilities
(<0.1%)
Advanced
Drainage
Systems,
Inc.,
Term
Loan
55,000
3.250%, 
(LIBOR
1M
+
2.250%),
9/24/2026
b,d,e
53,281
Core
and
Main,
LP,
Term
Loan
175,500
3.988%, 
(LIBOR
6M
+
2.750%),
8/1/2024
b
164,696
EnergySolutions,
LLC,
Term
Loan
137,550
5.200%, 
(LIBOR
3M
+
3.750%),
5/11/2025
b
122,420
Total
340,397
Total
Bank
Loans
(cost
$21,880,082)
19,331,786
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Asset-Backed
Securities
(1.7%)
Access
Group,
Inc.
113,250
0.987%, 
(LIBOR
1M
+
0.500%),
2/25/2036,
Ser.
2013-1,
Class
A
b,g
109,524
Aimco
400,000
2.418%, 
(LIBOR
3M
+
1.320%),
7/22/2032,
Ser.
2019-10A,
Class
A
b,g
380,270
Ares
CLO,
Ltd.
550,000
2.535%, 
(LIBOR
3M
+
1.400%),
10/17/2030,
Ser.
2018-28RA,
Class
A2
b,g
514,128
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
144
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Asset-Backed
Securities
(1.7%)
-
continued
Benefit
Street
Partners
CLO
IV,
Ltd.
$
700,000
2.385%, 
(LIBOR
3M
+
1.250%),
1/20/2029,
Ser.
2014-IVA,
Class
A1RR
b,g
$
689,671
450,000
2.885%, 
(LIBOR
3M
+
1.750%),
1/20/2029,
Ser.
2014-IVA,
Class
A2RR
b,g
421,338
Betony
CLO,
Ltd.
550,000
1.840%, 
(LIBOR
3M
+
1.080%),
4/30/2031,
Ser.
2018-1A,
Class
A1
b,g
526,549
Buttermilk
Park
CLO,
Ltd.
925,000
2.619%, 
(LIBOR
3M
+
1.400%),
10/15/2031,
Ser.
2018-1A,
Class
A2
b,g
860,820
Carlyle
Global
Market
Strategies
CLO,
Ltd.
600,000
2.669%, 
(LIBOR
3M
+
1.450%),
7/15/2031,
Ser.
2014-5A,
Class
A2RR
b,g
563,068
Carvana
Auto
Receivables
Trust
600,000
2.340%, 
6/15/2023,
Ser.
2019-3A,
Class
A3
g
599,683
CBAM,
Ltd.
600,000
2.499%, 
(LIBOR
3M
+
1.280%),
2/12/2030,
Ser.
2019-9A,
Class
A
b,g
581,795
Colony
American
Finance
Trust
638,919
2.835%, 
6/15/2052,
Ser.
2019-2,
Class
A
g
621,605
Commonbond
Student
Loan
Trust
134,893
0.987%, 
(LIBOR
1M
+
0.500%),
2/25/2044,
Ser.
2018-AGS,
Class
A2
b,g
131,725
CoreVest
American
Finance
Trust
745,514
2.705%, 
10/15/2052,
Ser.
2019-3,
Class
A
g
722,368
Dryden
Senior
Loan
Fund
500,000
2.535%, 
(LIBOR
3M
+
1.400%),
7/18/2030,
Ser.
2018-65A,
Class
A2
b,g
470,067
Earnest
Student
Loan
Program,
LLC
144,277
3.020%, 
5/25/2034,
Ser.
2016-B,
Class
A2
g
142,632
Edlinc
Student
Loan
Funding
Trust
5,423
3.270%, 
(CMT
3M
+
3.150%),
10/1/2025,
Ser.
2012-A,
Class
AT
b,g
5,439
Galaxy
XX
CLO,
Ltd.
550,000
2.135%, 
(LIBOR
3M
+
1.000%),
4/20/2031,
Ser.
2015-20A,
Class
AR
b,g
521,160
Golub
Capital
Partners,
Ltd.
500,000
2.285%, 
(LIBOR
3M
+
1.150%),
10/20/2028,
Ser.
2018-39A,
Class
A1
b,g
481,793
468,000
2.335%, 
(LIBOR
3M
+
1.200%),
1/20/2031,
Ser.
2015-23A,
Class
AR
b,g
433,354
Harley
Marine
Financing,
LLC
1,218,065
5.682%, 
5/15/2043,
Ser.
2018-1A,
Class
A2
g
1,074,876
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Asset-Backed
Securities
(1.7%)
-
continued
Home
Partners
of
America
Trust
$
722,239
2.908%, 
9/17/2039,
Ser.
2019-1,
Class
A
g
$
733,115
729,863
2.703%, 
10/19/2039,
Ser.
2019-2,
Class
A
g
733,253
Madison
Park
Funding
XIV,
Ltd.
400,000
2.498%, 
(LIBOR
3M
+
1.400%),
10/22/2030,
Ser.
2014-14A,
Class
A2RR
b,g
365,826
Magnetite
XII,
Ltd.
525,000
2.319%, 
(LIBOR
3M
+
1.100%),
10/15/2031,
Ser.
2015-12A,
Class
ARR
b,g
504,885
Mountain
View
CLO,
Ltd.
375,000
2.339%, 
(LIBOR
3M
+
1.120%),
7/15/2031,
Ser.
2015-9A,
Class
A1R
b,g
345,657
National
Collegiate
Trust
228,353
0.782%, 
(LIBOR
1M
+
0.295%),
5/25/2031,
Ser.
2007-A,
Class
A
b,g
217,883
Neuberger
Berman
CLO
XIV,
Ltd.
525,000
1.917%, 
(LIBOR
3M
+
1.030%),
1/28/2030,
Ser.
2013-14A,
Class
AR2
b,g
510,628
Neuberger
Berman
CLO,
Ltd.
250,000
2.128%, 
(LIBOR
3M
+
1.030%),
4/22/2029,
Ser.
2014-17A,
Class
AR2
b,g
242,022
Octagon
Investment
Partners
XVI,
Ltd.
100,000
2.535%, 
(LIBOR
3M
+
1.400%),
7/17/2030,
Ser.
2013-1A,
Class
A2R
b,g
92,662
OneMain
Financial
Issuance
Trust
535,000
3.840%, 
5/14/2032,
Ser.
2020-1A,
Class
A
e,g
535,000
OZLM
VIII,
Ltd.
766,223
2.305%, 
(LIBOR
3M
+
1.170%),
10/17/2029,
Ser.
2014-8A,
Class
A1RR
b,g
733,956
Palmer
Square
Loan
Funding,
Ltd.
300,000
2.785%, 
(LIBOR
3M
+
1.650%),
4/20/2027,
Ser.
2019-1A,
Class
A2
b,g
285,018
PPM
CLO
3,
Ltd.
250,000
2.535%, 
(LIBOR
3M
+
1.400%),
7/17/2030,
Ser.
2019-3A,
Class
A
b,g
237,460
RCO
Mortgage,
LLC
283,781
4.458%, 
10/25/2023,
Ser.
2018-2,
Class
A1
g,h
272,905
Shackleton
CLO,
Ltd.
350,000
2.389%, 
(LIBOR
3M
+
1.170%),
7/15/2031,
Ser.
2015-7RA,
Class
A1
b,g
330,166
SLM
Student
Loan
Trust
153,925
0.887%, 
(LIBOR
1M
+
0.400%),
3/25/2025,
Ser.
2010-1,
Class
A
b
138,675
8,508
1.007%, 
(LIBOR
1M
+
0.520%),
3/25/2026,
Ser.
2011-1,
Class
A1
b
8,503
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
145
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Asset-Backed
Securities
(1.7%)
-
continued
Voya
CLO,
Ltd.
$
300,000
2.419%, 
(LIBOR
3M
+
1.200%),
10/15/2030,
Ser.
2012-4A,
Class
A1AR
b,g
$
289,826
Total
16,429,305
Basic
Materials
(0.4%)
Air
Products
and
Chemicals,
Inc.
275,000
2.700%, 
5/15/2040
277,562
Anglo
American
Capital
plc
100,000
4.875%, 
5/14/2025
g
105,296
Cleveland-Cliffs,
Inc.
80,000
5.750%, 
3/1/2025
57,200
70,000
9.875%, 
10/17/2025
g
69,300
Dow
Chemical
Company
125,000
4.800%, 
11/30/2028
140,332
DowDuPont,
Inc.
200,000
4.493%, 
11/15/2025
220,132
First
Quantum
Minerals,
Ltd.
130,000
7.500%, 
4/1/2025
g
114,725
Freeport-McMoRan,
Inc.
100,000
4.125%, 
3/1/2028
92,750
110,000
4.250%, 
3/1/2030
102,421
Glencore
Funding,
LLC
80,000
4.125%, 
5/30/2023
g
80,933
110,000
4.000%, 
3/27/2027
g
111,343
International
Paper
Company
222,000
4.350%, 
8/15/2048
250,642
Kinross
Gold
Corporation
80,000
5.950%, 
3/15/2024
87,800
245,000
4.500%, 
7/15/2027
257,475
Koppers,
Inc.
120,000
6.000%, 
2/15/2025
g
97,500
Krayton
Polymers,
LLC
130,000
7.000%, 
4/15/2025
g
124,800
Methanex
Corporation
160,000
5.250%, 
12/15/2029
134,513
Norbord,
Inc.
140,000
5.750%, 
7/15/2027
g
127,400
Novelis
Corporation
165,000
5.875%, 
9/30/2026
g
160,429
40,000
4.750%, 
1/30/2030
g
35,600
Olin
Corporation
165,000
5.125%, 
9/15/2027
150,711
Peabody
Securities
Finance
Corporation
180,000
6.375%, 
3/31/2025
g
106,542
Sherwin-Williams
Company
100,000
3.125%, 
6/1/2024
104,853
Syngenta
Finance
NV
250,000
3.933%, 
4/23/2021
g
246,837
Teck
Resources,
Ltd.
301,000
6.125%, 
10/1/2035
297,402
Tronox
Finance
plc
140,000
5.750%, 
10/1/2025
g
123,900
Vale
Overseas,
Ltd.
120,000
6.250%, 
8/10/2026
131,520
70,000
6.875%, 
11/21/2036
81,376
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Basic
Materials
(0.4%)
-
continued
WestRock
Company
$
70,000
3.750%, 
3/15/2025
$
73,947
Total
3,965,241
Capital
Goods
(0.6%)
AECOM
230,000
5.125%, 
3/15/2027
234,025
Amsted
Industries,
Inc.
145,000
5.625%, 
7/1/2027
g
145,159
Ardagh
Packaging
Finance
plc
240,000
6.000%, 
2/15/2025
g
240,209
Building
Materials
Corporation
of
America
190,000
6.000%, 
10/15/2025
g
195,700
Cintas
Corporation
No.
2
125,000
3.700%, 
4/1/2027
135,263
CNH
Industrial
Capital,
LLC
180,000
4.875%, 
4/1/2021
181,398
CNH
Industrial
NV
110,000
3.850%, 
11/15/2027
109,484
Covanta
Holding
Corporation
120,000
6.000%, 
1/1/2027
115,200
Crown
Cork
&
Seal
Company,
Inc.
240,000
7.375%, 
12/15/2026
262,800
Emerson
Electric
Company
275,000
1.800%, 
10/15/2027
274,864
H&E
Equipment
Services,
Inc.
145,000
5.625%, 
9/1/2025
138,127
Howmet
Aerospace,
Inc.
235,000
6.875%, 
5/1/2025
240,315
Ingersoll-Rand
Luxembourg
Finance
SA
200,000
3.500%, 
3/21/2026
211,502
L3Harris
Technologies,
Inc.
309,000
3.950%, 
5/28/2024
g
329,477
Lockheed
Martin
Corporation
160,000
3.600%, 
3/1/2035
190,257
184,000
4.500%, 
5/15/2036
229,268
40,000
6.150%, 
9/1/2036
57,085
Northrop
Grumman
Corporation
300,000
3.850%, 
4/15/2045
349,115
Owens-Brockway
Glass
Container,
Inc.
195,000
5.000%, 
1/15/2022
g
196,950
Republic
Services,
Inc.
125,000
2.900%, 
7/1/2026
132,715
Reynolds
Group
Issuer,
Inc.
245,000
5.125%, 
7/15/2023
g
246,225
Rockwell
Collins,
Inc.
310,000
2.800%, 
3/15/2022
317,826
Roper
Technologies,
Inc.
75,000
3.650%, 
9/15/2023
79,045
104,000
4.200%, 
9/15/2028
116,703
Spirit
AeroSystems,
Inc.
130,000
7.500%, 
4/15/2025
g
128,050
Textron,
Inc.
275,000
3.375%, 
3/1/2028
267,534
TransDigm,
Inc.
75,000
6.250%, 
3/15/2026
g
73,406
200,000
5.500%, 
11/15/2027
g
169,000
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
146
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Capital
Goods
(0.6%)
-
continued
United
Rentals
North
America,
Inc.
$
40,000
4.875%, 
1/15/2028
$
39,800
280,000
4.000%, 
7/15/2030
263,900
United
Technologies
Corporation
200,000
4.450%, 
11/16/2038
247,842
175,000
3.750%, 
11/1/2046
205,643
Total
6,123,887
Collateralized
Mortgage
Obligations
(1.5%)
Ajax
Mortgage
Loan
Trust
494,795
4.360%, 
9/25/2065,
Ser.
2018-C,
Class
A
b,g
499,154
Alternative
Loan
Trust
174,665
6.000%, 
8/1/2036,
Ser.
2006-24CB,
Class
A9
123,092
Angel
Oak
Mortgage
Trust
I,
LLC
290,803
3.500%, 
7/25/2046,
Ser.
2016-1,
Class
A1
g
297,006
677,848
3.674%, 
7/27/2048,
Ser.
2018-2,
Class
A1
b,g
684,116
Bellemeade
Re,
Ltd.
138,886
2.087%, 
(LIBOR
1M
+
1.600%),
4/25/2028,
Ser.
2018-1A,
Class
M1B
b,g
133,916
231,767
1.587%, 
(LIBOR
1M
+
1.100%),
7/25/2029,
Ser.
2019-3A,
Class
M1A
b,g
226,339
BRAVO
Residential
Funding
Trust
305,293
3.500%, 
3/25/2058,
Ser.
2019-1,
Class
A1C
g
307,838
329,904
2.748%, 
11/25/2059,
Ser.
2019-NQM2,
Class
A1
b,g
327,189
CHL
Mortgage
Pass-Through
Trust
1,136,252
6.000%, 
11/25/2037,
Ser.
2007-18,
Class
1A2
872,105
CIM
Trust
760,618
5.000%, 
12/25/2057,
Ser.
2018-R3,
Class
A1
b,g
770,689
Citicorp
Mortgage
Securities,
Inc.
465,570
6.000%, 
7/25/2037,
Ser.
2007-6,
Class
1A4
432,899
Citigroup
Mortgage
Loan
Trust,
Inc.
102,841
5.500%, 
11/25/2035,
Ser.
2005-9,
Class
21A2
99,539
COLT
Funding,
LLC
173,920
3.470%, 
7/27/2048,
Ser.
2018-2,
Class
A1
b,g
174,031
Countrywide
Alternative
Loan
Trust
191,144
3.357%, 
10/25/2035,
Ser.
2005-43,
Class
4A1
b
167,091
156,006
6.500%, 
8/25/2036,
Ser.
2006-23CB,
Class
2A3
83,153
462,737
7.000%, 
10/25/2037,
Ser.
2007-24,
Class
A10
248,314
Countrywide
Home
Loans,
Inc.
119,255
5.750%, 
4/25/2037,
Ser.
2007-3,
Class
A27
87,988
Credit
Suisse
Mortgage
Capital
Certificates
442,624
3.393%, 
2/25/2024,
Ser.
2020-BPL1,
Class
A1
g,h
411,387
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Collateralized
Mortgage
Obligations
(1.5%)
-
continued
Credit
Suisse
Mortgage
Trust
$
634,199
3.850%, 
9/25/2057,
Ser.
2018-RPL9,
Class
A1
b,g
$
657,891
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
60,217
6.000%, 
10/25/2021,
Ser.
2006-AR5,
Class
23A
52,066
Ellington
Financial
Mortgage
Trust
708,347
4.140%, 
10/25/2058,
Ser.
2018-1,
Class
A1FX
b,g
716,473
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
516,934
3.000%, 
2/15/2033,
Ser.
4170,
Class
IG
i
48,462
586,704
3.000%, 
3/15/2033,
Ser.
4180,
Class
PI
i
58,880
Federal
National
Mortgage
Association
-
REMIC
1,143,454
3.000%, 
12/25/2027,
Ser.
2012-137,
Class
AI
i
72,485
FWD
Securitization
Trust
498,676
2.810%, 
6/25/2049,
Ser.
2019-INV1,
Class
A1
b,g
491,993
Galton
Funding
Mortgage
Trust
2017-1
333,046
4.500%, 
10/25/2058,
Ser.
2018-2,
Class
A41
b,g
338,485
GCAT
Trust
227,230
2.985%, 
2/25/2059,
Ser.
2019-NQM1,
Class
A1
g,h
230,571
Greenpoint
Mortgage
Funding
Trust
498,155
0.687%, 
(LIBOR
1M
+
0.200%),
10/25/2045,
Ser.
2005-AR4,
Class
G41B
b
412,356
GS
Mortgage-Backed
Securities
Trust
350,862
2.625%, 
1/25/2059,
Ser.
2019-SL1,
Class
A1
b,g
347,047
MASTR
Alternative
Loans
Trust
281,506
0.937%, 
(LIBOR
1M
+
0.450%),
12/25/2035,
Ser.
2005-6,
Class
2A1
b
52,140
Merrill
Lynch
Alternative
Note
Asset
Trust
100,320
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
66,307
MFRA
Trust
362,255
4.164%, 
7/25/2048,
Ser.
2018-NPL2,
Class
A1
g,h
327,119
Preston
Ridge
Partners
Mortgage
Trust,
LLC
358,118
4.500%, 
1/25/2024,
Ser.
2019-1A,
Class
A1
g,h
340,713
432,373
3.500%, 
10/25/2024,
Ser.
2019-GS1,
Class
A1
b,g
391,203
RCO
Mortgage,
LLC
284,308
3.197%, 
11/25/2052,
Ser.
2017-INV1,
Class
A
b,g
273,859
386,021
4.270%, 
12/26/2053,
Ser.
2018-VFS1,
Class
A1
b,g
380,026
Residential
Accredit
Loans,
Inc.
Trust
173,485
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
164,982
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
147
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Collateralized
Mortgage
Obligations
(1.5%)
-
continued
$
67,366
5.750%, 
9/25/2035,
Ser.
2005-QS13,
Class
2A3
$
62,620
Residential
Asset
Securitization
Trust
246,232
5.375%, 
7/25/2035,
Ser.
2005-A8CB,
Class
A9
188,896
Sequoia
Mortgage
Trust
451,695
3.641%, 
9/20/2046,
Ser.
2007-1,
Class
4A1
b
329,166
Toorak
Mortgage
Corporation
950,000
4.458%, 
3/25/2022,
Ser.
2019-1,
Class
A1
g,h
851,645
Verus
Securitization
Trust
86,171
2.853%, 
1/25/2047,
Ser.
2017-1A,
Class
A1
b,g
85,240
91,487
3.836%, 
2/25/2059,
Ser.
2019-1,
Class
A1
b,g
90,653
69,064
3.211%, 
5/25/2059,
Ser.
2019-2,
Class
A1
b,g
69,145
138,129
3.345%, 
5/25/2059,
Ser.
2019-2,
Class
A2
b,g
138,271
516,346
2.913%, 
7/25/2059,
Ser.
2019-INV2,
Class
A1
b,g
514,049
285,682
2.947%, 
11/25/2059,
Ser.
2019-INV3,
Class
A2
b,g
277,852
WaMu
Mortgage
Pass
Through
Certificates
72,800
3.725%, 
9/25/2036,
Ser.
2006-AR10,
Class
1A2
b
63,697
67,555
3.694%, 
10/25/2036,
Ser.
2006-AR12,
Class
1A1
b
60,763
Total
14,100,901
Commercial
Mortgage-Backed
Securities
(0.4%)
Citigroup
Commercial
Mortgage
Trust
650,000
3.102%, 
12/15/2072,
Ser.
2019-C7,
Class
A4
695,562
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
396,431
3.000%, 
3/15/2045,
Ser.
4741,
Class
GA
412,526
Federal
National
Mortgage
Association
-
ACES
750,000
3.776%, 
8/25/2030,
Ser.
2018-M12,
Class
A2
b
890,190
GS
Mortgage
Securities
Trust
800,000
3.666%, 
9/10/2047,
Ser.
2014-GC24,
Class
A4
840,180
UBS
Commercial
Mortgage
Trust
500,000
2.921%, 
10/15/2052,
Ser.
2019-C17,
Class
A4
510,192
Total
3,348,650
Communications
Services
(1.4%)
AMC
Networks,
Inc.
145,000
5.000%, 
4/1/2024
140,577
American
Tower
Corporation
135,000
2.900%, 
1/15/2030
141,307
AT&T,
Inc.
275,000
4.350%, 
3/1/2029
308,956
163,000
4.300%, 
2/15/2030
183,679
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Communications
Services
(1.4%)
-
continued
$
175,000
5.250%, 
3/1/2037
$
207,375
200,000
4.900%, 
8/15/2037
231,065
120,000
6.350%, 
3/15/2040
156,481
160,000
5.550%, 
8/15/2041
194,646
270,000
5.450%, 
3/1/2047
341,312
British
Sky
Broadcasting
Group
plc
140,000
3.125%, 
11/26/2022
g
147,200
British
Telecommunications
plc
250,000
4.500%, 
12/4/2023
271,284
CCO
Holdings,
LLC
125,000
5.500%, 
5/1/2026
g
130,014
120,000
5.125%, 
5/1/2027
g
124,602
300,000
4.750%, 
3/1/2030
g
306,000
110,000
4.500%, 
8/15/2030
g
110,550
Charter
Communications
Operating,
LLC
77,000
6.834%, 
10/23/2055
102,967
150,000
4.500%, 
2/1/2024
162,345
225,000
4.200%, 
3/15/2028
249,901
330,000
6.484%, 
10/23/2045
430,028
Clear
Channel
Worldwide
Holdings,
Inc.
140,000
5.125%, 
8/15/2027
g
131,544
Comcast
Corporation
225,000
4.950%, 
10/15/2058
315,164
185,000
4.049%, 
11/1/2052
225,180
150,000
2.750%, 
3/1/2023
157,577
140,000
3.950%, 
10/15/2025
157,791
225,000
4.250%, 
10/15/2030
270,718
145,000
4.400%, 
8/15/2035
179,691
212,000
4.750%, 
3/1/2044
274,836
125,000
4.600%, 
8/15/2045
159,377
Cox
Communications,
Inc.
225,000
3.350%, 
9/15/2026
g
239,161
80,000
4.600%, 
8/15/2047
g
91,519
Crown
Castle
International
Corporation
138,000
5.250%, 
1/15/2023
150,931
67,000
3.200%, 
9/1/2024
71,083
CSC
Holdings,
LLC
90,000
5.500%, 
5/15/2026
g
93,150
Discovery
Communications,
LLC
220,000
4.900%, 
3/11/2026
241,210
Embarq
Corporation
120,000
7.995%, 
6/1/2036
123,600
Fox
Corporation
165,000
3.500%, 
4/8/2030
177,140
Front
Range
BidCo,
Inc.
180,000
4.000%, 
3/1/2027
g
174,569
Gray
Television,
Inc.
140,000
5.875%, 
7/15/2026
g
134,400
iHeartCommunications,
Inc.
180,000
4.750%, 
1/15/2028
g
155,700
Lamar
Media
Corporation
90,000
3.750%, 
2/15/2028
g
82,856
Level
3
Financing,
Inc.
340,000
4.625%, 
9/15/2027
g
336,872
Neptune
Finco
Corporation
281,000
10.875%, 
10/15/2025
g
303,747
Netflix,
Inc.
320,000
4.875%, 
4/15/2028
340,298
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
148
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Communications
Services
(1.4%)
-
continued
Nexstar
Escrow
Corporation
$
104,000
5.625%, 
8/1/2024
g
$
101,140
160,000
5.625%, 
7/15/2027
g
152,800
Nielsen
Finance,
LLC
130,000
5.000%, 
4/15/2022
g
128,064
Omnicom
Group,
Inc.
95,000
3.600%, 
4/15/2026
101,241
90,000
4.200%, 
6/1/2030
95,979
SFR
Group
SA
190,000
7.375%, 
5/1/2026
g
198,550
Sirius
XM
Radio,
Inc.
240,000
5.000%, 
8/1/2027
g
245,460
Sprint
Corporation
250,000
7.250%, 
9/15/2021
262,188
255,000
7.625%, 
2/15/2025
294,551
Telefonica
Emisiones
SAU
150,000
4.570%, 
4/27/2023
162,300
Telesat
Canada
/
Telesat,
LLC
210,000
4.875%, 
6/1/2027
g
204,750
Time
Warner
Entertainment
Company,
LP
270,000
8.375%, 
3/15/2023
312,421
T-Mobile
USA,
Inc.
370,000
4.500%, 
2/1/2026
381,211
300,000
3.750%, 
4/15/2027
g
321,609
250,000
4.375%, 
4/15/2040
g
282,390
VeriSign,
Inc.
140,000
4.750%, 
7/15/2027
149,129
Verizon
Communications,
Inc.
216,000
3.376%, 
2/15/2025
236,745
100,000
2.792%, 
(LIBOR
3M
+
1.100%),
5/15/2025
b
99,430
605,000
4.272%, 
1/15/2036
721,457
Viacom,
Inc.
90,000
4.250%, 
9/1/2023
94,924
120,000
5.850%, 
9/1/2043
135,808
Virgin
Media
Secured
Finance
plc
210,000
5.500%, 
8/15/2026
g
216,752
Vodafone
Group
plc
200,000
4.875%, 
6/19/2049
238,361
Windstream
Services,
LLC
140,000
8.625%, 
10/31/2025
f,g
84,000
Ziggo
BV
130,000
5.500%, 
1/15/2027
g
132,236
Total
13,881,899
Consumer
Cyclical
(1.0%)
1011778
B.C.,
ULC
250,000
4.375%, 
1/15/2028
g
241,738
Allison
Transmission,
Inc.
210,000
5.000%, 
10/1/2024
g
201,600
Amazon.com,
Inc.
200,000
3.875%, 
8/22/2037
242,975
120,000
4.050%, 
8/22/2047
156,088
American
Honda
Finance
Corporation
200,000
2.150%, 
9/10/2024
199,675
Brookfield
Property
REIT,
Inc.
90,000
5.750%, 
5/15/2026
g
72,000
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Consumer
Cyclical
(1.0%)
-
continued
Brookfield
Residential
Properties,
Inc.
$
250,000
6.250%, 
9/15/2027
g
$
228,750
Cedar
Fair,
LP
110,000
5.250%, 
7/15/2029
g
94,600
Costco
Wholesale
Corporation
275,000
1.375%, 
6/20/2027
276,121
D.R.
Horton,
Inc.
200,000
2.550%, 
12/1/2020
199,355
Ford
Motor
Company
50,000
9.000%, 
4/22/2025
48,625
30,000
9.625%, 
4/22/2030
29,475
Ford
Motor
Credit
Company,
LLC
60,000
3.200%, 
1/15/2021
57,900
125,000
2.645%, 
(LIBOR
3M
+
1.270%),
3/28/2022
b
110,469
300,000
4.063%, 
11/1/2024
263,250
290,000
4.134%, 
8/4/2025
246,190
General
Motors
Company
275,000
1.796%, 
(LIBOR
3M
+
0.900%),
9/10/2021
b
262,431
General
Motors
Financial
Company,
Inc.
92,000
4.200%, 
3/1/2021
91,371
210,000
3.150%, 
6/30/2022
200,090
80,000
3.950%, 
4/13/2024
75,961
120,000
4.300%, 
7/13/2025
112,594
Hanesbrands,
Inc.
180,000
4.875%, 
5/15/2026
g
181,152
Herc
Holdings,
Inc.
70,000
5.500%, 
7/15/2027
g
65,618
Hilton
Domestic
Operating
Company,
Inc.
240,000
4.875%, 
1/15/2030
229,800
Home
Depot,
Inc.
205,000
5.400%, 
9/15/2040
282,101
120,000
4.250%, 
4/1/2046
150,480
395,000
3.900%, 
6/15/2047
464,660
Hyundai
Capital
America
250,000
3.000%, 
6/20/2022
g
246,473
L
Brands,
Inc.
65,000
6.694%, 
1/15/2027
45,825
Landry's,
Inc.
130,000
6.750%, 
10/15/2024
g
101,400
Lennar
Corporation
170,000
4.125%, 
1/15/2022
170,673
365,000
4.875%, 
12/15/2023
374,125
Mastercard,
Inc.
220,000
3.300%, 
3/26/2027
245,079
140,000
3.950%, 
2/26/2048
175,575
Mattamy
Group
Corporation
230,000
5.250%, 
12/15/2027
g
215,625
McDonald's
Corporation
65,000
2.750%, 
12/9/2020
65,657
275,000
2.125%, 
3/1/2030
273,812
250,000
4.450%, 
3/1/2047
305,706
MGM
Resorts
International
230,000
6.000%, 
3/15/2023
223,675
Prime
Security
Services
Borrower,
LLC
250,000
5.750%, 
4/15/2026
g
246,325
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
149
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Consumer
Cyclical
(1.0%)
-
continued
Ryman
Hospitality
Properties,
Inc.
$
40,000
4.750%, 
10/15/2027
g
$
34,900
Scientific
Games
International,
Inc.
120,000
5.000%, 
10/15/2025
g
104,796
40,000
7.000%, 
5/15/2028
g
28,800
ServiceMaster
Company,
LLC
230,000
5.125%, 
11/15/2024
g
234,646
Six
Flags
Entertainment
Corporation
70,000
5.500%, 
4/15/2027
g
60,599
Six
Flags
Theme
Parks,
Inc.
60,000
7.000%, 
7/1/2025
g
62,088
Staples,
Inc.
140,000
7.500%, 
4/15/2026
g
110,600
Target
Corporation
275,000
2.250%, 
4/15/2025
289,368
TJX
Companies,
Inc.
275,000
3.750%, 
4/15/2027
300,041
175,000
3.875%, 
4/15/2030
195,276
Visa,
Inc.
165,000
1.900%, 
4/15/2027
170,621
275,000
2.700%, 
4/15/2040
287,289
Volkswagen
Group
of
America
Finance,
LLC
275,000
4.250%, 
11/13/2023
g
288,042
Walmart,
Inc.
175,000
3.250%, 
7/8/2029
199,452
Yum!
Brands,
Inc.
180,000
4.750%, 
1/15/2030
g
183,600
Total
10,025,137
Consumer
Non-Cyclical
(1.9%)
Abbott
Laboratories
37,000
3.750%, 
11/30/2026
42,735
340,000
4.750%, 
11/30/2036
443,499
AbbVie,
Inc.
230,000
3.600%, 
5/14/2025
249,662
150,000
2.950%, 
11/21/2026
g
158,762
94,000
4.700%, 
5/14/2045
111,477
350,000
4.875%, 
11/14/2048
440,705
Albertson's
Companies,
Inc.
200,000
7.500%, 
3/15/2026
g
218,500
80,000
4.625%, 
1/15/2027
g
80,400
Allergan,
Inc.
200,000
2.800%, 
3/15/2023
203,944
Altria
Group,
Inc.
125,000
4.400%, 
2/14/2026
138,605
225,000
5.800%, 
2/14/2039
268,024
Amgen,
Inc.
275,000
3.375%, 
2/21/2050
j
294,342
75,000
3.125%, 
5/1/2025
81,428
Anheuser-Busch
Companies,
LLC
265,000
3.650%, 
2/1/2026
288,801
320,000
4.700%, 
2/1/2036
355,705
Anheuser-Busch
InBev
Worldwide,
Inc.
500,000
4.750%, 
4/15/2058
559,560
250,000
4.375%, 
4/15/2038
269,375
Anthem,
Inc.
250,000
3.125%, 
5/15/2050
249,370
220,000
4.625%, 
5/15/2042
267,158
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Consumer
Non-Cyclical
(1.9%)
-
continued
Aramark
Services,
Inc.
$
120,000
6.375%, 
5/1/2025
g
$
124,800
Avantor,
Inc.
140,000
6.000%, 
10/1/2024
g
147,560
B&G
Foods,
Inc.
140,000
5.250%, 
9/15/2027
141,551
BAT
Capital
Corporation
120,000
3.222%, 
8/15/2024
124,487
160,000
4.540%, 
8/15/2047
166,256
Bausch
Health
Companies,
Inc.
115,000
7.000%, 
1/15/2028
g
119,312
30,000
5.000%, 
1/30/2028
g
28,719
30,000
5.250%, 
1/30/2030
g
29,700
Baxalta,
Inc.
105,000
4.000%, 
6/23/2025
114,909
Becton,
Dickinson
and
Company
187,000
3.734%, 
12/15/2024
201,843
160,000
3.700%, 
6/6/2027
173,635
Biogen,
Inc.
250,000
5.200%, 
9/15/2045
325,482
Boston
Scientific
Corporation
120,000
7.375%, 
1/15/2040
187,521
Bristol-Myers
Squibb
Company
150,000
2.875%, 
8/15/2020
g
150,779
Bunge,
Ltd.
Finance
Corporation
36,000
3.500%, 
11/24/2020
36,192
Campbell
Soup
Company
90,000
2.375%, 
4/24/2030
90,900
Cargill,
Inc.
200,000
3.250%, 
5/23/2029
g
210,217
Centene
Corporation
275,000
4.750%, 
1/15/2025
281,421
40,000
4.250%, 
12/15/2027
g
41,850
90,000
4.625%, 
12/15/2029
g
98,550
Cigna
Corporation
50,000
2.109%, 
(LIBOR
3M
+
0.890%),
7/15/2023
b
48,455
240,000
4.125%, 
11/15/2025
269,116
150,000
3.050%, 
10/15/2027
154,267
295,000
4.800%, 
8/15/2038
358,161
Clorox
Company
270,000
3.100%, 
10/1/2027
297,953
Conagra
Brands,
Inc.
175,000
4.300%, 
5/1/2024
189,667
Constellation
Brands,
Inc.
190,000
3.600%, 
2/15/2028
201,712
110,000
2.875%, 
5/1/2030
111,685
CVS
Health
Corporation
94,000
3.700%, 
3/9/2023
99,670
50,000
4.000%, 
12/5/2023
53,892
245,000
4.100%, 
3/25/2025
270,466
275,000
3.625%, 
4/1/2027
299,350
270,000
4.875%, 
7/20/2035
329,525
Encompass
Health
Corporation
150,000
4.500%, 
2/1/2028
150,285
Energizer
Holdings,
Inc.
271,000
5.500%, 
6/15/2025
g
274,144
Express
Scripts
Holding
Company
355,000
4.800%, 
7/15/2046
394,926
General
Mills,
Inc.
150,000
2.875%, 
4/15/2030
160,227
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
150
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Consumer
Non-Cyclical
(1.9%)
-
continued
HCA,
Inc.
$
350,000
5.375%, 
2/1/2025
$
376,299
Imperial
Brands
Finance
plc
200,000
3.875%, 
7/26/2029
g
200,166
JBS
USA,
LLC
90,000
5.750%, 
6/15/2025
g
91,126
260,000
5.500%, 
1/15/2030
g
263,250
Keurig
Dr.
Pepper,
Inc.
250,000
3.200%, 
5/1/2030
266,680
Kimberly-Clark
Corporation
165,000
3.100%, 
3/26/2030
183,745
220,000
3.900%, 
5/4/2047
272,856
Kraft
Foods
Group,
Inc.
140,000
5.000%, 
6/4/2042
141,921
Kraft
Heinz
Foods
Company
325,000
3.375%, 
6/15/2021
329,705
220,000
4.625%, 
1/30/2029
231,542
210,000
3.750%, 
4/1/2030
g
213,344
Kroger
Company
105,000
2.800%, 
8/1/2022
108,706
Medtronic,
Inc.
322,000
4.375%, 
3/15/2035
408,641
13,000
4.625%, 
3/15/2045
17,528
Merck
&
Company,
Inc.
50,000
3.700%, 
2/10/2045
60,124
Mondelez
International,
Inc.
90,000
2.750%, 
4/13/2030
95,289
Mylan,
Inc.
55,000
3.125%, 
1/15/2023
g
55,571
Nestle
Holdings,
Inc.
200,000
3.900%, 
9/24/2038
g
242,370
Par
Pharmaceutical,
Inc.
120,000
7.500%, 
4/1/2027
g
121,536
Post
Holdings,
Inc.
150,000
5.750%, 
3/1/2027
g
153,562
Reynolds
American,
Inc.
299,000
5.700%, 
8/15/2035
349,371
Roche
Holdings,
Inc.
138,000
4.000%, 
11/28/2044
g
170,910
Scotts
Miracle-Gro
Company
140,000
4.500%, 
10/15/2029
136,500
Shire
Acquisitions
Investments
Ireland
Designated
Activity
Company
252,000
2.400%, 
9/23/2021
255,799
Simmons
Foods,
Inc.
85,000
5.750%, 
11/1/2024
g
79,050
Smithfield
Foods,
Inc.
145,000
2.650%, 
10/3/2021
g
142,682
Spectrum
Brands,
Inc.
210,000
5.750%, 
7/15/2025
209,475
Tenet
Healthcare
Corporation
60,000
4.625%, 
7/15/2024
59,208
180,000
5.125%, 
11/1/2027
g
177,750
Teva
Pharmaceutical
Finance
Netherlands
III
BV
140,000
2.800%, 
7/21/2023
128,625
Thermo
Fisher
Scientific,
Inc.
165,000
4.133%, 
3/25/2025
186,070
Tyson
Foods,
Inc.
88,000
3.550%, 
6/2/2027
95,125
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Consumer
Non-Cyclical
(1.9%)
-
continued
UnitedHealth
Group,
Inc.
$
225,000
2.950%, 
10/15/2027
$
243,737
505,000
4.625%, 
7/15/2035
635,791
VRX
Escrow
Corporation
475,000
6.125%, 
4/15/2025
g
480,047
Zoetis,
Inc.
275,000
4.700%, 
2/1/2043
352,749
Total
18,718,087
Energy
(1.2%)
Archrock
Partners,
LP
150,000
6.250%, 
4/1/2028
g
111,750
BP
Capital
Markets
America,
Inc.
50,000
3.119%, 
5/4/2026
52,151
550,000
3.543%, 
4/6/2027
576,699
BP
Capital
Markets
plc
135,000
3.535%, 
11/4/2024
142,606
312,000
3.279%, 
9/19/2027
322,769
Buckeye
Partners,
LP
50,000
4.125%, 
3/1/2025
g
46,250
100,000
3.950%, 
12/1/2026
90,500
40,000
4.125%, 
12/1/2027
35,700
Canadian
Oil
Sands,
Ltd.
115,000
9.400%, 
9/1/2021
g
123,395
Cheniere
Energy
Partners,
LP
270,000
5.625%, 
10/1/2026
258,012
Chesapeake
Energy
Corporation
77,000
11.500%, 
1/1/2025
g
2,117
ConocoPhillips
220,000
6.500%, 
2/1/2039
315,117
Continental
Resources,
Inc.
75,000
5.000%, 
9/15/2022
70,500
125,000
4.500%, 
4/15/2023
110,547
Diamondback
Energy,
Inc.
375,000
3.500%, 
12/1/2029
323,947
El
Paso
Pipeline
Partners
Operating
Company,
LLC
130,000
4.300%, 
5/1/2024
137,842
Enagas
SA
385,000
5.500%, 
1/15/2028
g
263,725
Enbridge,
Inc.
165,000
2.900%, 
7/15/2022
165,918
Endeavor
Energy
Resources,
LP
70,000
5.750%, 
1/30/2028
g
60,900
Energy
Transfer
Operating,
LP
85,000
4.200%, 
9/15/2023
83,572
275,000
6.000%, 
6/15/2048
258,201
Energy
Transfer
Partners,
LP
155,000
4.900%, 
3/15/2035
139,523
50,000
5.150%, 
2/1/2043
41,288
EnLink
Midstream
Partners,
LP
150,000
4.850%, 
7/15/2026
91,500
EOG
Resources,
Inc.
250,000
4.375%, 
4/15/2030
278,852
EQT
Corporation
150,000
3.900%, 
10/1/2027
126,000
Equinor
ASA
375,000
3.000%, 
4/6/2027
393,394
Exxon
Mobil
Corporation
275,000
4.327%, 
3/19/2050
335,581
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
151
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Energy
(1.2%)
-
continued
$
500,000
3.452%, 
4/15/2051
$
542,128
Kinder
Morgan
Energy
Partners,
LP
215,000
6.500%, 
9/1/2039
247,214
Kinder
Morgan,
Inc.
225,000
6.500%, 
9/15/2020
227,589
Magellan
Midstream
Partners,
LP
130,000
5.000%, 
3/1/2026
140,754
Marathon
Petroleum
Corporation
264,000
4.750%, 
12/15/2023
266,131
35,000
6.500%, 
3/1/2041
36,717
MPLX,
LP
250,000
4.875%, 
12/1/2024
248,264
264,000
4.875%, 
6/1/2025
257,450
Murphy
Oil
Corporation
140,000
5.875%, 
12/1/2027
95,018
Nabors
Industries,
Inc.
120,000
5.750%, 
2/1/2025
27,600
Nabors
Industries,
Ltd.
40,000
7.250%, 
1/15/2026
g
15,200
Newfield
Exploration
Company
60,000
5.625%, 
7/1/2024
42,916
128,000
5.375%, 
1/1/2026
88,280
Noble
Energy,
Inc.
300,000
5.050%, 
11/15/2044
219,196
Occidental
Petroleum
Corporation
90,000
2.700%, 
8/15/2022
78,300
180,000
2.900%, 
8/15/2024
136,746
60,000
3.400%, 
4/15/2026
42,900
ONEOK,
Inc.
220,000
2.200%, 
9/15/2025
190,224
Parsley
Energy,
LLC
185,000
5.625%, 
10/15/2027
g
158,175
Petrobras
Global
Finance
BV
118,000
5.093%, 
1/15/2030
g
107,557
Pioneer
Natural
Resources
Company
90,000
4.450%, 
1/15/2026
94,751
Plains
All
American
Pipeline,
LP
200,000
4.500%, 
12/15/2026
185,501
250,000
3.550%, 
12/15/2029
213,389
Regency
Energy
Partners,
LP
50,000
5.875%, 
3/1/2022
50,836
Sabine
Pass
Liquefaction,
LLC
125,000
6.250%, 
3/15/2022
128,970
150,000
5.625%, 
4/15/2023
155,946
175,000
5.750%, 
5/15/2024
183,401
Schlumberger
Holdings
Corporation
180,000
4.000%, 
12/21/2025
g
181,626
Southwestern
Energy
Company
195,000
7.500%, 
4/1/2026
j
174,619
Suncor
Energy,
Inc.
155,000
3.600%, 
12/1/2024
159,742
Sunoco
Logistics
Partners
Operations,
LP
150,000
4.000%, 
10/1/2027
140,448
Sunoco,
LP
90,000
5.875%, 
3/15/2028
85,500
Targa
Resources
Partners,
LP
190,000
5.375%, 
2/1/2027
161,500
Transocean,
Inc.
215,000
7.250%, 
11/1/2025
g
83,313
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Energy
(1.2%)
-
continued
Viper
Energy
Partners,
LP
$
180,000
5.375%, 
11/1/2027
g
$
161,100
W&T
Offshore,
Inc.
145,000
9.750%, 
11/1/2023
g
47,850
Western
Gas
Partners,
LP
176,000
4.000%, 
7/1/2022
170,280
Williams
Companies,
Inc.
225,000
7.500%, 
1/15/2031
264,357
Williams
Partners,
LP
100,000
4.000%, 
11/15/2021
101,382
70,000
3.600%, 
3/15/2022
70,812
100,000
4.500%, 
11/15/2023
103,799
20,000
6.300%, 
4/15/2040
23,006
WPX
Energy,
Inc.
210,000
5.750%, 
6/1/2026
190,323
50,000
4.500%, 
1/15/2030
40,750
Total
11,299,916
Financials
(3.3%)
ACE
INA
Holdings,
Inc.
138,000
4.350%, 
11/3/2045
179,934
AerCap
Ireland
Capital,
Ltd.
40,000
4.625%, 
10/30/2020
39,490
14,000
4.625%, 
7/1/2022
13,213
160,000
3.500%, 
1/15/2025
137,975
175,000
3.875%, 
1/23/2028
147,045
Aircastle,
Ltd.
325,000
5.000%, 
4/1/2023
307,191
Ally
Financial,
Inc.
200,000
5.750%, 
11/20/2025
205,000
American
International
Group,
Inc.
255,000
3.750%, 
7/10/2025
272,069
250,000
3.900%, 
4/1/2026
270,449
AvalonBay
Communities,
Inc.
125,000
3.500%, 
11/15/2025
131,718
Aviation
Capital
Group,
LLC
255,000
2.875%, 
1/20/2022
g
220,835
Avolon
Holdings
Funding,
Ltd.
112,000
5.250%, 
5/15/2024
g
97,116
Banco
Santander
Mexico
SA
200,000
5.375%, 
4/17/2025
g
205,250
Banco
Santander
SA
400,000
2.431%, 
(LIBOR
3M
+
1.120%),
4/12/2023
b
385,659
Bank
of
America
Corporation
125,000
3.499%, 
5/17/2022
b
127,359
175,000
2.881%, 
4/24/2023
b
178,814
184,000
4.000%, 
4/1/2024
199,700
200,000
4.200%, 
8/26/2024
216,271
300,000
4.000%, 
1/22/2025
323,981
225,000
3.458%, 
3/15/2025
b
237,651
225,000
3.093%, 
10/1/2025
b
236,166
180,000
3.824%, 
1/20/2028
b
196,625
275,000
2.496%, 
2/13/2031
b
277,991
165,000
2.592%, 
4/29/2031
b
168,904
Bank
of
Nova
Scotia
185,000
2.700%, 
3/7/2022
190,394
Barclays
Bank
plc
46,000
10.179%, 
6/12/2021
g
49,280
Barclays
plc
310,000
3.250%, 
1/12/2021
312,229
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
152
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Financials
(3.3%)
-
continued
$
225,000
4.610%, 
2/15/2023
b
$
233,875
236,000
3.650%, 
3/16/2025
245,228
Boston
Properties,
LP
150,000
4.500%, 
12/1/2028
169,725
BPCE
SA
315,000
3.500%, 
10/23/2027
g
330,044
Camden
Property
Trust
250,000
3.150%, 
7/1/2029
263,889
Capital
One
Financial
Corporation
160,000
3.050%, 
3/9/2022
162,461
200,000
4.200%, 
10/29/2025
205,345
Capital
One
NA
250,000
2.150%, 
9/6/2022
249,140
Cascades
USA,
Inc.
130,000
5.125%, 
1/15/2026
g
130,000
CIT
Group,
Inc.
195,000
5.000%, 
8/15/2022
194,025
50,000
5.250%, 
3/7/2025
49,390
Citigroup,
Inc.
139,000
4.050%, 
7/30/2022
145,878
140,000
3.142%, 
1/24/2023
b
143,385
370,000
4.400%, 
6/10/2025
401,621
160,000
3.200%, 
10/21/2026
168,611
340,000
3.668%, 
7/24/2028
b
363,368
120,000
4.125%, 
7/25/2028
129,470
225,000
3.520%, 
10/27/2028
b
238,721
300,000
3.878%, 
1/24/2039
b
321,945
162,000
4.650%, 
7/23/2048
198,351
CNA
Financial
Corporation
100,000
3.900%, 
5/1/2029
103,998
Comerica,
Inc.
75,000
3.700%, 
7/31/2023
78,919
Commerzbank
AG
200,000
8.125%, 
9/19/2023
g
220,804
Compass
Bank
250,000
3.500%, 
6/11/2021
252,106
Cooperatieve
Centrale
Raiffeisen-
Boerenleenbank
BA
258,000
3.950%, 
11/9/2022
266,301
278,000
4.625%, 
12/1/2023
297,220
Credit
Agricole
SA
250,000
3.250%, 
1/14/2030
g
252,701
Credit
Suisse
Group
AG
200,000
7.250%, 
9/12/2025
b,g,k
199,500
250,000
3.869%, 
1/12/2029
b,g
264,576
Credit
Suisse
Group
Funding
(Guernsey),
Ltd.
100,000
3.125%, 
12/10/2020
100,719
Credit
Suisse
Group
Funding,
Ltd.
184,000
3.750%, 
3/26/2025
194,876
Danske
Bank
AS
200,000
3.244%, 
12/20/2025
b,g
199,974
Deutsche
Bank
AG
275,000
3.375%, 
5/12/2021
275,223
100,000
4.250%, 
10/14/2021
100,654
225,000
3.961%, 
11/26/2025
b
219,950
Discover
Bank
260,000
4.682%, 
8/9/2028
b
263,744
Duke
Realty,
LP
150,000
2.875%, 
11/15/2029
155,606
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Financials
(3.3%)
-
continued
ERP
Operating,
LP
$
54,000
3.375%, 
6/1/2025
$
56,727
Fidelity
National
Financial,
Inc.
250,000
5.500%, 
9/1/2022
267,016
Fifth
Third
Bancorp
135,000
2.600%, 
6/15/2022
137,472
Five
Corners
Funding
Trust
445,000
4.419%, 
11/15/2023
g
489,659
GE
Capital
International
Funding
Company
210,000
4.418%, 
11/15/2035
218,427
Goldman
Sachs
Group,
Inc.
300,000
5.375%, 
6/1/2020
b,k
278,625
285,000
2.876%, 
10/31/2022
b
289,455
176,000
2.908%, 
6/5/2023
b
179,895
200,000
3.625%, 
2/20/2024
211,749
210,000
4.750%, 
10/21/2045
254,078
HCP,
Inc.
100,000
3.400%, 
2/1/2025
103,430
HSBC
Holdings
plc
200,000
6.875%, 
6/1/2021
b,k
200,500
125,000
2.650%, 
1/5/2022
126,902
275,000
3.803%, 
3/11/2025
b
292,637
350,000
3.900%, 
5/25/2026
380,783
300,000
4.950%, 
3/31/2030
355,164
Icahn
Enterprises,
LP
170,000
6.375%, 
12/15/2025
169,150
80,000
6.250%, 
5/15/2026
78,610
ING
Groep
NV
200,000
3.150%, 
3/29/2022
205,069
250,000
4.100%, 
10/2/2023
267,467
International
Lease
Finance
Corporation
80,000
5.875%, 
8/15/2022
78,211
Iron
Mountain,
Inc.
125,000
6.000%, 
8/15/2023
126,250
150,000
4.875%, 
9/15/2027
g
146,250
J.P.
Morgan
Chase
&
Company
230,000
2.700%, 
5/18/2023
238,290
105,000
2.250%, 
(LIBOR
3M
+
1.230%),
10/24/2023
b
104,869
200,000
3.625%, 
5/13/2024
215,390
200,000
3.875%, 
9/10/2024
215,083
145,000
3.125%, 
1/23/2025
153,687
425,000
3.900%, 
7/15/2025
467,196
150,000
3.300%, 
4/1/2026
161,288
275,000
4.203%, 
7/23/2029
b
310,708
175,000
2.522%, 
4/22/2031
b
178,632
260,000
3.882%, 
7/24/2038
b
293,104
Kimco
Realty
Corporation
320,000
3.300%, 
2/1/2025
320,252
Liberty
Mutual
Group,
Inc.
80,000
4.950%, 
5/1/2022
g
84,414
Lloyds
Banking
Group
plc
225,000
2.907%, 
11/7/2023
b
228,579
450,000
3.870%, 
7/9/2025
b
473,231
MetLife,
Inc.
210,000
4.050%, 
3/1/2045
246,017
Mitsubishi
UFJ
Financial
Group,
Inc.
455,000
3.455%, 
3/2/2023
474,042
200,000
3.287%, 
7/25/2027
212,485
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
153
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Financials
(3.3%)
-
continued
Morgan
Stanley
$
80,000
5.550%, 
7/15/2020
b,k
$
73,600
198,000
2.750%, 
5/19/2022
202,986
135,000
4.875%, 
11/1/2022
144,260
185,000
3.125%, 
1/23/2023
192,379
110,000
2.188%, 
4/28/2026
b
111,197
275,000
4.350%, 
9/8/2026
302,850
240,000
3.591%, 
7/22/2028
b
259,586
350,000
3.622%, 
4/1/2031
b,j
384,731
MPT
Operating
Partnership,
LP
125,000
6.375%, 
3/1/2024
129,086
125,000
4.625%, 
8/1/2029
124,297
Nasdaq,
Inc.
150,000
3.250%, 
4/28/2050
148,575
110,000
3.850%, 
6/30/2026
120,942
Nationwide
Building
Society
200,000
3.622%, 
4/26/2023
b,g
205,092
Outfront
Media
Cap,
LLC
220,000
4.625%, 
3/15/2030
g
200,750
Park
Aerospace
Holdings,
Ltd.
112,000
4.500%, 
3/15/2023
g
99,053
Prudential
Financial,
Inc.
175,000
3.700%, 
3/13/2051
185,665
Quicken
Loans,
Inc.
240,000
5.750%, 
5/1/2025
g
235,200
Realty
Income
Corporation
175,000
4.125%, 
10/15/2026
191,376
Regency
Centers,
LP
290,000
4.125%, 
3/15/2028
310,066
Reinsurance
Group
of
America,
Inc.
160,000
4.700%, 
9/15/2023
168,550
43,000
3.900%, 
5/15/2029
45,144
Royal
Bank
of
Scotland
Group
plc
75,000
6.125%, 
12/15/2022
80,366
100,000
6.100%, 
6/10/2023
108,269
200,000
3.875%, 
9/12/2023
209,385
250,000
4.269%, 
3/22/2025
b
266,470
200,000
4.445%, 
5/8/2030
b
223,138
Santander
UK
Group
Holdings
plc
160,000
2.875%, 
10/16/2020
160,923
Simon
Property
Group,
LP
160,000
4.250%, 
11/30/2046
157,681
Societe
Generale
SA
132,000
4.750%, 
11/24/2025
g
139,527
Springleaf
Finance
Corporation
140,000
6.875%, 
3/15/2025
132,398
110,000
7.125%, 
3/15/2026
101,953
Standard
Chartered
plc
250,000
2.819%, 
1/30/2026
b,g
249,496
Sumitomo
Mitsui
Financial
Group,
Inc.
160,000
2.784%, 
7/12/2022
163,576
135,000
3.102%, 
1/17/2023
139,900
120,000
3.010%, 
10/19/2026
126,445
Synchrony
Financial
70,000
4.250%, 
8/15/2024
68,397
350,000
3.950%, 
12/1/2027
322,105
UBS
Group
Funding
Jersey,
Ltd.
138,000
4.125%, 
9/24/2025
g
151,687
UBS
Group
Funding
Switzerland
AG
190,000
3.491%, 
5/23/2023
g
195,533
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Financials
(3.3%)
-
continued
Ventas
Realty,
LP
$
190,000
3.100%, 
1/15/2023
$
187,900
VICI
Properties,
LP
/
VICI
Note
Company,
Inc.
50,000
4.250%, 
12/1/2026
g
46,729
30,000
3.750%, 
2/15/2027
g
27,900
50,000
4.625%, 
12/1/2029
g
46,188
30,000
4.125%, 
8/15/2030
g
27,300
Voya
Financial,
Inc.
310,000
3.125%, 
7/15/2024
318,619
Wells
Fargo
&
Company
190,000
2.625%, 
7/22/2022
194,568
185,000
3.069%, 
1/24/2023
189,404
160,000
3.450%, 
2/13/2023
166,578
200,000
4.125%, 
8/15/2023
213,169
205,000
3.000%, 
2/19/2025
215,119
300,000
3.000%, 
4/22/2026
314,299
163,000
3.000%, 
10/23/2026
170,431
307,000
4.900%, 
11/17/2045
369,761
Welltower,
Inc.
75,000
3.950%, 
9/1/2023
76,579
ZB
NA
290,000
3.500%, 
8/27/2021
291,296
Total
32,098,919
Mortgage-Backed
Securities
(13.4%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
15-Yr.
Pass
Through
5,093,942
3.500%, 
5/1/2034
5,386,876
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
8,254,444
3.000%, 
3/25/2050
8,723,086
5,036,413
3.000%, 
4/1/2050
5,322,360
4,395,919
3.500%, 
7/1/2047
4,671,217
5,621,107
3.000%, 
8/1/2047
5,949,985
Federal
National
Mortgage
Association
490,894
3.230%, 
11/1/2020
491,028
2,057,039
4.500%, 
5/1/2048
2,223,316
4,134,824
3.500%, 
10/1/2048
4,378,039
4,914,035
3.500%, 
2/1/2049
5,188,460
2,773,695
3.500%, 
6/1/2049
2,940,100
4,680,648
3.500%, 
8/1/2049
4,968,545
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
20,190,000
2.000%, 
6/1/2034
e
20,794,123
8,410,000
2.500%, 
6/1/2034
e
8,784,179
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
19,300,000
2.500%, 
5/1/2050
e
20,096,879
7,559,340
4.000%, 
7/1/2048
8,045,421
6,400,000
3.000%, 
5/1/2049
e
6,756,000
1,878,000
3.000%, 
6/1/2049
e
1,980,183
11,875,000
2.500%, 
7/1/2049
e
12,345,170
Total
129,044,967
Technology
(1.2%)
Adobe,
Inc.
125,000
2.150%, 
2/1/2027
130,832
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
154
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Technology
(1.2%)
-
continued
Apple,
Inc.
$
170,000
3.200%, 
5/11/2027
$
189,282
100,000
3.000%, 
6/20/2027
110,509
365,000
3.000%, 
11/13/2027
403,606
490,000
3.750%, 
9/12/2047
590,324
Applied
Materials,
Inc.
88,000
3.300%, 
4/1/2027
97,034
Avnet,
Inc.
120,000
3.750%, 
12/1/2021
121,663
Baidu,
Inc.
220,000
3.425%, 
4/7/2030
229,848
Broadcom
Corporation
164,000
3.875%, 
1/15/2027
170,146
200,000
3.500%, 
1/15/2028
202,631
Broadcom,
Inc.
300,000
4.750%, 
4/15/2029
g
330,942
125,000
5.000%, 
4/15/2030
g
139,757
CommScope
Technologies
Finance,
LLC
220,000
6.000%, 
6/15/2025
g
195,778
Diamond
1
Finance
Corporation
595,000
6.020%, 
6/15/2026
g
643,766
Diamond
Sports
Group,
LLC
70,000
5.375%, 
8/15/2026
g
53,200
140,000
6.625%, 
8/15/2027
g
76,650
Harland
Clarke
Holdings
Corporation
200,000
8.375%, 
8/15/2022
g
143,180
Hewlett
Packard
Enterprise
Company
260,000
2.093%, 
(LIBOR
3M
+
0.720%),
10/5/2021
b
255,540
115,000
4.400%, 
10/15/2022
120,638
160,000
4.650%, 
10/1/2024
170,234
Intel
Corporation
550,000
3.100%, 
2/15/2060
600,430
KLA
Corporation
330,000
3.300%, 
3/1/2050
321,649
Lam
Research
Corporation
275,000
2.875%, 
N/A
274,277
Marvell
Technology
Group,
Ltd.
165,000
4.200%, 
6/22/2023
170,729
220,000
4.875%, 
6/22/2028
240,504
Micron
Technology,
Inc.
110,000
2.497%, 
4/24/2023
111,954
Microsoft
Corporation
280,000
4.750%, 
11/3/2055
411,866
280,000
4.200%, 
11/3/2035
355,606
625,000
3.700%, 
8/8/2046
764,262
NCR
Corporation
240,000
6.125%, 
9/1/2029
g
238,200
NVIDIA
Corporation
275,000
3.500%, 
4/1/2040
308,272
NXP
BV/NXP
Funding,
LLC
225,000
4.875%, 
3/1/2024
g
244,166
Open
Text
Corporation
160,000
4.125%, 
2/15/2030
g
155,632
Oracle
Corporation
490,000
2.950%, 
5/15/2025
525,585
350,000
2.800%, 
4/1/2027
375,111
225,000
3.850%, 
7/15/2036
258,780
275,000
3.600%, 
4/1/2040
309,253
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Technology
(1.2%)
-
continued
Plantronics,
Inc.
$
150,000
5.500%, 
5/31/2023
g
$
118,845
PTC,
Inc.
40,000
3.625%, 
2/15/2025
g
39,380
40,000
4.000%, 
2/15/2028
g
39,200
SS&C
Technologies,
Inc.
210,000
5.500%, 
9/30/2027
g
215,250
Texas
Instruments,
Inc.
270,000
4.150%, 
5/15/2048
343,748
Tyco
Electronics
Group
SA
40,000
3.450%, 
8/1/2024
42,435
80,000
3.125%, 
8/15/2027
83,445
Vmware,
Inc.
250,000
4.650%, 
5/15/2027
264,754
Total
11,188,893
Transportation
(0.2%)
Air
Canada
Pass
Through
Trust
43,068
3.875%, 
3/15/2023
g
36,619
Air
Lease
Corporation
75,000
3.500%, 
1/15/2022
70,981
Burlington
Northern
Santa
Fe,
LLC
130,000
5.750%, 
5/1/2040
180,516
100,000
5.050%, 
3/1/2041
129,437
130,000
4.450%, 
3/15/2043
160,495
CSX
Corporation
165,000
3.800%, 
4/15/2050
189,087
98,000
3.700%, 
11/1/2023
105,084
175,000
3.350%, 
9/15/2049
186,338
Delta
Air
Lines,
Inc.
130,000
7.000%, 
5/1/2025
g
133,237
Hertz
Corporation
130,000
5.500%, 
10/15/2024
g
26,000
100,000
6.000%, 
1/15/2028
g
18,000
NCL
Corporation,
Ltd.
130,000
3.625%, 
12/15/2024
g
83,525
Penske
Truck
Leasing
Company,
LP
200,000
3.375%, 
2/1/2022
g
203,116
Southwest
Airlines
Company
250,000
4.750%, 
5/4/2023
248,251
United
Continental
Holdings,
Inc.
70,000
4.875%, 
1/15/2025
51,100
United
Parcel
Service,
Inc.
220,000
4.450%, 
4/1/2030
266,147
XPO
Logistics,
Inc.
225,000
6.750%, 
8/15/2024
g
231,660
Total
2,319,593
U.S.
Government
&
Agencies
(15.0%)
U.S.
Treasury
Bonds
2,160,000
2.250%, 
11/15/2027
2,431,013
5,450,000
2.875%, 
5/15/2028
6,430,361
2,190,000
5.250%, 
11/15/2028
3,043,929
4,000,000
1.625%, 
8/15/2029
4,361,875
4,750,000
1.500%, 
2/15/2030
5,135,938
550,000
4.375%, 
5/15/2040
876,863
2,000,000
3.000%, 
5/15/2042
2,699,297
4,999,000
2.500%, 
5/15/2046
6,345,215
7,300,000
2.875%, 
5/15/2049
10,109,359
200,000
2.375%, 
11/15/2049
253,031
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
155
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
U.S.
Government
&
Agencies
(15.0%)
-
continued
U.S.
Treasury
Notes
$
400,000
1.375%, 
8/31/2020
l
$
401,719
5,500,000
1.375%, 
9/30/2020
5,528,789
130,000
1.875%, 
12/15/2020
131,402
2,750,000
2.500%, 
2/28/2021
2,803,281
1,000,000
1.375%, 
5/31/2021
1,012,891
9,210,000
1.125%, 
8/31/2021
9,324,765
9,850,000
1.500%, 
9/30/2021
10,033,533
1,170,000
1.125%, 
2/28/2022
1,189,744
4,060,000
1.875%, 
7/31/2022
4,211,457
19,985,000
2.000%, 
11/30/2022
20,890,571
1,700,000
2.500%, 
3/31/2023
1,811,031
11,330,000
2.500%, 
1/31/2024
12,254,988
1,350,000
2.125%, 
7/31/2024
1,451,619
8,000,000
1.250%, 
8/31/2024
8,314,062
2,540,000
2.250%, 
11/15/2024
2,756,694
1,090,000
2.125%, 
11/30/2024
1,177,924
1,000,000
1.375%, 
1/31/2025
1,047,891
7,090,000
2.625%, 
1/31/2026
7,962,125
9,300,000
2.500%, 
2/28/2026
10,390,934
Total
144,382,301
Utilities
(1.2%)
Ameren
Illinois
Company
150,000
4.500%, 
3/15/2049
196,003
American
Electric
Power
Company,
Inc.
216,000
2.950%, 
12/15/2022
223,474
American
Water
Capital
Corporation
275,000
2.800%, 
5/1/2030
293,010
Appalachian
Power
Company
85,000
3.300%, 
6/1/2027
90,602
Arizona
Public
Service
Company
150,000
3.500%, 
12/1/2049
165,229
Berkshire
Hathaway
Energy
Company
140,000
4.500%, 
2/1/2045
181,473
Calpine
Corporation
140,000
4.500%, 
2/15/2028
g
135,744
CenterPoint
Energy,
Inc.
75,000
3.850%, 
2/1/2024
80,052
175,000
2.500%, 
9/1/2024
180,336
140,000
4.250%, 
11/1/2028
152,769
CMS
Energy
Corporation
120,000
2.950%, 
2/15/2027
123,954
Commonwealth
Edison
Company
205,000
3.700%, 
3/1/2045
239,054
Consolidated
Edison
Company
of
New
York,
Inc.
325,000
4.125%, 
5/15/2049
393,703
Consolidated
Edison,
Inc.
69,000
4.500%, 
12/1/2045
85,918
Consumers
Energy
Company
175,000
4.350%, 
4/15/2049
237,918
DTE
Electric
Company
115,000
3.700%, 
3/15/2045
135,274
145,000
3.700%, 
6/1/2046
169,561
Duke
Energy
Carolinas,
LLC
315,000
3.700%, 
12/1/2047
378,307
Duke
Energy
Corporation
160,000
3.750%, 
9/1/2046
181,514
Duke
Energy
Florida,
LLC
120,000
3.200%, 
1/15/2027
131,499
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Utilities
(1.2%)
-
continued
Duke
Energy
Indiana,
LLC
$
185,000
3.750%, 
5/15/2046
$
217,316
Edison
International
90,000
2.950%, 
3/15/2023
90,013
400,000
5.750%, 
6/15/2027
454,020
Energy
Transfer
Operating,
LP
280,000
5.200%, 
2/1/2022
282,281
Exelon
Corporation
350,000
4.700%, 
4/15/2050
448,609
50,000
5.100%, 
6/15/2045
64,204
263,000
4.450%, 
4/15/2046
313,166
FirstEnergy
Corporation
50,000
2.850%, 
7/15/2022
51,011
320,000
4.850%, 
7/15/2047
411,594
ITC
Holdings
Corporation
66,000
4.050%, 
7/1/2023
70,042
80,000
5.300%, 
7/1/2043
96,771
Mississippi
Power
Company
165,000
3.950%, 
3/30/2028
180,698
Monongahela
Power
Company
150,000
5.400%, 
12/15/2043
g
202,505
National
Rural
Utilities
Cooperative
Finance
Corporation
90,000
3.900%, 
11/1/2028
101,080
200,000
3.700%, 
3/15/2029
224,751
NextEra
Energy
Capital
Holdings,
Inc.
175,000
2.750%, 
5/1/2025
186,233
NextEra
Energy
Operating
Partners,
LP
240,000
3.875%, 
10/15/2026
g
237,216
NiSource
Finance
Corporation
88,000
3.490%, 
5/15/2027
95,053
255,000
5.650%, 
2/1/2045
352,903
NiSource,
Inc.
250,000
3.600%, 
5/1/2030
278,196
Oncor
Electric
Delivery
Company,
LLC
352,000
3.750%, 
4/1/2045
426,752
Pacific
Gas
and
Electric
Company
175,000
3.300%, 
12/1/2027
m,n
175,437
175,000
3.950%, 
12/1/2047
m,n
171,062
PPL
Capital
Funding,
Inc.
225,000
5.000%, 
3/15/2044
266,535
PPL
Electric
Utilities
Corporation
132,000
3.950%, 
6/1/2047
162,674
Public
Service
Electric
&
Gas
Company
220,000
3.000%, 
5/15/2027
237,772
San
Diego
Gas
and
Electric
Company
270,000
4.150%, 
5/15/2048
323,137
South
Carolina
Electric
&
Gas
Company
350,000
5.100%, 
6/1/2065
498,663
Southern
California
Edison
Company
175,000
4.000%, 
4/1/2047
193,707
Southern
Company
215,000
3.250%, 
7/1/2026
229,539
Southern
Company
Gas
Capital
Corporation
220,000
4.400%, 
5/30/2047
255,399
Southwestern
Electric
Power
Company
65,000
3.900%, 
4/1/2045
70,334
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
156
Principal
Amount
Long-Term
Fixed
Income
(
44
.4
%
)
Value
Utilities
(1.2%)
-
continued
TerraForm
Power
Operating,
LLC
$
120,000
5.000%, 
1/31/2028
g
$
125,885
Virginia
Electric
and
Power
Company
125,000
4.600%, 
12/1/2048
167,624
Vistra
Operations
Company,
LLC
160,000
5.000%, 
7/31/2027
g
163,184
Total
11,600,760
Total
Long-Term
Fixed
Income
(cost
$410,445,522)
428,528,456
Shares
Registered
Investment
Companies
(
38
.8
%
)
Value
Unaffiliated  (1.7%)
1,700
Health
Care
Select
Sector
SPDR
Fund
169,541
113,400
Invesco
Senior
Loan
ETF
2,379,132
1,719
iShares
Dow
Jones
US
Home
Construction
Index
Fund
62,778
27,000
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
3,487,590
2,456
ProShares
Ultra
S&P
500
j
273,353
19,987
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
1,979,313
13,488
SPDR
S&P
500
ETF
Trust
j
3,917,994
645
SPDR
S&P
Biotech
ETF
j
60,237
3,303
SPDR
S&P
Regional
Banking
ETF
125,943
304
VanEck
Vectors
Oil
Services
ETF
o
33,373
41,500
Vanguard
Short-Term
Corporate
Bond
ETF
3,364,820
Total
15,854,074
Affiliated  (37.1%)
3,471,388
Thrivent
Core
Emerging
Markets
Debt
Fund
31,277,204
424,856
Thrivent
Core
Emerging
Markets
Equity
Fund
3,619,770
969,305
Thrivent
Core
International
Equity
Fund
7,628,430
2,477,074
Thrivent
Core
Low
Volatility
Equity
Fund
26,851,483
58,959
Thrivent
Global
Stock
Fund,
Class
S
1,251,700
5,159,877
Thrivent
High
Yield
Fund,
Class
S
21,723,080
8,052,251
Thrivent
Income
Fund,
Class
S
77,140,568
3,941,200
Thrivent
International
Allocation
Fund,
Class
S
32,869,609
2,895,654
Thrivent
Large
Cap
Growth
Fund,
Class
S
38,917,596
3,015,573
Thrivent
Large
Cap
Value
Fund,
Class
S
57,537,125
3,232,589
Thrivent
Limited
Maturity
Bond
Fund,
Class
S
39,857,824
692,303
Thrivent
Mid
Cap
Stock
Fund,
Class
S
15,770,653
212,720
Thrivent
Small
Cap
Stock
Fund,
Class
S
4,048,058
Total
358,493,100
Total
Registered
Investment
Companies
(cost
$331,030,818)
374,347,174
Shares
Common
Stock
(
9
.9
%
)
Value
Communications
Services
(0.4%)
804
Activision
Blizzard,
Inc.
51,239
Shares
Common
Stock
(
9
.9
%
)
Value
Communications
Services
(0.4%)
-
continued
559
Alphabet,
Inc.,
Class
A
o
$
752,805
295
Alphabet,
Inc.,
Class
C
o
397,855
9,033
AMC
Entertainment
Holdings,
Inc.
j
44,442
488
AMC
Networks,
Inc.
o
11,639
3,219
AT&T,
Inc.
98,083
314
Boingo
Wireless,
Inc.
o
4,377
3,503
CenturyLink,
Inc.
37,202
2,386
Cinemark
Holdings,
Inc.
34,072
3,553
Comcast
Corporation
133,699
1,232
Consolidated
Communications
Holdings,
Inc.
o
7,725
160
Discovery,
Inc.,
Class
A
o
3,587
1,341
DISH
Network
Corporation
o
33,545
1,343
EchoStar
Corporation
o
42,372
1,987
Facebook,
Inc.
o
406,759
16,285
Gannett
Company,
Inc.
18,402
400
Hemisphere
Media
Group,
Inc.
o
3,712
2,689
Interpublic
Group
of
Companies,
Inc.
45,659
2,628
Lions
Gate
Entertainment
Corporation,
Class
A
o
18,764
2,158
Lions
Gate
Entertainment
Corporation,
Class
B
o
14,415
6,680
Live
Nation
Entertainment,
Inc.
o
299,732
142
Madison
Square
Garden
Entertainment
Corporation
o
11,743
4,043
Meredith
Corporation
59,958
565
News
Corporation
5,774
5,278
ORBCOMM,
Inc.
o
13,934
11,482
QuinStreet,
Inc.
o
116,657
1,146
RingCentral,
Inc.
o
261,895
124
Roku,
Inc.
o
15,033
531
Scholastic
Corporation
15,436
389
Sinclair
Broadcast
Group,
Inc.
6,866
1,434
Take-Two
Interactive
Software,
Inc.
o
173,586
334
Telephone
&
Data
Systems,
Inc.
6,553
1,334
Twitter,
Inc.
o
38,259
1,315
Uber
Technologies,
Inc.
o
39,805
3,069
Verizon
Communications,
Inc.
176,314
834
ViacomCBS,
Inc.
14,395
2,472
Walt
Disney
Company
267,347
966
Zillow
Group,
Inc.
o
42,060
Total
3,725,700
Consumer
Discretionary
(1.0%)
1,270
Abercrombie
&
Fitch
Company
13,437
1,256
Adient
plc
o
18,815
525
Amazon.com,
Inc.
o
1,298,850
636
American
Axle
&
Manufacturing
Holdings,
Inc.
o
2,748
2,865
American
Eagle
Outfitters,
Inc.
22,777
155
American
Public
Education,
Inc.
o
3,994
2,336
Aptiv
plc
162,469
2,787
At
Home
Group,
Inc.
o
6,549
29
AutoZone,
Inc.
o
29,589
1,766
Beazer
Homes
USA,
Inc.
o
12,433
6,640
Bed
Bath
&
Beyond,
Inc.
j
41,102
967
Big
Lots,
Inc.
22,676
482
BJ's
Restaurants,
Inc.
10,537
143
Booking
Holdings,
Inc.
o
211,721
169
Boyd
Gaming
Corporation
2,821
4,160
Bright
Horizons
Family
Solutions,
Inc.
o
484,432
2,103
Burlington
Stores,
Inc.
o
384,197
814
Caleres,
Inc.
6,602
1,136
Camping
World
Holdings,
Inc.
10,076
198
Capri
Holdings,
Ltd.
o
3,019
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
157
Shares
Common
Stock
(
9
.9
%
)
Value
Consumer
Discretionary
(1.0%)
-
continued
1,333
Carnival
Corporation
$
21,195
1,805
Century
Casinos,
Inc.
o
8,186
589
Century
Communities,
Inc.
o
12,616
11,854
Chico's
FAS,
Inc.
17,781
432
Chipotle
Mexican
Grill,
Inc.
o
379,534
243
Churchill
Downs,
Inc.
24,353
10,509
Cooper-Standard
Holdings,
Inc.
o
135,041
201
Cracker
Barrel
Old
Country
Store,
Inc.
19,577
7,816
Crocs,
Inc.
o
189,538
1,909
Culp,
Inc.
13,573
745
D.R.
Horton,
Inc.
35,179
1,027
Dana,
Inc.
11,810
859
Dave
&
Buster's
Entertainment,
Inc.
12,576
9,144
Designer
Brands,
Inc.
58,064
578
Dick's
Sporting
Goods,
Inc.
16,987
615
Dine
Brands
Global,
Inc.
27,300
881
Domino's
Pizza,
Inc.
318,860
3,083
Duluth
Holdings,
Inc.
o
12,363
1,630
Eldorado
Resorts,
Inc.
o
34,947
2,695
Emerald
Holding,
Inc
6,145
1,320
Ethan
Allen
Interiors,
Inc.
14,929
2,283
Etsy,
Inc.
o
148,098
2,157
Express,
Inc.
o
4,465
1,033
Extended
Stay
America,
Inc.
11,229
4,684
Five
Below,
Inc.
o
422,309
2,021
Foot
Locker,
Inc.
51,798
4,497
Fossil,
Inc.
o
17,808
5,009
GameStop
Corporation
o
28,702
1,152
Gap,
Inc.
9,354
1,897
Garrett
Motion,
Inc.
o
10,339
2,450
Genuine
Parts
Company
194,236
2,002
Goodyear
Tire
&
Rubber
Company
14,354
469
Grand
Canyon
Education,
Inc.
o
40,343
68
Group
1
Automotive,
Inc.
3,848
563
GrubHub,
Inc.
o
26,906
1,112
Hertz
Global
Holdings,
Inc.
o
4,492
2,620
Home
Depot,
Inc.
575,955
332
Hooker
Furniture
Corporation
4,977
490
Hovnanian
Enterprises,
Inc.
o
6,184
1,215
KB
Home
31,882
2,896
Knoll,
Inc.
33,767
242
Kohl's
Corporation
4,467
2,459
L
Brands,
Inc.
29,237
1,682
Lear
Corporation
164,247
1,119
Lowe's
Companies,
Inc.
117,215
273
Lululemon
Athletica,
Inc.
o
61,010
362
Lumber
Liquidators
Holdings,
Inc.
o
2,552
4,730
Macy's,
Inc.
27,718
142
Madison
Square
Garden
Sports
Corporation
o
24,327
1,244
Marcus
Corporation
18,088
176
Marriott
Vacations
Worldwide
Corporation
14,608
7,314
Mattel,
Inc.
o
63,778
1,351
McDonald's
Corporation
253,394
5,416
Michaels
Companies,
Inc.
o
16,465
928
Modine
Manufacturing
Company
o
4,297
160
Mohawk
Industries,
Inc.
o
14,035
6,459
Movado
Group,
Inc.
66,592
346
Netflix,
Inc.
o
145,268
228
Newell
Brands,
Inc.
3,165
731
NIKE,
Inc.
63,729
311
Norwegian
Cruise
Line
Holdings,
Ltd.
o
5,100
98
NVR,
Inc.
o
303,800
7,288
Office
Depot,
Inc.
16,179
Shares
Common
Stock
(
9
.9
%
)
Value
Consumer
Discretionary
(1.0%)
-
continued
3,817
Ollie's
Bargain
Outlet
Holdings,
Inc.
j,o
$
259,212
2,349
Oxford
Industries,
Inc.
98,470
1,670
Park
Hotels
&
Resorts,
Inc.
15,882
4,057
Party
City
Holdco,
Inc.
o
3,077
5,541
Penn
National
Gaming,
Inc.
o
98,741
7,215
Planet
Fitness,
Inc.
o
435,281
15,965
Playa
Hotels
and
Resorts
NV
o
39,434
123
PVH
Corporation
6,055
6,011
Qurate
Retail,
Inc.
o
48,419
3,556
Red
Rock
Resorts,
Inc.
38,974
515
RH
j,o
74,047
2,620
Ruth's
Hospitality
Group,
Inc.
29,488
1,156
Sally
Beauty
Holdings,
Inc.
o
11,225
2,088
Signet
Jewelers,
Ltd.
21,005
1,830
Six
Flags
Entertainment
Corporation
36,618
1,874
Skyline
Corporation
o
36,937
730
Sony
Corporation
ADR
46,902
2,361
Standard
Motor
Products,
Inc.
96,069
3,001
Tailored
Brands,
Inc.
4,982
180
Tapestry,
Inc.
2,678
3,245
Taylor
Morrison
Home
Corporation
o
47,215
2,992
Tenneco,
Inc.
o
15,528
6,045
Texas
Roadhouse,
Inc.
284,659
570
Thor
Industries,
Inc.
37,734
3,636
TJX
Companies,
Inc.
178,346
1,207
Toll
Brothers,
Inc.
28,992
1,435
Tri
Pointe
Homes,
Inc.
o
16,474
3,208
Tupperware
Brands
Corporation
10,330
1,388
Ulta
Beauty,
Inc.
o
302,473
556
Urban
Outfitters,
Inc.
o
9,641
985
Vail
Resorts,
Inc.
168,435
767
Wendy's
Company
15,233
61
Williams-Sonoma,
Inc.
3,772
1,028
Wingstop,
Inc.
120,554
2,288
Workhorse
Group,
Inc.
o
6,704
626
Wynn
Resorts,
Ltd.
53,542
4,670
Zumiez,
Inc.
o
98,724
Total
9,981,567
Consumer
Staples
(0.4%)
191
Andersons,
Inc.
3,241
1,834
B&G
Foods,
Inc.
35,616
59
Beyond
Meat,
Inc.
o
5,840
1,690
BJ's
Wholesale
Club
Holdings,
Inc.
o
44,464
2,386
Casey's
General
Stores,
Inc.
j
361,264
441
Central
Garden
&
Pet
Company
o
14,527
8,784
Coca-Cola
Company
403,098
4,144
Colgate-Palmolive
Company
291,199
649
Costco
Wholesale
Corporation
196,647
19,657
Cott
Corporation
201,681
690
Edgewell
Personal
Care
Company
o
19,051
236
Energizer
Holdings,
Inc.
9,195
2,647
Hain
Celestial
Group,
Inc.
o
68,398
1,306
John
B.
Sanfilippo
&
Son,
Inc.
107,262
233
Kimberly-Clark
Corporation
32,266
2,331
Monster
Beverage
Corporation
o
144,079
2,510
PepsiCo,
Inc.
332,048
1,096
Philip
Morris
International,
Inc.
81,762
3,613
Procter
&
Gamble
Company
425,864
542
Seneca
Foods
Corporation
o
19,501
2,355
Simply
Good
Foods
Company
o
44,392
557
Sprouts
Farmers
Markets,
Inc.
o
11,574
638
TreeHouse
Foods,
Inc.
o
33,004
9,527
Turning
Point
Brands,
Inc.
221,979
2,297
United
Natural
Foods,
Inc.
o
24,440
1,484
Vector
Group,
Ltd.
15,879
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
158
Shares
Common
Stock
(
9
.9
%
)
Value
Consumer
Staples
(0.4%)
-
continued
2,135
Wal-Mart
Stores,
Inc.
$
259,509
Total
3,407,780
Energy
(0.2%)
4,170
Abraxas
Petroleum
Corporation
o
1,312
12,054
Antero
Midstream
Corporation
57,257
330
Apache
Corporation
4,316
17,822
Archrock,
Inc.
85,724
1,857
BP
plc
ADR
44,197
17,264
Callon
Petroleum
Company
o
16,223
4,627
Centennial
Resource
Development,
Inc.
o
5,460
1,273
Chevron
Corporation
117,116
7,334
Cimarex
Energy
Company
186,430
2,598
CNX
Resources
Corporation
o
27,539
1,880
Concho
Resources,
Inc.
106,634
500
ConocoPhillips
21,050
5,065
Continental
Resources,
Inc.
j
83,015
1,431
Contura
Energy,
Inc.
o
5,466
3,143
Core
Laboratories
NV
61,634
2,878
Devon
Energy
Corporation
35,889
1,668
Diamondback
Energy,
Inc.
72,625
8,934
EnLink
Midstream,
LLC
19,833
1,292
Enterprise
Products
Partners,
LP
22,688
2,056
EOG
Resources,
Inc.
97,681
6,045
EQT
Corporation
88,197
4,757
Equitrans
Midstream
Corporation
39,864
6,485
Euronav
NV
69,325
359
Evolution
Petroleum
Corporation
1,066
2,894
Exterran
Corporation
o
19,679
2,151
Exxon
Mobil
Corporation
99,957
4,283
Frank's
International
NV
o
10,408
4,637
Gran
Tierra
Energy,
Inc.
o
1,574
7,246
Halliburton
Company
76,083
3,487
Helmerich
&
Payne,
Inc.
68,938
2,624
Liberty
Oilfield
Services,
Inc.
12,385
11,760
Marathon
Oil
Corporation
71,971
1,121
Marathon
Petroleum
Corporation
35,962
545
Nabors
Industries,
Ltd.
o
8,028
6,057
NexTier
Oilfield
Solutions,
Inc.
o
14,052
10,976
Nine
Energy
Service,
Inc.
o
15,915
3,227
Oceaneering
International,
Inc.
o
16,587
502
Oil
States
International,
Inc.
o
1,727
954
ONEOK,
Inc.
28,553
6,577
Pacific
Drilling
SA
j,o
4,215
6,291
Patterson-UTI
Energy,
Inc.
23,214
1,096
PBF
Energy,
Inc.
12,494
960
PDC
Energy,
Inc.
o
12,470
2,196
Peabody
Energy
Corporation
7,444
324
Penn
Virginia
Corporation
o
2,038
830
Pioneer
Natural
Resources
Company
74,127
2,506
Plains
GP
Holdings,
LP
23,030
1,280
ProPetro
Holding
Corporation
o
5,427
40,270
QEP
Resources,
Inc.
39,706
2,053
RPC,
Inc.
7,001
2,114
Schlumberger,
Ltd.
35,557
5,540
SEACOR
Holdings,
Inc.
o
156,560
1,791
SM
Energy
Company
7,254
17,171
Southwestern
Energy
Company
o
55,462
6,111
Talos
Energy,
Inc.
o
69,604
1,596
Targa
Resources
Corporation
20,684
17,345
Transocean,
Ltd.
j,o
22,202
13,600
WPX
Energy,
Inc.
o
83,368
Total
2,414,217
Shares
Common
Stock
(
9
.9
%
)
Value
Financials
(1.5%)
71
1st
Source
Corporation
$
2,466
1,026
Aflac,
Inc.
38,208
3,068
AG
Mortgage
Investment
Trust,
Inc.
9,787
6,178
Air
Lease
Corporation
161,555
309
Alleghany
Corporation
164,916
2,300
Ally
Financial,
Inc.
37,697
487
American
Equity
Investment
Life
Holding
Company
10,237
1,063
American
Express
Company
96,999
7,952
American
Financial
Group,
Inc.
526,741
761
American
International
Group,
Inc.
19,352
1,051
Ameriprise
Financial,
Inc.
120,802
1,699
Ameris
Bancorp
43,206
586
Aon
plc
101,185
493
Argo
Group
International
Holdings,
Ltd.
17,432
213
ARMOUR
Residential
REIT,
Inc.
1,883
1,735
Arthur
J.
Gallagher
&
Company
136,198
860
Artisan
Partners
Asset
Management,
Inc.
25,318
3,614
Associated
Banc-Corp
51,102
11,338
Assured
Guaranty,
Ltd.
337,079
11,045
Bank
of
America
Corporation
265,632
436
Bank
of
Marin
Bancorp
14,371
4,543
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
99,991
1,742
Bank
of
New
York
Mellon
Corporation
65,395
947
Bank
OZK
21,421
1,831
BankFinancial
Corporation
15,142
1,006
BankUnited,
Inc.
19,929
2,513
Banner
Corporation
96,575
1,921
Berkshire
Hathaway,
Inc.
o
359,919
615
BlackRock,
Inc.
308,755
475
BOK
Financial
Corporation
24,600
9,058
Boston
Private
Financial
Holdings,
Inc.
68,841
11,081
Bridgewater
Bancshares,
Inc.
o
112,251
1,049
Brighthouse
Financial,
Inc.
o
26,970
13,086
BrightSphere
Investment
Group
96,967
716
Brown
&
Brown,
Inc.
25,712
755
Byline
Bancorp,
Inc.
9,302
438
Cadence
Bancorporation
2,900
1,079
Capital
One
Financial
Corporation
69,876
1,886
Cboe
Global
Markets,
Inc.
187,431
1,219
Charles
Schwab
Corporation
45,981
309
Chubb,
Ltd.
33,375
980
Cincinnati
Financial
Corporation
64,484
2,480
CIT
Group,
Inc.
47,070
4,436
Citigroup,
Inc.
215,412
5,140
Citizens
Financial
Group,
Inc.
115,085
426
CME
Group,
Inc.
75,917
2,650
Cohen
&
Steers,
Inc.
153,011
16,527
Colony
Capital,
Inc.
38,177
9,219
Comerica,
Inc.
321,374
187
Community
Bank
System,
Inc.
11,686
3,171
Community
Trust
Bancorp,
Inc.
107,497
4,096
Cullen/Frost
Bankers,
Inc.
294,339
80
Diamond
Hill
Investment
Group,
Inc.
8,765
1,815
Discover
Financial
Services
77,991
875
East
West
Bancorp,
Inc.
30,686
1,357
Ellington
Residential
Mortgage
REIT
12,104
603
Encore
Capital
Group,
Inc.
o
15,666
495
Enstar
Group,
Ltd.
o
71,587
873
Enterprise
Financial
Services
Corporation
26,836
1,419
Essent
Group,
Ltd.
38,767
481
Evercore,
Inc.
24,820
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
159
Shares
Common
Stock
(
9
.9
%
)
Value
Financials
(1.5%)
-
continued
26,775
Everi
Holdings,
Inc.
o
$
132,536
701
FBL
Financial
Group,
Inc.
27,395
237
Federal
Agricultural
Mortgage
Corporation
15,791
2,513
Fifth
Third
Bancorp
46,968
1,980
Financial
Institutions,
Inc.
38,313
1,454
First
American
Financial
Corporation
67,058
173
First
Bancshares,
Inc.
3,446
4,546
First
Busey
Corporation
83,737
366
First
Citizens
BancShares,
Inc.
139,812
4,189
First
Defiance
Financial
Corporation
72,805
1,460
First
Financial
Corporation
51,859
9,128
First
Interstate
BancSystem,
Inc.
308,526
161
First
Mid-Illinois
Bancshares,
Inc.
4,299
2,372
First
Midwest
Bancorp,
Inc.
35,058
254
First
of
Long
Island
Corporation
4,011
1,388
First
Republic
Bank
144,755
331
Glacier
Bancorp,
Inc.
12,604
251
Goldman
Sachs
Group,
Inc.
46,038
4,126
Granite
Point
Mortgage
Trust,
Inc.
20,547
3,381
Great
Southern
Bancorp,
Inc.
143,929
2,616
Great
Western
Bancorp,
Inc.
49,181
2,345
Hamilton
Lane,
Inc.
j
152,073
1,076
Hancock
Whitney
Corporation
22,499
190
Hanmi
Financial
Corporation
2,293
1,913
Hanover
Insurance
Group,
Inc.
192,027
1,562
Hartford
Financial
Services
Group,
Inc.
59,340
5,261
Heartland
Financial
USA,
Inc.
178,716
16,840
Heritage
Commerce
Corporation
149,539
189
Heritage
Financial
Corporation
3,789
2,662
Hometrust
Bancshares,
Inc.
40,915
3,296
Horizon
Bancorp,
Inc.
37,508
1,439
Houlihan
Lokey,
Inc.
85,448
3,334
Independent
Bank
Corporation
48,976
3,538
Interactive
Brokers
Group,
Inc.
145,058
973
International
Bancshares
Corporation
28,207
2,314
J.P.
Morgan
Chase
&
Company
221,589
216
Janus
Henderson
Group
plc
3,866
1,813
Kemper
Corporation
121,870
5,727
KeyCorp
66,720
510
Ladder
Capital
Corporation
4,055
1,235
Lakeland
Bancorp,
Inc.
13,820
926
Loews
Corporation
32,095
1,811
M&T
Bank
Corporation
202,977
59
Markel
Corporation
o
51,085
609
Marsh
&
McLennan
Companies,
Inc.
59,274
538
Mercantile
Bank
Corporation
12,697
5,200
Meridian
Bancorp,
Inc.
61,256
893
MetLife,
Inc.
32,219
4,475
MidWestOne
Financial
Group,
Inc.
93,393
1,303
Morgan
Stanley
51,377
67
Morningstar,
Inc.
10,449
1,958
Mr.
Cooper
Group,
Inc.
o
18,758
859
MSCI,
Inc.
280,893
37
National
Western
Life
Group,
Inc.
7,131
200
NBT
Bancorp,
Inc.
6,626
975
New
York
Community
Bancorp,
Inc.
10,589
319
NMI
Holdings,
Inc.
o
4,313
2,555
Northern
Trust
Corporation
202,254
840
Northwest
Bancshares,
Inc.
8,912
402
OFG
Bancorp
5,057
578
Old
Republic
International
Corporation
9,219
1,705
Old
Second
Bancorp,
Inc.
14,032
Shares
Common
Stock
(
9
.9
%
)
Value
Financials
(1.5%)
-
continued
714
PacWest
Bancorp
$
14,451
57
Park
National
Corporation
4,559
91
PCSB
Financial
Corporation
1,242
177
Peapack-Gladstone
Financial
Corporation
3,340
504
Peoples
Bancorp,
Inc.
12,252
360
PNC
Financial
Services
Group,
Inc.
38,401
9,865
Popular,
Inc.
380,690
1,967
Primerica,
Inc.
204,391
7,795
Prosight
Global,
Inc.
o
65,166
294
Provident
Financial
Services,
Inc.
4,219
2,314
QCR
Holdings,
Inc.
71,225
4,655
Radian
Group,
Inc.
69,732
5,824
Raymond
James
Financial,
Inc.
383,918
287
Ready
Capital
Corporation
1,914
4,562
Redwood
Trust,
Inc.
18,704
2,099
Reinsurance
Group
of
America,
Inc.
219,723
1,406
Renasant
Corporation
36,879
197
S&P
Global,
Inc.
57,697
303
Safety
Insurance
Group,
Inc.
25,488
957
Sandy
Spring
Bancorp,
Inc.
24,404
7,038
Santander
Consumer
USA
Holdings,
Inc.
109,722
8,941
Seacoast
Banking
Corporation
of
Florida
o
200,904
4,455
SEI
Investments
Company
227,027
1,423
Selective
Insurance
Group,
Inc.
71,335
1,549
SLM
Corporation
12,919
1,705
Spirit
of
Texas
Bancshares,
Inc.
o
19,590
157
Starwood
Property
Trust,
Inc.
2,032
3,607
State
Auto
Financial
Corporation
90,500
1,974
SVB
Financial
Group
o
381,318
16,627
Synovus
Financial
Corporation
349,333
2,393
T.
Rowe
Price
Group,
Inc.
276,703
117
TCF
Financial
Corporation
3,474
720
Territorial
Bancorp,
Inc.
18,094
886
TMX
Group,
Ltd.
76,758
1,966
TPG
RE
Finance
Trust,
Inc.
15,119
1,448
TriCo
Bancshares
43,614
4,237
Triumph
Bancorp,
Inc.
o
117,407
5,393
TrustCo
Bank
Corporation
33,976
1,315
U.S.
Bancorp
47,998
114
UMB
Financial
Corporation
5,796
999
Umpqua
Holdings
Corporation
12,512
212
Univest
Financial
Corporation
3,752
16
Virtus
Investment
Partners,
Inc.
1,300
256
Walker
&
Dunlop,
Inc.
9,838
1,101
Washington
Trust
Bancorp,
Inc.
38,546
5,294
Webster
Financial
Corporation
149,556
1,728
Wells
Fargo
&
Company
50,198
946
WesBanco,
Inc.
23,347
146
Westamerica
Bancorporation
9,198
3,125
Western
Alliance
Bancorp
112,125
5,089
Western
Asset
Mortgage
Capital
Corporation
15,521
89
Westwood
Holdings
Group,
Inc.
2,050
5,764
Wintrust
Financial
Corporation
241,512
7,439
Zions
Bancorporations
NA
235,147
Total
14,472,971
Health
Care
(1.5%)
3,408
Abbott
Laboratories
313,843
681
AbbVie,
Inc.
55,978
447
Acadia
Healthcare
Company,
Inc.
o
10,732
186
Acceleron
Pharma,
Inc.
o
16,839
2,857
ADMA
Biologics,
Inc.
o
8,428
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
160
Shares
Common
Stock
(
9
.9
%
)
Value
Health
Care
(1.5%)
-
continued
1,366
Aduro
Biotech,
Inc.
o
$
3,777
1,343
Aerie
Pharmaceuticals,
Inc.
o
20,467
1,223
Agenus,
Inc.
o
3,259
1,599
Agile
Therapeutics,
Inc.
o
3,878
2,039
Agilent
Technologies,
Inc.
156,310
3,087
Agios
Pharmaceuticals,
Inc.
o
126,999
825
Akebia
Therapeutics,
Inc.
o
6,682
490
Alexion
Pharmaceuticals,
Inc.
o
52,660
251
Align
Technology,
Inc.
o
53,927
1,417
Alkermes
plc
o
19,427
772
AmerisourceBergen
Corporation
69,218
1,698
Amgen,
Inc.
406,196
1,499
AnaptysBio,
Inc.
o
23,414
1,134
Anavex
Life
Sciences
Corporation
o
3,924
484
Arena
Pharmaceuticals,
Inc.
o
23,701
169
Argenx
SE
ADR
o
24,757
366
Assembly
Biosciences,
Inc.
o
6,409
782
Atara
Biotherapeutics,
Inc.
o
6,483
325
Athenex,
Inc.
o
2,905
36
Atrion
Corporation
22,746
210
AVROBIO,
Inc.
o
2,703
3,557
Axonics
Modulation
Technologies,
Inc.
j,o
114,571
177
Axsome
Therapeutics,
Inc.
o
16,820
1,502
Bausch
Health
Companies,
Inc.
o
27,216
428
Becton,
Dickinson
and
Company
108,083
241
Biogen,
Inc.
o
71,536
1,753
Biohaven
Pharmaceutical
Holding
Company,
Ltd.
o
82,566
395
Bio-Rad
Laboratories,
Inc.
o
173,839
2,128
Bio-Techne
Corporation
478,800
614
Bluebird
Bio,
Inc.
o
33,082
120
Blueprint
Medicines
Corporation
o
7,060
293
Bruker
Corporation
11,521
8,551
Catalent,
Inc.
o
591,302
678
CEL-SCI
Corporation
o
11,933
990
Centene
Corporation
o
65,914
1,091
Charles
River
Laboratories
International,
Inc.
o
157,835
260
Chemed
Corporation
108,308
336
Cigna
Holding
Company
65,782
917
Clovis
Oncology,
Inc.
o
6,978
1,492
Community
Health
Systems,
Inc.
o
4,521
2,997
CryoLife,
Inc.
o
66,923
1,387
CVS
Health
Corporation
85,370
724
CytomX
Therapeutics,
Inc.
o
7,472
738
Danaher
Corporation
120,633
196
Deciphera
Pharmaceuticals,
Inc.
o
11,364
1,338
Dexcom,
Inc.
o
448,498
2,088
Dynavax
Technologies
Corporation
o
8,874
463
Edwards
Lifesciences
Corporation
o
100,703
515
Encompass
Health
Corporation
34,119
2,425
Endo
International
plc
o
11,155
1,138
Gilead
Sciences,
Inc.
95,592
206
Global
Blood
Therapeutics,
Inc.
o
15,763
5,452
Guardant
Health,
Inc.
j,o
419,586
7,896
Halozyme
Therapeutics,
Inc.
o
178,884
725
HCA
Healthcare,
Inc.
79,663
344
HealthStream,
Inc.
o
7,852
1,843
Hill-Rom
Holdings,
Inc.
207,319
120
Humana,
Inc.
45,818
5,433
iBio,
Inc.
o
6,085
4,310
ImmunoGen,
Inc.
o
17,585
530
Insmed,
Inc.
o
12,190
1,574
Inspire
Medical
Systems,
Inc.
o
112,793
882
Insulet
Corporation
o
176,153
Shares
Common
Stock
(
9
.9
%
)
Value
Health
Care
(1.5%)
-
continued
213
Intra-Cellular
Therapies,
Inc.
o
$
3,764
441
Intuitive
Surgical,
Inc.
o
225,298
481
Invitae
Corporation
o
7,961
730
Iovance
Biotherapeutics,
Inc.
o
23,470
1,496
IQVIA
Holding,
Inc.
o
213,315
301
Jazz
Pharmaceuticals,
Inc.
o
33,185
5,004
Johnson
&
Johnson
750,800
1,651
Kadmon
Holdings,
Inc.
o
7,099
516
Laboratory
Corporation
of
America
Holdings
o
84,856
5,075
LHC
Group,
Inc.
o
659,699
403
Ligand
Pharmaceuticals,
Inc.
j,o
39,724
777
MacroGenics,
Inc.
o
5,594
4,485
Medtronic
plc
437,871
2,562
Merck
&
Company,
Inc.
203,269
480
Mersana
Therapeutics,
Inc.
o
4,334
201
Mesa
Laboratories,
Inc.
47,838
76
Mirati
Therapeutics,
Inc.
o
6,463
772
Molina
Healthcare,
Inc.
o
126,585
203
Momenta
Pharmaceuticals,
Inc.
o
6,435
843
Myovant
Sciences,
Ltd.
o
10,099
455
Myriad
Genetics,
Inc.
o
7,034
2,723
Natera,
Inc.
o
100,860
1,597
National
Healthcare
Corporation
109,187
1,272
Nektar
Therapeutics
o
24,422
1,522
Neurocrine
Biosciences,
Inc.
o
149,369
2,501
Nevro
Corporation
o
294,218
409
Novo
Nordisk
AS
ADR
25,902
11,521
Optinose,
Inc.
o
46,545
629
Orthifix
Medical,
Inc.
o
22,298
895
PerkinElmer,
Inc.
81,024
5,207
Pfizer,
Inc.
199,741
598
Portola
Pharmaceuticals,
Inc.
o
4,234
3,228
PRA
Health
Sciences,
Inc.
o
311,502
687
Precision
BioSciences,
Inc.
o
4,727
295
Prothena
Corporation
plc
o
3,310
601
Puma
Biotechnology,
Inc.
o
6,040
334
Quest
Diagnostics,
Inc.
36,777
215
Reata
Pharmaceuticals,
Inc.
o
34,004
750
Repligen
Corporation
o
87,113
757
ResMed,
Inc.
117,577
1,638
Rite
Aid
Corporation
o
23,473
490
Sage
Therapeutics,
Inc.
o
19,100
700
Sarepta
Therapeutics,
Inc.
o
82,516
1,915
Silk
Road
Medical,
Inc.
o
80,200
2,816
Spectrum
Pharmaceuticals,
Inc.
o
8,166
1,621
Stryker
Corporation
302,203
129
Surmodics,
Inc.
o
4,915
4,976
Syneos
Health,
Inc.
o
277,611
3,169
Tactile
Systems
Technology,
Inc.
o
163,584
138
Teladoc
Health,
Inc.
o
22,713
1,132
Teleflex,
Inc.
379,673
1,446
Tenet
Healthcare
Corporation
o
29,180
1,357
Thermo
Fisher
Scientific,
Inc.
454,161
731
Tilray,
Inc.
j,o
5,885
342
U.S.
Physical
Therapy,
Inc.
25,821
647
United
Therapeutics
Corporation
o
70,885
1,896
UnitedHealth
Group,
Inc.
554,523
347
Universal
Health
Services,
Inc.
36,674
557
Varian
Medical
Systems,
Inc.
o
63,710
2,909
Veeva
Systems,
Inc.
o
555,037
910
Vertex
Pharmaceuticals,
Inc.
o
228,592
1,191
Viking
Therapeutics,
Inc.
o
6,860
356
Waters
Corporation
o
66,572
411
West
Pharmaceutical
Services,
Inc.
77,786
7,110
Wright
Medical
Group
NV
o
207,043
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
161
Shares
Common
Stock
(
9
.9
%
)
Value
Health
Care
(1.5%)
-
continued
167
Zimmer
Biomet
Holdings,
Inc.
$
19,990
3,932
Zoetis,
Inc.
508,447
Total
14,692,586
Industrials
(1.4%)
389
3M
Company
59,097
2,938
A.O.
Smith
Corporation
124,512
580
AECOM
o
21,031
883
Aegion
Corporation
o
14,172
1,792
Aerojet
Rocketdyne
Holdings,
Inc.
o
73,723
4,365
AGCO
Corporation
230,647
12,086
Altra
Industrial
Motion
Corporation
337,320
1,402
American
Airlines
Group,
Inc.
j
16,838
5,730
AMETEK,
Inc.
480,575
5,347
Arcosa,
Inc.
199,283
6,029
ASGN,
Inc.
o
280,047
771
Atlas
Air
Worldwide
Holdings,
Inc.
o
25,327
674
Avis
Budget
Group,
Inc.
o
11,108
4,473
AZZ,
Inc.
140,407
404
Bloom
Energy
Corporation
o
3,099
310
Boeing
Company
43,716
3,677
BWX
Technologies,
Inc.
195,102
313
Carlisle
Companies,
Inc.
37,861
2,476
Carrier
Global
Corporation
o
43,850
1,297
Casella
Waste
Systems,
Inc.
o
60,155
1,493
Caterpillar,
Inc.
173,755
6,232
CBIZ,
Inc.
o
148,010
1,343
Chart
Industries,
Inc.
o
47,972
52
Columbus
McKinnon
Corporation
1,408
1,936
Copart,
Inc.
o
155,093
907
Cornerstone
Building
Brands,
Inc.
o
4,834
667
CRA
International,
Inc.
28,101
4,141
Crane
Company
225,477
2,579
CSW
Industrials,
Inc.
170,833
432
CSX
Corporation
28,611
5,905
Curtiss-Wright
Corporation
612,053
1,223
Delta
Air
Lines,
Inc.
31,688
648
Douglas
Dynamics,
Inc.
23,950
5,465
EMCOR
Group,
Inc.
347,191
4,424
Emerson
Electric
Company
252,301
2,508
Encore
Wire
Corporation
114,816
1,258
Expeditors
International
of
Washington,
Inc.
90,079
3,418
Fluor
Corporation
39,991
3,321
Forrester
Research,
Inc.
o
103,947
2,143
FuelCell
Energy,
Inc.
o
4,329
2,297
General
Dynamics
Corporation
300,034
1,367
Gorman-Rupp
Company
40,327
215
Heico
Corporation
18,834
3,746
Helios
Technologies,
Inc.
133,245
175
Herc
Holdings,
Inc.
o
4,940
3,121
Honeywell
International,
Inc.
442,870
1,659
Hubbell,
Inc.
206,429
309
Huntington
Ingalls
Industries,
Inc.
59,146
512
ICF
International,
Inc.
37,653
4,525
IDEX
Corporation
695,176
341
Ingersoll
-
Rand,
Inc.
o
9,916
373
Interface,
Inc.
3,447
794
John
Bean
Technologies
Corporation
60,932
1,476
Johnson
Controls
International
plc
42,966
190
Kansas
City
Southern
24,805
606
KAR
Auction
Services,
Inc.
9,078
6,177
Lincoln
Electric
Holdings,
Inc.
j
497,310
555
Lockheed
Martin
Corporation
215,928
963
Manpower,
Inc.
71,493
555
Masonite
International
Corporation
o
32,789
Shares
Common
Stock
(
9
.9
%
)
Value
Industrials
(1.4%)
-
continued
591
Mercury
Systems,
Inc.
o
$
52,694
13,122
Meritor,
Inc.
o
269,001
851
MSC
Industrial
Direct
Company,
Inc.
50,754
414
NAPCO
Security
Technologies,
Inc.
o
8,297
1,185
Nordson
Corporation
190,678
211
Norfolk
Southern
Corporation
36,102
131
Northrop
Grumman
Corporation
43,318
2,146
Old
Dominion
Freight
Line,
Inc.
o
311,792
743
Otis
Worldwide
Corporation
o
37,826
1,478
Parker-Hannifin
Corporation
233,701
13,570
Primoris
Services
Corporation
211,828
1,186
Quad/Graphics,
Inc.
4,412
6,844
Raven
Industries,
Inc.
152,416
1,486
Raytheon
Technologies
Corporation
96,308
1,881
Regal-Beloit
Corporation
133,570
201
Republic
Services,
Inc.
15,746
1,455
Resideo
Technologies,
Inc.
o
7,464
8,536
Ritchie
Brothers
Auctioneers,
Inc.
367,816
1,174
Rockwell
Automation,
Inc.
222,450
938
Roper
Industries,
Inc.
319,886
1,140
Ryder
System,
Inc.
40,356
2,449
Saia,
Inc.
o
226,582
506
Simpson
Manufacturing
Company,
Inc.
36,483
769
SiteOne
Landscape
Supply,
Inc.
o
68,156
8,298
Southwest
Airlines
Company
259,313
327
SP
Plus
Corporation
o
6,896
534
Spirit
Airlines,
Inc.
o
8,021
325
SPX
FLOW,
Inc.
o
10,585
3,762
Standex
International
Corporation
187,498
696
Teledyne
Technologies,
Inc.
o
226,666
527
Thermon
Group
Holdings,
Inc.
o
8,053
1,989
Trex
Company,
Inc.
o
189,393
5,292
TriMas
Corporation
o
126,161
541
UniFirst
Corporation
90,969
474
Union
Pacific
Corporation
75,740
1,057
United
Airlines
Holdings,
Inc.
o
31,266
3,228
United
Rentals,
Inc.
o
414,798
3,034
Valmont
Industries,
Inc.
355,706
2,994
Verisk
Analytics,
Inc.
457,573
2,128
Waste
Connections,
Inc.
182,816
599
Watsco,
Inc.
96,433
3,515
Willdan
Group,
Inc.
o
89,140
1,130
XPO
Logistics,
Inc.
o
75,416
Total
13,939,706
Information
Technology
(2.2%)
2,098
Accenture
plc
388,529
739
Adobe,
Inc.
o
261,340
1,023
ADTRAN,
Inc.
10,516
1,634
Advanced
Energy
Industries,
Inc.
o
90,850
4,348
Advanced
Micro
Devices,
Inc.
o
227,792
3,623
Agilysys,
Inc.
o
70,975
2,049
Akamai
Technologies,
Inc.
o
200,208
731
Alliance
Data
Systems
Corporation
36,601
770
Alteryx,
Inc.
o
87,149
668
American
Software,
Inc.
11,009
7,262
Amphenol
Corporation
640,944
3,904
Anaplan,
Inc.
o
159,517
755
ANSYS,
Inc.
o
197,682
5,454
Apple,
Inc.
1,602,385
1,300
Atlassian
Corporation
plc
o
202,137
2,557
Automatic
Data
Processing,
Inc.
375,086
1,799
Avalara,
Inc.
o
160,777
895
Avnet,
Inc.
26,868
2,192
Bandwidth,
Inc.
o
178,779
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
162
Shares
Common
Stock
(
9
.9
%
)
Value
Information
Technology
(2.2%)
-
continued
3,345
Benchmark
Electronics,
Inc.
$
69,108
3,903
Blackline,
Inc.
o
237,068
299
Broadcom,
Ltd.
81,214
1,225
Broadridge
Financial
Solutions,
Inc.
142,100
219
CACI
International,
Inc.
o
54,781
5,271
CDK
Global,
Inc.
207,045
684
CDW
Corporation
75,787
100
CEVA,
Inc.
o
3,135
12,135
Change
Healthcare,
Inc.
o
141,251
5,702
Ciena
Corporation
o
263,717
11,818
Cisco
Systems,
Inc.
500,847
1,503
Cognex
Corporation
83,026
1,519
CommScope
Holding
Company,
Inc.
o
16,724
3,477
Computer
Services,
Inc.
148,642
3,017
Coupa
Software,
Inc.
o
531,264
342
Cree,
Inc.
o
14,750
2,274
CTS
Corporation
52,666
1,628
Descartes
Systems
Group,
Inc.
o
68,506
3,303
DocuSign,
Inc.
o
345,989
7,852
Dolby
Laboratories,
Inc.
471,356
774
DSP
Group,
Inc.
o
13,351
4,471
Elastic
NV
o
286,770
83
Endava
plc
ADR
o
3,633
83
EPAM
Systems,
Inc.
o
18,334
1,178
ePlus,
Inc.
o
83,343
1,934
Euronet
Worldwide,
Inc.
o
177,464
2,983
Eventbrite,
Inc.
o
27,205
1,587
ExlService
Holdings,
Inc.
o
97,965
334
eXp
World
Holdings,
Inc.
o
3,066
784
F5
Networks,
Inc.
o
109,180
160
Fair
Isaac
Corporation
o
56,470
1,814
Five9,
Inc.
o
168,103
194
FLIR
Systems,
Inc.
8,420
473
Gartner,
Inc.
o
56,197
2,627
Global
Payments,
Inc.
436,135
2,741
Guidewire
Software,
Inc.
o
248,992
1,303
Health
Catalyst,
Inc.
o
34,751
233
II-VI,
Inc.
o
8,020
580
Inphi
Corporation
o
55,993
3,528
Intel
Corporation
211,609
595
InterDigital,
Inc.
34,373
767
International
Business
Machines
Corporation
96,305
1,035
Intuit,
Inc.
279,253
311
Jack
Henry
&
Associates,
Inc.
50,864
1,997
Juniper
Networks,
Inc.
43,135
275
KLA-Tencor
Corporation
45,125
330
Kulicke
and
Soffa
Industries,
Inc.
7,910
892
Lam
Research
Corporation
227,710
7,229
Lattice
Semiconductor
Corporation
o
162,725
973
Littelfuse,
Inc.
141,319
752
ManTech
International
Corporation
56,069
2,296
MasterCard,
Inc.
631,331
1,890
Maxim
Integrated
Products,
Inc.
103,912
1,171
Medallia,
Inc.
o
25,153
2,090
Methode
Electronics,
Inc.
62,742
9,853
Microsoft
Corporation
1,765,756
1,293
MicroStrategy,
Inc.
o
163,345
1,754
MKS
Instruments,
Inc.
175,803
2,230
MoneyGram
International,
Inc.
o
3,702
4,064
Monolithic
Power
Systems,
Inc.
812,434
1,381
MTS
Systems
Corporation
29,374
6,454
National
Instruments
Corporation
247,963
62
NetApp,
Inc.
2,714
1,443
Nice,
Ltd.
ADR
j,o
237,085
1,447
Nova
Measuring
Instruments,
Ltd.
o
55,435
Shares
Common
Stock
(
9
.9
%
)
Value
Information
Technology
(2.2%)
-
continued
747
Novanta,
Inc.
o
$
64,907
8,028
Nuance
Communications,
Inc.
o
162,166
559
NVIDIA
Corporation
163,385
565
Oracle
Corporation
29,928
1,638
Palo
Alto
Networks,
Inc.
o
321,883
874
Paychex,
Inc.
59,886
501
PayPal
Holdings,
Inc.
o
61,623
2,342
Plexus
Corporation
o
146,820
620
Progress
Software
Corporation
25,364
699
Proofpoint,
Inc.
o
85,089
1,479
Q2
Holdings,
Inc.
j,o
117,906
1,141
QAD,
Inc.
48,287
461
QUALCOMM,
Inc.
36,267
553
Rogers
Corporation
o
61,405
476
Rubicon
Project,
Inc.
o
3,413
11,481
SailPoint
Technologies
Holdings,
Inc.
o
213,432
306
Salesforce.com,
Inc.
o
49,557
50
Samsung
Electronics
Company,
Ltd.
GDR
51,957
1,460
ScanSource,
Inc.
o
37,843
1,846
ServiceNow,
Inc.
o
648,943
801
Silicon
Laboratories,
Inc.
o
77,873
860
Square,
Inc.
o
56,020
10,035
STMicroelectronics
NV
ADR
j
256,595
224
Sykes
Enterprises,
Inc.
o
6,413
2,834
Synopsys,
Inc.
o
445,278
4,029
TE
Connectivity,
Ltd.
295,970
1,001
Teradyne,
Inc.
62,603
4,318
Texas
Instruments,
Inc.
501,190
723
Tyler
Technologies,
Inc.
o
231,859
296
Unisys
Corporation
o
3,727
1,093
VeriSign,
Inc.
o
228,973
4,768
Virtusa
Corporation
o
157,344
1,867
Visa,
Inc.
333,670
170
VMware,
Inc.
o
22,358
1,098
WEX,
Inc.
o
145,287
3,097
Zscaler,
Inc.
j,o
207,747
Total
21,427,626
Materials
(0.4%)
1,126
AdvanSix,
Inc.
o
13,715
1,403
AptarGroup,
Inc.
150,233
586
Avery
Dennison
Corporation
64,688
50
Balchem
Corporation
4,462
790
Ball
Corporation
51,816
2,593
Boise
Cascade
Company
81,083
845
Cabot
Corporation
28,637
1,297
Celanese
Corporation
107,742
1,044
CF
Industries
Holdings,
Inc.
28,710
3,582
Chemours
Company
j
42,017
8,823
Coeur
Mining,
Inc.
o
37,145
229
Domtar
Corporation
5,349
4,056
Eastman
Chemical
Company
245,429
1,415
Ecolab,
Inc.
273,802
14,787
Element
Solutions,
Inc.
o
151,567
473
Ferro
Corporation
o
4,716
3,560
Ferroglobe
Representation
&
Warranty
Insurance
Trust
c,o
0
4,550
Hecla
Mining
Company
11,966
916
Ingevity
Corporation
o
47,559
2,180
Innospec,
Inc.
158,094
33,954
Ivanhoe
Mines,
Ltd.
o
71,228
2,573
Kaiser
Aluminum
Corporation
185,848
1,111
Kraton
Performance
Polymers,
Inc.
o
17,343
15,923
Louisiana-Pacific
Corporation
318,460
1,695
Martin
Marietta
Materials,
Inc.
322,440
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
163
Shares
Common
Stock
(
9
.9
%
)
Value
Materials
(0.4%)
-
continued
1,908
Materion
Corporation
$
98,720
1,230
Minerals
Technologies,
Inc.
54,169
3,664
Myers
Industries,
Inc.
45,287
2,067
Neenah,
Inc.
100,994
1,396
Nucor
Corporation
57,501
1,348
Olin
Corporation
17,996
385
Olympic
Steel,
Inc.
3,634
3,244
PPG
Industries,
Inc.
294,652
97
Quaker
Chemical
Corporation
14,756
545
Reliance
Steel
&
Aluminum
Company
48,821
428
RPM
International,
Inc.
28,423
1,921
Ryerson
Holding
Corporation
o
8,875
57
Schnitzer
Steel
Industries,
Inc.
887
151
Sensient
Technologies
Corporation
7,216
328
Sherwin-Williams
Company
175,929
7,537
Steel
Dynamics,
Inc.
182,923
1,868
UFP
Technologies,
Inc.
o
80,324
1,946
United
States
Lime
&
Minerals,
Inc.
155,875
3,351
United
States
Steel
Corporation
25,736
325
W.
R.
Grace
&
Company
15,350
336
Worthington
Industries,
Inc.
8,884
Total
3,851,001
Real
Estate
(0.7%)
7,851
Agree
Realty
Corporation
511,179
314
Alexandria
Real
Estate
Equities,
Inc.
49,326
4,404
American
Campus
Communities,
Inc.
155,417
225
American
Tower
Corporation
53,550
2,800
Apartment
Investment
&
Management
Company
105,476
262
Ares
Commercial
Real
Estate
Corporation
2,031
1,917
Armada
Hoffler
Properties,
Inc.
18,422
5,302
Ashford
Hospitality
Trust,
Inc.
4,360
111
AvalonBay
Communities,
Inc.
18,087
479
BBX
Capital
Corporation
1,015
35
Bluerock
Residential
Growth
REIT,
Inc.
204
2,089
Camden
Property
Trust
183,978
5,337
CBL
&
Associates
Properties,
Inc.
o
1,542
5,862
Cedar
Realty
Trust,
Inc.
6,155
897
City
Office
REIT,
Inc.
9,060
2,420
Colliers
International
Group,
Inc.
133,100
1,066
Colony
Credit
Real
Estate,
Inc.
5,127
989
Columbia
Property
Trust,
Inc.
14,133
754
Corepoint
Lodging,
Inc.
3,280
787
CoreSite
Realty
Corporation
95,377
666
CoStar
Group,
Inc.
o
431,741
5,110
Cousins
Properties,
Inc.
154,169
3,769
DiamondRock
Hospitality
Company
23,481
271
Digital
Realty
Trust,
Inc.
40,512
3,403
Diversified
Healthcare
Trust
10,583
948
Douglas
Emmett,
Inc.
28,905
1,438
Duke
Realty
Corporation
49,899
649
EastGroup
Properties,
Inc.
68,794
1,207
EPR
Properties
35,510
907
Equity
Lifestyle
Properties,
Inc.
54,701
6,518
Equity
Residential
424,061
9,789
Essential
Properties
Realty
Trust,
Inc.
143,800
658
Essex
Property
Trust,
Inc.
160,618
998
Farmland
Partners,
Inc.
6,547
5,838
First
Industrial
Realty
Trust,
Inc.
220,501
622
FirstService
Corporation
53,853
1,921
Four
Corners
Property
Trust,
Inc.
43,011
901
Franklin
Street
Properties
Corporation
4,901
Shares
Common
Stock
(
9
.9
%
)
Value
Real
Estate
(0.7%)
-
continued
1,730
Gaming
and
Leisure
Properties,
Inc.
$
48,855
344
Getty
Realty
Corporation
9,343
1,394
Healthcare
Realty
Trust,
Inc.
40,970
2,139
Healthcare
Trust
of
America,
Inc.
52,684
1,912
Hersha
Hospitality
Trust
10,000
3,555
Host
Hotels
&
Resorts,
Inc.
43,762
620
Hudson
Pacific
Properties,
Inc.
15,240
1,436
Industrial
Logistics
Properties
Trust
26,839
587
Innovative
Industrial
Properties,
Inc.
46,056
515
Investors
Real
Estate
Trust
32,254
2,638
iSTAR
Financial,
Inc.
26,433
725
Jones
Lang
LaSalle,
Inc.
76,546
5,890
Kilroy
Realty
Corporation
366,711
2,138
Kite
Realty
Group
Trust
21,872
593
Lamar
Advertising
Company
34,186
1,548
Lexington
Realty
Trust
16,177
2,466
Macerich
Company
18,421
8,287
Medical
Properties
Trust,
Inc.
142,039
245
National
Health
Investors,
Inc.
13,490
3,412
National
Retail
Properties,
Inc.
111,368
15,096
National
Storage
Affiliates
Trust
429,934
5,696
New
Residential
Investment
Corporation
34,689
1,680
New
Senior
Investment
Group,
Inc.
5,561
375
Omega
Healthcare
Investors,
Inc.
10,931
753
One
Liberty
Properties,
Inc.
11,837
1,150
Pebblebrook
Hotel
Trust
13,616
3,785
Pennsylvania
REIT
3,823
808
Physicians
Realty
Trust
12,459
440
Plymouth
Industrial
REIT,
Inc.
6,164
745
PotlatchDeltic
Corporation
26,157
1,863
Preferred
Apartment
Communities,
Inc.
13,805
376
PS
Business
Parks,
Inc.
48,538
855
QTS
Realty
Trust,
Inc.
53,463
3,774
Retail
Properties
of
America,
Inc.
23,399
1,383
Rexford
Industrial
Realty,
Inc.
56,316
129
RMR
Group,
Inc.
3,826
1,392
RPT
Realty
9,493
321
Ryman
Hospitality
Properties
11,344
4,248
Sabra
Health
Care
REIT,
Inc.
54,459
1,160
SBA
Communications
Corporation
336,307
9,585
Service
Properties
Trust
66,424
1,382
Spirit
Realty
Capital,
Inc.
42,510
427
STAG
Industrial,
Inc.
11,209
2,499
Store
Capital
Corporation
50,155
753
Summit
Hotel
Properties,
Inc.
4,563
15,370
Sunstone
Hotel
Investors,
Inc.
141,250
1,003
Taubman
Centers,
Inc.
43,229
1,406
Terreno
Realty
Corporation
77,077
3,728
UDR,
Inc.
139,688
810
UMH
Properties,
Inc.
10,522
4,961
Uniti
Group,
Inc.
35,025
53
Universal
Health
Realty
Income
Trust
5,669
389
Urstadt
Biddle
Properties,
Inc.
5,683
4,882
Washington
Prime
Group,
Inc.
4,198
Total
6,282,975
Utilities
(0.2%)
349
ALLETE,
Inc.
20,088
962
Alliant
Energy
Corporation
46,705
300
American
States
Water
Company
23,811
1,131
Artesian
Resources
Corporation
39,053
1,324
Avista
Corporation
56,985
908
Black
Hills
Corporation
56,242
451
California
Water
Service
Group
20,259
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
164
Shares
Common
Stock
(
9
.9
%
)
Value
Utilities
(0.2%)
-
continued
217
Chesapeake
Utilities
Corporation
$
19,070
810
CMS
Energy
Corporation
46,243
860
Consolidated
Water
Company,
Ltd.
12,917
778
DTE
Energy
Company
80,710
1,070
Entergy
Corporation
102,196
315
Essential
Utilities,
Inc
13,164
2,225
Exelon
Corporation
82,503
764
FirstEnergy
Corporation
31,530
777
Hawaiian
Electric
Industries,
Inc.
30,668
744
IDACORP,
Inc.
68,284
348
MGE
Energy,
Inc.
22,502
166
Middlesex
Water
Company
10,010
319
National
Fuel
Gas
Company
13,079
1,463
New
Jersey
Resources
Corporation
49,420
179
NextEra
Energy,
Inc.
41,370
759
Northwest
Natural
Holding
Company
49,411
1,429
NorthWestern
Corporation
82,439
1,304
OGE
Energy
Corporation
41,102
533
Otter
Tail
Corporation
23,655
4,153
PNM
Resources,
Inc.
168,155
1,873
Portland
General
Electric
Company
87,638
1,222
PPL
Corporation
31,063
365
Public
Service
Enterprise
Group,
Inc.
18,509
121
SJW
Group
7,203
1,616
South
Jersey
Industries,
Inc.
46,201
647
Southwest
Gas
Holdings,
Inc.
49,043
1,576
Spire,
Inc.
114,985
1,137
UGI
Corporation
34,315
581
Unitil
Corporation
29,230
Total
1,669,758
Total
Common
Stock
(cost
$90,299,334)
95,865,887
Shares
Collateral
Held
for
Securities
Loaned
(
0
.4
%
)
Value
4,014,019
Thrivent
Cash
Management
Trust
4,014,019
Total
Collateral
Held
for
Securities
Loaned
(cost
$4,014,019)
4,014,019
Shares
or
Principal
Amount
Short-Term
Investments
(
12
.2
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
400,000
0.900%,
5/7/2020
p,q
399,994
200,000
0.720%,
5/8/2020
p,q
199,997
1,300,000
1.018%,
5/12/2020
p,q
1,299,964
1,200,000
0.500%,
5/13/2020
p,q
1,199,964
1,100,000
0.456%,
5/19/2020
p,q
1,099,951
600,000
0.150%,
5/20/2020
p,q
599,972
700,000
0.150%,
6/4/2020
p,q
699,934
800,000
0.130%,
6/9/2020
p,q
799,913
600,000
0.530%,
6/12/2020
p,q
599,930
900,000
0.150%,
6/23/2020
p,q
899,868
200,000
0.028%,
6/29/2020
p
199,967
300,000
0.120%,
7/22/2020
p,q
299,918
900,000
0.180%,
8/4/2020
p,q
899,715
Federal
National
Mortgage
Association
Discount
Notes
200,000
0.500%,
6/4/2020
p,q
199,981
Thrivent
Core
Short-Term
Reserve
Fund
10,833,020
1.450%
108,330,198
Shares
or
Principal
Amount
Short-Term
Investments
(
12
.2
%
)
Value
U.S.
Treasury
Bills
100,000
0.098%,
6/23/2020
l,p
$
99,985
100,000
0.105%,
7/16/2020
l,p
99,978
100,000
0.022%,
9/24/2020
l,p
99,948
Total
Short-Term
Investments
(cost
$117,990,060)
118,029,177
Total
Investments
(cost
$975,659,835)
107.7%
$
1,040,116,499
Other
Assets
and
Liabilities,
Net
(7.7%)
(
74,553,787
)
Total
Net
Assets
100.0%
$
965,562,712
a
The
stated
interest
rate
represents
the
weighted
average
of
all
contracts
within
the
bank
loan
facility.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
All
or
a
portion
of
the
loan
is
unfunded.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
f
In
bankruptcy.  Interest
is
being
accrued
per
the
bankruptcy
agreement
terms.  
g
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$51,680,905
or
5.4%
of
total
net
assets.
h
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
April
30,
2020.
i
Denotes
interest
only
security.  Interest
only
securities
represent
the
right
to
receive
monthly
interest
payments
on
an
underlying
pool
of
mortgages
or
assets.  The
principal
shown
is
the
outstanding
par
amount
of
the
pool
as
of
the
end
of
the
period.
The
actual
effective
yield
of
the
security
is
different
than
the
stated
coupon
rate.
j
All
or
a
portion
of
the
security
is
on
loan.
k
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
l
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.
m
Defaulted
security.  Interest
is
not
being
accrued.
n
In
bankruptcy.  Interest
is
not
being
accrued.
o
Non-income
producing
security.
p
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
q
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.
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
165
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Moderately
Conservative
Allocation
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
802,220
Common
Stock
3,033,782
Total
lending
$3,836,002
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$4,014,019
Net
amounts
due
to
counterparty
$178,017
Definitions:
ACES
-
Alternative
Credit
Enhancement
Securities
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
GDR
-
Global
Depository
Receipts,
which
are
certificates
for
shares
of
an
underlying
foreign
security’s
shares
held
by
an
issuing
depository
bank
from
more
than
one
country.
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
CMT
3M
-
Constant
Maturity
Treasury
Yield
3
Month
LIBOR
1W
-
ICE
Libor
USD
Rate
1
Week
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
2M
-
ICE
Libor
USD
Rate
2
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
LIBOR
6M
-
ICE
Libor
USD
Rate
6
Month
PRIME
-
Federal
Reserve
Prime
Loan
Rate
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
166
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Alabama
(0.3%)
Auburn
University,
AL
General
Fee
Rev.
Refg.
$
1,000,000
5.000%,
6/1/2032,
Ser.
A
$
1,140,370
1,250,000
5.000%,
6/1/2033,
Ser.
A
1,420,087
UAB
Medicine
Finance
Auth.
Rev.
2,000,000
5.000%,
9/1/2041,
Ser.
B2
2,268,540
Total
4,828,997
Alaska
(<0.1%)
Valdez,
AK
Marine
Terminal
Rev.
Refg.
(Exxon
Mobil)
410,000
0.140%,
12/1/2029
a
410,000
Total
410,000
Arizona
(1.2%)
Arizona
Board
of
Regents
State
University
System
Rev.
1,000,000
5.000%,
7/1/2042,
Ser.
B
1,142,000
Arizona
Board
of
Regents
State
University
System
Rev.
Refg.
750,000
5.000%,
7/1/2042,
Ser.
B
872,317
Arizona
State
Industrial
Development
Auth.
Education
Rev.
(Doral
Academy
of
Nevada
-
Fire
Mesa
and
Red
Rock
Campus)
800,000
5.000%,
7/15/2039,
Ser.
A
b
747,480
Arizona
State
Transportation
Board
Highway
Rev.
1,500,000
5.000%,
7/1/2036,
Ser.
A
c
1,575,345
Glendale,
AZ
Industrial
Development
Auth.
Rev.
(Midwestern
University)
2,515,000
5.000%,
5/15/2031
2,700,808
Northern
Arizona
University
Refg.
C.O.P.
1,000,000
5.000%,
9/1/2022
1,063,410
Northern
Arizona
University
Refg.
Rev.
1,180,000
5.000%,
6/1/2036,
Ser.
A
1,380,600
750,000
5.000%,
6/1/2037,
Ser.
A
874,703
320,000
5.000%,
6/1/2038,
Ser.
A
372,016
Phoenix,
AZ
Civic
Improvement
Corporation
Airport
Rev.
2,000,000
5.000%,
7/1/2047,
Ser.
A,
AMT
2,180,840
Phoenix,
AZ
Industrial
Development
Auth.
Healthcare
Fac.
Rev.
(Mayo
Clinic)
364,000
0.100%,
11/15/2052,
Ser.
A
a
364,000
Phoenix-Mesa
Gateway
Airport
Auth.
Special
Fac.
Rev.
1,450,000
5.000%,
7/1/2038,
AMT
1,535,652
Student
&
Academic
Services,
LLC
Northern
AZ
Capital
Fac.
Lease
Rev.
(BAM
Insured)
750,000
5.000%,
6/1/2039
d
841,035
Yavapai
County,
AZ
Industrial
Development
Auth.
Hospital
Fac.
Rev.
Refg.
(Yavapai
Regional
Medical
Center)
500,000
5.000%,
8/1/2036
551,185
725,000
5.000%,
8/1/2039
822,404
Total
17,023,795
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Arkansas
(0.4%)
University
of
Arkansas
Rev.
Refg.
$
900,000
5.000%,
11/1/2037,
Ser.
A
$
1,070,658
1,300,000
5.000%,
11/1/2046,
Ser.
A
1,524,822
University
of
Arkansas
Rev.
Refg.
Various
Fac.
Rev.
(Pine
Bluff
Campus)
650,000
5.000%,
12/1/2029,
Ser.
A
745,810
University
of
Arkansas
Rev.
Various
Fac.
(Fayetteville
Campus)
1,135,000
5.000%,
11/1/2039,
Ser.
A
1,267,261
825,000
5.000%,
11/1/2041,
Ser.
A
918,514
Total
5,527,065
California
(10.4%)
Anaheim
Public
Financing
Auth.
Lease
Rev.
(Anaheim
Public
Improvements)
(AGM
Insured)
3,950,000
6.000%,
9/1/2024,
Ser.
A
d
4,386,988
Beverly
Hills
Unified
School
District,
Los
Angeles
County,
CA
G.O.
(2008
Election)
10,000,000
Zero
Coupon,
8/1/2031
8,016,500
California
Department
of
Water
Resources
Rev.
Refg.
(Central
Valley)
1,500,000
5.000%,
12/1/2031,
Ser.
AX
1,841,910
1,000,000
5.000%,
12/1/2032,
Ser.
AX
1,216,540
California
Educational
Fac.
Auth.
Rev.
(Stanford
University)
6,000,000
5.250%,
4/1/2040
9,163,680
8,300,000
5.000%,
5/1/2045,
Ser.
U-6
12,838,440
California
Health
Fac.
Financing
Auth.
Rev.
1,750,000
5.000%,
8/15/2055,
Ser.
B
1,918,367
6,225,000
5.000%,
11/15/2056,
Ser.
A
6,929,421
California
Infrastructure
and
Economic
Development
Bank
Rev.
(Bay
Area
Toll
Bridges
Seismic
Retrofit
Rev.)
(FGIC
Insured)
5,000,000
5.000%,
7/1/2025,
Ser.
A
c,d
5,977,950
California
Municipal
Finance
Auth.
Refg.
Rev.
(Biola
University)
2,000,000
5.000%,
10/1/2042
2,053,800
California
Municipal
Finance
Auth.
Refg.
Rev.
(California
Lutheran
University)
275,000
5.000%,
10/1/2025
300,517
300,000
5.000%,
10/1/2026
330,891
California
Municipal
Finance
Auth.
Rev.
(LINXS
APM)
5,135,000
5.000%,
12/31/2043,
Ser.
A,
AMT
5,349,438
California
Various
Purpose
G.O.
10,000
5.250%,
4/1/2029
10,031
7,500,000
5.000%,
4/1/2032
9,858,975
500,000
5.000%,
4/1/2049
593,175
Chula
Vista
Industrial
Development
Rev.
Refg.
(San
Diego
Gas
&
Electric
Company)
2,010,000
5.875%,
2/15/2034,
Ser.
C
2,017,176
Foothill-De
Anza,
CA
Community
College
District
G.O.
5,000,000
5.000%,
8/1/2040,
Ser.
C
c
5,273,000
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
167
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
California
(10.4%)
-
continued
Golden
West
Schools
Financing
Auth.
Rev.
(NATL-RE
Insured)
$
420,000
5.800%,
2/1/2022,
Ser.
A
d
$
454,713
Los
Angeles,
CA
Department
of
Airports
Rev.
(Los
Angeles
International
Airport)
8,000,000
5.000%,
5/15/2040,
Ser.
A
8,016,480
3,000,000
5.000%,
5/15/2044,
Ser.
F,
AMT
3,373,590
Los
Angeles,
CA
Department
of
Water
&
Power
Rev.
7,000,000
5.000%,
7/1/2044,
Ser.
D
7,855,890
Los
Angeles,
CA
Department
of
Water
&
Power
Rev.
Refg.
650,000
0.070%,
7/1/2035,
Ser.
A
a
650,000
Pomona,
CA
Single
Family
Mortgage
Rev.
Refg.
(GNMA/FNMA/FHLMC
Collateralized)
1,330,000
7.600%,
5/1/2023,
Ser.
A
c,d
1,452,959
San
Bernardino,
CA
Single
Family
Mortgage
Rev.
Refg.
(GNMA
Collateralized)
475,000
7.500%,
5/1/2023,
Ser.
A
c,d
518,182
San
Diego
Unified
School
District
G.O.
10,000,000
6.000%,
7/1/2033,
Ser.
A
c
12,090,500
San
Francisco,
CA
City
&
County
Airport
Commission
Rev.
(San
Francisco
International
Airport)
4,000,000
5.500%,
5/1/2028,
Ser.
A,
AMT
4,391,760
7,825,000
5.000%,
5/1/2044,
Ser.
A,
AMT
8,386,522
5,700,000
5.000%,
5/1/2047,
Ser.
B
6,446,073
San
Jose,
CA
Redevelopment
Agency
Successor
Agency
Tax
Allocation
Refg.
6,000,000
5.000%,
8/1/2035,
Ser.
A
7,065,540
Santa
Monica
Community
College
District,
Los
Angeles
County,
CA
G.O.
5,000,000
Zero
Coupon,
8/1/2025,
Ser.
C
4,639,950
University
of
California
Limited
Rev.
Refg.
8,000,000
5.000%,
5/15/2032,
Ser.
I
9,314,880
Total
152,733,838
Colorado
(5.1%)
Colorado
Educational
and
Cultural
Fac.
Auth.
Charter
School
Refg.
Rev.
(Pinnacle
Charter
School,
Inc.
K-8
Fac.)
200,000
5.000%,
6/1/2021
207,434
Colorado
Educational
and
Cultural
Fac.
Auth.
Charter
School
Rev.
(Pinnacle
Charter
School,
Inc.
High
School)
3,000,000
5.125%,
12/1/2039
2,821,530
Colorado
Educational
and
Cultural
Fac.
Auth.
Charter
School
Rev.
Refg.
(Union
Colony
School)
600,000
5.000%,
4/1/2038
677,064
475,000
5.000%,
4/1/2048
518,391
Colorado
Health
Fac.
Auth.
Hospital
Rev.
(Parkview
Medical
Center,
Inc.)
4,000,000
5.000%,
9/1/2046
4,325,400
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Colorado
(5.1%)
-
continued
Colorado
Health
Fac.
Auth.
Rev.
(Evangelical
Lutheran
Good
Samaritan
Society)
$
2,110,000
5.000%,
12/1/2024
c
$
2,294,731
500,000
5.625%,
6/1/2043
c
573,130
Colorado
High
Performance
Transportation
Enterprise
Rev.
6,300,000
5.000%,
12/31/2047
6,001,443
Colorado
School
of
Mines
Institutional
Enterprise
Rev.
1,740,000
5.000%,
12/1/2047,
Ser.
A
1,959,362
Colorado
State
Health
Fac.
Auth.
Hospital
Rev.
Refg.
(Commonspirit
Health
Obligated
Group)
10,000,000
4.000%,
8/1/2049,
Ser.
A-2
9,502,100
Colorado
State
Health
Fac.
Auth.
Hospital
Rev.
Refg.
(Valley
View
Hospital
Association)
500,000
5.000%,
5/15/2030,
Ser.
A
573,680
385,000
5.000%,
5/15/2031,
Ser.
A
438,326
300,000
5.000%,
5/15/2032,
Ser.
A
339,444
Denver,
CO
Health
and
Hospital
Auth.
Healthcare
Rev.
5,000,000
5.500%,
12/1/2030
c
5,135,700
Denver,
CO
Health
and
Hospital
Auth.
Healthcare
Rev.
Refg.
1,500,000
5.000%,
12/1/2034,
Ser.
A
b
1,666,485
Eagle
County,
CO
Air
Terminal
Corporation
Rev.
(Airport
Terminal)
1,000,000
5.000%,
5/1/2041,
Ser.
B,
AMT
1,055,930
Larimer
Weld
&
Boulder
County,
CO
G.O.
(Thompson
School
District)
1,500,000
5.000%,
12/15/2034
1,856,790
3,000,000
5.000%,
12/15/2035
3,683,910
Park
Creek,
CO
Metropolitan
District
Rev.
3,000,000
5.000%,
12/1/2041,
Ser.
A
3,400,980
2,250,000
5.000%,
12/1/2046,
Ser.
A
2,529,495
Park
Creek,
CO
Metropolitan
District
Rev.
Refg.
1,220,000
5.000%,
12/1/2022
1,329,764
1,000,000
5.000%,
12/1/2024
1,151,300
Plaza
Metropolitan
District
No.
1
Rev.
Refg.
(City
of
Lakewood)
1,000,000
5.000%,
12/1/2021
b
1,018,610
500,000
5.000%,
12/1/2022
b
511,000
University
of
Colorado
University
Enterprise
Rev.
3,250,000
5.000%,
6/1/2033,
Ser.
A
c
3,779,132
9,790,000
5.000%,
6/1/2033
c
10,246,508
3,000,000
5.000%,
6/1/2034,
Ser.
A
c
3,488,430
Weld
County,
CO
School
District
6
Greeley
G.O.
3,000,000
5.000%,
12/1/2044
3,643,380
Total
74,729,449
Connecticut
(0.2%)
Connecticut
State
Health
&
Educational
Fac.
Auth.
Rev.
Refg.
(Sacred
Heart
University)
600,000
5.000%,
7/1/2042,
Ser.
I-1
648,738
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
168
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Connecticut
(0.2%)
-
continued
University
of
Connecticut
Rev.
$
1,500,000
5.000%,
11/1/2036,
Ser.
A
$
1,730,760
Total
2,379,498
Delaware
(0.1%)
Kent
County,
DE
Student
Housing
and
Dining
Fac.
Rev.
(CHF-Dover,
LLC
-
Delaware
State
University)
870,000
5.000%,
7/1/2040,
Ser.
A
777,380
500,000
5.000%,
7/1/2048,
Ser.
A
429,385
Total
1,206,765
District
of
Columbia
(1.5%)
District
of
Columbia
Water
&
Sewer
Auth.
Public
Utility
Rev.
13,715,000
5.000%,
10/1/2049,
Ser.
A
16,171,357
Metropolitan
Washington
DC
Airports
Auth.
Airport
System
Rev.
Refg.
6,000,000
5.000%,
10/1/2038,
Ser.
A,
AMT
6,505,380
Total
22,676,737
Florida
(4.1%)
Broward
County,
FL
Fuel
System
Rev.
(Fort
Lauderdale
Fuel
Fac.)
(AGM
Insured)
1,155,000
5.000%,
4/1/2021,
Ser.
A,
AMT
d
1,196,441
605,000
5.000%,
4/1/2022,
Ser.
A,
AMT
d
649,788
700,000
5.000%,
4/1/2025,
Ser.
A,
AMT
d
765,947
Broward
County,
FL
Water
and
Sewer
Utility
Rev.
Refg.
1,000,000
5.000%,
10/1/2030,
Ser.
A
1,179,360
1,500,000
5.000%,
10/1/2031,
Ser.
B
1,769,040
CityPlace
Community
Development
District
Special
Assessment
and
Rev.
2,000,000
5.000%,
5/1/2026
2,230,540
Florida
State
Higher
Educational
Fac.
Financial
Auth.
Educational
Rev.
(Ringling
College)
5,000,000
5.000%,
3/1/2042
4,971,500
Florida
State
Municipal
Power
Agency
Rev.
1,000,000
5.000%,
10/1/2030,
Ser.
B
1,165,230
840,000
5.000%,
10/1/2031,
Ser.
B
975,971
Greater
Orlando,
FL
Aviation
Auth.
Airport
Fac.
Rev.
3,500,000
5.000%,
10/1/2049,
Ser.
A,
AMT
3,870,160
Gulf
Breeze,
FL
Rev.
Refg.
2,020,000
5.000%,
12/1/2033
2,064,905
Halifax
Hospital
Medical
Center
Rev.
755,000
5.000%,
6/1/2020
757,197
Jacksonville,
FL
Port
Auth.
Rev.
Refg.
2,545,000
5.000%,
11/1/2038,
Ser.
A,
AMT
c
2,779,064
Lee
Memorial
Health
System
Rev.
Refg.
1,000,000
5.000%,
4/1/2044,
Ser.
A-1
1,113,620
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Florida
(4.1%)
-
continued
Miami-Dade
County,
FL
Industrial
Development
Auth.
(Pinecrest
Academy,
Inc.)
$
1,500,000
5.250%,
9/15/2044
$
1,544,295
Miami-Dade
County,
FL
Public
Fac.
Rev.
(Jackson
Health
System)
5,000,000
5.000%,
6/1/2035,
Ser.
A
5,576,800
Orange
County,
FL
Health
Fac.
Auth.
Hospital
Rev.
(Orlando
Health
Obligated
Group)
1,250,000
5.000%,
10/1/2047,
Ser.
A
1,385,562
Osceola
County,
FL
Transportation
Rev.
Refg.
2,450,000
Zero
Coupon,
10/1/2043,
Ser.
A-2
1,082,728
Palm
Beach
County
Health
Fac.
Auth.
Rev.
(Life
Communities,
Inc.)
2,000,000
5.000%,
11/15/2045,
Ser.
A
2,051,640
Palm
Beach
County
Health
Fac.
Auth.
Rev.
Refg.
(Lifespace
Communities,
Inc.)
3,000,000
5.000%,
5/15/2038,
Ser.
C
2,842,890
South
FL
Water
Management
District
C.O.P.
Refg.
4,000,000
5.000%,
10/1/2036
4,580,680
St.
Johns
County
Industrial
Development
Auth.
Rev.
(Presbyterian
Retirement
Communities)
6,490,000
5.875%,
8/1/2040,
Ser.
A
c
6,570,671
Tampa,
FL
Hospital
Rev.
Refg.
(H.
Lee
Moffitt
Cancer
Center)
5,000,000
5.000%,
7/1/2037,
Ser.
B
5,371,900
Volusia
County,
FL
Educational
Fac.
Auth.
Rev.
Refg.
(Embry-Riddle
Aeronautical
University,
Inc.)
3,000,000
5.000%,
10/15/2049,
Ser.
A
3,241,230
Total
59,737,159
Georgia
(1.0%)
Atlanta,
GA
Airport
General
Rev.
1,000,000
5.000%,
1/1/2033,
Ser.
C,
AMT
1,043,630
500,000
5.000%,
1/1/2034,
Ser.
C,
AMT
521,815
500,000
5.000%,
1/1/2037,
Ser.
C,
AMT
520,815
Atlanta,
GA
Airport
General
Rev.
Refg.
1,425,000
5.000%,
1/1/2033,
Ser.
B
1,561,558
Atlanta,
GA
Water
&
Wastewater
Rev.
Refg.
2,500,000
5.000%,
11/1/2031
2,890,325
Fulton
County,
GA
Development
Auth.
Rev.
(Georgia
Institute
of
Technology)
1,400,000
5.000%,
6/15/2044
1,661,100
Main
Street
Natural
Gas,
Inc.
Rev.
1,750,000
5.000%,
5/15/2028,
Ser.
A
1,961,522
1,920,000
5.000%,
5/15/2033,
Ser.
A
2,111,194
1,900,000
5.000%,
5/15/2034,
Ser.
A
2,085,744
Municipal
Electric
Auth.
of
Georgia
Rev.
(Plant
Vogtle
Units
3
&
4)
250,000
5.000%,
1/1/2056,
Ser.
A
263,840
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
169
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Georgia
(1.0%)
-
continued
Municipal
Electric
Auth.
of
Georgia
Rev.
Refg.
$
610,000
5.000%,
1/1/2035,
Ser.
A
$
641,616
Total
15,263,159
Guam
(<0.1%)
Guam
Port
Auth.
Rev.
250,000
5.000%,
7/1/2048,
Ser.
A
241,108
Total
241,108
Hawaii
(1.6%)
Hawaii
Airports
System
Rev.
3,040,000
5.250%,
7/1/2030,
Ser.
A
3,060,733
Hawaii
State
Department
of
Budget
and
Finance
Special
Purpose
Senior
Living
Rev.
Refg.
1,000,000
5.125%,
11/15/2032
1,068,760
5,395,000
5.250%,
11/15/2037
5,743,463
Hawaii
State
Department
of
Transportation
Airport
Division
Lease
Rev.
C.O.P.
1,600,000
5.000%,
8/1/2028,
AMT
1,728,944
Hawaii
State
Harbor
System
Rev.
6,000,000
5.250%,
7/1/2030,
Ser.
A
6,034,920
Honolulu,
HI
City
&
County
Wastewater
System
Rev.
350,000
5.000%,
7/1/2036,
Ser.
A
409,069
Honolulu,
HI
City
&
County
Wastewater
System
Rev.
Refg.
4,505,000
5.000%,
7/1/2036,
Ser.
B
5,265,309
Total
23,311,198
Illinois
(7.6%)
Chicago
Metropolitan
Water
Reclamation
District
G.O.
Refg.
8,700,000
5.250%,
12/1/2032,
Ser.
C
11,305,824
Chicago,
IL
G.O.
Refg.
1,220,000
5.000%,
1/1/2023,
Ser.
C
c
1,351,089
2,780,000
5.000%,
1/1/2023,
Ser.
C
2,826,231
1,000,000
5.000%,
1/1/2027,
Ser.
A
1,018,410
Chicago,
IL
Midway
International
Airport
Rev.
1,120,000
5.000%,
1/1/2026,
Ser.
A,
AMT
1,205,254
Chicago,
IL
O'Hare
International
Airport
Rev.
1,000,000
5.000%,
1/1/2047,
Ser.
G,
AMT
1,072,430
1,000,000
5.000%,
1/1/2047,
Ser.
D,
AMT
1,072,430
Chicago,
IL
O'Hare
International
Airport
Rev.
Refg.
1,200,000
5.000%,
1/1/2029
1,318,620
5,000,000
5.000%,
1/1/2048,
Ser.
B
5,548,600
Illinois
Finance
Auth.
Multifamily
Housing
Rev.
(Better
Housing
Foundation
Blue
Station)
1,750,000
5.000%,
12/1/2043,
Ser.
A-1
e
1,050,000
Illinois
Finance
Auth.
Rev.
(DePaul
University)
4,075,000
6.000%,
10/1/2032,
Ser.
A
c
4,269,051
1,000,000
5.000%,
10/1/2041
1,080,340
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Illinois
(7.6%)
-
continued
Illinois
Finance
Auth.
Rev.
(Rush
University
Medical
Center)
$
1,000,000
5.000%,
11/15/2027,
Ser.
A
$
1,128,710
Illinois
Finance
Auth.
Rev.
(The
Art
Institute
of
Chicago)
3,510,000
5.000%,
3/1/2034
c
3,780,516
20,000
5.000%,
3/1/2034
c
21,522
Illinois
Finance
Auth.
Rev.
Refg.
(Northwestern
Memorial
Healthcare)
4,000,000
5.000%,
7/15/2042,
Ser.
A
4,620,840
Illinois
Finance
Auth.
Rev.
Refg.
(Rosalind
Franklin
University)
1,750,000
5.000%,
8/1/2042,
Ser.
A
1,757,665
2,100,000
5.000%,
8/1/2047,
Ser.
A
2,091,243
Illinois
Finance
Auth.
Student
Housing
and
Academic
Fac.
Rev.
(University
of
Illinois
at
Chicago)
500,000
5.000%,
2/15/2032,
Ser.
A
517,450
2,885,000
5.000%,
2/15/2037
2,921,063
1,000,000
5.000%,
2/15/2047,
Ser.
A
989,400
Illinois
G.O.
7,000,000
5.000%,
11/1/2023,
Ser.
D
6,957,860
7,000,000
5.000%,
6/1/2024
6,941,410
5,000,000
5.000%,
3/1/2027
4,864,650
1,500,000
5.500%,
7/1/2033
1,456,170
1,750,000
5.500%,
7/1/2038
1,687,578
Illinois
G.O.
Refg.
1,500,000
5.000%,
10/1/2021,
Ser.
B
1,503,570
Illinois
State
Toll
Highway
Auth.
Rev.
5,400,000
5.000%,
1/1/2044,
Ser.
A
6,303,960
Illinois
State
Toll
Highway
Auth.
Senior
Rev.
5,000,000
5.000%,
1/1/2031,
Ser.
A
6,078,550
Joliet,
IL
Regional
Port
District
Marine
Terminal
Rev.
Refg.
(Exxon)
200,000
0.140%,
10/1/2024
a
200,000
Metropolitan
Pier
and
Exposition
Auth.,
IL
Refg.
(McCormick
Place
Expansion)
(NATL-RE
Insured)
12,000,000
Zero
Coupon,
6/15/2020,
Ser.
A
d
11,966,880
3,100,000
Zero
Coupon,
6/15/2024,
Ser.
A
d
2,738,912
2,000,000
Zero
Coupon,
12/15/2024,
Ser.
A
d
1,735,940
Metropolitan
Pier
and
Exposition
Auth.,
IL
Rev.
(McCormick
Place
Expansion)
(NATL-RE
Insured)
10,100,000
Zero
Coupon,
6/15/2035,
Ser.
A
d
5,283,411
Metropolitan
Pier
and
Exposition
Auth.,
IL
Rev.
Refg.
(McCormick
Place
Expansion)
2,000,000
Zero
Coupon,
12/15/2047,
Ser.
B
f
934,440
Regional
Transportation
Auth.,
Cook,
DuPage,
Kane,
Lake,
McHenry
and
Will
Counties,
IL
Rev.
(NATL-RE
Insured)
765,000
6.700%,
11/1/2021,
Ser.
A
d
801,896
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
170
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Illinois
(7.6%)
-
continued
Will
County,
IL
Forest
Preserve
District
L.T.G.O.
$
700,000
5.000%,
12/15/2036
$
849,023
Total
111,250,938
Indiana
(1.2%)
Indiana
Municipal
Power
Agency
Power
Supply
System
Rev.
1,750,000
5.250%,
1/1/2034,
Ser.
A
c
1,983,572
4,155,000
5.000%,
1/1/2042,
Ser.
A
c
4,358,720
Knox
County,
IN
Economic
Development
Rev.
Refg.
(Good
Samaritan
Hospital)
2,850,000
5.000%,
4/1/2037,
Ser.
A
2,908,653
2,465,000
5.000%,
4/1/2042,
Ser.
A
2,493,939
Purdue
University,
IN
Rev.
Refg.
1,500,000
5.000%,
7/1/2028,
Ser.
A
1,759,320
Saint
Joseph
County,
IN
Economic
Development
Rev.
(Saint
Mary's
College)
3,705,000
5.000%,
4/1/2043,
Ser.
2019
4,029,892
Total
17,534,096
Iowa
(1.7%)
Ames,
IA
Rev.
Refg.
(Mary
Greeley
Medical
Center)
4,430,000
5.000%,
6/15/2032
4,941,000
Des
Moines,
IA
Airport
Auth.
Rev.
Refg.
1,205,000
5.000%,
6/1/2024,
AMT
1,274,697
Iowa
Finance
Auth.
Rev.
(Lifespace
Communities,
Inc.)
6,350,000
5.000%,
5/15/2043,
Ser.
A
5,914,581
Iowa
Finance
Auth.
Rev.
Refg.
8,100,000
5.000%,
8/1/2036
9,725,589
3,000,000
5.000%,
8/1/2042
3,555,060
Total
25,410,927
Kansas
(0.9%)
Kansas
Development
Finance
Auth.
Rev.
3,575,000
5.000%,
5/15/2030,
Ser.
S
3,566,563
Kansas
Turnpike
Auth.
Rev.
Refg.
1,000,000
5.000%,
9/1/2037,
Ser.
A
1,242,760
750,000
5.000%,
9/1/2038,
Ser.
A
928,395
Lenexa,
KS
Health
Care
Fac.
Rev.
Refg.
(Lakeview
Village,
Inc.)
2,750,000
5.000%,
5/15/2039,
Ser.
A
2,786,245
University
of
Kansas
Hospital
Auth.
Refg.
Rev.
4,635,000
5.000%,
3/1/2047,
Ser.
A
5,322,278
Total
13,846,241
Kentucky
(0.7%)
Kentucky
State
Turnpike
Auth.
Economic
Development
Road
Rev.
5,000,000
5.000%,
7/1/2028,
Ser.
A
c
5,415,850
Paducah,
KY
Electric
Plant
Board
Rev.
(AGM
Insured)
750,000
5.000%,
10/1/2035,
Ser.
A
d
874,807
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Kentucky
(0.7%)
-
continued
Pikeville,
KY
Hospital
Rev.
(Pikeville
Medical
Center,
Inc.)
$
3,540,000
6.500%,
3/1/2041
$
3,635,474
Total
9,926,131
Louisiana
(2.0%)
Alexandria,
LA
Utilities
Rev.
5,000,000
5.000%,
5/1/2043,
Ser.
A
5,335,700
East
Baton
Rouge,
LA
Industrial
Development
Board
Rev.
(ExxonMobil)
810,000
0.140%,
8/1/2035,
Ser.
A
a
810,000
1,610,000
0.140%,
12/1/2040,
Ser.
B
a
1,610,000
Lafayette
Public
Power
Auth.
Electric
Rev.
375,000
5.000%,
11/1/2022
411,030
1,520,000
5.000%,
11/1/2031
1,658,578
Louisiana
Local
Government
Environmental
Fac.
&
Community
Development
Auth.
East
Baton
Rouge
Sewer
Rev.
4,900,000
5.000%,
2/1/2035,
Ser.
A
5,325,712
Louisiana
State
Public
Fac.
Auth.
Rev.
(University
of
New
Orleans
Research
&
Technology
Foundation,
Inc.
Student
Housing)
(AGM
Insured)
1,355,000
5.000%,
9/1/2030
d
1,537,112
800,000
5.000%,
9/1/2031
d
905,152
New
Orleans,
LA
Aviation
Board
Rev.
2,500,000
5.000%,
1/1/2040,
Ser.
B,
AMT
2,710,650
750,000
5.000%,
1/1/2048,
Ser.
B,
AMT
817,748
New
Orleans,
LA
G.O.
Refg.
750,000
5.000%,
12/1/2026
889,560
850,000
5.000%,
12/1/2027
1,007,547
350,000
5.000%,
12/1/2029
412,363
Port
of
New
Orleans
Board
of
Commissioners
Port
Fac.
Refg.
Rev.
1,365,000
5.000%,
4/1/2030,
Ser.
B,
AMT
1,479,128
1,500,000
5.000%,
4/1/2031,
Ser.
B,
AMT
1,621,905
525,000
5.000%,
4/1/2033,
Ser.
B,
AMT
564,732
Port
of
New
Orleans
Board
of
Commissioners
Port
Fac.
Refg.
Rev.
(AGM
Insured)
1,500,000
5.000%,
4/1/2043,
Ser.
B,
AMT
d
1,724,775
Total
28,821,692
Maryland
(0.2%)
Baltimore
County,
MD
Rev.
Refg.
(Oak
Crest
Village,
Inc.
Fac.)
2,000,000
4.000%,
1/1/2050
2,001,500
Maryland
Health
&
Higher
Educational
Fac.
Auth.
Rev.
(Loyola
University)
1,000,000
5.000%,
10/1/2045
1,047,570
Total
3,049,070
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
171
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Massachusetts
(4.8%)
Massachusetts
Bay
Transportation
Auth.
Sales
Tax
Rev.
(NATL-RE
Insured)
$
5,000,000
5.500%,
7/1/2025,
Ser.
B
d
$
6,048,400
Massachusetts
Development
Finance
Agency
Rev.
(Dana-Farber
Cancer
Institute)
6,500,000
5.000%,
12/1/2046,
Ser.
N
7,045,220
Massachusetts
Development
Finance
Agency
Rev.
(Northeastern
University)
750,000
5.000%,
10/1/2031
815,692
Massachusetts
Development
Finance
Agency
Rev.
(Wellesley
College)
3,000,000
5.000%,
7/1/2042,
Ser.
J
3,156,720
Massachusetts
G.O.
11,125,000
5.000%,
9/1/2048,
Ser.
E
13,206,821
Massachusetts
Health
&
Educational
Fac.
Auth.
Rev.
(Massachusetts
Institute
of
Technology)
15,295,000
5.250%,
7/1/2033,
Ser.
L
21,109,700
Massachusetts
Health
&
Educational
Fac.
Auth.
Rev.
(Tufts
University)
5,400,000
5.500%,
2/15/2028,
Ser.
M
6,984,576
Massachusetts
Port
Auth.
Rev.
8,300,000
5.000%,
7/1/2042,
Ser.
A,
AMT
8,769,448
University
of
Massachusetts
Building
Auth.
Rev.
Refg.
2,750,000
5.000%,
5/1/2038,
Ser.
2019-1
3,361,133
Total
70,497,710
Michigan
(2.3%)
Grand
Valley,
MI
State
University
General
Rev.
Refg.
650,000
5.000%,
12/1/2029,
Ser.
B
724,529
Grand
Valley,
MI
State
University
Rev.
1,850,000
5.000%,
12/1/2031,
Ser.
A
2,143,651
Great
Lakes,
MI
Water
Auth.
Water
Supply
System
Rev.
10,000,000
5.000%,
7/1/2046,
Ser.
A
11,599,900
Michigan
State
Finance
Auth.
Rev.
(Beaumont
Health
Credit
Group)
6,000,000
5.000%,
11/1/2044,
Ser.
A
6,477,540
Michigan
Strategic
Rev.
7,775,000
5.000%,
12/31/2043,
AMT
7,913,550
5,110,000
5.000%,
6/30/2048,
AMT
5,150,267
Total
34,009,437
Minnesota
(3.0%)
Deephaven,
MN
Charter
School
Lease
Rev.
(Eagle
Ridge
Academy)
2,360,000
5.000%,
7/1/2043,
Ser.
A
g
2,373,122
Goodhue
County,
MN
Education
District
No.
6051
C.O.P.
250,000
5.000%,
2/1/2029
278,522
500,000
5.000%,
2/1/2034
554,365
750,000
5.000%,
2/1/2039
824,145
Ham
Lake,
MN
Charter
School
Lease
Rev.
(DaVinci
Academy
of
Arts
and
Science)
340,000
5.000%,
7/1/2036,
Ser.
A
317,441
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Minnesota
(3.0%)
-
continued
Minneapolis,
MN
Student
Housing
Rev.
(Riverton
Community
Housing)
$
500,000
5.000%,
8/1/2053
b
$
467,035
Minnesota
Higher
Education
Fac.
Auth.
Rev.
(Augsburg
College)
1,000,000
5.000%,
5/1/2046,
Ser.
A
881,110
Minnesota
Higher
Education
Fac.
Auth.
Rev.
(University
of
St.
Thomas)
1,000,000
5.000%,
10/1/2040
1,111,050
Minnesota
Higher
Education
Fac.
Auth.
Rev.
Refg.
(Gustavus
Adolphus
College)
4,250,000
5.000%,
10/1/2047
4,554,428
Minnesota
Higher
Education
Fac.
Auth.
Rev.
Refg.
(St.
Catherine
University)
1,015,000
5.000%,
10/1/2045,
Ser.
A
1,066,369
Minnesota
Municipal
Power
Agency
Electric
Rev.
200,000
5.000%,
10/1/2029
229,194
150,000
5.000%,
10/1/2030
171,688
200,000
5.000%,
10/1/2032
228,368
175,000
5.000%,
10/1/2033
199,903
1,500,000
5.000%,
10/1/2047
1,743,015
North
Oaks,
MN
Senior
Housing
Rev.
Refg.
(Waverly
Gardens)
4,000,000
5.000%,
10/1/2047
4,010,680
Rochester,
MN
Health
Care
Fac.
Rev.
(Olmsted
Medical
Center)
1,000,000
5.875%,
7/1/2030
1,004,930
St.
Cloud,
MN
Health
Care
Rev.
Refg.
(CentraCare
Health
System)
125,000
5.125%,
5/1/2030,
Ser.
A
125,223
1,000,000
5.000%,
5/1/2046,
Ser.
A
1,077,970
St.
Joseph,
MN
Senior
Housing
&
Healthcare
Rev.
(Woodcrest
of
Country
Manor)
1,275,000
5.000%,
7/1/2055,
Ser.
A
1,056,962
St.
Paul,
MN
Housing
&
Redevelopment
Auth.
Health
Care
Fac.
Rev.
Refg.
(HealthPartners
Obligated
Group)
5,945,000
5.000%,
7/1/2032,
Ser.
A
6,515,363
St.
Paul,
MN
Housing
&
Redevelopment
Auth.
Health
Care
Rev.
Refg.
(Fairview
Health
Services)
6,945,000
5.000%,
11/15/2047,
Ser.
A
7,361,144
St.
Paul,
MN
Housing
&
Redevelopment
Auth.
Rev.
Refg.
(Rossy
&
Richard
Shaller
Family
Sholom
East
Campus)
1,000,000
5.000%,
10/1/2043
922,220
University
of
Minnesota
Rev.
(State
Supported
Biomedical
Science
Research
Fac.
Funding)
1,655,000
5.000%,
8/1/2030,
Ser.
B
1,734,357
Wayzata,
MN
Senior
Housing
Rev.
Refg.
(Folkestone
Senior
Living
Community)
500,000
5.000%,
8/1/2049
485,015
Western
Minnesota
Municipal
Power
Agency
Rev.
1,000,000
5.000%,
1/1/2033,
Ser.
A
c
1,146,430
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
172
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Minnesota
(3.0%)
-
continued
$
1,000,000
5.000%,
1/1/2034,
Ser.
A
c
$
1,146,430
300,000
5.000%,
1/1/2035,
Ser.
A
c
343,929
1,000,000
5.000%,
1/1/2040,
Ser.
A
c
1,146,430
Winona,
MN
Health
Care
Fac.
Rev.
Refg.
(Winona
Health
Obligated
Group)
500,000
5.000%,
7/1/2034
509,540
Total
43,586,378
Mississippi
(0.4%)
D'Iberville
Tax
Increment
Refg.
(Gulf
Coast
Promenade)
1,750,000
5.000%,
4/1/2033
1,825,197
Mississippi
Development
Bank
G.O.
(Desoto
County
Highway
Construction)
3,180,000
5.000%,
1/1/2030
c
3,495,170
Total
5,320,367
Missouri
(0.5%)
Kansas
City,
MO
Industrial
Development
Auth.
Rev.
(Kansas
City
International
Airport
Terminal
Modernization)
1,800,000
5.000%,
3/1/2046,
Ser.
B,
AMT
1,975,878
Missouri
State
Health
and
Educational
Fac.
Auth.
Rev.
(Lake
Regional
Health
System)
925,000
5.000%,
2/15/2022
963,646
1,680,000
5.000%,
2/15/2034
1,718,825
St.
Louis,
MO
Airport
Rev.
(AGM
Insured)
1,000,000
5.000%,
7/1/2047,
Ser.
C
d
1,094,390
St.
Louis,
MO
Airport
Rev.
Refg.
(Lambert-St.
Louis
International
Airport)
1,000,000
5.000%,
7/1/2032,
AMT
1,051,270
Total
6,804,009
Montana
(0.1%)
Missoula,
MT
Water
Systems
Rev.
830,000
5.000%,
7/1/2038,
Ser.
A
998,407
800,000
5.000%,
7/1/2039,
Ser.
A
959,904
Total
1,958,311
Nebraska
(2.1%)
Douglas
County,
NE
Hospital
Auth.
No.
2
Health
Fac.
Rev.
(Children's
Hospital
Obligated
Group)
2,105,000
5.000%,
11/15/2047
2,318,447
Lincoln,
NE
Lincoln
Electric
System
Rev.
Refg.
2,500,000
5.000%,
9/1/2037
c
2,748,075
Nebraska
Public
Power
District
Rev.
1,325,000
5.000%,
1/1/2033,
Ser.
A
1,395,225
Omaha,
NE
Public
Power
District
Electric
Rev.
8,150,000
5.000%,
2/1/2045,
Ser.
A
9,187,169
Omaha,
NE
Public
Power
District
Electric
Rev.
Refg.
8,275,000
5.000%,
2/1/2042,
Ser.
A
9,873,813
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Nebraska
(2.1%)
-
continued
Omaha,
NE
Sanitary
Sewerage
System
Rev.
$
1,340,000
5.000%,
11/15/2034
$
1,529,690
University
of
Nebraska
Lincoln
Student
Fees
and
Fac.
Rev.
1,000,000
5.000%,
7/1/2037
c
1,070,940
University
of
Nebraska
Lincoln
Student
Fees
and
Fac.
Rev.
Refg.
3,050,000
5.000%,
7/1/2038
c
3,331,119
Total
31,454,478
Nevada
(0.3%)
Carson
City,
NV
Hospital
Rev.
Refg.
(Carson
Tahoe
Regional
Medical
Center)
1,500,000
5.000%,
9/1/2042,
Ser.
A
1,578,585
3,250,000
5.000%,
9/1/2047,
Ser.
A
3,342,560
Total
4,921,145
New
Hampshire
(0.4%)
New
Hampshire
Health
and
Education
Fac.
Auth.
Rev.
5,000,000
5.000%,
8/1/2059,
Ser.
A
6,075,900
Total
6,075,900
New
Jersey
(1.6%)
New
Jersey
Economic
Development
Auth.
Rev.
4,350,000
5.000%,
6/15/2042,
Ser.
D
4,323,204
New
Jersey
Transportation
Trust
Fund
Auth.
Rev.
1,500,000
5.000%,
6/15/2026,
Ser.
A
1,511,160
1,000,000
5.250%,
6/15/2033,
Ser.
AA
1,017,120
1,645,000
5.250%,
6/15/2034,
Ser.
AA
1,674,330
New
Jersey
Transportation
Trust
Fund
Auth.
Rev.
Refg.
2,000,000
5.000%,
12/15/2039,
Ser.
A
2,005,900
Ocean
County,
NJ
Utilities
Auth.
Waste
Water
Rev.
(NATL-RE
Insured)
3,180,000
5.250%,
1/1/2025
d
3,751,414
Tobacco
Settlement
Financing
Corporation
Rev.
Refg.
8,950,000
5.250%,
6/1/2046,
Ser.
A
9,549,740
Total
23,832,868
New
York
(9.3%)
Buffalo
&
Erie
County,
NY
Industrial
Land
Development
Corporation
Rev.
1,500,000
5.000%,
8/1/2047,
Ser.
A
1,342,590
Hudson,
NY
Yards
Infrastructure
Corporation
Rev.
Refg.
2,000,000
5.000%,
2/15/2042,
Ser.
A
2,286,340
Metropolitan
Transportation
Auth.
NY
Rev.
Refg.
2,190,000
5.000%,
11/15/2035
2,474,547
Monroe
County
Industrial
Development
Corporation
Rev.
Refg.
(University
of
Rochester)
1,000,000
5.000%,
7/1/2030,
Ser.
D
1,240,100
1,550,000
5.000%,
7/1/2031,
Ser.
C
1,911,243
800,000
5.000%,
7/1/2031,
Ser.
D
986,448
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
173
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
New
York
(9.3%)
-
continued
New
York
City
Municipal
Water
Finance
Auth.
Water
and
Sewer
System
Rev.
$
750,000
0.120%,
6/15/2035,
Ser.
BB-2
a
$
750,000
8,000,000
5.000%,
6/15/2037,
Ser.
DD-1
9,519,680
1,100,000
5.375%,
6/15/2043
1,124,772
3,830,000
0.120%,
6/15/2044
a
3,830,000
12,000,000
5.000%,
6/15/2049,
Ser.
CC-1
14,266,560
New
York
City
Transitional
Finance
Auth.
Future
Tax
Secured
Rev.
15,000,000
5.000%,
11/1/2033,
Ser.
D-1
15,660,600
19,000,000
5.000%,
2/1/2043,
Ser.
A
21,558,920
720,000
0.120%,
2/1/2045,
Ser.
E-4
a
720,000
New
York
State
Dormitory
Auth.
State
Personal
Income
Tax
Rev.
5,000,000
5.000%,
3/15/2039,
Ser.
C
5,555,350
New
York
State
Dormitory
Auth.
State
Personal
Income
Tax
Rev.
Refg.
8,330,000
5.000%,
2/15/2043,
Ser.
B
9,567,671
New
York
State
Liberty
Development
Corporation
Rev.
10,000,000
5.250%,
12/15/2043
10,477,800
New
York
Transportation
Development
Corporation
Special
Fac.
Rev.
(LaGuardia
Airport
)
775,000
5.000%,
1/1/2036,
AMT
776,418
New
York,
NY
G.O.
1,920,000
5.000%,
8/1/2032,
Ser.
A
2,166,374
350,000
0.120%,
8/1/2034,
Ser.
E
a
350,000
Port
Auth.
of
New
York
&
New
Jersey
Rev.
1,125,000
5.000%,
12/1/2024,
Ser.
178,
AMT
1,244,959
2,500,000
5.000%,
9/1/2035
2,770,275
2,500,000
5.000%,
9/1/2036
2,767,000
5,000,000
5.000%,
9/1/2039
5,518,850
Port
Auth.
of
New
York
&
New
Jersey
Rev.
Refg.
5,000,000
5.000%,
9/15/2034,
Ser.
207,
AMT
5,681,950
1,715,000
5.000%,
9/15/2048,
Ser.
207,
AMT
1,888,335
Triborough
NY
Bridge
&
Tunnel
Auth.
Rev.
2,550,000
5.000%,
11/15/2037,
Ser.
2008-B-3
2,928,548
1,000,000
5.250%,
11/15/2045,
Ser.
A
1,138,490
Triborough
NY
Bridge
&
Tunnel
Auth.
Rev.
(MTA
Bridges
and
Tunnels)
5,000,000
5.000%,
11/15/2049,
Ser.
A
5,832,950
Troy,
NY
Capital
Resource
Corporation
Rev.
Refg.
(Rensselaer
Polytecnic
Institute)
750,000
5.000%,
9/1/2039,
Ser.
A
g
914,498
Total
137,251,268
North
Carolina
(1.0%)
Appalachian
State
University
Rev.
2,510,000
5.000%,
5/1/2044
2,863,082
Charlotte,
NC,
Rev.
(Charlotte
Douglas
International
Airport)
1,500,000
5.000%,
7/1/2042,
Ser.
A
1,694,250
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
North
Carolina
(1.0%)
-
continued
North
Carolina
Capital
Fac.
Finance
Agency
Rev.
Refg.
(Johnson
and
Wales
University)
$
1,000,000
5.000%,
4/1/2032
$
1,043,480
1,000,000
5.000%,
4/1/2033
1,040,990
North
Carolina
Eastern
Municipal
Power
Agency
Power
System
Rev.
1,475,000
6.000%,
1/1/2026,
Ser.
A
c
1,600,316
North
Carolina
Turnpike
Auth.
(Triangle
Expressway
Auth.)
(AGM
Insured)
1,750,000
5.000%,
1/1/2049
d
1,990,642
Raleigh
Durham,
NC
Airport
Auth.
Rev.
4,895,000
5.000%,
5/1/2036,
Ser.
A
4,895,000
Total
15,127,760
North
Dakota
(0.4%)
North
Dakota
Public
Finance
Auth.
Rev.
(State
Revolving
Fund)
1,495,000
5.000%,
10/1/2031,
Ser.
A
1,576,837
University
of
North
Dakota
C.O.P.
(Infrastructure
Energy
Improvement)
3,775,000
5.000%,
4/1/2048,
Ser.
A
4,297,573
Total
5,874,410
Ohio
(5.0%)
American
Municipal
Power
Ohio,
Inc.
Rev.
(Greenup
Hydroelectric)
1,000,000
5.000%,
2/15/2041,
Ser.
A
1,139,200
AMP
Fremont
Energy
Center
Rev.
3,000,000
5.000%,
2/15/2037,
Ser.
B
3,178,200
Bowling
Green,
OH
State
University
Rev.
Refg.
500,000
4.000%,
6/1/2045,
Ser.
A
532,780
Buckeye,
OH
Tobacco
Settlement
Financing
Auth.
Rev.
Refg.
6,700,000
5.000%,
6/1/2055,
Ser.
B-2
5,963,067
Cuyahoga
County,
OH
Sales
Tax
Rev.
1,000,000
5.000%,
12/1/2035
1,150,350
Franklin
County,
OH
Convention
Fac.
Auth.
Rev.
(Greater
Columbus
Convention
Center
Hotel)
1,785,000
5.000%,
12/1/2051
1,321,114
Kent
State
University
General
Receipts
Rev.
2,000,000
5.000%,
5/1/2029
2,394,780
1,500,000
5.000%,
5/1/2037,
Ser.
A
c
1,627,665
Lucas
County,
OH
Health
Care
System
Refg.
Rev.
(Sunset
Retirement
Communities)
1,360,000
5.125%,
8/15/2025
1,392,314
1,750,000
5.500%,
8/15/2030
1,793,820
Miami
University
OH
Rev.
1,600,000
5.000%,
9/1/2036
1,677,792
Ohio
Higher
Educational
Fac.
Commission
Rev.
(Case
Western
Reserve
University)
390,000
6.500%,
10/1/2020,
Ser.
B
399,025
2,745,000
5.000%,
12/1/2028
3,173,467
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
174
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Ohio
(5.0%)
-
continued
Ohio
Higher
Educational
Fac.
Commission
Rev.
(Dayton
University)
$
2,565,000
5.000%,
12/1/2035,
Ser.
A
$
2,742,267
Ohio
Higher
Educational
Fac.
Commission
Rev.
(Kenyon
College)
3,025,000
5.000%,
7/1/2042
3,258,893
Ohio
Higher
Educational
Fac.
Commission
Rev.
Refg.
(Kenyon
College)
1,505,000
5.250%,
7/1/2044
1,515,655
Ohio
Higher
Educational
Fac.
Commission
Rev.
Refg.
(University
of
Findlay)
2,400,000
5.000%,
3/1/2034
2,504,928
Ohio
Hospital
Rev.
(Cleveland
Clinic
Health
System
Obligated
Group)
5,000,000
5.000%,
1/1/2034
c
5,350,350
Ohio
Hospital
Rev.
Refg.
(University
Hospitals
Health
System,
Inc.)
4,000,000
5.000%,
1/15/2050,
Ser.
A
4,451,040
Ohio
State
Turnpike
Commission
Rev.
8,680,000
Zero
Coupon,
2/15/2034,
Ser.
A-4
f
9,844,856
Ohio
State
Turnpike
Commission
Rev.
Refg.
(NATL-RE
Insured)
10,000,000
5.500%,
2/15/2026,
Ser.
A
d
11,952,000
Toledo,
OH
Water
System
Rev.
and
Improvements
2,455,000
5.000%,
11/15/2036
2,922,800
Toledo,
OH
Water
System
Rev.
Refg.
and
Improvements
2,500,000
5.000%,
11/15/2038
2,746,000
Total
73,032,363
Oklahoma
(1.7%)
Grand
River,
OK
Dam
Authority
Rev.
7,815,000
5.000%,
6/1/2039,
Ser.
A
8,722,634
Oklahoma
Agricultural
and
Mechanical
Colleges
General
Rev.
3,000,000
5.000%,
8/1/2038,
Ser.
C
3,392,040
Oklahoma
State
Water
Resources
Board
Loan
Program
Rev.
2,005,000
5.000%,
10/1/2040,
Ser.
A
2,340,397
Oklahoma
Turnpike
Auth.
Rev.
500,000
5.000%,
1/1/2028,
Ser.
A
512,215
2,500,000
5.000%,
1/1/2042,
Ser.
A
2,861,475
5,665,000
5.000%,
1/1/2047,
Ser.
C
6,432,041
Total
24,260,802
Oregon
(1.1%)
Clackamas
and
Washington
Counties,
OR
Joint
School
District
No.3
G.O.
(West
Linn-Wilsonville
Schools)
700,000
Zero
Coupon,
6/15/2040,
Ser.
A
365,617
Clackamas
County,
OR
School
District
3,500,000
5.000%,
6/15/2049,
Ser.
B
4,141,585
Multnomah
&
Clackamas
Counties
School
District
G.O.
520,000
Zero
Coupon,
6/15/2035,
Ser.
A
332,582
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Oregon
(1.1%)
-
continued
Port
of
Portland,
OR
Rev.
Refg.
(Portland
International
Airport)
$
1,025,000
5.000%,
7/1/2035,
Ser.
23
$
1,151,136
4,750,000
5.000%,
7/1/2044,
Ser.
25B,
AMT
5,260,483
Salem-Keizer
School
District
No.
24J,
Marion
and
Polk
Counties,
OR
G.O.
5,000,000
Zero
Coupon,
6/15/2028,
Ser.
B
4,291,250
Warm
Springs,
OR
Reservation
Confederated
Tribes
Hydroelectric
Rev.
Refg.
(Pelton-Round
Butte)
800,000
5.000%,
11/1/2039,
Ser.
B
b
913,952
Total
16,456,605
Pennsylvania
(2.2%)
Allegheny
County,
PA
Hospital
Development
Auth.
Rev.
Refg.
(University
of
Pittsburgh
Medical
Center)
1,500,000
5.000%,
7/15/2034,
Ser.
A
1,733,490
Berks
County,
PA
Industrial
Development
Auth.
Healthcare
Fac.
Rev.
Refg.
(Highlands
at
Wyomissing)
460,000
5.000%,
5/15/2043
444,130
410,000
5.000%,
5/15/2048
389,848
Cumberland
County,
PA
Municipal
Auth.
Rev.
(Diakon
Lutheran
Social
Ministries)
1,350,000
5.000%,
1/1/2038
1,364,053
Lancaster
County,
PA
Hospital
Auth.
Rev.
Refg.
(St.
Anne's
Retirement
Community,
Inc.)
250,000
5.000%,
3/1/2050
223,058
250,000
5.000%,
3/1/2045
226,577
Pennsylvania
Economic
Development
Financial
Auth.
Solid
Waste
Disposal
Rev.
(CarbonLite
P,
LLC)
2,875,000
5.750%,
6/1/2036,
AMT
b
2,528,764
Pennsylvania
Turnpike
Commission
Rev.
(BAM
Insured)
6,090,000
Zero
Coupon,
12/1/2041,
Ser.
A-3
d
3,155,960
Pennsylvania
Turnpike
Commission
Turnpike
Rev.
3,000,000
5.000%,
12/1/2040,
Ser.
B
3,297,420
4,950,000
5.000%,
12/1/2046,
Ser.
A-1
5,431,734
Pennsylvania
Turnpike
Commission
Turnpike
Rev.
(AGM
Insured)
10,440,000
6.250%,
6/1/2033,
Ser.
C
d
13,025,153
Total
31,820,187
Puerto
Rico
(0.3%)
Puerto
Rico
Sales
Tax
Financing
Corporation
Rev.
5,296,000
4.550%,
7/1/2040,
Ser.
A-1
4,875,074
Total
4,875,074
South
Carolina
(1.9%)
Beaufort-Jasper
Water
&
Sewer
Auth.
Rev.
Refg.
425,000
5.000%,
3/1/2025,
Ser.
B
500,595
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
175
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
South
Carolina
(1.9%)
-
continued
Charleston
County,
SC
Airport
System
Rev.
$
6,215,000
5.500%,
7/1/2031,
Ser.
A,
AMT
$
6,792,498
Columbia,
SC
Waterworks
and
Sewer
System
Rev.
5,250,000
5.000%,
2/1/2049,
Ser.
A
6,308,925
Greenwood
County,
SC
Hospital
Fac.
Rev.
Refg.
(Self
Regional
Healthcare)
1,120,000
5.000%,
10/1/2024,
Ser.
B
1,182,787
2,890,000
5.000%,
10/1/2031,
Ser.
B
3,018,056
Piedmont,
SC
Municipal
Power
Agency
Electric
Rev.
Refg.
(NATL-RE
Insured)
4,000,000
6.250%,
1/1/2021
d
4,138,720
South
Carolina
Jobs
Economic
Development
Auth.
Hospital
Fac.
Rev.
Refg.
(Bon
Secours
Mercy
Health,
Inc.)
2,000,000
5.000%,
12/1/2046,
Ser.
A
2,258,720
South
Carolina
Jobs
Economic
Development
Auth.
Refg.
(Life
Communities,
Inc.)
2,000,000
5.000%,
11/15/2047,
Ser.
C
2,047,380
South
Carolina
Jobs
Economic
Development
Auth.
Rev.
(Bishop
Gadsden
Episcopal
Retirement
Community)
1,460,000
5.000%,
4/1/2054,
Ser.
A
1,468,278
Total
27,715,959
South
Dakota
(0.1%)
South
Dakota
Board
Of
Regents
Housing  &
Auxiliary
Fac.
System
Rev.
1,000,000
5.000%,
4/1/2033,
Ser.
B
1,143,670
Total
1,143,670
Tennessee
(0.2%)
Tennessee
State
School
Bond
Auth.
Rev.
(2nd
Program)
500,000
5.000%,
11/1/2031
573,505
450,000
5.000%,
11/1/2032
514,683
1,275,000
5.000%,
11/1/2034
1,451,753
250,000
5.000%,
11/1/2036
283,385
Total
2,823,326
Texas
(9.6%)
Central
Texas
Regional
Mobility
Auth.
Rev.
1,700,000
5.000%,
1/1/2040,
Ser.
A
1,802,833
Clifton,
TX
Higher
Education
Finance
Corporation
Education
Rev.
(IDEA
Public
Schools)
1,000,000
5.000%,
8/15/2042
1,033,870
2,000,000
6.000%,
8/15/2043
2,174,200
Clifton,
TX
Higher
Education
Finance
Corporation
Education
Rev.
(IDEA
Public
Schools)
(PSF-GTD
Insured)
1,000,000
5.000%,
8/15/2036,
Ser.
A
d
1,174,090
4,605,000
5.000%,
8/15/2039
d
5,237,266
2,000,000
5.000%,
8/15/2046,
Ser.
A
d
2,303,580
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Texas
(9.6%)
-
continued
Clifton,
TX
Higher
Education
Finance
Corporation
Education
Rev.
(Uplift
Education)
$
4,000,000
6.250%,
12/1/2045,
Ser.
A
c
$
4,116,520
Dallas
and
Fort
Worth,
TX
International
Airport
Rev.
Refg.
4,000,000
5.250%,
11/1/2033,
Ser.
F
4,360,680
Gulf
Coast,
TX
Waste
Disposal
Auth.
Environmental
Fac.
Rev.
(ExxonMobil)
1,700,000
0.170%,
9/1/2025,
AMT
a
1,700,000
Harris
County,
TX
Cultural
Education
Fac.
Finance
Corporation
Rev.
(First
Mortgage
Brazos
Presbyterian
Homes,
Inc.)
295,000
5.000%,
1/1/2033,
Ser.
A
285,047
Harris
County,
TX
Cultural
Education
Fac.
Finance
Corporation
Rev.
Refg.
(Brazos
Presbyterian
Homes)
2,000,000
5.000%,
1/1/2037
1,877,140
Houston,
TX
Water
and
Sewer
System
Rev.
Refg.
(AGM
Insured)
10,000,000
5.750%,
12/1/2032,
Ser.
A
c,d
14,497,300
Irving,
TX
Rev.
Refg.
2,325,000
5.000%,
8/15/2043
2,096,755
Lake
Travis
Independent
School
District
G.O.
Refg.
(PSF-GTD
Insured)
1,000,000
5.000%,
2/15/2031
d
1,212,300
Lower
Colorado
River,
TX
Auth.
Rev.
Refg.
(LCRA
Transmission
Services
Corporation)
1,000,000
5.000%,
5/15/2044
1,145,160
New
Hope
Cultural
Education
Facilities
Corporation,
TX
Student
Housing
Rev.
(Collegiate
Housing
College
Station
I
LLC
-
Texas
A&M
University)
1,000,000
5.000%,
4/1/2029,
Ser.
A
1,041,760
North
East
Independent
School
District,
Bexar
County,
TX
G.O.
Unlimited
Tax
Refg.
(PSF-GTD
Insured)
5,000,000
5.250%,
2/1/2028
d
6,357,650
2,000,000
5.250%,
2/1/2029
d
2,594,300
North
Texas
Education
Finance
Corporation
Education
Rev.
(Uplift
Education)
4,500,000
5.125%,
12/1/2042,
Ser.
A
c
4,871,520
North
Texas
Tollway
Auth.
System
Rev.
15,000,000
5.000%,
9/1/2030,
Ser.
D
c
15,830,550
North
Texas
Tollway
Auth.
System
Rev.
Refg.
5,000,000
5.000%,
1/1/2042,
Ser.
B
5,194,900
North
Texas
Tollway
Auth.
System
Rev.
Refg.
(AGC
Insured)
5,000,000
Zero
Coupon,
1/1/2028,
Ser.
D
d
4,304,850
Northwest
Independent
School
District
G.O.
(Denton,
Tarrant
and
Wise
Counties,
TX)
(PSF-GTD
Insured)
5,705,000
5.000%,
2/15/2038
d
6,430,904
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
176
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Texas
(9.6%)
-
continued
Port
Freeport
TX
Senior
Lien
Rev.
$
3,700,000
5.000%,
6/1/2049,
Ser.
A,
AMT
$
4,220,738
Red
River
Education
Finance
Corporation
Rev.
(St.
Edwards
University)
2,130,000
5.000%,
6/1/2046
2,171,684
San
Antonio
Water
System
Rev.
7,875,000
5.000%,
5/15/2039,
Ser.
A
9,492,919
Socorro,
TX
Independent
School
District
G.O.
(PSF-GTD
Insured)
1,925,000
5.000%,
8/15/2034
c,d
1,948,350
75,000
5.000%,
8/15/2034
d
75,812
Southwest
TX
Higher
Education
Auth.
Rev.
Refg.
(Southern
Methodist
University)
600,000
5.000%,
10/1/2039
698,430
600,000
5.000%,
10/1/2040
696,990
700,000
5.000%,
10/1/2041
811,244
Tarrant
County
Cultural
Education
Fac.
Finance
Corporation
Hospital
Rev.
(Hendrick
Medical
Center)
2,640,000
5.000%,
9/1/2030
2,869,495
Tarrant
County
Cultural
Education
Fac.
Finance
Corporation
Rev.
Refg.
(Trinity
Terrace)
765,000
5.000%,
10/1/2044,
Ser.
A-1
751,207
Texas
G.O.
Refg.
13,940,000
5.000%,
10/1/2044,
Ser.
A
15,676,924
Texas
Private
Activity
Bond
Surface
Transportation
Corporation
Rev.
(Segment
3C)
10,000,000
5.000%,
6/30/2058,
AMT
10,432,300
Total
141,489,268
Utah
(1.7%)
Jordan
Valley,
UT
Water
Conservancy
District
Rev.
3,420,000
5.000%,
10/1/2044,
Ser.
A
4,102,906
3,000,000
5.000%,
10/1/2049,
Ser.
A
3,580,410
Orem,
UT
G.O.
6,880,000
5.000%,
12/1/2046
8,224,971
Salt
Lake
City,
UT
Airport
Rev.
1,000,000
5.000%,
7/1/2042,
Ser.
A,
AMT
1,094,390
1,000,000
5.250%,
7/1/2048,
Ser.
A,
AMT
1,111,770
Utah
Charter
School
Finance
Auth.
Rev.
(North
Davis
Preparatory)
1,000,000
6.250%,
7/15/2030
1,004,860
Utah
Charter
School
Finance
Auth.
Rev.
(Utah
Charter
Academies)
800,000
5.000%,
10/15/2048
924,608
Utah
County,
UT
Hospital
Rev.
(IHC
Health
Services,
Inc.)
3,175,000
5.000%,
5/15/2043
3,256,153
1,610,000
5.000%,
5/15/2045,
Ser.
A
1,758,136
Total
25,058,204
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Vermont
(0.3%)
Vermont
Educational
&
Health
Buildings
Financing
Agency
Rev.
Refg.
(University
of
Vermont
Medical
Center)
$
3,000,000
5.000%,
12/1/2035,
Ser.
A
$
3,306,150
1,000,000
5.000%,
12/1/2036,
Ser.
A
1,099,020
Total
4,405,170
Virginia
(2.9%)
Fairfax
County,
VA
Industrial
Development
Auth.
Health
Care
Rev.
(Inova
Health
System)
2,405,000
5.000%,
5/15/2044,
Ser.
A
2,599,829
Virginia
Commonwealth
Transportation
Board
Rev.
10,000,000
5.000%,
5/15/2034
c
10,447,100
Virginia
Small
Business
Financing
Auth.
Rev.
(Elizabeth
River
Crossings
Opco,
LLC)
1,150,000
5.000%,
1/1/2027,
AMT
1,160,477
8,910,000
6.000%,
1/1/2037,
AMT
9,031,265
1,800,000
5.500%,
1/1/2042,
AMT
1,778,292
Virginia
Small
Business
Financing
Auth.
Rev.
(Transform
66
P3)
610,000
5.000%,
12/31/2047,
AMT
614,703
6,575,000
5.000%,
12/31/2049,
AMT
6,617,803
10,610,000
5.000%,
12/31/2052,
AMT
10,653,607
Total
42,903,076
Washington
(2.9%)
Clark
County,
WA
Public
Utility
District
No.
1
Electric
Rev.
Refg.
785,000
5.000%,
1/1/2029
929,872
FYI
Properties
Rev.
Refg.
(Washington
DIS)
5,000,000
5.000%,
6/1/2038
5,949,550
Kalispel
Tribe
of
Indians
Priority
Distribution
WA
Rev.
750,000
5.250%,
1/1/2038,
Ser.
A
b
768,465
Pend
Oreille
County,
WA
Public
Utility
District
No.
1
Rev.
Refg.
(Box
Canyon
Production
System)
2,810,000
5.000%,
1/1/2037
3,243,190
2,950,000
5.000%,
1/1/2038
3,394,093
Pierce
County,
WA
School
District
No.
10,
Tacoma
G.O.
Refg.
2,170,000
5.000%,
12/1/2039
2,501,619
Port
of
Seattle
Special
Fac.
Rev.
Refg.
(Seatac
Fuel
Fac.,
LLC)
1,000,000
5.000%,
6/1/2020,
AMT
1,002,980
Port
of
Seattle
WA
Rev.
1,000,000
5.000%,
4/1/2044,
AMT
1,101,560
Snohomish
County,
WA
Edmonds
School
District
No.
15
U.T.G.O.
1,000,000
5.000%,
12/1/2033
1,140,790
Snohomish
County,
WA
Housing
Auth.
Rev.
3,005,000
5.000%,
4/1/2041
3,500,014
Washington
State
Various
Purpose
G.O.
12,095,000
5.000%,
8/1/2030,
Ser.
A
13,449,640
5,310,000
5.000%,
8/1/2042,
Ser.
A
6,261,286
Total
43,243,059
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
177
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
West
Virginia
(0.4%)
West
Virginia
State
University
Rev.
$
5,000,000
5.000%,
10/1/2049,
Ser.
A
$
5,908,450
Total
5,908,450
Wisconsin
(2.0%)
Kaukauna,
WI
Electric
System
Rev.
(AGM
Insured)
3,000,000
5.000%,
12/15/2035,
Ser.
A
c,d
3,330,210
Public
Finance
Auth.
Rev.
Refg.
(WakeMed
Hospital)
2,000,000
5.000%,
10/1/2044,
Ser.
A
2,225,120
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
(PHW
Oconomowoc,
Inc.)
1,750,000
5.125%,
10/1/2048
1,548,785
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
(Thedacare,
Inc.)
1,195,000
5.000%,
12/15/2039
1,293,994
2,500,000
5.000%,
12/15/2044
2,678,000
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
Refg.
(Ascension
Health
Credit
Group)
9,275,000
5.000%,
11/15/2039,
Ser.
A
10,395,420
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
Refg.
(Benevolent
Corporation
Cedar
Community)
870,000
5.000%,
6/1/2037
760,101
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
Refg.
(Marquette
University)
5,000,000
5.000%,
10/1/2041
5,366,150
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
Refg.
(Marshfield
Clinic
Health
Systems,
Inc.)
2,000,000
5.000%,
2/15/2047,
Ser.
C
2,034,080
Total
29,631,860
Wyoming
(0.1%)
Sublette
County,
WY
Pollution
Control
Rev.
Refg.
(ExxonMobil)
1,485,000
0.170%,
10/1/2044,
AMT
a
1,485,000
Wyoming
State
Farm
Loan
Board
Capital
Fac.
Refg.
Rev.
395,000
5.750%,
10/1/2020
403,034
Total
1,888,034
Total
Long-Term
Fixed
Income
(cost
$1,410,202,847)
1,453,277,011
Total
Investments
(cost
$1,410,202,847)
98.8%
$1,453,277,011
Other
Assets
and
Liabilities,
Net
1.2%
18,200,949
Total
Net
Assets
100.0%
$1,471,477,960
a
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$8,621,791
or
0.6%
of
total
net
assets.
c
Denotes
securities
that
have
been
pre-refunded
or
escrowed
to
maturity.
Under
such
an
arrangement,
money
is
deposited
into
an
irrevocable
escrow
account
and
is
used
to
purchase
U.S.
Treasury
securities
or
government
agency
securities
with
maturing
principal
and
interest
earnings
sufficient
to
pay
all
debt
service
requirements
of
the
pre-refunded
bonds.
d
To
reduce
certain
risks
associated
with
securities
issued
by
municipalities,
which
may
include
but
are
not
limited
to
economic
development
in
a
specific
industry
or
municipality,
the
principal
and/or
interest
payments
are
guaranteed
by
the
bond
insurance
company
or
government
agency
identified.
e
Defaulted
security.  Interest
is
not
being
accrued.
f
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
April
30,
2020.
g
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
Definitions:
AGC
-
Assured
Guaranty,
Ltd
AGM
-
Assured
Guaranty
Municipal
Corporation
AMT
-
Subject
to
Alternative
Minimum
Tax
Auth.
-
Authority
BAM
-
Build
America
Mutual
C.O.P.
-
Certificate
of
Participation
Fac.
-
Facility/Facilities
FGIC
-
Federal
Guaranty
Insurance
Company
FHLMC
-
Federal
Home
Loan
Mortgage
Corporation
FNMA
-
Federal
National
Mortgage
Association
GNMA
-
Government
National
Mortgage
Association
G.O.
-
General
Obligation
L.T.G.O.
-
Limited
Tax
General
Obligation
NATL-RE
-
National
Public
Finance
Guarantee
Corporation
PSF-GTD
-
Permanent
School
Fund
Guarantee
Program
Refg.
-
Refunding
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
Rev.
-
Revenue
Ser.
-
Series
U.T.G.O.
-
Unlimited
Tax
General
Obligation
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
178
Principal
Amount
Bank
Loans
(
25
.3
%
)
a
Value
Basic
Materials
(1.5%)
Arch
Coal,
Inc.,
Term
Loan
$
1,650,960
3.750%, 
(LIBOR
1M
+
2.750%),
3/7/2024
b,c
$
1,378,551
Ball
Metalpack
Finco,
LLC,
Term
Loan
265,275
6.113%, 
(LIBOR
3M
+
4.500%),
7/31/2025
b
223,715
Big
River
Steel,
LLC,
Term
Loan
1,014,000
6.450%, 
(LIBOR
3M
+
5.000%),
8/23/2023
b
877,110
Chemours
Company,
Term
Loan
1,283,800
2.160%, 
(LIBOR
1M
+
1.750%),
4/3/2025
b
1,168,489
Hexion,
Inc.,
Term
Loan
1,040,000
4.940%, 
(LIBOR
3M
+
3.500%),
7/1/2026
b,d,e
988,655
Innophos
Holdings,
Inc.,
Term
Loan
1,040,000
4.614%, 
(LIBOR
1M
+
3.750%),
2/7/2027
b
986,700
Momentive
Performance
Materials
USA,
LLC,
Term
Loan
885,310
3.660%, 
(LIBOR
1M
+
3.250%),
5/15/2024
b
786,660
Nouryon
USA,
LLC,
Term
Loan
1,760,438
3.864%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
1,593,196
Peabody
Energy
Corporation,
Term
Loan
1,176,000
3.154%, 
(LIBOR
1M
+
2.750%),
3/31/2025
b
639,744
Pixelle
Specialty
Solutions,
LLC,
Term
Loan
2,060,310
7.500%, 
(LIBOR
1M
+
6.500%),
10/31/2024
b
1,767,746
Univar
Solutions
USA,
Inc.,
Term
Loan
389,025
3.450%, 
(LIBOR
3M
+
2.000%),
11/22/2026
b
369,940
Total
10,780,506
Capital
Goods
(3.1%)
Advanced
Disposal
Services,
Inc.,
Term
Loan
1,767,431
3.000%, 
(LIBOR
1W
+
2.250%),
11/10/2023
b
1,743,376
Arconic
Rolled
Products
Corporation,
Term
Loan
1,500,000
3.240%, 
(LIBOR
1M
+
2.750%),
3/25/2027
b,c
1,485,000
Flex
Acquisition
Company,
Inc.
Term
Loan
1,925,000
4.683%, 
(LIBOR
3M
+
3.250%),
6/29/2025
b
1,792,175
GFL
Environmental,
Inc.,
Term
Loan
3,216,934
4.000%, 
(LIBOR
1M
+
3.000%),
5/31/2025
b,d,e
3,155,813
Mauser
Packaging
Solutions
Holding
Company,
Term
Loan
1,369,997
4.561%, 
(LIBOR
3M
+
3.250%),
4/3/2024
b
1,172,211
Natgasoline,
LLC,
Term
Loan
1,145,500
4.313%, 
(LIBOR
3M
+
3.500%),
11/14/2025
b,c
1,030,950
Principal
Amount
Bank
Loans
(
25
.3
%
)
a
Value
Capital
Goods
(3.1%)
-
continued
Navistar,
Inc.,
Term
Loan
$
1,901,238
4.220%, 
(LIBOR
1M
+
3.500%),
11/6/2024
b
$
1,712,311
Reynolds
Consumer
Products,
LLC,
Term
Loan
3,000,000
2.154%, 
(LIBOR
1M
+
1.750%),
2/4/2027
b
2,886,090
Reynolds
Group
Holdings,
Inc.,
Term
Loan
1,246,766
3.154%, 
(LIBOR
1M
+
2.750%),
2/5/2023
b
1,186,248
TransDigm,
Inc.,
Term
Loan
3,715,620
2.654%, 
(LIBOR
1M
+
2.250%),
12/9/2025
b
3,243,624
Vertiv
Group
Corporation,
Term
Loan
3,500,000
3.993%, 
(LIBOR
1M
+
3.000%),
3/2/2027
b,c
3,281,250
Total
22,689,048
Communications
Services
(6.0%)
Altice
France
SA,
Term
Loan
790,550
3.154%, 
(LIBOR
1M
+
2.750%),
7/31/2025
b
720,389
CenturyLink,
Inc.,
Term
Loan
5,326,650
2.654%, 
(LIBOR
1M
+
2.250%),
3/15/2027
b
5,027,026
Charter
Communications
Operating,
LLC,
Term
Loan
2,335,000
2.160%, 
(LIBOR
1M
+
1.750%),
4/30/2025
b,d,e
2,260,093
CommScope,
Inc.,
Term
Loan
2,457,650
3.654%, 
(LIBOR
1M
+
3.250%),
4/4/2026
b
2,304,932
Coral-US
Co-Borrower,
LLC,
Term
Loan
4,345,000
2.654%, 
(LIBOR
1M
+
2.250%),
1/31/2028
b
4,020,950
CSC
Holdings,
LLC,
Term
Loan
1,450,150
3.064%, 
(LIBOR
1M
+
2.250%),
7/17/2025
b
1,377,410
3,581,025
3.314%, 
(LIBOR
1M
+
2.500%),
4/15/2027
b
3,402,618
Diamond
Sports
Group,
LLC,
Term
Loan
3,112,925
3.820%, 
(LIBOR
1M
+
3.250%),
8/24/2026
b
2,526,014
Entercom
Media
Corporation,
Term
Loan
1,166,197
2.904%, 
(LIBOR
1M
+
2.500%),
11/17/2024
b
1,026,545
Gray
Television,
Inc.,
Term
Loan
520,000
0.000%, 
(LIBOR
3M
+
2.250%),
2/7/2024
b,d,e
492,159
HCP
Acquisition,
LLC,
Term
Loan
2,220,070
4.000%, 
(LIBOR
1M
+
3.000%),
5/16/2024
b
2,095,657
iHeartCommunications,
Inc.,
Term
Loan
830,000
3.989%, 
(LIBOR
1M
+
3.000%),
5/1/2026
b,d,e
741,696
Mediacom
Illinois,
LLC,
Term
Loan
587,542
1.900%, 
(LIBOR
1W
+
1.750%),
2/15/2024
b
561,837
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
179
Principal
Amount
Bank
Loans
(
25
.3
%
)
a
Value
Communications
Services
(6.0%)
-
continued
NEP
Group,
Inc.,
Term
Loan
$
1,905,875
4.700%, 
(LIBOR
3M
+
3.250%),
10/20/2025
b,c
$
1,524,700
SBA
Senior
Finance
II,
LLC,
Term
Loan
1,862,009
2.160%, 
(LIBOR
1M
+
1.750%),
4/11/2025
b
1,794,511
Terrier
Media
Buyer,
Inc.,
Term
Loan
1,162,087
5.700%, 
(LIBOR
3M
+
4.250%),
12/17/2026
b
1,077,836
T-Mobile
USA,
Inc.,
Term
Loan
2,590,000
0.000%, 
(LIBOR
1M
+
3.000%),
4/1/2027
b,d,e
2,572,880
TNS,
Inc.,
Term
Loan
1,422,711
4.410%, 
(LIBOR
1M
+
4.000%),
8/14/2022
b
1,259,099
Virgin
Media
Bristol,
LLC,
Term
Loan
3,140,000
3.314%, 
(LIBOR
1M
+
2.500%),
1/31/2028
b
2,964,945
WideOpenWest
Finance,
LLC,
Term
Loan
2,593,625
4.250%, 
(LIBOR
1M
+
3.250%),
8/19/2023
b
2,401,541
Windstream
Services,
LLC,
Term
Loan
1,035,000
2.910%, 
(LIBOR
1M
+
2.500%),
2/26/2021
b
1,011,713
545,812
8.250%, 
(PRIME
+
5.000%),
3/30/2021
b,f
302,926
Ziggo
Financing
Partnership,
Term
Loan
2,285,000
3.314%, 
(LIBOR
1M
+
2.500%),
4/30/2028
b
2,127,906
Total
43,595,383
Consumer
Cyclical
(3.7%)
1011778
B.C.,
LLC,
Term
Loan
3,381,525
2.154%, 
(LIBOR
1M
+
1.750%),
11/19/2026
b
3,162,774
Cengage
Learning,
Inc.,
Term
Loan
1,837,592
5.250%, 
(LIBOR
3M
+
4.250%),
6/7/2023
b
1,396,570
Eldorado
Resorts,
Inc.,
Term
Loan
257,858
3.250%, 
(LIBOR
3M
+
2.250%),
4/17/2024
b
243,193
Four
Seasons
Hotels,
Ltd.,
Term
Loan
1,461,023
2.404%, 
(LIBOR
1M
+
2.000%),
11/30/2023
b
1,349,927
Golden
Entertainment,
Inc.,
Term
Loan
2,533,125
3.750%, 
(LIBOR
1M
+
3.000%),
10/20/2024
b
2,064,497
Golden
Nugget,
LLC,
Term
Loan
3,490,236
3.455%, 
(LIBOR
1M
+
2.500%),
10/4/2023
b
2,784,789
IAA,
Inc.,
Term
Loan
585,337
2.688%, 
(LIBOR
1M
+
2.250%),
6/28/2026
b
551,681
LCPR
Loan
Financing,
LLC,
Term
Loan
2,995,000
5.814%, 
(LIBOR
1M
+
5.000%),
10/25/2026
b
2,927,612
Principal
Amount
Bank
Loans
(
25
.3
%
)
a
Value
Consumer
Cyclical
(3.7%)
-
continued
Men's
Warehouse,
Inc.,
Term
Loan
$
1,173,489
4.335%, 
(LIBOR
1M
+
3.250%),
4/9/2025
b
$
398,986
Mohegan
Gaming
and
Entertainment,
Term
Loan
2,031,437
5.375%, 
(LIBOR
1M
+
4.375%),
10/13/2023
b
1,391,535
Scientific
Games
International,
Inc.,
Term
Loan
4,860,751
3.521%, 
(LIBOR
2M
+
2.750%),
8/14/2024
b
4,006,085
Staples,
Inc.,
Term
Loan
650,087
5.516%, 
(LIBOR
3M
+
4.500%),
9/12/2024
b
524,406
2,179,585
6.016%, 
(LIBOR
3M
+
5.000%),
4/12/2026
b
1,729,130
Stars
Group
Holdings
BV,
Term
Loan
2,340,947
4.950%, 
(LIBOR
3M
+
3.500%),
7/10/2025
b,c
2,323,390
Tenneco,
Inc.,
Term
Loan
883,812
3.404%, 
(LIBOR
1M
+
3.000%),
10/1/2025
b
683,850
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
1,004,700
2.154%, 
(LIBOR
1M
+
1.750%),
5/30/2025
b
918,798
Total
26,457,223
Consumer
Non-Cyclical
(4.4%)
Aramark
Services,
Inc.,
Term
Loan
575,000
2.154%, 
(LIBOR
1M
+
1.750%),
3/11/2025
b
537,085
Bausch
Health
Americas,
Inc.,
Term
Loan
5,183,750
3.718%, 
(LIBOR
1M
+
3.000%),
6/1/2025
b
5,008,798
Change
Healthcare
Holdings,
LLC,
Term
Loan
1,245,000
0.000%, 
(LIBOR
1M
+
2.500%),
3/1/2024
b,d,e
1,196,756
Chobani,
LLC,
Term
Loan
1,435,178
4.500%, 
(LIBOR
1M
+
3.500%),
10/10/2023
b
1,361,826
Dole
Food
Company,
Inc.,
Term
Loan
1,245,000
3.750%, 
(LIBOR
1M
+
2.750%),
4/6/2024
b,d,e
1,192,610
Elanco
Animal
Health,
Inc.,
Term
Loan
1,375,000
0.000%, 
(LIBOR
1M
+
1.750%),
2/4/2027
b,d,e
1,325,156
Endo
International
plc,
Term
Loan
1,525,668
5.000%, 
(LIBOR
1M
+
4.250%),
4/27/2024
b
1,383,598
Global
Medical
Response,
Inc.,
Term
Loan
4,139,713
4.250%, 
(LIBOR
1M
+
3.250%),
4/28/2022
b
3,791,728
483,862
5.863%, 
(LIBOR
3M
+
4.250%),
3/14/2025
b
429,292
Grifols
Worldwide
Operations
USA,
Inc.,
Term
Loan
1,316,700
2.137%, 
(LIBOR
1W
+
2.000%),
11/15/2027
b
1,272,814
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
180
Principal
Amount
Bank
Loans
(
25
.3
%
)
a
Value
Consumer
Non-Cyclical
(4.4%)
-
continued
IQVIA,
Inc.,
Term
Loan
$
290,000
0.000%, 
(LIBOR
1M
+
1.750%),
1/1/2025
b,d,e
$
278,038
JBS
USA
LUX
SA,
Term
Loan
2,353,116
3.072%, 
(LIBOR
3M
+
2.000%),
5/1/2026
b
2,263,415
Mallinckrodt
International
Finance
SA,
Term
Loan
1,052,411
4.704%, 
(LIBOR
3M
+
3.000%),
2/24/2025
b
729,542
McGraw-Hill,
LLC,
Term
Loan
1,510,774
5.450%, 
(LIBOR
1M
+
4.000%),
5/4/2022
b
1,217,427
MPH
Acquisition
Holdings,
LLC,
Term
Loan
3,860,000
4.200%, 
(LIBOR
3M
+
2.750%),
6/7/2023
b
3,543,982
Ortho-Clinical
Diagnostics
SA,
Term
Loan
3,617,650
4.266%, 
(LIBOR
1M
+
3.250%),
6/30/2025
b
3,206,143
Plantronics,
Inc.,
Term
Loan
796,023
2.991%, 
(LIBOR
1M
+
2.500%),
7/2/2025
b
647,143
R.R.
Donnelley
&
Sons
Company,
Term
Loan
258,040
5.404%, 
(LIBOR
1M
+
5.000%),
1/15/2024
b
225,785
Sotera
Health
Holdings,
LLC,
Term
Loan
1,250,000
5.500%, 
(LIBOR
1M
+
4.500%),
12/13/2026
b
1,198,125
US
Foods,
Inc.,
Term
Loan
830,000
2.154%, 
(LIBOR
1M
+
1.750%),
6/27/2023
b,d,e
762,953
Total
31,572,216
Energy
(1.2%)
BCP
Raptor
II,
LLC,
Term
Loan
456,550
5.154%, 
(LIBOR
1M
+
4.750%),
11/3/2025
b
212,866
Buckeye
Partners,
LP,
Term
Loan
1,765,000
3.120%, 
(LIBOR
1M
+
2.750%),
11/1/2026
b,d,e
1,649,181
Calpine
Corporation,
Term
Loan
1,476,253
2.660%, 
(LIBOR
1M
+
2.250%),
1/15/2024
b
1,423,817
CONSOL
Energy,
Inc.,
Term
Loan
1,148,400
4.910%, 
(LIBOR
1M
+
4.500%),
9/28/2024
b
688,328
Fieldwood
Energy,
LLC,
Term
Loan
1,560,000
6.250%, 
(LIBOR
3M
+
5.250%),
4/11/2022
b
327,600
McDermott
Technology
(Americas),
Inc.,
Term
Loan
2,409,581
6.945%, 
(LIBOR
3M
+
5.000%),
5/10/2025
b,f
799,186
Radiate
Holdco,
LLC,
Term
Loan
3,928,889
3.750%, 
(LIBOR
1M
+
3.000%),
2/1/2024
b
3,751,460
Total
8,852,438
Principal
Amount
Bank
Loans
(
25
.3
%
)
a
Value
Financials
(2.4%)
Avolon
TLB
Borrower
1
US,
LLC,
Term
Loan
$
1,053,990
2.500%, 
(LIBOR
1M
+
1.750%),
1/15/2025
b
$
989,243
Blackstone
CQP
Holdco,
LP,
Term
Loan
1,915,525
4.616%, 
(LIBOR
3M
+
3.500%),
9/30/2024
b
1,754,295
Delos
Finance
SARL,
Term
Loan
1,040,000
2.794%, 
(LIBOR
3M
+
1.750%),
10/6/2023
b,d,e
982,280
Digicel
International
Finance,
Ltd.,
Term
Loan
2,521,818
4.870%, 
(LIBOR
3M
+
3.250%),
5/27/2024
b
2,045,825
GGP
Nimbus,
LLC,
Term
Loan
2,674,275
2.904%, 
(LIBOR
1M
+
2.500%),
8/24/2025
b
1,973,241
INEOS
U.S.
Finance,
LLC,
Term
Loan
830,000
0.000%, 
(LIBOR
1M
+
2.000%),
3/31/2024
b,d,e
782,068
Level
3
Financing,
Inc.,
Term
Loan
1,980,000
2.154%, 
(LIBOR
1M
+
1.750%),
3/1/2027
b
1,892,543
MoneyGram
International,
Inc.,
Term
Loan
1,081,825
6.862%, 
(LIBOR
2M
+
6.000%),
6/30/2023
b
772,488
NCR
Corporation,
Term
Loan
1,636,775
2.910%, 
(LIBOR
1M
+
2.500%),
8/28/2026
b,c
1,538,569
Northriver
Midstream
Finance,
LP,
Term
Loan
1,606,843
4.683%, 
(LIBOR
3M
+
3.250%),
10/1/2025
b
1,288,913
Tronox
Finance,
LLC,
Term
Loan
1,998,422
3.587%, 
(LIBOR
3M
+
2.750%),
9/22/2024
b
1,869,783
Vericast
Corporation,
Term
Loan
2,111,476
6.463%, 
(LIBOR
3M
+
4.750%),
11/3/2023
b
1,337,261
Total
17,226,509
Technology
(2.2%)
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
4,029,975
4.260%, 
(LIBOR
2M
+
3.500%),
8/21/2026
b,d,e
3,490,966
Prime
Security
Services
Borrower,
LLC,
Term
Loan
4,552,125
4.266%, 
(LIBOR
1M
+
3.250%),
9/23/2026
b
4,304,990
Rackspace
Hosting,
Inc.,
Term
Loan
4,002,998
4.763%, 
(LIBOR
2M
+
3.000%),
11/3/2023
b
3,742,402
SS&C
Technologies,
Inc.,
Term
Loan
680,535
2.154%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
653,389
485,609
2.154%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
466,238
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
181
Principal
Amount
Bank
Loans
(
25
.3
%
)
a
Value
Technology
(2.2%)
-
continued
Zayo
Group
Holdings,
Inc.,
Term
Loan
$
3,320,000
3.404%, 
(LIBOR
1M
+
3.000%),
3/9/2027
b
$
3,111,537
Total
15,769,522
Transportation
(0.5%)
Genesee
&
Wyoming,
Inc.,
Term
Loan
2,075,000
3.450%, 
(LIBOR
3M
+
2.000%),
12/30/2026
b
2,003,122
United
Airlines,
Inc.,
Term
Loan
1,555,000
2.154%, 
(LIBOR
3M
+
1.750%),
4/1/2024
b,d,e
1,361,605
Total
3,364,727
Utilities
(0.3%)
Advanced
Drainage
Systems,
Inc.,
Term
Loan
520,000
3.250%, 
(LIBOR
1M
+
2.250%),
9/24/2026
b,d,e
503,750
Core
and
Main,
LP,
Term
Loan
1,184,625
3.988%, 
(LIBOR
6M
+
2.750%),
8/1/2024
b
1,111,700
EnergySolutions,
LLC,
Term
Loan
879,337
5.200%, 
(LIBOR
3M
+
3.750%),
5/11/2025
b
782,610
Total
2,398,060
Total
Bank
Loans
(cost
$203,856,814)
182,705,632
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Asset-Backed
Securities
(4.5%)
Apidos
CLO
XXIV
1,400,000
2.585%, 
(LIBOR
3M
+
1.450%),
10/20/2030,
Ser.
2016-24A,
Class
A1BR
b,g
1,309,133
Assurant
CLO
III,
Ltd.
1,350,000
2.365%, 
(LIBOR
3M
+
1.230%),
10/20/2031,
Ser.
2018-2A,
Class
A
b,g
1,287,904
Babson
CLO,
Ltd.
1,225,000
4.035%, 
(LIBOR
3M
+
2.900%),
7/20/2029,
Ser.
2018-3A,
Class
D
b,g
1,009,276
Benefit
Street
Partners
CLO
IV,
Ltd.
850,000
2.885%, 
(LIBOR
3M
+
1.750%),
1/20/2029,
Ser.
2014-IVA,
Class
A2RR
b,g
795,860
Business
Jet
Securities,
LLC
829,621
4.447%, 
6/15/2033,
Ser.
2018-2,
Class
A
g
702,480
Cent
CLO,
LP
2,700,000
3.291%, 
(LIBOR
3M
+
2.300%),
10/25/2028,
Ser.
2018-27A,
Class
B
b,g
2,446,157
College
Ave
Student
Loans,
LLC
550,975
2.137%, 
(LIBOR
1M
+
1.650%),
11/26/2046,
Ser.
2017-A,
Class
A1
b,g
542,031
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Asset-Backed
Securities
(4.5%)
-
continued
Education
Funding
Trust
$
2,058,711
2.790%, 
7/25/2041,
Ser.
2020-A,
Class
A
g
$
2,053,809
Foundation
Finance
Trust
402,050
3.300%, 
7/15/2033,
Ser.
2017-1A,
Class
A
g
403,954
Freedom
ABS
Trust
1,304,941
2.520%, 
3/18/2027,
Ser.
2020-FP1,
Class
A
g
1,253,450
Harley
Marine
Financing,
LLC
1,264,913
5.682%, 
5/15/2043,
Ser.
2018-1A,
Class
A2
g
1,116,218
Madison
Park
Funding
XIV,
Ltd.
1,250,000
2.498%, 
(LIBOR
3M
+
1.400%),
10/22/2030,
Ser.
2014-14A,
Class
A2RR
b,g
1,143,205
Myers
Park
CLO,
Ltd.
1,275,000
2.535%, 
(LIBOR
3M
+
1.400%),
10/20/2030,
Ser.
2018-1A,
Class
A2
b,g
1,211,510
OHA
Credit
Funding
1,
Ltd.
1,085,000
2.585%, 
(LIBOR
3M
+
1.450%),
10/20/2030,
Ser.
2018-1A,
Class
A2
b,g
1,033,644
OZLM
Funding
II,
Ltd.
2,170,000
2.260%, 
(LIBOR
3M
+
1.500%),
7/30/2031,
Ser.
2012-2A,
Class
A1BR
b,g
1,966,421
OZLM
IX,
Ltd.
2,000,000
2.685%, 
(LIBOR
3M
+
1.550%),
10/20/2031,
Ser.
2014-9A,
Class
A1BR
b,g
1,857,100
Palmer
Square
Loan
Funding,
Ltd.
850,000
3.385%, 
(LIBOR
3M
+
2.250%),
4/20/2027,
Ser.
2019-1A,
Class
B
b,g
803,868
Park
Avenue
Institutional
Advisers
CLO,
Ltd.
2,200,000
2.635%, 
(LIBOR
3M
+
1.500%),
10/20/2031,
Ser.
2018-1A,
Class
A1B
b,g
2,098,235
Pretium
Mortgage
Credit
Partners,
LLC
2,296,301
3.721%, 
1/25/2059,
Ser.
2019-CFL1,
Class
A1
g,h
2,085,828
Riserva
CLO,
Ltd.
1,125,000
2.835%, 
(LIBOR
3M
+
1.700%),
10/18/2028,
Ser.
2016-3A,
Class
BR
b,g
1,057,140
Saxon
Asset
Securities
Trust
154,806
3.831%, 
8/25/2035,
Ser.
2004-2,
Class
MF2
b
140,138
Sound
Point
CLO
X,
Ltd.
1,150,000
3.835%, 
(LIBOR
3M
+
2.700%),
1/20/2028,
Ser.
2015-3A,
Class
DR
b,g
950,013
Sound
Point
CLO
XXI,
Ltd.
2,200,000
2.441%, 
(LIBOR
3M
+
1.450%),
10/26/2031,
Ser.
2018-3A,
Class
A1B
b,g
1,989,948
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
182
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Asset-Backed
Securities
(4.5%)
-
continued
THL
Credit
Wind
River
CLO,
Ltd.
$
1,150,000
4.069%, 
(LIBOR
3M
+
2.850%),
7/15/2028,
Ser.
2016-1A,
Class
DR
b,g
$
933,656
Vericrest
Opportunity
Loan
Transferee
1,423,545
3.352%, 
9/25/2049,
Ser.
2019-NPL5,
Class
A1A
g,h
1,277,007
Voya
CLO,
Ltd.
1,250,000
2.279%, 
(LIBOR
3M
+
1.060%),
4/15/2031,
Ser.
2019-1A,
Class
AR
b,g
1,181,321
Total
32,649,306
Basic
Materials
(0.8%)
Air
Products
and
Chemicals,
Inc.
74,000
1.500%, 
10/15/2025
74,612
Anglo
American
Capital
plc
234,000
4.125%, 
9/27/2022
g
237,425
BHP
Billiton
Finance
USA,
Ltd.
249,000
6.750%, 
10/19/2075
b,g
278,258
Cleveland-Cliffs,
Inc.
220,000
5.750%, 
3/1/2025
i
157,300
200,000
9.875%, 
10/17/2025
g
198,000
First
Quantum
Minerals,
Ltd.
390,000
7.500%, 
4/1/2025
g
344,175
Freeport-McMoRan,
Inc.
320,000
4.125%, 
3/1/2028
296,800
340,000
4.250%, 
3/1/2030
316,574
Kinross
Gold
Corporation
117,000
5.125%, 
9/1/2021
119,494
Koppers,
Inc.
380,000
6.000%, 
2/15/2025
g
308,750
Krayton
Polymers,
LLC
380,000
7.000%, 
4/15/2025
g
364,800
Methanex
Corporation
490,000
5.250%, 
12/15/2029
411,946
Mosaic
Company
64,000
3.250%, 
11/15/2022
63,978
Norbord,
Inc.
515,000
5.750%, 
7/15/2027
g
468,650
Novelis
Corporation
590,000
5.875%, 
9/30/2026
g
573,657
140,000
4.750%, 
1/30/2030
g
124,600
Olin
Corporation
500,000
5.125%, 
9/15/2027
456,700
Peabody
Securities
Finance
Corporation
535,000
6.375%, 
3/31/2025
g
316,667
Syngenta
Finance
NV
200,000
3.933%, 
4/23/2021
g
197,469
Tronox
Finance
plc
420,000
5.750%, 
10/1/2025
g
371,700
Xstrata
Finance
Canada,
Ltd.
175,000
4.950%, 
11/15/2021
g
179,863
Total
5,861,418
Capital
Goods
(1.8%)
AECOM
775,000
5.125%, 
3/15/2027
788,562
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Capital
Goods
(1.8%)
-
continued
Amsted
Industries,
Inc.
$
520,000
5.625%, 
7/1/2027
g
$
520,572
Ardagh
Packaging
Finance
plc
720,000
6.000%, 
2/15/2025
g
720,626
Building
Materials
Corporation
of
America
825,000
6.000%, 
10/15/2025
g
849,750
Caterpillar
Financial
Services
Corporation
187,000
1.900%, 
9/6/2022
190,842
199,000
1.950%, 
11/18/2022
202,933
Cintas
Corporation
No.
2
174,000
2.900%, 
4/1/2022
179,548
CNH
Industrial
Capital,
LLC
180,000
4.875%, 
4/1/2021
181,398
Covanta
Holding
Corporation
380,000
6.000%, 
1/1/2027
364,800
Crown
Americas
Capital
Corporation
IV
715,000
4.500%, 
1/15/2023
733,018
Crown
Cork
&
Seal
Company,
Inc.
530,000
7.375%, 
12/15/2026
580,350
General
Electric
Company
430,000
5.000%, 
1/21/2021
b,j
353,830
H&E
Equipment
Services,
Inc.
475,000
5.625%, 
9/1/2025
452,485
Howmet
Aerospace,
Inc.
180,000
6.875%, 
5/1/2025
184,071
Huntington
Ingalls
Industries,
Inc.
141,000
3.844%, 
5/1/2025
g
148,164
John
Deere
Capital
Corporation
205,000
1.200%, 
4/6/2023
206,528
199,000
2.050%, 
1/9/2025
i
206,153
L3Harris
Technologies,
Inc.
195,000
4.950%, 
2/15/2021
g
198,284
Lockheed
Martin
Corporation
160,000
2.500%, 
11/23/2020
161,009
Otis
Worldwide
Corporation
201,000
2.056%, 
4/5/2025
g
204,126
Owens-Brockway
Glass
Container,
Inc.
875,000
5.000%, 
1/15/2022
g
883,750
PACCAR
Financial
Corporation
141,000
2.650%, 
4/6/2023
146,141
Parker-Hannifin
Corporation
250,000
2.700%, 
6/14/2024
255,377
Republic
Services,
Inc.
127,000
2.500%, 
8/15/2024
132,165
Reynolds
Group
Issuer,
Inc.
750,000
5.125%, 
7/15/2023
g
753,750
Rockwell
Collins,
Inc.
126,000
2.800%, 
3/15/2022
129,181
Roper
Technologies,
Inc.
60,000
2.800%, 
12/15/2021
61,206
124,000
2.350%, 
9/15/2024
125,719
Spirit
AeroSystems,
Inc.
410,000
7.500%, 
4/15/2025
g
403,850
Textron
Financial
Corporation
500,000
3.427%, 
(LIBOR
3M
+
1.735%),
2/15/2042
b,g
310,000
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
183
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Capital
Goods
(1.8%)
-
continued
TransDigm,
Inc.
$
240,000
6.250%, 
3/15/2026
g
$
234,900
660,000
5.500%, 
11/15/2027
g
557,700
United
Rentals
North
America,
Inc.
140,000
4.875%, 
1/15/2028
139,300
885,000
4.000%, 
7/15/2030
834,112
United
Technologies
Corporation
235,000
3.950%, 
8/16/2025
263,907
Waste
Management,
Inc.
126,000
2.950%, 
6/15/2024
134,341
WW
Grainger,
Inc.
137,000
1.850%, 
2/15/2025
140,768
Total
12,933,216
Collateralized
Mortgage
Obligations
(9.1%)
Antler
Mortgage
Trust
1,050,000
4.458%, 
6/27/2022,
Ser.
2019-RTL1,
Class
A1
g
941,005
3,450,000
4.335%, 
7/25/2022,
Ser.
2018-RTL1,
Class
A1
g
3,444,724
Banc
of
America
Alternative
Loan
Trust
768,265
6.000%, 
11/25/2035,
Ser.
2005-10,
Class
3CB1
677,536
Banc
of
America
Funding
Trust
829,114
5.500%, 
1/25/2036,
Ser.
2005-8,
Class
1A1
756,888
Banc
of
America
Mortgage
Securities
Trust
942,997
3.985%, 
9/25/2035,
Ser.
2005-H,
Class
3A1
b
809,430
180,385
4.096%, 
9/25/2035,
Ser.
2005-H,
Class
2A1
b
154,084
Bellemeade
Re,
Ltd.
1,312,751
2.087%, 
(LIBOR
1M
+
1.600%),
4/25/2028,
Ser.
2018-1A,
Class
M1B
b,g
1,265,769
Cascade
Funding
Mortgage
Trust
613,570
4.580%, 
6/25/2048,
Ser.
2018-RM1,
Class
A1
g
570,131
CHL
Mortgage
Pass-Through
Trust
480,758
3.791%, 
12/20/2035,
Ser.
2005-HYB8,
Class
3A1
b
437,646
326,301
6.000%, 
4/25/2037,
Ser.
2007-3,
Class
A18
245,955
217,534
6.000%, 
4/25/2037,
Ser.
2007-3,
Class
A33
163,970
1,136,252
6.000%, 
11/25/2037,
Ser.
2007-18,
Class
1A2
872,105
CIM
Trust
782,803
5.000%, 
12/25/2057,
Ser.
2018-R3,
Class
A1
b,g
793,167
Citigroup
Mortgage
Loan
Trust,
Inc.
1,411,831
4.021%, 
4/25/2037,
Ser.
2007-AR5,
Class
1A1A
b
1,243,221
Countrywide
Alternative
Loan
Trust
489,311
5.000%, 
3/25/2035,
Ser.
2005-3CB,
Class
1A1
459,411
608,331
5.500%, 
5/25/2035,
Ser.
2005-J3,
Class
1A5
545,622
611,279
5.500%, 
10/25/2035,
Ser.
2005-46CB,
Class
A8
507,318
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Collateralized
Mortgage
Obligations
(9.1%)
-
continued
$
280,812
6.500%, 
8/25/2036,
Ser.
2006-23CB,
Class
2A3
$
149,676
213,382
7.000%, 
10/25/2037,
Ser.
2007-24,
Class
A10
114,505
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
352,501
3.562%, 
11/25/2035,
Ser.
2005-22,
Class
2A1
b
301,553
Credit
Suisse
First
Boston
Mortgage
Securities
Corporation
120,502
5.250%, 
10/25/2035,
Ser.
2005-9,
Class
1A3
117,838
Credit
Suisse
Mortgage
Capital
Certificates
700,822
3.393%, 
2/25/2024,
Ser.
2020-BPL1,
Class
A1
g,h
651,362
1,091,928
3.322%, 
10/25/2058,
Ser.
2019-RPL8,
Class
A1
b,g
1,049,121
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
862,603
5.250%, 
6/25/2035,
Ser.
2005-3,
Class
4A6
853,788
Eagle
Re,
Ltd.
404,848
2.287%, 
(LIBOR
1M
+
1.800%),
4/25/2029,
Ser.
2019-1,
Class
M1B
b,g
379,651
Federal
Home
Loan
Mortgage
Corporation
2,774,784
3.500%, 
8/15/2035,
Ser.
345,
Class
C8
k
260,594
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
2,254,199
3.000%, 
5/15/2027,
Ser.
4046,
Class
GI
k
135,231
1,843,466
3.000%, 
7/15/2027,
Ser.
4084,
Class
NI
k
124,177
3,048,821
3.500%, 
10/15/2032,
Ser.
4119,
Class
KI
k
379,413
2,968,509
3.000%, 
4/15/2033,
Ser.
4203,
Class
DI
k
226,770
Federal
National
Mortgage
Association
-
REMIC
1,780,633
3.000%, 
7/25/2027,
Ser.
2012-73,
Class
DI
k
104,878
2,550,948
3.000%, 
7/25/2027,
Ser.
2012-74,
Class
AI
k
135,332
4,224,339
3.000%, 
8/25/2027,
Ser.
2012-95,
Class
HI
k
222,909
5,871,211
3.000%, 
11/25/2027,
Ser.
2012-121,
Class
BI
k
383,386
3,401,430
3.000%, 
12/25/2027,
Ser.
2012-139,
Class
DI
k
192,555
1,675,134
2.500%, 
1/25/2028,
Ser.
2012-152,
Class
AI
k
95,467
4,366,242
3.000%, 
1/25/2028,
Ser.
2012-147,
Class
EI
k
253,782
1,279,102
3.000%, 
2/25/2028,
Ser.
2013-2,
Class
GI
k
83,024
7,326,572
3.000%, 
3/25/2028,
Ser.
2013-18,
Class
IL
k
430,509
2,448,638
2.500%, 
6/25/2028,
Ser.
2013-87,
Class
IW
k
146,922
3,395,247
3.000%, 
11/25/2031,
Ser.
2013-69,
Class
IO
k
171,191
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
184
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Collateralized
Mortgage
Obligations
(9.1%)
-
continued
$
1,734,831
3.000%, 
2/25/2033,
Ser.
2013-1,
Class
YI
k
$
189,357
First
Horizon
Alternative
Mortgage
Securities
Trust
313,972
3.797%, 
7/25/2035,
Ser.
2005-AA5,
Class
2A1
b
287,934
FWD
Securitization
Trust
1,662,252
2.810%, 
6/25/2049,
Ser.
2019-INV1,
Class
A1
b,g
1,639,976
Genworth
Mortgage
Insurance
Corporation
725,000
2.387%, 
(LIBOR
1M
+
1.900%),
11/26/2029,
Ser.
2019-1,
Class
M1
b,g
695,261
GMAC
Mortgage
Corporation
Loan
Trust
237,877
3.816%, 
5/25/2035,
Ser.
2005-AR2,
Class
4A
b
205,277
89,959
0.987%, 
(LIBOR
1M
+
0.500%),
8/25/2035,
Ser.
2005-HE1,
Class
A2
b,l
88,690
84,973
3.959%, 
9/19/2035,
Ser.
2005-AR5,
Class
5A1
b
72,794
Greenpoint
Mortgage
Funding
Trust
215,601
0.687%, 
(LIBOR
1M
+
0.200%),
10/25/2045,
Ser.
2005-AR4,
Class
G41B
b
178,468
Home
Equity
Asset
Trust
1,071,501
1.807%, 
(LIBOR
1M
+
1.320%),
8/25/2033,
Ser.
2003-2,
Class
M1
b
1,004,895
IndyMac
INDA
Mortgage
Loan
Trust
2,574,234
3.879%, 
8/25/2036,
Ser.
2006-AR1,
Class
A1
b
2,168,633
IndyMac
INDX
Mortgage
Loan
Trust
2,474,342
0.697%, 
(LIBOR
1M
+
0.210%),
4/25/2046,
Ser.
2006-AR2,
Class
1A1B
b
2,053,567
J.P.
Morgan
Alternative
Loan
Trust
631,423
3.818%, 
3/25/2036,
Ser.
2006-A1,
Class
2A1
b
547,510
401,710
6.500%, 
3/25/2036,
Ser.
2006-S1,
Class
1A19
301,870
J.P.
Morgan
Mortgage
Trust
503,279
4.172%, 
7/25/2035,
Ser.
2007-A1,
Class
2A1
b
466,828
Legacy
Mortgage
Asset
Trust
1,493,371
4.000%, 
1/25/2059,
Ser.
2019-GS1,
Class
A1
g
1,417,504
2,114,875
3.250%, 
11/25/2059,
Ser.
2019-GS7,
Class
A1
g,h
1,967,166
Lehman
Mortgage
Trust
87,111
6.000%, 
1/25/2036,
Ser.
2005-3,
Class
2A7
88,809
Long
Beach
Mortgage
Loan
Trust
930,618
1.987%, 
(LIBOR
1M
+
1.500%),
9/25/2034,
Ser.
2004-5,
Class
M3
b
800,838
Master
Asset
Securitization
Trust
763,382
0.987%, 
(LIBOR
1M
+
0.500%),
6/25/2036,
Ser.
2006-2,
Class
2A2
b
215,014
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Collateralized
Mortgage
Obligations
(9.1%)
-
continued
Merrill
Lynch
Alternative
Note
Asset
Trust
$
351,120
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
$
232,076
Merrill
Lynch
Mortgage
Investors
Trust
714,196
4.304%, 
6/25/2035,
Ser.
2005-A5,
Class
M1
b
351,927
Oaktown
Re
II,
Ltd.
243,855
2.037%, 
(LIBOR
1M
+
1.550%),
7/25/2028,
Ser.
2018-1A,
Class
M1
b,g
237,684
Oaktown
Re
III,
Ltd.
659,919
1.887%, 
(LIBOR
1M
+
1.400%),
7/25/2029,
Ser.
2019-1A,
Class
M1A
b,g
649,276
Preston
Ridge
Partners
Mortgage
Trust,
LLC
322,306
4.500%, 
1/25/2024,
Ser.
2019-1A,
Class
A1
g,h
306,642
1,235,082
3.967%, 
4/25/2024,
Ser.
2019-2A,
Class
A1
g,h
1,148,738
1,547,441
3.500%, 
10/25/2024,
Ser.
2019-GS1,
Class
A1
b,g
1,400,096
1,265,261
4.750%, 
10/25/2024,
Ser.
2019-GS1,
Class
A2
b,g
1,055,399
526,598
3.351%, 
11/25/2024,
Ser.
2019-4A,
Class
A1
g,h
486,130
Pretium
Mortgage
Credit
Partners,
LLC
1,208,901
2.858%, 
5/27/2059,
Ser.
2020-NPL1,
Class
A1
g,h
1,080,243
Radnor
RE,
Ltd.
428,741
1.887%, 
(LIBOR
1M
+
1.400%),
3/25/2028,
Ser.
2018-1,
Class
M1
b,g
421,937
RCO
Mortgage,
LLC
916,386
3.475%, 
11/25/2024,
Ser.
2019-2,
Class
A1
g,h
887,898
696,554
3.197%, 
11/25/2052,
Ser.
2017-INV1,
Class
A
b,g
670,956
Renaissance
Home
Equity
Loan
Trust
1,372,572
5.285%, 
1/25/2037,
Ser.
2006-4,
Class
AF2
h
607,320
Residential
Accredit
Loans,
Inc.
Trust
614,426
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
584,311
350,304
5.750%, 
9/25/2035,
Ser.
2005-QS13,
Class
2A3
325,625
285,663
6.000%, 
1/25/2037,
Ser.
2007-QS1,
Class
1A1
253,389
414,344
5.750%, 
4/25/2037,
Ser.
2007-QS6,
Class
A28
362,645
307,492
6.250%, 
4/25/2037,
Ser.
2007-QS6,
Class
A6
277,156
Residential
Asset
Securitization
Trust
313,307
6.208%, 
8/25/2022,
Ser.
2007-A8,
Class
3A1
b
230,893
1,495,448
5.500%, 
4/25/2035,
Ser.
2005-A1,
Class
A3
1,564,029
85,655
5.750%, 
2/25/2036,
Ser.
2005-A15,
Class
5A1
52,907
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
185
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Collateralized
Mortgage
Obligations
(9.1%)
-
continued
Residential
Funding
Mortgage
Security
I
Trust
$
402,388
6.000%, 
7/25/2037,
Ser.
2007-S7,
Class
A20
$
367,046
Sequoia
Mortgage
Trust
408,879
3.641%, 
9/20/2046,
Ser.
2007-1,
Class
4A1
b
297,964
Stanwich
Mortgage
Loan
Trust
670,601
3.475%, 
11/16/2024,
Ser.
2019-NPB2,
Class
A1
g,h
663,824
Starwood
Mortgage
Residential
Trust
826,205
4.121%, 
10/25/2048,
Ser.
2018-IMC2,
Class
A1
b,g
838,797
Structured
Adjustable
Rate
Mortgage
Loan
Trust
192,090
4.197%, 
7/25/2035,
Ser.
2005-15,
Class
4A1
b
160,389
Structured
Asset
Mortgage
Investments,
Inc.
468,543
0.797%, 
(LIBOR
1M
+
0.310%),
12/25/2035,
Ser.
2005-AR4,
Class
A1
b
410,487
Toorak
Mortgage
Corporation
1,750,000
4.375%, 
8/25/2021,
Ser.
2018-1,
Class
A1
g,h
1,570,475
2,350,000
4.458%, 
3/25/2022,
Ser.
2019-1,
Class
A1
g,h
2,106,701
1,500,000
2.734%, 
3/25/2023,
Ser.
2020-1,
Class
A1
g,h
1,510,536
Vericrest
Opportunity
Loan
Transferee
485,679
2.981%, 
3/25/2050,
Ser.
2020-NPL4,
Class
A1
g,h
436,686
1,000,000
3.475%, 
3/25/2050,
Ser.
2020-NPL5,
Class
A1B
g,h
760,597
594,732
3.352%, 
8/25/2049,
Ser.
2019-NPL4,
Class
A1A
g,h
520,198
3,700,000
4.090%, 
11/25/2049,
Ser.
2019-NPL8,
Class
A1B
g,h
2,708,542
2,200,000
4.090%, 
11/26/2049,
Ser.
2019-NPL9,
Class
A1B
g,h
1,644,200
428,670
3.426%, 
12/27/2049,
Ser.
2019-NP10,
Class
A1A
g,h
399,410
Verus
Securitization
Trust
828,777
3.345%, 
5/25/2059,
Ser.
2019-2,
Class
A2
b,g
829,628
Wachovia
Asset
Securitization,
Inc.
649,578
0.627%, 
(LIBOR
1M
+
0.140%),
7/25/2037,
Ser.
2007-HE1,
Class
A
b,g,l
547,714
WaMu
Mortgage
Pass
Through
Certificates
389,609
3.694%, 
10/25/2036,
Ser.
2006-AR12,
Class
1A1
b
350,436
906,262
2.750%, 
(12
MTA
+
0.880%),
10/25/2046,
Ser.
2006-AR13,
Class
1A
b
750,097
Washington
Mutual
Mortgage
Pass-
Through
Certificates
337,656
6.000%, 
3/25/2035,
Ser.
2005-1,
Class
2A
320,626
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Collateralized
Mortgage
Obligations
(9.1%)
-
continued
Wells
Fargo
Home
Equity
Trust
$
358,155
0.987%, 
(LIBOR
1M
+
0.500%),
4/25/2034,
Ser.
2004-1,
Class
M1
b
$
337,200
Total
65,960,837
Commercial
Mortgage-Backed
Securities
(0.3%)
Federal
National
Mortgage
Association
-
ACES
21,441,139
1.468%, 
2/25/2031,
Ser.
2019-M21,
Class
X2
b,k
2,355,691
Total
2,355,691
Communications
Services
(3.0%)
AMC
Networks,
Inc.
455,000
5.000%, 
4/1/2024
441,122
American
Tower
Corporation
170,000
2.800%, 
6/1/2020
170,002
134,000
3.450%, 
9/15/2021
137,874
184,000
3.375%, 
5/15/2024
196,318
126,000
2.950%, 
1/15/2025
132,137
AT&T,
Inc.
496,000
4.450%, 
4/1/2024
539,794
CCO
Holdings,
LLC
500,000
5.500%, 
5/1/2026
g
520,055
360,000
5.125%, 
5/1/2027
g
373,806
370,000
4.500%, 
8/15/2030
g
371,850
CCOH
Safari,
LLC
840,000
5.750%, 
2/15/2026
g
875,784
Charter
Communications
Operating,
LLC
277,000
3.579%, 
7/23/2020
277,398
197,000
4.500%, 
2/1/2024
213,213
120,000
4.908%, 
7/23/2025
135,242
Clear
Channel
Worldwide
Holdings,
Inc.
500,000
5.125%, 
8/15/2027
g
469,800
Comcast
Corporation
234,000
1.625%, 
1/15/2022
i
237,944
118,000
3.700%, 
4/15/2024
129,011
118,000
3.950%, 
10/15/2025
132,995
Cox
Communications,
Inc.
186,000
2.950%, 
6/30/2023
g
192,379
Crown
Castle
International
Corporation
80,000
3.400%, 
2/15/2021
80,736
124,000
4.450%, 
2/15/2026
139,140
CSC
Holdings,
LLC
945,000
5.500%, 
5/15/2026
g
978,075
60,000
5.500%, 
4/15/2027
g
62,381
Deutsche
Telekom
International
Finance
BV
127,000
2.485%, 
9/19/2023
g,i
129,994
Discovery
Communications,
LLC
231,000
2.950%, 
3/20/2023
237,650
Embarq
Corporation
370,000
7.995%, 
6/1/2036
381,100
Fox
Corporation
242,000
4.030%, 
1/25/2024
261,119
Front
Range
BidCo,
Inc.
560,000
4.000%, 
3/1/2027
g
543,105
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
186
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Communications
Services
(3.0%)
-
continued
Gray
Escrow,
Inc.
$
390,000
7.000%, 
5/15/2027
g
$
392,808
Gray
Television,
Inc.
60,000
5.875%, 
7/15/2026
g
57,600
iHeartCommunications,
Inc.
540,000
4.750%, 
1/15/2028
g
467,100
Lamar
Media
Corporation
350,000
3.750%, 
2/15/2028
g
322,219
Level
3
Financing,
Inc.
500,000
5.250%, 
3/15/2026
512,500
745,000
4.625%, 
9/15/2027
g
738,146
Moody's
Corporation
117,000
2.750%, 
12/15/2021
119,247
Neptune
Finco
Corporation
306,000
10.875%, 
10/15/2025
g
330,771
Netflix,
Inc.
885,000
4.875%, 
4/15/2028
941,136
Nexstar
Escrow
Corporation
240,000
5.625%, 
8/1/2024
g
233,400
460,000
5.625%, 
7/15/2027
g
439,300
Nielsen
Finance,
LLC
465,000
5.000%, 
4/15/2022
g
458,076
SFR
Group
SA
570,000
7.375%, 
5/1/2026
g
595,650
Sirius
XM
Radio,
Inc.
800,000
5.000%, 
8/1/2027
g
818,200
Sprint
Corporation
820,000
7.250%, 
9/15/2021
859,975
835,000
7.625%, 
2/15/2025
964,509
Telesat
Canada
/
Telesat,
LLC
650,000
4.875%, 
6/1/2027
g
633,750
T-Mobile
USA,
Inc.
231,000
3.500%, 
4/15/2025
g
242,492
1,090,000
4.500%, 
2/1/2026
1,123,027
VeriSign,
Inc.
500,000
4.750%, 
7/15/2027
532,605
Verizon
Communications,
Inc.
287,000
2.946%, 
3/15/2022
298,581
252,000
2.792%, 
(LIBOR
3M
+
1.100%),
5/15/2025
b
250,563
Viacom,
Inc.
178,000
4.250%, 
9/1/2023
187,738
245,000
5.875%, 
2/28/2057
b
223,097
Virgin
Media
Secured
Finance
plc
680,000
5.500%, 
8/15/2026
g
701,862
Vodafone
Group
plc
189,000
3.750%, 
1/16/2024
203,474
Windstream
Services,
LLC
450,000
8.625%, 
10/31/2025
f,g
270,000
Ziggo
BV
550,000
5.500%, 
1/15/2027
g
559,460
Total
21,837,310
Consumer
Cyclical
(2.2%)
1011778
B.C.,
ULC
740,000
4.375%, 
1/15/2028
g
715,543
Allison
Transmission,
Inc.
670,000
5.000%, 
10/1/2024
g
643,200
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Consumer
Cyclical
(2.2%)
-
continued
American
Honda
Finance
Corporation
$
187,000
2.050%, 
1/10/2023
$
186,306
BMW
Finance
NV
125,000
2.250%, 
8/12/2022
g
124,599
Brookfield
Property
REIT,
Inc.
290,000
5.750%, 
5/15/2026
g
232,000
Brookfield
Residential
Properties,
Inc.
750,000
6.250%, 
9/15/2027
g
686,250
Cedar
Fair,
LP
310,000
5.250%, 
7/15/2029
g
266,600
D.R.
Horton,
Inc.
188,000
2.550%, 
12/1/2020
187,394
Daimler
Finance
North
America,
LLC
124,000
2.550%, 
8/15/2022
g
122,362
Ford
Motor
Company
160,000
9.000%, 
4/22/2025
155,600
90,000
9.625%, 
4/22/2030
88,425
Ford
Motor
Credit
Company,
LLC
880,000
4.063%, 
11/1/2024
772,200
995,000
4.134%, 
8/4/2025
844,685
General
Motors
Financial
Company,
Inc.
174,000
4.375%, 
9/25/2021
171,421
118,000
4.200%, 
11/6/2021
115,626
116,000
3.150%, 
6/30/2022
110,526
245,000
3.950%, 
4/13/2024
232,630
199,000
2.900%, 
2/26/2025
180,243
Hanesbrands,
Inc.
540,000
4.875%, 
5/15/2026
g
543,456
Harley-Davidson
Financial
Services,
Inc.
211,000
4.050%, 
2/4/2022
g
210,951
Herc
Holdings,
Inc.
230,000
5.500%, 
7/15/2027
g
215,602
Hilton
Domestic
Operating
Company,
Inc.
710,000
4.875%, 
1/15/2030
679,825
Home
Depot,
Inc.
160,000
2.625%, 
6/1/2022
i
166,906
140,000
3.750%, 
2/15/2024
154,097
Hyundai
Capital
America
189,000
3.000%, 
6/20/2022
g
186,334
L
Brands,
Inc.
218,000
6.694%, 
1/15/2027
153,690
Landry's,
Inc.
370,000
6.750%, 
10/15/2024
g
288,600
Lennar
Corporation
175,000
2.950%, 
11/29/2020
172,025
66,000
4.125%, 
1/15/2022
66,261
201,000
4.875%, 
12/15/2023
206,025
870,000
4.500%, 
4/30/2024
887,400
67,000
5.875%, 
11/15/2024
69,680
Lowe's
Companies,
Inc.
140,000
4.000%, 
4/15/2025
155,372
Mattamy
Group
Corporation
630,000
5.250%, 
12/15/2027
g
590,625
McDonald's
Corporation
248,000
3.350%, 
4/1/2023
263,687
MGM
Resorts
International
380,000
6.000%, 
3/15/2023
369,550
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
187
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Consumer
Cyclical
(2.2%)
-
continued
$
450,000
5.750%, 
6/15/2025
$
432,005
Prime
Security
Services
Borrower,
LLC
750,000
5.750%, 
4/15/2026
g
738,975
Ralph
Lauren
Corporation
160,000
2.625%, 
8/18/2020
160,384
Ryman
Hospitality
Properties,
Inc.
100,000
4.750%, 
10/15/2027
g
87,250
Scientific
Games
International,
Inc.
360,000
5.000%, 
10/15/2025
g
314,388
130,000
7.000%, 
5/15/2028
g
93,600
ServiceMaster
Company,
LLC
710,000
5.125%, 
11/15/2024
g
724,342
Six
Flags
Entertainment
Corporation
200,000
5.500%, 
4/15/2027
g,i
173,140
Six
Flags
Theme
Parks,
Inc.
170,000
7.000%, 
7/1/2025
g
175,916
Staples,
Inc.
400,000
7.500%, 
4/15/2026
g
316,000
Target
Corporation
140,000
2.250%, 
4/15/2025
147,315
TJX
Companies,
Inc.
141,000
3.500%, 
4/15/2025
152,155
VF
Corporation
152,000
2.050%, 
4/23/2022
153,607
Volkswagen
Group
of
America
Finance,
LLC
200,000
4.250%, 
11/13/2023
g
209,485
Yum!
Brands,
Inc.
600,000
4.750%, 
1/15/2030
g
612,000
Total
15,706,258
Consumer
Non-Cyclical
(3.5%)
Abbott
Laboratories
234,000
2.550%, 
3/15/2022
242,183
123,000
3.400%, 
11/30/2023
133,477
AbbVie,
Inc.
117,000
2.900%, 
11/6/2022
121,716
246,000
2.300%, 
11/21/2022
g
252,169
368,000
3.600%, 
5/14/2025
399,460
Albertson's
Companies,
Inc.
670,000
6.625%, 
6/15/2024
690,937
170,000
4.875%, 
2/15/2030
g
172,337
Allergan
Sales,
LLC
57,000
4.875%, 
2/15/2021
g
58,992
Allergan,
Inc.
126,000
2.800%, 
3/15/2023
128,485
Altria
Group,
Inc.
204,000
3.800%, 
2/14/2024
218,344
124,000
4.400%, 
2/14/2026
137,496
Amgen,
Inc.
201,000
1.900%, 
2/21/2025
205,331
Anheuser-Busch
Companies,
LLC
124,000
3.650%, 
2/1/2026
135,137
Anheuser-Busch
InBev
Finance,
Inc.
105,000
3.300%, 
2/1/2023
110,439
Anheuser-Busch
InBev
Worldwide,
Inc.
178,000
4.150%, 
1/23/2025
198,323
Anthem,
Inc.
210,000
2.375%, 
1/15/2025
215,955
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Consumer
Non-Cyclical
(3.5%)
-
continued
Aramark
Services,
Inc.
$
340,000
6.375%, 
5/1/2025
g
$
353,600
Avantor,
Inc.
530,000
6.000%, 
10/1/2024
g
558,620
B&G
Foods,
Inc.
440,000
5.250%, 
9/15/2027
444,875
BAT
Capital
Corporation
117,000
2.764%, 
8/15/2022
118,544
178,000
3.222%, 
8/15/2024
184,656
Bausch
Health
Companies,
Inc.
345,000
7.000%, 
1/15/2028
g
357,937
90,000
5.000%, 
1/30/2028
g
86,157
90,000
5.250%, 
1/30/2030
g
89,100
Bayer
U.S.
Finance
II,
LLC
225,000
3.500%, 
6/25/2021
g
229,579
Boston
Scientific
Corporation
280,000
3.450%, 
3/1/2024
296,535
Bristol-Myers
Squibb
Company
178,000
3.625%, 
5/15/2024
g
195,745
Bunge,
Ltd.
Finance
Corporation
160,000
3.500%, 
11/24/2020
160,852
Cargill,
Inc.
141,000
1.375%, 
7/23/2023
g
141,705
Centene
Corporation
710,000
4.750%, 
1/15/2025
726,578
200,000
5.375%, 
8/15/2026
g
213,020
190,000
4.250%, 
12/15/2027
g
198,787
280,000
4.625%, 
12/15/2029
g
306,600
Cigna
Corporation
235,000
4.125%, 
11/15/2025
263,509
Conagra
Brands,
Inc.
118,000
3.800%, 
10/22/2021
121,703
118,000
4.300%, 
5/1/2024
127,890
Constellation
Brands,
Inc.
252,000
4.250%, 
5/1/2023
269,580
CVS
Health
Corporation
117,000
2.750%, 
12/1/2022
121,063
382,000
3.700%, 
3/9/2023
405,042
252,000
4.100%, 
3/25/2025
278,194
Diageo
Capital
plc
200,000
1.375%, 
9/29/2025
199,653
Encompass
Health
Corporation
500,000
4.500%, 
2/1/2028
500,950
Energizer
Holdings,
Inc.
745,000
6.375%, 
7/15/2026
g
766,419
General
Mills,
Inc.
126,000
3.700%, 
10/17/2023
136,451
126,000
3.650%, 
2/15/2024
135,672
HCA,
Inc.
1,340,000
5.375%, 
2/1/2025
1,440,688
Imperial
Brands
Finance
plc
127,000
3.125%, 
7/26/2024
g
125,039
JBS
USA,
LLC
355,000
5.750%, 
6/15/2025
g
359,441
770,000
5.500%, 
1/15/2030
g
779,625
Kellogg
Company
254,000
3.125%, 
5/17/2022
262,911
Keurig
Dr
Pepper,
Inc.
252,000
3.551%, 
5/25/2021
257,146
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
188
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Consumer
Non-Cyclical
(3.5%)
-
continued
Kraft
Foods
Group,
Inc.
$
440,000
5.000%, 
6/4/2042
$
446,038
Kraft
Heinz
Foods
Company
640,000
4.625%, 
1/30/2029
673,576
670,000
3.750%, 
4/1/2030
g
680,669
Kroger
Company
122,000
2.800%, 
8/1/2022
126,306
Mead
Johnson
Nutrition
Company
160,000
3.000%, 
11/15/2020
161,396
Medtronic,
Inc.
68,000
3.500%, 
3/15/2025
75,857
Mondelez
International
Holdings
Netherlands
BV
180,000
2.000%, 
10/28/2021
g
181,762
Mondelez
International,
Inc.
77,000
2.125%, 
4/13/2023
78,385
Mylan
NV
173,000
3.150%, 
6/15/2021
174,031
Mylan,
Inc.
127,000
4.200%, 
11/29/2023
132,214
Novartis
Capital
Corporation
133,000
1.750%, 
2/14/2025
137,212
Par
Pharmaceutical,
Inc.
360,000
7.500%, 
4/1/2027
g
364,608
PepsiCo,
Inc.
206,000
2.250%, 
3/19/2025
217,751
Pernod
Ricard
SA
130,000
5.750%, 
4/7/2021
g
135,296
Philip
Morris
International,
Inc.
215,000
1.500%, 
5/1/2025
214,673
Pilgrim's
Pride
Corporation
500,000
5.875%, 
9/30/2027
g
505,975
Post
Holdings,
Inc.
550,000
5.750%, 
3/1/2027
g
563,063
Reynolds
American,
Inc.
126,000
4.850%, 
9/15/2023
136,795
Scotts
Miracle-Gro
Company
410,000
4.500%, 
10/15/2029
399,750
Shire
Acquisitions
Investments
Ireland
Designated
Activity
Company
232,000
2.400%, 
9/23/2021
235,497
Simmons
Foods,
Inc.
285,000
5.750%, 
11/1/2024
g
265,050
Spectrum
Brands,
Inc.
540,000
5.750%, 
7/15/2025
538,650
180,000
5.000%, 
10/1/2029
g
171,900
Sysco
Corporation
273,000
5.650%, 
4/1/2025
305,930
Teleflex,
Inc.
650,000
4.625%, 
11/15/2027
666,250
Tenet
Healthcare
Corporation
180,000
4.625%, 
7/15/2024
177,624
620,000
5.125%, 
11/1/2027
g
612,250
Teva
Pharmaceutical
Finance
Netherlands
III
BV
43,000
2.200%, 
7/21/2021
41,871
450,000
2.800%, 
7/21/2023
413,438
Thermo
Fisher
Scientific,
Inc.
138,000
4.133%, 
3/25/2025
155,623
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Consumer
Non-Cyclical
(3.5%)
-
continued
UnitedHealth
Group,
Inc.
$
160,000
3.350%, 
7/15/2022
$
168,883
VRX
Escrow
Corporation
1,450,000
6.125%, 
4/15/2025
g
1,465,406
Zoetis,
Inc.
175,000
3.450%, 
11/13/2020
176,808
189,000
3.250%, 
2/1/2023
197,130
Total
25,632,314
Energy
(2.0%)
Archrock
Partners,
LP
390,000
6.250%, 
4/1/2028
g
290,550
BP
Capital
Markets
America,
Inc.
490,000
2.520%, 
9/19/2022
498,602
141,000
2.937%, 
4/6/2023
145,465
Buckeye
Partners,
LP
540,000
3.950%, 
12/1/2026
488,700
210,000
4.125%, 
12/1/2027
187,425
Canadian
Natural
Resources,
Ltd.
120,000
2.950%, 
1/15/2023
116,075
Canadian
Oil
Sands,
Ltd.
125,000
9.400%, 
9/1/2021
g
134,125
Cheniere
Energy
Partners,
LP
885,000
5.625%, 
10/1/2026
845,706
Chesapeake
Energy
Corporation
223,000
11.500%, 
1/1/2025
g
6,132
Continental
Resources,
Inc.
284,000
5.000%, 
9/15/2022
i
266,960
184,000
4.500%, 
4/15/2023
162,725
Diamondback
Energy,
Inc.
123,000
2.875%, 
12/1/2024
112,452
Enagas
SA
1,150,000
5.500%, 
1/15/2028
g
787,750
Enbridge,
Inc.
120,000
2.900%, 
7/15/2022
120,668
459,000
6.250%, 
3/1/2078
b
420,214
Endeavor
Energy
Resources,
LP
230,000
5.750%, 
1/30/2028
g
200,100
Energy
Transfer
Operating,
LP
126,000
4.200%, 
9/15/2023
123,883
252,000
5.875%, 
1/15/2024
261,659
143,000
6.625%, 
2/15/2028
b,j
102,432
EnLink
Midstream
Partners,
LP
490,000
4.850%, 
7/15/2026
298,900
Enterprise
Products
Operating,
LLC
355,000
4.875%, 
8/16/2077
b
308,850
EOG
Resources,
Inc.
160,000
2.625%, 
3/15/2023
164,119
EQT
Corporation
480,000
3.900%, 
10/1/2027
403,200
Equinor
ASA
139,000
2.875%, 
4/6/2025
145,787
Exxon
Mobil
Corporation
227,000
1.571%, 
4/15/2023
230,214
135,000
2.992%, 
3/19/2025
144,423
Hess
Corporation
126,000
3.500%, 
7/15/2024
114,556
Kinder
Morgan
Energy
Partners,
LP
234,000
3.450%, 
2/15/2023
240,269
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
189
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Energy
(2.0%)
-
continued
Marathon
Petroleum
Corporation
$
126,000
4.750%, 
12/15/2023
$
127,017
MPLX,
LP
175,000
4.500%, 
7/15/2023
175,048
Murphy
Oil
Corporation
440,000
5.875%, 
12/1/2027
298,628
Nabors
Industries,
Inc.
410,000
5.750%, 
2/1/2025
94,300
Nabors
Industries,
Ltd.
130,000
7.250%, 
1/15/2026
g
49,400
Newfield
Exploration
Company
202,000
5.625%, 
7/1/2024
144,484
Occidental
Petroleum
Corporation
48,000
4.850%, 
3/15/2021
46,080
280,000
2.700%, 
8/15/2022
i
243,600
540,000
2.900%, 
8/15/2024
410,238
180,000
3.400%, 
4/15/2026
128,700
ONEOK,
Inc.
67,000
2.200%, 
9/15/2025
57,932
Parsley
Energy,
LLC
550,000
5.625%, 
10/15/2027
g
470,250
Plains
All
American
Pipeline,
LP
273,000
5.000%, 
2/1/2021
266,981
307,000
6.125%, 
11/15/2022
b,j
205,791
63,000
2.850%, 
1/31/2023
59,507
Sabine
Pass
Liquefaction,
LLC
117,000
6.250%, 
3/15/2022
120,716
117,000
5.625%, 
4/15/2023
121,637
Shell
International
Finance
BV
139,000
2.375%, 
4/6/2025
143,300
Southwestern
Energy
Company
685,000
7.500%, 
4/1/2026
i
613,404
Sunoco
Logistics
Partners
Operations,
LP
160,000
4.400%, 
4/1/2021
159,563
Sunoco,
LP
315,000
5.875%, 
3/15/2028
299,250
Targa
Resources
Partners,
LP
620,000
5.375%, 
2/1/2027
527,000
Transocean
Guardian,
Ltd.
350,700
5.875%, 
1/15/2024
g
268,286
Transocean,
Ltd.
330,000
8.000%, 
2/1/2027
g
125,400
Viper
Energy
Partners,
LP
540,000
5.375%, 
11/1/2027
g
483,300
W&T
Offshore,
Inc.
660,000
9.750%, 
11/1/2023
g
217,800
Western
Gas
Partners,
LP
120,000
4.000%, 
7/1/2022
116,100
Williams
Partners,
LP
250,000
4.000%, 
11/15/2021
253,455
WPX
Energy,
Inc.
480,000
5.750%, 
6/1/2026
435,024
200,000
5.250%, 
10/15/2027
174,000
170,000
4.500%, 
1/15/2030
138,550
Total
14,296,682
Financials
(6.6%)
ACE
INA
Holdings,
Inc.
160,000
2.875%, 
11/3/2022
166,934
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Financials
(6.6%)
-
continued
AerCap
Ireland
Capital,
Ltd.
$
124,000
3.500%, 
1/15/2025
$
106,931
Air
Lease
Corporation
235,000
2.500%, 
3/1/2021
223,125
Aircastle,
Ltd.
168,000
5.000%, 
4/1/2023
158,794
Ally
Financial,
Inc.
470,000
5.750%, 
11/20/2025
481,750
American
Express
Company
126,000
3.375%, 
5/17/2021
128,303
127,000
3.700%, 
8/3/2023
134,702
124,000
3.400%, 
2/22/2024
131,342
Athene
Global
Funding
187,000
4.000%, 
1/25/2022
g
192,501
Australia
and
New
Zealand
Banking
Group,
Ltd.
270,000
6.750%, 
6/15/2026
b,g,j
289,575
230,000
2.950%, 
7/22/2030
b,g
226,815
Avolon
Holdings
Funding,
Ltd.
62,000
5.250%, 
5/15/2024
g
53,761
BAC
Capital
Trust
XIV
138,000
4.000%, 
(LIBOR
3M
+
0.400%),
5/18/2020
b,j
119,578
Banco
Bilbao
Vizcaya
Argentaria
SA
200,000
6.500%, 
3/5/2025
b,j
181,750
200,000
6.125%, 
11/16/2027
b,i,j
175,500
Banco
Santander
Mexico
SA
87,000
5.375%, 
4/17/2025
g
89,284
Banco
Santander
SA
200,000
2.431%, 
(LIBOR
3M
+
1.120%),
4/12/2023
b
192,830
Bank
of
America
Corporation
250,000
2.738%, 
1/23/2022
b
251,621
252,000
3.499%, 
5/17/2022
b
256,756
237,000
3.004%, 
12/20/2023
b
245,338
373,000
3.550%, 
3/5/2024
b
392,267
293,000
5.125%, 
6/20/2024
b,j
287,872
585,000
3.864%, 
7/23/2024
b
624,118
285,000
4.200%, 
8/26/2024
308,186
405,000
6.250%, 
9/5/2024
b,j
422,091
124,000
3.458%, 
3/15/2025
b
130,972
Bank
of
Montreal
378,000
3.300%, 
2/5/2024
398,748
Bank
of
New
York
Mellon
Corporation
234,000
2.600%, 
2/7/2022
240,560
140,000
1.600%, 
4/24/2025
142,060
Bank
of
Nova
Scotia
174,000
2.700%, 
3/7/2022
179,073
247,000
2.375%, 
1/18/2023
253,941
133,000
1.950%, 
2/1/2023
134,597
96,000
1.625%, 
5/1/2023
95,988
Barclays
plc
225,000
4.610%, 
2/15/2023
b
233,875
381,000
7.750%, 
9/15/2023
b,j
367,665
299,000
4.338%, 
5/16/2024
b
314,279
200,000
2.852%, 
5/7/2026
b,c,e
198,764
BB&T
Corporation
245,000
2.150%, 
2/1/2021
246,893
127,000
2.500%, 
8/1/2024
130,905
BNP
Paribas
SA
523,000
7.625%, 
3/30/2021
b,g,j
532,152
149,000
2.819%, 
11/19/2025
b,g
150,123
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
190
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Financials
(6.6%)
-
continued
BPCE
SA
$
126,000
3.000%, 
5/22/2022
g
$
127,770
133,000
2.375%, 
1/14/2025
g
132,338
Camden
Property
Trust
126,000
4.875%, 
6/15/2023
133,346
Canadian
Imperial
Bank
of
Commerce
133,000
2.250%, 
1/28/2025
134,000
Capital
One
Bank
USA
NA
189,000
3.375%, 
2/15/2023
191,826
199,000
2.280%, 
1/28/2026
b
192,194
Capital
One
Financial
Corporation
354,000
3.050%, 
3/9/2022
359,444
Cascades
USA,
Inc.
380,000
5.125%, 
1/15/2026
g
380,000
Central
Fidelity
Capital
Trust
I
310,000
2.219%, 
(LIBOR
3M
+
1.000%),
4/15/2027
b
271,970
Charles
Schwab
Corporation
150,000
5.375%, 
6/1/2025
b,j
155,625
CIT
Group,
Inc.
565,000
4.750%, 
2/16/2024
539,575
Citigroup,
Inc.
363,000
2.350%, 
8/2/2021
366,359
116,000
2.750%, 
4/25/2022
118,772
125,000
1.681%, 
(LIBOR
3M
+
0.690%),
10/27/2022
b
122,923
491,000
2.312%, 
11/4/2022
b
494,898
244,000
3.142%, 
1/24/2023
b
249,899
276,000
5.000%, 
9/12/2024
b,j
250,968
444,000
4.700%, 
1/30/2025
b,j
386,280
373,000
3.352%, 
4/24/2025
b
391,550
138,000
5.950%, 
5/15/2025
b,j
139,050
Citizens
Bank
NA
250,000
2.200%, 
5/26/2020
250,107
CNA
Financial
Corporation
128,000
5.750%, 
8/15/2021
134,226
145,000
3.950%, 
5/15/2024
153,282
Compass
Bank
250,000
3.500%, 
6/11/2021
252,106
Cooperatieve
Centrale
Raiffeisen-
Boerenleenbank
BA
232,000
3.950%, 
11/9/2022
239,465
Credit
Agricole
SA
116,000
3.375%, 
1/10/2022
g
118,392
213,600
8.125%, 
12/23/2025
b,g,j
237,096
Credit
Suisse
AG
250,000
2.800%, 
4/8/2022
i
256,070
Credit
Suisse
Group
AG
207,000
7.500%, 
12/11/2023
b,g,j
218,644
122,000
2.593%, 
9/11/2025
b,g
121,692
300,000
6.375%, 
8/21/2026
b,g,j
295,500
Credit
Suisse
Group
Funding
(Guernsey),
Ltd.
350,000
3.800%, 
9/15/2022
364,237
Danske
Bank
AS
200,000
5.000%, 
1/12/2022
g
206,760
Deutsche
Bank
AG
125,000
2.700%, 
7/13/2020
124,865
348,000
4.250%, 
10/14/2021
350,275
200,000
6.000%, 
10/30/2025
b,j
145,000
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Financials
(6.6%)
-
continued
Deutsche
Bank
AG
of
New
York
$
123,000
3.950%, 
2/27/2023
$
122,583
Digital
Realty
Trust,
LP
185,000
2.750%, 
2/1/2023
188,591
Discover
Bank
126,000
4.200%, 
8/8/2023
131,274
183,000
2.450%, 
9/12/2024
179,009
Fidelity
National
Financial,
Inc.
184,000
5.500%, 
9/1/2022
196,524
Fifth
Third
Bancorp
175,000
2.600%, 
6/15/2022
178,204
124,000
3.650%, 
1/25/2024
131,106
Five
Corners
Funding
Trust
275,000
4.419%, 
11/15/2023
g
302,599
FNB
Corporation
268,000
2.200%, 
2/24/2023
265,457
General
Electric
Capital
Corporation
247,000
3.100%, 
1/9/2023
252,254
Goldman
Sachs
Group,
Inc.
409,000
5.375%, 
6/1/2020
b,j
379,859
234,000
5.250%, 
7/27/2021
244,380
175,000
2.862%, 
(LIBOR
3M
+
1.170%),
11/15/2021
b,i
174,734
234,000
3.000%, 
4/26/2022
237,035
187,000
2.876%, 
10/31/2022
b
189,923
120,000
2.364%, 
(LIBOR
3M
+
1.050%),
6/5/2023
b
118,038
248,000
3.625%, 
2/20/2024
262,569
295,000
5.500%, 
8/10/2024
b,i,j
299,794
141,000
3.500%, 
4/1/2025
149,970
185,000
3.272%, 
9/29/2025
b
193,621
Hartford
Financial
Services
Group,
Inc.
116,000
3.817%, 
(LIBOR
3M
+
2.125%),
2/12/2047
b,g
90,480
HCP,
Inc.
132,000
4.250%, 
11/15/2023
137,176
Hospitality
Properties
Trust
150,000
4.250%, 
2/15/2021
143,698
HSBC
Holdings
plc
348,000
3.400%, 
3/8/2021
354,386
234,000
6.875%, 
6/1/2021
b,j
234,585
286,000
6.375%, 
9/17/2024
b,j
278,493
225,000
3.803%, 
3/11/2025
b
239,430
204,000
6.375%, 
3/30/2025
b,j
202,596
148,000
2.633%, 
11/7/2025
b
150,831
136,000
6.500%, 
3/23/2028
b,j
134,928
Huntington
Bancshares,
Inc.
200,000
3.150%, 
3/14/2021
202,989
Icahn
Enterprises,
LP
235,000
6.750%, 
2/1/2024
235,263
565,000
6.375%, 
12/15/2025
562,175
ILFC
E-Capital
Trust
II
207,000
3.570%, 
(H15T30Y
+
1.800%),
12/21/2065
b,g
102,983
ING
Groep
NV
225,000
4.100%, 
10/2/2023
240,720
International
Lease
Finance
Corporation
234,000
5.875%, 
8/15/2022
228,768
Iron
Mountain,
Inc.
360,079
6.000%, 
8/15/2023
363,680
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
191
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Financials
(6.6%)
-
continued
$
425,000
4.875%, 
9/15/2027
g
$
414,375
J.P.
Morgan
Chase
&
Company
175,000
2.260%, 
(LIBOR
3M
+
0.680%),
6/1/2021
b
174,961
300,000
2.776%, 
4/25/2023
b
307,180
305,000
3.375%, 
5/1/2023
319,441
195,000
5.150%, 
5/1/2023
b,j
192,075
231,000
2.250%, 
(LIBOR
3M
+
1.230%),
10/24/2023
b
230,711
576,000
5.000%, 
8/1/2024
b,j
535,680
259,000
3.875%, 
9/10/2024
278,533
560,000
4.023%, 
12/5/2024
b
605,203
444,000
4.600%, 
2/1/2025
b,j
398,268
145,000
2.083%, 
4/22/2026
b
146,954
KeyBank
NA
335,000
1.250%, 
3/10/2023
335,419
Liberty
Mutual
Group,
Inc.
54,000
5.000%, 
6/1/2021
g
55,682
Lincoln
National
Corporation
135,000
4.049%, 
(LIBOR
3M
+
2.358%),
5/17/2066
b
91,800
Lloyds
Banking
Group
plc
247,000
3.000%, 
1/11/2022
250,938
183,000
2.858%, 
3/17/2023
b
184,824
225,000
3.900%, 
3/12/2024
236,576
270,000
6.657%, 
5/21/2037
b,g,j
297,000
Macquarie
Bank,
Ltd.
307,000
6.125%, 
3/28/2027
b,g,j
296,255
Mitsubishi
UFJ
Financial
Group,
Inc.
117,000
2.998%, 
2/22/2022
119,751
187,000
2.623%, 
7/18/2022
190,645
250,000
3.455%, 
3/2/2023
260,463
124,000
3.407%, 
3/7/2024
130,541
Mizuho
Financial
Group,
Inc.
187,000
2.721%, 
7/16/2023
b
190,199
200,000
2.226%, 
5/25/2026
b
199,922
Morgan
Stanley
234,000
2.800%, 
6/16/2020
234,426
232,000
5.500%, 
7/28/2021
243,296
116,000
2.750%, 
5/19/2022
i
118,921
150,000
4.875%, 
11/1/2022
160,289
250,000
3.125%, 
1/23/2023
259,972
247,000
4.100%, 
5/22/2023
260,789
124,000
2.720%, 
7/22/2025
b
127,684
294,000
2.188%, 
4/28/2026
b
297,200
MPT
Operating
Partnership,
LP
370,000
5.250%, 
8/1/2026
373,700
380,000
4.625%, 
8/1/2029
377,864
National
Australia
Bank,
Ltd.
199,000
1.875%, 
12/13/2022
201,871
National
Bank
of
Canada
199,000
2.100%, 
2/1/2023
201,173
National
Securities
Clearing
Corporation
139,000
1.200%, 
4/23/2023
g
139,037
Nippon
Life
Insurance
Company
222,000
3.400%, 
1/23/2050
b,g
224,220
Nomura
Holdings,
Inc.
159,000
2.648%, 
1/16/2025
160,646
Nordea
Bank
Abp
200,000
6.625%, 
3/26/2026
b,g,j
201,250
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Financials
(6.6%)
-
continued
Outfront
Media
Cap,
LLC
$
700,000
4.625%, 
3/15/2030
g
$
638,750
Park
Aerospace
Holdings,
Ltd.
62,000
4.500%, 
3/15/2023
g
54,833
PNC
Bank
NA
234,000
2.450%, 
11/5/2020
235,570
PNC
Financial
Services
Group,
Inc.
126,000
3.500%, 
1/23/2024
134,764
Quicken
Loans,
Inc.
830,000
5.750%, 
5/1/2025
g
813,400
Regions
Financial
Corporation
126,000
3.800%, 
8/14/2023
132,999
Reinsurance
Group
of
America,
Inc.
175,000
4.700%, 
9/15/2023
184,352
Royal
Bank
of
Canada
145,000
1.600%, 
4/17/2023
i
145,609
124,000
2.250%, 
11/1/2024
126,612
Royal
Bank
of
Scotland
Group
plc
360,000
8.625%, 
8/15/2021
b,j
367,200
126,000
6.125%, 
12/15/2022
135,016
126,000
6.100%, 
6/10/2023
136,419
230,000
4.269%, 
3/22/2025
b
245,152
99,000
3.754%, 
11/1/2029
b
98,664
Santander
UK
Group
Holdings
plc
253,000
2.875%, 
8/5/2021
256,047
Santander
UK
plc
199,000
2.100%, 
1/13/2023
200,741
Simon
Property
Group,
LP
225,000
2.500%, 
7/15/2021
224,482
127,000
2.000%, 
9/13/2024
120,370
Societe
Generale
SA
148,000
2.625%, 
10/16/2024
g
147,584
450,000
8.000%, 
9/29/2025
b,g,j
456,750
Springleaf
Finance
Corporation
80,000
6.875%, 
3/15/2025
75,656
380,000
7.125%, 
3/15/2026
352,203
250,000
6.625%, 
1/15/2028
220,625
Standard
Chartered
plc
187,000
2.744%, 
9/10/2022
b,g
187,464
State
Street
Corporation
141,000
2.825%, 
3/30/2023
b,g
144,974
125,000
2.354%, 
11/1/2025
b
128,668
Sumitomo
Mitsui
Financial
Group,
Inc.
116,000
2.784%, 
7/12/2022
118,592
496,000
2.778%, 
10/18/2022
509,557
148,000
2.448%, 
9/27/2024
150,735
SunTrust
Banks,
Inc.
125,000
2.900%, 
3/3/2021
126,644
Synchrony
Financial
127,000
2.850%, 
7/25/2022
123,297
141,000
4.250%, 
8/15/2024
137,771
Synovus
Bank
250,000
2.289%, 
2/10/2023
b
247,039
Toronto-Dominion
Bank
124,000
3.250%, 
3/11/2024
131,336
Truist
Bank
250,000
1.500%, 
3/10/2025
248,806
Truist
Financial
Corporation
302,000
4.800%, 
9/1/2024
b,j
282,328
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
192
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Financials
(6.6%)
-
continued
UBS
Group
Funding
Jersey,
Ltd.
$
232,000
3.000%, 
4/15/2021
g
$
234,473
USB
Realty
Corporation
276,000
2.366%, 
(LIBOR
3M
+
1.147%),
1/15/2022
b,g,j
216,660
Ventas
Realty,
LP
126,000
3.100%, 
1/15/2023
124,607
126,000
3.750%, 
5/1/2024
126,210
VICI
Properties,
LP
/
VICI
Note
Company,
Inc.
140,000
4.250%, 
12/1/2026
g
130,843
90,000
3.750%, 
2/15/2027
g
83,700
140,000
4.625%, 
12/1/2029
g
129,325
90,000
4.125%, 
8/15/2030
g
81,900
Wachovia
Capital
Trust
II
100,000
1.719%, 
(LIBOR
3M
+
0.500%),
1/15/2027
b
85,553
Wells
Fargo
&
Company
120,000
2.100%, 
7/26/2021
121,130
122,000
2.625%, 
7/22/2022
124,933
252,000
4.125%, 
8/15/2023
268,593
200,000
1.990%, 
(LIBOR
3M
+
1.230%),
10/31/2023
b
199,198
121,000
3.750%, 
1/24/2024
128,748
245,000
2.406%, 
10/30/2025
b
248,796
224,000
2.188%, 
4/30/2026
b
225,152
Westpac
Banking
Corporation
195,000
2.543%, 
(LIBOR
3M
+
0.850%),
8/19/2021
b
195,150
133,000
2.000%, 
1/13/2023
135,528
133,000
2.894%, 
2/4/2030
b
131,017
Total
47,357,787
Mortgage-Backed
Securities
(16.0%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
15-Yr.
Pass
Through
3,914,556
3.500%, 
5/1/2034
4,139,668
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
7,210,207
3.000%, 
3/25/2050
7,619,563
3,688,051
3.000%, 
4/1/2050
3,897,443
3,269,692
3.500%, 
7/1/2047
3,474,459
3,747,405
3.000%, 
8/1/2047
3,966,657
Federal
National
Mortgage
Association
1,601,326
4.500%, 
5/1/2048
1,730,766
3,112,233
3.500%, 
10/1/2048
3,295,299
4,453,344
3.500%, 
2/1/2049
4,702,042
2,126,499
3.500%, 
6/1/2049
2,254,077
3,476,404
3.500%, 
8/1/2049
3,690,230
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
16,999,000
2.000%, 
6/1/2034
e
17,507,642
10,850,000
2.500%, 
6/1/2034
e
11,332,741
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
9,806,000
2.500%, 
5/1/2050
e
10,210,880
5,661,854
4.000%, 
7/1/2048
6,025,923
12,450,000
3.000%, 
5/1/2049
e
13,142,531
2,627,000
3.000%, 
6/1/2049
e
2,769,936
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Mortgage-Backed
Securities
(16.0%)
-
continued
$
15,325,000
2.500%, 
7/1/2049
e
$
15,931,766
Total
115,691,623
Technology
(1.2%)
Apple,
Inc.
240,000
2.400%, 
1/13/2023
251,075
441,000
3.450%, 
5/6/2024
485,270
Baidu,
Inc.
122,000
3.000%, 
6/30/2020
122,168
168,000
3.075%, 
4/7/2025
171,704
Broadcom
Corporation
513,000
2.650%, 
1/15/2023
522,949
199,000
3.125%, 
1/15/2025
205,424
CommScope
Technologies
Finance,
LLC
690,000
6.000%, 
6/15/2025
g
614,031
Dell
International,
LLC/
EMC
Corporation
186,000
4.000%, 
7/15/2024
g
188,748
71,000
5.850%, 
7/15/2025
g
77,404
Diamond
1
Finance
Corporation
358,000
5.450%, 
6/15/2023
g
378,460
Diamond
Sports
Group,
LLC
210,000
5.375%, 
8/15/2026
g
159,600
430,000
6.625%, 
8/15/2027
g
235,425
Fiserv,
Inc.
237,000
2.750%, 
7/1/2024
249,260
Global
Payments,
Inc.
64,000
2.650%, 
2/15/2025
65,794
Harland
Clarke
Holdings
Corporation
360,000
8.375%, 
8/15/2022
g
257,724
Hewlett
Packard
Enterprise
Company
283,000
3.600%, 
10/15/2020
284,786
127,000
2.250%, 
4/1/2023
128,842
109,000
4.450%, 
10/2/2023
114,748
Intel
Corporation
120,000
1.700%, 
5/19/2021
121,026
160,000
3.100%, 
7/29/2022
168,419
Marvell
Technology
Group,
Ltd.
126,000
4.200%, 
6/22/2023
130,375
Micron
Technology,
Inc.
212,000
2.497%, 
4/24/2023
215,765
Microsoft
Corporation
234,000
2.400%, 
2/6/2022
241,245
NCR
Corporation
710,000
6.125%, 
9/1/2029
g
704,675
NXP
BV/NXP
Funding,
LLC
189,000
4.875%, 
3/1/2024
g
205,099
Open
Text
Corporation
510,000
4.125%, 
2/15/2030
g
496,077
Oracle
Corporation
170,000
2.500%, 
5/15/2022
174,970
212,000
2.500%, 
4/1/2025
223,485
Panasonic
Corporation
187,000
2.536%, 
7/19/2022
g
188,719
Plantronics,
Inc.
460,000
5.500%, 
5/31/2023
g
364,458
PTC,
Inc.
140,000
3.625%, 
2/15/2025
g
137,830
120,000
4.000%, 
2/15/2028
g
117,600
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
193
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Technology
(1.2%)
-
continued
Seagate
HDD
Cayman
$
136,000
4.250%, 
3/1/2022
$
139,132
SS&C
Technologies,
Inc.
540,000
5.500%, 
9/30/2027
g
553,500
Texas
Instruments,
Inc.
210,000
1.375%, 
3/12/2025
212,030
Total
8,907,817
Transportation
(0.5%)
AerCap
Holdings
NV
213,000
5.875%, 
10/10/2079
b
142,177
Air
Canada
Pass
Through
Trust
43,068
3.875%, 
3/15/2023
g
36,619
Air
Lease
Corporation
133,000
2.300%, 
2/1/2025
116,148
CSX
Corporation
126,000
3.700%, 
11/1/2023
135,108
Delta
Air
Lines,
Inc.
124,000
2.900%, 
10/28/2024
97,331
400,000
7.000%, 
5/1/2025
g
409,959
Hertz
Corporation
390,000
5.500%, 
10/15/2024
g
78,000
300,000
6.000%, 
1/15/2028
g
54,000
J.B.
Hunt
Transport
Services,
Inc.
160,000
3.300%, 
8/15/2022
164,655
NCL
Corporation,
Ltd.
720,000
3.625%, 
12/15/2024
g
462,600
Penske
Truck
Leasing
Company,
LP
124,000
3.375%, 
2/1/2022
g
125,932
Ryder
System,
Inc.
236,000
3.500%, 
6/1/2021
236,634
Southwest
Airlines
Company
215,000
5.250%, 
5/4/2025
214,164
Union
Pacific
Corporation
189,000
3.750%, 
7/15/2025
209,915
United
Airlines
Pass
Through
Trust
160,000
3.700%, 
12/1/2022
142,090
United
Continental
Holdings,
Inc.
200,000
4.875%, 
1/15/2025
146,000
XPO
Logistics,
Inc.
230,000
6.125%, 
9/1/2023
g
232,875
375,000
6.750%, 
8/15/2024
g
386,100
Total
3,390,307
U.S.
Government
&
Agencies
(0.1%)
U.S.
Treasury
Notes
280,000
1.500%, 
8/15/2020
281,137
340,000
1.375%, 
9/30/2020
341,780
Total
622,917
Utilities
(1.1%)
Alabama
Power
Company
117,000
2.450%, 
3/30/2022
120,106
Ameren
Corporation
160,000
2.700%, 
11/15/2020
161,243
125,000
2.500%, 
9/15/2024
129,351
Berkshire
Hathaway
Energy
Company
135,000
4.050%, 
4/15/2025
g
151,807
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Utilities
(1.1%)
-
continued
Calpine
Corporation
$
410,000
4.500%, 
2/15/2028
g
$
397,536
CenterPoint
Energy,
Inc.
120,000
2.500%, 
9/1/2022
123,317
127,000
2.500%, 
9/1/2024
130,872
Dominion
Energy,
Inc.
126,000
2.715%, 
8/15/2021
127,122
126,000
3.071%, 
8/15/2024
132,386
205,000
4.650%, 
12/15/2024
b,j
199,363
DTE
Energy
Company
179,000
3.300%, 
6/15/2022
184,404
187,000
2.529%, 
10/1/2024
190,300
Duke
Energy
Corporation
250,000
2.400%, 
8/15/2022
256,473
207,000
4.875%, 
9/16/2024
b,j
204,930
Edison
International
368,000
2.950%, 
3/15/2023
368,054
62,000
3.550%, 
11/15/2024
63,810
137,000
4.950%, 
4/15/2025
148,647
Evergy,
Inc.
127,000
2.450%, 
9/15/2024
131,511
Eversource
Energy
127,000
2.500%, 
3/15/2021
128,042
FirstEnergy
Corporation
184,000
2.850%, 
7/15/2022
187,720
135,000
2.050%, 
3/1/2025
135,175
Florida
Power
&
Light
Company
140,000
2.850%, 
4/1/2025
151,636
Georgia
Power
Company
133,000
2.100%, 
7/30/2023
137,175
127,000
2.200%, 
9/15/2024
130,697
NextEra
Energy
Capital
Holdings,
Inc.
138,000
2.750%, 
5/1/2025
146,858
NextEra
Energy
Operating
Partners,
LP
710,000
3.875%, 
10/15/2026
g
701,764
NiSource,
Inc.
177,000
3.650%, 
6/15/2023
189,475
310,000
5.650%, 
6/15/2023
b,j
285,200
Pinnacle
West
Capital
Corporation
120,000
2.250%, 
11/30/2020
120,161
PPL
Capital
Funding,
Inc.
252,000
3.950%, 
3/15/2024
266,205
PSEG
Power,
LLC
143,000
3.000%, 
6/15/2021
144,978
Public
Service
Enterprise
Group,
Inc.
126,000
2.875%, 
6/15/2024
131,480
Sempra
Energy
246,000
3.550%, 
6/15/2024
259,293
Southern
Company
116,000
2.350%, 
7/1/2021
117,363
TerraForm
Power
Operating,
LLC
325,000
5.000%, 
1/31/2028
g
340,938
TransCanada
Trust
547,000
5.875%, 
8/15/2076
b
517,787
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
194
Principal
Amount
Long-Term
Fixed
Income
(
52
.7
%
)
Value
Utilities
(1.1%)
-
continued
Vistra
Operations
Company,
LLC
$
580,000
5.000%, 
7/31/2027
g
$
591,542
Total
7,904,721
Total
Long-Term
Fixed
Income
(cost
$394,863,257)
381,108,204
Shares
Registered
Investment
Companies
(
20
.1
%
)
Value
Unaffiliated  (5.6%)
34,500
AllianzGI
NFJ
Dividend
Interest
&
Premium
Strategy
Fund
365,010
47,958
BlackRock
Resources
&
Commodities
Strategy
Trust
268,085
1,018,625
Invesco
Senior
Loan
ETF
21,370,753
13,700
Invesco
Variable
Rate
Preferred
ETF
319,484
125,200
iShares
S&P
U.S.
Preferred
Stock
Index
Fund
4,338,180
40,298
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
3,990,711
95,073
Templeton
Global
Income
Fund
514,345
111,245
Vanguard
Short-Term
Corporate
Bond
ETF
9,019,745
124,055
Western
Asset
High
Income
Opportunity
Fund,
Inc.
547,082
Total
40,733,395
Affiliated  (14.5%)
11,607,078
Thrivent
Core
Emerging
Markets
Debt
Fund
104,579,769
Total
104,579,769
Total
Registered
Investment
Companies
(cost
$154,814,385)
145,313,164
Shares
Preferred
Stock
(
0
.8
%
)
Value
Communications
Services
(<0.1%)
7,400
AT&T,
Inc.,
4.750%
j
170,274
Total
170,274
Consumer
Staples
(0.1%)
17,520
CHS,
Inc.,
7.100%
b,j
460,776
Total
460,776
Energy
(0.1%)
58,690
Crestwood
Equity
Partners,
LP,
9.250%
j
404,961
2,800
Energy
Transfer
Operating,
LP,
7.600%
b,j
59,220
5,255
Nustar
Logistics,
LP,
7.953%
b
100,265
Total
564,446
Financials
(0.6%)
4,025
Aegon
Funding
Corporation
II,
5.100%
96,640
7,320
Agribank
FCB,
6.875%
b,j
732,000
8,200
Allstate
Corporation,
5.100%
j
209,920
7,500
Bank
of
America
Corporation,
5.000%
j
187,800
8,275
Capital
One
Financial
Corporation,
5.000%
i,j
191,980
Shares
Preferred
Stock
(
0
.8
%
)
Value
Financials
(0.6%)
-
continued
5,700
Cobank
ACB,
6.250%
b,j
$
575,700
8,875
Equitable
Holdings,
Inc.,
5.250%
j
214,065
265
First
Horizon
Bank,
3.750%
b,g,j
180,200
14,700
GMAC
Capital
Trust
I,
7.477%
b
331,485
6,500
Hartford
Financial
Services
Group,
Inc.,
7.875%
b
173,810
5,500
J.P.
Morgan
Chase
&
Company,
4.750%
j
138,600
13,100
Morgan
Stanley,
7.125%
b,j
356,320
7,000
Regions
Financial
Corporation,
5.700%
b,j
185,570
1,400
Synovus
Financial
Corporation,
5.875%
b,j
30,142
709
Wells
Fargo
&
Company,
Convertible,
7.500%
j
991,778
Total
4,596,010
Total
Preferred
Stock
(cost
$5,948,886)
5,791,506
Shares
Collateral
Held
for
Securities
Loaned
(
0
.5
%
)
Value
3,412,818
Thrivent
Cash
Management
Trust
3,412,818
Total
Collateral
Held
for
Securities
Loaned
(cost
$3,412,819)
3,412,818
Shares
Common
Stock
(
<0.1%
)
Value
Energy
(<0.1%)
19,099
Contura
Energy,
Inc.
m
72,958
73,317
Pacific
Drilling
SA
i,m
46,982
Total
119,940
Materials
(<0.1%)
23,820
Verso
Corporation
m
330,860
Total
330,860
Total
Common
Stock
(cost
$2,233,304)
450,800
Shares
or
Principal
Amount
Short-Term
Investments
(
12
.4
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
800,000
0.200%,
7/13/2020
n,o
799,806
Thrivent
Core
Short-Term
Reserve
Fund
8,850,382
1.450%
88,503,821
U.S.
Treasury
Bills
100,000
0.098%,
6/23/2020
n,p
99,985
400,000
0.101%,
7/30/2020
n,p
399,896
Total
Short-Term
Investments
(cost
$89,760,181)
89,803,508
Total
Investments
(cost
$854,889,646)
111.8%
$
808,585,632
Other
Assets
and
Liabilities,
Net
(11.8%)
(
85,355,212
)
Total
Net
Assets
100.0%
$
723,230,420
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
195
a
The
stated
interest
rate
represents
the
weighted
average
of
all
contracts
within
the
bank
loan
facility.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
All
or
a
portion
of
the
loan
is
unfunded.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
f
In
bankruptcy.  Interest
is
being
accrued
per
the
bankruptcy
agreement
terms.  
g
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$130,875,185
or
18.1%
of
total
net
assets.
h
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
April
30,
2020.
i
All
or
a
portion
of
the
security
is
on
loan.
j
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
k
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.
l
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
m
Non-income
producing
security.
n
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
o
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
p
All
or
a
portion
of
the
security
is
pledged
as
collateral
under
the
agreement
between
the
counterparty,
the
custodian
and
the
fund
for
open
swap
contracts.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Opportunity
Income
Plus
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
3,007,776
Common
Stock
225,560
Total
lending
$3,233,336
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$3,412,818
Net
amounts
due
to
counterparty
$179,482
Definitions:
ACES
-
Alternative
Credit
Enhancement
Securities
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
12
MTA
-
12
Month
Treasury
Average
H15T30Y
-
U.
S.
Treasury
Yield
Curve
Rate
Treasury
Note
Constant
Maturity
30
Year
LIBOR
1W
-
ICE
Libor
USD
Rate
1
Week
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
2M
-
ICE
Libor
USD
Rate
2
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
LIBOR
6M
-
ICE
Libor
USD
Rate
6
Month
PRIME
-
Federal
Reserve
Prime
Loan
Rate