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 55402-3211
(Address of principal executive offices) (Zip code)
 
John D. Jackson, Secretary and Chief Legal Officer
Thrivent Mutual Funds
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402-3211
(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, 2024
 
Item 1. Report to Stockholders
 
(a)        A copy of the registrant’s report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”), as amended, is provided.
 
(b)        A form of the notice transmitted to shareholders in reliance on Rule 30e-3 under the Act is provided.
 
 
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 is included in the report to shareholders filed under Item 1.
 
(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 have materially affected, or are 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 27, 2024
                          
Thrivent Mutual Funds
 
                                      
                       
By:   /s/ Michael W. Kremenak
             
                                            
                    
        Michael W. Kremenak
                                                                                            President
 
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 27, 2024
                          
By:   /s/ Michael W. Kremenak
             
                                            
                    
        Michael W. Kremenak
                                                                                            President          
(principal executive officer)
 
 
Date: June 27, 2024
                          
By:   /s/ Sarah L. Bergstrom
               
                                                                                               Sarah L. Bergstrom
                                                                                            Treasurer and Principal Accounting Officer
                                                                                            (principal financial officer)
Thrivent
Mutual
Funds
Semiannual
Report
Mutual
Funds
April
30,
2024
Table
of
Contents
Letter
from
the
President
2
Letter
from
the
Chief
Investment
Officer
3
Portfolio
Perspectives
Thrivent
Aggressive
Allocation
Fund
4
Thrivent
Balanced
Income
Plus
Fund
5
Thrivent
Global
Stock
Fund
6
Thrivent
Government
Bond
Fund
7
Thrivent
High
Income
Municipal
Bond
Fund
8
Thrivent
High
Yield
Fund
9
Thrivent
Income
Fund
10
Thrivent
International
Allocation
Fund
11
Thrivent
Large
Cap
Growth
Fund
12
Thrivent
Large
Cap
Value
Fund
13
Thrivent
Limited
Maturity
Bond
Fund
14
Thrivent
Low
Volatility
Equity
Fund
15
Thrivent
Mid
Cap
Growth
Fund
16
Thrivent
Mid
Cap
Stock
Fund
17
Thrivent
Mid
Cap
Value
Fund
18
Thrivent
Moderate
Allocation
Fund
19
Thrivent
Moderately
Aggressive
Allocation
Fund
20
Thrivent
Moderately
Conservative
Allocation
Fund
21
Thrivent
Money
Market
Fund
22
Thrivent
Municipal
Bond
Fund
23
Thrivent
Opportunity
Income
Plus
Fund
24
Thrivent
Small
Cap
Growth
Fund
25
Thrivent
Small
Cap
Stock
Fund
26
Shareholder
Expense
Example
27
Schedule
of
Investments
Thrivent
Aggressive
Allocation
Fund
31
Thrivent
Balanced
Income
Plus
Fund
45
Thrivent
Global
Stock
Fund
79
Thrivent
Government
Bond
Fund
93
Thrivent
High
Income
Municipal
Bond
Fund
98
Thrivent
High
Yield
Fund
107
Thrivent
Income
Fund
120
Thrivent
International
Allocation
Fund
132
Thrivent
Large
Cap
Growth
Fund
146
Thrivent
Large
Cap
Value
Fund
149
Thrivent
Limited
Maturity
Bond
Fund
152
Thrivent
Low
Volatility
Equity
Fund
165
Thrivent
Mid
Cap
Growth
Fund
170
Thrivent
Mid
Cap
Stock
Fund
173
Thrivent
Mid
Cap
Value
Fund
176
Thrivent
Moderate
Allocation
Fund
178
Thrivent
Moderately
Aggressive
Allocation
Fund
211
Thrivent
Moderately
Conservative
Allocation
Fund
243
Thrivent
Money
Market
Fund
275
Thrivent
Municipal
Bond
Fund
278
Thrivent
Opportunity
Income
Plus
Fund
294
Thrivent
Small
Cap
Growth
Fund
325
Thrivent
Small
Cap
Stock
Fund
328
Statement
of
Assets
and
Liabilities
332
Statement
of
Operations
338
Statement
of
Changes
in
Net
Assets
344
Notes
to
Financial
Statements
352
Financial
Highlights
372
Additional
Information
392
2
Dear
Shareholder:
2
The
primary
themes
that
I
discussed
in
my
2023
annual
letter
to
shareholders
have
persisted
in
the
minds
of
many
investors
in
the
first
half
of
2024:
inflation,
interest
rates
and
geopolitical
instability.
We
at
Thrivent
Mutual
Funds
continuously
analyze
how
these
and
other
factors
impact
our
mutual
funds
and
how
we
can
utilize
our
active
management
capabilities
to
strive
to
deliver
strong
risk-
adjusted
returns
to
help
our
shareholders
achieve
their
long-term
investment
goals.
I
know
that
many
investors
are
keeping
a
close
eye
on
inflation
because
of
the
significant
impact
it
has
both
on
what
they
spend
on
everyday
items,
as
well
as
the
impact
it
has
on
their
investments.
What
hasn’t
gotten
as
many
headlines
is
that
the
economy
has
remained
surprisingly
resilient.
As
David
discusses
in
his
Chief
Investment
Officer
letter
that
follows,
Thrivent
keeps
a
close
eye
on
macroeconomic
factors
like
inflation
and
economic
growth
to
analyze
how
developments
are
likely
to
impact
different
asset
classes.
It
is
important
for
shareholders
to
understand
that
macroeconomic
factors
not
only
impact
the
absolute
returns
of
the
funds,
but
also
the
performance
of
each
asset
class
relative
to
each
other.
One
significant
lesson
that
has
been
reinforced
by
the
market
volatility
of
the
past
several
years
is
the
importance
of
maintaining
a
well-diversified
portfolio
to
achieve
long-term
investment
goals.
Thrivent
Mutual
Funds
can
help
you
with
this
in
multiple
different
ways.
For
those
who
want
an
investment
that
provides
a
well-diversified
portfolio
of
securities
in
one
fund,
we
offer
our
mixed-asset
funds.
Based
on
your
risk
tolerance,
you
can
select
an
asset
allocation
fund
or
income
plus
fund
that
provides
exposure
to
stocks
and
bonds,
to
domestic
and
international
securities
and
to
companies
of
various
sizes.
The
mixed-asset
funds
are
actively
managed
and
change
allocations
to
various
market
segments
over
time
based
on
macroeconomic
conditions
and
outlooks.
For
those
investors
who
want
to
build
a
diversified
portfolio
on
their
own
or
with
the
assistance
of
their
financial
professional,
we
offer
a
variety
of
equity
and
fixed
income
funds
that
provide
exposure
to
a
particular
market
segment.
These
single-strategy
funds
are
actively
managed
with
a
focus
on
bottoms-up
fundamental
research
of
individual
companies
and
specific
market
segments.
I
am
grateful
for
the
trust
you
have
put
in
Thrivent
through
your
investment
in
one
or
more
funds.
If
you
ever
have
questions
about
how
the
funds
can
help
you
achieve
your
long-term
investment
goals,
you
might
find
it
helpful
to
consult
with
your
financial
professional.
Michael
Kremenak
President
Thrivent Mutual
Funds
3
Dear
Shareholder:
3
The
economy
is
surprising
everyone
this
year
with
its
resiliency.
The
predicted
recession
from
2023
didn’t
happen
and
employment
remains
strong.
It
was
a
good
first
quarter
for
stocks
and
short-term
Treasuries,
but
we
experienced
a
market
correction
in
April,
which
has
caused
us
to
keeping
our
recommendation
to
remain
invested
in
both
stocks
and
bonds.
We
started
the
year
off
with
sunshine
and
flowers,
but
the
rainy
weather
of
April
is
highlighting
inflation‘s
stubborn
streak.
Economic
Review
Inflation
and
interest
rates
are
the
top
stories
for
2024.
We
believe
that
inflation
will
slowly
decline,
even
though
it
is
staying
above
the
U.S.
Federal
Reserve’s
(Fed)
target
inflation
rate
of
2%.
Higher
prices
on
consumer
goods
still
remain
a
concern,
but
earnings
reports
from
Q1
were
encouraging,
highlighting
the
challenging
market
volatility
we
faced.
Comments
from
the
Fed
meeting
in
May
created
anticipation
that
interest
rate
cuts
will
be
pushed
back.
While
markets
earlier
this
year
were
hoping
to
see
a
steadier
decline
in
inflation,
sentiment
has
now
shifted
toward
our
long-held
view
that
the
Fed
would
take
a
cautious
approach
to
interest
rate
cuts
for
fear
of
inflaming
inflation.
With
recent
data
confirming
that
inflation
can
remain
sticky
despite
a
slowing
economy,
we
maintain
our
view
that
the
Fed
will
be
conservative,
preferring
to
hold
rates
as
high
as
it
can
for
and
as
long
as
it
can
to
ensure
inflation
doesn’t
reignite.
The
largest
risk,
in
our
view,
is
that
inflation
stubbornly
refuses
to
decline
to
the
Fed’s
target
level,
delaying
interest
rate
cuts.
Market
Review
High
interest
rates
are
a
concern
for
consumers,
and
the
consumer
is
the
key
to
the
U.S.
economy.
The
first
quarter
job
reports
were
positive,
showing
that
people
have
jobs,
and
when
people
have
jobs,
they
have
income,
which
increases
the
opportunity
for
people
to
spend
money
and
support
the
economy.
In
addition,
real
wages
turned
positive
about
a
year
ago.
This
means
consumer
actual
wage
gains
minus
inflation
were
stronger
on
a
month-over-month
basis
due
to
the
decline
in
inflation.
We
find
real
wages
drives
consumer
confidence.
We
do
have
some
concern
that
spending
may
slow
down
as
there
are
signs
consumers
are
going
more
into
debt
and
drawing
down
savings.
Thanks
to
consumer
spending,
earnings
were
strong
in
first
quarter,
and
we
believe
earnings
will
remain
supportive
over
the
year.
Equities
started
2024 
off
very
strong,
with
technology
and
technology-related
stocks
leading
the
market
with
the
S&P
500®
Index
showing
10%
growth
by
the
end
of
first
quarter.
The
Magnificent
Seven
mega-cap
technology
companies
in
the
Index
dominated
the
headlines,
but
we
have
our
eyes
on
the
other
493
companies
on
the
list.
We
believe
that
the
economy
achieving
a
soft
landing
this
year
will
boost
returns
in
those
other
companies.
The
April
correction
in
U.S.
equities
was
broad-based.
Utilities
was
the
lone
sector
to
rise
in
April,
boosted
by
more
attractive
valuations
in
a
generally
more
defensive
sector
of
the
economy.
On
the
fixed
income
side,
the
combination
of
steady
interest
rates
without
cuts
and
increasing
supply
of
Treasuries
have
pushed
Treasury
yields
higher.
With
the
yield
curve
currently
inverted—that
is,
short-term
rates
higher
than
longer-term
rates—our
expectation
is
that
short-term
interest
rates
will
eventually
drop
more
quickly
than
longer
rates,
and
we
favor
short-dated
Treasuries
and
high-
quality
investment
grade
corporate
bonds
in
that
scenario.
Our
Outlook
Economic
resiliency
is
paying
off
for
consumers.
The
current
higher
interest
rates
put
financial
pressure
on
consumers,
but
consumers
are
earning
much
higher
yields
on
savings,
which
increases
their
spending
power,
allowing
them
to
better
save
for
(and
afford)
large
purchase
items.
For
businesses,
productivity
numbers
are
finally
positive
since
the
pandemic.
Productivity
measures
the
amount
of
work
that
is
made
at
what
price,
so
companies
that
can
make
more
for
less
have
higher
productivity
measures.
The
end
of
2023
had
a
very
high
productivity
number,
and
we
have
our
eyes
on
how
artificial
intelligence
(AI)
will
potentially
boost
productivity
in
the
service
area
moving
forward.
If
that
happens,
we
are
also
watching
how
higher
productivity
will
boost
real
wages
and
help
boost
the
overall
economy.
For
equity
markets,
we
are
optimistic,
but
we
regard
the
recent
correction
as
healthy
and
have
not
changed
our
view
that
earnings
will
remain
supportive
through
the
rest
of
2024.
When
interest
rates
eventually
fall,
the
riskier
segments
of
the
market—such
as
small-cap
stocks,
companies
with
relatively
lower
quality
and
more
value-oriented
stocks—should
see
renewed
interest,
broadening
the
strength
within
equity
indices.
We
continue
to
see
value
in
bonds
despite
the
recent
volatility.
Once
the
Fed
lowers
its
monetary
policy
rates,
we
expect
bond
yields
to
fall
across
the
curve.
While
we
and
the
market
maintain
some
concern
about
supply
putting
upward
pressure
on
longer-
dated
Treasury
bonds,
the
Treasury
department
confirmed
in
April
that
it
does
not
expect
to
increase
bond
issuance
over
the
coming
quarters.
Thus,
the
rise
in
longer-dated
bond
yields
could
offer
a
compelling
opportunity
to
lock
in
significant
yields
for
the
length
of
the
bond.
As
always,
we
thank
you
for
the
trust
you
have
placed
in
our
entire
team
of
professionals
at
Thrivent.
David
S.
Royal
Chief
Investment
Officer
Thrivent Asset
Management
4
Thrivent
Aggressive
Allocation
Fund
David
S.
Royal, 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 risks
including
allocation,
equity
security,
large
cap, conflicts
of
interest, derivatives,
emerging
markets,
foreign
currency,
foreign
securities,
growth
investing,
investment
adviser,
issuer, market,
mid
cap,
other
funds,
quantitative
investing,
small
cap,
and
value
investing
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
47.8%
Short-Term
Investments
13.8%
International
13.1%
Small
Cap
12.9%
Mid
Cap
7.3%
Investment
Grade
Debt
4.5%
Private
Equity
0.5%
Multi-Cap
0.1%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Large
Cap
Growth
Fund,
Class
S
8.0%
Thrivent
International
Allocation
Fund,
Class
S
6.3%
Thrivent
Mid
Cap
Stock
Fund,
Class
S
5.1%
Thrivent
Large
Cap
Value
Fund,
Class
S
4.8%
Thrivent
Core
International
Equity
Fund
3.0%
Thrivent
Core
Mid
Cap
Value
Fund
2.7%
Thrivent
Global
Stock
Fund,
Class
S
2.3%
Thrivent
Small
Cap
Stock
Fund,
Class
S
2.3%
Thrivent
Core
Emerging
Markets
Equity
Fund
2.0%
Thrivent
Core
Small
Cap
Value
Fund
1.1%
These
securities
represent
37.6%
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.
Portfolio
Composition
excludes
collateral
held
for
securities
loaned.
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition
and
Top
10
Holdings
are
subject
to
change.
5
Thrivent
Balanced
Income
Plus
Fund
Stephen
D.
Lowe,
CFA,
David
R.
Spangler,
CFA, and
Theron
G.
Whitehorn,
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, conflicts
of
interest,
derivatives,
emerging
markets,
foreign
currency,
foreign
securities,
high
yield,
investment
adviser,
issuer,
large
cap, liquidity,
market,
mortgage-backed
and
other
asset-backed
securities,
other
funds, prepayment,
quantitative
investing, and
sovereign
debt 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)
Long-Term
Fixed
Income
45.4%
Common
Stock
31.2%
Registered
Investment
Companies
12.8%
Short-Term
Investments
9.9%
Preferred
Stock
0.7%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Core
International
Equity
Fund
6.7%
Thrivent
Core
Emerging
Markets
Debt
Fund
5.0%
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
1.3%
Microsoft
Corporation
1.2%
NVIDIA
Corporation
1.0%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
1.0%
U.S.
Treasury
Bonds
0.9%
Amazon.com,
Inc.
0.9%
Apple,
Inc.
0.9%
U.S.
Treasury
Notes
0.8%
These
securities
represent
19.7%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Holdings
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Mortgage-Backed
Securities
14.6%
U.S.
Affiliated
Registered
Investment
Companies
11.7%
Financials
11.0%
Information
Technology
8.5%
Consumer
Discretionary
5.7%
U.S.
Government
&
Agencies
5.1%
Collateralized
Mortgage
Obligations
4.6%
Industrials
4.3%
Asset-Backed
Securities
3.9%
Health
Care
3.6%
6
Thrivent
Global
Stock
Fund
Kurt
J.
Lauber,
CFA,
Noah
J.
Monsen,
CFA,
Lauri A.
Brunner,
and
David
R.
Spangler,
CFA,
Portfolio
Co-Managers
The
Fund
seeks
long-term
capital
growth.
Investment
in
Thrivent
Global
Stock
Fund
involves
risks
including equity
security,
allocation,
large
cap, derivatives,
emerging
markets,
foreign
currency,
foreign
securities,
futures
contract,
investment
adviser,
issuer,
market,
mid
cap,
other
funds,
quantitative
investing,
and
small
cap 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
78.8%
Short-Term
Investments
15.1%
Registered
Investments
Companies
6.1%
Preferred
Stock
<
0.1%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Core
Emerging
Markets
Equity
Fund
2.7%
Thrivent
Core
Small
Cap
Value
Fund
2.0%
Microsoft
Corporation
1.9%
NVIDIA
Corporation
1.6%
Amazon.com,
Inc.
1.6%
Alphabet,
Inc.,
Class
C
1.5%
Meta
Platforms,
Inc.
1.2%
Apple,
Inc.
1.1%
SPDR
S&P
500
ETF
Trust
0.8%
J.P.
Morgan
Chase
&
Company
0.7%
These
securities
represent
15.1%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Holdings
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Information
Technology
14.3%
Financials
13.2%
Industrials
11.2%
Health
Care
9.8%
Consumer
Discretionary
8.4%
Communications
Services
4.9%
Energy
4.8%
U.S.
Affiliated
Registered
Investment
Companies
4.7%
Consumer
Staples
4.5%
Materials
3.6%
7
Thrivent
Government
Bond
Fund
Kent
L. White,
CFA,
and
Jon-Paul
(JP)
Gagne, 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,
interest
rate, derivatives,
inflation-linked
security,
investment
adviser, liquidity,
market,
portfolio
turnover
rate, redemption,
and
sovereign
debt 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
Notes
14.1%
U.S.
Treasury
Notes
10.8%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
6.6%
U.S.
Treasury
Notes
6.5%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
5.6%
U.S.
Treasury
Bonds
3.9%
Federal
Home
Loan
Bank
3.0%
Federal
National
Mortgage
Association
Conventional
10-Yr.
Pass
Through
2.7%
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
2.3%
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
2.2%
These
securities
represent
57.7%
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”).
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
U.S.
Government
&
Agencies
39.5%
Mortgage-Backed
Securities
37.1%
Collateralized
Mortgage
Obligations
11.1%
Asset-Backed
Securities
9.7%
Commercial
Mortgage-
Backed
Securities
1.9%
8
Thrivent
High
Income
Municipal
Bond
Fund
Johan
A.
Akesson,
CFA,
and
Stephanie
L.
Woeppel, 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, futures
contract, investment
adviser, liquidity,
market,
redemption,
and
tax 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)
New
York
9.6%
Florida
7.7%
Wisconsin
7.2%
Texas
6.6%
Colorado
5.6%
Arizona
5.1%
California
5.0%
Minnesota
4.6%
Illinois
3.2%
Pennsylvania
3.0%
Investments
in
securities
in
these
States
represent
57.6%
of
the
total
net
assets
of
the
Fund.
Bond
quality
ratings
are
obtained
from
Moody’s
Investors
Service,
Inc.
(“Moody’s”),
Standard
&
Poor’s
Ratings
Services
(“S&P”)
and
Fitch
Solutions,
Inc.
(“Fitch”).
If
Moody’s,
S&P
and/or
Fitch
have
assigned
different
ratings
to
a
security,
the
highest
rating
for
the
security
is
used.
Ratings
from
S&P
or
Fitch,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Major
Market
Sectors
and
Top
10
States
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
States
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Education
29.1%
Health
Care
17.7%
Transportation
16.4%
Industrial
Development
Revenue
9.2%
Other
Revenue
8.4%
Tax
Revenue
7.6%
Housing
Finance
4.0%
General
Obligation
2.9%
Water
&
Sewer
2.0%
Electric
Revenue
1.5%
9
Thrivent
High
Yield
Fund
Paul
J.
Ocenasek,
CFA,
and
Paul
S.
Tommerdahl,
CFA, Portfolio
Co-Managers
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
securities, derivatives,
foreign
securities,
investment
adviser,
leveraged
loan, liquidity,
market,
prepayment,
and
redemption 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)
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
1.7%
SPDR
Bloomberg
Short
Term
High
Yield
Bond
ETF
1.2%
H&E
Equipment
Services,
Inc.
0.6%
Caesars
Entertainment,
Inc.
0.6%
DIRECTV
Financing,
LLC/DIRECTV
Financing
Co-Obligor,
Inc.
0.6%
Tenet
Healthcare
Corporation
0.6%
1011778
B.C.,
ULC/New
Red
Finance,
Inc.
0.6%
Teva
Pharmaceutical
Finance
Netherlands
III
BV
0.5%
GFL
Environmental,
Inc.
0.5%
EQM
Midstream
Partners,
LP
0.5%
These
securities
represent
7.4%
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”).
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Consumer
Cyclical
17.5%
Energy
12.8%
Communications
Services
12.6%
Consumer
Non-Cyclical
11.6%
Capital
Goods
11.5%
Financials
10.4%
Technology
7.0%
Basic
Materials
5.7%
Utilities
3.0%
U.S.
Unaffiliated
Registered
Investment
Companies
2.9%
10
Thrivent
Income
Fund
Kent
L.
White,
CFA, and
Cortney
L.
Swensen,
CFA,
Portfolio
Co-Managers
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, derivatives,
emerging
markets,
financial
sector,
foreign
securities,
government
securities,
investment
adviser,
issuer, liquidity, market, mortgage-backed
and
other
asset-backed
securities,
and
redemption 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
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
1.6%
U.S.
Treasury
Notes
1.2%
U.S.
Treasury
Notes
0.8%
U.S.
Treasury
Bonds
0.8%
U.S.
Treasury
Notes
0.8%
U.S.
Treasury
Bonds
0.8%
U.S.
Treasury
Bonds
0.7%
UBS
Group
AG
0.7%
Sprint
Capital
Corporation
0.6%
Cheniere
Energy
Partners,
LP
0.5%
These
securities
represent
8.5%
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”).
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
34.8%
Consumer
Non-Cyclical
10.1%
Utilities
8.0%
Consumer
Cyclical
7.6%
Communications
Services
6.9%
U.S.
Government
&
Agencies
6.8%
Energy
6.2%
Capital
Goods
6.0%
Technology
5.1%
Transportation
2.3%
11
Thrivent
International
Allocation
Fund
Noah
J.
Monsen,
CFA,
Brian
W.
Bomgren,
CQF,
Jing
Wang,
CFA,
and Shu
Guo, Portfolio
Co-Managers
The
Fund
seeks
long-term
capital
growth.
Investment
in
Thrivent
International
Allocation
Fund
involves
risks
including allocation,
equity
security,
foreign
securities, derivatives,
emerging
markets,
foreign
currency,
growth
investing,
investment
adviser,
issuer,
large
cap,
market,
mid
cap, quantitative
investing,
small
cap,
and
value
investing 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
95.3%
Short-Term
Investments
4.5%
Preferred
Stock
0.2%
Total
100.0%
Top
10
Countries
(%
of
Net
Assets)
Japan
18.5%
United
Kingdom
11.4%
Canada
8.3%
Switzerland
7.5%
France
6.7%
Australia
5.8%
Germany
5.3%
Netherlands
4.9%
Italy
3.3%
Spain
3.1%
Investments
in
securities
in
these
countries
represent
74.8%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Market
Sectors
and
Top
10
Countries
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Countries
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
17.9%
Industrials
15.7%
Consumer
Discretionary
11.5%
Information
Technology
11.4%
Health
Care
10.9%
Materials
7.4%
Consumer
Staples
6.5%
Energy
5.8%
Communications
Services
4.0%
Utilities
2.5%
12
Thrivent
Large
Cap
Growth
Fund
 Lauri
A. Brunner
and
Jaimin
Soni,
Portfolio
Co-Managers
The
Fund
seeks
long-term
capital
appreciation.
Investment
in
Thrivent
Large
Cap
Growth
Fund
involves
risks
including large
cap,
growth
investing,
equity
security, foreign
securities,
investment
adviser,
issuer,
market,
non-diversified,
and
technology-oriented
companies 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
97.0%
Short-Term
Investments
2.0%
Registered
Investments
Companies
1.0%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Microsoft
Corporation
10.5%
Amazon.com,
Inc.
8.5%
NVIDIA
Corporation
8.5%
Alphabet,
Inc.,
Class
C
6.7%
Apple,
Inc.
5.9%
Meta
Platforms,
Inc.
4.8%
Tesla,
Inc.
2.2%
Advanced
Micro
Devices,
Inc.
2.1%
Home
Depot,
Inc.
2.0%
ServiceNow,
Inc.
2.0%
These
securities
represent
53.2%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Holdings
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Information
Technology
39.7%
Consumer
Discretionary
14.9%
Communications
Services
11.5%
Health
Care
10.7%
Financials
7.9%
Industrials
6.1%
Consumer
Staples
2.4%
Energy
2.2%
Materials
1.0%
U.S.
Unaffiliated
Registered
Investment
Companies
1.0%
13
Thrivent
Large
Cap
Value
Fund
Kurt
J.
Lauber,
CFA,
and
Thomas
C.
Lieu,
CFA,
Portfolio
Co-Managers
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, foreign
securities,
investment
adviser,
issuer,
and
market 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
97.2%
Short-Term
Investments
2.3%
Registered
Investments
Companies
0.5%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Wells
Fargo
&
Company
3.0%
J.P.
Morgan
Chase
&
Company
2.6%
Exxon
Mobil
Corporation
2.2%
Elevance
Health,
Inc.
2.2%
Merck
&
Company,
Inc.
2.1%
QUALCOMM,
Inc.
2.1%
Johnson
&
Johnson
2.0%
Verizon
Communications,
Inc.
2.0%
Philip
Morris
International,
Inc.
2.0%
ConocoPhillips
1.9%
These
securities
represent
22.1%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Holdings
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
21.2%
Health
Care
14.0%
Industrials
12.4%
Energy
10.3%
Consumer
Staples
7.9%
Information
Technology
7.8%
Communications
Services
7.0%
Consumer
Discretionary
5.6%
Utilities
4.9%
Materials
3.6%
14
Thrivent
Limited
Maturity
Bond
Fund
Cortney
L.
Swensen,
CFA,
and
Jon-Paul
(JP)
Gagne,
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, credit,
futures
contract,
high
yield,
interest
rate,
investment
adviser,
issuer, liquidity,
market,
and
redemption 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
Notes
5.2%
U.S.
Treasury
Notes
0.8%
Avant
Credit
Card
Master
Trust
0.8%
Genesis
Sales
Finance
Master
Trust
0.8%
U.S.
Treasury
Notes
0.8%
Ares
XL
CLO,
Ltd.
0.7%
PPM
CLO
2,
Ltd.
0.5%
Wells
Fargo
&
Company
0.5%
AMSR
Trust
0.4%
Palmer
Square
Loan
Funding,
Ltd.
0.4%
These
securities
represent
10.9%
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”).
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
33.0%
Asset-Backed
Securities
16.7%
Collateralized
Mortgage
Obligations
10.1%
U.S.
Government
&
Agencies
6.8%
Consumer
Non-Cyclical
5.6%
Consumer
Cyclical
5.2%
Utilities
4.5%
Energy
4.2%
Capital
Goods
2.9%
Communications
Services
2.8%
15
Thrivent
Low
Volatility
Equity
Fund
Noah
J.
Monsen,
CFA, Brian
W.
Bomgren,
CQF,
and
Jing
Wang,
CFA, 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, derivatives,
foreign
currency,
foreign
securities,
futures
contract,
investment
adviser,
issuer, market,
and
mid
cap 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
97.1%
Short-Term
Investments
2.9%
Total
100.0%
Top
10
Countries
(%
of
Net
Assets)
United
States
60.5%
Japan
10.5%
Switzerland
6.5%
Canada
4.6%
Netherlands
2.8%
Italy
2.1%
Spain
1.9%
Hong
Kong
1.5%
Singapore
1.3%
Denmark
0.9%
Investments
in
securities
in
these
countries
represent
92.6%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Market
Sectors
and
Top
10
Countries
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Countries
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Health
Care
17.7%
Information
Technology
14.8%
Financials
14.1%
Consumer
Staples
12.6%
Industrials
10.6%
Communications
Services
9.5%
Utilities
6.1%
Consumer
Discretionary
5.9%
Materials
2.4%
Energy
1.6%
16
Thrivent
Mid
Cap
Growth
Fund
Siddharth
Sinha,
CFA,
and
Mark
C.
Militello,
CFA, Portfolio
Co-Managers
The
Fund
seeks
long-term
capital
growth.
Investment
in
Thrivent
Mid
Cap
Growth
Fund
involves
risks
including mid
cap,
growth
investing,
equity
security,
investment
adviser, issuer,
market,
and
technology-oriented
companies 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
1.5%
Registered
Investments
Companies
0.7%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Howmet
Aerospace,
Inc.
2.5%
Amphenol
Corporation
2.0%
Dexcom,
Inc.
1.8%
Advanced
Drainage
Systems,
Inc.
1.8%
Tyler
Technologies,
Inc.
1.8%
PTC,
Inc.
1.8%
Chipotle
Mexican
Grill,
Inc.
1.8%
Veeva
Systems,
Inc.
1.7%
Monolithic
Power
Systems,
Inc.
1.7%
CoStar
Group,
Inc.
1.7%
These
securities
represent
18.6%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Holdings
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Information
Technology
27.5%
Industrials
18.9%
Health
Care
17.8%
Consumer
Discretionary
10.8%
Financials
8.4%
Consumer
Staples
3.6%
Communications
Services
3.2%
Real
Estate
3.1%
Materials
2.3%
Energy
2.3%
17
Thrivent
Mid
Cap
Stock
Fund
Brian
J.
Flanagan,
CFA,
Vikram
Kaura,
and
J.P.
McKim,
CFA,
Portfolio
Co-Managers
The
Fund
seeks
long-term
capital
growth.
Investment
in
Thrivent
Mid
Cap
Stock
Fund
involves
risks
including
mid
cap,
equity
security,
market, investment
adviser,
and issuer
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
97.1%
Short-Term
Investments
2.9%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
NVR,
Inc.
4.0%
Steel
Dynamics,
Inc.
3.3%
United
Rentals,
Inc.
3.1%
Ball
Corporation
3.0%
Trimble,
Inc.
2.8%
Advanced
Drainage
Systems,
Inc.
2.8%
Chesapeake
Energy
Corporation
2.5%
Arch
Capital
Group,
Ltd.
2.5%
Howmet
Aerospace,
Inc.
2.4%
Kinsale
Capital
Group,
Inc.
2.4%
These
securities
represent
28.8%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Holdings
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Industrials
21.1%
Financials
15.3%
Consumer
Discretionary
13.4%
Information
Technology
11.0%
Health
Care
9.2%
Materials
7.4%
Energy
5.3%
Utilities
5.2%
Consumer
Staples
4.6%
Real
Estate
4.5%
18
Thrivent
Mid
Cap
Value
Fund
Graham
Wong,
CFA,
and
Nicholas
E.
Griffith,
MD,
CFA,
Portfolio
Co-Managers
The
Fund
seeks
long-term
capital
growth.
Investment
in
Thrivent
Mid
Cap
Value
Fund
involves
risks
including
mid
cap,
value
investing,
equity
security,
investment
adviser, issuer,
and
market 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
98.5%
Short-Term
Investments
1.5%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Flowserve
Corporation
2.4%
General
Dynamics
Corporation
2.3%
Carlyle
Group,
Inc.
2.2%
MKS
Instruments,
Inc.
2.0%
U.S.
Bancorp
2.0%
MSC
Industrial
Direct
Company,
Inc.
2.0%
Allstate
Corporation
1.9%
Lear
Corporation
1.9%
Coterra
Energy,
Inc.
1.9%
Celanese
Corporation
1.9%
These
securities
represent
20.5%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Holdings
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
19.1%
Industrials
17.5%
Consumer
Discretionary
10.3%
Energy
8.7%
Health
Care
8.7%
Information
Technology
7.5%
Materials
7.2%
Consumer
Staples
5.8%
Real
Estate
5.6%
Utilities
5.3%
19
Thrivent
Moderate
Allocation
Fund
Stephen
D.
Lowe,
CFA, David
S.
Royal,
and
David
R.
Spangler,
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, conflicts
of
interest,
credit,
derivatives,
emerging
markets,
foreign
currency,
foreign
securities, growth
investing,
high
yield,
investment
adviser,
issuer,
large
cap, market,
mid
cap, other
funds,
quantitative
investing,
small
cap,
and
value
investing 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
43.0%
Investment
Grade
Debt
26.7%
Short-Term
Investments
13.5%
Small
Cap
4.9%
International
4.1%
Mid
Cap
3.2%
High
Yield
2.6%
Emerging
Markets
Debt
1.5%
Private
Equity
0.4%
Multi-Cap
0.1%
Floating
Rate
Debt
<0.1%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Large
Cap
Growth
Fund,
Class
S
9.8%
Thrivent
Large
Cap
Value
Fund,
Class
S
9.3%
Thrivent
Mid
Cap
Stock
Fund,
Class
S
5.1%
Thrivent
International
Allocation
Fund,
Class
S
3.9%
Thrivent
Income
Fund,
Class
S
3.5%
Thrivent
Global
Stock
Fund,
Class
S
2.3%
Thrivent
Limited
Maturity
Bond
Fund,
Class
S
2.0%
Thrivent
Core
Emerging
Markets
Debt
Fund
1.7%
Thrivent
Core
Small
Cap
Value
Fund
1.5%
Thrivent
Small
Cap
Stock
Fund,
Class
S
1.3%
These
securities
represent
40.4%
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
an
asset
class.
Portfolio
Composition
excludes
collateral
held
for
securities
loaned.
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition
and
Top
10
Holdings
are
subject
to
change.
20
Thrivent
Moderately
Aggressive
Allocation
Fund
Stephen
D.
Lowe,
CFA,
David
S.
Royal,
and
David
R.
Spangler,
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,
conflicts
of
interest,
credit,
derivatives,
emerging
markets,
foreign
currency,
foreign
securities,
growth
investing,
interest
rate,
investment
adviser,
issuer, market,
mid
cap,
other
funds,
quantitative
investing,
small
cap,
and
value
investing
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
45.3%
Short-Term
Investments
14.6%
Investment
Grade
Debt
14.1%
International
11.5%
Small
Cap
7.6%
Mid
Cap
4.5%
High
Yield
1.2%
Emerging
Markets
Debt
0.7%
Private
Equity
0.4%
Multi-Cap
0.1%
Floating
Rate
Debt
<0.1%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Large
Cap
Growth
Fund,
Class
S
10.0%
Thrivent
Large
Cap
Value
Fund,
Class
S
8.8%
Thrivent
International
Allocation
Fund,
Class
S
6.3%
Thrivent
Mid
Cap
Stock
Fund,
Class
S
6.3%
Thrivent
Global
Stock
Fund,
Class
S
4.7%
Thrivent
Core
International
Equity
Fund
2.6%
Thrivent
Small
Cap
Stock
Fund,
Class
S
1.7%
Thrivent
Income
Fund,
Class
S
1.6%
Thrivent
Core
Emerging
Markets
Equity
Fund
1.6%
Thrivent
Core
Small
Cap
Value
Fund
1.5%
These
securities
represent
45.1%
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
an
asset
class.
Portfolio
Composition
excludes
collateral
held
for
securities
loaned.
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition
and
Top
10
Holdings
are
subject
to
change.
21
Thrivent
Moderately
Conservative
Allocation
Fund
Stephen
D.
Lowe,
CFA,
David
S.
Royal,
and
David
R.
Spangler,
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, conflicts
of
interest,
credit,
derivatives,
emerging
markets,
foreign
currency,
foreign
securities,
government
securities,
high
yield,
investment
adviser,
issuer,
large
cap,
leveraged
loan, market,
mid
cap,
mortgage-backed
and
other
asset-backed
securities,
other
funds, prepayment,
and
quantitative
investing
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
45.5%
Large
Cap
25.0%
Short-Term
Investments
11.1%
International
5.5%
High
Yield
4.7%
Small
Cap
3.4%
Emerging
Markets
Debt
2.7%
Mid
Cap
1.7%
Private
Equity
0.4%
Multi-Cap
<0.1%
Floating
Rate
Debt
<0.1%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Large
Cap
Value
Fund,
Class
S
9.6%
Thrivent
Income
Fund,
Class
S
6.5%
Thrivent
Large
Cap
Growth
Fund,
Class
S
5.7%
Thrivent
Limited
Maturity
Bond
Fund,
Class
S
3.8%
Thrivent
Core
Emerging
Markets
Debt
Fund
3.2%
Thrivent
Mid
Cap
Stock
Fund,
Class
S
2.7%
Thrivent
International
Allocation
Fund,
Class
S
2.2%
Thrivent
High
Yield
Fund,
Class
S
2.2%
U.S.
Treasury
Notes
1.8%
Thrivent
Core
International
Equity
Fund
1.4%
These
securities
represent
39.1%
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
an
asset
class.
Portfolio
Composition
excludes
collateral
held
for
securities
loaned.
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition
and
Top
10
Holdings
are
subject
to
change.
22
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, investment
adviser, market, and
repurchase
agreement
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
54.5%
U.S.
Treasury
Debt
40.1%
U.S.
Treasury
Repurchase
Agreement,
if
collateralized
only
by
U.S.
Treasuries
(including
Strips)
and
cash
5.4%
Investment
Company
<
0.1%
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.
23
Thrivent
Municipal
Bond
Fund
Johan
A.
Akesson,
CFA,
and
Stephanie
L.
Woeppel,
Portfolio
Co-Managers
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, high
yield, investment
adviser, liquidity,
market,
and
redemption 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
12.3%
New
York
7.9%
California
6.3%
Illinois
5.2%
Florida
5.1%
Colorado
4.3%
Minnesota
4.1%
Pennsylvania
4.0%
Ohio
3.9%
Michigan
3.5%
Investments
in
securities
in
these
States
represent
56.6%
of
the
total
net
assets
of
the
Fund.
Bond
quality
ratings
are
obtained
from
Moody’s
Investors
Service,
Inc.
(“Moody’s”),
Standard
&
Poor’s
Ratings
Services
(“S&P”)
and
Fitch
Solutions,
Inc.
(“Fitch”).
If
Moody’s,
S&P
and/or
Fitch
have
assigned
different
ratings
to
a
security,
the
highest
rating
for
the
security
is
used.
Ratings
from
S&P
or
Fitch,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Major
Market
Sectors
and
Top
10
States
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
States
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Transportation
24.9%
Health
Care
21.4%
Education
18.7%
Water
&
Sewer
7.3%
General
Obligation
7.2%
Tax
Revenue
5.1%
Other
Revenue
4.8%
Electric
Revenue
3.4%
Industrial
Development
Revenue
2.6%
Housing
Finance
2.0%
24
Thrivent
Opportunity
Income
Plus
Fund
Kent
L.
White,
CFA,
Stephen
D.
Lowe,
CFA, and
Theron
G.
Whitehorn,
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, allocation,
conflicts
of
interest,
derivatives,
emerging
markets,
foreign
securities,
high
yield,
investment
adviser,
issuer,
liquidity,
market,
other
funds, prepayment,
and
sovereign
debt 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
9.0%
U.S.
Treasury
Notes
1.6%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
1.2%
SPDR
Bloomberg
High
Yield
Bond
ETF
1.1%
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
1.1%
Vanguard
Intermediate-Term
Corporate
Bond
ETF
0.7%
U.S.
Treasury
Bonds
0.7%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
0.6%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
0.6%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
0.6%
These
securities
represent
17.2%
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.
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
13.6%
Mortgage-Backed
Securities
12.4%
Asset-Backed
Securities
9.8%
Collateralized
Mortgage
Obligations
9.2%
U.S.
Affiliated
Registered
Investment
Companies
9.0%
Consumer
Cyclical
5.7%
Consumer
Non-Cyclical
4.8%
Energy
4.5%
U.S.
Unaffiliated
Registered
Investment
Companies
4.4%
U.S.
Government
&
Agencies
4.3%
25
Thrivent
Small
Cap
Growth
Fund
Michael
P.
Hubbard
and
Patrick
D.
Farley,
CFA,
Portfolio
Co-Managers
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, investment
adviser, issuer,
market,
and
technology-oriented
companies 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
99.8%
Short-Term
Investments
0.2%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
e.l.f.
Beauty,
Inc.
2.1%
Boot
Barn
Holdings,
Inc.
1.9%
Houlihan
Lokey,
Inc.
1.9%
Varonis
Systems,
Inc.
1.9%
Guidewire
Software,
Inc.
1.8%
Texas
Roadhouse,
Inc.
1.7%
ExlService
Holdings,
Inc.
1.7%
Hamilton
Lane,
Inc.
1.7%
Onto
Innovation,
Inc.
1.7%
Descartes
Systems
Group,
Inc.
1.6%
These
securities
represent
18.0%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Holdings
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Information
Technology
26.2%
Industrials
19.4%
Health
Care
16.3%
Consumer
Discretionary
10.7%
Financials
8.4%
Consumer
Staples
5.9%
Materials
3.1%
Real
Estate
2.9%
Communications
Services
2.7%
Energy
2.6%
26
Thrivent
Small
Cap
Stock
Fund
Matthew
D.
Finn,
CFA,
James
M.
Tinucci,
CFA,
and
Katelyn
R.
Young,
CPA, 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, investment
adviser,
and issuer
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
98.6%
Registered
Investment
Companies
0.9%
Short-Term
Investments
0.5%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
TTM
Technologies,
Inc.
2.3%
Ally
Financial,
Inc.
2.2%
Badger
Infrastructure
Solutions,
Ltd.
2.1%
Air
Lease
Corporation
2.1%
RLI
Corporation
1.9%
SharkNinja,
Inc.
1.8%
Houlihan
Lokey,
Inc.
1.7%
Tennant
Company
1.7%
National
Storage
Affiliates
Trust
1.6%
Option
Care
Health,
Inc.
1.6%
These
securities
represent
19.0%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Holdings
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Industrials
20.7%
Information
Technology
16.5%
Financials
15.3%
Consumer
Discretionary
11.1%
Health
Care
8.1%
Materials
7.4%
Consumer
Staples
6.4%
Real
Estate
5.2%
Energy
3.8%
Utilities
2.3%
27
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,
2023
through
April
30,
2024.
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
11/1/2023
Ending
Account
Value
4/30/2024
Expenses
Paid
during
Period
11/1/2023
-
4/30/2024
*
Annualized
Expense
Ratio
Thrivent
Aggressive
Allocation
Fund
Actual
Class
A
$1,000
$1,185
$5.06
0.93%
Class
S
$1,000
$1,186
$4.13
0.76%
Hypothetical
**
Class
A
$1,000
$1,020
$4.68
0.93%
Class
S
$1,000
$1,021
$3.82
0.76%
Thrivent
Balanced
Income
Plus
Fund
Actual
Class
A
$1,000
$1,109
$5.12
0.98%
Class
S
$1,000
$1,110
$3.97
0.76%
Hypothetical
**
Class
A
$1,000
$1,020
$4.91
0.98%
Class
S
$1,000
$1,021
$3.80
0.76%
Thrivent
Global
Stock
Fund
Actual
Class
A
$1,000
$1,191
$5.25
0.96%
Class
S
$1,000
$1,192
$3.52
0.64%
Hypothetical
**
Class
A
$1,000
$1,020
$4.84
0.96%
Class
S
$1,000
$1,022
$3.24
0.64%
28
Beginning
Account
Value
11/1/2023
Ending
Account
Value
4/30/2024
Expenses
Paid
during
Period
11/1/2023
-
4/30/2024
*
Annualized
Expense
Ratio
Thrivent
Government
Bond
Fund
Actual
Class
A
$1,000
$1,045
$3.90
0.77%
Class
S
$1,000
$1,048
$2.65
0.52%
Hypothetical
**
Class
A
$1,000
$1,021
$3.85
0.77%
Class
S
$1,000
$1,022
$2.61
0.52%
Thrivent
High
Income
Municipal
Bond
Fund
Actual
Class
S
$1,000
$1,114
$3.15
0.60%
Hypothetical
**
Class
S
$1,000
$1,022
$3.02
0.60%
Thrivent
High
Yield
Fund
Actual
Class
A
$1,000
$1,074
$4.17
0.81%
Class
S
$1,000
$1,076
$2.79
0.54%
Hypothetical
**
Class
A
$1,000
$1,021
$4.07
0.81%
Class
S
$1,000
$1,022
$2.72
0.54%
Thrivent
Income
Fund
Actual
Class
A
$1,000
$1,074
$3.96
0.77%
Class
S
$1,000
$1,075
$2.45
0.47%
Hypothetical
**
Class
A
$1,000
$1,021
$3.86
0.77%
Class
S
$1,000
$1,023
$2.39
0.47%
Thrivent
International
Allocation
Fund
Actual
Class
A
$1,000
$1,158
$6.28
1.17%
Class
S
$1,000
$1,161
$4.33
0.81%
Hypothetical
**
Class
A
$1,000
$1,019
$5.87
1.17%
Class
S
$1,000
$1,021
$4.05
0.81%
Thrivent
Large
Cap
Growth
Fund
Actual
Class
A
$1,000
$1,244
$5.70
1.02%
Class
S
$1,000
$1,245
$4.17
0.75%
Hypothetical
**
Class
A
$1,000
$1,020
$5.14
1.02%
Class
S
$1,000
$1,021
$3.75
0.75%
Thrivent
Large
Cap
Value
Fund
Actual
Class
A
$1,000
$1,187
$4.59
0.85%
Class
S
$1,000
$1,188
$3.03
0.56%
Hypothetical
**
Class
A
$1,000
$1,021
$4.25
0.85%
Class
S
$1,000
$1,022
$2.80
0.56%
Thrivent
Limited
Maturity
Bond
Fund
Actual
Class
A
$1,000
$1,039
$2.97
0.59%
Class
S
$1,000
$1,040
$2.19
0.43%
Hypothetical
**
Class
A
$1,000
$1,022
$2.95
0.59%
Class
S
$1,000
$1,023
$2.17
0.43%
29
Beginning
Account
Value
11/1/2023
Ending
Account
Value
4/30/2024
Expenses
Paid
during
Period
11/1/2023
-
4/30/2024
*
Annualized
Expense
Ratio
Thrivent
Low
Volatility
Equity
Fund
Actual
Class
S
$1,000
$1,101
$4.96
0.95%
Hypothetical
**
Class
S
$1,000
$1,020
$4.77
0.95%
Thrivent
Mid
Cap
Growth
Fund
Actual
Class
S
$1,000
$1,196
$4.91
0.90%
Hypothetical
**
Class
S
$1,000
$1,020
$4.52
0.90%
Thrivent
Mid
Cap
Stock
Fund
Actual
Class
A
$1,000
$1,218
$5.33
0.97%
Class
S
$1,000
$1,219
$4.07
0.74%
Hypothetical
**
Class
A
$1,000
$1,020
$4.85
0.97%
Class
S
$1,000
$1,021
$3.71
0.74%
Thrivent
Mid
Cap
Value
Fund
Actual
Class
S
$1,000
$1,170
$4.86
0.90%
Hypothetical
**
Class
S
$1,000
$1,020
$4.52
0.90%
Thrivent
Moderate
Allocation
Fund
Actual
Class
A
$1,000
$1,145
$4.12
0.77%
Class
S
$1,000
$1,146
$2.90
0.54%
Hypothetical
**
Class
A
$1,000
$1,021
$3.89
0.77%
Class
S
$1,000
$1,022
$2.73
0.54%
Thrivent
Moderately
Aggressive
Allocation
Fund
Actual
Class
A
$1,000
$1,164
$4.25
0.79%
Class
S
$1,000
$1,165
$3.14
0.58%
Hypothetical
**
Class
A
$1,000
$1,021
$3.97
0.79%
Class
S
$1,000
$1,022
$2.93
0.58%
Thrivent
Moderately
Conservative
Allocation
Fund
Actual
Class
A
$1,000
$1,110
$4.28
0.82%
Class
S
$1,000
$1,112
$3.01
0.57%
Hypothetical
**
Class
A
$1,000
$1,021
$4.10
0.82%
Class
S
$1,000
$1,022
$2.88
0.57%
Thrivent
Money
Market
Fund
Actual
Class
A
$1,000
$1,026
$1.72
0.34%
Class
S
$1,000
$1,026
$1.72
0.34%
Hypothetical
**
Class
A
$1,000
$1,023
$1.72
0.34%
Class
S
$1,000
$1,023
$1.72
0.34%
30
Beginning
Account
Value
11/1/2023
Ending
Account
Value
4/30/2024
Expenses
Paid
during
Period
11/1/2023
-
4/30/2024
*
Annualized
Expense
Ratio
Thrivent
Municipal
Bond
Fund
Actual
Class
A
$1,000
$1,097
$3.98
0.76%
Class
S
$1,000
$1,098
$2.66
0.51%
Hypothetical
**
Class
A
$1,000
$1,021
$3.83
0.76%
Class
S
$1,000
$1,022
$2.56
0.51%
Thrivent
Opportunity
Income
Plus
Fund
Actual
Class
A
$1,000
$1,065
$4.59
0.89%
Class
S
$1,000
$1,066
$3.26
0.63%
Hypothetical
**
Class
A
$1,000
$1,020
$4.49
0.89%
Class
S
$1,000
$1,022
$3.19
0.63%
Thrivent
Small
Cap
Growth
Fund
Actual
Class
S
$1,000
$1,221
$5.25
0.95%
Hypothetical
**
Class
S
$1,000
$1,020
$4.77
0.95%
Thrivent
Small
Cap
Stock
Fund
Actual
Class
A
$1,000
$1,211
$5.65
1.03%
Class
S
$1,000
$1,212
$4.37
0.80%
Hypothetical
**
Class
A
$1,000
$1,020
$5.16
1.03%
Class
S
$1,000
$1,021
$4.00
0.80%
*
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.
**
Assuming
5%
annualized
total
return
before
expenses.
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
31
Shares
Common
Stock
(
42.3%
)
Value
Communications
Services
(2.4%)
20,580
Alphabet,
Inc.,
Class
A
a
$
3,350,012
98,542
Alphabet,
Inc.,
Class
C
a
16,223,955
16,395
Altice
USA,
Inc.
a
31,642
5,616
AMC
Networks,
Inc.
a
59,642
2,052
Bandwidth,
Inc.
a
37,346
103,766
Cargurus,
Inc.
a
2,330,584
15,488
Cogent
Communications
Holdings
994,020
89,248
Comcast
Corporation
3,401,241
4,124
E.W.
Scripps
Company
a
15,506
16,292
Electronic
Arts,
Inc.
2,066,151
6,407
Emerald
Holding,
Inc.
a
36,840
2,171
Entravision
Communications
Corporation
b
4,537
11,853
iHeartMedia,
Inc.
a
24,891
3,629
Imax
Corporation
a
58,100
32,454
Integral
Ad
Science
Holding
Corporation
a
311,234
4,249
Interpublic
Group
of
Companies,
Inc.
129,340
4,225
Iridium
Communications,
Inc.
130,088
3,740
Liberty
Global,
Ltd.,
Class
A
a
59,447
6,359
Liberty
Latin
America,
Ltd.,
Class
A
a
48,010
1,145
Liberty
Media
Corporation-Liberty
Live
Group
a
42,731
961
Live
Nation
Entertainment,
Inc.
a
85,443
47,677
Lumen
Technologies,
Inc.
a,b
56,736
2,027
Match
Group,
Inc.
a
62,472
35,327
Meta
Platforms,
Inc.
15,196,616
2,531
Netflix,
Inc.
a
1,393,670
782
Omnicom
Group,
Inc.
72,601
39,945
Pinterest,
Inc.
a
1,336,160
119,961
QuinStreet,
Inc.
a
2,170,095
4,463
Roku,
Inc.
a
257,337
2,119
Sinclair,
Inc.
26,064
1,880
TechTarget,
Inc.
a
51,700
6,012
Telephone
and
Data
Systems,
Inc.
94,088
21,570
Trade
Desk,
Inc.
a
1,787,075
129,344
Verizon
Communications,
Inc.
5,107,795
146,003
Warner
Brothers
Discovery,
Inc.
a
1,074,582
Total
58,127,751
Consumer
Discretionary
(4.4%)
114
Adient
plc
a
3,405
112,018
Amazon.com,
Inc.
a
19,603,150
837
American
Axle
&
Manufacturing
Holdings,
Inc.
a
6,144
11,389
American
Eagle
Outfitters,
Inc.
276,297
28,442
Aptiv
plc
a
2,019,382
4,906
Autoliv,
Inc.
587,690
599
Beazer
Homes
USA,
Inc.
a
16,790
1,668
Best
Buy
Company,
Inc.
122,832
585
Booking
Holdings,
Inc.
2,019,438
25,646
Boot
Barn
Holdings,
Inc.
a
2,730,530
13,545
Brunswick
Corporation
1,092,269
2,286
Buckle,
Inc.
85,474
398
Carvana
Company
a
33,002
26
Cavco
Industries,
Inc.
a
9,470
1,030
Chipotle
Mexican
Grill,
Inc.
a
3,254,388
39,594
Columbia
Sportswear
Company
3,152,870
112
Container
Store
Group,
Inc.
a
94
65,463
Cooper-Standard
Holdings,
Inc.
a
1,010,094
728
Coursera,
Inc.
a
7,440
11,136
Crocs,
Inc.
a
1,384,984
792
Culp,
Inc.
a
3,612
Shares
Common
Stock
(42.3%)
Value
Consumer
Discretionary
(4.4%)
-
continued
9,987
D.R.
Horton,
Inc.
$
1,423,048
11,642
Dana,
Inc.
144,710
534
Darden
Restaurants,
Inc.
81,921
1,269
Deckers
Outdoor
Corporation
a
1,038,638
1,299
DoorDash,
Inc.
a
167,909
48
Dorman
Products,
Inc.
a
4,198
37,415
eBay,
Inc.
1,928,369
491
El
Pollo
Loco
Holdings,
Inc.
a
4,183
1,505
Etsy,
Inc.
a
103,348
8,069
Everi
Holdings,
Inc.
a
65,924
13,442
Expedia
Group,
Inc.
a
1,809,696
6,500
Five
Below,
Inc.
a
951,210
145
Fox
Factory
Holding
Corporation
a
5,643
12,507
Gap,
Inc.
256,644
9,922
Garmin,
Ltd.
1,433,431
20,152
Gentex
Corporation
691,214
3,172
Genuine
Parts
Company
498,670
4,332
Goodyear
Tire
&
Rubber
Company
a
51,811
58
Graham
Holdings
Company
40,679
13,252
Grand
Canyon
Education,
Inc.
a
1,723,025
2,027
Green
Brick
Partners,
Inc.
a
109,722
16,988
Hanesbrands,
Inc.
a
77,465
800
Harley-Davidson,
Inc.
27,512
15,550
Hilton
Worldwide
Holdings,
Inc.
3,067,704
14,629
Home
Depot,
Inc.
4,889,304
4,071
Kohl's
Corporation
97,460
11,434
Laureate
Education,
Inc.
165,793
2,252
Lear
Corporation
283,459
2,191
Leggett
&
Platt,
Inc.
39,591
1,360
Lennar
Corporation
206,203
1,467
Light
&
Wonder,
Inc.
a
130,944
10,329
LKQ
Corporation
445,490
13,410
Lowe's
Companies,
Inc.
3,057,346
5,899
Lululemon
Athletica,
Inc.
a
2,127,179
286
M/I
Homes,
Inc.
a
33,239
8,383
McDonald's
Corporation
2,288,894
10,218
Meritage
Homes
Corporation
1,693,531
99,196
Mobileye
Global,
Inc.
a
2,732,850
16,304
Modine
Manufacturing
Company
a
1,510,240
2,464
Mohawk
Industries,
Inc.
a
284,149
3,843
Nordstrom,
Inc.
73,055
663
NVR,
Inc.
a
4,931,958
1,869
O'Reilly
Automotive,
Inc.
a
1,893,783
1,727
Polaris,
Inc.
147,071
3,836
Pool
Corporation
1,390,665
30,981
Qurate
Retail,
Inc.
a
25,451
1,226
Ralph
Lauren
Corporation
200,623
3,931
Ross
Stores,
Inc.
509,261
50,687
Savers
Value
Village,
Inc.
a
837,349
287
Shake
Shack,
Inc.
a
30,379
51,126
SharkNinja,
Inc.
3,286,379
62,317
Skyline
Champion
Corporation
a
4,673,152
22,158
Sony
Group
Corporation
ADR
1,829,586
14,471
Starbucks
Corporation
1,280,539
115,579
Stoneridge,
Inc.
a
1,731,373
23,272
Tesla,
Inc.
a
4,265,292
18,863
Texas
Roadhouse,
Inc.
3,032,793
160,961
ThredUp,
Inc.
a
257,538
276
TopBuild
Corporation
a
111,689
7,199
Travel
+
Leisure
Company
313,444
10
Ulta
Beauty,
Inc.
a
4,048
1,102
United
Parks
&
Resorts,
Inc.
a
56,004
2,962
Upbound
Group,
Inc.
91,852
6,003
Urban
Outfitters,
Inc.
a
233,877
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
32
Shares
Common
Stock
(42.3%)
Value
Consumer
Discretionary
(4.4%)
-
continued
57
Visteon
Corporation
a
$
6,306
7,271
Wendy's
Company
145,347
1,245
Wingstop,
Inc.
479,064
26,757
Wyndham
Hotels
&
Resorts,
Inc.
1,966,907
57,644
Yum
China
Holding,
Inc.
2,104,582
Total
109,021,068
Consumer
Staples
(2.1%)
31,973
Altria
Group,
Inc.
1,400,737
618
Archer-Daniels-Midland
Company
36,252
2,790
BellRing
Brands,
Inc.
a
153,924
55,562
BJ's
Wholesale
Club
Holdings,
Inc.
a
4,149,370
7,721
Casey's
General
Stores,
Inc.
2,467,477
38,085
Celsius
Holdings,
Inc.
a
2,714,318
9,468
Coca-Cola
Company
584,838
641
Costco
Wholesale
Corporation
463,379
175,499
Coty,
Inc.
a
2,007,709
1,058
Darling
Ingredients,
Inc.
a
44,827
806
Dollar
Tree,
Inc.
a
95,310
12,922
e.l.f.
Beauty,
Inc.
a
2,100,213
1,673
Flowers
Foods,
Inc.
41,725
10,868
J
&
J
Snack
Foods
Corporation
1,492,068
17,172
John
B.
Sanfilippo
&
Son,
Inc.
1,712,048
108,409
Kenvue,
Inc.
2,040,257
4,976
Kroger
Company
275,571
27,142
Lamb
Weston
Holdings,
Inc.
2,262,014
20,984
Lancaster
Colony
Corporation
4,003,957
212
McCormick
&
Company,
Inc.
16,125
1,039
PepsiCo,
Inc.
182,771
47,959
Philip
Morris
International,
Inc.
4,553,227
47,230
Pilgrim's
Pride
Corporation
a
1,701,225
332
PriceSmart,
Inc.
26,756
11,761
Procter
&
Gamble
Company
1,919,395
48,128
Sysco
Corporation
3,576,873
35,419
Turning
Point
Brands,
Inc.
1,021,484
30,488
Tyson
Foods,
Inc.
1,849,097
2,209
US
Foods
Holding
Corporation
a
111,002
132,631
Walmart,
Inc.
7,871,650
Total
50,875,599
Energy
(2.1%)
16,509
Archrock,
Inc.
316,808
20,213
Baker
Hughes
Company
659,348
743
Cactus,
Inc.
36,883
1,419
California
Resources
Corporation
75,008
37,260
Chesapeake
Energy
Corporation
3,348,929
2,045
Chevron
Corporation
329,797
35,173
ConocoPhillips
4,418,432
5,845
Delek
US
Holdings,
Inc.
159,744
86,302
Devon
Energy
Corporation
4,416,936
113,681
Enterprise
Products
Partners,
LP
3,192,163
14,953
EOG
Resources,
Inc.
1,975,740
5,935
Expro
Group
Holdings
NV
a
111,341
51,658
Exxon
Mobil
Corporation
6,109,592
3,493
Gulfport
Energy
Corporation
a
554,374
101,565
Halliburton
Company
3,805,641
548
International
Seaways,
Inc.
30,299
2,297
Kodiak
Gas
Services,
Inc.
62,432
9,254
Liberty
Energy,
Inc.
203,588
3,341
Marathon
Oil
Corporation
89,706
12,128
Marathon
Petroleum
Corporation
2,203,900
45,027
Matador
Resources
Company
2,805,182
4,279
Murphy
Oil
Corporation
191,015
Shares
Common
Stock
(42.3%)
Value
Energy
(2.1%)
-
continued
3,169
Noble
Corporation
plc
$
140,640
135,666
NOV,
Inc.
2,508,464
8,610
Ovintiv,
Inc.
441,865
6,518
Par
Pacific
Holdings,
Inc.
a
200,754
6,706
Phillips
66
960,366
15,118
Pioneer
Natural
Resources
Company
4,071,580
20,334
ProPetro
Holding
Corporation
a
177,312
10,001
Schlumberger
NV
474,847
22,471
Shell
plc
ADR
1,610,272
7,281
SM
Energy
Company
353,056
148,983
TechnipFMC
plc
3,816,944
6,958
TETRA
Technologies,
Inc.
a
29,850
4,093
Viper
Energy,
Inc.
156,189
34,186
Williams
Companies,
Inc.
1,311,375
Total
51,350,372
Financials
(6.4%)
1,758
1st
Source
Corporation
87,197
12,944
Allstate
Corporation
2,201,257
108,497
Ally
Financial,
Inc.
4,160,860
2,383
Amalgamated
Financial
Corporation
58,479
6,809
American
Express
Company
1,593,510
47,101
American
International
Group,
Inc.
3,547,176
7,949
Ameriprise
Financial,
Inc.
3,273,319
495
Ameris
Bancorp
23,503
7,235
Annaly
Capital
Management,
Inc.
135,584
70
Apollo
Global
Management,
Inc.
7,587
22,717
Arch
Capital
Group,
Ltd.
a
2,124,948
5,404
Arthur
J.
Gallagher
&
Company
1,268,265
3,643
Artisan
Partners
Asset
Management,
Inc.
149,108
1,257
Associated
Banc-Corp
26,485
1,658
Assurant,
Inc.
289,155
1,337
Assured
Guaranty,
Ltd.
102,548
649
Atlantic
Union
Bankshares
Corporation
20,619
512
Axis
Capital
Holdings,
Ltd.
31,401
348
Axos
Financial,
Inc.
a
17,612
1,085
Bancorp,
Inc.
a
32,485
139,501
Bank
of
America
Corporation
5,162,932
104
Bank
of
Hawaii
Corporation
5,896
2,629
Bank
of
Marin
Bancorp
37,752
30,333
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
1,031,322
69,583
Bank
of
New
York
Mellon
Corporation
3,930,744
1,395
Bank
OZK
62,287
1,431
BankFinancial
Corporation
13,838
220
BankUnited,
Inc.
5,881
2,796
Banner
Corporation
121,989
403
Bar
Harbor
Bankshares
10,107
459
BayCom
Corporation
9,079
2,680
BCB
Bancorp,
Inc.
25,246
7,231
Berkshire
Hathaway,
Inc.
a
2,868,755
7,922
Berkshire
Hills
Bancorp,
Inc.
168,897
1,149
BlackRock,
Inc.
867,081
3,538
Block,
Inc.
a
258,274
23,079
Blue
Owl
Capital,
Inc.
435,962
170
BOK
Financial
Corporation
15,084
71,000
Bridgewater
Bancshares,
Inc.
a
772,480
2,699
Brighthouse
Financial,
Inc.
a
130,227
2,954
BrightSpire
Capital,
Inc.
18,581
17,840
Brookline
Bancorp,
Inc.
148,072
10,429
Brown
&
Brown,
Inc.
850,381
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
33
Shares
Common
Stock
(42.3%)
Value
Financials
(6.4%)
-
continued
2,405
Business
First
Bancshares,
Inc.
$
48,557
4,249
Byline
Bancorp,
Inc.
92,076
2,580
Cadence
Bank
71,389
467
Camden
National
Corporation
14,580
167
Capital
City
Bank
Group,
Inc.
4,429
15,046
Capital
One
Financial
Corporation
2,158,048
6,546
Capitol
Federal
Financial,
Inc.
31,224
44,364
Carlyle
Group,
Inc.
1,987,507
5,025
Cathay
General
Bancorp
173,061
5,557
Cboe
Global
Markets,
Inc.
1,006,651
11,530
Central
Pacific
Financial
Corporation
229,908
54,180
Charles
Schwab
Corporation
4,006,611
17,553
Chubb,
Ltd.
4,364,378
4,257
Cincinnati
Financial
Corporation
492,492
3,684
Citigroup,
Inc.
225,940
1,720
Citizens
Financial
Group,
Inc.
58,669
2,141
CNB
Financial
Corporation
40,679
3,806
CNO
Financial
Group,
Inc.
100,212
864
Coinbase
Global,
Inc.
a
176,195
16,491
Columbia
Banking
System,
Inc.
310,196
38,515
Comerica,
Inc.
1,932,298
1,957
Commerce
Bancshares,
Inc.
107,009
118
Community
Bank
System,
Inc.
5,100
4,369
Community
Trust
Bancorp,
Inc.
183,542
246
Community
West
Bancshares
b
4,224
999
ConnectOne
Bancorp,
Inc.
17,892
1,155
Corpay,
Inc.
a
348,972
913
Cullen/Frost
Bankers,
Inc.
95,262
3,242
Customers
Bancorp,
Inc.
a
148,062
436
CVB
Financial
Corporation
7,124
1,116
Dime
Community
Bancshares,
Inc.
20,311
20,305
Discover
Financial
Services
2,573,253
2,893
Eagle
Bancorp,
Inc.
53,492
2,773
East
West
Bancorp,
Inc.
206,561
5,335
Ellington
Credit
Company
35,264
1,109
Employers
Holdings,
Inc.
47,232
2,078
Enova
International,
Inc.
a
125,781
204
Enterprise
Bancorp,
Inc./MA
4,957
4,535
Enterprise
Financial
Services
Corporation
172,375
1,123
Equity
Bancshares,
Inc.
37,407
222
EVERTEC,
Inc.
8,332
96,858
F.N.B.
Corporation
1,292,086
3,837
FactSet
Research
Systems,
Inc.
1,599,607
441
Farmers
National
Banc
Corporation
5,217
12,955
Federated
Hermes,
Inc.
425,572
3,938
Fidelity
National
Information
Services,
Inc.
267,469
3,165
Fifth
Third
Bancorp
115,396
3,362
Financial
Institutions,
Inc.
57,894
1,052
First
Bancorp/Puerto
Rico
18,147
8,222
First
Bancshares,
Inc.
196,835
455
First
Citizens
BancShares,
Inc./NC
767,476
5,580
First
Commonwealth
Financial
Corporation
73,600
1,910
First
Financial
Bancorp
42,230
1,509
First
Financial
Bankshares,
Inc.
44,606
1,506
First
Financial
Corporation
54,833
817
First
Hawaiian,
Inc.
17,231
9,907
First
Horizon
Corporation
147,812
646
First
Internet
Bancorp
20,058
3,769
First
Interstate
BancSystem,
Inc.
100,632
1,227
First
Merchants
Corporation
41,006
Shares
Common
Stock
(42.3%)
Value
Financials
(6.4%)
-
continued
2,122
First
Mid-Illinois
Bancshares,
Inc.
$
65,697
4,491
First
of
Long
Island
Corporation
42,530
4,678
Fiserv,
Inc.
a
714,190
203
Five
Star
Bancorp
4,389
4,622
Flushing
Financial
Corporation
50,934
1,749
Flywire
Corporation
a
35,854
6,293
Fulton
Financial
Corporation
104,149
50,611
Glacier
Bancorp,
Inc.
1,831,106
3,802
Global
Payments,
Inc.
466,772
2,354
Great
Southern
Bancorp,
Inc.
120,996
2,043
Green
Dot
Corporation
a
17,876
16,067
Hamilton
Lane,
Inc.
1,795,005
3,254
Hancock
Whitney
Corporation
147,699
16,279
Hanmi
Financial
Corporation
249,069
1,162
Hanover
Insurance
Group,
Inc.
150,851
4,954
Hartford
Financial
Services
Group,
Inc.
479,993
29,270
Heartland
Financial
USA,
Inc.
1,232,560
6,915
Heritage
Commerce
Corporation
54,905
7,295
Heritage
Financial
Corporation
129,413
2,336
Home
BancShares,
Inc.
55,316
4,271
Hometrust
Bancshares,
Inc.
109,765
14,768
Hope
Bancorp,
Inc.
147,975
324
Horace
Mann
Educators
Corporation
11,943
5,074
Horizon
Bancorp,
Inc.
58,249
42,214
Houlihan
Lokey,
Inc.
5,381,863
5,908
Huntington
Bancshares,
Inc./OH
79,581
4,427
Independent
Bank
Corporation
222,412
3,533
Independent
Bank
Corporation/MI
87,654
44,592
Intercontinental
Exchange,
Inc.
5,741,666
403
International
Bancshares
Corporation
22,427
26,423
Invesco,
Ltd.
374,414
49,235
J.P.
Morgan
Chase
&
Company
9,440,319
7,546
Jack
Henry
&
Associates,
Inc.
1,227,659
14,437
Janus
Henderson
Group
plc
450,723
673
Jefferies
Financial
Group,
Inc.
28,979
9,871
Kearny
Financial
Corporation/MD
53,303
52,322
KeyCorp
758,146
17,200
Kinsale
Capital
Group,
Inc.
6,247,900
2,439
KKR
&
Company,
Inc.
226,998
1,969
KKR
Real
Estate
Finance
Trust,
Inc.
18,528
2,794
Lazard,
Inc.
107,569
733
LendingTree,
Inc.
a
35,382
785
M&T
Bank
Corporation
113,346
9,024
Marsh
&
McLennan
Companies,
Inc.
1,799,656
4,118
Mastercard,
Inc.
1,858,042
2,758
Mercantile
Bank
Corporation
99,509
35,295
MetLife,
Inc.
2,508,769
9,929
MFA
Financial,
Inc.
105,148
60,745
MGIC
Investment
Corporation
1,231,909
537
Mid
Penn
Bancorp,
Inc.
10,863
4,469
Midland
States
Bancorp,
Inc.
97,871
7,278
MidWestOne
Financial
Group,
Inc.
146,797
1,359
Moody's
Corporation
503,278
4,641
Mr.
Cooper
Group,
Inc.
a
358,285
7,562
MSCI,
Inc.
3,522,304
223
MVB
Financial
Corporation
4,007
40,426
Nasdaq,
Inc.
2,419,496
3,631
National
Bank
Holdings
Corporation
118,843
3,465
Navient
Corporation
52,044
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
34
Shares
Common
Stock
(42.3%)
Value
Financials
(6.4%)
-
continued
1,186
NCR
Atleos
Corporation
a
$
23,637
54
Nelnet,
Inc.
5,086
17,463
NMI
Holdings,
Inc.
a
538,908
28,952
Northern
Trust
Corporation
2,385,355
3,076
Northfield
Bancorp,
Inc.
25,654
170
Northrim
BanCorp,
Inc.
8,126
7,181
Northwest
Bancshares,
Inc.
76,119
23,848
NU
Holdings,
Ltd./Cayman
Islands
a
258,989
13,787
OceanFirst
Financial
Corporation
203,496
5,825
OFG
Bancorp
210,341
4,369
Old
National
Bancorp
72,263
2,999
Old
Republic
International
Corporation
89,550
3,589
Old
Second
Bancorp,
Inc.
49,169
10,661
OneMain
Holdings,
Inc.
555,545
4,876
Pacific
Premier
Bancorp,
Inc.
104,834
28,784
PayPal
Holdings,
Inc.
a
1,955,009
893
PCB
Bancorp
13,002
714
PennyMac
Financial
Services,
Inc.
61,147
2,001
Peoples
Bancorp,
Inc./OH
58,109
1,160
Pinnacle
Financial
Partners,
Inc.
88,972
344
PNC
Financial
Services
Group,
Inc.
52,721
1,064
Popular,
Inc.
90,429
3,141
Premier
Financial
Corporation
60,873
5,917
Principal
Financial
Group,
Inc.
468,271
270
PROG
Holdings,
Inc.
8,975
21,177
Prosperity
Bancshares,
Inc.
1,312,339
12,491
Provident
Financial
Services,
Inc.
183,368
2,363
Prudential
Financial,
Inc.
261,064
42,803
Radian
Group,
Inc.
1,278,526
33,833
Raymond
James
Financial,
Inc.
4,127,626
3,594
Regions
Financial
Corporation
69,256
19,369
Rithm
Capital
Corporation
215,383
25,042
RLI
Corporation
3,539,687
2,284
S&T
Bancorp,
Inc.
68,863
5,571
Sandy
Spring
Bancorp,
Inc.
113,927
28,936
SEI
Investments
Company
1,908,329
421
ServisFirst
Bancshares,
Inc.
24,822
2,502
Shore
Bancshares,
Inc.
25,896
25
Simmons
First
National
Corporation
427
1,045
Skyward
Specialty
Insurance
Group,
Inc.
a
36,491
414
SmartFinancial,
Inc.
8,508
235
Southern
First
Bancshares,
Inc.
a
6,068
136
Southern
Missouri
Bancorp,
Inc.
5,454
475
Southside
Bancshares,
Inc.
12,663
1,123
SouthState
Corporation
85,011
2,744
Stellar
Bancorp,
Inc.
60,917
1,720
StepStone
Group,
Inc.
62,040
427
Synchrony
Financial
18,779
2,055
Synovus
Financial
Corporation
73,548
2,126
TPG,
Inc.
91,631
29,203
Tradeweb
Markets,
Inc.
2,970,237
1,972
TriCo
Bancshares
68,566
42,726
Triumph
Financial,
Inc.
a
3,006,201
425
Truist
Financial
Corporation
15,959
2,459
TrustCo
Bank
Corporation
NY
65,459
6,126
Two
Harbors
Investment
Corporation
77,371
1,680
U.S.
Bancorp
68,258
473
UMB
Financial
Corporation
37,679
1,549
United
Bankshares,
Inc.
50,281
Shares
Common
Stock
(42.3%)
Value
Financials
(6.4%)
-
continued
924
United
Community
Banks,
Inc.
$
23,312
2,837
Univest
Financial
Corporation
59,208
851
Unum
Group
43,146
16,403
Valley
National
Bancorp
114,985
3,555
Veritex
Holdings,
Inc.
69,251
8,519
Virtu
Financial,
Inc.
184,862
3,046
Visa,
Inc.
818,186
6,804
Voya
Financial,
Inc.
463,761
3,188
WaFd,
Inc.
86,363
548
Walker
&
Dunlop,
Inc.
50,213
7,131
Webster
Financial
Corporation
312,552
122,836
Wells
Fargo
&
Company
7,286,632
3,432
Westamerica
Bancorporation
159,760
49,571
Western
Alliance
Bancorp
2,817,120
19,133
Western
Union
Company
257,148
785
Willis
Towers
Watson
plc
197,145
918
Wintrust
Financial
Corporation
88,716
248
WSFS
Financial
Corporation
10,597
34,126
Zions
Bancorp
NA
1,391,658
Total
158,499,679
Health
Care
(5.1%)
18,612
Abbott
Laboratories
1,972,314
5,791
AbbVie,
Inc.
941,848
4,162
ACADIA
Pharmaceuticals,
Inc.
a
69,547
20,009
Agilent
Technologies,
Inc.
2,742,033
1,303
Agios
Pharmaceuticals,
Inc.
a
42,348
11,397
Align
Technology,
Inc.
a
3,218,285
11,490
Amgen,
Inc.
3,147,571
3,313
Amicus
Therapeutics,
Inc.
a
33,097
10,421
AMN
Healthcare
Services,
Inc.
a
625,052
5,046
Amneal
Pharmaceuticals,
Inc.
a
30,528
1,441
Anika
Therapeutics,
Inc.
a
37,308
6,206
Arcellx,
Inc.
a
310,424
3,235
Argenx
SE
ADR
a
1,214,743
323
Arvinas,
Inc.
a
10,262
9,476
Ascendis
Pharma
AS
ADR
a
1,311,857
42,661
AstraZeneca
plc
ADR
3,237,117
129,751
Avantor,
Inc.
a
3,143,867
2,543
Azenta,
Inc.
a
133,406
6,230
Biogen,
Inc.
a
1,338,329
210
BioMarin
Pharmaceutical,
Inc.
a
16,960
272
Bio-Rad
Laboratories,
Inc.
a
73,372
27,162
Bio-Techne
Corporation
1,716,910
3,414
Bruker
Corporation
266,326
4,323
CareDx,
Inc.
a
33,546
5,472
Centene
Corporation
a
399,784
8,407
Charles
River
Laboratories
International,
Inc.
a
1,925,203
4,035
Chemed
Corporation
2,291,880
8,195
Cigna
Group
2,925,943
3,072
Cooper
Companies,
Inc.
273,592
529
Cullinan
Therapeutics,
Inc.
a
14,288
14,132
Danaher
Corporation
3,485,234
3,487
Deciphera
Pharmaceuticals,
Inc.
a
88,117
2,789
Definitive
Healthcare
Corporation
a
19,356
6,928
Denali
Therapeutics,
Inc.
a
106,968
20,013
Dentsply
Sirona,
Inc.
600,590
16,121
Dexcom,
Inc.
a
2,053,654
27,008
Edwards
Lifesciences
Corporation
a
2,286,767
34,845
Elanco
Animal
Health,
Inc.
a
458,560
9,359
Elevance
Health,
Inc.
4,946,980
4,066
Eli
Lilly
&
Company
3,175,953
441
Enanta
Pharmaceuticals,
Inc.
a
6,059
59,456
Enovis
Corporation
a
3,283,755
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
35
Shares
Common
Stock
(42.3%)
Value
Health
Care
(5.1%)
-
continued
6,700
Exelixis,
Inc.
a
$
157,182
24,409
Gilead
Sciences,
Inc.
1,591,467
29,309
Globus
Medical,
Inc.
a
1,459,295
7,276
GoodRx
Holdings,
Inc.
a
51,660
25,868
Haemonetics
Corporation
a
2,378,563
51,318
Halozyme
Therapeutics,
Inc.
a
1,955,216
14,475
HealthEquity,
Inc.
a
1,142,222
5,216
ICON
plc
a
1,553,742
135
IDEXX
Laboratories,
Inc.
a
66,523
1,641
Illumina,
Inc.
a
201,925
17,761
Immunocore
Holdings
plc
ADR
a
1,049,320
682
Incyte
Corporation
a
35,498
8,652
Inspire
Medical
Systems,
Inc.
a
2,090,842
6,470
Intuitive
Surgical,
Inc.
a
2,397,911
933
IQVIA
Holding,
Inc.
a
216,241
35,517
Johnson
&
Johnson
5,135,403
555
Kymera
Therapeutics,
Inc.
a
18,659
18,318
Laboratory
Corporation
of
America
Holdings
3,688,696
14,350
Legend
Biotech
Corporation
ADR
a
627,669
62
Ligand
Pharmaceuticals,
Inc.
a
4,333
891
LivaNova
plc
a
49,673
14,992
Masimo
Corporation
a
2,015,075
29
Medpace
Holdings,
Inc.
a
11,262
33,065
Medtronic
plc
2,653,136
41,156
Merck
&
Company,
Inc.
5,318,178
3,714
Molina
Healthcare,
Inc.
a
1,270,559
2,012
Myriad
Genetics,
Inc.
a
39,375
12,040
Natera,
Inc.
a
1,118,275
17,687
Novo
Nordisk
AS
ADR
2,269,419
5,960
Nuvation
Bio,
Inc.
a
17,820
144,843
Option
Care
Health,
Inc.
a
4,329,357
78,003
Paragon
28,
Inc.
a
719,188
74,604
Progyny,
Inc.
a
2,391,804
2,527
Prothena
Corporation
plc
a
51,399
1,723
PTC
Therapeutics,
Inc.
a
55,394
722
QIAGEN
NV
a
30,562
3,298
Recursion
Pharmaceuticals,
Inc.
a,b
25,790
12,705
Repligen
Corporation
a
2,086,161
4,002
Rocket
Pharmaceuticals,
Inc.
a
86,123
1,995
Royalty
Pharma
plc
55,262
12,493
Sarepta
Therapeutics,
Inc.
a
1,582,363
79,993
scPharmaceuticals,
Inc.
a
357,569
4,828
Shockwave
Medical,
Inc.
a
1,594,157
3,809
Stryker
Corporation
1,281,729
539
Teleflex,
Inc.
112,516
5,390
Thermo
Fisher
Scientific,
Inc.
3,065,401
1,829
UnitedHealth
Group,
Inc.
884,687
10,486
Veeva
Systems,
Inc.
a
2,082,100
3,418
Veracyte,
Inc.
a
66,890
31,626
Vericel
Corporation
a
1,450,685
4,082
Vertex
Pharmaceuticals,
Inc.
a
1,603,450
87,035
Viemed
Healthcare,
Inc.
a
712,817
895
West
Pharmaceutical
Services,
Inc.
319,945
1,666
Xenon
Pharmaceuticals,
Inc.
a
67,723
1,471
Zentalis
Pharmaceuticals,
Inc.
a
16,269
27,897
Zimmer
Biomet
Holdings,
Inc.
3,355,451
19,423
Zoetis,
Inc.
3,092,919
Total
126,072,583
Industrials
(6.4%)
4,145
A.O.
Smith
Corporation
343,372
292
Acuity
Brands,
Inc.
72,504
28,285
Advanced
Drainage
Systems,
Inc.
4,440,745
Shares
Common
Stock
(42.3%)
Value
Industrials
(6.4%)
-
continued
13,511
AECOM
$
1,247,876
1,456
AGCO
Corporation
166,261
49,694
Air
Lease
Corporation
2,496,627
4,725
Alight,
Inc.
a
42,619
1,840
Allison
Transmission
Holdings,
Inc.
135,332
15,401
AMETEK,
Inc.
2,689,939
5,310
Armstrong
World
Industries,
Inc.
610,013
4,387
Atmus
Filtration
Technologies,
Inc.
a
132,882
6,615
Automatic
Data
Processing,
Inc.
1,600,102
3,375
Axon
Enterprise,
Inc.
a
1,058,602
17,137
AZEK
Company,
Inc.
a
782,133
1,313
AZZ,
Inc.
94,050
120,969
Badger
Infrastructure
Solutions,
Ltd.
3,949,847
13,252
Beacon
Roofing
Supply,
Inc.
a
1,305,720
74
Brady
Corporation
4,366
3,573
BWX
Technologies,
Inc.
342,186
8,667
Carlisle
Companies,
Inc.
3,364,963
14,298
Casella
Waste
Systems,
Inc.
a
1,292,539
9,700
Caterpillar,
Inc.
3,245,329
10,227
Cimpress
plc
a
872,056
192,904
CNH
Industrial
NV
a
2,199,106
140
Columbus
McKinnon
Corporation
5,778
1,075
CSW
Industrials,
Inc.
255,441
138,322
CSX
Corporation
4,595,057
2,176
Cummins,
Inc.
614,698
9,517
Curtiss-Wright
Corporation
2,411,798
56,010
Delta
Air
Lines,
Inc.
2,804,421
2,317
DNOW,
Inc.
a
32,693
4,643
Donaldson
Company,
Inc.
335,225
33
Dover
Corporation
5,917
6,038
EMCOR
Group,
Inc.
2,156,592
97
ESCO
Technologies,
Inc.
9,841
143,994
ExlService
Holdings,
Inc.
a
4,175,826
11,551
Expeditors
International
of
Washington,
Inc.
1,285,742
95,467
Fastenal
Company
6,486,028
9,843
Ferguson
plc
2,066,046
82,003
Flowserve
Corporation
3,867,261
58,837
Fluor
Corporation
a
2,372,896
3,678
Gates
Industrial
Corporation
plc
a
64,806
13,226
General
Dynamics
Corporation
3,797,052
956
Gibraltar
Industries,
Inc.
a
68,316
61
GMS,
Inc.
a
5,644
397
Gorman-Rupp
Company
13,168
7,306
Graco,
Inc.
585,941
24,503
Greenbrier
Companies,
Inc.
1,210,203
674
Griffon
Corporation
44,160
52,206
Helios
Technologies,
Inc.
2,354,491
777
Herc
Holdings,
Inc.
111,134
3,928
Hillman
Solutions
Corporation
a
37,552
15,444
Honeywell
International,
Inc.
2,976,522
111,116
Howmet
Aerospace,
Inc.
7,416,993
580
Huntington
Ingalls
Industries,
Inc.
160,619
8,467
IDEX
Corporation
1,866,635
21,084
Ingersoll
Rand,
Inc.
1,967,559
1,829
Interface,
Inc.
27,965
1,030
ITT
Corporation
133,220
4,916
Jacobs
Solutions,
Inc.
705,593
217,280
Janus
International
Group,
Inc.
a
3,131,005
11,927
JB
Hunt
Transport
Services,
Inc.
1,938,972
352
Johnson
Controls
International
plc
22,905
2,694
Kennametal,
Inc.
63,390
3,664
Kratos
Defense
&
Security
Solutions,
Inc.
a
65,292
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
36
Shares
Common
Stock
(42.3%)
Value
Industrials
(6.4%)
-
continued
12,574
L3Harris
Technologies,
Inc.
$
2,691,465
15,458
Legalzoom.com,
Inc.
a
184,723
1,351
Leidos
Holdings,
Inc.
189,437
13,408
Lincoln
Electric
Holdings,
Inc.
2,943,458
4,928
Lyft,
Inc.
a
77,074
6,276
Masco
Corporation
429,592
85,154
Masterbrand,
Inc.
a
1,419,517
1,233
Matson,
Inc.
132,893
20,145
Maximus,
Inc.
1,617,241
13,152
Middleby
Corporation
a
1,827,733
28,049
Miller
Industries,
Inc.
1,366,267
7,868
Moog,
Inc.
1,251,563
4,596
Mueller
Water
Products,
Inc.
72,801
440
MYR
Group,
Inc.
a
73,150
138
National
Presto
Industries,
Inc.
11,315
3,822
Northrop
Grumman
Corporation
1,853,785
27,554
nVent
Electric
plc
1,985,817
14,861
Old
Dominion
Freight
Line,
Inc.
2,700,392
7,932
Oshkosh
Corporation
890,526
1,876
Otis
Worldwide
Corporation
171,091
12,703
Owens
Corning,
Inc.
2,136,772
8,064
PACCAR,
Inc.
855,671
724
Parker-Hannifin
Corporation
394,515
181
Paylocity
Holding
Corporation
a
28,084
18,373
Pentair
plc
1,453,121
7,828
Quanta
Services,
Inc.
2,024,008
9,922
Regal
Rexnord
Corporation
1,601,113
973
Republic
Services,
Inc.
186,524
1,882
Resideo
Technologies,
Inc.
a
36,755
2,581
REV
Group,
Inc.
56,421
6,749
Rockwell
Automation,
Inc.
1,828,709
1,351
Rush
Enterprises,
Inc.
59,336
4,893
Saia,
Inc.
a
1,941,689
74,985
Schneider
National,
Inc.
1,550,690
5,926
Sensata
Technologies
Holding
plc
227,025
10,777
Simpson
Manufacturing
Company,
Inc.
1,874,012
8,095
SiteOne
Landscape
Supply,
Inc.
a
1,270,024
4,327
SkyWest,
Inc.
a
316,001
184
Snap-On,
Inc.
49,305
2,188
SS&C
Technologies
Holdings,
Inc.
135,415
1,288
Standex
International
Corporation
222,669
17,358
Tennant
Company
2,021,860
2,790
Terex
Corporation
156,379
3,583
Textron,
Inc.
303,086
282
Thermon
Group
Holdings,
Inc.
a
9,004
46,467
Timken
Company
4,145,786
509
Titan
Machinery,
Inc.
a
11,330
8,814
Trane
Technologies
plc
2,797,035
19,195
TransUnion
1,401,235
851
Trex
Company,
Inc.
a
75,356
40,063
Uber
Technologies,
Inc.
a
2,654,975
56
UniFirst
Corporation/MA
8,967
32,650
United
Parcel
Service,
Inc.
4,815,222
4,349
United
Rentals,
Inc.
2,905,088
3,488
Upwork,
Inc.
a
40,810
3,636
Verra
Mobility
Corporation
a
85,737
866
Vertiv
Holdings
Company
80,538
191
Viad
Corporation
a
6,586
3,098
Watsco,
Inc.
1,387,037
15,369
WillScot
Mobile
Mini
Holdings
Corporation
a
568,038
Total
158,351,334
Shares
Common
Stock
(42.3%)
Value
Information
Technology
(9.0%)
8,271
Adobe,
Inc.
a
$
3,828,067
22,590
Advanced
Micro
Devices,
Inc.
a
3,577,804
13,055
Agilysys,
Inc.
a
1,084,218
1,665
Ambarella,
Inc.
a
76,540
32,804
Amphenol
Corporation
3,961,739
108,822
Apple,
Inc.
18,535,651
16,154
Applied
Materials,
Inc.
3,208,992
1,526
AppLovin
Corporation
a
107,690
7,609
Arista
Networks,
Inc.
a
1,952,165
38,569
ASGN,
Inc.
a
3,719,980
5,015
Autodesk,
Inc.
a
1,067,443
1,842
Broadcom,
Inc.
2,395,097
10,053
CDW
Corporation
2,431,419
57,429
Ciena
Corporation
a
2,654,943
103,582
Cisco
Systems,
Inc.
4,866,282
3,436
Clearwater
Analytics
Holdings,
Inc.
a
54,220
642
Coherent
Corporation
a
35,072
33,069
Cohu,
Inc.
a
1,002,652
6,684
CommScope
Holding
Company,
Inc.
a
5,976
585
CommVault
Systems,
Inc.
a
59,945
12,830
Crane
NXT
Company
780,192
4,388
Credo
Technology
Group
Holding,
Ltd.
a
78,414
8,370
CyberArk
Software,
Ltd.
a
2,002,523
2,178
Datadog,
Inc.
a
273,339
17,907
Descartes
Systems
Group,
Inc.
a
1,661,591
1,722
DocuSign,
Inc.
a
97,465
2,305
Dolby
Laboratories,
Inc.
179,006
54,822
Dropbox,
Inc.
a
1,269,678
34,208
Dynatrace
Holdings,
LLC
a
1,549,964
807
Elastic
NV
a
82,492
12,382
Enphase
Energy,
Inc.
a
1,346,666
1,024
EPAM
Systems,
Inc.
a
240,906
1,895
F5,
Inc.
a
313,262
15,888
Fabrinet
a
2,749,736
25,736
Flex,
Ltd.
a
737,336
7,457
FormFactor,
Inc.
a
332,508
26,457
Fortinet,
Inc.
a
1,671,553
19
Gartner,
Inc.
a
7,839
73,498
Gilat
Satellite
Networks,
Ltd.
a
363,815
26,149
Gitlab,
Inc.
a
1,372,038
5,752
Globant
SA
a
1,027,250
9,385
GoDaddy,
Inc.
a
1,148,536
68,855
Grid
Dynamics
Holdings,
Inc.
a
672,713
46,176
Guidewire
Software,
Inc.
a
5,097,830
11,174
Hackett
Group,
Inc.
242,364
2,670
Hewlett
Packard
Enterprise
Company
45,390
159
HP,
Inc.
4,466
3,024
HubSpot,
Inc.
a
1,829,127
3,840
Insight
Enterprises,
Inc.
a
701,069
8,864
International
Business
Machines
Corporation
1,473,197
1,125
IPG
Photonics
Corporation
a
94,478
1,314
Itron,
Inc.
a
121,046
90,903
JFrog,
Ltd.
a
3,625,212
3,169
Keysight
Technologies,
Inc.
a
468,822
1,762
KLA
Corporation
1,214,529
78,346
Knowles
Corporation
a
1,240,217
2,240
Lam
Research
Corporation
2,003,478
47,788
Lattice
Semiconductor
Corporation
a
3,278,257
10,769
Littelfuse,
Inc.
2,483,762
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
37
Shares
Common
Stock
(42.3%)
Value
Information
Technology
(9.0%)
-
continued
1,240
LiveRamp
Holding,
Inc.
a
$
39,816
21,345
Marvell
Technology,
Inc.
1,406,849
178
Microchip
Technology,
Inc.
16,372
69,887
Microsoft
Corporation
27,209,106
1,238
MKS
Instruments,
Inc.
147,297
3,607
MongoDB,
Inc.
a
1,317,204
2,986
Monolithic
Power
Systems,
Inc.
1,998,619
1,400
Motorola
Solutions,
Inc.
474,810
7,023
NetApp,
Inc.
717,821
8,935
NICE,
Ltd.
ADR
a
1,997,062
8,376
Nova,
Ltd.
a
1,423,082
24,803
NVIDIA
Corporation
21,430,288
403
Okta,
Inc.
a
37,471
12,699
ON
Semiconductor
Corporation
a
890,962
14,141
Onto
Innovation,
Inc.
a
2,623,014
156
OSI
Systems,
Inc.
a
20,505
6,437
Palo
Alto
Networks,
Inc.
a
1,872,459
26,044
PDF
Solutions,
Inc.
a
783,404
17,284
Plexus
Corporation
a
1,745,857
377
Procore
Technologies,
Inc.
a
25,794
11,373
PTC,
Inc.
a
2,018,025
5,079
Q2
Holdings,
Inc.
a
261,010
924
Qorvo,
Inc.
a
107,960
61,403
QUALCOMM,
Inc.
10,183,688
1,642
Rapid7,
Inc.
a
73,562
15,528
Salesforce,
Inc.
4,176,100
73,525
Samsung
Electronics
Company,
Ltd.
4,087,008
5,991
ServiceNow,
Inc.
a
4,153,740
20,211
Shopify,
Inc.
a
1,418,812
15,692
Silicon
Laboratories,
Inc.
a
1,906,421
2,960
Skyworks
Solutions,
Inc.
315,506
5,522
SolarWinds
Corporation
60,852
37,770
Sprout
Social,
Inc.
a
1,905,497
8,040
SPS
Commerce,
Inc.
a
1,397,915
3,579
Synopsys,
Inc.
a
1,898,982
22,629
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
ADR
3,107,867
8,735
TE
Connectivity,
Ltd.
1,235,828
400
Teledyne
Technologies,
Inc.
a
152,592
1,607
Tenable
Holdings,
Inc.
a
72,267
695
Teradata
Corporation
a
25,785
71,327
Trimble,
Inc.
a
4,284,613
247,552
TTM
Technologies,
Inc.
a
3,695,951
8,096
Tyler
Technologies,
Inc.
a
3,736,709
5,530
Unisys
Corporation
a
30,028
3,244
Universal
Display
Corporation
512,487
2,318
Upland
Software,
Inc.
a
5,007
80,105
Varonis
Systems,
Inc.
a
3,504,594
4,700
VeriSign,
Inc.
a
796,556
6,763
Viavi
Solutions,
Inc.
a
53,428
5,008
Vishay
Intertechnology,
Inc.
115,885
8,018
Vontier
Corporation
325,771
25,583
Workiva,
Inc.
a
2,015,940
1,377
Xerox
Holdings
Corporation
18,300
Total
222,340,439
Materials
(1.6%)
8,138
Albemarle
Corporation
b
979,083
26,803
Alcoa
Corporation
941,857
583
AptarGroup,
Inc.
84,174
292
Avery
Dennison
Corporation
63,446
3,783
Avient
Corporation
160,475
7,419
Axalta
Coating
Systems,
Ltd.
a
233,253
Shares
Common
Stock
(42.3%)
Value
Materials
(1.6%)
-
continued
37,982
Ball
Corporation
$
2,642,408
627
Berry
Plastics
Group,
Inc.
35,513
11,205
Carpenter
Technology
Corporation
960,268
2,853
Celanese
Corporation
438,249
33,092
CF
Industries
Holdings,
Inc.
2,613,275
13,995
Chemours
Company
374,366
15,911
Cleveland-Cliffs,
Inc.
a
268,896
26,659
Corteva,
Inc.
1,443,052
3,294
Eagle
Materials,
Inc.
825,839
29,818
Eastman
Chemical
Company
2,816,012
189
Ecolab,
Inc.
42,742
9,249
Greif,
Inc.
566,779
1,394
Huntsman
Corporation
33,261
31,246
Ingevity
Corporation
a
1,597,920
2,510
Innospec,
Inc.
301,200
94,901
Ivanhoe
Mines,
Ltd.
a
1,286,349
1,995
Kaiser
Aluminum
Corporation
180,528
6,637
Linde
plc
2,926,652
7,620
Louisiana-Pacific
Corporation
557,708
407
LyondellBasell
Industries
NV
40,688
3,473
Martin
Marietta
Materials,
Inc.
2,038,894
1,888
Metallus,
Inc.
a
38,817
975
Minerals
Technologies,
Inc.
71,068
10,600
Mosaic
Company
332,734
812
Myers
Industries,
Inc.
17,783
21,967
Nucor
Corporation
3,702,098
3,865
O-I
Glass,
Inc.
a
57,820
2,140
Orion
SA
50,632
1,101
PPG
Industries,
Inc.
142,029
140
Quaker
Chemical
Corporation
26,114
2,211
Radius
Recycling,
Inc.
38,516
88,825
Ranpak
Holdings
Corporation
a
643,093
491
Reliance,
Inc.
139,797
9,826
RPM
International,
Inc.
1,050,498
22,821
Steel
Dynamics,
Inc.
2,969,468
30,390
Summit
Materials,
Inc.
a
1,182,171
5,073
SunCoke
Energy,
Inc.
52,303
697
TriMas
Corporation
18,115
8,819
Trinseo
plc
23,018
138,613
Tronox
Holdings
plc
2,355,035
5,913
United
States
Lime
&
Minerals,
Inc.
1,833,030
6,358
United
States
Steel
Corporation
232,067
2,195
Vulcan
Materials
Company
565,498
Total
39,994,591
Real
Estate
(1.6%)
16,070
Acadia
Realty
Trust
277,690
50,149
Agree
Realty
Corporation
2,869,526
12,385
Alexandria
Real
Estate
Equities,
Inc.
1,435,050
414
Anywhere
Real
Estate,
Inc.
a
2,012
12,767
AvalonBay
Communities,
Inc.
2,420,240
2,179
Brixmor
Property
Group,
Inc.
48,156
9,932
CareTrust
REIT,
Inc.
245,519
28,649
CBRE
Group,
Inc.
a
2,489,312
31,091
Compass,
Inc.
a
97,937
20,871
CoStar
Group,
Inc.
a
1,910,323
24,228
Crown
Castle,
Inc.
2,272,102
188,284
Cushman
and
Wakefield
plc
a
1,816,941
4,103
DigitalBridge
Group,
Inc.
67,453
13,699
Douglas
Elliman,
Inc.
a
18,631
7,973
EastGroup
Properties,
Inc.
1,238,685
12,548
EPR
Properties
509,323
765
Equinix,
Inc.
543,999
36,088
Equity
Commonwealth
a
675,567
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
38
Shares
Common
Stock
(42.3%)
Value
Real
Estate
(1.6%)
-
continued
4,659
Equity
Residential
$
300,040
68,779
Essential
Properties
Realty
Trust,
Inc.
1,811,639
962
Essex
Property
Trust,
Inc.
236,892
5,615
Extra
Space
Storage,
Inc.
753,982
3,490
First
Industrial
Realty
Trust,
Inc.
158,516
6,265
FirstService
Corporation
920,955
11,904
Four
Corners
Property
Trust,
Inc.
279,149
6,429
Getty
Realty
Corporation
174,226
117,081
Healthcare
Realty
Trust,
Inc.
1,666,063
1,397
Howard
Hughes
Holdings,
Inc.
a
91,028
83,584
Independence
Realty
Trust,
Inc.
1,318,120
5,015
Industrial
Logistics
Properties
Trust
17,653
8,850
Invitation
Homes,
Inc.
302,670
25,310
LXP
Industrial
Trust
211,338
79,149
National
Storage
Affiliates
Trust
2,773,381
12,747
NetSTREIT
Corporation
214,787
11,373
NNN
REIT,
Inc.
460,948
3,677
Park
Hotels
&
Resorts,
Inc.
59,310
2,751
Peakstone
Realty
Trust
38,431
8,474
Pebblebrook
Hotel
Trust
123,127
32,083
Phillips
Edison
and
Company,
Inc.
1,049,114
2,053
Plymouth
Industrial
REIT,
Inc.
42,867
5,153
Retail
Opportunity
Investments
Corporation
63,227
6,717
RLJ
Lodging
Trust
73,887
788
RMR
Group,
Inc.
18,691
3,477
Sabra
Health
Care
REIT,
Inc.
48,400
16,981
SBA
Communications
Corporation
3,160,504
27,033
STAG
Industrial,
Inc.
929,665
3,120
Tanger,
Inc.
88,452
24,020
Terreno
Realty
Corporation
1,305,487
17,511
UDR,
Inc.
666,819
2,236
Ventas,
Inc.
99,010
433
Welltower,
Inc.
41,256
5,398
Zillow
Group,
Inc.,
Class
A
a
226,716
4,887
Zillow
Group,
Inc.,
Class
C
a
208,039
Total
38,872,855
Utilities
(1.2%)
10,965
ALLETE,
Inc.
649,347
28,724
Alliant
Energy
Corporation
1,430,455
8,260
American
Water
Works
Company,
Inc.
1,010,363
49,725
CenterPoint
Energy,
Inc.
1,448,987
17,415
Clearway
Energy,
Inc.,
Class
A
378,080
18,827
Clearway
Energy,
Inc.,
Class
C
440,175
17,713
Constellation
Energy
Corporation
3,293,555
27,878
Duke
Energy
Corporation
2,739,292
25,608
Entergy
Corporation
2,731,605
51,794
Evergy,
Inc.
2,716,595
8,492
Eversource
Energy
514,785
54,707
NiSource,
Inc.
1,524,137
9,177
Northwestern
Energy
Group,
Inc.
462,888
12,407
PNM
Resources,
Inc.
459,804
43,957
Portland
General
Electric
Company
1,900,261
33,905
Public
Service
Enterprise
Group,
Inc.
2,342,158
12,651
Spire,
Inc.
781,705
46,890
UGI
Corporation
1,198,508
Shares
Common
Stock
(42.3%)
Value
Utilities
(1.2%)
-
continued
38,102
Xcel
Energy,
Inc.
$
2,047,221
Total
28,069,921
Total
Common
Stock
(cost
$834,636,346)
1,041,576,192
Shares
Registered
Investment
Companies
(
38.3%
)
Value
U.S.
Affiliated  (37.7%)
5,335,367
Thrivent
Core
Emerging
Markets
Equity
Fund
48,338,425
7,325,975
Thrivent
Core
International
Equity
Fund
75,091,241
160,554
Thrivent
Core
Low
Volatility
Equity
Fund
1,706,688
6,273,651
Thrivent
Core
Mid
Cap
Value
Fund
66,877,123
2,708,118
Thrivent
Core
Small
Cap
Value
Fund
27,297,834
2,112,843
Thrivent
Global
Stock
Fund,
Class
S
57,532,710
14,985,132
Thrivent
International
Allocation
Fund,
Class
S
154,946,266
10,409,904
Thrivent
Large
Cap
Growth
Fund,
Class
S
197,892,276
4,069,694
Thrivent
Large
Cap
Value
Fund,
Class
S
118,509,496
3,554,791
Thrivent
Mid
Cap
Stock
Fund,
Class
S
126,372,831
1,863,368
Thrivent
Small
Cap
Stock
Fund,
Class
S
55,547,012
Total
930,111,902
U.S.
Unaffiliated  (0.6%)
5,716
Communication
Services
Select
Sector
SPDR
Fund
445,048
3,815
Invesco
QQQ
Trust
Series
1
1,619,811
11,995
iShares
Biotechnology
ETF
1,522,405
17,848
SPDR
S&P
500
ETF
Trust
8,959,339
25,011
SPDR
S&P
Biotech
ETF
2,116,431
2,105
SPDR
S&P
Oil
&
Gas
Exploration
ETF
318,760
Total
14,981,794
Total
Registered
Investment
Companies
(cost
$691,134,157)
945,093,696
Principal
Amount
Long-Term
Fixed
Income
(
4.5%
)
Value
Commercial
Mortgage-Backed
Securities
(<0.1%)
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
$
275,000
5.180%, 
3/25/2029,
Ser.
K520,
Class
A2
c
274,977
200,000
3.500%, 
7/25/2032,
Ser.
K148,
Class
A2
c,d
178,225
1,000,000
3.820%, 
12/25/2032,
Ser.
K-153,
Class
A2
c,d
910,020
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
39
Principal
Amount
Long-Term
Fixed
Income
(4.5%)
Value
Commercial
Mortgage-Backed
Securities
(<0.1%)
-
continued
$
250,000
4.500%, 
8/25/2033,
Ser.
K-160,
Class
A2
c,d
$
238,112
Total
1,601,334
Mortgage-Backed
Securities
(2.5%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
581,207
2.000%, 
5/1/2051
444,796
916,599
2.500%, 
5/1/2051
733,504
817,913
3.500%, 
5/1/2052
705,712
641,396
4.000%, 
5/1/2052
578,773
192,225
5.000%, 
7/1/2053
183,408
1,498,231
5.500%, 
7/1/2053
1,462,325
895,618
5.000%, 
8/1/2053
857,918
1,942,813
5.500%, 
9/1/2053
1,899,080
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
206,440
2.500%, 
7/1/2030
192,262
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
561,133
3.000%, 
8/1/2038
509,397
702,720
3.500%, 
5/1/2040
635,070
468,568
2.500%, 
4/1/2042
392,048
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
871,853
3.000%, 
1/1/2052
726,437
214,083
2.000%, 
2/1/2051
163,894
120,080
2.000%, 
2/1/2051
91,928
676,788
2.500%, 
2/1/2051
543,596
525,046
2.500%, 
2/1/2051
416,490
1,387,028
2.000%, 
3/1/2051
1,052,150
1,869,911
4.000%, 
3/1/2051
1,705,843
906,243
3.000%, 
3/1/2052
751,230
524,467
3.000%, 
4/1/2051
436,250
572,484
3.000%, 
5/1/2050
480,619
248,441
2.000%, 
5/1/2051
189,237
443,793
3.000%, 
5/1/2051
374,500
371,937
3.000%, 
6/1/2050
315,619
429,794
4.000%, 
6/1/2052
385,208
146,740
5.000%, 
6/1/2053
140,228
733,121
2.500%, 
7/1/2051
588,817
570,286
3.500%, 
7/1/2051
499,639
1,199,023
4.000%, 
7/1/2052
1,074,707
616,202
3.500%, 
8/1/2050
541,229
830,703
3.500%, 
8/1/2052
716,835
3,685,251
4.500%, 
8/1/2052
3,412,164
1,194,493
5.000%, 
8/1/2053
1,141,482
411,993
3.500%, 
9/1/2052
358,512
215,554
3.500%, 
9/1/2052
187,582
991,769
5.000%, 
9/1/2052
942,077
1,092,154
4.500%, 
9/1/2053
1,014,469
3,047,465
4.500%, 
9/1/2053
2,814,461
1,085,717
4.000%, 
10/1/2052
975,285
246,751
2.000%, 
11/1/2051
188,209
318,265
3.500%, 
11/1/2052
278,179
1,022,402
2.000%, 
12/1/2050
781,301
851,614
2.500%, 
12/1/2051
682,357
1,229,419
4.500%, 
12/1/2052
1,142,057
9,725,000
5.500%, 
5/1/2041
e
9,438,608
Principal
Amount
Long-Term
Fixed
Income
(4.5%)
Value
Mortgage-Backed
Securities
(2.5%)
-
continued
$
6,000,000
6.000%, 
5/1/2041
e
$
5,944,219
4,900,000
3.000%, 
5/1/2049
e
4,045,382
2,925,000
4.500%, 
5/1/2049
e
2,695,137
4,200,000
5.000%, 
5/1/2049
e
3,979,532
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
485,993
2.500%, 
3/1/2062
377,814
332,886
3.500%, 
7/1/2061
282,113
550,544
4.000%, 
12/1/2061
486,430
Total
60,956,119
U.S.
Government
&
Agencies
(2.0%)
U.S.
Treasury
Bonds
2,000,000
1.625%, 
11/15/2050
1,045,156
3,850,000
4.000%, 
11/15/2052
3,373,563
190,000
5.250%, 
11/15/2028
193,770
3,240,000
1.375%, 
11/15/2040
1,963,491
2,291,000
2.500%, 
5/15/2046
1,549,020
U.S.
Treasury
Notes
1,930,000
2.125%, 
11/30/2024
1,894,095
1,000,000
5.000%, 
9/30/2025
997,461
540,000
2.625%, 
1/31/2026
517,725
4,295,000
2.500%, 
2/28/2026
4,102,564
5,700,000
4.625%, 
2/28/2026
5,655,914
2,400,000
4.500%, 
3/31/2026
2,375,906
1,490,000
2.250%, 
11/15/2027
1,366,086
200,000
0.750%, 
1/31/2028
172,383
900,000
3.500%, 
1/31/2028
859,535
2,400,000
3.625%, 
3/31/2028
2,300,063
4,500,000
2.875%, 
5/15/2028
4,187,109
3,000,000
4.125%, 
7/31/2028
2,925,820
3,700,000
4.375%, 
8/31/2028
3,643,344
2,400,000
4.125%, 
3/31/2029
2,337,375
125,000
0.875%, 
11/15/2030
98,452
70,000
1.375%, 
11/15/2031
55,371
4,800,000
2.875%, 
5/15/2032
4,217,625
4,000,000
3.375%, 
5/15/2033
3,615,000
Total
49,446,828
Total
Long-Term
Fixed
Income
(cost
$119,256,280)
112,004,281
Shares
Private
Equity
Funds
(
0.6%
)
Value
Secondary
(0.6%)
1
ASF
IX,
LP
*,a,f
2,631,378
1
Crown
Global
Secondaries
VI
Feeder
SA,
SICAV-RAIF
*,a,f
658,826
1
LCP
X
(Offshore),
LP
*,a,f
11,190,040
Total
14,480,244
Total
Private
Equity
Funds
(cost
$11,138,498)
14,480,244
Shares
Collateral
Held
for
Securities
Loaned
(
<0.1%
)
Value
103,515
Thrivent
Cash
Management
Trust
103,515
Total
Collateral
Held
for
Securities
Loaned
(cost
$103,515)
103,515
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
40
Shares
or
Principal
Amount
Short-Term
Investments
(
15.4%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
1,400,000
5.240%,
5/3/2024
g,h
$
1,399,384
600,000
5.230%,
5/8/2024
g,h
599,297
6,100,000
5.210%,
5/21/2024
g,h
6,081,230
2,000,000
5.239%,
5/22/2024
g,h
1,993,553
100,000
5.250%,
5/29/2024
g,h
99,575
5,600,000
5.230%,
6/7/2024
g,h
5,568,819
9,600,000
5.222%,
6/20/2024
g,h
9,528,260
8,700,000
5.240%,
7/10/2024
g,h
8,610,691
900,000
5.250%,
7/17/2024
g,h
889,850
Thrivent
Core
Short-Term
Reserve
Fund
34,344,782
5.580%
343,447,818
U.S.
Treasury
Bills
300,000
5.243%,
7/11/2024
g,i
296,888
Total
Short-Term
Investments
(cost
$378,447,809)
378,515,365
Total
Investments
(cost
$2,034,716,605)
101.1%
$2,491,773,293
Other
Assets
and
Liabilities,
Net
(1.1%)
(28,080,350)
Total
Net
Assets
100.0%
$2,463,692,943
a
No
n-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
c
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2024.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
d
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
f
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
g
The
interest
rate
shown
reflects
the
yield.
h
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
i
At
April
30,
2024,
$257,303
of
investments
were
segregated
to
cover
exposure
to
a
counterparty
for
margin
on
open
mortgage-backed
security
transactions.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Aggressive
Allocation
Fund
as
of
April
30,
2024
was
$14,480,244
or
0.59%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
April
30,
2024.
Security
Acquisition
Date
Cost
ASF
IX,
LP 
3/18/2024
$
1,852,549
Crown
Global
Secondaries
VI
Feeder
SA,
SICAV-RAIF 
2/15/2024
448,000
LCP
X
(Offshore),
LP 
10/25/2023
8,837,949
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,
2024:
Securities
Lending
Transactions
Common
Stock
$
97,675
Total
lending
$97,675
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$103,515
Net
amounts
due
to
counterparty
$5,840
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
ETF
-
Exchange
Traded
Fund
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
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.
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
$
499,070,580
Gross
unrealized
depreciation
(53,099,285)
Net
unrealized
appreciation
(depreciation)
$
445,971,295
Cost
for
federal
income
tax
purposes
$
2,040,673,700
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
41
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
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
58,127,751
58,127,751
–
–
Consumer
Discretionary
109,021,068
109,021,068
–
–
Consumer
Staples
50,875,599
50,875,599
–
–
Energy
51,350,372
51,350,372
–
–
Financials
158,499,679
158,499,679
–
–
Health
Care
126,072,583
126,072,583
–
–
Industrials
158,351,334
154,401,487
3,949,847
–
Information
Technology
222,340,439
218,253,431
4,087,008
–
Materials
39,994,591
38,708,242
1,286,349
–
Real
Estate
38,872,855
38,872,855
–
–
Utilities
28,069,921
28,069,921
–
–
Registered
Investment
Companies
U.S.
Affiliated
710,800,591
710,800,591
–
–
U.S.
Unaffiliated
14,981,794
14,981,794
–
–
Long-Term
Fixed
Income
Commercial
Mortgage-Backed
Securities
1,601,334
–
1,601,334
–
Mortgage-Backed
Securities
60,956,119
–
60,956,119
–
U.S.
Government
&
Agencies
49,446,828
–
49,446,828
–
Private
Equity
Funds
Secondary
14,480,244
–
–
14,480,244
Short-Term
Investments
35,067,547
–
35,067,547
–
Subtotal
Investments
in
Securities
$1,928,910,649
$1,758,035,373
$156,395,032
$14,480,244
Other
Investments  *
Total
Affiliated
Short-Term
Investments
343,447,818
U.S.
Affiliated
Registered
Investment
Cos.
219,311,311
Collateral
Held
for
Securities
Loaned
103,515
Subtotal
Other
Investments
$562,862,644
Total
Investments
at
Value
$2,491,773,293
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Aggressive
Allocation
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
12,752,452
12,492,925
259,527
–
Total
Asset
Derivatives
$12,752,452
$12,492,925
$259,527
$–
Liability
Derivatives
Futures
Contracts
17,880,750
17,880,750
–
–
Total
Liability
Derivatives
$17,880,750
$17,880,750
$–
$–
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
42
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
S&P
-
Standard
&
Poor's
The
following
table
presents
Aggressive
Allocation
Fund's
futures
contracts
held
as
of
April
30,
2024.
Investments
and/or
cash
totaling
$33,374,967
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Amount
Value
and
Unrealized
CBOT
2-Yr.
U.S.
Treasury
Note
43
June
2024
$
8,804,900
(
$
90,681)
CBOT
5-Yr.
U.S.
Treasury
Note
15
June
2024
1,603,399
(
32,266)
CBOT
U.S.
Long
Bond
1
June
2024
119,087
(
5,274)
CME
E-mini
Russell
2000
Index
12
June
2024
1,257,558
(
66,198)
CME
E-mini
S&P
500
Index
1,942
June
2024
507,354,962
(
15,349,262)
CME
E-mini
S&P
Mid-Cap
400
Index
3
June
2024
894,721
(
31,561)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
6
June
2024
766,377
(
49,002)
ICE
mini
MSCI
EAFE
Index
476
June
2024
56,223,006
(
2,256,506)
Total
Futures
Long
Contracts
$
577,024,010
(
$
17,880,750)
CME
E-mini
Russell
2000
Index
(606)
June
2024
(
$
63,970,612)
$
3,806,932
CME
E-mini
S&P
Mid-Cap
400
Index
(643)
June
2024
(
192,799,722)
7,795,762
CME
Euro
Foreign
Exchange
Currency
(172)
June
2024
(
23,638,419)
636,644
Eurex
Euro
STOXX
50
Index
(441)
June
2024
(
23,221,855)
259,527
ICE
US
mini
MSCI
Emerging
Markets
Index
(411)
June
2024
(
21,615,575)
202,474
Ultra
10-Yr.
U.S.
Treasury
Note
(13)
June
2024
(
1,483,956)
51,113
Total
Futures
Short
Contracts
(
$
326,730,139)
$12,752,452
Total
Futures
Contracts
$
250,293,871
($5,128,298)
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2024,
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
Foreign
Exchange
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
636,644
Total
Foreign
Exchange
Contracts
636,644
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
12,064,695
Total
Equity
Contracts
12,064,695
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
51,113
Total
Interest
Rate
Contracts
51,113
Total
Asset
Derivatives
$12,752,452
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
17,703,527
Total
Equity
Contracts
17,703,527
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
177,223
Total
Interest
Rate
Contracts
177,223
Total
Liability
Derivatives
$17,880,750
*
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.
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
43
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
(34,336)
Total
Interest
Rate
Contracts
(34,336)
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
38,482,080
Total
Return
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
12,446
Total
Equity
Contracts
38,494,526
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(306,147)
Total
Foreign
Exchange
Contracts
(306,147)
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
(1,160)
Total
Credit
Contracts
(1,160)
Total
$38,152,883
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
361,046
Total
Foreign
Exchange
Contracts
361,046
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
2,555,071
Total
Equity
Contracts
2,555,071
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
61,703
Total
Interest
Rate
Contracts
61,703
Total
$2,977,820
The
following
table
presents
Aggressive
Allocation
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2024.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$581,063,797
Futures
-
Short
(282,598,300)
Total
Rate
of
Return
Swaps
-
Long
40,753
Total
Rate
of
Return
Swaps
-
Short
(38,993)
Interest
Rate
Contracts
Futures
-
Long
10,741,504
Futures
-
Short
(1,401,544)
Foreign
Exchange
Contracts
Futures
-
Short
(22,055,669)
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
44
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
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Equity
$41,719
$1,500
$–
$48,338
5,335
2.0%
Core
International
Equity
53,222
15,090
–
75,091
7,326
3.0
Core
Low
Volatility
Equity
38,138
3,280
39,600
1,707
161
0.1
Core
Mid
Cap
Value
56,869
1,193
–
66,877
6,274
2.7
Core
Small
Cap
Value
22,690
420
–
27,298
2,708
1.1
Global
Stock,
Class
S
48,255
3,039
–
57,533
2,113
2.3
International
Allocation,
Class
S
133,471
4,547
–
154,946
14,985
6.3
Large
Cap
Growth,
Class
S
158,981
5,356
–
197,892
10,410
8.0
Large
Cap
Value,
Class
S
99,721
3,840
–
118,509
4,070
4.8
Mid
Cap
Stock,
Class
S
103,652
1,774
–
126,373
3,555
5.1
Small
Cap
Stock,
Class
S
45,817
251
–
55,547
1,863
2.3
Total
U.S.
Affiliated
Registered
Investment
Companies
802,535
930,111
37.7
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
297,522
242,455
196,529
343,448
34,345
13.9
Total
Affiliated
Short-Term
Investments
297,522
343,448
13.9
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
326
33,829
34,051
104
104
<0.1
Total
Collateral
Held
for
Securities
Loaned
326
104
<0.1
Total
Value
$1,100,383
$1,273,663
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Equity
$–
$5,119
$–
$1,501
Core
International
Equity
–
6,779
–
2,090
Core
Low
Volatility
Equity
Fund
3,613
(3,724)
2,402
877
Core
Mid
Cap
Value
–
8,815
266
928
Core
Small
Cap
Value
–
4,188
–
420
Global
Stock,
Class
S
–
6,239
1,958
1,080
International
Allocation,
Class
S
–
16,928
–
4,547
Large
Cap
Growth,
Class
S
–
33,555
5,357
–
Large
Cap
Value,
Class
S
–
14,948
1,966
1,875
Mid
Cap
Stock,
Class
S
–
20,947
1,237
537
Small
Cap
Stock,
Class
S
–
9,479
–
251
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
–
–
–
10,452
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$24,558
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
1
Total
Affiliated
Income
from
Securities
Loaned,
Net
$1
Total
$3,613
$123,273
$13,186
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
45
Principal
Amount
Long-Term
Fixed
Income
(
46
.5
%
)
Value
Asset-Backed
Securities
(3.9%)
510
Asset
Backed
Trust
$
200,000
3.967%, 
5/25/2061,
Ser.
2021-NPL1,
Class
A2
a,b
$
185,162
210,948
2.116%, 
6/25/2061,
Ser.
2021-NPL2,
Class
A1
a,b
202,806
200,000
4.090%, 
6/25/2061,
Ser.
2021-NPL2,
Class
A2
a,b
186,635
720
East
CLO,
Ltd.
500,000
9.575%, 
(TSFR3M
+
4.250%),
1/20/2036,
Ser.
2022-1A,
Class
C
a,c
504,595
Affirm
Asset
Securitization
Trust
575,000
4.300%, 
5/17/2027,
Ser.
2022-A,
Class
1A
a
574,514
650,000
6.610%, 
1/18/2028,
Ser.
2023-A,
Class
A
a
653,018
225,000
6.820%, 
9/15/2028,
Ser.
2023-B,
Class
A
a
227,311
247,648
7.110%, 
11/15/2028,
Ser.
2023-X1,
Class
A
a
248,601
250,000
5.610%, 
2/15/2029,
Ser.
2024-A,
Class
A
a
247,558
Anchorage
Capital
CLO
21,
Ltd.
250,000
7.986%, 
(TSFR3M
+
2.662%),
10/20/2034,
Ser.
2021-21A,
Class
C
a,c
249,999
Ares
XL
CLO,
Ltd.
250,000
8.390%, 
(TSFR3M
+
3.062%),
1/15/2029,
Ser.
2016-40A,
Class
CRR
a,c
249,032
Barings
CLO,
Ltd.
400,000
8.736%, 
(TSFR3M
+
3.412%),
1/20/2032,
Ser.
2016-2A,
Class
DR2
a,c
400,494
Business
Jet
Securities,
LLC
211,338
4.455%, 
6/15/2037,
Ser.
2022-1A,
Class
A
a
203,504
475,000
6.197%, 
5/15/2039,
Ser.
2024-1A,
Class
A
a
471,981
CarVal
CLO
I,
Ltd.
275,000
7.174%, 
(TSFR3M
+
1.850%),
7/16/2031,
Ser.
2018-1A,
Class
BR
a,c
274,990
CarVal
CLO,
Ltd.
300,000
9.025%, 
(TSFR3M
+
3.700%),
4/21/2034,
Ser.
2022-1A,
Class
D
a,c
300,341
Cascade
Funding
Mortgage
Trust,
LLC
257,778
4.250%, 
4/25/2033,
Ser.
2023-HB12,
Class
A
a,c
251,829
College
Avenue
Student
Loans,
LLC
63,663
7.081%, 
(TSFR1M
+
1.764%),
11/26/2046,
Ser.
2017-A,
Class
A1
a,c
64,195
FirstKey
Homes
Trust
650,000
1.968%, 
10/19/2037,
Ser.
2020-SFR2,
Class
D
a
607,079
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Asset-Backed
Securities
(3.9%)
-
continued
GMAC
Mortgage
Corporation
Loan
Trust
$
11,356
5.931%, 
(TSFR1M
+
0.614%),
8/25/2035,
Ser.
2005-HE1,
Class
A2
c,d
$
6,109
Madison
Park
Funding
XVIII,
Ltd.
650,000
7.486%, 
(TSFR3M
+
2.162%),
10/21/2030,
Ser.
2015-18A,
Class
CRR
a,c
650,146
MetroNet
Infrastructure
Issuer,
LLC
400,000
6.230%, 
4/20/2054,
Ser.
2024-1A,
Class
A2
a
394,914
Neuberger
Berman
CLO,
Ltd.
350,000
8.590%, 
(TSFR3M
+
3.262%),
10/15/2029,
Ser.
2013-15A,
Class
DR2
a,c
347,809
OZLM
VIII,
Ltd.
300,000
7.229%, 
(TSFR3M
+
1.912%),
10/17/2029,
Ser.
2014-8A,
Class
A2R3
a,c
298,652
Pagaya
AI
Debt
Trust
159,160
7.556%, 
7/15/2030,
Ser.
2023-1,
Class
A
a
159,862
Pagaya
AI
Technology
in
Housing
Trust
400,000
4.250%, 
8/25/2025,
Ser.
2022-1,
Class
B
a
385,892
Pretium
Mortgage
Credit
Partners,
LLC
425,000
5.438%, 
1/25/2052,
Ser.
2022-NPL1,
Class
A2
a,b
391,892
346,527
7.143%, 
3/25/2054,
Ser.
2024-RN1,
Class
A1
a,b
342,306
225,000
3.844%, 
6/27/2060,
Ser.
2021-NPL2,
Class
A2
a,b
196,183
250,000
3.721%, 
7/25/2051,
Ser.
2021-NPL3,
Class
A2
a,b
218,232
271,676
2.487%, 
10/25/2051,
Ser.
2021-NPL5,
Class
A1
a,b
262,621
Progress
Residential
Trust
550,000
3.600%, 
4/17/2039,
Ser.
2022-SFR3,
Class
B
a
513,602
RCO
VII
Mortgage,
LLC
375,550
7.021%, 
1/25/2029,
Ser.
2024-1,
Class
A1
a,b
372,201
Sculptor
CLO,
Ltd.
425,000
7.986%, 
(TSFR3M
+
2.662%),
1/20/2035,
Ser.
28A,
Class
C
a,c
423,637
Silver
Point
CLO
2,
Ltd.
500,000
8.025%, 
(TSFR3M
+
2.700%),
4/20/2035,
Ser.
2023-2A,
Class
A2
a,c
502,538
Stanwich
Mortgage
Loan
Company,
LLC
410,404
2.735%, 
10/16/2026,
Ser.
2021-NPB1,
Class
A1
a,b
391,519
Stratus
Static
CLO,
Ltd.
500,000
7.218%, 
(TSFR3M
+
1.900%),
10/20/2031,
Ser.
2022-3A,
Class
BR
a,c
500,105
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
46
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Asset-Backed
Securities
(3.9%)
-
continued
Unlock
HEA
Trust
$
334,944
7.000%, 
10/25/2038,
Ser.
2023-1,
Class
A
a
$
324,827
299,410
7.000%, 
4/25/2039,
Ser.
2024-1,
Class
A
a
288,925
Upstart
Securitization
Trust
203,673
6.770%, 
6/20/2033,
Ser.
2023-2,
Class
A
a
203,724
Vericrest
Opportunity
Loan
Transferee
177,832
4.826%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A2
a,b
156,508
203,319
4.949%, 
2/27/2051,
Ser.
2021-NPL3,
Class
A2
a,b
179,547
352,821
4.826%, 
4/25/2051,
Ser.
2021-NPL6,
Class
A2
a,b
300,139
201,653
4.949%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A2
a,b
176,026
204,436
5.116%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A1
a,b
199,393
301,206
4.826%, 
5/25/2051,
Ser.
2021-NPL9,
Class
A2
a,b
252,350
250,000
5.438%, 
12/26/2051,
Ser.
2021-NP12,
Class
A2
a,b
203,080
Whitebox
CLO
III,
Ltd.
300,000
7.790%, 
(TSFR3M
+
2.462%),
10/15/2034,
Ser.
2021-3A,
Class
C
a,c
300,004
Whitebox
CLO
IV,
Ltd.
500,000
7.925%, 
(TSFR3M
+
2.600%),
4/20/2036,
Ser.
2023-4A,
Class
B
a,c
505,112
Wind
River
CLO,
Ltd.
175,000
7.586%, 
(TSFR3M
+
2.262%),
7/20/2030,
Ser.
2013-1A,
Class
BRR
a,c
175,043
Total
15,726,542
Basic
Materials
(0.6%)
Anglo
American
Capital
plc
57,000
3.875%, 
3/16/2029
a
52,645
ATI,
Inc.
56,000
7.250%, 
8/15/2030
57,287
ATI,
Inc.,
Convertible
81,000
3.500%, 
6/15/2025
312,538
Cascades,
Inc./Cascades
USA,
Inc.
53,000
5.125%, 
1/15/2026
a
51,322
Chemours
Company
118,000
5.750%, 
11/15/2028
a
108,368
Cleveland-Cliffs,
Inc.
50,000
5.875%, 
6/1/2027
49,464
75,000
4.625%, 
3/1/2029
a,e
69,402
Consolidated
Energy
Finance
SA
161,000
5.625%, 
10/15/2028
a
136,046
Ecolab,
Inc.
51,000
2.125%, 
2/1/2032
41,095
First
Quantum
Minerals,
Ltd.
34,000
6.875%, 
10/15/2027
a
32,704
FMC
Corporation
41,000
5.150%, 
5/18/2026
40,494
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Basic
Materials
(0.6%)
-
continued
Glencore
Funding,
LLC
$
39,000
5.893%, 
4/4/2054
a
$
36,919
57,000
4.000%, 
3/27/2027
a
54,460
76,000
6.125%, 
10/6/2028
a
76,960
Hecla
Mining
Company
30,000
7.250%, 
2/15/2028
29,873
Hudbay
Minerals,
Inc.
95,000
4.500%, 
4/1/2026
a
91,879
Illuminate
Buyer,
LLC/Illuminate
Holdings
IV,
Inc.
32,000
9.000%, 
7/1/2028
a
31,330
INEOS
Finance
plc
54,000
7.500%, 
4/15/2029
a
54,251
International
Flavors
&
Fragrances,
Inc.
68,000
1.230%, 
10/1/2025
a
63,652
Mercer
International,
Inc.
32,000
5.125%, 
2/1/2029
27,949
Methanex
Corporation
42,000
4.250%, 
12/1/2024
41,412
41,000
5.125%, 
10/15/2027
39,433
27,000
5.250%, 
12/15/2029
25,594
Mineral
Resources,
Ltd.
16,000
9.250%, 
10/1/2028
a
16,773
Mosaic
Company
58,000
5.375%, 
11/15/2028
57,513
Newmont
Corporation/Newcrest
Finance,
Pty.
Ltd.
58,000
5.350%, 
3/15/2034
a
56,576
Novelis
Corporation
25,000
3.250%, 
11/15/2026
a
23,374
65,000
4.750%, 
1/30/2030
a
59,476
25,000
3.875%, 
8/15/2031
a
21,170
Nutrien,
Ltd.
77,000
4.000%, 
12/15/2026
74,037
OCI
NV
50,000
4.625%, 
10/15/2025
a
48,727
Olin
Corporation
43,000
5.125%, 
9/15/2027
41,513
Peabody
Energy
Corporation,
Convertible
88,000
3.250%, 
3/1/2028
e
114,224
SCIL
IV,
LLC/SCIL
USA
Holdings,
LLC
56,000
5.375%, 
11/1/2026
a
53,747
Smurfit
Kappa
Treasury,
ULC
60,000
5.777%, 
4/3/2054
a
57,379
SNF
Group
SACA
65,000
3.375%, 
3/15/2030
a
55,893
SunCoke
Energy,
Inc.
67,000
4.875%, 
6/30/2029
a
59,160
Taseko
Mines,
Ltd.
56,000
8.250%, 
5/1/2030
a
56,895
Tronox,
Inc.
28,000
4.625%, 
3/15/2029
a
24,978
United
States
Steel
Corporation
75,000
6.875%, 
3/1/2029
e
75,098
Westlake
Corporation
37,000
3.600%, 
8/15/2026
35,327
Total
2,456,937
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
47
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Capital
Goods
(1.2%)
AAR
Escrow
Issuer,
LLC
$
67,000
6.750%, 
3/15/2029
a
$
67,362
Advanced
Drainage
Systems,
Inc.
67,000
6.375%, 
6/15/2030
a
66,607
AECOM
55,000
5.125%, 
3/15/2027
53,433
Amcor
Finance
USA,
Inc.
39,000
5.625%, 
5/26/2033
38,686
Amsted
Industries,
Inc.
37,000
5.625%, 
7/1/2027
a
35,971
35,000
4.625%, 
5/15/2030
a
31,471
Boeing
Company
39,000
6.858%, 
5/1/2054
a
39,106
118,000
5.930%, 
5/1/2060
103,142
106,000
4.875%, 
5/1/2025
104,684
136,000
2.196%, 
2/4/2026
126,857
56,000
3.250%, 
3/1/2028
50,191
18,000
5.150%, 
5/1/2030
17,024
20,000
6.528%, 
5/1/2034
a
20,144
Bombardier,
Inc.
51,000
7.875%, 
4/15/2027
a
50,682
55,000
6.000%, 
2/15/2028
a
53,635
Brand
Industrial
Services,
Inc.
62,000
10.375%, 
8/1/2030
a
66,532
Builders
FirstSource,
Inc.
35,000
5.000%, 
3/1/2030
a
32,772
Camelot
Return
Merger
Sub,
Inc.
27,000
8.750%, 
8/1/2028
a
26,544
Canpack
SA/Canpack
US,
LLC
112,000
3.875%, 
11/15/2029
a
98,145
Carrier
Global
Corporation
76,000
2.722%, 
2/15/2030
65,578
Chart
Industries,
Inc.
86,000
7.500%, 
1/1/2030
a
87,961
Chart
Industries,
Inc.,
Convertible
72,000
1.000%, 
11/15/2024
177,523
Clean
Harbors,
Inc.
55,000
6.375%, 
2/1/2031
a
54,488
Clydesdale
Acquisition
Holdings,
Inc.
9,000
6.625%, 
4/15/2029
a
8,977
Covanta
Holding
Corporation
48,000
4.875%, 
12/1/2029
a
42,077
Crown
Cork
&
Seal
Company,
Inc.
61,000
7.375%, 
12/15/2026
62,949
EMRLD
Borrower,
LP/Emerald
Co-
Issuer,
Inc.
139,000
6.625%, 
12/15/2030
a
137,755
EquipmentShare.com,
Inc.
29,000
8.625%, 
5/15/2032
a
29,505
ESAB
Corporation
52,000
6.250%, 
4/15/2029
a
51,805
Fluor
Corporation,
Convertible
185,000
1.125%, 
8/15/2029
a,e
201,188
GFL
Environmental,
Inc.
89,000
4.000%, 
8/1/2028
a
80,668
94,000
3.500%, 
9/1/2028
a
84,498
Greenbrier
Companies,
Inc.,
Convertible
117,000
2.875%, 
4/15/2028
e
125,483
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Capital
Goods
(1.2%)
-
continued
H&E
Equipment
Services,
Inc.
$
146,000
3.875%, 
12/15/2028
a
$
129,194
Herc
Holdings,
Inc.
70,000
5.500%, 
7/15/2027
a
67,988
Honeywell
International,
Inc.
78,000
5.250%, 
3/1/2054
73,933
Howmet
Aerospace,
Inc.
63,000
6.750%, 
1/15/2028
65,043
Huntington
Ingalls
Industries,
Inc.
56,000
4.200%, 
5/1/2030
51,436
Ingersoll
Rand,
Inc.
20,000
5.700%, 
8/14/2033
19,865
John
Deere
Capital
Corporation
51,000
4.500%, 
1/16/2029
49,606
37,000
4.700%, 
6/10/2030
36,038
41,000
3.900%, 
6/7/2032
37,365
21,000
5.150%, 
9/8/2033
20,784
L3Harris
Technologies,
Inc.
42,000
5.400%, 
1/15/2027
41,925
Lockheed
Martin
Corporation
53,000
5.200%, 
2/15/2064
49,206
Miter
Brands
Acquisition
Holdco,
Inc./MIWD
Borrower,
LLC
17,000
6.750%, 
4/1/2032
a
16,883
MIWD
Holdco
II,
LLC
70,000
5.500%, 
2/1/2030
a
63,396
Mueller
Water
Products,
Inc.
47,000
4.000%, 
6/15/2029
a
42,526
Nesco
Holdings
II,
Inc.
70,000
5.500%, 
4/15/2029
a
65,156
New
Enterprise
Stone
and
Lime
Company,
Inc.
115,000
5.250%, 
7/15/2028
a
108,023
Northrop
Grumman
Corporation
77,000
5.200%, 
6/1/2054
70,731
20,000
4.700%, 
3/15/2033
18,952
OI
European
Group
BV
81,000
4.750%, 
2/15/2030
a
73,977
Otis
Worldwide
Corporation
64,000
2.056%, 
4/5/2025
61,883
Owens-Brockway
Glass
Container,
Inc.
45,000
6.625%, 
5/13/2027
a
44,963
Pactiv
Evergreen
Group
50,000
4.375%, 
10/15/2028
a
46,015
Parker-Hannifin
Corporation
42,000
4.250%, 
9/15/2027
40,625
Patrick
Industries,
Inc.,
Convertible
62,000
1.750%, 
12/1/2028
72,769
Republic
Services,
Inc.
37,000
3.950%, 
5/15/2028
35,178
42,000
5.000%, 
12/15/2033
40,447
Roller
Bearing
Company
of
America,
Inc.
64,000
4.375%, 
10/15/2029
a
57,841
Rolls-Royce
plc
39,000
5.750%, 
10/15/2027
a
38,572
RTX
Corporation
60,000
5.750%, 
1/15/2029
60,946
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
48
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Capital
Goods
(1.2%)
-
continued
Sealed
Air
Corporation/Sealed
Air
Corporation
(US)
$
71,000
6.125%, 
2/1/2028
a
$
70,135
Smyrna
Ready
Mix
Concrete,
LLC
77,000
8.875%, 
11/15/2031
a
81,092
Spirit
AeroSystems,
Inc.
83,000
9.750%, 
11/15/2030
a
91,818
SRM
Escrow
Issuer,
LLC
48,000
6.000%, 
11/1/2028
a
46,433
Summit
Materials,
LLC/Summit
Materials
Finance
Corporation
22,000
7.250%, 
1/15/2031
a
22,601
Textron,
Inc.
56,000
3.650%, 
3/15/2027
53,106
TransDigm,
Inc.
144,000
5.500%, 
11/15/2027
139,941
93,000
7.125%, 
12/1/2031
a
94,774
78,000
6.625%, 
3/1/2032
a
77,867
Trivium
Packaging
Finance
41,000
5.500%, 
8/15/2026
a
40,293
United
Rentals
North
America,
Inc.
70,000
4.875%, 
1/15/2028
67,097
85,000
4.000%, 
7/15/2030
75,756
Veralto
Corporation
38,000
5.350%, 
9/18/2028
a
37,702
Waste
Connections,
Inc.
20,000
3.200%, 
6/1/2032
17,022
WESCO
Distribution,
Inc.
53,000
7.250%, 
6/15/2028
a
53,838
28,000
6.375%, 
3/15/2029
a
27,815
19,000
6.625%, 
3/15/2032
a
18,911
Total
4,910,910
Collateralized
Mortgage
Obligations
(4.6%)
A&D
Mortgage
Trust
500,000
6.701%, 
4/25/2069,
Ser.
2024-NQM2,
Class
A2
a,b
498,831
548,393
6.733%, 
7/25/2068,
Ser.
2023-NQM3,
Class
A1
a,b
549,473
Angel
Oak
Mortgage
Trust
245,305
5.985%, 
1/25/2069,
Ser.
2024-2,
Class
A1
a,b
243,079
Banc
of
America
Alternative
Loan
Trust
236,679
6.000%, 
11/25/2035,
Ser.
2005-10,
Class
3CB1
197,981
Banc
of
America
Mortgage
Securities
Trust
24,947
5.145%, 
9/25/2035,
Ser.
2005-H,
Class
2A1
c
21,698
56,187
5.237%, 
9/25/2035,
Ser.
2005-H,
Class
3A1
c
51,318
CAFL
Issuer,
LLC
345,002
2.239%, 
3/28/2029,
Ser.
2021-RTL1,
Class
A1
a,b
332,015
CHL
Mortgage
Pass-Through
Trust
27,574
5.841%, 
12/20/2035,
Ser.
2005-HYB8,
Class
3A1
c
26,490
187,734
6.000%, 
11/25/2037,
Ser.
2007-18,
Class
1A2
78,917
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Collateralized
Mortgage
Obligations
(4.6%)
-
continued
CHNGE
Mortgage
Trust
$
209,090
3.757%, 
3/25/2067,
Ser.
2022-2,
Class
A1
a,c
$
193,056
302,490
5.000%, 
5/25/2067,
Ser.
2022-3,
Class
A1
a,c
291,891
316,634
6.525%, 
6/25/2058,
Ser.
2023-2,
Class
A1
a,b
312,467
412,893
5.820%, 
6/25/2067,
Ser.
2022-NQM1,
Class
A3
a,b
402,958
328,552
7.100%, 
7/25/2058,
Ser.
2023-3,
Class
A1
a,b
326,405
459,485
6.000%, 
10/25/2057,
Ser.
2022-4,
Class
A1
a,b
448,784
CIM
Trust
434,794
7.100%, 
4/25/2058,
Ser.
2023-I1,
Class
A3
a,b
430,901
Citigroup
Mortgage
Loan
Trust,
Inc.
99,484
5.500%, 
8/25/2034,
Ser.
2004-NCM2,
Class
1CB1
92,304
152,289
5.211%, 
4/25/2037,
Ser.
2007-AR5,
Class
1A1A
c
130,432
COLT
Mortgage
Loan
Trust
338,146
6.328%, 
12/25/2068,
Ser.
2024-INV1,
Class
A2
a,b
335,585
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
244,992
4.695%, 
11/25/2035,
Ser.
2005-22,
Class
2A1
c
194,772
Credit
Suisse
Mortgage
Trust
290,746
6.567%, 
8/25/2067,
Ser.
2022-ATH3,
Class
A3
a,c
284,811
211,014
2.572%, 
11/25/2066,
Ser.
2022-NQM1,
Class
A2
a,c
173,356
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
124,680
5.250%, 
6/25/2035,
Ser.
2005-3,
Class
4A6
107,673
Federal
Home
Loan
Mortgage
Corporation
354,985
3.500%, 
8/15/2035,
Ser.
345,
Class
C8
f
36,074
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
740,857
4.000%, 
1/25/2051,
Ser.
5249,
Class
LA
697,428
414,001
Zero
Coupon, 
9/25/2053,
Ser.
5334,
Class
BO
317,386
127,689
3.000%, 
5/15/2027,
Ser.
4046,
Class
GI
f
3,288
251,903
3.500%, 
10/15/2032,
Ser.
4119,
Class
KI
f
22,498
242,766
3.000%, 
4/15/2033,
Ser.
4203,
Class
DI
f
11,089
Federal
National
Mortgage
Association
-
REMIC
369,317
4.500%, 
6/25/2052,
Ser.
2022-43,
Class
MA
356,042
175,100
3.000%, 
7/25/2027,
Ser.
2012-73,
Class
DI
f
4,789
149,520
3.000%, 
7/25/2027,
Ser.
2012-74,
Class
AI
f
4,165
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
49
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Collateralized
Mortgage
Obligations
(4.6%)
-
continued
$
187,836
3.000%, 
8/25/2027,
Ser.
2012-95,
Class
HI
f
$
3,796
423,075
3.000%, 
11/25/2027,
Ser.
2012-121,
Class
BI
f
13,898
332,864
3.000%, 
12/25/2027,
Ser.
2012-139,
Class
DI
f
10,161
118,649
2.500%, 
1/25/2028,
Ser.
2012-152,
Class
AI
f
3,454
288,558
3.000%, 
1/25/2028,
Ser.
2012-147,
Class
EI
f
7,964
315,195
3.000%, 
3/25/2028,
Ser.
2013-18,
Class
IL
f
7,999
188,810
2.500%, 
6/25/2028,
Ser.
2013-87,
Class
IW
f
6,234
132,719
3.000%, 
11/25/2031,
Ser.
2013-69,
Class
IO
f
2,430
243,356
3.000%, 
2/25/2033,
Ser.
2013-1,
Class
YI
f
19,523
338,768
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
327,407
Flagstar
Mortgage
Trust
144,517
2.500%, 
9/25/2041,
Ser.
2021-9INV,
Class
A1
a,c
123,901
GCAT
Trust
240,821
6.500%, 
1/25/2054,
Ser.
2024-INV1,
Class
2A2
a,c
240,868
289,544
4.250%, 
5/25/2067,
Ser.
2023-NQM4,
Class
A2
a,c
261,056
340,303
5.730%, 
8/25/2067,
Ser.
2022-NQM4,
Class
A3
a,b
335,089
GMAC
Mortgage
Corporation
Loan
Trust
96,014
3.877%, 
5/25/2035,
Ser.
2005-AR2,
Class
4A
c
78,939
GMACM
Mortgage
Loan
Trust
47,207
3.646%, 
11/19/2035,
Ser.
2005-AR6,
Class
1A1
c
40,818
GS
Mortgage-Backed
Securities
Trust
604,854
5.500%, 
10/27/2053,
Ser.
2023-PJ3,
Class
A16
a,c
587,512
Home
RE,
Ltd.
350,000
9.930%, 
(SOFR30A
+
4.600%),
10/25/2033,
Ser.
2023-1,
Class
M1B
a,c
363,188
325,000
8.830%, 
(SOFR30A
+
3.500%),
10/25/2034,
Ser.
2022-1,
Class
M1B
a,c
331,837
IndyMac
INDA
Mortgage
Loan
Trust
469,614
3.598%, 
8/25/2036,
Ser.
2006-AR1,
Class
A1
c
359,309
J.P.
Morgan
Alternative
Loan
Trust
63,566
4.960%, 
3/25/2036,
Ser.
2006-A1,
Class
2A1
c
47,877
J.P.
Morgan
Mortgage
Trust
196,973
2.774%, 
5/25/2052,
Ser.
2021-LTV2,
Class
A2
a,c
157,033
512,596
5.000%, 
10/25/2053,
Ser.
2023-3,
Class
A4A
a,c
494,499
77,346
5.124%, 
2/25/2036,
Ser.
2006-A1,
Class
2A2
c
54,721
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Collateralized
Mortgage
Obligations
(4.6%)
-
continued
LHOME
Mortgage
Trust
$
350,000
7.628%, 
11/25/2028,
Ser.
2023-RTL4,
Class
A1
a,b
$
353,194
300,000
7.017%, 
1/25/2029,
Ser.
2024-RTL1,
Class
A1
a,b
300,458
500,000
7.128%, 
3/25/2029,
Ser.
2024-RTL2,
Class
A1
a,b
499,668
Merrill
Lynch
Alternative
Note
Asset
Trust
249,066
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
88,984
MFRA
Trust
250,000
7.093%, 
2/25/2029,
Ser.
2024-RTL1,
Class
A1
a,b
248,038
Morgan
Stanley
Residential
Mortgage
Loan
Trust
500,000
6.500%, 
8/25/2045,
Ser.
2024-INV2,
Class
A1
a,c
498,359
MortgageIT
Securities
Corporation
Mortgage
Loan
Trust
564,931
5.891%, 
(TSFR1M
+
0.574%),
6/25/2047,
Ser.
2007-1,
Class
1A1
c
461,995
NYMT
Loan
Trust
250,000
7.154%, 
2/25/2029,
Ser.
2024-BPL1,
Class
A1
a,b
245,866
Preston
Ridge
Partners
Mortgage
Trust,
LLC
341,151
4.000%, 
1/25/2054,
Ser.
2024-RCF1,
Class
A1
a,b
323,933
296,654
7.026%, 
3/25/2029,
Ser.
2024-2,
Class
A1
a,b
296,007
Pretium
Mortgage
Credit
Partners,
LLC
241,286
7.021%, 
2/25/2054,
Ser.
2024-NPL2,
Class
A1
a,b
239,223
400,000
7.520%, 
4/27/2054,
Ser.
2024-NPL3,
Class
A1
a
400,000
PRKCM
Trust
420,568
7.087%, 
6/25/2058,
Ser.
2023-AFC2,
Class
A3
a
417,081
329,820
7.627%, 
11/25/2058,
Ser.
2023-AFC4,
Class
A2
a,b
334,436
Residential
Accredit
Loans,
Inc.
Trust
80,181
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
66,381
62,394
6.000%, 
1/25/2037,
Ser.
2007-QS1,
Class
1A1
46,357
Residential
Asset
Securitization
Trust
94,450
4.456%, 
1/25/2034,
Ser.
2004-IP1,
Class
A1
c
85,897
Residential
Funding
Mortgage
Security
I
Trust
144,762
6.000%, 
7/25/2037,
Ser.
2007-S7,
Class
A20
107,188
ROC
Securities
Trust
Series
383,016
3.487%, 
8/25/2026,
Ser.
2021-RTL1,
Class
A1
a,c
381,513
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
50
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Collateralized
Mortgage
Obligations
(4.6%)
-
continued
Saluda
Grade
Alternative
Mortgage
Trust
$
300,000
7.762%, 
4/25/2030,
Ser.
2024-RTL5,
Class
A1
a,b
$
301,501
Structured
Adjustable
Rate
Mortgage
Loan
Trust
50,335
4.577%, 
7/25/2035,
Ser.
2005-15,
Class
4A1
c
42,015
Toorak
Mortgage
Trust
400,000
7.333%, 
2/25/2031,
Ser.
2024-1,
Class
A1
a,b
395,910
Triangle
Re,
Ltd.
450,000
8.730%, 
(SOFR30A
+
3.400%),
11/25/2033,
Ser.
2023-1,
Class
M1A
a,c
459,068
5,472
7.230%, 
(SOFR30A
+
1.900%),
2/25/2034,
Ser.
2021-3,
Class
M1A
a,c
5,473
TVC
Mortgage
Trust
300,000
8.250%, 
11/25/2027,
Ser.
2023-RTL1,
Class
A1
a,b
299,148
Verus
Securitization
Trust
267,690
2.491%, 
11/25/2066,
Ser.
2021-8,
Class
A3
a,c
220,966
529,501
6.560%, 
12/25/2067,
Ser.
2023-1,
Class
A2
a,b
527,228
Total
18,703,356
Commercial
Mortgage-Backed
Securities
(0.4%)
BANK5
2023-5YR1
475,000
6.624%, 
4/15/2056,
Ser.
2023-5YR1,
Class
AS
c
477,855
BBCMS
Mortgage
Trust
2,242,316
1.325%, 
9/15/2055,
Ser.
2022-C17,
Class
XA
c,f
165,917
Silver
Hill
Trust
37,344
3.102%, 
11/25/2049,
Ser.
2019-1,
Class
A1
a,c
35,546
Velocity
Commercial
Capital
Loan
Trust
341,659
6.550%, 
1/25/2054,
Ser.
2024-1,
Class
A
a,c
339,309
408,168
7.670%, 
11/25/2053,
Ser.
2023-4,
Class
A
a,c
414,861
Total
1,433,488
Communications
Services
(1.4%)
Altice
Financing
SA
63,000
5.750%, 
8/15/2029
a
46,795
AMC
Networks,
Inc.
14,000
10.250%, 
1/15/2029
a
13,975
American
Tower
Corporation
75,000
4.400%, 
2/15/2026
73,324
40,000
1.450%, 
9/15/2026
36,352
62,000
5.500%, 
3/15/2028
61,688
40,000
5.800%, 
11/15/2028
40,256
56,000
3.800%, 
8/15/2029
51,225
AT&T,
Inc.
198,000
3.550%, 
9/15/2055
129,135
118,000
4.300%, 
2/15/2030
110,908
40,000
5.400%, 
2/15/2034
39,082
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Communications
Services
(1.4%)
-
continued
Bell
Telephone
Company
of
Canada
$
83,000
5.550%, 
2/15/2054
$
78,173
39,000
5.100%, 
5/11/2033
37,389
Cable
One,
Inc.,
Convertible
54,000
1.125%, 
3/15/2028
e
39,776
CCO
Holdings,
LLC/CCO
Holdings
Capital
Corporation
195,000
5.125%, 
5/1/2027
a
182,749
48,000
5.000%, 
2/1/2028
a
43,713
38,000
6.375%, 
9/1/2029
a
34,834
56,000
4.250%, 
2/1/2031
a
43,828
203,000
4.750%, 
2/1/2032
a
159,646
57,000
4.250%, 
1/15/2034
a
41,297
CenterPoint
Energy,
Inc.,
Convertible
3,576
3.369%, 
9/15/2029
105,456
Charter
Communications
Operating,
LLC/Charter
Communications
Operating
Capital
Corporation
36,000
6.150%, 
11/10/2026
36,089
56,000
5.050%, 
3/30/2029
52,891
Cimpress
plc
57,000
7.000%, 
6/15/2026
56,559
Clear
Channel
Outdoor
Holdings,
Inc.
14,000
7.875%, 
4/1/2030
a
13,726
Clear
Channel
Worldwide
Holdings,
Inc.
115,000
5.125%, 
8/15/2027
a
106,596
Comcast
Corporation
138,000
3.400%, 
4/1/2030
124,305
Connect
Finco
SARL/Connect
US
Finco,
LLC
44,000
6.750%, 
10/1/2026
a
42,614
Crown
Castle,
Inc.
62,000
2.900%, 
3/15/2027
57,454
CSC
Holdings,
LLC
100,000
5.375%, 
2/1/2028
a
76,721
30,000
11.750%, 
1/31/2029
a
26,653
80,000
6.500%, 
2/1/2029
a
59,666
44,000
4.125%, 
12/1/2030
a
27,950
Deutsche
Telekom
International
Finance
BV
132,000
8.750%, 
6/15/2030
152,203
DIRECTV
Financing,
LLC/DIRECTV
Financing
Co-Obligor,
Inc.
188,000
5.875%, 
8/15/2027
a
175,230
Frontier
Communications
Holdings,
LLC
110,000
5.875%, 
10/15/2027
a
105,507
39,000
8.750%, 
5/15/2030
a
39,707
GCI,
LLC
95,000
4.750%, 
10/15/2028
a
84,744
Gray
Television,
Inc.
105,000
4.750%, 
10/15/2030
a
63,386
24,000
5.375%, 
11/15/2031
a
14,427
Iliad
Holding
SASU
85,000
6.500%, 
10/15/2026
a
84,584
Intelsat
Jackson
Holdings
SA
72,000
6.500%, 
3/15/2030
a
68,914
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
51
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Communications
Services
(1.4%)
-
continued
Lamar
Media
Corporation
$
38,000
3.625%, 
1/15/2031
$
32,490
LCPR
Senior
Secured
Financing
DAC
112,000
6.750%, 
10/15/2027
a
103,804
Level
3
Financing,
Inc.
27,212
10.500%, 
4/15/2029
a
27,156
27,212
11.000%, 
11/15/2029
a
27,770
34,000
10.500%, 
5/15/2030
a,e
33,691
McGraw-Hill
Education,
Inc.
54,000
5.750%, 
8/1/2028
a
50,078
Meta
Platforms,
Inc.
41,000
3.850%, 
8/15/2032
37,225
News
Corporation
82,000
3.875%, 
5/15/2029
a
73,853
NTT
Finance
Corporation
45,000
1.162%, 
4/3/2026
a
41,443
Outfront
Media
Capital,
LLC/
Outfront
Media
Capital
Corporation
34,000
4.625%, 
3/15/2030
a
30,018
Paramount
Global
123,000
6.375%, 
3/30/2062
c
113,757
Playtika
Holding
Corporation
55,000
4.250%, 
3/15/2029
a
47,330
Rogers
Communications,
Inc.
45,000
5.250%, 
3/15/2082
a,c
42,774
59,000
5.000%, 
2/15/2029
57,413
96,000
5.300%, 
2/15/2034
92,031
Scripps
Escrow
II,
Inc.
17,000
3.875%, 
1/15/2029
a
12,558
Sinclair
Television
Group,
Inc.
101,000
4.125%, 
12/1/2030
a
70,005
Sirius
XM
Radio,
Inc.
125,000
5.000%, 
8/1/2027
a
118,049
40,000
4.000%, 
7/15/2028
a
35,657
Sprint
Capital
Corporation
124,000
6.875%, 
11/15/2028
129,851
60,000
8.750%, 
3/15/2032
70,844
TEGNA,
Inc.
28,000
4.750%, 
3/15/2026
a
27,039
87,000
4.625%, 
3/15/2028
78,404
Telecom
Italia
Capital
SA
70,000
6.000%, 
9/30/2034
58,942
Telecom
Italia
SPA/Milano
35,000
5.303%, 
5/30/2024
a
34,911
T-Mobile
USA,
Inc.
39,000
5.500%, 
1/15/2055
36,614
75,000
3.375%, 
4/15/2029
68,060
United
States
Cellular
Corporation
19,000
6.700%, 
12/15/2033
18,540
Uniti
Group,
Inc.,
Convertible
68,000
7.500%, 
12/1/2027
a
72,158
Uniti
Group,
LP/Uniti
Group
Finance,
Inc./CSL
Capital,
LLC
84,000
4.750%, 
4/15/2028
a
73,672
Univision
Communications,
Inc.
92,000
4.500%, 
5/1/2029
a
80,033
Urban
One,
Inc.
17,000
7.375%, 
2/1/2028
a
13,793
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Communications
Services
(1.4%)
-
continued
Verizon
Communications,
Inc.
$
45,000
5.500%, 
2/23/2054
$
42,736
75,000
2.100%, 
3/22/2028
66,408
56,000
3.150%, 
3/22/2030
49,421
93,000
2.355%, 
3/15/2032
74,201
Viasat,
Inc.
45,000
6.500%, 
7/15/2028
a,e
34,399
Virgin
Media
Finance
plc
33,000
5.000%, 
7/15/2030
a
27,025
Virgin
Media
Secured
Finance
plc
71,000
5.500%, 
5/15/2029
a
64,535
Vodafone
Group
plc
54,000
7.000%, 
4/4/2079
c
54,789
VZ
Secured
Financing
BV
89,000
5.000%, 
1/15/2032
a
74,968
Walt
Disney
Company
38,000
3.800%, 
3/22/2030
35,287
Warnermedia
Holdings,
Inc.
73,000
3.638%, 
3/15/2025
71,581
101,000
4.054%, 
3/15/2029
92,131
Windstream
Escrow,
LLC/
Windstream
Escrow
Finance
Corporation
30,000
7.750%, 
8/15/2028
a
28,906
Zayo
Group
Holdings,
Inc.
33,000
4.000%, 
3/1/2027
a
26,267
Ziggo
Bond
Company
BV
33,000
5.125%, 
2/28/2030
a,e
27,382
Ziggo
BV
30,000
4.875%, 
1/15/2030
a
26,251
Total
5,445,777
Consumer
Cyclical
(2.2%)
1011778
B.C.,
ULC/New
Red
Finance,
Inc.
130,000
4.375%, 
1/15/2028
a
120,895
Adient
Global
Holdings,
Ltd.
14,000
7.000%, 
4/15/2028
a
14,144
44,000
8.250%, 
4/15/2031
a,e
45,692
Alimentation
Couche-Tard,
Inc.
64,000
5.617%, 
2/12/2054
a
61,200
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation
13,000
6.625%, 
7/15/2026
a
12,966
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation/
Atlas
Luxco
4
SARL
105,000
4.625%, 
6/1/2028
a
94,314
45,000
4.625%, 
6/1/2028
a
40,366
Allison
Transmission,
Inc.
47,000
3.750%, 
1/30/2031
a
40,230
Amazon.com,
Inc.
37,000
1.500%, 
6/3/2030
30,185
76,000
4.700%, 
12/1/2032
73,811
American
Axle
&
Manufacturing,
Inc.
69,000
6.875%, 
7/1/2028
68,478
78,000
5.000%, 
10/1/2029
e
70,375
American
Honda
Finance
Corporation
59,000
5.650%, 
11/15/2028
59,805
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
52
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Consumer
Cyclical
(2.2%)
-
continued
$
90,000
5.850%, 
10/4/2030
$
92,153
60,000
4.900%, 
1/10/2034
e
57,149
Anywhere
Real
Estate
Group,
LLC/Anywhere
Co-Issuer
Corporation
15,000
7.000%, 
4/15/2030
a,e
13,162
Arko
Corporation
40,000
5.125%, 
11/15/2029
a
32,233
Asbury
Automotive
Group,
Inc.
47,000
5.000%, 
2/15/2032
a
41,783
Ashton
Woods
USA,
LLC/Ashton
Woods
Finance
Company
40,000
4.625%, 
8/1/2029
a
36,177
46,000
4.625%, 
4/1/2030
a
41,106
Aston
Martin
Capital
Holdings,
Ltd.
35,000
10.000%, 
3/31/2029
a
34,279
Beazer
Homes
USA,
Inc.
47,000
7.500%, 
3/15/2031
a
46,456
Best
Buy
Company,
Inc.
37,000
1.950%, 
10/1/2030
29,955
Booking
Holdings,
Inc.,
Convertible
73,000
0.750%, 
5/1/2025
133,911
Boyd
Gaming
Corporation
65,000
4.750%, 
6/15/2031
a
57,558
Boyne
USA,
Inc.
45,000
4.750%, 
5/15/2029
a,e
40,947
Brookfield
Residential
Properties,
Inc./Brookfield
Residential
US,
LLC
60,000
6.250%, 
9/15/2027
a
57,700
Burlington
Stores,
Inc.,
Convertible
108,000
2.250%, 
4/15/2025
112,482
44,000
1.250%, 
12/15/2027
a
47,806
Caesars
Entertainment,
Inc.
35,000
8.125%, 
7/1/2027
a
35,472
180,000
4.625%, 
10/15/2029
a
160,621
33,000
6.500%, 
2/15/2032
a
32,513
Carnival
Corporation
79,000
7.625%, 
3/1/2026
a
79,490
110,000
5.750%, 
3/1/2027
a
107,356
66,000
4.000%, 
8/1/2028
a
60,344
28,000
6.000%, 
5/1/2029
a
27,133
Cedar
Fair,
LP
65,000
5.250%, 
7/15/2029
60,681
Cedar
Fair,
LP/Canada's
Wonderland
Company/Magnum
Management
Corporation/
Millennium
Operations,
LLC
14,000
5.375%, 
4/15/2027
13,587
Churchill
Downs,
Inc.
40,000
4.750%, 
1/15/2028
a
37,793
34,000
6.750%, 
5/1/2031
a
33,753
Cinemark
USA,
Inc.
82,000
5.875%, 
3/15/2026
a
80,967
Clarios
Global,
LP/Clarios
US
Finance
Company,
Inc.
41,000
8.500%, 
5/15/2027
a
41,054
100,000
6.750%, 
5/15/2028
a
100,204
Cushman
&
Wakefield
US
Borrower,
LLC
14,000
6.750%, 
5/15/2028
a
13,805
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Consumer
Cyclical
(2.2%)
-
continued
D.R.
Horton,
Inc.
$
13,000
2.600%, 
10/15/2025
$
12,425
Dana,
Inc.
27,000
5.625%, 
6/15/2028
26,016
40,000
4.500%, 
2/15/2032
33,936
eG
Global
Finance
plc
14,000
12.000%, 
11/30/2028
a
14,452
Expedia
Group,
Inc.
65,000
3.250%, 
2/15/2030
57,337
Expedia
Group,
Inc.,
Convertible
143,000
Zero
Coupon, 
2/15/2026
131,350
Ford
Motor
Company,
Convertible
239,000
Zero
Coupon, 
3/15/2026
237,925
Ford
Motor
Credit
Company,
LLC
71,000
2.900%, 
2/10/2029
61,291
67,000
7.122%, 
11/7/2033
69,715
Forestar
Group,
Inc.
28,000
3.850%, 
5/15/2026
a
26,573
Gap,
Inc.
20,000
3.625%, 
10/1/2029
a
16,923
General
Motors
Financial
Company,
Inc.
47,000
1.200%, 
10/15/2024
46,034
139,000
2.900%, 
2/26/2025
135,758
29,000
2.750%, 
6/20/2025
28,010
64,000
5.800%, 
6/23/2028
64,132
47,000
5.800%, 
1/7/2029
46,886
27,000
5.750%, 
2/8/2031
26,677
90,000
5.950%, 
4/4/2034
88,030
Genuine
Parts
Company
39,000
6.500%, 
11/1/2028
40,501
GoDaddy
Operating
Company,
LLC/GD
Finance
Company,
Inc.
27,000
3.500%, 
3/1/2029
a
23,942
Goodyear
Tire
&
Rubber
Company
27,000
4.875%, 
3/15/2027
25,888
45,000
5.000%, 
7/15/2029
e
40,814
Hanesbrands,
Inc.
31,000
4.875%, 
5/15/2026
a
29,983
31,000
9.000%, 
2/15/2031
a,e
30,851
Hilton
Domestic
Operating
Company,
Inc.
125,000
4.875%, 
1/15/2030
117,504
14,000
4.000%, 
5/1/2031
a
12,267
65,000
3.625%, 
2/15/2032
a
54,621
Hilton
Grand
Vacations
Borrower
Escrow,
LLC/Hilton
Grand
Vacations
Borrower
Escrow,
Inc.
97,000
5.000%, 
6/1/2029
a
88,227
Home
Depot,
Inc.
61,000
3.250%, 
4/15/2032
53,039
Hyatt
Hotels
Corporation
41,000
5.750%, 
1/30/2027
41,197
Hyundai
Capital
America
30,000
5.500%, 
3/30/2026
a
29,813
56,000
3.000%, 
2/10/2027
a
52,064
39,000
6.500%, 
1/16/2029
a
40,175
International
Game
Technology
plc
111,000
5.250%, 
1/15/2029
a
104,845
Jacobs
Entertainment,
Inc.
35,000
6.750%, 
2/15/2029
a
33,201
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
53
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Consumer
Cyclical
(2.2%)
-
continued
Jaguar
Land
Rover
Automotive
plc
$
33,000
5.500%, 
7/15/2029
a
$
31,051
KB
Home
55,000
4.800%, 
11/15/2029
51,079
Kohl's
Corporation
36,000
4.625%, 
5/1/2031
29,679
L
Brands,
Inc.
135,000
6.625%, 
10/1/2030
a
134,899
20,000
6.875%, 
11/1/2035
19,867
Lennar
Corporation
29,000
4.750%, 
5/30/2025
28,670
Light
&
Wonder
International,
Inc.
100,000
7.250%, 
11/15/2029
a
100,856
Live
Nation
Entertainment,
Inc.
30,000
4.750%, 
10/15/2027
a
28,274
Live
Nation
Entertainment,
Inc.,
Convertible
80,000
2.000%, 
2/15/2025
e
81,856
180,000
3.125%, 
1/15/2029
e
195,012
Lowe's
Companies,
Inc.
93,000
4.500%, 
4/15/2030
88,958
Macy's
Retail
Holdings,
LLC
60,000
5.875%, 
4/1/2029
a,e
57,850
27,000
6.125%, 
3/15/2032
a
25,540
Marriott
International,
Inc./MD
42,000
4.900%, 
4/15/2029
40,879
57,000
4.625%, 
6/15/2030
54,166
Marriott
Vacations
Worldwide
Corporation,
Convertible
117,000
Zero
Coupon, 
1/15/2026
108,319
170,000
3.250%, 
12/15/2027
155,125
Mattamy
Group
Corporation
51,000
5.250%, 
12/15/2027
a
48,828
McDonald's
Corporation
39,000
4.950%, 
8/14/2033
37,708
Melco
Resorts
Finance,
Ltd.
75,000
5.375%, 
12/4/2029
a
66,781
70,000
7.625%, 
4/17/2032
a
68,474
Mercedes-Benz
Finance
North
America,
LLC
57,000
1.450%, 
3/2/2026
a
53,057
44,000
5.200%, 
8/3/2026
a
43,828
Michaels
Companies,
Inc.
40,000
5.250%, 
5/1/2028
a
33,855
NCL
Corporation,
Ltd.
32,000
5.875%, 
3/15/2026
a
31,354
73,000
5.875%, 
2/15/2027
a
71,311
Nordstrom,
Inc.
27,000
4.375%, 
4/1/2030
24,098
38,000
4.250%, 
8/1/2031
32,776
PENN
Entertainment,
Inc.
70,000
4.125%, 
7/1/2029
a,e
58,634
PetSmart,
Inc./PetSmart
Finance
Corporation
120,000
4.750%, 
2/15/2028
a
110,742
60,000
7.750%, 
2/15/2029
a
57,029
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
88,000
5.750%, 
4/15/2026
a
86,893
186,000
6.250%, 
1/15/2028
a,e
181,706
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Consumer
Cyclical
(2.2%)
-
continued
QVC,
Inc.
$
17,000
4.375%, 
9/1/2028
$
13,073
Raising
Cane's
Restaurants,
LLC
33,000
9.375%, 
5/1/2029
a
35,393
Rakuten
Group,
Inc.
41,000
11.250%, 
2/15/2027
a
42,579
47,000
9.750%, 
4/15/2029
a
46,546
Royal
Caribbean
Cruises,
Ltd.
153,000
4.250%, 
7/1/2026
a
146,909
48,000
9.250%, 
1/15/2029
a
51,262
51,000
7.250%, 
1/15/2030
a
52,446
Scientific
Games
Holdings,
LP/
Scientific
Games
US
FinCo,
Inc.
20,000
6.625%, 
3/1/2030
a
18,921
SeaWorld
Parks
and
Entertainment,
Inc.
65,000
5.250%, 
8/15/2029
a
59,934
Service
Corporation
International/
US
27,000
3.375%, 
8/15/2030
22,904
Six
Flags
Entertainment
Corporation/Six
Flags
Theme
Parks,
Inc.
14,000
6.625%, 
5/1/2032
a,g
13,944
Six
Flags
Theme
Parks,
Inc.
23,000
7.000%, 
7/1/2025
a
23,050
Staples,
Inc.
77,000
7.500%, 
4/15/2026
a
74,237
Station
Casinos,
LLC
47,000
4.625%, 
12/1/2031
a,e
41,197
Target
Corporation
80,000
2.350%, 
2/15/2030
68,808
Tenneco,
Inc.
88,000
8.000%, 
11/17/2028
a
82,224
Toyota
Motor
Credit
Corporation
39,000
5.550%, 
11/20/2030
39,389
39,000
4.800%, 
1/5/2034
37,063
Tractor
Supply
Company
40,000
5.250%, 
5/15/2033
39,097
Tripadvisor,
Inc.
14,000
7.000%, 
7/15/2025
a
14,006
Uber
Technologies,
Inc.,
Convertible
114,000
Zero
Coupon, 
12/15/2025
118,275
134,000
0.875%, 
12/1/2028
a
150,214
Vail
Resorts,
Inc.,
Convertible
181,000
Zero
Coupon, 
1/1/2026
164,258
VICI
Properties,
LP/VICI
Note
Company,
Inc.
140,000
5.750%, 
2/1/2027
a
138,825
Victoria's
Secret
&
Company
64,000
4.625%, 
7/15/2029
a
50,283
Viking
Cruises,
Ltd.
139,000
5.875%, 
9/15/2027
a
134,770
Volkswagen
Group
of
America
Finance,
LLC
14,000
3.350%, 
5/13/2025
a
13,668
Wabash
National
Corporation
65,000
4.500%, 
10/15/2028
a
58,405
Walgreens
Boots
Alliance,
Inc.
48,000
3.200%, 
4/15/2030
41,168
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
54
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Consumer
Cyclical
(2.2%)
-
continued
WASH
Multifamily
Acquisition,
Inc.
$
42,000
5.750%, 
4/15/2026
a
$
40,719
Wyndham
Hotels
&
Resorts,
Inc.
42,000
4.375%, 
8/15/2028
a
38,511
Wynn
Resorts
Finance,
LLC/Wynn
Resorts
Capital
Corporation
65,000
7.125%, 
2/15/2031
a
65,927
Yum!
Brands,
Inc.
110,000
4.750%, 
1/15/2030
a
102,941
ZF
North
America
Capital,
Inc.
47,000
7.125%, 
4/14/2030
a
48,057
Total
8,762,650
Consumer
Non-Cyclical
(1.9%)
1375209
B.C.,
Ltd.
27,000
9.000%, 
1/30/2028
a,e
26,506
AbbVie,
Inc.
98,000
5.500%, 
3/15/2064
94,487
59,000
5.350%, 
3/15/2044
57,058
AdaptHealth,
LLC
118,000
4.625%, 
8/1/2029
a
99,418
Albertsons
Companies,
Inc./
Safeway,
Inc./New
Albertsons,
LP/Albertsons,
LLC
88,000
4.625%, 
1/15/2027
a
84,083
91,000
3.500%, 
3/15/2029
a
80,295
Altria
Group,
Inc.
39,000
6.200%, 
11/1/2028
39,966
Amgen,
Inc.
57,000
5.150%, 
3/2/2028
56,494
98,000
5.250%, 
3/2/2030
97,136
Anheuser-Busch
InBev
Worldwide,
Inc.
75,000
4.750%, 
1/23/2029
73,750
117,000
5.000%, 
6/15/2034
113,064
Archer-Daniels-Midland
Company
40,000
4.500%, 
8/15/2033
37,207
AstraZeneca
Finance,
LLC
87,000
1.750%, 
5/28/2028
76,153
58,000
5.000%, 
2/26/2034
56,420
BAT
Capital
Corporation
44,000
6.343%, 
8/2/2030
45,112
25,000
5.834%, 
2/20/2031
24,990
40,000
7.750%, 
10/19/2032
44,362
20,000
6.000%, 
2/20/2034
19,876
Bausch
+
Lomb
Corporation
16,000
8.375%, 
10/1/2028
a
16,524
Bausch
Health
Companies,
Inc.
45,000
5.500%, 
11/1/2025
a,e
41,915
100,000
4.875%, 
6/1/2028
a
64,598
Becton,
Dickinson
and
Company
44,000
4.693%, 
2/13/2028
42,813
56,000
2.823%, 
5/20/2030
48,261
BellRing
Brands,
Inc.
48,000
7.000%, 
3/15/2030
a
48,573
BioMarin
Pharmaceutical,
Inc.,
Convertible
115,000
1.250%, 
5/15/2027
e
112,067
Bio-Rad
Laboratories,
Inc.
62,000
3.300%, 
3/15/2027
58,237
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Consumer
Non-Cyclical
(1.9%)
-
continued
Bristol-Myers
Squibb
Company
$
78,000
5.550%, 
2/22/2054
$
75,279
39,000
5.750%, 
2/1/2031
39,868
19,000
5.900%, 
11/15/2033
19,584
Campbell
Soup
Company
124,000
5.400%, 
3/21/2034
120,969
Cargill,
Inc.
84,000
2.125%, 
11/10/2031
a
67,064
Catalent
Pharma
Solutions,
Inc.
33,000
3.125%, 
2/15/2029
a
31,496
Central
Garden
&
Pet
Company
125,000
4.125%, 
10/15/2030
e
109,188
Charles
River
Laboratories
International,
Inc.
33,000
4.000%, 
3/15/2031
a
28,784
Cheplapharm
Arzneimittel
GmbH
10,000
5.500%, 
1/15/2028
a
9,381
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
66,000
4.625%, 
11/15/2028
a
61,087
CHS/Community
Health
Systems,
Inc.
63,000
5.625%, 
3/15/2027
a
57,685
22,000
8.000%, 
12/15/2027
a
21,533
83,000
6.000%, 
1/15/2029
a
72,413
52,000
5.250%, 
5/15/2030
a
42,514
36,000
4.750%, 
2/15/2031
a
28,099
Cigna
Group
39,000
5.600%, 
2/15/2054
36,733
49,000
2.400%, 
3/15/2030
41,312
Constellation
Brands,
Inc.
39,000
4.800%, 
1/15/2029
37,924
75,000
3.150%, 
8/1/2029
66,914
27,000
4.900%, 
5/1/2033
25,468
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US,
LLC
76,000
4.750%, 
1/15/2029
a
70,845
56,000
6.625%, 
7/15/2030
a
56,034
CVS
Health
Corporation
43,000
5.000%, 
2/20/2026
42,571
30,000
4.300%, 
3/25/2028
28,787
40,000
5.300%, 
6/1/2033
38,672
117,000
4.780%, 
3/25/2038
103,017
Diageo
Capital
plc
42,000
2.000%, 
4/29/2030
34,968
70,000
5.625%, 
10/5/2033
71,259
Edgewell
Personal
Care
Company
50,000
5.500%, 
6/1/2028
a
48,248
Eli
Lilly
&
Company
78,000
5.000%, 
2/9/2054
72,536
80,000
4.700%, 
2/27/2033
76,888
Embecta
Corporation
21,000
6.750%, 
2/15/2030
a
17,951
Encompass
Health
Corporation
140,000
4.500%, 
2/1/2028
131,412
Endo
Finance
Holdings,
Inc.
27,000
8.500%, 
4/15/2031
a,e
27,434
Energizer
Holdings,
Inc.
40,000
4.750%, 
6/15/2028
a
36,345
70,000
4.375%, 
3/31/2029
a
61,836
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
55
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Consumer
Non-Cyclical
(1.9%)
-
continued
Envista
Holdings
Corporation,
Convertible
$
50,000
1.750%, 
8/15/2028
a
$
42,500
Fortrea
Holdings,
Inc.
22,000
7.500%, 
7/1/2030
a,e
22,192
General
Mills,
Inc.
16,000
4.950%, 
3/29/2033
e
15,326
Gilead
Sciences,
Inc.
44,000
5.250%, 
10/15/2033
43,377
Grifols
SA
79,000
4.750%, 
10/15/2028
a,e
63,804
Herbalife
Nutrition,
Ltd./HLF
Financing,
Inc.
6,000
7.875%, 
9/1/2025
a
5,755
HLF
Financing
SARL,
LLC/
Herbalife
International,
Inc.
50,000
4.875%, 
6/1/2029
a
29,370
Imperial
Brands
Finance
plc
36,000
3.125%, 
7/26/2024
a
35,746
Integer
Holdings
Corporation,
Convertible
154,000
2.125%, 
2/15/2028
214,060
Jazz
Investments
I,
Ltd.,
Convertible
154,000
2.000%, 
6/15/2026
148,225
Jazz
Securities
DAC
45,000
4.375%, 
1/15/2029
a
40,942
JBS
USA
Holding
Lux
SARL/JBS
USA
Food
Company/JBS
Lux
Company
SARL
105,000
2.500%, 
1/15/2027
96,219
47,000
3.625%, 
1/15/2032
39,143
44,000
6.750%, 
3/15/2034
a
44,890
KeHE
Distributors,
LLC/KeHE
Finance
Corporation/NextWave
Distribution,
Inc.
27,000
9.000%, 
2/15/2029
a
27,262
Kenvue,
Inc.
21,000
5.000%, 
3/22/2030
20,746
Keurig
Dr
Pepper,
Inc.
69,000
3.200%, 
5/1/2030
61,103
76,000
5.300%, 
3/15/2034
74,001
Kraft
Heinz
Foods
Company
41,000
6.750%, 
3/15/2032
44,339
Kroger
Company
37,000
4.500%, 
1/15/2029
35,681
Legacy
LifePoint
Health,
LLC
34,000
4.375%, 
2/15/2027
a
31,841
LifePoint
Health,
Inc.
53,000
9.875%, 
8/15/2030
a
55,189
33,000
11.000%, 
10/15/2030
a
35,125
Mattel,
Inc.
122,000
3.375%, 
4/1/2026
a
116,164
McKesson
Corporation
125,000
1.300%, 
8/15/2026
113,904
Medline
Borrower,
LP/Medline
Co-
Issuer,
Inc.
56,000
6.250%, 
4/1/2029
a
55,642
Medtronic
Global
Holdings
SCA
41,000
4.500%, 
3/30/2033
38,622
ModivCare
Escrow
Issuer,
Inc.
27,000
5.000%, 
10/1/2029
a,e
18,757
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Consumer
Non-Cyclical
(1.9%)
-
continued
ModivCare,
Inc.
$
21,000
5.875%, 
11/15/2025
a
$
20,481
Mozart
Debt
Merger
Sub,
Inc.
92,000
3.875%, 
4/1/2029
a
82,416
46,000
5.250%, 
10/1/2029
a
42,825
Newell
Brands,
Inc.
28,000
6.375%, 
9/15/2027
e
27,304
28,000
6.625%, 
9/15/2029
27,045
Organon
&
Company/Organon
Foreign
Debt
Co-Issuer
BV
89,000
4.125%, 
4/30/2028
a
81,057
78,000
5.125%, 
4/30/2031
a
67,447
Owens
&
Minor,
Inc.
76,000
6.625%, 
4/1/2030
a,e
73,742
Performance
Food
Group,
Inc.
41,000
4.250%, 
8/1/2029
a
36,752
Perrigo
Finance
Unlimited
Company
46,000
3.150%, 
6/15/2030
42,151
Pfizer
Investment
Enterprises,
Private
Ltd.
63,000
4.450%, 
5/19/2026
61,924
Philip
Morris
International,
Inc.
80,000
4.875%, 
2/15/2028
78,634
40,000
5.625%, 
11/17/2029
40,338
39,000
5.125%, 
2/13/2031
37,897
40,000
5.750%, 
11/17/2032
40,271
59,000
5.250%, 
2/13/2034
56,914
Post
Holdings,
Inc.
41,000
4.625%, 
4/15/2030
a
37,028
51,000
4.500%, 
9/15/2031
a
44,843
Post
Holdings,
Inc.,
Convertible
160,000
2.500%, 
8/15/2027
178,960
Primo
Water
Holdings,
Inc.
100,000
4.375%, 
4/30/2029
a
91,276
Procter
&
Gamble
Company
38,000
1.200%, 
10/29/2030
30,110
Roche
Holdings,
Inc.
57,000
5.218%, 
3/8/2054
a
54,283
42,000
1.930%, 
12/13/2028
a
36,413
59,000
2.076%, 
12/13/2031
a
47,170
Royalty
Pharma
plc
87,000
1.200%, 
9/2/2025
81,930
Scotts
Miracle-Gro
Company
32,000
4.500%, 
10/15/2029
28,538
Simmons
Foods,
Inc.
109,000
4.625%, 
3/1/2029
a
94,046
Spectrum
Brands,
Inc.
42,000
5.000%, 
10/1/2029
a
40,921
30,000
5.500%, 
7/15/2030
a,e
29,131
29,000
3.875%, 
3/15/2031
a,e
27,139
Star
Parent,
Inc.
54,000
9.000%, 
10/1/2030
a
56,487
Sysco
Corporation
37,000
5.950%, 
4/1/2030
37,814
Takeda
Pharmaceutical
Company,
Ltd.
87,000
5.000%, 
11/26/2028
85,413
Tenet
Healthcare
Corporation
179,000
5.125%, 
11/1/2027
173,169
30,000
6.125%, 
10/1/2028
29,624
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
56
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Consumer
Non-Cyclical
(1.9%)
-
continued
$
67,000
6.750%, 
5/15/2031
a
$
67,133
Teva
Pharmaceutical
Finance
Netherlands
III
BV
61,000
3.150%, 
10/1/2026
56,512
Topgolf
Callaway
Brands
Corporation,
Convertible
53,000
2.750%, 
5/1/2026
59,837
Unilever
Capital
Corporation
50,000
5.000%, 
12/8/2033
48,993
US
Acute
Care
Solutions,
LLC
28,000
6.375%, 
3/1/2026
a
28,350
Viterra
Finance
BV
80,000
3.200%, 
4/21/2031
a
67,428
Winnebago
Industries,
Inc.,
Convertible
88,000
3.250%, 
1/15/2030
a
86,372
Wyeth,
LLC
98,000
6.500%, 
2/1/2034
105,536
Zoetis,
Inc.
63,000
5.600%, 
11/16/2032
63,334
Total
7,646,376
Energy
(1.6%)
Antero
Midstream
Partners,
LP/
Antero
Midstream
Finance
Corporation
56,000
5.375%, 
6/15/2029
a
53,288
Antero
Resources
Corporation
30,000
5.375%, 
3/1/2030
a
28,523
Apache
Corporation
59,000
4.375%, 
10/15/2028
55,220
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
120,000
6.250%, 
4/1/2028
a
117,559
Ascent
Resources
Utica
Holdings,
LLC/ARU
Finance
Corporation
56,000
8.250%, 
12/31/2028
a
57,140
Baytex
Energy
Corporation
55,000
8.500%, 
4/30/2030
a
57,344
Borr
IHC,
Ltd./Borr
Finance,
LLC
68,000
10.375%, 
11/15/2030
a
70,620
BP
Capital
Markets
America,
Inc.
152,000
4.234%, 
11/6/2028
145,996
55,000
4.812%, 
2/13/2033
52,574
BP
Capital
Markets
plc
50,000
4.875%, 
3/22/2030
c,h
46,702
55,000
6.450%, 
12/1/2033
c,h
55,488
Buckeye
Partners,
LP
38,000
4.500%, 
3/1/2028
a
35,395
CGG
SA
14,000
8.750%, 
4/1/2027
a
13,101
Cheniere
Energy
Partners,
LP
38,000
4.500%, 
10/1/2029
35,554
39,000
3.250%, 
1/31/2032
32,583
62,000
5.950%, 
6/30/2033
61,831
Cheniere
Energy,
Inc.
34,000
5.650%, 
4/15/2034
a
33,275
Civitas
Resources,
Inc.
38,000
8.375%, 
7/1/2028
a
39,641
19,000
8.625%, 
11/1/2030
a
20,219
72,000
8.750%, 
7/1/2031
a
76,373
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Energy
(1.6%)
-
continued
CNX
Resources
Corporation
$
33,000
6.000%, 
1/15/2029
a
$
31,973
CNX
Resources
Corporation,
Convertible
103,000
2.250%, 
5/1/2026
193,218
Columbia
Pipelines
Holding
Company,
LLC
42,000
6.055%, 
8/15/2026
a
42,143
79,000
6.042%, 
8/15/2028
a
79,715
Comstock
Resources,
Inc.
54,000
6.750%, 
3/1/2029
a
50,809
38,000
5.875%, 
1/15/2030
a
34,609
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
49,000
5.500%, 
6/15/2031
a
45,028
Crescent
Energy
Finance,
LLC
33,000
9.250%, 
2/15/2028
a
34,863
83,000
7.625%, 
4/1/2032
a
83,310
Delek
Logistics
Partners,
LP/Delek
Logistics
Finance
Corporation
61,000
8.625%, 
3/15/2029
a
61,462
Diamond
Foreign
Asset
Company/
Diamond
Finance,
LLC
22,000
8.500%, 
10/1/2030
a
23,012
Diamondback
Energy,
Inc.
92,000
5.750%, 
4/18/2054
87,829
DT
Midstream,
Inc.
44,000
4.125%, 
6/15/2029
a
39,880
Enbridge,
Inc.
55,000
7.375%, 
1/15/2083
c
53,929
52,000
7.625%, 
1/15/2083
c
51,771
59,000
5.950%, 
4/5/2054
57,132
20,000
5.700%, 
3/8/2033
19,771
Enerflex,
Ltd.
38,000
9.000%, 
10/15/2027
a
38,913
Energy
Transfer,
LP
40,000
5.950%, 
5/15/2054
37,699
66,000
8.000%, 
5/15/2054
c,e
67,967
47,000
6.750%, 
5/15/2025
c,h
45,871
39,000
4.400%, 
3/15/2027
37,779
40,000
6.400%, 
12/1/2030
41,196
Enterprise
Products
Operating,
LLC
38,000
4.150%, 
10/16/2028
36,303
EQM
Midstream
Partners,
LP
153,000
4.750%, 
1/15/2031
a
139,801
Genesis
Energy
LP/Genesis
Energy
Finance
Corporation
87,000
8.875%, 
4/15/2030
90,028
Harvest
Midstream
I,
LP
66,000
7.500%, 
9/1/2028
a
66,181
40,868
7.500%, 
5/15/2032
a,g
40,919
Hess
Midstream
Operations,
LP
40,000
5.125%, 
6/15/2028
a
38,286
61,000
4.250%, 
2/15/2030
a
55,052
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
70,000
5.750%, 
2/1/2029
a
67,244
27,000
6.000%, 
4/15/2030
a
25,852
70,000
6.250%, 
4/15/2032
a
67,588
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
57
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Energy
(1.6%)
-
continued
Howard
Midstream
Energy
Partners,
LLC
$
40,000
6.750%, 
1/15/2027
a
$
39,463
ITT
Holdings,
LLC
55,000
6.500%, 
8/1/2029
a
49,677
Kodiak
Gas
Services,
LLC
33,000
7.250%, 
2/15/2029
a
33,238
Laredo
Petroleum,
Inc.
96,000
7.750%, 
7/31/2029
a
96,629
Marathon
Oil
Corporation
37,000
4.400%, 
7/15/2027
35,613
MEG
Energy
Corporation
73,000
5.875%, 
2/1/2029
a
70,627
MPLX,
LP
94,000
1.750%, 
3/1/2026
87,594
19,000
5.000%, 
3/1/2033
17,869
Nabors
Industries,
Inc.
27,000
7.375%, 
5/15/2027
a
26,758
69,000
9.125%, 
1/31/2030
a
71,152
National
Fuel
Gas
Company
82,000
5.500%, 
1/15/2026
81,387
New
Fortress
Energy,
Inc.
20,000
6.750%, 
9/15/2025
a
19,754
22,000
8.750%, 
3/15/2029
a,e
21,455
NGL
Energy
Operating,
LLC/NGL
Energy
Finance
Corporation
22,000
8.125%, 
2/15/2029
a
22,350
33,000
8.375%, 
2/15/2032
a
33,533
Noble
Finance
II,
LLC
27,000
8.000%, 
4/15/2030
a
27,821
Northern
Oil
and
Gas,
Inc.
56,000
8.750%, 
6/15/2031
a
58,907
Northern
Oil
and
Gas,
Inc.,
Convertible
128,000
3.625%, 
4/15/2029
157,862
NuStar
Logistics,
LP
54,000
6.375%, 
10/1/2030
53,386
Occidental
Petroleum
Corporation
78,000
8.875%, 
7/15/2030
89,180
ONEOK,
Inc.
57,000
2.200%, 
9/15/2025
54,296
41,000
5.550%, 
11/1/2026
40,958
39,000
5.650%, 
11/1/2028
39,124
Ovintiv,
Inc.
46,000
5.650%, 
5/15/2028
e
45,959
40,000
6.250%, 
7/15/2033
40,318
PBF
Holding
Company,
LLC/PBF
Finance
Corporation
43,000
6.000%, 
2/15/2028
e
41,938
Permian
Resources
Operating,
LLC
42,000
7.000%, 
1/15/2032
a
42,815
Permian
Resources
Operating,
LLC,
Convertible
51,000
3.250%, 
4/1/2028
144,416
Pioneer
Natural
Resources
Company
56,000
1.900%, 
8/15/2030
45,946
Pioneer
Natural
Resources
Company,
Convertible
32,000
0.250%, 
5/15/2025
93,792
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Energy
(1.6%)
-
continued
Plains
All
American
Pipeline,
LP/
PAA
Finance
Corporation
$
92,000
4.650%, 
10/15/2025
$
90,423
Prairie
Acquiror,
LP
45,000
9.000%, 
8/1/2029
a
45,963
Precision
Drilling
Corporation
50,000
6.875%, 
1/15/2029
a
49,481
Range
Resources
Corporation
45,000
4.750%, 
2/15/2030
a
41,434
Rockcliff
Energy
II,
LLC
59,000
5.500%, 
10/15/2029
a
54,384
Rockies
Express
Pipeline,
LLC
69,000
4.950%, 
7/15/2029
a
63,434
Schlumberger
Holdings
Corporation
24,000
4.300%, 
5/1/2029
a
22,924
SM
Energy
Company
30,000
6.500%, 
7/15/2028
29,756
Southwestern
Energy
Company
30,000
4.750%, 
2/1/2032
27,017
Suburban
Propane
Partners,
LP/
Suburban
Energy
Finance
Corporation
27,000
5.875%, 
3/1/2027
26,601
Suncor
Energy,
Inc.
39,000
7.150%, 
2/1/2032
42,490
Sunoco,
LP
82,000
7.000%, 
5/1/2029
a
83,278
Sunoco,
LP/Sunoco
Finance
Corporation
44,000
5.875%, 
3/15/2028
42,939
44,000
4.500%, 
4/30/2030
39,594
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
98,000
5.500%, 
1/15/2028
a
93,043
41,000
7.375%, 
2/15/2029
a
41,045
Talos
Production,
Inc.
29,000
9.000%, 
2/1/2029
a
30,597
Targa
Resources
Partners,
LP
102,000
4.875%, 
2/1/2031
95,459
Teine
Energy,
Ltd.
40,000
6.875%, 
4/15/2029
a
38,863
TotalEnergies
Capital
SA
117,000
5.488%, 
4/5/2054
113,844
TransCanada
Trust
100,000
5.875%, 
8/15/2076
c
95,865
Transocean
Titan
Financing,
Ltd.
54,000
8.375%, 
2/1/2028
a
55,434
Transocean,
Inc.
80,100
8.750%, 
2/15/2030
a
83,519
USA
Compression
Partners,
LP/
USA
Compression
Finance
Corporation
47,000
7.125%, 
3/15/2029
a
46,699
Valaris,
Ltd.
56,000
8.375%, 
4/30/2030
a
57,591
Venture
Global
Calcasieu
Pass,
LLC
59,000
3.875%, 
8/15/2029
a
52,128
35,000
4.125%, 
8/15/2031
a
30,547
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
58
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Energy
(1.6%)
-
continued
Venture
Global
LNG,
Inc.
$
101,000
8.125%, 
6/1/2028
a
$
103,269
114,000
8.375%, 
6/1/2031
a
116,988
113,000
9.875%, 
2/1/2032
a
120,583
Williams
Companies,
Inc.
69,000
4.900%, 
3/15/2029
67,065
37,000
2.600%, 
3/15/2031
30,634
Total
6,592,267
Financials
(5.5%)
Acrisure,
LLC/Acrisure
Finance,
Inc.
19,000
4.250%, 
2/15/2029
a
17,021
AerCap
Holdings
NV
32,000
5.875%, 
10/10/2079
c,e
31,600
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
54,000
6.500%, 
7/15/2025
54,387
103,000
3.000%, 
10/29/2028
91,864
Air
Lease
Corporation
29,000
2.300%, 
2/1/2025
28,182
17,000
3.375%, 
7/1/2025
16,522
52,000
4.650%, 
6/15/2026
c,h
49,012
46,000
3.125%, 
12/1/2030
39,376
Aircastle,
Ltd.
50,000
5.250%, 
6/15/2026
a,c,h
47,241
46,000
2.850%, 
1/26/2028
a
40,985
Alliant
Holdings
Intermediate,
LLC/
Alliant
Holdings
Co-Issuer,
Inc.
27,000
4.250%, 
10/15/2027
a
25,186
55,000
6.750%, 
4/15/2028
a
54,942
28,000
7.000%, 
1/15/2031
a
28,088
Ally
Financial,
Inc.
59,000
5.750%, 
11/20/2025
e
58,519
86,000
4.700%, 
5/15/2026
c,e,h
73,007
37,000
8.000%, 
11/1/2031
40,059
42,000
6.700%, 
2/14/2033
41,201
American
Express
Company
50,000
3.550%, 
9/15/2026
c,h
45,619
80,000
6.338%, 
10/30/2026
c
80,638
101,000
2.550%, 
3/4/2027
93,438
American
Homes
4
Rent,
LP
45,000
2.375%, 
7/15/2031
35,657
American
International
Group,
Inc.
79,000
5.125%, 
3/27/2033
75,774
AmWINS
Group,
Inc.
22,000
6.375%, 
2/15/2029
a
21,734
66,000
4.875%, 
6/30/2029
a
59,999
Aon
North
America,
Inc.
78,000
5.750%, 
3/1/2054
75,405
Arbor
Realty
Trust,
Inc.,
Convertible
8,000
7.500%, 
8/1/2025
7,809
Ares
Capital
Corporation
15,000
4.250%, 
3/1/2025
14,757
100,000
2.150%, 
7/15/2026
91,825
47,000
5.875%, 
3/1/2029
46,077
Arthur
J.
Gallagher
&
Company
59,000
5.750%, 
7/15/2054
56,044
Assurant,
Inc.
62,000
6.100%, 
2/27/2026
61,991
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Financials
(5.5%)
-
continued
Australia
&
New
Zealand
Banking
Group,
Ltd.
$
85,000
2.950%, 
7/22/2030
a,c
$
81,631
Aviation
Capital
Group,
LLC
42,000
4.875%, 
10/1/2025
a
41,090
Avolon
Holdings
Funding,
Ltd.
85,000
4.250%, 
4/15/2026
a
81,742
79,000
5.750%, 
3/1/2029
a
77,724
BAC
Capital
Trust
XIV
84,000
5.991%, 
(TSFR3M
+
0.662%),
5/17/2024
c,h
69,328
Banco
Santander
Mexico
SA
14,000
5.375%, 
4/17/2025
a
13,909
Banco
Santander
SA
22,000
4.750%, 
11/12/2026
c,h
18,819
Bank
of
America
Corporation
64,000
4.200%, 
8/26/2024
63,674
150,000
6.250%, 
9/5/2024
c,h
149,512
71,000
6.100%, 
3/17/2025
c,h
70,875
72,000
1.319%, 
6/19/2026
c
68,421
146,000
1.197%, 
10/24/2026
c
136,389
70,000
6.125%, 
4/27/2027
c,h
69,172
60,000
1.734%, 
7/22/2027
c
55,046
80,000
4.376%, 
4/27/2028
c
77,323
112,000
3.593%, 
7/21/2028
c
105,277
67,000
4.948%, 
7/22/2028
c
65,726
70,000
5.819%, 
9/15/2029
c
70,412
180,000
3.974%, 
2/7/2030
c
167,308
135,000
2.687%, 
4/22/2032
c
111,231
59,000
2.572%, 
10/20/2032
c
47,596
82,000
2.972%, 
2/4/2033
c
67,696
59,000
5.468%, 
1/23/2035
c
57,376
40,000
3.846%, 
3/8/2037
c
34,449
Bank
of
Montreal
75,000
5.266%, 
12/11/2026
74,573
62,000
5.203%, 
2/1/2028
61,592
40,000
3.088%, 
1/10/2037
c
31,794
Bank
of
New
York
Mellon
Corporation
39,000
6.317%, 
10/25/2029
c
40,304
67,000
4.596%, 
7/26/2030
c
64,461
39,000
6.474%, 
10/25/2034
c
41,169
Bank
of
Nova
Scotia
93,000
4.900%, 
6/4/2025
c,h
90,860
36,000
1.050%, 
3/2/2026
33,199
Barclays
plc
42,000
6.125%, 
12/15/2025
c,h
40,372
35,000
2.852%, 
5/7/2026
c
33,910
85,000
5.501%, 
8/9/2028
c
83,786
57,000
4.972%, 
5/16/2029
c
54,995
50,000
6.224%, 
5/9/2034
c
50,134
40,000
7.119%, 
6/27/2034
c
41,245
Berkshire
Hathaway
Finance
Corporation
120,000
2.875%, 
3/15/2032
102,554
BlackRock
Funding,
Inc.
39,000
5.250%, 
3/14/2054
36,814
Blackstone
Mortgage
Trust,
Inc.,
Convertible
26,000
5.500%, 
3/15/2027
23,335
Blue
Owl
Capital
Corporation
II
38,000
8.450%, 
11/15/2026
a
38,769
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
59
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Financials
(5.5%)
-
continued
Blue
Owl
Credit
Income
Corporation
$
61,000
4.700%, 
2/8/2027
$
57,647
Blue
Owl
Technology
Finance
Corporation
19,000
4.750%, 
12/15/2025
a
18,219
56,000
3.750%, 
6/17/2026
a
51,754
Blue
Owl
Technology
Finance
Corporation
II
20,000
6.750%, 
4/4/2029
a
19,272
BNP
Paribas
SA
57,000
2.819%, 
11/19/2025
a,c
55,984
57,000
3.132%, 
1/20/2033
a,c
47,260
BPCE
SA
29,000
2.375%, 
1/14/2025
a
28,279
Bread
Financial
Holdings,
Inc.
33,000
9.750%, 
3/15/2029
a
34,318
Bread
Financial
Holdings,
Inc.,
Convertible
83,000
4.250%, 
6/15/2028
a
94,620
Brixmor
Operating
Partnership,
LP
78,000
2.250%, 
4/1/2028
68,197
Brookfield
Property
REIT,
Inc./BPR
Cumulus,
LLC/BPR
Nimbus,
LLC/GGSI
Sellco,
LLC
18,000
4.500%, 
4/1/2027
a
15,986
Burford
Capital
Global
Finance,
LLC
64,000
9.250%, 
7/1/2031
a
66,666
Camden
Property
Trust
37,000
4.900%, 
1/15/2034
34,773
Canadian
Imperial
Bank
of
Commerce
71,000
3.945%, 
8/4/2025
69,541
36,000
5.926%, 
10/2/2026
36,336
Capital
One
Financial
Corporation
30,000
3.950%, 
9/1/2026
c,e,h
25,850
62,000
3.273%, 
3/1/2030
c
54,739
Capital
One
NA
44,000
2.280%, 
1/28/2026
c
42,745
Castlelake
Aviation
Finance
DAC
43,000
5.000%, 
4/15/2027
a
41,382
Centene
Corporation
163,000
3.000%, 
10/15/2030
136,636
77,000
2.625%, 
8/1/2031
61,611
Charles
Schwab
Corporation
104,000
5.375%, 
6/1/2025
c,h
102,843
83,000
0.900%, 
3/11/2026
76,354
94,000
4.000%, 
6/1/2026
c,h
86,609
41,000
5.875%, 
8/24/2026
41,385
25,000
5.000%, 
6/1/2027
c,h
23,362
56,000
2.000%, 
3/20/2028
49,448
39,000
6.136%, 
8/24/2034
c
39,545
Citigroup,
Inc.
72,000
5.500%, 
9/13/2025
71,821
45,000
1.281%, 
11/3/2025
c
43,922
72,000
4.000%, 
12/10/2025
c,h
68,744
95,000
3.875%, 
2/18/2026
c,h
89,175
40,000
4.150%, 
11/15/2026
c,h
36,720
132,000
1.122%, 
1/28/2027
c
121,817
145,000
1.462%, 
6/9/2027
c
132,763
81,000
3.070%, 
2/24/2028
c
75,598
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Financials
(5.5%)
-
continued
$
26,000
7.375%, 
5/15/2028
c,e,h
$
26,660
54,000
7.625%, 
11/15/2028
c,h
55,728
150,000
4.075%, 
4/23/2029
c
141,726
39,000
6.174%, 
5/25/2034
c
38,705
Citizens
Financial
Group,
Inc.
55,000
4.000%, 
10/6/2026
c,h
47,135
CNA
Financial
Corporation
38,000
3.950%, 
5/15/2024
37,978
78,000
5.125%, 
2/15/2034
73,593
Coinbase
Global,
Inc.,
Convertible
117,000
0.500%, 
6/1/2026
117,361
135,000
0.250%, 
4/1/2030
a
121,925
Comerica,
Inc.
36,000
5.625%, 
7/1/2025
c,e,h
34,674
21,000
5.982%, 
1/30/2030
c
20,393
Commonwealth
Bank
of
Australia
45,000
2.688%, 
3/11/2031
a
36,525
Cooperatieve
Rabobank
UA
29,000
1.339%, 
6/24/2026
a,c
27,551
COPT
Defense
Properties,
LP
78,000
2.250%, 
3/15/2026
73,108
COPT
Defense
Properties,
LP,
Convertible
22,000
5.250%, 
9/15/2028
a
22,627
Corebridge
Financial,
Inc.
39,000
6.875%, 
12/15/2052
c
38,608
41,000
6.050%, 
9/15/2033
a
40,996
47,000
5.750%, 
1/15/2034
46,170
Credit
Acceptance
Corporation
51,000
9.250%, 
12/15/2028
a
54,073
Credit
Agricole
SA
37,000
3.250%, 
1/14/2030
a
32,171
Credit
Suisse
Group
AG
26,000
7.250%, 
N/A
a,i
2,860
36,000
7.500%, 
N/A
*,i
3,960
Dai-ichi
Life
Insurance
Company,
Ltd.
74,000
5.100%, 
10/28/2024
a,c,h
73,737
Deutsche
Bank
AG/New
York,
NY
127,000
2.129%, 
11/24/2026
c
119,492
66,000
2.311%, 
11/16/2027
c
60,040
56,000
6.819%, 
11/20/2029
c
57,555
61,000
3.742%, 
1/7/2033
c
49,027
Discover
Bank
75,000
5.974%, 
(USISOA05
+
1.730%),
8/9/2028
c
72,809
Discover
Financial
Services
20,000
6.700%, 
11/29/2032
20,493
Diversified
Healthcare
Trust
32,000
Zero
Coupon, 
1/15/2026
a
27,518
Drawbridge
Special
Opportunities
Fund,
LP
90,000
3.875%, 
2/15/2026
a
84,858
Elevance
Health,
Inc.
74,000
5.350%, 
10/15/2025
73,742
123,000
2.550%, 
3/15/2031
102,181
Enact
Holdings,
Inc.
34,000
6.500%, 
8/15/2025
a
33,969
Encore
Capital
Group,
Inc.,
Convertible
71,000
4.000%, 
3/15/2029
62,409
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
60
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Financials
(5.5%)
-
continued
Extra
Space
Storage,
LP
$
38,000
5.900%, 
1/15/2031
$
38,187
40,000
2.400%, 
10/15/2031
31,758
Fairfax
Financial
Holdings,
Ltd.
59,000
6.350%, 
3/22/2054
a
58,328
Federal
Realty
OP,
LP,
Convertible
70,000
3.250%, 
1/15/2029
a
68,005
Fifth
Third
Bancorp
72,000
4.500%, 
9/30/2025
c,h
68,639
41,000
4.772%, 
7/28/2030
c
38,672
Fifth
Third
Bank
NA
101,000
3.850%, 
3/15/2026
97,016
First
Horizon
Bank
57,000
5.750%, 
5/1/2030
e
52,608
FirstCash,
Inc.
54,000
5.625%, 
1/1/2030
a
50,886
Fortress
Transportation
and
Infrastructure
Investors,
LLC
22,000
9.750%, 
8/1/2027
a
22,713
21,000
5.500%, 
5/1/2028
a
20,155
50,000
7.000%, 
5/1/2031
a
50,270
Freedom
Mortgage
Corporation
27,000
7.625%, 
5/1/2026
a
26,879
22,000
12.000%, 
10/1/2028
a
23,545
Freedom
Mortgage
Holdings,
LLC
22,000
9.250%, 
2/1/2029
a
22,116
FS
KKR
Capital
Corporation
40,000
3.400%, 
1/15/2026
37,818
38,000
2.625%, 
1/15/2027
34,204
GGAM
Finance,
Ltd.
56,000
7.750%, 
5/15/2026
a
56,889
28,000
8.000%, 
6/15/2028
a
28,835
22,000
6.875%, 
4/15/2029
a
21,979
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership,
LP
82,000
3.750%, 
12/15/2027
a
69,833
goeasy,
Ltd.
44,000
9.250%, 
12/1/2028
a
46,457
14,000
7.625%, 
7/1/2029
a
13,997
Goldman
Sachs
BDC,
Inc.
35,000
6.375%, 
3/11/2027
35,137
Goldman
Sachs
Group,
Inc.
40,000
5.500%, 
8/10/2024
c,e,h
39,697
25,000
3.500%, 
4/1/2025
24,502
25,000
4.250%, 
10/21/2025
24,470
43,000
0.855%, 
2/12/2026
c
41,302
48,000
3.650%, 
8/10/2026
c,h
43,647
50,000
4.125%, 
11/10/2026
c,h
46,223
97,000
1.948%, 
10/21/2027
c
88,568
40,000
2.640%, 
2/24/2028
c
36,896
166,000
3.615%, 
3/15/2028
c
157,070
81,000
4.482%, 
8/23/2028
c
78,256
75,000
3.814%, 
4/23/2029
c
70,117
37,000
3.800%, 
3/15/2030
33,846
37,000
2.615%, 
4/22/2032
c
30,293
38,000
2.383%, 
7/21/2032
c
30,410
Hartford
Financial
Services
Group,
Inc.
37,000
2.800%, 
8/19/2029
32,474
59,000
7.694%, 
(TSFR3M
+
2.387%),
2/12/2047
a,c
52,362
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Financials
(5.5%)
-
continued
HAT
Holdings
I,
LLC/HAT
Holdings
II,
LLC,
Convertible
$
9,000
Zero
Coupon, 
5/1/2025
a
$
9,230
111,000
3.750%, 
8/15/2028
a
120,546
HSBC
Holdings
plc
13,000
6.375%, 
3/30/2025
c,h
12,846
36,000
2.633%, 
11/7/2025
c
35,365
35,000
1.645%, 
4/18/2026
c
33,580
35,000
1.589%, 
5/24/2027
c
32,068
70,000
2.251%, 
11/22/2027
c
64,032
105,000
4.583%, 
6/19/2029
c
100,121
60,000
4.600%, 
12/17/2030
c,h
49,371
45,000
2.804%, 
5/24/2032
c
36,710
HUB
International,
Ltd.
79,000
7.250%, 
6/15/2030
a
80,159
Huntington
Bancshares,
Inc./OH
73,000
4.450%, 
10/15/2027
c,h
64,679
93,000
5.709%, 
2/2/2035
c
89,159
Icahn
Enterprises,
LP/Icahn
Enterprises
Finance
Corporation
40,000
6.375%, 
12/15/2025
39,283
29,000
6.250%, 
5/15/2026
28,204
80,000
5.250%, 
5/15/2027
73,460
ING
Groep
NV
76,000
1.726%, 
4/1/2027
c
70,338
54,000
6.083%, 
9/11/2027
c
54,253
Intercontinental
Exchange,
Inc.
61,000
4.350%, 
6/15/2029
58,223
Intesa
Sanpaolo
SPA
34,000
4.198%, 
6/1/2032
a,c
27,868
Invitation
Homes
Operating
Partnership,
LP
65,000
2.000%, 
8/15/2031
50,236
J.P.
Morgan
Chase
&
Company
72,000
8.868%, 
(TSFR3M
+
3.562%),
5/1/2024
c,h
72,000
105,000
5.000%, 
8/1/2024
c,h
104,478
69,000
4.600%, 
2/1/2025
c,h
67,872
182,000
1.561%, 
12/10/2025
c
177,231
20,000
2.083%, 
4/22/2026
c
19,282
55,000
3.650%, 
6/1/2026
c,h
51,457
162,000
1.045%, 
11/19/2026
c
150,757
76,000
1.578%, 
4/22/2027
c
70,132
82,000
2.947%, 
2/24/2028
c
76,327
112,000
4.005%, 
4/23/2029
c
105,741
38,000
2.069%, 
6/1/2029
c
33,207
149,000
4.493%, 
3/24/2031
c
141,113
40,000
2.963%, 
1/25/2033
c
33,236
42,000
4.912%, 
7/25/2033
c
39,931
40,000
5.717%, 
9/14/2033
c
39,849
37,000
5.350%, 
6/1/2034
c
35,981
35,000
6.254%, 
10/23/2034
c
36,245
20,000
5.336%, 
1/23/2035
c
19,386
69,000
5.766%, 
4/22/2035
c
69,046
J.P.
Morgan
Chase
Bank
NA
78,000
5.110%, 
12/8/2026
77,482
Jane
Street
Group/JSG
Finance,
Inc.
17,000
4.500%, 
11/15/2029
a
15,463
Jefferies
Finance,
LLC/JFIN
Co-
Issuer
Corporation
23,000
5.000%, 
8/15/2028
a
20,693
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
61
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Financials
(5.5%)
-
continued
Jefferson
Capital
Holdings,
LLC
$
22,000
6.000%, 
8/15/2026
a
$
21,627
55,000
9.500%, 
2/15/2029
a
55,960
KeyBank
NA/Cleveland,
OH
56,000
3.900%, 
4/13/2029
49,183
75,000
5.000%, 
1/26/2033
67,256
Kilroy
Realty,
LP
59,000
4.250%, 
8/15/2029
52,633
28,000
6.250%, 
1/15/2036
26,299
Kite
Realty
Group,
LP
20,000
5.500%, 
3/1/2034
19,079
Ladder
Capital
Finance
Holdings,
LLLP/Ladder
Capital
Finance
Corporation
28,000
4.250%, 
2/1/2027
a
25,927
46,000
4.750%, 
6/15/2029
a
41,053
Liberty
Mutual
Group,
Inc.
15,000
4.125%, 
12/15/2051
a,c
13,653
Lincoln
National
Corporation
40,000
7.938%, 
(TSFR3M
+
2.619%),
5/17/2024
c
30,614
Lloyds
Banking
Group
plc
127,000
1.627%, 
5/11/2027
c
116,558
M&T
Bank
Corporation
82,000
3.500%, 
9/1/2026
c,h
63,797
Macquarie
Airfinance
Holdings,
Ltd.
83,000
6.400%, 
3/26/2029
a
82,760
Macquarie
Group,
Ltd.
76,000
1.629%, 
9/23/2027
a,c
68,831
Manufacturers
&
Traders
Trust
Company
80,000
4.700%, 
1/27/2028
75,738
Marsh
&
McLennan
Companies,
Inc.
41,000
2.375%, 
12/15/2031
33,288
MetLife,
Inc.
72,000
3.850%, 
9/15/2025
c,h
68,814
40,000
5.875%, 
3/15/2028
c,h
38,872
51,000
6.400%, 
12/15/2036
50,769
Metropolitan
Life
Global
Funding
I
71,000
2.950%, 
4/9/2030
a
61,550
Mid-America
Apartments,
LP
74,000
4.200%, 
6/15/2028
70,929
Mitsubishi
UFJ
Financial
Group,
Inc.
35,000
1.412%, 
7/17/2025
33,257
78,000
1.538%, 
7/20/2027
c
71,315
Mizuho
Financial
Group,
Inc.
99,000
1.554%, 
7/9/2027
c
90,623
82,000
2.564%, 
9/13/2031
65,219
40,000
5.748%, 
7/6/2034
c
39,841
Molina
Healthcare,
Inc.
48,000
4.375%, 
6/15/2028
a
44,518
Morgan
Stanley
32,000
2.720%, 
7/22/2025
c
31,755
79,000
1.164%, 
10/21/2025
c
77,190
20,000
5.000%, 
11/24/2025
19,792
35,000
2.630%, 
2/18/2026
c
34,104
20,000
2.188%, 
4/28/2026
c
19,290
126,000
0.985%, 
12/10/2026
c
116,676
76,000
1.593%, 
5/4/2027
c
70,048
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Financials
(5.5%)
-
continued
$
80,000
1.512%, 
7/20/2027
c
$
73,056
27,000
5.123%, 
2/1/2029
c
26,572
238,000
3.622%, 
4/1/2031
c
213,916
40,000
2.943%, 
1/21/2033
c
33,018
41,000
4.889%, 
7/20/2033
c
38,629
40,000
5.250%, 
4/21/2034
c
38,382
14,000
5.424%, 
7/21/2034
c
13,585
32,000
5.831%, 
4/19/2035
c
31,987
85,000
2.484%, 
9/16/2036
c
65,570
MPT
Operating
Partnership,
LP/
MPT
Finance
Corporation
32,000
5.250%, 
8/1/2026
e
29,146
55,000
4.625%, 
8/1/2029
e
41,157
Nasdaq,
Inc.
42,000
5.350%, 
6/28/2028
41,782
Nationstar
Mortgage
Holdings,
Inc.
46,000
6.000%, 
1/15/2027
a
45,075
NatWest
Group
plc
37,000
4.892%, 
5/18/2029
c
35,670
57,000
3.754%, 
11/1/2029
c
56,271
95,000
6.475%, 
6/1/2034
c
95,399
Navient
Corporation
16,000
5.000%, 
3/15/2027
15,084
Necessity
Retail
REIT,
Inc./
American
Finance
Operating
Partner,
LP
18,000
4.500%, 
9/30/2028
a
15,354
New
York
Life
Global
Funding
37,000
4.550%, 
1/28/2033
a
34,586
39,000
5.000%, 
1/9/2034
a
37,256
Nippon
Life
Insurance
Company
135,000
5.950%, 
4/16/2054
a,c
131,264
142,000
5.100%, 
10/16/2044
a,c
141,076
NNN
REIT,
Inc.
37,000
2.500%, 
4/15/2030
31,047
Nomura
Holdings,
Inc.
58,000
2.172%, 
7/14/2028
50,261
Northern
Trust
Corporation
62,000
4.000%, 
5/10/2027
59,862
Omega
Healthcare
Investors,
Inc.
39,000
4.750%, 
1/15/2028
37,025
38,000
3.375%, 
2/1/2031
31,731
OneMain
Finance
Corporation
105,000
3.500%, 
1/15/2027
96,601
49,000
3.875%, 
9/15/2028
43,131
Panther
Escrow
Issuer,
LLC
78,000
7.125%, 
6/1/2031
a
78,405
Park
Intermediate
Holdings,
LLC
91,000
4.875%, 
5/15/2029
a
83,268
Pebblebrook
Hotel
Trust,
Convertible
211,000
1.750%, 
12/15/2026
184,393
Pine
Street
Trust
I
37,000
4.572%, 
2/15/2029
a
34,516
PNC
Bank
NA
37,000
2.700%, 
10/22/2029
31,581
PNC
Financial
Services
Group,
Inc.
95,000
5.671%, 
10/28/2025
c
94,913
55,000
3.400%, 
9/15/2026
c,h
47,415
42,000
6.200%, 
9/15/2027
c,e,h
41,173
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
62
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Financials
(5.5%)
-
continued
$
42,000
5.582%, 
6/12/2029
c
$
41,811
52,000
6.250%, 
3/15/2030
c,h
48,885
39,000
6.875%, 
10/20/2034
c
41,395
PRA
Group,
Inc.
14,000
7.375%, 
9/1/2025
a
13,935
42,000
8.375%, 
2/1/2028
a
40,970
Principal
Life
Global
Funding
II
59,000
1.250%, 
8/16/2026
a
53,355
Prologis
Targeted
US
Logistics
Fund,
LP
57,000
5.250%, 
4/1/2029
a
55,915
Prologis,
LP
47,000
5.250%, 
3/15/2054
42,902
75,000
3.375%, 
12/15/2027
70,184
Provident
Financing
Trust
I
36,000
7.405%, 
3/15/2038
38,628
Prudential
Financial,
Inc.
40,000
5.125%, 
3/1/2052
c
36,901
39,000
6.750%, 
3/1/2053
c
39,782
126,000
6.500%, 
3/15/2054
c
124,142
36,000
3.700%, 
10/1/2050
c
30,783
Public
Storage
Operating
Company
42,000
5.100%, 
8/1/2033
40,688
QBE
Insurance
Group,
Ltd.
36,000
5.875%, 
5/12/2025
a,c,h
35,572
Quicken
Loans,
LLC
70,000
3.875%, 
3/1/2031
a
59,350
Realty
Income
Corporation
39,000
4.875%, 
6/1/2026
38,499
83,000
3.200%, 
1/15/2027
78,001
56,000
3.950%, 
8/15/2027
53,504
Redwood
Trust,
Inc.,
Convertible
12,000
7.750%, 
6/15/2027
11,392
Regency
Centers,
LP
60,000
5.250%, 
1/15/2034
57,367
Regions
Financial
Corporation
41,000
2.250%, 
5/18/2025
39,493
52,000
5.750%, 
6/15/2025
c,e,h
50,968
Reinsurance
Group
of
America,
Inc.
43,000
6.000%, 
9/15/2033
43,180
RGA
Global
Funding
36,000
5.500%, 
1/11/2031
a
35,417
RHP
Hotel
Properties,
LP/RHP
Finance
Corporation
14,000
4.750%, 
10/15/2027
13,305
53,000
7.250%, 
7/15/2028
a
53,822
RLJ
Lodging
Trust,
LP
49,000
4.000%, 
9/15/2029
a
42,498
Rocket
Mortgage,
LLC/Rocket
Mortgage
Co-Issuer,
Inc.
55,000
3.625%, 
3/1/2029
a
48,453
Santander
Holdings
USA,
Inc.
75,000
3.450%, 
6/2/2025
72,805
41,000
2.490%, 
1/6/2028
c
37,152
Santander
UK
Group
Holdings
plc
79,000
1.673%, 
6/14/2027
c
72,022
Service
Properties
Trust
27,000
7.500%, 
9/15/2025
27,199
13,000
5.250%, 
2/15/2026
12,505
44,000
8.625%, 
11/15/2031
a
46,211
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Financials
(5.5%)
-
continued
Simon
Property
Group,
LP
$
78,000
2.650%, 
7/15/2030
$
66,547
39,000
6.250%, 
1/15/2034
40,318
SLM
Corporation
30,000
4.200%, 
10/29/2025
29,002
Societe
Generale
SA
36,000
2.625%, 
10/16/2024
a
35,416
35,000
1.488%, 
12/14/2026
a,c
32,495
Standard
Chartered
plc
35,000
6.000%, 
7/26/2025
a,c,e,h
34,240
59,000
2.608%, 
1/12/2028
a,c
54,102
Starwood
Property
Trust,
Inc.,
Convertible
95,000
6.750%, 
7/15/2027
e
97,090
State
Street
Corporation
42,000
5.272%, 
8/3/2026
41,873
27,000
6.700%, 
3/15/2029
c,h
27,023
41,000
4.421%, 
5/13/2033
c
37,870
Sumitomo
Life
Insurance
Company
90,000
3.375%, 
4/15/2081
a,c
75,962
Sumitomo
Mitsui
Financial
Group,
Inc.
59,000
2.174%, 
1/14/2027
54,110
75,000
5.716%, 
9/14/2028
75,656
56,000
2.142%, 
9/23/2030
45,214
55,000
5.766%, 
1/13/2033
55,482
Sumitomo
Mitsui
Trust
Bank,
Ltd.
29,000
1.050%, 
9/12/2025
a
27,238
Summit
Hotel
Properties,
Inc.,
Convertible
94,000
1.500%, 
2/15/2026
82,156
Synchrony
Financial
34,000
4.250%, 
8/15/2024
33,819
28,000
7.250%, 
2/2/2033
27,321
Synovus
Bank
40,000
5.625%, 
2/15/2028
38,202
Toronto-Dominion
Bank
33,000
8.125%, 
10/31/2082
c
33,934
39,000
5.156%, 
1/10/2028
38,680
61,000
5.523%, 
7/17/2028
61,201
41,000
4.456%, 
6/8/2032
38,038
Truist
Bank
36,000
2.250%, 
3/11/2030
29,171
Truist
Financial
Corporation
80,000
6.047%, 
6/8/2027
c
80,424
38,000
1.887%, 
6/7/2029
c
32,464
90,000
5.100%, 
3/1/2030
c,h
81,303
55,000
5.711%, 
1/24/2035
c
53,377
U.S.
Bancorp
69,000
5.727%, 
10/21/2026
c
68,977
67,000
4.548%, 
7/22/2028
c
64,817
22,000
5.836%, 
6/12/2034
c
21,746
55,000
5.678%, 
1/23/2035
c
53,730
UBS
Group
AG
31,000
2.593%, 
9/11/2025
a,c
30,616
73,000
2.193%, 
6/5/2026
a,c
70,033
60,000
4.875%, 
2/12/2027
a,c,h
53,873
82,000
3.869%, 
1/12/2029
a,c
76,457
UDR,
Inc.
83,000
3.000%, 
8/15/2031
70,324
United
Wholesale
Mortgage,
LLC
15,000
5.500%, 
11/15/2025
a
14,755
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
63
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Financials
(5.5%)
-
continued
$
60,000
5.500%, 
4/15/2029
a
$
55,739
UnitedHealth
Group,
Inc.
117,000
5.375%, 
4/15/2054
111,137
83,000
4.200%, 
5/15/2032
76,540
USB
Realty
Corporation
48,000
6.737%, 
(TSFR3M
+
1.409%),
1/15/2027
a,c,h
37,402
Ventas
Realty,
LP
32,000
3.750%, 
5/1/2024
32,000
Ventas
Realty,
LP,
Convertible
100,000
3.750%, 
6/1/2026
a
99,450
Vornado
Realty,
LP
20,000
3.400%, 
6/1/2031
15,536
Wells
Fargo
&
Company
90,000
2.406%, 
10/30/2025
c
88,456
67,000
3.900%, 
3/15/2026
c,h
63,549
84,000
2.188%, 
4/30/2026
c
80,988
40,000
6.090%, 
(TSFR3M
+
0.762%),
1/15/2027
c
38,859
41,000
3.526%, 
3/24/2028
c
38,690
88,000
3.584%, 
5/22/2028
c
82,839
67,000
4.808%, 
7/25/2028
c
65,284
56,000
7.625%, 
9/15/2028
c,e,h
58,555
152,000
4.478%, 
4/4/2031
c
142,827
28,000
5.389%, 
4/24/2034
c
26,983
28,000
5.557%, 
7/25/2034
c
27,293
36,000
6.491%, 
10/23/2034
c
37,481
158,000
5.499%, 
1/23/2035
c
153,479
Wells
Fargo
Bank
NA
71,000
4.811%, 
1/15/2026
70,207
Welltower
OP,
LLC,
Convertible
162,000
2.750%, 
5/15/2028
a
181,618
Westpac
Banking
Corporation
56,000
4.110%, 
7/24/2034
c
50,986
Willis
North
America,
Inc.
39,000
5.900%, 
3/5/2054
37,399
74,000
4.500%, 
9/15/2028
70,661
XHR,
LP
24,000
6.375%, 
8/15/2025
a
23,974
38,000
4.875%, 
6/1/2029
a
34,685
Total
22,220,167
Foreign
Government
(<0.1%)
NBN
Company,
Ltd.
73,000
2.625%, 
5/5/2031
a
60,835
Total
60,835
Mortgage-Backed
Securities
(14.6%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
240,605
2.000%, 
1/1/2052
184,129
1,909,581
2.500%, 
5/1/2051
1,528,133
1,269,917
3.500%, 
5/1/2052
1,095,711
1,083,738
4.000%, 
5/1/2052
977,926
1,263,879
5.000%, 
7/1/2053
1,205,908
808,569
5.500%, 
7/1/2053
789,191
212,120
5.000%, 
8/1/2053
203,191
388,563
5.500%, 
9/1/2053
379,816
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Mortgage-Backed
Securities
(14.6%)
-
continued
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
$
1,140,851
2.500%, 
7/1/2030
$
1,062,498
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
5,500,000
4.500%, 
5/1/2039
g
5,317,518
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
1,098,505
3.500%, 
5/1/2040
992,754
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
2,700,619
3.000%, 
1/1/2052
2,250,183
389,242
2.000%, 
2/1/2051
297,989
240,159
2.000%, 
2/1/2051
183,856
1,425,126
2.500%, 
2/1/2051
1,130,474
1,252,057
2.500%, 
2/1/2051
1,005,653
2,581,414
2.000%, 
3/1/2051
1,958,168
1,308,938
4.000%, 
3/1/2051
1,194,090
2,718,730
3.000%, 
3/1/2052
2,253,690
1,774,768
2.000%, 
4/1/2051
1,349,077
1,651,101
3.000%, 
4/1/2051
1,373,379
1,737,899
3.000%, 
5/1/2050
1,459,022
455,475
2.000%, 
5/1/2051
346,935
866,452
3.000%, 
5/1/2051
731,167
914,346
3.000%, 
6/1/2050
775,897
361,932
4.000%, 
6/1/2052
324,386
391,306
5.000%, 
6/1/2053
373,940
2,102,900
2.500%, 
7/1/2051
1,688,975
865,990
3.500%, 
7/1/2051
758,712
1,040,661
4.000%, 
7/1/2052
932,765
1,028,784
2.500%, 
8/1/2050
834,268
1,704,825
3.500%, 
8/1/2050
1,497,400
1,954,595
3.500%, 
8/1/2052
1,686,670
1,213,436
4.500%, 
8/1/2052
1,123,517
262,788
5.000%, 
8/1/2053
251,126
574,809
3.500%, 
9/1/2052
500,217
1,344,397
3.500%, 
9/1/2052
1,169,882
225,402
5.000%, 
9/1/2052
214,108
284,910
4.500%, 
9/1/2053
264,644
933,901
4.500%, 
9/1/2053
862,496
1,794,757
4.000%, 
10/1/2052
1,612,206
452,377
2.000%, 
11/1/2051
345,050
758,940
3.500%, 
11/1/2052
663,351
1,817,604
2.000%, 
12/1/2050
1,388,980
3,506,121
4.500%, 
12/1/2052
3,256,977
3,975,000
5.500%, 
5/1/2041
g
3,857,940
300,000
6.000%, 
5/1/2041
g
297,211
1,000,000
4.500%, 
5/1/2049
g
921,414
525,000
5.000%, 
5/1/2049
g
497,441
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
2,406,820
2.500%, 
3/1/2062
1,871,081
915,436
3.500%, 
7/1/2061
775,811
931,690
4.000%, 
12/1/2061
823,189
Total
58,840,112
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
64
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Technology
(1.6%)
Advanced
Micro
Devices,
Inc.
$
41,000
3.924%, 
6/1/2032
$
37,444
Akamai
Technologies,
Inc.,
Convertible
56,000
0.125%, 
5/1/2025
63,168
121,000
0.375%, 
9/1/2027
122,754
64,000
1.125%, 
2/15/2029
a
62,944
Analog
Devices,
Inc.
20,000
2.100%, 
10/1/2031
16,175
Apple,
Inc.
81,000
1.650%, 
2/8/2031
65,509
197,000
3.750%, 
9/12/2047
152,499
Block,
Inc.,
Convertible
40,000
0.125%, 
3/1/2025
39,568
237,000
0.250%, 
11/1/2027
193,629
Boost
Newco
Borrower,
LLC
69,000
7.500%, 
1/15/2031
a
71,214
Broadcom
Corporation/Broadcom
Cayman
Finance,
Ltd.
56,000
3.875%, 
1/15/2027
53,740
Broadcom,
Inc.
41,000
4.000%, 
4/15/2029
a
38,338
Central
Parent,
Inc./CDK
Global,
Inc.
34,000
7.250%, 
6/15/2029
a
34,372
Cisco
Systems,
Inc.
78,000
5.350%, 
2/26/2064
74,235
Clarivate
Science
Holdings
Corporation
30,000
3.875%, 
7/1/2028
a
27,318
Cloud
Software
Group,
Inc.
145,000
6.500%, 
3/31/2029
a
137,526
Consensus
Cloud
Solutions,
Inc.
14,000
6.000%, 
10/15/2026
a,e
13,273
CoreLogic,
Inc.
17,000
4.500%, 
5/1/2028
a
14,709
CSG
Systems
International,
Inc.,
Convertible
114,000
3.875%, 
9/15/2028
a
107,873
Dayforce,
Inc.,
Convertible
29,000
0.250%, 
3/15/2026
26,303
Dell
International,
LLC/EMC
Corporation
28,000
5.300%, 
10/1/2029
27,718
Dell,
Inc.
52,000
6.500%, 
4/15/2038
54,207
Dye
&
Durham,
Ltd.
42,000
8.625%, 
4/15/2029
a
42,410
Euronet
Worldwide,
Inc.,
Convertible
95,000
0.750%, 
3/15/2049
92,007
Fiserv,
Inc.
60,000
2.750%, 
7/1/2024
59,684
76,000
5.350%, 
3/15/2031
74,916
20,000
5.600%, 
3/2/2033
19,815
76,000
5.450%, 
3/15/2034
74,283
Gen
Digital,
Inc.
2,000
6.750%, 
9/30/2027
a
2,007
33,000
7.125%, 
9/30/2030
a,e
33,340
Global
Payments,
Inc.
47,000
5.950%, 
8/15/2052
44,919
18,000
2.650%, 
2/15/2025
17,556
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Technology
(1.6%)
-
continued
$
63,000
4.950%, 
8/15/2027
$
61,738
37,000
3.200%, 
8/15/2029
32,646
Global
Payments,
Inc.,
Convertible
218,000
1.500%, 
3/1/2031
a
216,692
IBM
International
Capital
Private,
Ltd.
58,000
5.300%, 
2/5/2054
52,903
II-VI,
Inc.
26,000
5.000%, 
12/15/2029
a
23,987
Intel
Corporation
76,000
5.600%, 
2/21/2054
71,517
81,000
5.125%, 
2/10/2030
80,159
InterDigital,
Inc.,
Convertible
147,000
3.500%, 
6/1/2027
199,141
Iron
Mountain,
Inc.
28,000
4.875%, 
9/15/2027
a
26,721
120,000
5.000%, 
7/15/2028
a
113,086
85,000
4.875%, 
9/15/2029
a
78,435
60,000
4.500%, 
2/15/2031
a
52,921
Jabil,
Inc.
40,000
5.450%, 
2/1/2029
39,420
Marvell
Technology,
Inc.
37,000
2.950%, 
4/15/2031
31,102
Mastercard,
Inc.
41,000
2.000%, 
11/18/2031
33,016
Microchip
Technology,
Inc.
24,000
5.050%, 
3/15/2029
23,588
Microchip
Technology,
Inc.,
Convertible
216,000
0.125%, 
11/15/2024
e
232,200
Micron
Technology,
Inc.
43,000
5.300%, 
1/15/2031
42,193
Moody's
Corporation
40,000
4.250%, 
8/8/2032
36,864
NCR
Atleos
Corporation
22,000
9.500%, 
4/1/2029
a
23,386
NCR
Voyix
Corporation
87,000
5.125%, 
4/15/2029
a
79,945
Neptune
Bidco
US,
Inc.
57,000
9.290%, 
4/15/2029
a
53,801
Newfold
Digital
Holdings
Group,
Inc.
17,000
11.750%, 
10/15/2028
a
18,262
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
14,000
2.700%, 
5/1/2025
13,602
37,000
4.300%, 
6/18/2029
34,928
ON
Semiconductor
Corporation,
Convertible
135,000
Zero
Coupon, 
5/1/2027
192,645
61,000
0.500%, 
3/1/2029
58,865
Open
Text
Corporation
76,000
3.875%, 
12/1/2029
a
66,516
70,000
4.125%, 
2/15/2030
a
61,480
Oracle
Corporation
138,000
6.900%, 
11/9/2052
149,825
33,000
6.150%, 
11/9/2029
34,033
130,000
2.950%, 
4/1/2030
112,913
63,000
6.250%, 
11/9/2032
65,349
PayPal
Holdings,
Inc.
38,000
2.850%, 
10/1/2029
33,736
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
65
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Technology
(1.6%)
-
continued
$
58,000
2.300%, 
6/1/2030
$
48,947
Pitney
Bowes,
Inc.
14,000
6.875%, 
3/15/2027
a,e
12,618
Progress
Software
Corporation,
Convertible
54,000
1.000%, 
4/15/2026
54,135
21,000
3.500%, 
3/1/2030
a
20,443
PTC,
Inc.
30,000
3.625%, 
2/15/2025
a
29,383
70,000
4.000%, 
2/15/2028
a
64,849
RingCentral,
Inc.
54,000
8.500%, 
8/15/2030
a
54,946
Rocket
Software,
Inc.
34,000
9.000%, 
11/28/2028
a,g
34,129
S&P
Global,
Inc.
41,000
2.900%, 
3/1/2032
34,679
Salesforce.com,
Inc.
123,000
1.950%, 
7/15/2031
99,271
Seagate
HDD
Cayman
33,000
8.500%, 
7/15/2031
a
35,234
62,760
9.625%, 
12/1/2032
70,401
Semtech
Corporation,
Convertible
73,000
1.625%, 
11/1/2027
87,709
22,000
4.000%, 
11/1/2028
a
43,572
Sensata
Technologies,
Inc.
54,000
3.750%, 
2/15/2031
a
45,634
Shift4
Payments,
LLC/Shift4
Payments
Finance
Sub,
Inc.
20,000
4.625%, 
11/1/2026
a
19,257
SS&C
Technologies,
Inc.
79,000
5.500%, 
9/30/2027
a
76,789
Texas
Instruments,
Inc.
39,000
5.150%, 
2/8/2054
36,556
UKG,
Inc.
55,000
6.875%, 
2/1/2031
a
55,105
Verint
Systems,
Inc.,
Convertible
121,000
0.250%, 
4/15/2026
110,292
Viavi
Solutions,
Inc.
49,000
3.750%, 
10/1/2029
a
41,146
Viavi
Solutions,
Inc.,
Convertible
31,000
1.625%, 
3/15/2026
28,888
Vishay
Intertechnology,
Inc.,
Convertible
200,000
2.250%, 
9/15/2030
a
191,400
VMware,
LLC
80,000
1.400%, 
8/15/2026
72,750
54,000
2.200%, 
8/15/2031
42,690
Western
Digital
Corporation,
Convertible
210,000
3.000%, 
11/15/2028
a
317,205
Xerox
Holdings
Corporation
7,000
5.000%, 
8/15/2025
a
6,801
79,000
5.500%, 
8/15/2028
a
68,549
Xerox
Holdings
Corporation,
Convertible
101,000
3.750%, 
3/15/2030
a
86,611
Xilinx,
Inc.
26,000
2.375%, 
6/1/2030
22,096
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Technology
(1.6%)
-
continued
Ziff
Davis,
Inc.,
Convertible
$
126,000
1.750%, 
11/1/2026
$
113,951
Total
6,369,104
Transportation
(0.4%)
Air
Canada
27,000
3.875%, 
8/15/2026
a
25,613
Air
Transport
Services
Group,
Inc.,
Convertible
93,000
3.875%, 
8/15/2029
a,e
75,163
American
Airlines
Group,
Inc.
16,000
3.750%, 
3/1/2025
a
15,567
American
Airlines,
Inc./
AAdvantage
Loyalty
IP,
Ltd.
148,667
5.500%, 
4/20/2026
a
146,942
27,253
5.750%, 
4/20/2029
a
26,319
Avis
Budget
Car
Rental,
LLC/Avis
Budget
Finance,
Inc.
34,000
5.375%, 
3/1/2029
a
30,242
Canadian
Pacific
Railway
Company
76,000
1.750%, 
12/2/2026
69,320
Delta
Air
Lines,
Inc.
82,000
4.375%, 
4/19/2028
e
78,448
Delta
Air
Lines,
Inc./SkyMiles
IP,
Ltd.
40,541
4.500%, 
10/20/2025
a
39,983
ERAC
USA
Finance,
LLC
79,000
3.850%, 
11/15/2024
a
78,181
79,000
5.200%, 
10/30/2034
a
76,304
Hawaiian
Brand
Intellectual
Property,
Ltd.
44,000
5.750%, 
1/20/2026
a
41,267
Hertz
Corporation
18,000
5.000%, 
12/1/2029
a,e
12,360
Mileage
Plus
Holdings,
LLC
73,449
6.500%, 
6/20/2027
a
73,574
Norfolk
Southern
Corporation
58,000
4.450%, 
3/1/2033
53,999
Penske
Truck
Leasing
Company,
LP/PTL
Finance
Corporation
30,000
1.200%, 
11/15/2025
a
27,925
51,000
5.750%, 
5/24/2026
a
51,016
39,000
1.700%, 
6/15/2026
a
35,808
Rand
Parent,
LLC
60,000
8.500%, 
2/15/2030
a,e
59,335
RXO,
Inc.
57,000
7.500%, 
11/15/2027
a
57,746
Ryder
System,
Inc.
46,000
2.850%, 
3/1/2027
42,801
Southwest
Airlines
Company
36,000
5.125%, 
6/15/2027
35,487
Southwest
Airlines
Company,
Convertible
167,000
1.250%, 
5/1/2025
163,660
Stena
International
SA
44,000
7.250%, 
1/15/2031
a
44,036
United
Airlines,
Inc.
51,000
4.375%, 
4/15/2026
a
49,056
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
66
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Transportation
(0.4%)
-
continued
VistaJet
Malta
Finance
plc/Vista
Management
Holding,
Inc.
$
17,000
7.875%, 
5/1/2027
a
$
15,118
76,000
6.375%, 
2/1/2030
a,e
58,811
Total
1,484,081
U.S.
Government
&
Agencies
(5.1%)
U.S.
Treasury
Bonds
2,900,000
4.750%, 
11/15/2053
2,885,047
1,490,000
3.250%, 
5/15/2042
1,196,831
4,470,000
3.375%, 
8/15/2042
3,646,717
U.S.
Treasury
Notes
1,050,000
0.500%, 
3/31/2025
1,005,816
2,400,000
4.250%, 
12/31/2025
2,366,344
1,990,000
0.500%, 
2/28/2026
1,831,888
590,000
0.500%, 
4/30/2027
518,785
1,580,000
1.125%, 
2/29/2028
1,378,426
3,500,000
4.125%, 
7/31/2028
3,413,457
870,000
1.375%, 
11/15/2031
688,184
1,000,000
4.125%, 
11/15/2032
960,156
956,000
3.375%, 
5/15/2033
863,985
Total
20,755,636
Utilities
(1.5%)
AEP
Texas,
Inc.
42,000
4.700%, 
5/15/2032
38,940
AES
Corporation
73,000
3.950%, 
7/15/2030
a
65,110
Algonquin
Power
&
Utilities
Corporation
45,000
4.750%, 
1/18/2082
c
39,031
Alliant
Energy
Corporation,
Convertible
69,000
3.875%, 
3/15/2026
67,482
Ameren
Corporation
46,000
1.750%, 
3/15/2028
40,074
American
Electric
Power
Company,
Inc.
38,000
5.200%, 
1/15/2029
37,390
38,000
2.300%, 
3/1/2030
31,548
20,000
5.625%, 
3/1/2033
19,550
American
Water
Capital
Corporation
57,000
5.450%, 
3/1/2054
53,760
American
Water
Capital
Corporation,
Convertible
95,000
3.625%, 
6/15/2026
a
92,435
Arizona
Public
Service
Company
39,000
5.550%, 
8/1/2033
38,230
Atmos
Energy
Corporation
42,000
5.900%, 
11/15/2033
43,101
Calpine
Corporation
52,000
4.500%, 
2/15/2028
a
48,561
CenterPoint
Energy,
Inc.
36,000
2.500%, 
9/1/2024
35,574
57,000
1.450%, 
6/1/2026
52,423
57,000
2.650%, 
6/1/2031
46,982
CenterPoint
Energy,
Inc.,
Convertible
125,000
4.250%, 
8/15/2026
a
123,688
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Utilities
(1.5%)
-
continued
CMS
Energy
Corporation,
Convertible
$
109,000
3.375%, 
5/1/2028
a
$
106,602
Constellation
Energy
Generation,
LLC
59,000
5.750%, 
3/15/2054
55,516
40,000
5.800%, 
3/1/2033
39,980
Dominion
Energy,
Inc.
32,000
3.071%, 
8/15/2024
31,719
46,000
3.375%, 
4/1/2030
40,746
DTE
Energy
Company
63,000
4.220%, 
11/1/2024
62,446
36,000
4.875%, 
6/1/2028
35,024
Duke
Energy
Carolinas,
LLC
119,000
5.400%, 
1/15/2054
111,771
Duke
Energy
Corporation
49,000
3.250%, 
1/15/2082
c
42,805
16,000
4.875%, 
9/16/2024
c,h
15,855
96,000
2.450%, 
6/1/2030
80,870
40,000
4.500%, 
8/15/2032
36,825
43,000
5.750%, 
9/15/2033
42,833
Duke
Energy
Corporation,
Convertible
233,000
4.125%, 
4/15/2026
230,494
Duke
Energy
Ohio,
Inc.
39,000
5.550%, 
3/15/2054
36,816
Edison
International
27,000
7.875%, 
6/15/2054
c
27,438
52,000
4.950%, 
4/15/2025
51,550
50,000
5.000%, 
12/15/2026
c,h
46,985
Enel
Finance
International
NV
80,000
1.375%, 
7/12/2026
a
73,131
Entergy
Corporation
29,000
0.900%, 
9/15/2025
27,190
38,000
1.900%, 
6/15/2028
32,975
Evergy,
Inc.
36,000
2.450%, 
9/15/2024
35,524
Evergy,
Inc.,
Convertible
158,000
4.500%, 
12/15/2027
a
158,020
Eversource
Energy
91,000
4.600%, 
7/1/2027
88,255
Exelon
Corporation
154,000
5.600%, 
3/15/2053
145,803
38,000
4.050%, 
4/15/2030
35,071
Fells
Point
Funding
Trust
100,000
3.046%, 
1/31/2027
a
93,018
FirstEnergy
Corporation,
Convertible
215,000
4.000%, 
5/1/2026
a
212,205
Georgia
Power
Company
25,000
4.950%, 
5/17/2033
23,800
ITC
Holdings
Corporation
40,000
4.950%, 
9/22/2027
a
39,160
Jersey
Central
Power
&
Light
Company
81,000
2.750%, 
3/1/2032
a
65,788
MidAmerican
Energy
Company
158,000
5.300%, 
2/1/2055
146,876
National
Rural
Utilities
Cooperative
Finance
Corporation
39,000
4.850%, 
2/7/2029
38,129
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
67
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Utilities
(1.5%)
-
continued
NextEra
Energy
Capital
Holdings,
Inc.
$
39,000
3.800%, 
3/15/2082
c
$
35,281
39,000
6.051%, 
3/1/2025
39,077
58,000
5.749%, 
9/1/2025
58,037
38,000
2.250%, 
6/1/2030
31,543
NextEra
Energy
Capital
Holdings,
Inc.,
Convertible
56,000
3.000%, 
3/1/2027
a
61,040
NextEra
Energy
Operating
Partners,
LP
101,000
3.875%, 
10/15/2026
a
94,486
NextEra
Energy
Partners,
LP,
Convertible
172,000
Zero
Coupon, 
11/15/2025
a,e
153,596
NiSource,
Inc.
37,000
2.950%, 
9/1/2029
32,680
Northern
States
Power
Company/
MN
39,000
5.400%, 
3/15/2054
36,991
NRG
Energy,
Inc.
48,000
2.000%, 
12/2/2025
a
44,912
41,000
10.250%, 
3/15/2028
a,c,h
44,203
24,000
3.375%, 
2/15/2029
a
21,047
30,000
5.250%, 
6/15/2029
a
28,374
NRG
Energy,
Inc.,
Convertible
96,000
2.750%, 
6/1/2048
171,840
Pacific
Gas
and
Electric
Company
39,000
6.750%, 
1/15/2053
40,207
76,000
5.550%, 
5/15/2029
75,164
80,000
6.950%, 
3/15/2034
84,546
PG&E
Corporation
58,000
5.000%, 
7/1/2028
55,264
PG&E
Corporation,
Convertible
257,000
4.250%, 
12/1/2027
a
257,386
PPL
Capital
Funding,
Inc.,
Convertible
130,000
2.875%, 
3/15/2028
123,175
Public
Service
Enterprise
Group,
Inc.
40,000
5.875%, 
10/15/2028
40,387
37,000
1.600%, 
8/15/2030
29,183
San
Diego
Gas
&
Electric
Company
39,000
5.550%, 
4/15/2054
37,255
Sempra
72,000
4.875%, 
10/15/2025
c,h
70,049
Southern
California
Edison
Company
19,000
5.950%, 
11/1/2032
19,329
Southern
Company
41,000
4.475%, 
8/1/2024
40,840
50,000
5.700%, 
10/15/2032
50,098
29,000
4.000%, 
1/15/2051
c
27,664
90,000
3.750%, 
9/15/2051
c
82,486
Southern
Company,
Convertible
227,000
3.875%, 
12/15/2025
226,773
Talen
Energy
Supply,
LLC
54,000
8.625%, 
6/1/2030
a
57,134
TerraForm
Power
Operating,
LLC
120,000
5.000%, 
1/31/2028
a
111,980
Principal
Amount
Long-Term
Fixed
Income
(46.5%)
Value
Utilities
(1.5%)
-
continued
Virginia
Electric
and
Power
Company
$
54,000
5.350%, 
1/15/2054
$
50,085
Vistra
Corporation
27,000
7.000%, 
12/15/2026
a,c,h
26,670
Vistra
Operations
Company,
LLC
82,000
5.125%, 
5/13/2025
a
80,770
167,000
5.000%, 
7/31/2027
a
158,938
Xcel
Energy,
Inc.
45,000
4.000%, 
6/15/2028
42,331
60,000
4.600%, 
6/1/2032
55,053
Total
5,880,973
Total
Long-Term
Fixed
Income
(cost
$196,867,861)
187,289,211
Shares
Common
Stock
(
31
.9
%
)
Value
Communications
Services
(2.1%)
4,057
Alphabet,
Inc.,
Class
A
j
660,398
17,067
Alphabet,
Inc.,
Class
C
j
2,809,911
2,485
Cogent
Communications
Holdings
159,487
14,464
Comcast
Corporation
551,223
1,971
Electronic
Arts,
Inc.
249,962
565
Emerald
Holding,
Inc.
j
3,249
6,186
Meta
Platforms,
Inc.
2,661,032
499
Netflix,
Inc.
j
274,769
8,690
QuinStreet,
Inc.
j
157,202
536
Tripadvisor,
Inc.
j
14,113
20,976
Verizon
Communications,
Inc.
828,342
21,668
Warner
Brothers
Discovery,
Inc.
j
159,477
518
Windstream
Services,
LLC
j
6,346
Total
8,535,511
Consumer
Discretionary
(3.5%)
20,261
Amazon.com,
Inc.
j
3,545,675
3,789
Aptiv
plc
j
269,019
108
Booking
Holdings,
Inc.
372,819
1,209
Boot
Barn
Holdings,
Inc.
j
128,722
2,169
Brunswick
Corporation
174,908
86
Chipotle
Mexican
Grill,
Inc.
j
271,726
4,398
Columbia
Sportswear
Company
350,213
11,066
Cooper-Standard
Holdings,
Inc.
j
170,748
2,325
Crocs,
Inc.
j
289,160
1,578
D.R.
Horton,
Inc.
224,849
5,730
eBay,
Inc.
295,324
2,346
Expedia
Group,
Inc.
j
315,842
507
Ford
Motor
Company
6,160
2,071
Garmin,
Ltd.
299,197
1,024
Grand
Canyon
Education,
Inc.
j
133,141
2,445
Hilton
Worldwide
Holdings,
Inc.
482,350
2,659
Home
Depot,
Inc.
888,691
2,110
Lowe's
Companies,
Inc.
481,059
461
Lululemon
Athletica,
Inc.
j
166,237
1,659
McDonald's
Corporation
452,973
664
Meritage
Homes
Corporation
110,051
12,248
Mobileye
Global,
Inc.
j
337,433
96
NVR,
Inc.
j
714,130
370
O'Reilly
Automotive,
Inc.
j
374,906
75
Ross
Stores,
Inc.
9,716
8,134
Savers
Value
Village,
Inc.
j
134,374
5,255
SharkNinja,
Inc.
337,791
6,567
Skyline
Champion
Corporation
j
492,459
3,491
Sony
Group
Corporation
ADR
e
288,252
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
68
Shares
Common
Stock
(31.9%)
Value
Consumer
Discretionary
(3.5%)
-
continued
2,865
Starbucks
Corporation
$
253,524
9,461
Stoneridge,
Inc.
j
141,726
4,156
Tesla,
Inc.
j
761,712
1,306
Texas
Roadhouse,
Inc.
209,979
14,142
ThredUp,
Inc.
j
22,627
1,967
Wyndham
Hotels
&
Resorts,
Inc.
144,594
9,171
Yum
China
Holding,
Inc.
334,833
Total
13,986,920
Consumer
Staples
(1.7%)
6,330
Altria
Group,
Inc.
277,317
9,890
BJ's
Wholesale
Club
Holdings,
Inc.
j
738,585
688
Casey's
General
Stores,
Inc.
219,871
1,866
Coca-Cola
Company
115,263
127
Costco
Wholesale
Corporation
91,808
27,445
Coty,
Inc.
j
313,971
2,749
John
B.
Sanfilippo
&
Son,
Inc.
274,075
17,120
Kenvue,
Inc.
322,198
4,277
Lamb
Weston
Holdings,
Inc.
356,445
1,417
Lancaster
Colony
Corporation
270,378
205
PepsiCo,
Inc.
36,062
7,574
Philip
Morris
International,
Inc.
719,076
7,624
Pilgrim's
Pride
Corporation
j
274,617
2,318
Procter
&
Gamble
Company
378,298
6,760
Sysco
Corporation
502,403
5,631
Turning
Point
Brands,
Inc.
162,398
6,355
Tyson
Foods,
Inc.
385,431
22,527
Walmart,
Inc.
1,336,977
Total
6,775,173
Energy
(1.7%)
1,019
Archrock,
Inc.
19,555
197
Baker
Hughes
Company
6,426
7,171
Chesapeake
Energy
Corporation
644,529
403
Chevron
Corporation
64,992
5,537
ConocoPhillips
695,558
14,958
Devon
Energy
Corporation
765,550
17,953
Enterprise
Products
Partners,
LP
504,120
2,961
EOG
Resources,
Inc.
391,237
8,483
Exxon
Mobil
Corporation
1,003,284
15,100
Halliburton
Company
565,797
1,923
Marathon
Petroleum
Corporation
349,448
2,499
Matador
Resources
Company
155,688
22,877
NOV,
Inc.
422,996
554
Permian
Resources
Corporation
9,280
2,769
Pioneer
Natural
Resources
Company
745,747
1,980
Schlumberger
NV
94,010
3,549
Shell
plc
ADR
254,321
5,687
TechnipFMC
plc
145,701
5,732
Williams
Companies,
Inc.
219,880
Total
7,058,119
Financials
(5.0%)
74
1st
Source
Corporation
3,670
1,557
Allstate
Corporation
264,783
19,127
Ally
Financial,
Inc.
733,520
1,204
American
Express
Company
281,772
7,438
American
International
Group,
Inc.
560,156
1,503
Ameriprise
Financial,
Inc.
618,920
4,770
Arch
Capital
Group,
Ltd.
j
446,186
22,594
Bank
of
America
Corporation
836,204
97
Bank
of
Marin
Bancorp
1,393
Shares
Common
Stock
(31.9%)
Value
Financials
(5.0%)
-
continued
4,821
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
$
163,914
9,004
Bank
of
New
York
Mellon
Corporation
508,636
1,425
Berkshire
Hathaway,
Inc.
j
565,340
480
Berkshire
Hills
Bancorp,
Inc.
10,234
227
BlackRock,
Inc.
171,303
11,279
Bridgewater
Bancshares,
Inc.
j
122,716
949
Brookline
Bancorp,
Inc.
7,877
1,537
Brown
&
Brown,
Inc.
125,327
2,350
Capital
One
Financial
Corporation
337,061
5,248
Carlyle
Group,
Inc.
235,110
314
Cathay
General
Bancorp
10,814
756
Cboe
Global
Markets,
Inc.
136,949
1,430
Central
Pacific
Financial
Corporation
28,514
8,525
Charles
Schwab
Corporation
630,424
2,996
Chubb,
Ltd.
744,925
730
Citigroup,
Inc.
44,771
1,766
Columbia
Banking
System,
Inc.
33,218
5,735
Comerica,
Inc.
287,725
594
Community
Trust
Bancorp,
Inc.
24,954
90
Customers
Bancorp,
Inc.
j
4,110
2,923
Discover
Financial
Services
370,432
1,061
Ellington
Credit
Company
7,013
495
Enterprise
Financial
Services
Corporation
18,815
14,755
F.N.B.
Corporation
196,832
666
FactSet
Research
Systems,
Inc.
277,649
192
Financial
Institutions,
Inc.
3,306
754
First
Bancshares,
Inc.
18,051
65
First
Citizens
BancShares,
Inc./NC
109,639
134
First
Mid-Illinois
Bancshares,
Inc.
4,149
928
Fiserv,
Inc.
j
141,678
4,435
Glacier
Bancorp,
Inc.
160,458
135
Global
Payments,
Inc.
16,574
467
Great
Southern
Bancorp,
Inc.
24,004
63
Hancock
Whitney
Corporation
2,860
1,837
Hanmi
Financial
Corporation
28,106
62
Hartford
Financial
Services
Group,
Inc.
6,007
4,545
Heartland
Financial
USA,
Inc.
191,390
458
Heritage
Financial
Corporation
8,125
495
Hometrust
Bancshares,
Inc.
12,722
628
Hope
Bancorp,
Inc.
6,293
2,562
Houlihan
Lokey,
Inc.
326,629
301
Independent
Bank
Corporation
15,122
273
Independent
Bank
Corporation/MI
6,773
7,696
Intercontinental
Exchange,
Inc.
990,937
8,221
J.P.
Morgan
Chase
&
Company
1,576,295
8,605
KeyCorp
124,686
1,979
Kinsale
Capital
Group,
Inc.
718,872
1,787
Marsh
&
McLennan
Companies,
Inc.
356,381
808
Mastercard,
Inc.
364,570
5,574
MetLife,
Inc.
396,200
1,883
MGIC
Investment
Corporation
38,187
1,001
MidWestOne
Financial
Group,
Inc.
20,190
269
Moody's
Corporation
99,619
620
MSCI,
Inc.
288,790
5,882
Nasdaq,
Inc.
352,038
294
National
Bank
Holdings
Corporation
9,623
3,272
Northern
Trust
Corporation
269,580
2,828
NU
Holdings,
Ltd./Cayman
Islands
j
30,712
1,216
OceanFirst
Financial
Corporation
17,948
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
69
Shares
Common
Stock
(31.9%)
Value
Financials
(5.0%)
-
continued
555
OFG
Bancorp
$
20,041
4,970
PayPal
Holdings,
Inc.
j
337,562
68
PNC
Financial
Services
Group,
Inc.
10,422
3,189
Prosperity
Bancshares,
Inc.
197,622
799
Provident
Financial
Services,
Inc.
11,729
7,570
Radian
Group,
Inc.
226,116
5,543
Raymond
James
Financial,
Inc.
676,246
2,477
RLI
Corporation
350,124
2,513
SEI
Investments
Company
165,732
2,510
Tradeweb
Markets,
Inc.
255,292
3,162
Triumph
Financial,
Inc.
j
222,478
84
Truist
Financial
Corporation
3,154
115
TrustCo
Bank
Corporation
NY
3,061
333
U.S.
Bancorp
13,530
603
Visa,
Inc.
161,972
1,097
Voya
Financial,
Inc.
74,772
19,773
Wells
Fargo
&
Company
1,172,934
163
Westamerica
Bancorporation
7,588
7,283
Western
Alliance
Bancorp
413,893
98
Willis
Towers
Watson
plc
24,612
6,642
Zions
Bancorp
NA
270,861
Total
20,167,522
Health
Care
(3.6%)
3,684
Abbott
Laboratories
390,393
1,142
AbbVie,
Inc.
185,735
3,380
Agilent
Technologies,
Inc.
463,195
1,431
Align
Technology,
Inc.
j
404,086
1,931
Amgen,
Inc.
528,978
2,170
AMN
Healthcare
Services,
Inc.
j
130,157
6,740
AstraZeneca
plc
ADR
511,431
13,217
Avantor,
Inc.
j
320,248
879
Biogen,
Inc.
j
188,827
965
Centene
Corporation
j
70,503
1,392
Charles
River
Laboratories
International,
Inc.
j
318,768
1,293
Cigna
Group
461,653
2,537
Danaher
Corporation
625,675
3,166
Edwards
Lifesciences
Corporation
j
268,065
1,478
Elevance
Health,
Inc.
781,241
755
Eli
Lilly
&
Company
589,730
5,324
Enovis
Corporation
j
294,045
3,852
Gilead
Sciences,
Inc.
251,150
2,719
Haemonetics
Corporation
j
250,012
5,895
Halozyme
Therapeutics,
Inc.
j
224,599
1,119
Intuitive
Surgical,
Inc.
j
414,724
5,802
Johnson
&
Johnson
838,911
2,978
Laboratory
Corporation
of
America
Holdings
599,680
2,722
Masimo
Corporation
j
365,864
6,053
Medtronic
plc
485,693
6,626
Merck
&
Company,
Inc.
856,212
646
Molina
Healthcare,
Inc.
j
220,997
3,088
Novo
Nordisk
AS
ADR
396,221
15,946
Option
Care
Health,
Inc.
j
476,626
4,206
Progyny,
Inc.
j
134,844
1,465
Sarepta
Therapeutics,
Inc.
j
185,557
754
Stryker
Corporation
253,721
1,067
Thermo
Fisher
Scientific,
Inc.
606,824
361
UnitedHealth
Group,
Inc.
174,616
567
Varex
Imaging
Corporation
j
9,214
808
Vertex
Pharmaceuticals,
Inc.
j
317,390
14,101
Viemed
Healthcare,
Inc.
j
115,487
4,349
Zimmer
Biomet
Holdings,
Inc.
523,098
Shares
Common
Stock
(31.9%)
Value
Health
Care
(3.6%)
-
continued
2,373
Zoetis,
Inc.
$
377,877
Total
14,612,047
Industrials
(4.3%)
3,203
Advanced
Drainage
Systems,
Inc.
502,871
924
AECOM
85,341
7,900
Air
Lease
Corporation
396,896
2,196
AMETEK,
Inc.
383,553
324
Armstrong
World
Industries,
Inc.
37,221
1,309
Automatic
Data
Processing,
Inc.
316,634
709
Axon
Enterprise,
Inc.
j
222,385
1,661
AZEK
Company,
Inc.
j
75,808
12,196
Badger
Infrastructure
Solutions,
Ltd.
398,220
807
Carlisle
Companies,
Inc.
313,318
1,618
Caterpillar,
Inc.
541,334
1,640
Cimpress
plc
j
139,843
30,362
CNH
Industrial
NV
j
346,127
24,593
CSX
Corporation
816,979
716
Curtiss-Wright
Corporation
181,449
8,824
Delta
Air
Lines,
Inc.
441,818
5,892
ExlService
Holdings,
Inc.
j
170,868
1,999
Expeditors
International
of
Washington,
Inc.
222,509
13,611
Fastenal
Company
924,731
1,456
Ferguson
plc
305,614
8,390
Flowserve
Corporation
395,672
5,822
Fluor
Corporation
j
234,801
2,088
General
Dynamics
Corporation
599,444
78
Gorman-Rupp
Company
2,587
534
Graco,
Inc.
42,827
3,895
Greenbrier
Companies,
Inc.
192,374
4,646
Helios
Technologies,
Inc.
209,535
2,439
Honeywell
International,
Inc.
470,069
11,761
Howmet
Aerospace,
Inc.
785,047
2,849
Ingersoll
Rand,
Inc.
265,869
782
Jacobs
Solutions,
Inc.
112,240
16,827
Janus
International
Group,
Inc.
j
242,477
1,883
JB
Hunt
Transport
Services,
Inc.
306,119
1,985
L3Harris
Technologies,
Inc.
424,889
1,183
Lincoln
Electric
Holdings,
Inc.
259,704
13,617
Masterbrand,
Inc.
j
226,995
3,202
Maximus,
Inc.
257,057
4,459
Miller
Industries,
Inc.
217,198
1,269
Moog,
Inc.
201,860
666
Northrop
Grumman
Corporation
323,030
1,507
Old
Dominion
Freight
Line,
Inc.
273,837
1,263
Owens
Corning,
Inc.
212,449
1,160
Pentair
plc
91,744
1,635
Quanta
Services,
Inc.
422,746
665
Rockwell
Automation,
Inc.
180,188
8,688
Schneider
National,
Inc.
179,668
533
Simpson
Manufacturing
Company,
Inc.
92,683
2,745
Tennant
Company
319,738
6,844
Timken
Company
610,622
1,192
Trane
Technologies
plc
378,269
7,196
Uber
Technologies,
Inc.
j
476,879
5,353
United
Parcel
Service,
Inc.
789,460
843
United
Rentals,
Inc.
563,116
Total
17,184,712
Information
Technology
(6.9%)
1,501
Adobe,
Inc.
j
694,708
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
70
Shares
Common
Stock
(31.9%)
Value
Information
Technology
(6.9%)
-
continued
3,965
Advanced
Micro
Devices,
Inc.
j
$
627,977
1,655
Amphenol
Corporation
199,874
20,155
Apple,
Inc.
3,433,001
2,944
Applied
Materials,
Inc.
584,826
183
Arista
Networks,
Inc.
j
46,950
1,806
ASGN,
Inc.
j
174,189
993
Autodesk,
Inc.
j
211,360
363
Broadcom,
Inc.
471,998
1,655
CDW
Corporation
400,278
7,941
Ciena
Corporation
j
367,112
17,477
Cisco
Systems,
Inc.
821,069
5,257
Cohu,
Inc.
j
159,392
2,026
Crane
NXT
Company
123,201
350
DocuSign,
Inc.
j
19,810
11,270
Dropbox,
Inc.
j
261,013
1,737
Enphase
Energy,
Inc.
j
188,916
1,184
Fabrinet
j
204,915
1,188
FormFactor,
Inc.
j
52,973
4,610
Fortinet,
Inc.
j
291,260
11,611
Gilat
Satellite
Networks,
Ltd.
j
57,474
1,788
GoDaddy,
Inc.
j
218,815
2,457
Guidewire
Software,
Inc.
j
271,253
619
Insight
Enterprises,
Inc.
j
113,011
1,404
International
Business
Machines
Corporation
233,345
4,084
JFrog,
Ltd.
j
162,870
349
KLA
Corporation
240,562
12,455
Knowles
Corporation
j
197,163
128
Lam
Research
Corporation
114,484
719
Littelfuse,
Inc.
165,830
12,734
Microsoft
Corporation
4,957,728
110
Motorola
Solutions,
Inc.
37,307
476
NetApp,
Inc.
48,652
1,863
NICE,
Ltd.
ADR
j
416,399
4,516
NVIDIA
Corporation
3,901,914
2,667
ON
Semiconductor
Corporation
j
187,117
813
Onto
Innovation,
Inc.
j
150,803
2,752
Plexus
Corporation
j
277,980
10,563
QUALCOMM,
Inc.
1,751,874
69
RingCentral,
Inc.
j
2,044
2,807
Salesforce,
Inc.
754,915
11,532
Samsung
Electronics
Company,
Ltd.
641,025
1,084
ServiceNow,
Inc.
j
751,570
3,531
Shopify,
Inc.
j
247,876
1,138
Silicon
Laboratories,
Inc.
j
138,256
1,347
Sprout
Social,
Inc.
j
67,956
3,600
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
ADR
494,424
1,160
TE
Connectivity,
Ltd.
164,117
9,007
Trimble,
Inc.
j
541,050
29,015
TTM
Technologies,
Inc.
j
433,194
643
Tyler
Technologies,
Inc.
j
296,777
522
Universal
Display
Corporation
82,466
6,856
Varonis
Systems,
Inc.
j
299,950
598
VeriSign,
Inc.
j
101,349
1,411
Workiva,
Inc.
j
111,187
Total
27,967,559
Materials
(1.2%)
1,668
Albemarle
Corporation
e
200,677
4,284
Alcoa
Corporation
150,540
7,919
Ball
Corporation
550,925
1,797
Carpenter
Technology
Corporation
154,003
Shares
Common
Stock
(31.9%)
Value
Materials
(1.2%)
-
continued
5,221
CF
Industries
Holdings,
Inc.
$
412,302
4,212
Corteva,
Inc.
227,996
103
Eagle
Materials,
Inc.
25,823
3,467
Eastman
Chemical
Company
327,423
37
Ecolab,
Inc.
8,368
1,481
Greif,
Inc.
90,756
4,443
Ingevity
Corporation
j
227,215
15,324
Ivanhoe
Mines,
Ltd.
j
207,711
1,314
Linde
plc
579,421
3,597
Nucor
Corporation
606,202
4,538
Steel
Dynamics,
Inc.
590,485
15,244
Tronox
Holdings
plc
258,996
948
United
States
Lime
&
Minerals,
Inc.
293,880
Total
4,912,723
Real
Estate
(0.9%)
718
Acadia
Realty
Trust
12,407
3,425
Agree
Realty
Corporation
195,978
2,587
Alexandria
Real
Estate
Equities,
Inc.
299,756
1,692
AvalonBay
Communities,
Inc.
320,752
351
CareTrust
REIT,
Inc.
8,677
2,294
CBRE
Group,
Inc.
j
199,326
3,855
Crown
Castle,
Inc.
361,522
26,197
Cushman
and
Wakefield
plc
j
252,801
803
EastGroup
Properties,
Inc.
124,754
134
Equinix,
Inc.
95,289
6,401
Essential
Properties
Realty
Trust,
Inc.
168,602
1,177
Extra
Space
Storage,
Inc.
158,047
18,490
Healthcare
Realty
Trust,
Inc.
263,113
13,000
Independence
Realty
Trust,
Inc.
205,010
211
Kite
Realty
Group
Trust
4,600
8,633
National
Storage
Affiliates
Trust
302,500
9
NNN
REIT,
Inc.
365
2,326
Phillips
Edison
and
Company,
Inc.
76,060
2,408
SBA
Communications
Corporation
448,177
633
STAG
Industrial,
Inc.
21,769
2,517
Terreno
Realty
Corporation
136,799
Total
3,656,304
Utilities
(1.0%)
1,759
ALLETE,
Inc.
104,168
6,008
Alliant
Energy
Corporation
299,198
505
American
Water
Works
Company,
Inc.
61,772
10,441
CenterPoint
Energy,
Inc.
304,251
2,811
Constellation
Energy
Corporation
522,677
4,402
Duke
Energy
Corporation
432,541
4,053
Entergy
Corporation
432,334
6,231
Evergy,
Inc.
326,816
11,444
NiSource,
Inc.
318,830
1,454
Northwestern
Energy
Group,
Inc.
73,340
3,010
Portland
General
Electric
Company
130,122
5,356
Public
Service
Enterprise
Group,
Inc.
369,992
2,000
Spire,
Inc.
123,580
2,423
UGI
Corporation
61,932
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
71
Shares
Common
Stock
(31.9%)
Value
Utilities
(1.0%)
-
continued
5,691
Xcel
Energy,
Inc.
$
305,777
Total
3,867,330
Total
Common
Stock
(cost
$91,994,032)
128,723,920
Shares
Registered
Investment
Companies
(
13
.1
%
)
Value
U.S.
Affiliated  (11.7%)
2,554,576
Thrivent
Core
Emerging
Markets
Debt
Fund
20,104,516
2,634,245
Thrivent
Core
International
Equity
Fund
27,001,015
Total
47,105,531
U.S.
Unaffiliated  (1.4%)
22,816
Aberdeen
Asia-Pacific
Income
Fund,
Inc.
57,040
8,000
AllianceBernstein
Global
High
Income
Fund,
Inc.
83,200
10,886
Allspring
Income
Opportunities
Fund
70,215
2,333
BlackRock
Core
Bond
Trust
24,053
7,782
BlackRock
Corporate
High
Yield
Fund,
Inc.
75,174
8,355
BlackRock
Credit
Allocation
Income
Trust
84,553
904
BlackRock
Debt
Strategies
Fund,
Inc.
9,655
1,650
BlackRock
Enhanced
Equity
Dividend
Trust
13,233
8,394
BlackRock
Enhanced
Global
Dividend
Trust
84,444
4,400
BlackRock
Enhanced
International
Dividend
Trust
23,144
250
BlackRock
Floating
Rate
Income
Strategies
Fund,
Inc.
3,250
1,633
BlackRock
Income
Trust,
Inc.
18,355
2,649
BlackRock
Multi-Sector
Income
Trust
40,529
6,163
Blackstone
Strategic
Credit
2027
Term
Fund
72,600
7,137
Eaton
Vance
Limited
Duration
Income
Fund
67,016
2,650
Eaton
Vance
Tax-Managed
Global
Diversified
Equity
Income
Fund
21,200
5,975
First
Trust
High
Income
Long/Short
Fund
69,668
1,444
Invesco
Dynamic
Credit
Opportunities
Fund
k
15,101
7,000
Invesco
Preferred
ETF
79,240
2,096
iShares
Biotechnology
ETF
266,024
38,301
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
e
1,376,538
3,349
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
e
351,612
5,523
iShares
Preferred
and
Income
Securities
ETF
170,992
17,275
Nuveen
Credit
Strategies
Income
Fund
95,358
4,351
Nuveen
Preferred
Income
Opportunities
Fund
30,631
7,147
PGIM
Global
High
Yield
Fund,
Inc.
82,262
7,283
PGIM
High
Yield
Bond
Fund,
Inc.
91,329
Shares
Registered
Investment
Companies
(13.1%)
Value
U.S.
Unaffiliated  (1.4%)-
continued
1,869
Pimco
Dynamic
Income
Fund
e
$
35,530
9,359
SPDR
Bloomberg
High
Yield
Bond
ETF
e
874,411
3,988
SPDR
S&P
Biotech
ETF
e
337,465
509
Tri-Continental
Corporation
15,061
9,970
Vanguard
Intermediate-Term
Corporate
Bond
ETF
781,249
3,600
Vanguard
Short-Term
Corporate
Bond
ETF
275,652
2,950
Virtus
Convertible
&
Income
Fund
9,322
4,842
Virtus
Dividend,
Interest
&
Premium
Strategy
Fund
58,007
575
Virtus
Equity
&
Convertible
Income
Fund
12,501
12,371
Voya
Global
Equity
Dividend
&
Premium
Opportunity
Fund
63,463
17,428
Western
Asset
High
Income
Opportunity
Fund,
Inc.
64,658
Total
5,903,735
Total
Registered
Investment
Companies
(cost
$54,894,006)
53,009,266
Shares
Collateral
Held
for
Securities
Loaned
(
1
.6
%
)
Value
6,271,011
Thrivent
Cash
Management
Trust
6,271,011
Total
Collateral
Held
for
Securities
Loaned
(cost
$6,271,011)
6,271,011
Shares
Preferred
Stock
(
0
.7
%
)
Value
Basic
Materials
(0.1%)
5,252
Albemarle
Corporation,
Convertible,
7.250%
j
288,177
Total
288,177
Communications
Services
(<0.1%)
7,175
AT&T,
Inc.,
4.750%
h
140,917
3,000
Telephone
and
Data
Systems,
Inc.,
6.000%
h
45,120
Total
186,037
Energy
(<0.1%)
1,450
Energy
Transfer,
LP,
7.600%
c,h
36,163
1,145
Nustar
Logistics,
LP,
12.324%
c
29,037
Total
65,200
Financials
(0.5%)
2,475
AEGON
Funding
Company,
LLC,
5.100%
52,049
5,200
Allstate
Corporation,
5.100%
h
111,488
3,557
Apollo
Global
Management,
Inc.,
Convertible,
6.750%
216,906
5,600
Bank
of
America
Corporation,
4.250%
h
102,480
246
Bank
of
America
Corporation,
Convertible,
7.250%
h
282,900
5,050
Capital
One
Financial
Corporation,
5.000%
h
97,566
2,875
Equitable
Holdings,
Inc.,
5.250%
h
62,675
4,500
J.P.
Morgan
Chase
&
Company,
4.200%
h
85,590
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
72
p
Shares
Preferred
Stock
(0.7%)
Value
Financials
(0.5%)
-
continued
3,350
J.P.
Morgan
Chase
&
Company,
4.750%
h
$
71,388
3,150
KeyCorp,
6.200%
c,h
70,560
2,600
Morgan
Stanley,
4.250%
h
48,282
2,290
Morgan
Stanley,
5.850%
c,h
54,868
2,800
Morgan
Stanley,
7.125%
c,h
70,644
2,875
Public
Storage,
4.125%
h
52,641
1,125
Public
Storage,
4.625%
h
23,153
300
Public
Storage,
4.700%
h
6,207
775
Regions
Financial
Corporation,
5.700%
c,h
16,942
725
Synovus
Financial
Corporation,
5.875%
c,h
18,009
2,650
U.S.
Bancorp,
4.000%
h
45,739
4,500
Wells
Fargo
&
Company,
4.250%
h
83,160
2,350
Wells
Fargo
&
Company,
4.750%
h
47,870
296
Wells
Fargo
&
Company,
Convertible,
7.500%
h
339,050
Total
1,960,167
Utilities
(0.1%)
4,150
CMS
Energy
Corporation,
4.200%
h
76,775
4,857
NextEra
Energy,
Inc.,
Convertible,
6.926%
e
197,923
2,750
Southern
Company,
4.950%
58,768
Total
333,466
Total
Preferred
Stock
(cost
$3,209,625)
2,833,047
Shares
or
Principal
Amount
Short-Term
Investments
(
10
.2
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
1,200,000
5.210%,
5/21/2024
l,m
1,196,307
100,000
5.230%,
6/7/2024
l,m
99,443
500,000
5.220%,
6/20/2024
l,m
496,264
800,000
5.240%,
7/10/2024
l,m
791,788
100,000
5.250%,
7/17/2024
l,m
98,872
100,000
5.260%,
7/24/2024
l,m
98,771
Thrivent
Core
Short-Term
Reserve
Fund
3,801,267
5.580%
38,012,667
U.S.
Treasury
Bills
100,000
5.232%,
5/16/2024
l,n
99,780
Total
Short-Term
Investments
(cost
$40,885,408)
40,893,892
Total
Investments
(cost
$394,121,943)
104.0%
$
419,020,347
Other
Assets
and
Liabilities,
Net
(4.0%)
(
15,952,742
)
Total
Net
Assets
100.0%
$
403,067,605
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,
2024,
the
value
of
these
investments
was
$60,608,593
or
15.0%
of
total
net
assets.
b
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,
2024.
c
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2024.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
d
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
e
All
or
a
portion
of
the
security
is
on
loan.
f
Denotes
interest
only
security.  Interest
only
securities
represent
the
right
to
receive
monthly
interest
payments
on
an
underlying
pool
of
mortgages
or
assets.  The
principal
shown
is
the
outstanding
par
amount
of
the
pool
as
of
the
end
of
the
period.
The
actual
effective
yield
of
the
security
is
different
than
the
stated
coupon
rate.
g
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
h
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
i
Defaulted
security.  Interest
is
not
being
accrued.
j
Non-income
producing
security.
k
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
l
The
interest
rate
shown
reflects
the
yield.
m
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
n
All
or
a
portion
of
the
security
is
pledged
as
collateral
under
the
agreement
between
the
counterparty,
the
custodian
and
the
fund
for
open
swap
contracts.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Balanced
Income
Plus
Fund
as
of
April
30,
2024
was
$3,960
or
0.00%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
April
30,
2024.
Security
Acquisition
Date
Cost
Credit
Suisse
Group
AG,
12/29/2049
11/30/2018
$
38,508
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,
2024:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
3,342,939
Common
Stock
2,505,390
Total
lending
$5,848,329
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$6,271,011
Net
amounts
due
to
counterparty
$422,682
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
73
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
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:
SOFR30A
-
Secured
Overnight
Financing
Rate
30
Year
Average
TSFR1M
-
CME
Term
SOFR
1
Month
TSFR3M
-
CME
Term
SOFR
3
Month
USISOA05
-
USD
SOFR
Spread-Adjusted
ICE
Swap
Rate
5
Year
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
$
43,275,809
Gross
unrealized
depreciation
(
19,218,561
)
Net
unrealized
appreciation
(depreciation)
$
24,057,248
Cost
for
federal
income
tax
purposes
$
394,575,253
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
74
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Balanced
Income
Plus
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Asset-Backed
Securities
15,726,542
–
15,726,542
–
Basic
Materials
2,456,937
–
2,456,937
–
Capital
Goods
4,910,910
–
4,910,910
–
Collateralized
Mortgage
Obligations
18,703,356
–
18,703,356
–
Commercial
Mortgage-Backed
Securities
1,433,488
–
1,433,488
–
Communications
Services
5,445,777
–
5,445,777
–
Consumer
Cyclical
8,762,650
–
8,762,650
–
Consumer
Non-Cyclical
7,646,376
–
7,646,376
–
Energy
6,592,267
–
6,592,267
–
Financials
22,220,167
–
22,220,167
–
Foreign
Government
60,835
–
60,835
–
Mortgage-Backed
Securities
58,840,112
–
58,840,112
–
Technology
6,369,104
–
6,369,104
–
Transportation
1,484,081
–
1,484,081
–
U.S.
Government
&
Agencies
20,755,636
–
20,755,636
–
Utilities
5,880,973
–
5,880,973
–
Common
Stock
Communications
Services
8,535,511
8,529,165
6,346
–
Consumer
Discretionary
13,986,920
13,986,920
–
–
Consumer
Staples
6,775,173
6,775,173
–
–
Energy
7,058,119
7,058,119
–
–
Financials
20,167,522
20,167,522
–
–
Health
Care
14,612,047
14,612,047
–
–
Industrials
17,184,712
16,786,492
398,220
–
Information
Technology
27,967,559
27,326,534
641,025
–
Materials
4,912,723
4,705,012
207,711
–
Real
Estate
3,656,304
3,656,304
–
–
Utilities
3,867,330
3,867,330
–
–
Registered
Investment
Companies
U.S.
Unaffiliated
5,903,735
5,888,634
–
15,101
Preferred
Stock
Basic
Materials
288,177
288,177
–
–
Communications
Services
186,037
186,037
–
–
Energy
65,200
65,200
–
–
Financials
1,960,167
1,960,167
–
–
Utilities
333,466
333,466
–
–
Short-Term
Investments
2,881,225
–
2,881,225
–
Subtotal
Investments
in
Securities
$
327,631,138
$
136,192,299
$
191,423,738
$
15,101
Other
Investments  *
Total
U.S.
Affiliated
Registered
Investment
Cos.
47,105,531
Affiliated
Short-Term
Investments
38,012,667
Collateral
Held
for
Securities
Loaned
6,271,011
Subtotal
Other
Investments
$
91,389,209
Total
Investments
at
Value
$
419,020,347
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
75
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
S&P
-
Standard
&
Poor's
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Balanced
Income
Plus
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
1,198,715
1,149,281
49,434
–
Credit
Default
Swaps
9,301
–
9,301
–
Total
Asset
Derivatives
$
1,208,016
$
1,149,281
$
58,735
$
–
Liability
Derivatives
Futures
Contracts
1,595,862
1,595,862
–
–
Total
Liability
Derivatives
$
1,595,862
$
1,595,862
$
–
$
–
The
following
table
presents
Balanced
Income
Plus
Fund's
futures
contracts
held
as
of
April
30,
2024.
Investments
and/or
cash
totaling
$2,828,645
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
39
June
2024
$
4,306,561
(
$
116,499
)
CBOT
2-Yr.
U.S.
Treasury
Note
89
June
2024
18,230,167
(
193,761
)
CBOT
5-Yr.
U.S.
Treasury
Note
29
June
2024
3,099,904
(
62,381
)
CBOT
U.S.
Long
Bond
26
June
2024
3,096,256
(
137,131
)
CME
E-mini
S&P
500
Index
53
June
2024
13,756,087
(
328,537
)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
72
June
2024
9,196,523
(
588,023
)
ICE
mini
MSCI
EAFE
Index
51
June
2024
5,913,135
(
131,010
)
ICE
US
mini
MSCI
Emerging
Markets
Index
78
June
2024
4,102,320
(
38,520
)
Total
Futures
Long
Contracts
$
61,700,953
(
$
1,595,862
)
CME
E-mini
Russell
2000
Index
(
92
)
June
2024
(
$
9,711,710
)
$
577,950
CME
E-mini
S&P
Mid-Cap
400
Index
(
37
)
June
2024
(
11,094,824
)
449,184
CME
Euro
Foreign
Exchange
Currency
(
33
)
June
2024
(
4,535,278
)
122,147
Eurex
Euro
STOXX
50
Index
(
84
)
June
2024
(
4,423,210
)
49,434
Total
Futures
Short
Contracts
(
$
29,765,022
)
$
1,198,715
Total
Futures
Contracts
$
31,935,931
(
$
397,147
)
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
76
The
following
table
presents
Balanced
Income
Plus
Fund's
swaps
contracts
held
as
of
April
30,
2024.
Investments
totaling
$99,780
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
42,
5
Year,
at
5.00%,
Quarterly
Buy
6/20/2029
$
915,000
$
–
$
9,301
$
9,301
Total
Credit
Default
Swaps
$
–
$
9,301
$
9,301
1
As
the
buyer
of
protection,
Balanced
Income
Plus
Fund
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
As
the
seller
of
protection,
Balanced
Income
Plus
Fund
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
2
The
maximum
potential
amount
of
future
payments
Balanced
Income
Plus
Fund
could
be
required
to
make
as
the
seller
or
receive
as
the
buyer
of
protection.
3
The
values
for
credit
indexes
(CDX
or
LCDX)
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
liability
or
profit
for
the
credit
default
swap
contract
had
the
contract
been
closed
as
of
the
reporting
date.
When
protection
has
been
sold,
the
value
of
the
swap
will
increase
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
When
protection
has
been
purchased,
the
value
of
the
swap
will
increase
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2024,
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
Foreign
Exchange
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
122,147
Total
Foreign
Exchange
Contracts
122,147
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
1,076,568
Total
Equity
Contracts
1,076,568
Credit
Contracts
Credit
Default
Swaps
Net
Assets
-
Distributable
earnings/(accumulated
loss)
9,301
Total
Credit
Contracts
9,301
Total
Asset
Derivatives
$
1,208,016
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
498,067
Total
Equity
Contracts
498,067
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
1,097,795
Total
Interest
Rate
Contracts
1,097,795
Total
Liability
Derivatives
$
1,595,862
*
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.
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
77
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
(
416,776
)
Total
Interest
Rate
Contracts
(
416,776
)
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(
445,692
)
Total
Equity
Contracts
(
445,692
)
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(
57,640
)
Total
Foreign
Exchange
Contracts
(
57,640
)
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
(
69,950
)
Total
Credit
Contracts
(
69,950
)
Total
(
$
990,058
)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
Foreign
Exchange
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
69,744
Total
Foreign
Exchange
Contracts
69,744
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(
182,294
)
Total
Equity
Contracts
(
182,294
)
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
1,198,331
Total
Interest
Rate
Contracts
1,198,331
Credit
Contracts
Credit
Default
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
(
4,415
)
Total
Credit
Contracts
(
4,415
)
Total
$
1,081,366
The
following
table
presents
Balanced
Income
Plus
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2024.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$
18,700,496
Futures
-
Short
(
22,430,946
)
Interest
Rate
Contracts
Futures
-
Long
30,300,339
Foreign
Exchange
Contracts
Futures
-
Short
(
4,226,316
)
Credit
Contracts
Credit
Default
Swaps
-
Buy
Protection
(
48,843
)
Balanced
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
78
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
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$
18,474
$
599
$
500
$
20,105
2,555
5.0%
Core
International
Equity
25,028
982
2,100
27,001
2,634
6.7
Total
U.S.
Affiliated
Registered
Investment
Companies
43,502
47,106
11.7
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
33,220
98,804
94,011
38,013
3,801
9.4
Total
Affiliated
Short-Term
Investments
33,220
38,013
9.4
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
3,488
45,596
42,813
6,271
6,271
1.6
Total
Collateral
Held
for
Securities
Loaned
3,488
6,271
1.6
Total
Value
$
80,210
$
91,390
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
($116)
$1,648
$
–
$599
Core
International
Equity
70
3,021
–
983
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
–
–
–
993
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$2,575
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
23
Total
Affiliated
Income
from
Securities
Loaned,
Net
$23
Total
($46)
$4,669
$
–
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
79
Shares
Common
Stock
(
78.8%
)
Value
Communications
Services
(4.9%)
178,792
Alphabet,
Inc.,
Class
C
a
$
29,436,315
21,107
Altice
USA,
Inc.
a
40,737
7,235
AMC
Networks,
Inc.
a
76,836
584,094
Auto
Trader
Group
plc
b
5,063,779
2,645
Bandwidth,
Inc.
a
48,139
37,500
Capcom
Company,
Ltd.
617,341
9,911
CAR
Group,
Ltd.
214,905
67,487
Cargurus,
Inc.
a
1,515,758
2,847
Cogeco
Communications,
Inc.
112,854
131,744
Comcast
Corporation
5,020,764
5,313
E.W.
Scripps
Company
a
19,977
7,678
Electronic
Arts,
Inc.
973,724
4,336
Emerald
Holding,
Inc.
a
24,932
2,803
Entravision
Communications
Corporation
c
5,858
15,293
iHeartMedia,
Inc.
a
32,115
58,548
Imax
Corporation
a
937,353
41,097
Integral
Ad
Science
Holding
Corporation
a
394,120
5,165
Interpublic
Group
of
Companies,
Inc.
157,223
10,235
Ipsos
SA
684,903
5,443
Iridium
Communications,
Inc.
167,590
124,200
KDDI
Corporation
3,446,401
4,559
Liberty
Global,
Ltd.,
Class
A
a
72,465
8,187
Liberty
Latin
America,
Ltd.,
Class
A
a
61,812
1,476
Liberty
Media
Corporation-Liberty
Live
Group
a
55,084
1,171
Live
Nation
Entertainment,
Inc.
a
104,114
61,548
Lumen
Technologies,
Inc.
a,c
73,242
2,465
Match
Group,
Inc.
a
75,971
53,856
Meta
Platforms,
Inc.
23,167,236
198,290
MFE-MediaForEurope
NV
582,165
59,634
Moneysupermarket.com
Group
plc
159,771
40,400
Nintendo
Company,
Ltd.
1,970,268
2,959,400
Nippon
Telegraph
and
Telephone
Corporation
3,195,153
953
Omnicom
Group,
Inc.
88,477
33,124
Pinterest,
Inc.
a
1,107,998
5,034
Publicis
Groupe
SA
555,487
36,671
QuinStreet,
Inc.
a
663,378
5,561
Roku,
Inc.
a
320,647
12,082
Scout24
SE
b
887,516
2,729
Sinclair,
Inc.
33,567
15,600
SoftBank
Group
Corporation
767,217
2,421
TechTarget,
Inc.
a
66,577
7,635
Telephone
and
Data
Systems,
Inc.
119,488
19,195
Trade
Desk,
Inc.
a
1,590,306
56,000
TV
Asahi
Holdings
Corporation
734,446
190,421
Verizon
Communications,
Inc.
7,519,725
282,595
Warner
Brothers
Discovery,
Inc.
a
2,079,899
Total
95,043,633
Consumer
Discretionary
(8.4%)
147
Adient
plc
a
4,391
33,815
Amadeus
IT
Holding
SA
2,146,375
172,449
Amazon.com,
Inc.
a
30,178,575
1,073
American
Axle
&
Manufacturing
Holdings,
Inc.
a
7,876
14,687
American
Eagle
Outfitters,
Inc.
356,307
44,974
Aptiv
plc
a
3,193,154
196,331
Aristocrat
Leisure,
Ltd.
5,010,352
6,334
Autoliv,
Inc.
758,750
12,994
B&M
European
Value
Retail
SA
83,858
Shares
Common
Stock
(78.8%)
Value
Consumer
Discretionary
(8.4%)
-
continued
17,423
Bayerische
Motoren
Werke
AG
$
1,898,227
774
Beazer
Homes
USA,
Inc.
a
21,695
13,506
Berkeley
Group
Holdings
plc
793,147
2,032
Best
Buy
Company,
Inc.
149,636
964
Booking
Holdings,
Inc.
3,327,757
10,100
Boot
Barn
Holdings,
Inc.
a
1,075,347
2,945
Buckle,
Inc.
110,114
485
Carvana
Company
a
40,216
34
Cavco
Industries,
Inc.
a
12,383
9,771
Cedar
Fair,
LP
377,845
20,901
Cheesecake
Factory,
Inc.
721,503
519
Chipotle
Mexican
Grill,
Inc.
a
1,639,832
22,042
Columbia
Sportswear
Company
1,755,204
37,772
Compagnie
Generale
des
Etablissements
Michelin
SCA
1,451,152
241,067
Compass
Group
plc
6,704,956
145
Container
Store
Group,
Inc.
a
122
938
Coursera,
Inc.
a
9,586
1,021
Culp,
Inc.
a
4,656
20,929
D.R.
Horton,
Inc.
2,982,173
15,007
Dana,
Inc.
186,537
651
Darden
Restaurants,
Inc.
99,870
1,054
Deckers
Outdoor
Corporation
a
862,667
4,400
Denso
Corporation
74,990
2,216
Dollarama,
Inc.
184,858
1,581
DoorDash,
Inc.
a
204,360
62
Dorman
Products,
Inc.
a
5,422
78,473
eBay,
Inc.
4,044,498
632
El
Pollo
Loco
Holdings,
Inc.
a
5,385
1,939
Etsy,
Inc.
a
133,151
10,402
Everi
Holdings,
Inc.
a
84,984
29,866
Expedia
Group,
Inc.
a
4,020,860
1,200
Fast
Retailing
Company,
Ltd.
313,763
5,396
Five
Below,
Inc.
a
789,651
186
Fox
Factory
Holding
Corporation
a
7,239
15,939
Gap,
Inc.
327,068
25,401
Gentex
Corporation
871,254
3,857
Genuine
Parts
Company
606,359
5,593
Goodyear
Tire
&
Rubber
Company
a
66,892
75
Graham
Holdings
Company
52,603
3,884
Grand
Canyon
Education,
Inc.
a
504,998
2,611
Green
Brick
Partners,
Inc.
a
141,333
21,899
Hanesbrands,
Inc.
a
99,859
1,030
Harley-Davidson,
Inc.
35,422
12,400
Haseko
Corporation
149,808
20,300
Heiwa
Corporation
254,298
3,890
Hilton
Worldwide
Holdings,
Inc.
767,419
20,953
Home
Depot,
Inc.
7,002,912
224,600
Honda
Motor
Company,
Ltd.
2,555,405
13,065
Industria
de
Diseno
Textil
SA
594,863
32,970
InterContinental
Hotels
Group
plc
3,215,689
20,965
JB
Hi-Fi,
Ltd.
818,097
3,829
Kering
SA
1,341,948
5,248
Kohl's
Corporation
125,637
14,741
Laureate
Education,
Inc.
213,744
10,431
Lear
Corporation
1,312,950
2,825
Leggett
&
Platt,
Inc.
51,048
1,654
Lennar
Corporation
250,779
1,788
Light
&
Wonder,
Inc.
a
159,597
13,168
LKQ
Corporation
567,936
489,276
Lottery
Corporation,
Ltd.
1,526,289
21,987
Lowe's
Companies,
Inc.
5,012,816
3,069
Lululemon
Athletica,
Inc.
a
1,106,681
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
80
Shares
Common
Stock
(78.8%)
Value
Consumer
Discretionary
(8.4%)
-
continued
4,446
LVMH
Moet
Hennessy
Louis
Vuitton
SE
$
3,652,112
369
M/I
Homes,
Inc.
a
42,885
3,392
Meritage
Homes
Corporation
562,190
33,570
Mobileye
Global,
Inc.
a
924,854
9,075
Modine
Manufacturing
Company
a
840,617
3,176
Mohawk
Industries,
Inc.
a
366,256
31,319
Next
plc
3,512,667
4,966
Nordstrom,
Inc.
94,404
168
NVR,
Inc.
a
1,249,727
45,800
Oriental
Land
Company,
Ltd.
1,263,702
23,700
Panasonic
Holdings
Corporation
206,864
17,720
Pandora
AS
2,696,983
23,151
Pearson
plc
280,910
2,226
Polaris,
Inc.
189,566
3,181
Pool
Corporation
1,153,208
6,524
Premier
Investments,
Ltd.
125,493
12,185
PUMA
SE
562,594
39,912
Qurate
Retail,
Inc.
a
32,788
1,560
Ralph
Lauren
Corporation
255,278
4,328
Ross
Stores,
Inc.
560,692
36,200
Sekisui
Chemical
Company,
Ltd.
526,639
73,800
Sekisui
House,
Ltd.
1,695,950
370
Shake
Shack,
Inc.
a
39,165
15,165
SharkNinja,
Inc.
974,806
5,035
Signet
Jewelers,
Ltd.
493,581
16,340
Six
Flags
Entertainment
Corporation
a
385,297
18,655
Skyline
Champion
Corporation
a
1,398,938
27,000
Sony
Group
Corporation
2,231,587
36,412
Sony
Group
Corporation
ADR
3,006,539
228,846
Stellantis
NV
5,063,568
31,202
Stoneridge,
Inc.
a
467,406
10,305
Tapestry,
Inc.
411,376
40,964
Tesla,
Inc.
a
7,507,882
5,948
Texas
Roadhouse,
Inc.
956,319
40,054
ThredUp,
Inc.
a
64,086
353
TopBuild
Corporation
a
142,849
273,000
Toyota
Motor
Corporation
6,226,747
9,293
Travel
+
Leisure
Company
404,617
13
Ulta
Beauty,
Inc.
a
5,263
1,420
United
Parks
&
Resorts,
Inc.
a
72,164
3,827
Upbound
Group,
Inc.
118,675
7,735
Urban
Outfitters,
Inc.
a
301,356
73
Visteon
Corporation
a
8,076
8,849
Wendy's
Company
176,892
20,210
Wesfarmers,
Ltd.
865,779
8,001
Whitbread
plc
315,341
690
Wingstop,
Inc.
265,505
12,001
Wyndham
Hotels
&
Resorts,
Inc.
882,194
83,200
Yamada
Holdings
Company,
Ltd.
238,167
112,907
Yum
China
Holding,
Inc.
4,122,235
59,700
ZOZO,
Inc.
1,285,847
Total
164,795,764
Consumer
Staples
(4.5%)
4,000
Ain
Holdings,
Inc.
151,386
139,456
Alimentation
Couche-Tard,
Inc.
7,729,265
751
Archer-Daniels-Midland
Company
44,054
13,600
Arcs
Company,
Ltd.
266,924
3,599
BellRing
Brands,
Inc.
a
198,557
46,438
BJ's
Wholesale
Club
Holdings,
Inc.
a
3,467,990
28,996
Carlsberg
AS
3,900,335
3,674
Casey's
General
Stores,
Inc.
1,174,137
Shares
Common
Stock
(78.8%)
Value
Consumer
Staples
(4.5%)
-
continued
26,790
Celsius
Holdings,
Inc.
a
$
1,909,323
35,235
Coca-Cola
European
Partners
plc
2,537,625
286,220
Coty,
Inc.
a
3,274,357
45,721
Danone
SA
2,861,559
1,287
Darling
Ingredients,
Inc.
a
54,530
6,625
Dollar
Tree,
Inc.
a
783,406
7,190
e.l.f.
Beauty,
Inc.
a
1,168,591
2,156
Flowers
Foods,
Inc.
53,771
80,048
Imperial
Brands
plc
1,829,105
11,286
J
&
J
Snack
Foods
Corporation
1,549,455
3,928
J.M.
Smucker
Company
451,131
2,300
Japan
Tobacco,
Inc.
61,874
178,549
Kenvue,
Inc.
3,360,292
189,819
Koninklijke
Ahold
Delhaize
NV
5,761,808
6,056
Kroger
Company
335,381
49,723
Lamb
Weston
Holdings,
Inc.
4,143,915
8,524
Lancaster
Colony
Corporation
1,626,464
88
Lindt
&
Spruengli
AG
1,013,669
3,256
Loblaw
Companies,
Ltd.
357,045
258
McCormick
&
Company,
Inc.
19,623
33,654
Metro,
Inc./CN
1,721,508
39,487
Nestle
SA
3,964,503
78,990
Philip
Morris
International,
Inc.
7,499,311
16,300
Pigeon
Corporation
148,575
843
Pilgrim's
Pride
Corporation
a
30,365
428
PriceSmart,
Inc.
34,493
171,300
Seven
&
I
Holdings
Company,
Ltd.
2,213,402
85,568
Sysco
Corporation
6,359,414
328,951
Tesco
plc
1,214,507
33,385
Unilever
plc
1,727,029
2,848
US
Foods
Holding
Corporation
a
143,112
199,083
Walmart,
Inc.
11,815,576
14,500
Yakult
Honsha
Company,
Ltd.
283,616
Total
87,240,983
Energy
(4.8%)
14,553
Archrock,
Inc.
279,272
23,368
Baker
Hughes
Company
762,264
957
Cactus,
Inc.
47,505
1,829
California
Resources
Corporation
96,681
46,631
Canadian
Natural
Resources,
Ltd.
3,533,611
9,612
Chesapeake
Energy
Corporation
863,927
58,344
ConocoPhillips
7,329,173
34,338
Coterra
Energy,
Inc.
939,488
7,538
Delek
US
Holdings,
Inc.
206,014
112,507
Devon
Energy
Corporation
5,758,108
501,300
Eneos
Holdings,
Inc.
2,316,114
113,753
Eni
SPA
1,827,069
210,084
Enterprise
Products
Partners,
LP
5,899,159
48,834
Equinor
ASA
1,299,393
7,650
Expro
Group
Holdings
NV
a
143,514
71,429
Exxon
Mobil
Corporation
8,447,908
72,520
Galp
Energia
SGPS
SA
1,557,815
1,942
Gulfport
Energy
Corporation
a
308,215
187,180
Halliburton
Company
7,013,635
8,662
Helmerich
&
Payne,
Inc.
340,676
708
International
Seaways,
Inc.
39,145
2,962
Kodiak
Gas
Services,
Inc.
80,507
11,017
Koninklijke
Vopak
NV
437,503
11,914
Liberty
Energy,
Inc.
262,108
4,061
Marathon
Oil
Corporation
109,038
22,288
Marathon
Petroleum
Corporation
4,050,175
20,471
Matador
Resources
Company
1,275,343
5,477
Murphy
Oil
Corporation
244,493
10,745
Noble
Corporation
plc
476,863
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
81
Shares
Common
Stock
(78.8%)
Value
Energy
(4.8%)
-
continued
10,084
NOV,
Inc.
$
186,453
10,479
Ovintiv,
Inc.
537,782
8,247
Par
Pacific
Holdings,
Inc.
a
254,008
8,123
Phillips
66
1,163,295
28,804
Pioneer
Natural
Resources
Company
7,757,493
26,196
ProPetro
Holding
Corporation
a
228,429
110,346
Repsol
SA
1,732,002
354,254
Shell
plc
12,593,210
37,022
Shell
plc
ADR
2,652,997
9,399
SM
Energy
Company
455,758
163,777
Suncor
Energy,
Inc.
6,249,378
83,777
TechnipFMC
plc
2,146,367
8,977
TETRA
Technologies,
Inc.
a
38,511
9,890
TotalEnergies
SE
718,002
5,276
Viper
Energy,
Inc.
201,332
6,380
Williams
Companies,
Inc.
244,737
Total
93,104,470
Financials
(13.2%)
1,782
1st
Source
Corporation
88,387
35,296
AB
Industrivarden,
Class
A
1,136,656
7,481
AB
Industrivarden,
Class
C
240,513
26,677
Allianz
SE
7,570,541
25,578
Allstate
Corporation
4,349,795
3,069
Amalgamated
Financial
Corporation
75,313
15,241
American
Express
Company
3,566,851
77,577
American
International
Group,
Inc.
5,842,324
9,297
Ameriprise
Financial,
Inc.
3,828,412
638
Ameris
Bancorp
30,292
9,327
Annaly
Capital
Management,
Inc.
174,788
85
Apollo
Global
Management,
Inc.
9,212
4,719
Arthur
J.
Gallagher
&
Company
1,107,502
4,696
Artisan
Partners
Asset
Management,
Inc.
192,207
1,621
Associated
Banc-Corp
34,154
2,136
Assurant,
Inc.
372,518
1,724
Assured
Guaranty,
Ltd.
132,231
837
Atlantic
Union
Bankshares
Corporation
26,591
63,450
Australia
and
New
Zealand
Banking
Group,
Ltd.
1,144,885
660
Axis
Capital
Holdings,
Ltd.
40,478
449
Axos
Financial,
Inc.
a
22,724
35,043
Azimut
Holding
SPA
923,470
138,174
Banca
Mediolanum
SPA
1,495,262
553,848
Banco
Bilbao
Vizcaya
Argentaria
SA
5,989,305
1,037,201
Banco
Santander
SA
c
5,046,646
1,398
Bancorp,
Inc.
a
41,856
30,542
Bank
Hapoalim
BM
275,136
68,875
Bank
Leumi
Le-Israel
BM
536,682
196,003
Bank
of
America
Corporation
7,254,071
133
Bank
of
Hawaii
Corporation
c
7,540
2,549
Bank
of
Marin
Bancorp
36,604
15,989
Bank
of
Montreal
1,428,226
108,794
Bank
of
New
York
Mellon
Corporation
6,145,773
25,808
Bank
of
Nova
Scotia
1,184,058
1,825
Bank
OZK
81,486
1,844
BankFinancial
Corporation
17,831
283
BankUnited,
Inc.
7,565
3,531
Banner
Corporation
154,058
519
Bar
Harbor
Bankshares
13,017
Shares
Common
Stock
(78.8%)
Value
Financials
(13.2%)
-
continued
594
BayCom
Corporation
$
11,749
3,452
BCB
Bancorp,
Inc.
32,518
6,906
Berkshire
Hills
Bancorp,
Inc.
147,236
4,306
Block,
Inc.
a
314,338
29,521
Blue
Owl
Capital,
Inc.
557,652
219
BOK
Financial
Corporation
19,432
3,479
Brighthouse
Financial,
Inc.
a
167,862
3,817
BrightSpire
Capital,
Inc.
24,009
16,445
Brookline
Bancorp,
Inc.
136,493
3,243
Brown
&
Brown,
Inc.
264,434
3,108
Business
First
Bancshares,
Inc.
62,751
5,377
Byline
Bancorp,
Inc.
116,520
3,327
Cadence
Bank
92,058
602
Camden
National
Corporation
18,794
17,756
Canadian
Imperial
Bank
of
Commerce
828,824
10,791
Canadian
Western
Bank
207,017
215
Capital
City
Bank
Group,
Inc.
5,702
29,744
Capital
One
Financial
Corporation
4,266,182
8,440
Capitol
Federal
Financial,
Inc.
40,259
93,852
Carlyle
Group,
Inc.
4,204,570
4,326
Cathay
General
Bancorp
148,987
5,600
Cboe
Global
Markets,
Inc.
1,014,440
5,441
Central
Pacific
Financial
Corporation
108,494
88,911
Charles
Schwab
Corporation
6,574,968
19,695
Chubb,
Ltd.
4,896,965
5,178
Cincinnati
Financial
Corporation
599,043
2,092
Citizens
Financial
Group,
Inc.
71,358
2,943
CNB
Financial
Corporation
55,917
4,909
CNO
Financial
Group,
Inc.
129,254
1,053
Coinbase
Global,
Inc.
a
214,738
9,743
Columbia
Banking
System,
Inc.
183,266
73,297
Comerica,
Inc.
3,677,310
2,437
Commerce
Bancshares,
Inc.
133,255
41,927
Commonwealth
Bank
of
Australia
3,071,964
153
Community
Bank
System,
Inc.
6,613
1,777
Community
Trust
Bancorp,
Inc.
74,652
317
Community
West
Bancshares
c
5,443
1,287
ConnectOne
Bancorp,
Inc.
23,050
1,405
Corpay,
Inc.
a
424,507
1,175
Cullen/Frost
Bankers,
Inc.
122,599
3,517
Customers
Bancorp,
Inc.
a
160,621
562
CVB
Financial
Corporation
9,183
104,100
Daiwa
Securities
Group,
Inc.
765,037
205,450
DBS
Group
Holdings,
Ltd.
5,230,225
11,828
Deutsche
Boerse
AG
2,280,347
1,439
Dime
Community
Bancshares,
Inc.
26,190
32,508
Discover
Financial
Services
4,119,739
130,946
DNB
Bank
ASA
2,282,279
3,730
Eagle
Bancorp,
Inc.
68,968
3,641
East
West
Bancorp,
Inc.
271,218
1,429
Employers
Holdings,
Inc.
60,861
2,685
Enova
International,
Inc.
a
162,523
263
Enterprise
Bancorp,
Inc./MA
6,391
2,617
Enterprise
Financial
Services
Corporation
99,472
19,455
Equitable
Holdings,
Inc.
718,084
1,446
Equity
Bancshares,
Inc.
48,166
3,202
Euronext
NV
b
288,343
287
EVERTEC,
Inc.
10,771
6,018
F.N.B.
Corporation
80,280
8,499
FactSet
Research
Systems,
Inc.
3,543,148
568
Farmers
National
Banc
Corporation
6,719
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
82
Shares
Common
Stock
(78.8%)
Value
Financials
(13.2%)
-
continued
16,724
Federated
Hermes,
Inc.
$
549,383
4,788
Fidelity
National
Information
Services,
Inc.
325,201
4,017
Fifth
Third
Bancorp
146,460
3,080
Financial
Institutions,
Inc.
53,038
1,354
First
Bancorp/Puerto
Rico
23,356
5,554
First
Bancshares,
Inc.
132,963
739
First
Citizens
BancShares,
Inc./NC
1,246,516
7,196
First
Commonwealth
Financial
Corporation
94,915
2,461
First
Financial
Bancorp
54,413
1,942
First
Financial
Bankshares,
Inc.
57,406
1,941
First
Financial
Corporation
70,672
1,053
First
Hawaiian,
Inc.
22,208
12,752
First
Horizon
Corporation
190,260
832
First
Internet
Bancorp
25,834
4,859
First
Interstate
BancSystem,
Inc.
129,735
1,583
First
Merchants
Corporation
52,904
1,866
First
Mid-Illinois
Bancshares,
Inc.
57,771
5,786
First
of
Long
Island
Corporation
54,793
262
Five
Star
Bancorp
5,664
5,958
Flushing
Financial
Corporation
65,657
2,260
Flywire
Corporation
a
46,330
8,087
Fulton
Financial
Corporation
133,840
13,688
Glacier
Bancorp,
Inc.
495,232
3,794
Global
Payments,
Inc.
465,789
2,632
Green
Dot
Corporation
a
23,030
15,028
Groupe
Bruxelles
Lambert
SA
1,115,530
9,527
Hamilton
Lane,
Inc.
1,064,356
3,791
Hancock
Whitney
Corporation
172,073
8,763
Hanmi
Financial
Corporation
134,074
1,497
Hanover
Insurance
Group,
Inc.
194,341
5,650
Hartford
Financial
Services
Group,
Inc.
547,428
2,081
Heartland
Financial
USA,
Inc.
87,631
8,914
Heritage
Commerce
Corporation
70,777
6,316
Heritage
Financial
Corporation
112,046
3,009
Home
BancShares,
Inc.
71,253
2,312
Hometrust
Bancshares,
Inc.
59,418
196,600
Hong
Kong
Exchanges
&
Clearing,
Ltd.
6,246,852
14,631
Hope
Bancorp,
Inc.
146,603
417
Horace
Mann
Educators
Corporation
15,371
6,537
Horizon
Bancorp,
Inc.
75,045
17,561
Houlihan
Lokey,
Inc.
2,238,852
842,593
HSBC
Holdings
plc
7,303,540
7,184
Huntington
Bancshares,
Inc./OH
96,768
16,836
IG
Group
Holdings
plc
157,101
3,672
Independent
Bank
Corporation
184,481
2,780
Independent
Bank
Corporation/MI
68,972
59,969
Intercontinental
Exchange,
Inc.
7,721,608
520
International
Bancshares
Corporation
28,938
814,986
Intesa
Sanpaolo
SPA
3,050,501
33,384
Invesco,
Ltd.
473,051
52,159
Investor
AB,
Class
B
1,277,518
70,868
J.P.
Morgan
Chase
&
Company
13,588,230
6,512
Jack
Henry
&
Associates,
Inc.
1,059,437
18,214
Janus
Henderson
Group
plc
568,641
868
Jefferies
Financial
Group,
Inc.
37,376
12,730
Kearny
Financial
Corporation/MD
68,742
113,100
KeyCorp
1,638,819
4,620
Kinsale
Capital
Group,
Inc.
1,678,215
2,974
KKR
&
Company,
Inc.
276,790
Shares
Common
Stock
(78.8%)
Value
Financials
(13.2%)
-
continued
2,539
KKR
Real
Estate
Finance
Trust,
Inc.
$
23,892
12,744
Laurentian
Bank
of
Canada
238,189
3,603
Lazard,
Inc.
138,716
945
LendingTree,
Inc.
a
45,615
4,763
M&T
Bank
Corporation
687,730
260,249
Man
Group
plc
834,592
33,244
Manulife
Financial
Corporation
775,408
3,472
Mercantile
Bank
Corporation
125,270
58,131
MetLife,
Inc.
4,131,951
12,884
MFA
Financial,
Inc.
136,442
64,406
MGIC
Investment
Corporation
1,306,154
692
Mid
Penn
Bancorp,
Inc.
13,999
5,632
Midland
States
Bancorp,
Inc.
123,341
2,875
MidWestOne
Financial
Group,
Inc.
57,989
55,300
Mitsubishi
HC
Capital,
Inc.
358,125
339,900
Mitsubishi
UFJ
Financial
Group,
Inc.
3,385,865
152,700
Mizuho
Financial
Group,
Inc.
2,951,555
5,983
Mr.
Cooper
Group,
Inc.
a
461,888
83,500
MS
and
AD
Insurance
Group
Holdings,
Inc.
1,501,250
3,978
MSCI,
Inc.
1,852,913
1,619
Muenchener
Rueckversicherungs-
Gesellschaft
AG
712,051
287
MVB
Financial
Corporation
5,157
13,021
Nasdaq,
Inc.
779,307
69,808
National
Australia
Bank,
Ltd.
1,513,261
2,766
National
Bank
Holdings
Corporation
90,531
5,427
National
Bank
of
Canada
435,768
4,461
Navient
Corporation
67,004
1,530
NCR
Atleos
Corporation
a
30,493
69
Nelnet,
Inc.
6,498
22,320
NMI
Holdings,
Inc.
a
688,795
127,200
Nomura
Holdings,
Inc.
723,766
11,081
Northern
Trust
Corporation
912,964
3,967
Northfield
Bancorp,
Inc.
33,085
219
Northrim
BanCorp,
Inc.
10,468
9,261
Northwest
Bancshares,
Inc.
98,167
11,256
NU
Holdings,
Ltd./Cayman
Islands
a
122,240
9,605
OceanFirst
Financial
Corporation
141,770
3,858
OFG
Bancorp
139,312
5,634
Old
National
Bancorp
93,186
3,869
Old
Republic
International
Corporation
115,528
4,624
Old
Second
Bancorp,
Inc.
63,349
13,596
OneMain
Holdings,
Inc.
708,488
94,000
ORIX
Corporation
1,923,749
6,242
Pacific
Premier
Bancorp,
Inc.
134,203
9,577
Paragon
Banking
Group
plc
85,409
506
Partners
Group
Holding
AG
651,002
63,493
PayPal
Holdings,
Inc.
a
4,312,445
1,150
PCB
Bancorp
16,744
920
PennyMac
Financial
Services,
Inc.
78,789
2,578
Peoples
Bancorp,
Inc./OH
74,865
1,496
Pinnacle
Financial
Partners,
Inc.
114,743
17,922
Plus500,
Ltd.
484,784
1,372
Popular,
Inc.
116,606
4,043
Premier
Financial
Corporation
78,353
7,212
Principal
Financial
Group,
Inc.
570,758
348
PROG
Holdings,
Inc.
11,568
1,746
Prosperity
Bancshares,
Inc.
108,200
10,645
Provident
Financial
Services,
Inc.
156,269
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
83
Shares
Common
Stock
(78.8%)
Value
Financials
(13.2%)
-
continued
2,873
Prudential
Financial,
Inc.
$
317,409
8,465
Radian
Group,
Inc.
252,850
68,516
Raymond
James
Financial,
Inc.
8,358,952
4,640
Regions
Financial
Corporation
89,413
24,924
Rithm
Capital
Corporation
277,155
5,261
RLI
Corporation
743,642
42,788
Royal
Bank
of
Canada
4,139,711
2,944
S&T
Bancorp,
Inc.
88,762
7,013
Sandy
Spring
Bancorp,
Inc.
143,416
20,330
SEI
Investments
Company
1,340,764
7,627
Selective
Insurance
Group,
Inc.
775,285
543
ServisFirst
Bancshares,
Inc.
32,015
3,221
Shore
Bancshares,
Inc.
33,337
32
Simmons
First
National
Corporation
547
45,500
Singapore
Exchange,
Ltd.
310,379
1,347
Skyward
Specialty
Insurance
Group,
Inc.
a
47,037
534
SmartFinancial,
Inc.
10,974
70,622
Societe
Generale
SA
1,902,916
79,500
Sompo
Holdings,
Inc.
1,573,315
303
Southern
First
Bancshares,
Inc.
a
7,823
175
Southern
Missouri
Bancorp,
Inc.
7,018
613
Southside
Bancshares,
Inc.
16,343
1,444
SouthState
Corporation
109,311
3,542
Stellar
Bancorp,
Inc.
78,632
2,216
StepStone
Group,
Inc.
79,931
18,700
Sumitomo
Mitsui
Financial
Group,
Inc.
1,062,231
44,600
Sumitomo
Mitsui
Trust
Holdings,
Inc.
937,708
6,097
Svolder
AB
33,929
519
Synchrony
Financial
22,826
2,648
Synovus
Financial
Corporation
94,772
13,322
Texas
Capital
Bancshares,
Inc.
a
764,683
4,020
TMX
Group,
Ltd.
106,439
21,200
Tokio
Marine
Holdings,
Inc.
670,056
54,408
Toronto-Dominion
Bank
3,227,764
2,737
TPG,
Inc.
117,965
15,578
Tradeweb
Markets,
Inc.
1,584,438
2,543
TriCo
Bancshares
88,420
12,811
Triumph
Financial,
Inc.
a
901,382
2,420
TrustCo
Bank
Corporation
NY
64,420
7,873
Two
Harbors
Investment
Corporation
99,436
24,595
U.S.
Bancorp
999,295
18,557
UBS
Group
AG
487,368
610
UMB
Financial
Corporation
48,593
1,996
United
Bankshares,
Inc.
64,790
1,191
United
Community
Banks,
Inc.
30,049
28,200
United
Overseas
Bank,
Ltd.
625,781
3,846
Univest
Financial
Corporation
80,266
1,097
Unum
Group
55,618
21,085
Valley
National
Bancorp
147,806
4,582
Veritex
Holdings,
Inc.
89,257
10,968
Virtu
Financial,
Inc.
238,006
5,508
Voya
Financial,
Inc.
375,425
4,107
WaFd,
Inc.
111,259
705
Walker
&
Dunlop,
Inc.
64,599
9,026
Webster
Financial
Corporation
395,610
186,332
Wells
Fargo
&
Company
11,053,214
1,269
Wendel
SA
129,408
3,289
Westamerica
Bancorporation
153,103
9,483
Western
Alliance
Bancorp
538,919
24,667
Western
Union
Company
331,524
Shares
Common
Stock
(78.8%)
Value
Financials
(13.2%)
-
continued
75,738
Westpac
Banking
Corporation
$
1,257,728
351
Willis
Towers
Watson
plc
88,150
8,846
Wintrust
Financial
Corporation
854,877
319
WSFS
Financial
Corporation
13,631
2,930
Zions
Bancorp
NA
119,485
6,196
Zurich
Insurance
Group
AG
2,999,151
Total
257,499,373
Health
Care
(9.8%)
5,365
ACADIA
Pharmaceuticals,
Inc.
a
89,649
3,565
Agilent
Technologies,
Inc.
488,548
1,684
Agios
Pharmaceuticals,
Inc.
a
54,730
3,719
Align
Technology,
Inc.
a
1,050,171
22,489
Amgen,
Inc.
6,160,637
4,262
Amicus
Therapeutics,
Inc.
a
42,577
6,510
Amneal
Pharmaceuticals,
Inc.
a
39,386
1,861
Anika
Therapeutics,
Inc.
a
48,181
5,148
Arcellx,
Inc.
a
257,503
2,321
Argenx
SE
ADR
a
871,536
417
Arvinas,
Inc.
a
13,248
6,600
Ascendis
Pharma
AS
ADR
a
913,704
145,600
Astellas
Pharma,
Inc.
1,397,455
59,339
AstraZeneca
plc
8,974,940
70,294
AstraZeneca
plc
ADR
5,333,909
208,880
Avantor,
Inc.
a
5,061,162
3,276
Azenta,
Inc.
a
171,859
20,389
Baxter
International,
Inc.
823,104
9,971
Biogen,
Inc.
a
2,141,970
255
BioMarin
Pharmaceutical,
Inc.
a
20,594
331
Bio-Rad
Laboratories,
Inc.
a
89,287
23,854
Bio-Techne
Corporation
1,507,811
4,401
Bruker
Corporation
343,322
5,555
CareDx,
Inc.
a
43,107
722
Centene
Corporation
a
52,749
2,268
Charles
River
Laboratories
International,
Inc.
a
519,372
2,881
Chemed
Corporation
1,636,408
13,498
Cigna
Group
4,819,326
3,736
Cooper
Companies,
Inc.
332,728
46,837
CSL,
Ltd.
8,321,797
682
Cullinan
Therapeutics,
Inc.
a
18,421
16,300
Daiichi
Sankyo
Company,
Ltd.
548,621
23,462
Danaher
Corporation
5,786,199
4,495
Deciphera
Pharmaceuticals,
Inc.
a
113,589
3,593
Definitive
Healthcare
Corporation
a
24,935
8,931
Denali
Therapeutics,
Inc.
a
137,895
25,070
Dentsply
Sirona,
Inc.
752,351
13,383
Dexcom,
Inc.
a
1,704,860
9,836
Edwards
Lifesciences
Corporation
a
832,814
44,072
Elanco
Animal
Health,
Inc.
a
579,988
15,416
Elevance
Health,
Inc.
8,148,589
4,962
Eli
Lilly
&
Company
3,875,818
570
Enanta
Pharmaceuticals,
Inc.
a
7,832
14,445
Enovis
Corporation
a
797,797
8,626
Exelixis,
Inc.
a
202,366
40,159
Gilead
Sciences,
Inc.
2,618,367
16,308
Globus
Medical,
Inc.
a
811,975
9,351
GoodRx
Holdings,
Inc.
a
66,392
4,963
Haemonetics
Corporation
a
456,348
8,237
Halozyme
Therapeutics,
Inc.
a
313,830
8,053
HealthEquity,
Inc.
a
635,462
23,000
Hoya
Corporation
2,666,616
2,811
Humana,
Inc.
849,175
4,352
ICON
plc
a
1,296,374
161
IDEXX
Laboratories,
Inc.
a
79,334
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
84
Shares
Common
Stock
(78.8%)
Value
Health
Care
(9.8%)
-
continued
1,995
Illumina,
Inc.
a
$
245,485
12,349
Immunocore
Holdings
plc
ADR
a
729,579
879
Incyte
Corporation
a
45,752
5,964
Inspire
Medical
Systems,
Inc.
a
1,441,260
14,197
Intuitive
Surgical,
Inc.
a
5,261,692
1,133
IQVIA
Holding,
Inc.
a
262,595
57,542
Johnson
&
Johnson
8,319,998
715
Kymera
Therapeutics,
Inc.
a
24,038
4,629
Laboratorios
Farmaceuticos
ROVI
SA
415,425
37,680
Laboratory
Corporation
of
America
Holdings
7,587,622
11,910
Legend
Biotech
Corporation
ADR
a
520,943
80
Ligand
Pharmaceuticals,
Inc.
a
5,591
1,148
LivaNova
plc
a
64,001
250
Lonza
Group
AG
137,998
7,100
Medipal
Holdings
Corporation
111,350
37
Medpace
Holdings,
Inc.
a
14,369
44,444
Medtronic
plc
3,566,187
61,692
Merck
&
Company,
Inc.
7,971,840
6,562
Merck
KGaA
1,042,714
8,234
Molina
Healthcare,
Inc.
a
2,816,851
2,590
Myriad
Genetics,
Inc.
a
50,686
7,391
Natera,
Inc.
a
686,476
139,403
Novartis
AG
13,530,114
73,021
Novo
Nordisk
AS
9,364,382
39,318
Novo
Nordisk
AS
ADR
5,044,893
7,669
Nuvation
Bio,
Inc.
a
22,930
41,200
Ono
Pharmaceutical
Company,
Ltd.
593,419
30,018
Option
Care
Health,
Inc.
a
897,238
11,400
Otsuka
Holdings
Company,
Ltd.
487,428
43,410
Paragon
28,
Inc.
a
400,240
31,984
Progyny,
Inc.
a
1,025,407
3,258
Prothena
Corporation
plc
a
66,268
2,218
PTC
Therapeutics,
Inc.
a
71,309
19,962
QIAGEN
NV
833,448
928
QIAGEN
NV
a
39,282
93,125
Recordati
SPA
4,955,503
4,252
Recursion
Pharmaceuticals,
Inc.
a,c
33,251
8,636
Repligen
Corporation
a
1,418,031
5,482
Roche
Holding
AG,
Participation
Certificates
1,313,565
5,161
Rocket
Pharmaceuticals,
Inc.
a
111,065
2,427
Royalty
Pharma
plc
67,228
4,533
Sarepta
Therapeutics,
Inc.
a
574,150
44,522
scPharmaceuticals,
Inc.
a
199,013
4,005
Shockwave
Medical,
Inc.
a
1,322,411
605
Siegfried
Holding
AG
578,128
13,008
Sonova
Holding
AG
3,595,831
144,300
Takeda
Pharmaceutical
Company,
Ltd.
3,792,503
695
Teleflex,
Inc.
145,081
27,400
Terumo
Corporation
464,817
2,518
UCB
SA
333,913
2,988
Universal
Health
Services,
Inc.
509,245
8,923
Veeva
Systems,
Inc.
a
1,771,751
4,404
Veracyte,
Inc.
a
86,186
17,598
Vericel
Corporation
a
807,220
1,090
West
Pharmaceutical
Services,
Inc.
389,653
2,148
Xenon
Pharmaceuticals,
Inc.
a
87,316
1,882
Zentalis
Pharmaceuticals,
Inc.
a
20,815
45,802
Zimmer
Biomet
Holdings,
Inc.
5,509,065
Shares
Common
Stock
(78.8%)
Value
Health
Care
(9.8%)
-
continued
30,175
Zoetis,
Inc.
$
4,805,067
Total
191,536,336
Industrials
(11.2%)
5,239
A.O.
Smith
Corporation
433,999
151,695
ABB,
Ltd.
7,370,623
378
Acuity
Brands,
Inc.
93,857
10,723
Advanced
Drainage
Systems,
Inc.
1,683,511
11,068
AECOM
1,022,241
1,473
Aena
SME
SA
b
268,439
7,717
AGCO
Corporation
881,204
7,889
Alfa
Laval
AB
335,872
6,084
Alight,
Inc.
a
54,878
2,368
Allison
Transmission
Holdings,
Inc.
174,166
5,247
AMETEK,
Inc.
916,441
4,752
Armstrong
World
Industries,
Inc.
545,910
155,698
Assa
Abloy
AB
c
4,113,762
5,511
Atmus
Filtration
Technologies,
Inc.
a
166,928
10,795
AZEK
Company,
Inc.
a
492,684
1,692
AZZ,
Inc.
121,198
24,610
Badger
Infrastructure
Solutions,
Ltd.
803,559
21,216
Barnes
Group,
Inc.
736,620
7,983
Beacon
Roofing
Supply,
Inc.
a
786,565
3,558
Booz
Allen
Hamilton
Holding
Corporation
525,410
95
Brady
Corporation
5,605
47,816
Brambles,
Ltd.
449,835
10,454
Brenntag
AG
834,266
13,609
Bunzl
plc
521,874
4,429
BWX
Technologies,
Inc.
424,165
66,683
Canadian
National
Railway
Company
8,093,606
12,769
Carlisle
Companies,
Inc.
4,957,564
7,952
Casella
Waste
Systems,
Inc.
a
718,861
18,947
Caterpillar,
Inc.
6,339,098
68,500
CK
Hutchison
Holdings,
Ltd.
332,689
316,659
CNH
Industrial
NV
a
3,609,913
182
Columbus
McKinnon
Corporation
7,511
238,700
ComfortDelGro
Corporation,
Ltd.
259,638
59,378
Compagnie
de
Saint-Gobain
SA
4,695,775
43,127
Compania
de
Distribucion
Integral
Logista
Holdings
SA
1,173,031
14,676
Computershare,
Ltd.
257,833
1,387
CSW
Industrials,
Inc.
329,579
114,654
CSX
Corporation
3,808,806
2,647
Cummins,
Inc.
747,751
2,900
Curtiss-Wright
Corporation
734,918
5,900
Dai
Nippon
Printing
Company,
Ltd.
171,844
7,100
Daikin
Industries,
Ltd.
969,088
92,035
Delta
Air
Lines,
Inc.
4,608,192
48,080
Deutsche
Post
AG
2,013,110
2,985
DNOW,
Inc.
a
42,118
5,988
Donaldson
Company,
Inc.
432,334
40
Dover
Corporation
7,172
39,816
Eiffage
SA
4,248,312
6,048
EMCOR
Group,
Inc.
2,160,164
125
ESCO
Technologies,
Inc.
12,681
72,938
ExlService
Holdings,
Inc.
a
2,115,202
2,394
Expeditors
International
of
Washington,
Inc.
266,476
37,435
Experian
plc
1,509,898
81,831
Fastenal
Company
5,559,598
3,010
Ferguson
plc
631,799
132,320
Flowserve
Corporation
6,240,211
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
85
Shares
Common
Stock
(78.8%)
Value
Industrials
(11.2%)
-
continued
12,675
Fluor
Corporation
a
$
511,183
4,753
Gates
Industrial
Corporation
plc
a
83,748
25,741
General
Dynamics
Corporation
7,389,984
1,232
Gibraltar
Industries,
Inc.
a
88,039
79
GMS,
Inc.
a
7,309
5,603
Graco,
Inc.
449,361
869
Griffon
Corporation
56,937
12,882
Helios
Technologies,
Inc.
580,978
1,001
Herc
Holdings,
Inc.
143,173
14,040
Hexcel
Corporation
901,508
5,072
Hillman
Solutions
Corporation
a
48,488
17,400
Hitachi,
Ltd.
1,605,336
25,436
Honeywell
International,
Inc.
4,902,280
48,271
Howmet
Aerospace,
Inc.
3,222,089
747
Huntington
Ingalls
Industries,
Inc.
206,867
7,700
IDEX
Corporation
1,697,542
1,130
IMCD
NV
a
170,488
43,500
Inaba
Denki
Sangyo
Company,
Ltd.
1,014,879
12,000
INFRONEER
Holdings,
Inc.
106,268
8,139
Ingersoll
Rand,
Inc.
759,531
2,357
Interface,
Inc.
36,039
8,600
ITOCHU
Corporation
387,987
1,327
ITT
Corporation
171,634
8,159
Jacobs
Solutions,
Inc.
1,171,061
62,028
Janus
International
Group,
Inc.
a
893,823
29,300
Jardine
Matheson
Holdings,
Ltd.
1,124,241
23,389
JB
Hunt
Transport
Services,
Inc.
3,802,350
428
Johnson
Controls
International
plc
27,850
27,900
Kajima
Corporation
534,483
3,471
Kennametal,
Inc.
81,673
4,721
Kratos
Defense
&
Security
Solutions,
Inc.
a
84,128
10,800
Kubota
Corporation
173,229
20,710
L3Harris
Technologies,
Inc.
4,432,976
19,798
Legalzoom.com,
Inc.
a
236,586
52,299
Legrand
SA
5,406,103
1,644
Leidos
Holdings,
Inc.
230,522
5,856
Lincoln
Electric
Holdings,
Inc.
1,285,568
6,349
Lyft,
Inc.
a
99,298
7,632
Masco
Corporation
522,410
1,590
Matson,
Inc.
171,370
14,600
MEITEC
Group
Holdings,
Inc.
272,290
9,030
Middleby
Corporation
a
1,254,899
126,800
Mitsubishi
Corporation
2,899,863
19,800
Mitsui
&
Company,
Ltd.
955,859
10,784
MSC
Industrial
Direct
Company,
Inc.
983,932
5,925
Mueller
Water
Products,
Inc.
93,852
567
MYR
Group,
Inc.
a
94,264
178
National
Presto
Industries,
Inc.
14,594
3,700
Nishimatsu
Construction
Company,
Ltd.
106,985
20,100
Nitto
Kogyo
Corporation
539,144
8,497
Northrop
Grumman
Corporation
4,121,300
24,843
nVent
Electric
plc
1,790,435
6,422
Old
Dominion
Freight
Line,
Inc.
1,166,942
9,951
Oshkosh
Corporation
1,117,199
2,285
Otis
Worldwide
Corporation
208,392
7,908
Owens
Corning,
Inc.
1,330,205
9,829
PACCAR,
Inc.
1,042,955
18,876
PageGroup
plc
104,894
881
Parker-Hannifin
Corporation
480,066
232
Paylocity
Holding
Corporation
a
35,997
15,686
Pentair
plc
1,240,606
Shares
Common
Stock
(78.8%)
Value
Industrials
(11.2%)
-
continued
46,800
Recruit
Holdings
Company,
Ltd.
$
2,015,552
27,830
Redde
Northgate
plc
133,083
8,727
Regal
Rexnord
Corporation
1,408,276
145,575
RELX
plc
5,981,209
1,183
Republic
Services,
Inc.
226,781
2,428
Resideo
Technologies,
Inc.
a
47,419
3,329
REV
Group,
Inc.
72,772
2,953
Rockwell
Automation,
Inc.
800,145
1,743
Rush
Enterprises,
Inc.
76,553
11,128
Russel
Metals,
Inc.
313,393
3,265
Saia,
Inc.
a
1,295,650
2,700
Sankyu,
Inc.
93,608
10,903
Schneider
Electric
SE
2,486,033
11,492
Schneider
National,
Inc.
237,655
33,800
Secom
Company,
Ltd.
2,347,833
7,640
Sensata
Technologies
Holding
plc
292,688
9,500
SG
Holdings
Company,
Ltd.
111,198
26,375
Siemens
AG
4,940,931
4,136
Simpson
Manufacturing
Company,
Inc.
719,209
4,505
SiteOne
Landscape
Supply,
Inc.
a
706,789
12,073
SKF
AB
248,198
5,579
SkyWest,
Inc.
a
407,434
2,300
SMC
Corporation
1,208,343
237
Snap-On,
Inc.
63,507
22,471
Southwest
Airlines
Company
582,898
2,661
SS&C
Technologies
Holdings,
Inc.
164,689
1,660
Standex
International
Corporation
286,981
7,300
Sumitomo
Corporation
191,969
3,100
Taikisha,
Ltd.
91,433
3,200
Takara
Standard
Company,
Ltd.
39,037
36,000
Techtronic
Industries
Company,
Ltd.
497,495
119
Tennant
Company
13,861
3,594
Terex
Corporation
201,444
4,379
Textron,
Inc.
370,420
365
Thermon
Group
Holdings,
Inc.
a
11,654
8,469
Thomson
Reuters
Corporation
1,279,163
5,616
Timken
Company
501,060
657
Titan
Machinery,
Inc.
a
14,625
94,300
TOPPAN
Holdings,
Inc.
2,237,169
14,712
Toromont
Industries,
Ltd.
1,346,538
3,378
Trane
Technologies
plc
1,071,975
15,926
TransUnion
1,162,598
38,668
Trelleborg
AB
1,362,754
1,097
Trex
Company,
Inc.
a
97,139
17,800
Tsubakimoto
Chain
Company
612,819
89,160
Uber
Technologies,
Inc.
a
5,908,633
73
UniFirst
Corporation/MA
11,690
60,636
United
Parcel
Service,
Inc.
8,942,597
374
United
Rentals,
Inc.
249,828
4,496
Upwork,
Inc.
a
52,603
4,691
Verra
Mobility
Corporation
a
110,614
1,055
Vertiv
Holdings
Company
98,115
247
Viad
Corporation
a
8,517
39,100
Vinci
SA
4,581,591
2,571
Watsco,
Inc.
1,151,088
23,912
Werner
Enterprises,
Inc.
817,790
8,552
WillScot
Mobile
Mini
Holdings
Corporation
a
316,082
17,218
Wolters
Kluwer
NV
2,577,649
9,100
Yuasa
Trading
Company,
Ltd.
332,539
Total
219,023,692
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
86
Shares
Common
Stock
(78.8%)
Value
Information
Technology
(14.3%)
12,376
Adobe,
Inc.
a
$
5,727,984
47,155
Advanced
Micro
Devices,
Inc.
a
7,468,409
42,500
Advantest
Corporation
1,330,279
7,262
Agilysys,
Inc.
a
603,109
2,147
Ambarella,
Inc.
a
98,698
22,542
Amphenol
Corporation
2,722,397
124,910
Apple,
Inc.
21,275,920
23,503
Applied
Materials,
Inc.
4,668,871
1,967
AppLovin
Corporation
a
138,811
5,544
Arista
Networks,
Inc.
a
1,422,369
18,722
ASGN,
Inc.
a
1,805,737
2,687
ASM
International
NV
1,690,229
15,004
ASML
Holding
NV
13,068,691
106,900
Canon,
Inc.
2,893,280
21,760
CDW
Corporation
5,262,874
12,089
Check
Point
Software
Technologies,
Ltd.
a
1,806,338
8,211
Ciena
Corporation
a
379,595
124,503
Cisco
Systems,
Inc.
5,849,151
4,429
Clearwater
Analytics
Holdings,
Inc.
a
69,890
828
Coherent
Corporation
a
45,234
8,624
CommScope
Holding
Company,
Inc.
a
7,710
7,433
CommVault
Systems,
Inc.
a
761,660
1,099
Constellation
Software,
Inc./
Canada
2,829,451
21,131
Crane
NXT
Company
1,284,976
5,656
Credo
Technology
Group
Holding,
Ltd.
a
101,073
5,769
CyberArk
Software,
Ltd.
a
1,380,233
88,797
Dassault
Systemes
SE
3,485,459
2,646
Datadog,
Inc.
a
332,073
531
Descartes
Systems
Group,
Inc.
a
49,256
9,968
Descartes
Systems
Group,
Inc.
a
924,931
4,600
DISCO
Corporation
1,310,291
53
DocuSign,
Inc.
a
3,000
2,970
Dolby
Laboratories,
Inc.
230,650
31,206
Dynatrace
Holdings,
LLC
a
1,413,944
962
Elastic
NV
a
98,336
3,397
Enphase
Energy,
Inc.
a
369,458
1,242
EPAM
Systems,
Inc.
a
292,193
2,444
F5,
Inc.
a
404,018
4,719
Fabrinet
a
816,717
32,733
Flex,
Ltd.
a
937,800
58,736
Fortinet,
Inc.
a
3,710,940
4,100
Fuji
Soft,
Inc.
160,449
103,600
FUJIFILM
Holdings
NPV
2,203,830
24
Gartner,
Inc.
a
9,902
21,690
Gitlab,
Inc.
a
1,138,074
4,770
Globant
SA
a
851,874
422
GoDaddy,
Inc.
a
51,644
38,311
Grid
Dynamics
Holdings,
Inc.
a
374,298
21,136
Guidewire
Software,
Inc.
a
2,333,414
6,210
Hackett
Group,
Inc.
134,695
68,634
Halma
plc
1,881,037
3,247
Hewlett
Packard
Enterprise
Company
55,199
194
HP,
Inc.
5,449
2,547
HubSpot,
Inc.
a
1,540,604
65,259
Infineon
Technologies
AG
2,264,688
14,652
International
Business
Machines
Corporation
2,435,162
1,442
IPG
Photonics
Corporation
a
121,099
1,694
Itron,
Inc.
a
156,051
Shares
Common
Stock
(78.8%)
Value
Information
Technology
(14.3%)
-
continued
4,055
Jabil,
Inc.
$
475,895
48,640
JFrog,
Ltd.
a
1,939,763
4,200
Keyence
Corporation
1,847,033
3,851
Keysight
Technologies,
Inc.
a
569,717
30,750
Knowles
Corporation
a
486,773
108,800
Kyocera
Corporation
1,326,124
1,318
Lam
Research
Corporation
1,178,832
900
Lasertec
Corporation
194,135
33,104
Lattice
Semiconductor
Corporation
a
2,270,934
3,474
Littelfuse,
Inc.
801,243
1,598
LiveRamp
Holding,
Inc.
a
51,312
20,073
Marvell
Technology,
Inc.
1,323,011
217
Microchip
Technology,
Inc.
19,960
95,742
Microsoft
Corporation
37,275,233
10,097
MKS
Instruments,
Inc.
1,201,341
2,994
MongoDB,
Inc.
a
1,093,349
2,498
Monolithic
Power
Systems,
Inc.
1,671,986
1,029
Motorola
Solutions,
Inc.
348,985
60,300
Murata
Manufacturing
Company,
Ltd.
1,101,812
5,600
NEC
Corporation
405,451
731
Nemetschek
SE
64,598
3,900
Net
One
Systems
Company,
Ltd.
65,369
5,623
NetApp,
Inc.
574,727
819
NICE,
Ltd.
a
183,137
10,400
Nomura
Research
Institute,
Ltd.
251,658
4,659
Nova,
Ltd.
a
791,564
178
Nova,
Ltd.
a
30,123
7,900
NSD
Company,
Ltd.
154,413
49,500
NTT
Data
Group
Corporation
774,072
35,123
NVIDIA
Corporation
30,346,974
491
Okta,
Inc.
a
45,653
5,049
Onto
Innovation,
Inc.
a
936,539
200
OSI
Systems,
Inc.
a
26,288
18,500
Otsuka
Corporation
367,930
5,338
Palo
Alto
Networks,
Inc.
a
1,552,771
14,493
PDF
Solutions,
Inc.
a
435,949
485
Procore
Technologies,
Inc.
a
33,184
11,832
PTC,
Inc.
a
2,099,470
6,348
Q2
Holdings,
Inc.
a
326,224
1,127
Qorvo,
Inc.
a
131,679
81,890
QUALCOMM,
Inc.
13,581,457
2,117
Rapid7,
Inc.
a
94,842
101,600
Renesas
Electronics
Corporation
1,649,552
23,700
Rohm
Company,
Ltd.
340,684
22,109
Salesforce,
Inc.
5,945,994
120,299
Samsung
Electronics
Company,
Ltd.
6,687,017
31,384
SAP
SE
5,666,925
10,400
SCREEN
Holdings
Company,
Ltd.
1,073,042
10,170
ServiceNow,
Inc.
a
7,051,166
50,735
Shopify,
Inc.
a
3,561,597
4,798
Silicon
Laboratories,
Inc.
a
582,909
3,600
Skyworks
Solutions,
Inc.
383,724
7,113
SolarWinds
Corporation
78,385
82
Sopra
Steria
Group
17,955
16,354
Sprout
Social,
Inc.
a
825,059
4,472
SPS
Commerce,
Inc.
a
777,547
3,600
Sumco
Corporation
53,688
2,968
Synopsys,
Inc.
a
1,574,791
37,549
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
ADR
5,156,980
3,503
TE
Connectivity,
Ltd.
495,604
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
87
Shares
Common
Stock
(78.8%)
Value
Information
Technology
(14.3%)
-
continued
487
Teledyne
Technologies,
Inc.
a
$
185,781
2,035
Tenable
Holdings,
Inc.
a
91,514
896
Teradata
Corporation
a
33,242
15,300
TIS,
Inc.
326,756
11,000
Tokyo
Electron,
Ltd.
2,412,805
24,685
Trimble,
Inc.
a
1,482,828
37,115
TTM
Technologies,
Inc.
a
554,127
11,873
Tyler
Technologies,
Inc.
a
5,479,983
7,120
Unisys
Corporation
a
38,662
2,985
Upland
Software,
Inc.
a
6,448
24,006
Varonis
Systems,
Inc.
a
1,050,263
2,044
VeriSign,
Inc.
a
346,417
8,709
Viavi
Solutions,
Inc.
a
68,801
6,456
Vishay
Intertechnology,
Inc.
149,392
10,351
Vontier
Corporation
420,561
9,897
Western
Digital
Corporation
a
701,005
9,357
Workiva,
Inc.
a
737,332
1,781
Xerox
Holdings
Corporation
23,669
Total
279,273,219
Materials
(3.6%)
83,197
Acerinox
SA
896,334
7,149
Agnico
Eagle
Mines,
Ltd.
452,729
15,979
Air
Liquide
SA
3,125,156
172
Albemarle
Corporation
c
20,693
20,320
Alcoa
Corporation
714,045
752
AptarGroup,
Inc.
108,574
21,992
ArcelorMittal
SA
549,424
355
Avery
Dennison
Corporation
77,134
4,877
Avient
Corporation
206,882
26,369
Axalta
Coating
Systems,
Ltd.
a
829,041
29,363
Barrick
Gold
Corporation
488,015
12,874
Berry
Plastics
Group,
Inc.
729,183
165,215
BHP
Group,
Ltd.
4,531,195
206,281
BlueScope
Steel,
Ltd.
3,010,752
4,573
Buzzi
SPA
164,767
9,573
Celanese
Corporation
1,470,509
63,983
CF
Industries
Holdings,
Inc.
5,052,737
17,645
Chemours
Company
472,004
19,819
Cleveland-Cliffs,
Inc.
a
334,941
43,945
Corteva,
Inc.
2,378,743
4,860
CRH
plc
376,361
41,733
Deterra
Royalties,
Ltd.
132,101
3,410
Eagle
Materials,
Inc.
854,921
45,985
Eastman
Chemical
Company
4,342,823
44,184
Evraz
plc
a,d
6
2,679
Franco-Nevada
Corporation
322,552
610
Givaudan
SA
2,608,830
159,767
Glencore
plc
929,612
106,503
Granges
AB
1,257,629
14,052
Heidelberg
Materials
AG
1,414,134
47,375
Hexpol
AB
536,055
79,307
Holcim
AG
6,638,613
251
Huhtamaki
Oyj
9,633
1,797
Huntsman
Corporation
42,876
4,244
Ingevity
Corporation
a
217,038
3,155
Innospec,
Inc.
378,600
9,700
JFE
Holdings,
Inc.
144,780
2,573
Kaiser
Aluminum
Corporation
232,831
42,100
Kyoei
Steel,
Ltd.
599,347
4,241
Louisiana-Pacific
Corporation
310,399
493
LyondellBasell
Industries
NV
49,285
3,145
Martin
Marietta
Materials,
Inc.
1,846,335
2,435
Metallus,
Inc.
a
50,064
1,258
Minerals
Technologies,
Inc.
91,696
Shares
Common
Stock
(78.8%)
Value
Materials
(3.6%)
-
continued
73,800
Mitsubishi
Chemical
Group
Corporation
$
430,539
13,361
Mosaic
Company
419,402
1,050
Myers
Industries,
Inc.
22,995
13,500
Nippon
Steel
Corporation
302,655
41,325
Nucor
Corporation
6,964,502
4,985
O-I
Glass,
Inc.
a
74,576
2,764
Orion
SA
65,396
1,343
PPG
Industries,
Inc.
173,247
181
Quaker
Chemical
Corporation
33,762
2,847
Radius
Recycling,
Inc.
49,595
49,424
Ranpak
Holdings
Corporation
a
357,830
597
Reliance,
Inc.
169,978
42,623
Rio
Tinto
plc
2,883,899
8,152
RPM
International,
Inc.
871,530
64,000
Shin-Etsu
Chemical
Company,
Ltd.
2,477,372
147,597
SSAB
AB,
Class
A
c
828,776
1,161
Steel
Dynamics,
Inc.
151,069
16,911
Summit
Materials,
Inc.
a
657,838
6,544
SunCoke
Energy,
Inc.
67,469
11,105
Syensqo
SA
1,029,342
16,300
Taiyo
Holdings
Company,
Ltd.
332,167
5,624
Teck
Resources,
Ltd.
276,645
36,500
Toagosei
Company,
Ltd.
367,166
899
TriMas
Corporation
23,365
11,364
Trinseo
plc
29,660
23,849
Tronox
Holdings
plc
405,194
2,700
UBE
Corporation
49,361
8,086
United
States
Steel
Corporation
295,139
937
Vidrala
SA
98,530
2,670
Vulcan
Materials
Company
687,872
4,783
Wheaton
Precious
Metals
Corporation
249,386
50,176
Yara
International
ASA
1,430,274
Total
71,275,910
Real
Estate
(1.9%)
15,363
Acadia
Realty
Trust
265,473
22,315
Agree
Realty
Corporation
1,276,864
505
Anywhere
Real
Estate,
Inc.
a
2,454
15,462
AvalonBay
Communities,
Inc.
2,931,131
3,066
Brixmor
Property
Group,
Inc.
67,759
10,520
CareTrust
REIT,
Inc.
260,054
42,000
CBRE
Group,
Inc.
a
3,649,380
39,511
Compass,
Inc.
a
124,460
17,326
CoStar
Group,
Inc.
a
1,585,849
47,236
Crown
Castle,
Inc.
4,429,792
29,770
Cushman
and
Wakefield
plc
a
287,281
1,400
Daito
Trust
Construction
Company,
Ltd.
150,072
18,000
Daiwa
House
Industry
Company,
Ltd.
506,500
5,282
DigitalBridge
Group,
Inc.
86,836
17,649
Douglas
Elliman,
Inc.
a
24,003
4,880
EastGroup
Properties,
Inc.
758,157
15,878
EPR
Properties
644,488
1,702
Equinix,
Inc.
1,210,309
46,006
Equity
Commonwealth
a
861,232
5,666
Equity
Residential
364,890
45,793
Essential
Properties
Realty
Trust,
Inc.
1,206,188
1,196
Essex
Property
Trust,
Inc.
294,515
4,496
First
Industrial
Realty
Trust,
Inc.
204,208
3,484
FirstService
Corporation
512,148
15,351
Four
Corners
Property
Trust,
Inc.
359,981
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
88
Shares
Common
Stock
(78.8%)
Value
Real
Estate
(1.9%)
-
continued
8,288
Getty
Realty
Corporation
$
224,605
245,392
Healthcare
Realty
Trust,
Inc.
3,491,928
43,000
Henderson
Land
Development
Company,
Ltd.
129,637
1,800
Howard
Hughes
Holdings,
Inc.
a
117,288
3,606
Independence
Realty
Trust,
Inc.
56,867
6,465
Industrial
Logistics
Properties
Trust
22,757
10,787
Invitation
Homes,
Inc.
368,915
2,840
LEG
Immobilien
AG
a
241,083
32,628
LXP
Industrial
Trust
272,444
22,000
Mitsubishi
Estate
Company,
Ltd.
403,144
14,190
National
Storage
Affiliates
Trust
497,218
16,420
NetSTREIT
Corporation
276,677
13,951
NNN
REIT,
Inc.
565,434
4,737
Park
Hotels
&
Resorts,
Inc.
76,408
3,346
Peakstone
Realty
Trust
46,744
10,946
Pebblebrook
Hotel
Trust
159,045
25,433
Phillips
Edison
and
Company,
Inc.
831,659
2,647
Plymouth
Industrial
REIT,
Inc.
55,269
12,087
PSP
Swiss
Property
AG
1,494,212
6,644
Retail
Opportunity
Investments
Corporation
81,522
8,648
RLJ
Lodging
Trust
95,128
1,016
RMR
Group,
Inc.
24,100
4,482
Sabra
Health
Care
REIT,
Inc.
62,389
10,744
SBA
Communications
Corporation
1,999,673
4,054
Simon
Property
Group,
Inc.
569,709
29,838
STAG
Industrial,
Inc.
1,026,129
3,000
Swire
Pacific,
Ltd.
25,406
4,017
Tanger,
Inc.
113,882
14,066
Terreno
Realty
Corporation
764,487
21,952
UDR,
Inc.
835,932
2,721
Ventas,
Inc.
120,486
527
Welltower,
Inc.
50,213
6,748
Zillow
Group,
Inc.,
Class
A
a
283,416
5,991
Zillow
Group,
Inc.,
Class
C
a
255,037
Total
37,702,867
Utilities
(2.2%)
11,618
ACEA
SPA
201,531
9,957
Alliant
Energy
Corporation
495,859
6,883
American
Water
Works
Company,
Inc.
841,929
20,407
ATCO,
Ltd.
556,925
77,734
Canadian
Utilities,
Ltd.
1,738,025
18,939
Capital
Power
Corporation
494,300
21,770
Clearway
Energy,
Inc.,
Class
A
472,627
23,680
Clearway
Energy,
Inc.,
Class
C
553,638
35,500
CLP
Holdings,
Ltd.
279,245
33,003
Constellation
Energy
Corporation
6,136,578
51,190
Contact
Energy,
Ltd.
261,520
5,794
DTE
Energy
Company
639,194
45,915
Duke
Energy
Corporation
4,511,608
597,086
Enel
SPA
3,924,317
56,355
Engie
SA
a
978,359
42,274
Entergy
Corporation
4,509,368
25,328
Evergy,
Inc.
1,328,454
10,336
Eversource
Energy
626,568
67,667
Fortum
Oyj
891,676
41,357
Hydro
One,
Ltd.
1,158,411
339,907
Italgas
SPA
1,884,158
29,367
NiSource,
Inc.
818,165
145,187
Origin
Energy,
Ltd.
916,334
15,607
PNM
Resources,
Inc.
578,395
Shares
Common
Stock
(78.8%)
Value
Utilities
(2.2%)
-
continued
31,256
Portland
General
Electric
Company
$
1,351,197
55,869
Public
Service
Enterprise
Group,
Inc.
3,859,430
50,693
Redeia
Corporacion
SA
846,251
1,207
Rubis
SCA
41,770
37,930
TransAlta
Corporation
251,553
43,432
UGI
Corporation
1,110,122
11,389
Xcel
Energy,
Inc.
611,931
Total
42,869,438
Total
Common
Stock
(cost
$1,184,759,765)
1,539,365,685
Shares
Registered
Investment
Companies
(
6.1%
)
Value
U.S.
Affiliated  (4.7%)
5,834,035
Thrivent
Core
Emerging
Markets
Equity
Fund
52,856,355
3,908,105
Thrivent
Core
Small
Cap
Value
Fund
39,393,702
Total
92,250,057
U.S.
Unaffiliated  (1.4%)
4,745
Communication
Services
Select
Sector
SPDR
Fund
369,446
11,375
Invesco
QQQ
Trust
Series
1
4,829,711
26,663
iShares
Biotechnology
ETF
3,384,068
31,552
SPDR
S&P
500
ETF
Trust
15,838,473
20,438
SPDR
S&P
Biotech
ETF
c
1,729,464
1,743
SPDR
S&P
Oil
&
Gas
Exploration
ETF
c
263,942
Total
26,415,104
Total
Registered
Investment
Companies
(cost
$114,923,685)
118,665,161
Shares
Collateral
Held
for
Securities
Loaned
(
0.5%
)
Value
9,644,115
Thrivent
Cash
Management
Trust
9,644,115
Total
Collateral
Held
for
Securities
Loaned
(cost
$9,644,115)
9,644,115
Shares
Preferred
Stock
(
<0.1%
)
Value
Consumer
Discretionary
(<0.1%)
1,877
Bayerische
Motoren
Werke
AG
192,865
Total
192,865
Total
Preferred
Stock
(cost
$131,475)
192,865
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
89
Shares
or
Principal
Amount
Short-Term
Investments
(
15.1%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
48,325,000
5.270%,
5/1/2024
e,f
$
48,317,919
9,100,000
5.210%,
5/21/2024
e,f
9,071,999
8,040,000
5.270%,
5/22/2024
e,f
8,014,082
13,000,000
5.280%,
5/24/2024
e
12,954,283
100,000
5.250%,
5/29/2024
e,f
99,575
3,000,000
5.230%,
6/7/2024
e,f
2,983,296
1,300,000
5.226%,
6/20/2024
e,f
1,290,285
5,000,000
5.233%,
7/10/2024
e,f
4,948,673
U.S.
Treasury
Bills
73,000,000
5.274%,
5/2/2024
e
72,989,259
5,000,000
5.278%,
5/9/2024
e
4,994,132
10,000,000
5.280%,
5/21/2024
e
9,970,722
50,000,000
5.281%,
6/6/2024
e
49,735,875
25,000,000
5.271%,
6/11/2024
e
24,850,094
44,415,000
5.277%,
6/13/2024
e
44,135,703
Total
Short-Term
Investments
(cost
$294,368,305)
294,355,897
Total
Investments
(cost
$1,603,827,345)
100.5%
$1,962,223,723
Other
Assets
and
Liabilities,
Net
(0.5%)
(
9,942,326)
Total
Net
Assets
100.0%
$1,952,281,397
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,
2024,
the
value
of
these
investments
was
$6,508,077
or
0.3%
of
total
net
assets.
c
All
or
a
portion
of
the
security
is
on
loan.
d
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
e
The
interest
rate
shown
reflects
the
yield.
f
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
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,
2024:
Securities
Lending
Transactions
Common
Stock
$
8,887,618
Total
lending
$8,887,618
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$9,644,115
Net
amounts
due
to
counterparty
$756,497
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
ETF
-
Exchange
Traded
Fund
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
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
$411,810,295
Gross
unrealized
depreciation
(55,267,023)
Net
unrealized
appreciation
(depreciation)
$356,543,272
Cost
for
federal
income
tax
purposes
$1,600,765,089
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
90
,
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
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
95,043,633
76,051,427
18,992,206
–
Consumer
Discretionary
164,795,764
104,926,739
59,869,025
–
Consumer
Staples
87,240,983
52,034,873
35,206,110
–
Energy
93,104,470
60,840,373
32,264,097
–
Financials
257,499,373
160,384,257
97,115,116
–
Health
Care
191,536,336
128,076,369
63,459,967
–
Industrials
219,023,692
130,169,052
88,854,640
–
Information
Technology
279,273,219
221,112,000
58,161,219
–
Materials
71,275,910
33,180,356
38,095,548
6
Real
Estate
37,702,867
34,752,813
2,950,054
–
Utilities
42,869,438
28,445,063
14,424,375
–
Registered
Investment
Companies
U.S.
Unaffiliated
26,415,104
26,415,104
–
–
Preferred
Stock
Consumer
Discretionary
192,865
–
192,865
–
Short-Term
Investments
294,355,897
–
294,355,897
–
Subtotal
Investments
in
Securities
$1,860,329,551
$1,056,388,426
$803,941,119
$6
Other
Investments  *
Total
U.S.
Affiliated
Registered
Investment
Cos.
92,250,057
Collateral
Held
for
Securities
Loaned
9,644,115
Subtotal
Other
Investments
$101,894,172
Total
Investments
at
Value
$
1,962,223,723
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Global
Stock
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
10,314,650
10,314,650
–
–
Total
Asset
Derivatives
$10,314,650
$10,314,650
$–
$–
Liability
Derivatives
Futures
Contracts
15,230,012
15,230,012
–
–
Total
Liability
Derivatives
$15,230,012
$15,230,012
$–
$–
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
91
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,
2024.
Investments
and/or
cash
totaling
$18,594,956
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
15
June
2024
$
1,571,274
(
$
82,074)
CME
E-mini
S&P
500
Index
1,577
June
2024
412,031,512
(
12,498,562)
CME
E-mini
S&P
Mid-Cap
400
Index
4
June
2024
1,193,494
(
42,614)
ICE
mini
MSCI
EAFE
Index
599
June
2024
70,508,210
(
2,596,585)
ICE
US
mini
MSCI
Emerging
Markets
Index
354
June
2024
18,453,577
(
10,177)
Total
Futures
Long
Contracts
$
503,758,067
(
$
15,230,012)
CME
E-mini
Russell
2000
Index
(928)
June
2024
(
$
97,961,598)
$
5,829,758
CME
E-mini
S&P
Mid-Cap
400
Index
(370)
June
2024
(
110,941,292)
4,484,892
Total
Futures
Short
Contracts
(
$
208,902,890)
$10,314,650
Total
Futures
Contracts
$
294,855,177
($4,915,362)
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2024,
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)
$
10,314,650
Total
Equity
Contracts
10,314,650
Total
Asset
Derivatives
$10,314,650
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
15,230,012
Total
Equity
Contracts
15,230,012
Total
Liability
Derivatives
$15,230,012
*
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,
2024,
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
36,886,031
Total
Return
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
11,286
Total
Equity
Contracts
36,897,317
Total
$36,897,317
Global
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
92
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
9,730,260
Total
Equity
Contracts
9,730,260
Total
$9,730,260
The
following
table
presents
Global
Stock
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2024.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$480,431,365
Futures
-
Short
(180,046,875)
Total
Rate
of
Return
Swaps
-
Long
40,753
Total
Rate
of
Return
Swaps
-
Short
(38,993)
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
f
or
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
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Equity
$49,160
$1,768
$4,000
$52,856
5,834
2.7%
Core
Small
Cap
Value
32,744
606
–
39,394
3,908
2.0
Total
U.S.
Affiliated
Registered
Investment
Companies
81,904
92,250
4.7
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
5,866
64,183
60,405
9,644
9,644
0.5
Total
Collateral
Held
for
Securities
Loaned
5,866
9,644
0.5
Total
Value
$87,770
$101,894
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Equity
($950)
$6,878
$–
$1,769
Core
Small
Cap
Value
–
6,044
–
606
Affiliated
Short-Term
Investments
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$2,375
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
24
Total
Affiliated
Income
from
Securities
Loaned,
Net
$24
Total
($950)
$12,922
$–
Government
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
93
Principal
Amount
Long-Term
Fixed
Income
(
99.3%
)
Value
Asset-Backed
Securities
(9.7%)
Cascade
Funding
Mortgage
Trust,
LLC
$
113,239
0.985%, 
11/25/2050,
Ser.
2021-EBO1,
Class
A
a,b
$
109,598
331,758
1.151%, 
10/27/2031,
Ser.
2021-HB7,
Class
A
a,b
323,800
ECMC
Group
Student
Loan
Trust
148,646
6.445%, 
(SOFR30A
+
1.114%),
1/27/2070,
Ser.
2020-3A,
Class
A1B
a,b
148,246
Finance
of
America
HECM
Buyout
154,714
2.695%, 
2/25/2032,
Ser.
2022-HB1,
Class
A
a,b
150,798
Goodgreen
203,356
3.860%, 
10/15/2054,
Ser.
2019-1A,
Class
A
a
179,358
Helios
Issuer,
LLC
679,886
5.750%, 
12/20/2050,
Ser.
2023-GRID1,
Class
1A
a,c
674,742
Kentucky
Higher
Education
Student
Loan
Corporation
Student
Loan
Rev.
427,793
1.650%, 
3/25/2051,
Ser.
2021-1
380,567
Missouri
Higher
Education
Loan
Auth.
400,066
1.530%, 
1/25/2061,
Ser.
2021-1
338,820
Navient
Student
Loan
Trust
463,653
1.310%, 
12/26/2069,
Ser.
2021-1A,
Class
A1A
a
393,909
New
Hampshire
Higher
Education
Loan
Corporation
189,298
6.631%, 
(TSFR1M
+
1.314%),
9/25/2060,
Ser.
2020-1,
Class
A1B
b
189,339
RMF
Buyout
Issuance
Trust
125,550
1.259%, 
11/25/2031,
Ser.
2021-HB1,
Class
A
a,b
122,214
Total
3,011,391
Collateralized
Mortgage
Obligations
(11.1%)
Federal
Agricultural
Mortgage
Corporation
Real
Estate
Trust
832,971
2.180%, 
1/25/2051,
Ser.
2021-1,
Class
A
a,b,c
636,778
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
87,160
4.000%, 
1/25/2051,
Ser.
5249,
Class
LA
82,050
625,783
1.500%, 
3/25/2050,
Ser.
4982,
Class
JA
472,668
800,000
4.000%, 
8/25/2052,
Ser.
5256,
Class
AY
702,607
28,311
2.000%, 
1/15/2041,
Ser.
4074,
Class
JA
27,137
151,499
1.750%, 
6/15/2042,
Ser.
4097,
Class
QN
127,955
Federal
Home
Loan
Mortgage
Corporation
-
SCRT
360,615
2.000%, 
11/25/2059,
Ser.
2020-2,
Class
MT
c
276,826
Principal
Amount
Long-Term
Fixed
Income
(99.3%)
Value
Collateralized
Mortgage
Obligations
(11.1%)
-
continued
Federal
Home
Loan
Mortgage
Corporation
-
SLST
$
700,000
2.250%, 
5/26/2031,
Ser.
2021-1,
Class
A2C
c
$
564,510
Federal
National
Mortgage
Association
-
REMIC
252,119
5.000%, 
3/25/2054,
Ser.
2024-9,
Class
ZC
242,356
99,582
2.000%, 
11/25/2032,
Ser.
2012-123,
Class
BA
90,260
244,666
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
236,461
Total
3,459,608
Commercial
Mortgage-Backed
Securities
(1.9%)
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
600,000
5.180%, 
3/25/2029,
Ser.
K520,
Class
A2
b
599,951
Total
599,951
Mortgage-Backed
Securities
(37.1%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
384,967
2.000%, 
1/1/2052
294,606
406,255
3.000%, 
2/1/2050
341,197
435,905
2.000%, 
5/1/2051
333,597
464,459
4.000%, 
5/1/2052
419,111
59,590
5.000%, 
7/1/2053
56,857
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
173,844
2.500%, 
7/1/2030
161,905
Federal
National
Mortgage
Association
Conventional
10-Yr.
Pass
Through
916,470
2.000%, 
3/1/2033
846,981
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
549,253
3.500%, 
5/1/2040
496,377
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
97,310
2.000%, 
2/1/2051
74,497
80,053
2.000%, 
2/1/2051
61,285
795,226
2.500%, 
2/1/2051
638,725
633,990
3.000%, 
5/1/2051
535,000
526,911
3.000%, 
6/1/2050
447,127
616,202
3.500%, 
8/1/2050
541,229
520,412
3.500%, 
9/1/2052
452,857
123,375
2.000%, 
11/1/2051
94,105
492,268
2.000%, 
12/1/2050
376,182
1,889,662
4.500%, 
12/1/2052
1,755,384
200,000
5.500%, 
5/1/2041
d
194,110
2,175,000
5.000%, 
5/1/2049
d
2,060,829
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
925,700
2.500%, 
3/1/2062
719,647
Government
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
94
Principal
Amount
Long-Term
Fixed
Income
(99.3%)
Value
Mortgage-Backed
Securities
(37.1%)
-
continued
$
382,819
3.500%, 
7/1/2061
$
324,430
381,146
4.000%, 
12/1/2061
336,759
Total
11,562,797
U.S.
Government
&
Agencies
(39.5%)
Federal
Home
Loan
Bank
950,000
5.900%, 
3/10/2043
940,110
Tennessee
Valley
Authority
385,000
5.250%, 
9/15/2039
386,619
U.S.
Treasury
Bonds
2,475,000
1.375%, 
8/15/2050
1,207,626
U.S.
Treasury
Notes
3,450,000
3.750%, 
4/15/2026
3,367,389
4,560,000
3.875%, 
9/30/2029
4,375,462
2,050,000
4.500%, 
11/15/2033
2,019,891
Total
12,297,097
Total
Long-Term
Fixed
Income
(cost
$32,867,359)
30,930,844
Shares
or
Principal
Amount
Short-Term
Investments
(
6.5%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
100,000
5.250%,
7/17/2024
e,f
98,872
Thrivent
Core
Short-Term
Reserve
Fund
164,119
5.580%
1,641,190
U.S.
Treasury
Bills
300,000
5.243%,
6/13/2024
e
298,114
Total
Short-Term
Investments
(cost
$2,038,188)
2,038,176
Total
Investments
(cost
$34,905,547)
105.8%
$32,969,020
Other
Assets
and
Liabilities,
Net
(5.8%)
(1,816,837)
Total
Net
Assets
100.0%
$31,152,183
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,
2024,
the
value
of
these
investments
was
$2,739,443
or
8.8%
of
total
net
assets.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2024.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
d
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
e
The
interest
rate
shown
reflects
the
yield.
f
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
Definitions:
HECM
-
Home
Equity
Conversion
Mortgage
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
SCRT
-
Seasoned
Credit
Risk
Transfer
Ser.
-
Series
SLST
-
Seasoned
Loans
Structured
Transactions
Reference
Rate
Index:
SOFR30A
-
Secured
Overnight
Financing
Rate
30
Year
Average
TSFR1M
-
CME
Term
SOFR
1
Month
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
$
14,001
Gross
unrealized
depreciation
(1,765,920)
Net
unrealized
appreciation
(depreciation)
$
(1,751,919)
Cost
for
federal
income
tax
purposes
$
34,681,553
Government
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
95
The
following
table
is
a
reconciliation
of
assets
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
for
Government
Bond
Fund as
discussed
in
the
Notes
to
Schedule
of
Investments.
*
Located
on
the
Statement
of
Operations,
Change
in
net
unrealized
appreciation/(depreciation)
on
investments.
^
Located
on
the
Statement
of
Operations,
Net
realized
gains/(losses)
on
investments.
#
Transferred
from
Level
2
to
Level
3
because
of
a
lack
of
observable
market
data,
resulting
from
a
decrease
in
market
activity
for
the
securities.
@
Transferred
from
Level
3
to
Level
2
because
observable
market
data
became
available
for
the
securities.
The
reporting
entity's
Asset
Backed
Securities
Level
3
securities'
fair
value
is
calculated
by
a
vendor
using
the
established
policies
and
procedures
of
the
reporting
entity.
Inputs
used
in
valuation
include
the
principal
and
interest
schedules,
bond
equivalent
ratings,
and
U.S.
Treasury
yields.
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
A
significant
increase
or
decrease
in
the
inputs
in
isolation
would
have
resulted
in
a
significantly
lower
or
higher
fair
value
measurement.
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Government
Bond
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Asset-Backed
Securities
3,011,391
–
3,011,391
–
Collateralized
Mortgage
Obligations
3,459,608
–
3,459,608
–
Commercial
Mortgage-Backed
Securities
599,951
–
599,951
–
Mortgage-Backed
Securities
11,562,797
–
11,562,797
–
U.S.
Government
&
Agencies
12,297,097
–
12,297,097
–
Short-Term
Investments
396,986
–
396,986
–
Subtotal
Investments
in
Securities
$31,327,830
$–
$31,327,830
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
1,641,190
Subtotal
Other
Investments
$1,641,190
Total
Investments
at
Value
$32,969,020
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Government
Bond
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Liability
Derivatives
Futures
Contracts
39,386
39,386
–
–
Total
Liability
Derivatives
$39,386
$39,386
$–
$–
Investments
in
Securities 
Beginning
Value
10/31/2023
Realized
Gain/
(Loss)^ 
Change
in
Unrealized
Appreciation/
(Depreciation)
* 
Purchases 
Sales 
Transfers
Into
Level
3 #
Transfers
Out
of
Level
3 @
Ending
Value 
4/30/2024
Long
Term
Fixed
Income
 Asset
Backed
Securities
$686,000
$496 
$8,360
$-
($20,114) 
-
($674,742) 
$-
Total 
$686,000
$496  
$8,
360 
$-
($20,114) 
$-
($674,742)
$-
Government
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
96
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
The
following
table
presents
Government
Bond
Fund's
futures
contracts
held
as
of
April
30,
2024.
Investments
and/or
cash
totaling
$98,872
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Amount
Value
and
Unrealized
CBOT
2-Yr.
U.S.
Treasury
Note
19
June
2024
$
3,889,854
(
$
39,386)
Total
Futures
Long
Contracts
$
3,889,854
(
$
39,386)
Total
Futures
Contracts
$
3,889,854
($39,386)
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2024,
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
Liability
Derivatives
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
39,386
Total
Interest
Rate
Contracts
39,386
Total
Liability
Derivatives
$39,386
*
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,
2024,
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
(57,633)
Total
Interest
Rate
Contracts
(57,633)
Total
($57,633)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
86,451
Total
Interest
Rate
Contracts
86,451
Total
$86,451
The
following
table
presents
Government
Bond
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2024.
Derivative
Risk
Category
Average
Notional
Value
Interest
Rate
Contracts
Futures
-
Long
$12,627,343
Futures
-
Short
(811,621)
Government
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
97
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
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$13,011
$38,522
$49,892
$1,641
164
5.3%
Total
Affiliated
Short-Term
Investments
13,011
1,641
5.3
Total
Value
$13,011
$1,641
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$7
($7)
$–
$246
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$246
Total
$7
($7)
$–
High
Income
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
98
Principal
Amount
Long-Term
Fixed
Income
(
99.3%
)
Value
Alabama
(2.7%)
Black
Belt
Energy
Gas
District,
AL
Gas
Proj.
Rev.
Refg.
$
250,000
5.500%,
6/1/2049,
Ser.
D-1
a
$
263,902
Jacksonville,
AL
Public
Educational
Building
Auth.
Rev.
(JSU
Foundation)
(AGM
Insured)
200,000
5.500%,
8/1/2058,
Ser.
A
b
214,728
Jefferson
County,
AL
Sewer
Rev.
Refg.
Warrants
250,000
5.500%,
10/1/2053
267,173
Pell
City
Square
Cooperative
District,
AL
Rev.
245,000
7.000%,
4/1/2044,
Ser.
A
253,998
Total
999,801
Arizona
(5.1%)
Arizona
Industrial
Development
Auth.
Education
Rev.
(Academies
of
Math
&
Science)
250,000
5.375%,
7/1/2053
c
243,680
Arizona
Industrial
Development
Auth.
Education
Rev.
(Doral
Academy
of
Nevada
-
Pebble
Campus)
200,000
5.000%,
7/15/2050,
Ser.
A
c
181,777
Arizona
Industrial
Development
Auth.
Education
Rev.
(KIPP
Nashville)
350,000
5.000%,
7/1/2047,
Ser.
A
351,194
Arizona
Industrial
Development
Auth.
Education
Rev.
Refg.
(Doral
Academy
of
Northern
Nevada)
350,000
4.000%,
7/15/2051,
Ser.
A
c
267,015
Chandler,
AZ
Industrial
Development
Auth.
Rev.
(Intel
Corporation)
250,000
5.000%,
9/1/2027,
Ser.
2022-
2,
AMT
a
255,316
Maricopa
County,
AZ
Industrial
Development
Auth.
Educational
Fac.
Rev.
(Valley
Christian
Schools)
250,000
6.375%,
7/1/2058,
Ser.
A
c
253,585
Phoenix,
AZ
Industrial
Development
Auth.
Healthcare
Fac.
Rev.
(Mayo
Clinic)
355,000
3.550%,
11/15/2052,
Ser.
A
a
355,000
Total
1,907,567
Arkansas
(0.7%)
Arkansas
Development
Finance
Auth.
Environmental
Rev.
(United
States
Steel
Corporation)
250,000
5.700%,
5/1/2053,
AMT
256,664
Total
256,664
California
(5.0%)
California
Community
Choice
Financing
Auth.
Rev.
(Clean
Energy)
250,000
5.000%,
8/1/2029,
Ser.
A-1
a
261,810
200,000
5.250%,
10/1/2031,
Ser.
C
a
208,645
Principal
Amount
Long-Term
Fixed
Income
(99.3%)
Value
California
(5.0%)
-
continued
California
Municipal
Finance
Auth.
Fac.
Rev.
(United
Airlines,
Inc.)
$
250,000
4.000%,
7/15/2029,
AMT
$
248,438
California
Municipal
Finance
Auth.
Solid
Waste
Disposal
Rev.
(Waste
Management,
Inc.)
250,000
4.125%,
10/1/2041,
Ser.
A,
AMT
a
250,087
California
Municipal
Finance
Auth.
Special
Tax
Rev.
250,000
6.250%,
9/1/2052,
Ser.
C
262,140
Dixon,
CA
Special
Tax
250,000
5.000%,
9/1/2048
236,474
River
Islands,
CA
Public
Financing
Auth.
Community
Fac.
District
Special
Tax
150,000
5.625%,
9/1/2053
150,109
San
Diego
County,
CA
Regional
Airport
Auth.
Rev.
250,000
5.250%,
7/1/2058,
Ser.
B,
AMT
261,977
Total
1,879,680
Colorado
(5.6%)
Centerra
Metropolitan
District
No.
1,
Larimer
County,
CO
Special
Rev.
250,000
6.500%,
12/1/2053
252,582
Colorado
Educational
and
Cultural
Fac.
Auth.
Charter
School
Rev.
Refg.
(Union
Colony
School)
225,000
5.000%,
4/1/2048
225,620
Colorado
Educational
and
Cultural
Fac.
Auth.
Rev.
(Aspen
View
Academy)
350,000
4.000%,
5/1/2051
268,011
Colorado
Educational
and
Cultural
Fac.
Auth.
Rev.
(Mountain
Phoenix
Community
School)
200,000
6.250%,
7/1/2053
c
200,785
Colorado
Educational
and
Cultural
Fac.
Auth.
Rev.
Refg.
(Global
Village
Academy
-
Northglenn)
150,000
5.000%,
12/1/2050
c
125,829
Colorado
Health
Fac.
Auth.
Rev.
Refg.
(Commonspirit
Health)
350,000
4.000%,
8/1/2049,
Ser.
A-2
317,865
Colorado
High
Performance
Transportation
Enterprise
Rev.
225,000
5.000%,
12/31/2056
225,174
Denver,
CO
Health
and
Hospital
Auth.
Healthcare
Rev.
230,000
5.000%,
12/1/2039,
Ser.
A
229,990
Hess
Ranch
Metropolitan
District
No.
5,
CO
Special
Assessment
Rev.
250,000
6.000%,
12/1/2043,
Ser.
A-1
246,234
Total
2,092,090
High
Income
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
99
Principal
Amount
Long-Term
Fixed
Income
(99.3%)
Value
Connecticut
(0.6%)
Connecticut
Health
&
Educational
Fac.
Auth.
Rev.
(McLean
Issue)
$
250,000
5.000%,
1/1/2045,
Ser.
A
c
$
208,166
Total
208,166
Delaware
(2.0%)
Bridgeville,
DE
Special
Obligation
(Heritage
Shores
Special
Development
District)
200,000
5.625%,
7/1/2053
c,d
207,115
Delaware
Economic
Development
Auth.
Charter
School
Rev.
(Newark
Charter
School,
Inc.)
400,000
4.000%,
9/1/2051
328,724
Kent
County,
DE
Student
Housing
and
Dining
Fac.
Rev.
(CHF-
Dover,
LLC
-
Delaware
State
University)
230,000
5.000%,
7/1/2040,
Ser.
A
231,290
Total
767,129
District
Of
Columbia
(0.7%)
Metropolitan
Washington
DC
Airports
Auth.
Airport
System
Rev.
Refg.
250,000
5.250%,
10/1/2048,
Ser.
A,
AMT
264,430
Total
264,430
Florida
(7.7%)
Alachua
County,
FL
Health
Fac.
Auth.
Rev.
Refg.
(Oak
Hammock
at
the
University
of
Florida,
Inc.)
250,000
4.000%,
10/1/2046
200,913
Cape
Coral,
FL
Utility
Improvement
Assessment
Refg.
(North
1
West
Area)
(BAM
Insured)
250,000
5.650%,
3/1/2054
b
274,502
Capital
Projects,
FL
Finance
Auth.
Student
Housing
Rev.
(Provident
Group
-
Continuum
Properties)
150,000
5.000%,
11/1/2053,
Ser.
A-1
144,789
Charlotte
County,
FL
Industrial
Development
Auth.
Utility
System
Rev.
(Town
and
Country
Utilities)
250,000
4.000%,
10/1/2051,
AMT
c
203,830
Florida
Development
Finance
Corporation
Educational
Fac.
Lease
Rev.
Refg.
(Seaside
Community
Charter
School)
225,000
5.750%,
6/15/2047,
Ser.
A
228,719
Florida
Development
Finance
Corporation
Educational
Fac.
Rev.
(River
City
Science
Academy)
150,000
5.000%,
7/1/2051,
Ser.
A-1
140,227
250,000
4.000%,
7/1/2055,
Ser.
A
190,062
Florida
Development
Finance
Corporation
Healthcare
Fac.
Rev.
(Tampa
General
Hospital)
250,000
4.500%,
8/1/2055,
Ser.
A
236,653
Principal
Amount
Long-Term
Fixed
Income
(99.3%)
Value
Florida
(7.7%)
-
continued
Florida
Development
Finance
Corporation
Senior
Living
Rev.
Refg.
(Glenridge
Palmer
Ranch)
$
250,000
5.000%,
6/1/2051
c
$
204,405
Florida
Higher
Educational
Fac.
Financing
Auth.
Rev.
(Ringling
College)
300,000
5.000%,
3/1/2049
293,220
Lee
County,
FL
Industrial
Development
Auth.
Health
Care
Fac.
Rev.
(Cypress
Cove
at
Healthpark,
FL,
Inc.)
300,000
5.250%,
10/1/2052,
Ser.
A
254,732
Osceola
County,
FL
Transportation
Rev.
Refg.
300,000
Zero
Coupon,
10/1/2043,
Ser.
A-2
106,783
Seminole
County,
FL
Industrial
Development
Auth.
Educational
Fac.
Rev.
(Galileo
Schools
for
Gifted
Learning)
290,000
4.000%,
6/15/2056,
Ser.
A
c
214,651
Village
Community
Development
District
No.
15
Rev.
(City
of
Wildwood,
FL)
200,000
5.250%,
5/1/2054
c
204,298
Total
2,897,784
Georgia
(1.9%)
George
L.
Smith
II
GA
World
Congress
Center
Auth.
Rev.
(Convention
Center
Hotel)
250,000
4.000%,
1/1/2054,
Ser.
A
212,827
Main
Street
Natural
Gas,
Inc.,
GA
Gas
Supply
Rev.
250,000
5.000%,
5/15/2028,
Ser.
A
255,895
Monroe
County,
GA
Development
Auth.
Pollution
Control
Rev.
(Georgia
Power
Company
Plant
Scherer)
250,000
3.875%,
10/1/2048
a
250,356
Total
719,078
Guam
(0.9%)
Guam
Power
Auth.
Rev.
Refg.
300,000
5.000%,
10/1/2034,
Ser.
A
319,787
Total
319,787
Idaho
(0.5%)
College
of
Western
Idaho
Annual
Appropriation
C.O.P
200,000
5.000%,
8/1/2052
202,445
Total
202,445
Illinois
(3.2%)
Chicago,
IL
G.O.
250,000
5.000%,
1/1/2039,
Ser.
A
257,986
Illinois
Finance
Auth.
Rev.
(Plymouth
Place,
Inc.)
200,000
6.500%,
5/15/2047,
Ser.
A
203,130
High
Income
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
100
Principal
Amount
Long-Term
Fixed
Income
(99.3%)
Value
Illinois
(3.2%)
-
continued
Illinois
Finance
Auth.
Rev.
Refg.
(DePaul
College
Prep
Foundation)
$
250,000
5.625%,
8/1/2053,
Ser.
A
c
$
259,926
Illinois
Finance
Auth.
Student
Housing
and
Academic
Fac.
Rev.
(University
of
Illinois
at
Chicago)
150,000
5.000%,
2/15/2037
150,169
Illinois
G.O.
235,000
5.000%,
12/1/2025,
Ser.
B
239,212
Metropolitan
Pier
and
Exposition
Auth.,
IL
Rev.
(McCormick
Place
Expansion)
(NATL-RE
Insured)
115,000
Zero
Coupon,
6/15/2035,
Ser.
A
b
73,842
Total
1,184,265
Indiana
(2.9%)
Indiana
Finance
Auth.
Health
Fac.
Rev.
(Margaret
Mary
Health)
150,000
5.750%,
3/1/2054,
Ser.
A
158,224
Indiana
Finance
Auth.
Student
Housing
Rev.
(Tippecanoe,
LLC
Student
Housing)
250,000
5.375%,
6/1/2064,
Ser.
A
254,891
Indiana
Housing
&
Community
Development
Auth.
Rev.
(Vita
of
Marion)
150,000
5.250%,
4/1/2041,
Ser.
A
c
120,022
Indiana
Housing
&
Community
Development
Auth.
Rev.
(Vita
of
New
Whiteland)
150,000
6.750%,
1/1/2043
148,882
Indianapolis,
IN
Local
Public
Improvement
Bank
Convention
Center
Hotel
Rev.
250,000
6.125%,
3/1/2057,
Ser.
E
270,557
Valparaiso,
IN
Exempt
Fac.
Rev.
Refg.
(Pratt
Paper,
LLC)
150,000
5.000%,
1/1/2054,
AMT
c,d
151,823
Total
1,104,399
Iowa
(1.7%)
Iowa
Finance
Auth.
Rev.
(Lifespace
Communities,
Inc.)
160,000
5.000%,
5/15/2032,
Ser.
A
158,434
150,000
5.000%,
5/15/2043,
Ser.
A
136,435
Iowa
Higher
Education
Loan
Auth.
Fac.
Rev.
(Des
Moines
University)
350,000
5.375%,
10/1/2052
356,677
Total
651,546
Kansas
(0.4%)
Overland
Park,
KS
Sales
Tax
Special
Obligation
Rev.
(Bluhawk
Sports
Park)
150,000
6.500%,
11/15/2042,
Ser.
A
c
152,177
Total
152,177
Principal
Amount
Long-Term
Fixed
Income
(99.3%)
Value
Louisiana
(0.8%)
East
Baton
Rouge,
LA
Industrial
Development
Board
Rev.
(ExxonMobil)
$
115,000
3.820%,
12/1/2040,
Ser.
B
a
$
115,000
St.
John
the
Baptist
Parish,
LA
Rev.
Refg.
(Marathon
Oil
Corporation)
200,000
4.050%,
6/1/2037,
Ser.
A-1
a
197,911
Total
312,911
Maryland
(1.1%)
Maryland
Economic
Development
Corporation
Student
Housing
Rev.
(Morgan
State
University)
200,000
6.000%,
7/1/2058,
Ser.
A
217,835
Prince
George's
County,
MD
Tax
Allocation
(West
Phalia
Town
Center)
200,000
5.000%,
7/1/2030
c
202,416
Total
420,251
Massachusetts
(1.9%)
Massachusetts
Development
Finance
Agency
Rev.
(Merrimack
College)
200,000
5.000%,
7/1/2052
198,715
Massachusetts
Transportation
Fund
Rev.
(Rail
Enhancement)
500,000
5.000%,
6/1/2053,
Ser.
A
532,518
Total
731,233
Michigan
(1.5%)
Michigan
Strategic
Fund
Limited
Obligation
Rev.
(I-75
Improvement)
100,000
5.000%,
12/31/2033,
AMT
103,468
225,000
5.000%,
12/31/2043,
AMT
225,801
Michigan
Strategic
Fund
Limited
Obligation
Rev.
(Recycled
Board
Machine)
250,000
4.000%,
10/1/2026,
AMT
a
248,743
Total
578,012
Minnesota
(4.6%)
Apple
Valley,
MN
Senior
Housing
Rev.
(PHS
Apple
Valley
Senior
Housing,
Inc.
-
Orchard
Path
Phase
II)
290,000
4.000%,
9/1/2041
256,629
Bethel,
MN
Housing
and
Health
Care
Fac.
Rev.
Refg.
150,000
6.250%,
3/1/2054,
Ser.
A
144,497
Cuyuna
Range
Hospital
District,
MN
Health
Care
Fac.
Rev.
150,000
5.750%,
5/1/2053
151,980
Deephaven,
MN
Charter
School
Lease
Rev.
(Eagle
Ridge
Academy)
250,000
5.000%,
7/1/2043,
Ser.
A
241,870
Duluth,
MN
Economic
Development
Auth.
Health
Care
Fac.
Rev.
(St.
Luke's
Hospital
of
Duluth
Obligated
Group)
250,000
5.250%,
6/15/2047,
Ser.
B
257,195
High
Income
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
101
Principal
Amount
Long-Term
Fixed
Income
(99.3%)
Value
Minnesota
(4.6%)
-
continued
Minnesota
Higher
Education
Fac.
Auth.
Rev.
(University
of
St.
Thomas)
$
320,000
5.000%,
10/1/2052,
Ser.
A
$
330,240
St.
Joseph,
MN
Senior
Housing
&
Healthcare
Rev.
(Woodcrest
of
Country
Manor)
225,000
5.000%,
7/1/2055,
Ser.
A
182,672
Woodbury,
MN
Charter
School
Lease
Rev.
Refg.
(MSA
Building
Company)
200,000
4.000%,
12/1/2050
150,176
Total
1,715,259
Missouri
(1.9%)
Lee's
Summit,
MO
Industrial
Development
Auth.
Senior
Living
Fac.
Rev.
Refg.
(John
Knox
Village)
75,000
5.750%,
8/15/2059,
Ser.
A
d
75,280
140,000
5.000%,
8/15/2042,
Ser.
A
128,798
Ozark,
MO
R-6
School
District
C.O.P
250,000
5.000%,
4/1/2045
255,503
Taney
County,
MO
Industrial
Development
Auth.
Sales
Tax
Rev.
(Big
Cedar
Infrastructure)
250,000
6.000%,
10/1/2049
c
242,550
Total
702,131
Montana
(0.4%)
Montana
Fac.
Finance
Auth.
Health
Care
Fac.
Rev.
(Montana
Children's
Home
and
Hospital)
250,000
4.000%,
7/1/2050,
Ser.
A
161,815
Total
161,815
Nevada
(1.3%)
Carson
City,
NV
Hospital
Rev.
Refg.
(Carson
Tahoe
Regional
Medical
Center)
225,000
5.000%,
9/1/2042,
Ser.
A
227,209
Las
Vegas,
NV
Special
Improvement
District
No.
817
Special
Assessment
(Summerlin
Village
29)
250,000
6.000%,
6/1/2053
254,102
Total
481,311
New
Hampshire
(0.7%)
National
Finance
Auth.,
NH
Rev.
(Presbyterian
Senior
Living)
250,000
5.250%,
7/1/2048,
Ser.
A
252,960
Total
252,960
New
Jersey
(1.1%)
Camden
County,
NJ
Improvement
Auth.
School
Rev.
(Kipp:
Cooper
Norcross
Academy
-
2022)
160,000
6.000%,
6/15/2052
169,443
Principal
Amount
Long-Term
Fixed
Income
(99.3%)
Value
New
Jersey
(1.1%)
-
continued
New
Jersey
Transportation
Trust
Fund
Auth.
Rev.
$
225,000
5.000%,
6/15/2045,
Ser.
AA
$
226,252
Total
395,695
New
York
(9.6%)
Build
NYC
Resource
Corporation,
NY
Rev.
(East
Harlem
Scholars
Academy
Charter
School)
200,000
5.750%,
6/1/2042
c
207,443
Build
NYC
Resource
Corporation,
NY
Rev.
(Global
Community
Charter
School)
410,000
5.000%,
6/15/2042
409,926
Build
NYC
Resource
Corporation,
NY
Rev.
(New
World
Preparatory
Charter
School)
250,000
4.000%,
6/15/2051
c
191,938
Build
NYC
Resource
Corporation,
NY
Rev.
(Unity
Preparatory
Charter
School
of
Brooklyn)
250,000
5.500%,
6/15/2053,
Ser.
A
c
248,174
Metropolitan
Transportation
Auth.,
NY
Rev.
250,000
5.000%,
11/15/2045,
Ser.
A-2
a
267,866
New
York
City,
NY
G.O.
120,000
3.800%,
4/1/2036,
Ser.
L-3
a
120,000
250,000
4.500%,
5/1/2049,
Ser.
D-1
251,972
New
York
Dormitory
Auth.
Rev.
Refg.
(Yeshiva
University)
300,000
5.000%,
7/15/2042,
Ser.
A
302,349
New
York
Transportation
Development
Corporation
Exempt
Fac.
Rev.
(State
Thruway
Service
Areas)
250,000
4.000%,
4/30/2053,
AMT
201,114
New
York
Transportation
Development
Corporation
Special
Fac.
Rev.
(Laguardia
Airport
Terminal
C&D
Redevelopment)
250,000
5.625%,
4/1/2040,
AMT
271,657
New
York
Transportation
Development
Corporation
Special
Fac.
Rev.
(Terminal
4
John
F.
Kennedy
International
Airport)
400,000
5.000%,
12/1/2042,
AMT
414,612
Oneida
Indian
Nation,
NY
Tax
Rev.
250,000
6.000%,
9/1/2043,
Ser.
B
c
263,860
Suffolk
County,
NY
Economic
Development
Corporation
Rev.
(St.
Johnland
Assisted
Living,
Inc.)
250,000
5.375%,
11/1/2054
c
200,397
Suffolk
Regional
Off-Track
Betting
Corporation,
NY
Rev.
250,000
6.000%,
12/1/2053
252,351
Total
3,603,659
High
Income
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
102
Principal
Amount
Long-Term
Fixed
Income
(99.3%)
Value
North
Carolina
(2.4%)
Greater
Asheville,
NC
Regional
Airport
Auth.
Rev.
(AGM
Insured)
$
250,000
5.250%,
7/1/2053,
AMT
b
$
262,932
North
Carolina
Medical
Care
Commission
Retirement
Fac.
First
Mortgage
Rev.
(The
United
Methodist
Retirement
Homes)
250,000
5.125%,
10/1/2054,
Ser.
A
254,072
North
Carolina
Medical
Care
Commission
Retirement
Fac.
Rev.
Refg.
(Plantation
Village,
Inc.)
500,000
4.000%,
1/1/2052,
Ser.
A
381,208
Total
898,212
North
Dakota
(0.5%)
Horace,
ND
Refg.
Improvement
U.T.G.O.
200,000
5.000%,
5/1/2048,
Ser.
A
188,784
Total
188,784
Ohio
(2.0%)
Buckeye
Tobacco
Settlement
Financing
Auth.,
OH
Rev.
Refg.
500,000
5.000%,
6/1/2055,
Ser.
B-2
452,635
Cleveland-Cuyahoga
County,
OH
Port
Auth.
Rev.
Refg.
(Flats
East
Bank)
240,000
4.000%,
12/1/2055,
Ser.
A
c
188,642
Ohio
Higher
Educational
Fac.
Commission
Rev.
Refg.
(University
of
Findlay)
100,000
5.000%,
3/1/2034
96,355
Total
737,632
Oklahoma
(0.6%)
Osage
County,
OK
Industrial
Auth.
Rev.
225,000
6.500%,
9/1/2040
238,215
Total
238,215
Oregon
(1.3%)
Salem,
OR
Hospital
Fac.
Auth.
Rev.
Refg.
(Capital
Manor)
340,000
4.000%,
5/15/2057
250,435
Umatilla,
OR
Hospital
District
No.
1
G.O.
250,000
5.000%,
6/1/2053
251,050
Total
501,485
Pennsylvania
(3.0%)
Allegheny
County,
PA
Airport
Auth.
Rev.
(Pittsburgh
International
Airport)
350,000
5.000%,
1/1/2051,
Ser.
A,
AMT
355,876
Pennsylvania
Economic
Development
Financing
Auth.
Rev.
(Penndot
Major
Bridges
Package
One)
210,000
5.500%,
6/30/2037,
AMT
233,348
Principal
Amount
Long-Term
Fixed
Income
(99.3%)
Value
Pennsylvania
(3.0%)
-
continued
Pennsylvania
Economic
Development
Financing
Auth.
Rev.
(Villanova
University)
$
300,000
4.000%,
8/1/2054
$
283,744
Philadelphia,
PA
Auth.
for
Industrial
Development
Charter
School
Rev.
Refg.
(Tacony
Academy
Charter
School)
250,000
5.500%,
6/15/2043
c
251,746
Total
1,124,714
Puerto
Rico
(0.7%)
Puerto
Rico
Sales
Tax
Financing
Corporation
Rev.
250,000
4.750%,
7/1/2053,
Ser.
A-1
243,477
Total
243,477
South
Carolina
(0.5%)
South
Carolina
Jobs
Economic
Development
Auth.
Rev.
(Bishop
Gadsden
Episcopal
Retirement
Community)
200,000
5.000%,
4/1/2054,
Ser.
A
182,130
Total
182,130
South
Dakota
(0.5%)
Lincoln
County,
SD
Economic
Development
Rev.
(Augustana
College
Association)
250,000
4.000%,
8/1/2051
199,364
Total
199,364
Tennessee
(0.8%)
Metropolitan
Government
of
Nashville
and
Davidson
County,
TN
Health
and
Educational
Fac.
Rev.
Refg.
(Trevecca
Nazarene
University)
300,000
5.000%,
10/1/2034
305,307
Total
305,307
Texas
(6.6%)
Arlington,
TX
Higher
Education
Finance
Corporation
Education
Rev.
(Cypress
Christian
School)
250,000
6.250%,
6/1/2063
c
255,129
Denton,
TX
Independent
School
District
U.T.G.O.
(PSF-GTD
Insured)
250,000
5.000%,
8/15/2053
b
264,987
Harris
County,
TX
Cultural
Education
Fac.
Finance
Corporation
Rev.
(First
Mortgage
Brazos
Presbyterian
Homes,
Inc.)
195,000
5.000%,
1/1/2033,
Ser.
A
185,242
Hidalgo
County,
TX
Regional
Mobility
Auth.
Toll
&
Vehicle
Registration
Rev.
350,000
4.000%,
12/1/2041,
Ser.
A
327,671
High
Income
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
103
Principal
Amount
Long-Term
Fixed
Income
(99.3%)
Value
Texas
(6.6%)
-
continued
New
Hope
Cultural
Education
Fac.
Finance
Corporation,
TX
Retirement
Fac.
Rev.
(Army
Retirement
Residence
Foundation)
$
250,000
5.750%,
7/15/2052
$
234,126
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
c
193,035
San
Antonio,
TX
Education
Fac.
Corporation
Rev.
(Hallmark
University)
250,000
5.000%,
10/1/2031,
Ser.
A
237,581
Tarrant
County,
TX
Cultural
Education
Fac.
Finance
Corporation
Hospital
Rev.
(Baylor
Scott
and
White
Health)
250,000
5.500%,
11/15/2047,
Ser.
D
273,498
Tarrant
County,
TX
Cultural
Education
Fac.
Finance
Corporation
Rev.
Refg.
(Trinity
Terrace)
235,000
5.000%,
10/1/2044,
Ser.
A-1
221,439
Texas
Private
Activity
Bond
Surface
Transportation
Corporation
Rev.
(Segment
3C)
300,000
5.000%,
6/30/2058,
AMT
301,877
Total
2,494,585
Utah
(0.7%)
Utah
Infrastructure
Agency
Telecommunication
Rev.
245,000
6.000%,
10/15/2047
261,674
Total
261,674
Virginia
(2.5%)
James
City
County,
VA
Economic
Development
Auth.
Residential
Care
Fac.
Rev.
(Williamsburg
Landing)
235,000
6.875%,
12/1/2058,
Ser.
A
254,426
Virginia
Small
Business
Financing
Auth.
Rev.
(Transform
66
P3)
230,000
5.000%,
12/31/2047,
AMT
231,453
Virginia
Small
Business
Financing
Auth.
Rev.
Refg.
(95
Express
Lanes,
LLC)
500,000
4.000%,
1/1/2048,
AMT
439,867
Total
925,746
Washington
(2.1%)
Skagit
County,
WA
Public
Hospital
District
No.
1
Hospital
Rev.
(Skagit
Regional
Health)
250,000
5.500%,
12/1/2054
262,223
Washington
Housing
Finance
Commission
Nonprofit
Housing
Rev.
Refg.
(Emerald
Heights)
250,000
4.750%,
7/1/2027,
Ser.
B-1
250,008
Principal
Amount
Long-Term
Fixed
Income
(99.3%)
Value
Washington
(2.1%)
-
continued
Washington
Housing
Finance
Commission
Nonprofit
Rev.
Refg.
(Seattle
Academy
of
Arts
and
Sciences)
$
250,000
6.125%,
7/1/2053
c
$
270,378
Total
782,609
West
Virginia
(1.0%)
South
Charleston,
WV
Special
District
Excise
Tax
Rev.
Refg.
(South
Charleston
Park
Place)
500,000
4.500%,
6/1/2050
c
378,009
Total
378,009
Wisconsin
(7.2%)
Public
Finance
Auth.,
WI
Charter
School
Rev.
(Founders
Academy
of
Las
Vegas)
250,000
6.625%,
7/1/2053,
Ser.
A
c
256,910
Public
Finance
Auth.,
WI
Charter
School
Rev.
(Quality
Education
Academy)
250,000
6.500%,
7/15/2063,
Ser.
A
c
260,500
Public
Finance
Auth.,
WI
Education
Rev.
(Unity
Classical
Charter
School;
A
Challenge
Foundation
Academy)
250,000
7.000%,
7/1/2058
c
257,123
Public
Finance
Auth.,
WI
Hotel
Rev.
(Grand
Hyatt
San
Antonio
Hotel
Acquisition)
335,000
5.000%,
2/1/2052,
Ser.
A
326,991
Public
Finance
Auth.,
WI
Rev.
(AFCO
Airport
Real
Estate
Group)
250,000
5.250%,
7/1/2053,
AMT
244,776
Public
Finance
Auth.,
WI
Rev.
(Fargo-Moorhead
Metropolitan
Area
Flood
Risk
Management)
500,000
4.000%,
3/31/2056,
AMT
402,237
Public
Finance
Auth.,
WI
Special
Rev.
(Candela,
Fort
Bend
County,
TX)
150,000
6.125%,
12/15/2029
c
146,940
Public
Finance
Auth.,
WI
Special
Rev.
(Lariat,
Williamson
County,
TX)
250,000
Zero
Coupon,
9/1/2029
c
171,161
Public
Finance
Auth.,
WI
Student
Housing
Rev.
(CHF-Manoa,
LLC)
250,000
5.750%,
7/1/2063,
Ser.
A
c
261,155
Public
Finance
Auth.,
WI
Tax
Increment
Rev.
(Miami
WorldCenter)
150,000
5.000%,
6/1/2041,
Ser.
A
c
149,292
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
Refg.
(Benevolent
Corporation
Cedar
Community)
240,000
5.000%,
6/1/2037
227,613
Total
2,704,698
High
Income
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
104
Principal
Amount
Long-Term
Fixed
Income
(99.3%)
Value
Wyoming
(0.4%)
Lincoln
County,
WY
Pollution
Control
Rev.
Refg.
(ExxonMobil)
$
165,000
3.820%,
10/1/2044
a
$
165,000
Total
165,000
Total
Long-Term
Fixed
Income
(cost
$39,471,877)
37,293,886
Principal
Amount
Short-Term
Investments
(
0.3%
)
e
Value
Federal
Home
Loan
Bank
Discount
Notes
100,000
5.210%,
5/21/2024
f
99,692
Total
Short-Term
Investments
(cost
$99,711)
99,692
Total
Investments
(cost
$39,571,588)
99.6%
$37,393,578
Other
Assets
and
Liabilities,
Net
0.4%
159,625
Total
Net
Assets
100.0%
$37,553,203
a
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2024.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
b
To
reduce
certain
risks
associated
with
securities
issued
by
municipalities,
which
may
include
but
are
not
limited
to
economic
development
in
a
specific
industry
or
municipality,
the
principal
and/or
interest
payments
are
guaranteed
by
the
bond
insurance
company
or
government
agency
identified.
c
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2024,
the
value
of
these
investments
was
$7,795,882
or
20.8%
of
total
net
assets.
d
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
e
The
interest
rate
shown
reflects
the
yield.
f
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
Definitions:
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
Proj.
-
Project
PSF-GTD
-
Permanent
School
Fund
Guarantee
Program
Refg.
-
Refunding
Rev.
-
Revenue
Ser.
-
Series
U.T.G.O.
-
Unlimited
Tax
General
Obligation
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
$538,408
Gross
unrealized
depreciation
(2,723,651)
Net
unrealized
appreciation
(depreciation)
($2,185,243)
Cost
for
federal
income
tax
purposes
$39,595,125
High
Income
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
105
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
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
10,913,441
–
10,913,441
–
Electric
Revenue
570,143
–
570,143
–
General
Obligation
1,107,385
–
1,107,385
–
Health
Care
6,657,207
–
6,657,207
–
Housing
Finance
1,511,282
–
1,511,282
–
Industrial
Development
Revenue
3,437,507
–
3,437,507
–
Other
Revenue
3,149,278
–
3,149,278
–
Special
Tax
207,115
–
207,115
–
Tax
Revenue
2,839,370
–
2,839,370
–
Transportation
6,155,653
–
6,155,653
–
Water
&
Sewer
745,505
–
745,505
–
Short-Term
Investments
99,692
–
99,692
–
Total
Investments
at
Value
$37,393,578
$–
$37,393,578
$–
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
High
Income
Municipal
Bond
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
16,304
16,304
–
–
Total
Asset
Derivatives
$16,304
$16,304
$–
$–
The
following
table
presents
High
Income
Municipal
Bond
Fund's
futures
contracts
held
as
of
April
30,
2024.
Investments
and/or
cash
totaling
$99,692
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
(3)
June
2024
(
$
357,741)
$
16,304
Total
Futures
Short
Contracts
(
$
357,741)
$16,304
Total
Futures
Contracts
(
$
357,741)
$16,304
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2024,
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
Asset
Derivatives
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
16,304
Total
Interest
Rate
Contracts
16,304
Total
Asset
Derivatives
$
16,304
*
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,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
106
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
2,947
Total
Interest
Rate
Contracts
2,947
Total
$
2,947
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
(5,565)
Total
Interest
Rate
Contracts
(5,565)
Total
($5,565)
The
following
table
presents
High
Income
Municipal
Bond
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2024.
Derivative
Risk
Category
Average
Notional
Value
Interest
Rate
Contracts
Futures
-
Short
($460,945)
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
107
Principal
Amount
Bank
Loans
(
3.6%
)
a
Value
Basic
Materials
(0.4%)
Grinding
Media,
Inc.,
Term
Loan
$
2,888,925
9.555%, 
(TSFR3M
+
4.000%),
10/12/2028
b,c
$
2,878,092
Total
2,878,092
Capital
Goods
(0.2%)
Brand
Industrial
Services,
Inc.,
Term
Loan
1,396,980
9.799%, 
(TSFR3M
+
4.500%),
8/1/2030
b
1,400,766
Total
1,400,766
Communications
Services
(0.8%)
Cengage
Learning,
Inc.,
Term
Loan
1,367,358
9.565%, 
(TSFR1M
+
4.250%),
3/24/2031
b
1,369,805
DIRECTV
Financing,
LLC,
Term
Loan
1,151,642
10.430%, 
(TSFR1M
+
5.000%),
8/2/2027
b
1,157,193
NEP
Group,
Inc.,
Term
Loan
2,383,111
10.180%,PIK
1.500%,
(TSFR1M
+
4.750%),
8/19/2026
b,d
2,241,316
Sinclair
Television
Group,
Inc.,
Term
Loan
461,813
8.591%, 
(TSFR3M
+
3.000%),
4/3/2028
b
359,780
Total
5,128,094
Consumer
Cyclical
(0.4%)
Cedar
Fair,
LP,
Term
Loan
459,000
0.000%, 
(TSFR1M
+
2.000%),
4/18/2031
b,e,f
459,000
Marriott
Ownership
Resorts,
Inc.,
Term
Loan
925,000
7.566%, 
(TSFR1M
+
2.250%),
4/1/2031
b,c
923,844
Staples,
Inc.,
Term
Loan
1,512,224
10.327%, 
(LIBOR
1M
+
5.000%),
4/13/2026
b
1,492,111
Total
2,874,955
Consumer
Non-Cyclical
(0.6%)
Amneal
Pharmaceuticals,
LLC,
Term
Loan
931,653
10.816%, 
(TSFR1M
+
5.500%),
5/4/2028
b
931,653
Chobani
,
LLC,
Term
Loan
464,835
9.071%, 
(TSFR1M
+
3.750%),
10/25/2027
b
467,015
Endo
Finance
Holdings,
Inc.,
Term
Loan
690,000
9.826%, 
(TSFR3M
+
4.500%),
4/23/2031
b
687,412
HLF
Financing
SARL,
LLC,
Term
Loan
462,000
0.000%, 
(TSFR1M
+
2.500%),
8/18/2025
b,e,f
458,461
Principal
Amount
Bank
Loans
(3.6%)
a
Value
Consumer
Non-Cyclical
(0.6%)
-
continued
Triton
Water
Holdings,
Inc.,
Term
Loan
$
1,153,036
8.814%, 
(TSFR3M
+
3.250%),
3/31/2028
b
$
1,147,663
Total
3,692,204
Energy
(0.2%)
GIP
II
Blue
Holding,
LP,
Term
Loan
947,634
9.066%, 
(TSFR1M
+
3.750%),
9/29/2028
b
952,220
Total
952,220
Financials
(0.2%)
Truist
Insurance
Holdings,
LLC,
Term
Loan
1,611,000
0.000%, 
(TSFR1M
+
3.250%),
3/24/2031
b,e,f
1,614,029
Total
1,614,029
Technology
(0.3%)
CoreLogic
,
Inc.,
Term
Loan
1,374,750
8.930%, 
(TSFR1M
+
3.500%),
6/2/2028
b
1,323,197
Rackspace
Finance,
LLC,
Term
Loan
984,555
8.186%, 
(TSFR1M
+
2.750%),
5/15/2028
b
453,516
Total
1,776,713
Transportation
(0.5%)
AAdvantage
Loyalty
IP,
Ltd.,
Term
Loan
2,048,000
10.336%, 
(TSFR3M
+
4.750%),
4/20/2028
b
2,127,995
Air
Canada,
Term
Loan
1,388,000
7.833%, 
(TSFR3M
+
2.500%),
3/21/2031
b,c
1,396,675
Total
3,524,670
Total
Bank
Loans
(cost
$24,727,352)
23,841,743
Principal
Amount
Long-Term
Fixed
Income
(
90.5%
)
Value
Basic
Materials
(5.3%)
ACN
113
874
712,
Pty.
Ltd.
2,859,933
11.500%, 
2/15/2018
*,
g,h
2,860
ATI,
Inc.
1,358,000
7.250%, 
8/15/2030
1,389,204
Axalta
Coating
Systems
Dutch
Holding
B
BV
1,127,000
7.250%, 
2/15/2031
i
1,149,397
Baffinland
Iron
Mines
Corporation/
Baffinland
Iron
Mines,
LP
272,000
8.750%, 
7/15/2026
i
250,054
Cascades,
Inc./Cascades
USA,
Inc.
1,372,000
5.125%, 
1/15/2026
i
1,328,552
Chemours
Company
2,817,000
5.750%, 
11/15/2028
i
2,587,058
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
108
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Basic
Materials
(5.3%)
-
continued
Cleveland-Cliffs,
Inc.
$
1,955,000
4.625%, 
3/1/2029
i
$
1,809,073
1,090,000
4.875%, 
3/1/2031
i
954,860
Consolidated
Energy
Finance
SA
3,482,000
5.625%, 
10/15/2028
i
2,942,318
First
Quantum
Minerals,
Ltd.
1,938,000
6.875%, 
10/15/2027
i
1,864,124
Hecla
Mining
Company
805,000
7.250%, 
2/15/2028
801,605
Hudbay
Minerals,
Inc.
725,000
4.500%, 
4/1/2026
i
701,180
Illuminate
Buyer,
LLC/Illuminate
Holdings
IV,
Inc.
1,771,000
9.000%, 
7/1/2028
i
1,733,899
INEOS
Finance
plc
792,000
7.500%, 
4/15/2029
i
795,684
Mercer
International,
Inc.
709,000
5.500%, 
1/15/2026
687,617
Methanex
Corporation
1,025,000
4.250%, 
12/1/2024
1,010,650
Mineral
Resources,
Ltd.
417,000
9.250%, 
10/1/2028
i
437,156
Novelis
Corporation
580,000
3.250%, 
11/15/2026
i
542,279
2,010,000
4.750%, 
1/30/2030
i
1,839,192
580,000
3.875%, 
8/15/2031
i
491,152
OCI
NV
2,564,000
4.625%, 
10/15/2025
i
2,498,739
Olin
Corporation
670,000
5.625%, 
8/1/2029
645,908
SCIL
IV,
LLC/SCIL
USA
Holdings,
LLC
1,377,000
5.375%, 
11/1/2026
i
1,321,607
SNF
Group
SACA
926,000
3.125%, 
3/15/2027
i
850,275
1,157,000
3.375%, 
3/15/2030
i
994,891
SunCoke
Energy,
Inc.
2,234,000
4.875%, 
6/30/2029
i
1,972,584
Taseko
Mines,
Ltd.
1,349,000
8.250%, 
5/1/2030
i
1,370,554
Tronox
,
Inc.
681,000
4.625%, 
3/15/2029
i
607,512
United
States
Steel
Corporation
2,111,000
6.875%, 
3/1/2029
2,113,755
Total
35,693,739
Capital
Goods
(11.3%)
AAR
Escrow
Issuer,
LLC
1,634,000
6.750%, 
3/15/2029
i
1,642,824
Abengoa
Abenewco
2
Bis
SA,
Convertible
3,449,988
0.000%,PIK
1.500%,
4/26/2024
*,
d,g,h
17,250
Advanced
Drainage
Systems,
Inc.
2,360,000
5.000%, 
9/30/2027
i
2,285,288
AECOM
1,372,000
5.125%, 
3/15/2027
1,332,905
Amsted
Industries,
Inc.
2,750,000
4.625%, 
5/15/2030
i
2,472,752
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Capital
Goods
(11.3%)
-
continued
Ardagh
Packaging
Finance
plc/
Ardagh
Holdings
USA,
Inc.
$
689,000
4.125%, 
8/15/2026
i
$
574,183
849,000
5.250%, 
8/15/2027
i
432,990
Boeing
Company
919,000
6.858%, 
5/1/2054
i
921,490
459,000
6.298%, 
5/1/2029
i
460,823
689,000
6.388%, 
5/1/2031
i
692,095
Bombardier,
Inc.
1,620,000
7.875%, 
4/15/2027
i
1,609,904
1,755,000
6.000%, 
2/15/2028
i
1,711,457
Builders
FirstSource
,
Inc.
900,000
5.000%, 
3/1/2030
i
842,703
Canpack
SA/
Canpack
US,
LLC
2,655,000
3.875%, 
11/15/2029
i
2,326,566
Chart
Industries,
Inc.
2,030,000
7.500%, 
1/1/2030
i
2,076,295
Clean
Harbors,
Inc.
2,920,000
5.125%, 
7/15/2029
i
2,782,165
Clydesdale
Acquisition
Holdings,
Inc.
273,000
6.625%, 
4/15/2029
i
272,314
546,000
8.750%, 
4/15/2030
i
527,682
Cornerstone
Building
Brands,
Inc.
686,000
6.125%, 
1/15/2029
i
578,834
Covanta
Holding
Corporation
826,000
4.875%, 
12/1/2029
i
724,076
CP
Atlas
Buyer,
Inc.
1,228,000
7.000%, 
12/1/2028
i,j
1,106,429
Crown
Cork
&
Seal
Company,
Inc.
1,700,000
7.375%, 
12/15/2026
1,754,313
EMRLD
Borrower,
LP/Emerald
Co-
Issuer,
Inc.
1,819,000
6.625%, 
12/15/2030
i
1,802,701
EquipmentShare.com,
Inc.
670,000
8.625%, 
5/15/2032
i
681,671
GFL
Environmental,
Inc.
3,885,000
4.000%, 
8/1/2028
i
3,521,304
H&E
Equipment
Services,
Inc.
4,500,000
3.875%, 
12/15/2028
i
3,981,995
Herc
Holdings,
Inc.
1,730,000
5.500%, 
7/15/2027
i
1,680,268
Mauser
Packaging
Solutions
Holding
Company
1,281,000
9.250%, 
4/15/2027
i,j
1,255,348
Miter
Brands
Acquisition
Holdco,
Inc./MIWD
Borrower,
LLC
406,000
6.750%, 
4/1/2032
i
403,209
MIWD
Holdco
II,
LLC
1,163,000
5.500%, 
2/1/2030
i
1,053,278
Mueller
Water
Products,
Inc.
1,135,000
4.000%, 
6/15/2029
i
1,026,961
Nesco
Holdings
II,
Inc.
2,170,000
5.500%, 
4/15/2029
i
2,019,821
New
Enterprise
Stone
and
Lime
Company,
Inc.
3,053,000
5.250%, 
7/15/2028
i
2,867,780
OI
European
Group
BV
2,270,000
4.750%, 
2/15/2030
i
2,073,196
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
109
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Capital
Goods
(11.3%)
-
continued
Owens-Brockway
Glass
Container,
Inc.
$
1,093,000
6.625%, 
5/13/2027
i
$
1,092,097
Pactiv
Evergreen
Group
1,610,000
4.375%, 
10/15/2028
i
1,481,698
Roller
Bearing
Company
of
America,
Inc.
1,463,000
4.375%, 
10/15/2029
i
1,322,207
Rolls-Royce
plc
1,008,000
5.750%, 
10/15/2027
i
996,943
Sealed
Air
Corporation/Sealed
Air
Corporation
(US)
1,089,000
6.125%, 
2/1/2028
i
1,075,732
Smyrna
Ready
Mix
Concrete,
LLC
1,947,000
8.875%, 
11/15/2031
i
2,050,470
Spirit
AeroSystems
,
Inc.
920,000
4.600%, 
6/15/2028
847,728
1,389,000
9.750%, 
11/15/2030
i
1,536,576
SRM
Escrow
Issuer,
LLC
1,192,000
6.000%, 
11/1/2028
i
1,153,087
Summit
Materials,
LLC/Summit
Materials
Finance
Corporation
556,000
7.250%, 
1/15/2031
i
571,198
TransDigm
,
Inc.
713,000
6.750%, 
8/15/2028
i
716,030
110,000
4.625%, 
1/15/2029
100,759
1,885,000
4.875%, 
5/1/2029
1,733,786
2,355,000
7.125%, 
12/1/2031
i
2,399,920
1,906,000
6.625%, 
3/1/2032
i
1,902,760
Triumph
Group,
Inc.
882,000
9.000%, 
3/15/2028
i
913,271
Trivium
Packaging
Finance
1,040,000
5.500%, 
8/15/2026
i
1,022,056
870,000
8.500%, 
8/15/2027
i
861,528
United
Rentals
North
America,
Inc.
1,710,000
3.875%, 
2/15/2031
1,499,247
WESCO
Distribution,
Inc.
1,309,000
7.250%, 
6/15/2028
i
1,329,707
680,000
6.375%, 
3/15/2029
i
675,511
476,000
6.625%, 
3/15/2032
i
473,773
Total
75,268,954
Communications
Services
(11.6%)
Altice
Financing
SA
1,217,000
5.750%, 
8/15/2029
i
903,957
Altice
France
SA
1,026,000
5.125%, 
7/15/2029
i
668,301
3,065,000
5.500%, 
10/15/2029
i
2,005,383
AMC
Networks,
Inc.
338,000
10.250%, 
1/15/2029
i
337,385
C&W
Senior
Finance,
Ltd.
475,000
6.875%, 
9/15/2027
i
449,787
CCO
Holdings,
LLC/CCO
Holdings
Capital
Corporation
2,521,000
5.000%, 
2/1/2028
i
2,295,824
3,250,000
5.375%, 
6/1/2029
i
2,862,596
347,000
6.375%, 
9/1/2029
i
318,088
3,760,000
4.750%, 
3/1/2030
i
3,124,354
1,814,000
4.250%, 
2/1/2031
i
1,419,714
1,218,000
4.750%, 
2/1/2032
i
957,877
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Communications
Services
(11.6%)
-
continued
Cimpress
plc
$
1,827,000
7.000%, 
6/15/2026
$
1,812,859
Clear
Channel
Outdoor
Holdings,
Inc.
1,251,000
7.500%, 
6/1/2029
i,j
1,008,088
Clear
Channel
Worldwide
Holdings,
Inc.
1,780,000
5.125%, 
8/15/2027
i
1,649,922
Connect
Finco
SARL/Connect
US
Finco
,
LLC
1,048,000
6.750%, 
10/1/2026
i
1,014,975
CSC
Holdings,
LLC
896,000
5.375%, 
2/1/2028
i
687,421
733,000
11.750%, 
1/31/2029
i
651,216
1,667,000
6.500%, 
2/1/2029
i
1,243,281
3,009,000
5.750%, 
1/15/2030
i
1,319,507
1,034,000
4.125%, 
12/1/2030
i
656,819
DIRECTV
Financing,
LLC/DIRECTV
Financing
Co-Obligor,
Inc.
4,113,000
5.875%, 
8/15/2027
i
3,833,632
DISH
DBS
Corporation
634,000
5.875%, 
11/15/2024
j
597,215
1,019,000
5.250%, 
12/1/2026
i,j
801,325
719,000
7.375%, 
7/1/2028
322,068
760,000
5.750%, 
12/1/2028
i,j
513,214
1,162,000
5.125%, 
6/1/2029
466,754
DISH
Network
Corporation
826,000
11.750%, 
11/15/2027
i
832,639
Frontier
Communications
Holdings,
LLC
840,000
5.875%, 
10/15/2027
i
805,693
1,410,000
5.000%, 
5/1/2028
i
1,297,184
840,000
6.750%, 
5/1/2029
i
738,711
510,000
8.750%, 
5/15/2030
i
519,246
GCI,
LLC
3,410,000
4.750%, 
10/15/2028
i
3,041,875
Gray
Television,
Inc.
3,396,000
5.375%, 
11/15/2031
i
2,041,350
iHeartCommunications
,
Inc.
423,000
6.375%, 
5/1/2026
357,489
472,000
5.250%, 
8/15/2027
i
346,290
Iliad
Holding
SASU
2,471,000
6.500%, 
10/15/2026
i
2,458,902
1,064,000
8.500%, 
4/15/2031
*,f
1,072,015
Intelsat
Jackson
Holdings
SA
919,000
6.500%, 
3/15/2030
i
879,615
Lamar
Media
Corporation
1,109,000
3.625%, 
1/15/2031
948,195
LCPR
Senior
Secured
Financing
DAC
3,330,000
6.750%, 
10/15/2027
i
3,086,328
Level
3
Financing,
Inc.
1,640,000
4.250%, 
7/1/2028
i
631,892
600,000
11.000%, 
11/15/2029
i
612,299
957,000
10.500%, 
5/15/2030
i,j
948,312
McGraw-Hill
Education,
Inc.
919,000
5.750%, 
8/1/2028
i
852,256
1,378,000
8.000%, 
8/1/2029
i
1,265,683
News
Corporation
1,610,000
3.875%, 
5/15/2029
i
1,450,038
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
110
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Communications
Services
(11.6%)
-
continued
Outfront
Media
Capital,
LLC/
Outfront
Media
Capital
Corporation
$
815,000
4.625%, 
3/15/2030
i
$
719,537
Paramount
Global
679,000
6.375%, 
3/30/2062
b
627,977
Playtika
Holding
Corporation
1,770,000
4.250%, 
3/15/2029
i
1,523,178
Scripps
Escrow
II,
Inc.
409,000
3.875%, 
1/15/2029
i
302,127
Sinclair
Television
Group,
Inc.
1,959,000
4.125%, 
12/1/2030
i
1,357,822
Sirius
XM
Radio,
Inc.
630,000
3.125%, 
9/1/2026
i
586,360
360,000
5.000%, 
8/1/2027
i
339,981
1,640,000
4.000%, 
7/15/2028
i
1,461,931
860,000
3.875%, 
9/1/2031
i
691,639
TEGNA,
Inc.
680,000
4.750%, 
3/15/2026
i
656,668
1,592,000
4.625%, 
3/15/2028
1,434,698
Telecom
Italia
Capital
SA
1,315,000
6.000%, 
9/30/2034
j
1,107,264
Telecom
Italia
SPA/Milano
424,000
5.303%, 
5/30/2024
i
422,915
Telesat
Canada/
Telesat
,
LLC
448,000
4.875%, 
6/1/2027
i
201,736
United
States
Cellular
Corporation
464,000
6.700%, 
12/15/2033
452,774
Uniti
Group,
LP/
Uniti
Group
Finance,
Inc./CSL
Capital,
LLC
1,179,000
4.750%, 
4/15/2028
i
1,034,042
443,000
6.500%, 
2/15/2029
i
356,140
Univision
Communications,
Inc.
1,688,000
4.500%, 
5/1/2029
i
1,468,428
Urban
One,
Inc.
408,000
7.375%, 
2/1/2028
i
331,041
Viasat
,
Inc.
1,087,000
6.500%, 
7/15/2028
i,j
830,915
Virgin
Media
Finance
plc
808,000
5.000%, 
7/15/2030
i
661,708
Virgin
Media
Secured
Finance
plc
1,085,000
5.500%, 
5/15/2029
i
986,199
VZ
Secured
Financing
BV
2,000,000
5.000%, 
1/15/2032
i
1,684,676
Windstream
Escrow,
LLC/
Windstream
Escrow
Finance
Corporation
407,000
7.750%, 
8/15/2028
i
392,160
YPSO
Finance
BIS
SA
955,000
10.500%, 
5/15/2027
i
339,016
Zayo
Group
Holdings,
Inc.
811,000
4.000%, 
3/1/2027
i
645,526
Ziggo
Bond
Company
BV
807,000
5.125%, 
2/28/2030
i,j
669,606
Total
77,393,638
Consumer
Cyclical
(17.1%)
1011778
B.C.,
ULC/New
Red
Finance,
Inc.
4,025,000
4.375%, 
1/15/2028
i
3,743,094
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Consumer
Cyclical
(17.1%)
-
continued
$
1,385,000
4.000%, 
10/15/2030
i
$
1,194,388
Adient
Global
Holdings,
Ltd.
1,091,000
8.250%, 
4/15/2031
i,j
1,132,943
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation
602,000
6.625%, 
7/15/2026
i
600,408
720,000
6.000%, 
6/1/2029
i,j
611,293
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation/
Atlas
Luxco
4
SARL
1,175,000
4.625%, 
6/1/2028
i
1,055,414
700,000
4.625%, 
6/1/2028
i
627,919
Allison
Transmission,
Inc.
1,137,000
3.750%, 
1/30/2031
i
973,215
American
Axle
&
Manufacturing,
Inc.
3,376,000
5.000%, 
10/1/2029
j
3,045,987
Anywhere
Real
Estate
Group,
LLC/Anywhere
Co-Issuer
Corporation
363,000
7.000%, 
4/15/2030
i,j
318,513
Arches
Buyer,
Inc.
1,478,000
6.125%, 
12/1/2028
i
1,202,168
Arko
Corporation
1,344,000
5.125%, 
11/15/2029
i
1,083,037
Asbury
Automotive
Group,
Inc.
460,000
5.000%, 
2/15/2032
i
408,943
Ashton
Woods
USA,
LLC/Ashton
Woods
Finance
Company
700,000
4.625%, 
8/1/2029
i
633,092
1,333,000
4.625%, 
4/1/2030
i
1,191,187
Aston
Martin
Capital
Holdings,
Ltd.
664,000
10.000%, 
3/31/2029
i
650,318
Beazer
Homes
USA,
Inc.
475,000
7.500%, 
3/15/2031
i
469,503
Boyd
Gaming
Corporation
1,880,000
4.750%, 
6/15/2031
i
1,664,752
Boyne
USA,
Inc.
1,082,000
4.750%, 
5/15/2029
i
984,555
Brookfield
Residential
Properties,
Inc./Brookfield
Residential
US,
LLC
1,875,000
5.000%, 
6/15/2029
i
1,660,210
435,000
4.875%, 
2/15/2030
i
376,470
Caesars
Entertainment,
Inc.
1,400,000
8.125%, 
7/1/2027
i
1,418,897
4,432,000
4.625%, 
10/15/2029
i
3,954,836
819,000
6.500%, 
2/15/2032
i
806,914
Carnival
Corporation
703,000
7.625%, 
3/1/2026
i
707,360
2,147,000
5.750%, 
3/1/2027
i
2,095,389
1,523,000
4.000%, 
8/1/2028
i
1,392,487
1,023,000
6.000%, 
5/1/2029
i
991,331
Carvana
Company
400,000
0.000%,PIK
12.000%,
12/1/2028
d,i
391,785
Cedar
Fair,
LP
1,608,000
5.250%, 
7/15/2029
1,501,145
Churchill
Downs,
Inc.
935,000
4.750%, 
1/15/2028
i
883,401
809,000
6.750%, 
5/1/2031
i
803,134
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
111
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Consumer
Cyclical
(17.1%)
-
continued
Cinemark
USA,
Inc.
$
2,005,000
5.875%, 
3/15/2026
i
$
1,979,745
Clarios
Global,
LP/
Clarios
US
Finance
Company,
Inc.
1,001,000
8.500%, 
5/15/2027
i
1,002,319
1,800,000
6.750%, 
5/15/2028
i
1,803,665
Dana,
Inc.
1,100,000
4.250%, 
9/1/2030
953,025
Ford
Motor
Company
3,138,000
3.250%, 
2/12/2032
2,527,443
Gap,
Inc.
473,000
3.625%, 
10/1/2029
i
400,234
General
Motors
Financial
Company,
Inc.
1,394,000
5.750%, 
9/30/2027
b,k
1,300,455
Goodyear
Tire
&
Rubber
Company
1,405,000
5.000%, 
7/15/2029
j
1,274,294
Hanesbrands,
Inc.
766,000
4.875%, 
5/15/2026
i
740,878
748,000
9.000%, 
2/15/2031
i,j
744,405
Hilton
Domestic
Operating
Company,
Inc.
1,398,000
4.875%, 
1/15/2030
1,314,162
1,562,000
3.625%, 
2/15/2032
i
1,312,582
Hilton
Grand
Vacations
Borrower
Escrow,
LLC/Hilton
Grand
Vacations
Borrower
Escrow,
Inc.
1,742,000
5.000%, 
6/1/2029
i
1,584,441
International
Game
Technology
plc
1,500,000
6.250%, 
1/15/2027
i
1,497,812
550,000
5.250%, 
1/15/2029
i
519,504
Jacobs
Entertainment,
Inc.
1,097,000
6.750%, 
2/15/2029
i
1,040,623
KB
Home
1,870,000
6.875%, 
6/15/2027
1,912,902
L
Brands,
Inc.
1,810,000
5.250%, 
2/1/2028
1,740,703
2,190,000
6.625%, 
10/1/2030
i
2,188,366
970,000
6.875%, 
11/1/2035
963,548
Light
&
Wonder
International,
Inc.
2,700,000
7.250%, 
11/15/2029
i
2,723,104
Live
Nation
Entertainment,
Inc.
729,000
4.750%, 
10/15/2027
i
687,063
Macy's
Retail
Holdings,
LLC
2,240,000
5.875%, 
4/1/2029
i,j
2,159,743
Mattamy
Group
Corporation
1,300,000
4.625%, 
3/1/2030
i
1,164,154
Melco
Resorts
Finance,
Ltd.
726,000
5.375%, 
12/4/2029
i
646,440
625,000
7.625%, 
4/17/2032
i
611,375
Michaels
Companies,
Inc.
1,471,000
5.250%, 
5/1/2028
i
1,245,021
NCL
Corporation,
Ltd.
1,963,000
5.875%, 
3/15/2026
i
1,923,388
2,017,000
5.875%, 
2/15/2027
i
1,970,346
Nordstrom,
Inc.
764,000
4.250%, 
8/1/2031
658,962
PENN
Entertainment,
Inc.
1,400,000
4.125%, 
7/1/2029
i,j
1,172,679
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Consumer
Cyclical
(17.1%)
-
continued
PetSmart,
Inc./PetSmart
Finance
Corporation
$
1,408,000
4.750%, 
2/15/2028
i
$
1,299,371
3,225,000
7.750%, 
2/15/2029
i
3,065,311
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
1,682,000
5.750%, 
4/15/2026
i
1,660,843
1,595,000
3.375%, 
8/31/2027
i
1,452,654
1,458,000
6.250%, 
1/15/2028
i
1,424,344
QVC,
Inc.
418,000
4.375%, 
9/1/2028
321,430
Raising
Cane's
Restaurants,
LLC
835,000
9.375%, 
5/1/2029
i
895,545
Real
Hero
Merger
Sub
2,
Inc.
1,116,000
6.250%, 
2/1/2029
i,j
956,069
Realogy
Group,
LLC/Realogy
Group
Co-Issuer
Corporation
480,000
5.750%, 
1/15/2029
i
335,048
Royal
Caribbean
Cruises,
Ltd.
2,628,000
4.250%, 
7/1/2026
i
2,523,378
1,200,000
5.375%, 
7/15/2027
i
1,167,798
1,261,000
9.250%, 
1/15/2029
i
1,346,695
1,142,000
7.250%, 
1/15/2030
i
1,174,390
Scientific
Games
Holdings,
LP/
Scientific
Games
US
FinCo
,
Inc.
680,000
6.625%, 
3/1/2030
i
643,298
SeaWorld
Parks
and
Entertainment,
Inc.
1,581,000
5.250%, 
8/15/2029
i
1,457,789
Six
Flags
Theme
Parks,
Inc.
503,000
7.000%, 
7/1/2025
i
504,095
Staples,
Inc.
345,000
10.750%, 
4/15/2027
i
317,491
Station
Casinos,
LLC
700,000
4.500%, 
2/15/2028
i
649,264
724,000
4.625%, 
12/1/2031
i
634,612
Tenneco,
Inc.
1,884,000
8.000%, 
11/17/2028
i
1,760,341
Tripadvisor
,
Inc.
406,000
7.000%, 
7/15/2025
i
406,161
Victoria's
Secret
&
Company
1,564,000
4.625%, 
7/15/2029
i
1,228,781
Viking
Cruises,
Ltd.
3,093,000
5.875%, 
9/15/2027
i
2,998,867
Wabash
National
Corporation
2,141,000
4.500%, 
10/15/2028
i
1,923,769
Walgreens
Boots
Alliance,
Inc.
460,000
3.200%, 
4/15/2030
394,522
WASH
Multifamily
Acquisition,
Inc.
945,000
5.750%, 
4/15/2026
i
916,188
Wyndham
Hotels
&
Resorts,
Inc.
675,000
4.375%, 
8/15/2028
i
618,919
Wynn
Resorts
Finance,
LLC/Wynn
Resorts
Capital
Corporation
750,000
7.125%, 
2/15/2031
i
760,697
ZF
North
America
Capital,
Inc.
947,000
6.875%, 
4/14/2028
i
953,333
Total
114,128,472
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
112
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Consumer
Non-Cyclical
(11.0%)
1375209
B.C.,
Ltd.
$
1,017,000
9.000%, 
1/30/2028
i,j
$
998,410
AdaptHealth
,
LLC
2,897,000
4.625%, 
8/1/2029
i
2,440,784
Albertson's
Companies,
Inc.
2,830,000
5.875%, 
2/15/2028
i
2,773,309
Albertsons
Companies,
Inc./
Safeway,
Inc./New
Albertsons,
LP/Albertsons,
LLC
1,830,000
4.625%, 
1/15/2027
i
1,748,538
384,000
3.500%, 
3/15/2029
i
338,829
B&G
Foods,
Inc.
1,443,000
5.250%, 
9/15/2027
j
1,332,041
Bausch
+
Lomb
Corporation
414,000
8.375%, 
10/1/2028
i
427,559
Bausch
Health
Companies,
Inc.
699,000
5.500%, 
11/1/2025
i
651,083
2,399,000
4.875%, 
6/1/2028
i
1,549,703
507,000
11.000%, 
9/30/2028
i
395,708
BellRing
Brands,
Inc.
1,124,000
7.000%, 
3/15/2030
i
1,137,407
Catalent
Pharma
Solutions,
Inc.
816,000
3.125%, 
2/15/2029
i
778,817
Central
Garden
&
Pet
Company
2,320,000
4.125%, 
10/15/2030
2,026,533
Cheplapharm
Arzneimittel
GmbH
280,000
5.500%, 
1/15/2028
i
262,682
Chobani
,
LLC/
Chobani
Finance
Corporation,
Inc.
1,968,000
4.625%, 
11/15/2028
i
1,821,499
681,000
7.625%, 
7/1/2029
i
688,202
CHS/Community
Health
Systems,
Inc.
1,835,000
5.625%, 
3/15/2027
i
1,680,202
440,000
6.000%, 
1/15/2029
i
383,874
533,000
6.125%, 
4/1/2030
i,j
376,838
667,000
5.250%, 
5/15/2030
i
545,329
1,576,000
4.750%, 
2/15/2031
i
1,230,131
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US,
LLC
2,393,000
4.750%, 
1/15/2029
i
2,230,699
1,358,000
6.625%, 
7/15/2030
i
1,358,819
Edgewell
Personal
Care
Company
1,460,000
5.500%, 
6/1/2028
i
1,408,842
Embecta
Corporation
1,210,000
5.000%, 
2/15/2030
i,j
932,851
Encompass
Health
Corporation
3,545,000
4.500%, 
2/1/2028
3,327,533
Energizer
Holdings,
Inc.
2,330,000
4.750%, 
6/15/2028
i
2,117,075
Fortrea
Holdings,
Inc.
1,056,000
7.500%, 
7/1/2030
i
1,065,212
Grifols
SA
1,900,000
4.750%, 
10/15/2028
i
1,534,515
HLF
Financing
SARL,
LLC/
Herbalife
International,
Inc.
1,217,000
4.875%, 
6/1/2029
i
714,865
Jazz
Securities
DAC
1,066,000
4.375%, 
1/15/2029
i
969,876
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Consumer
Non-Cyclical
(11.0%)
-
continued
Legacy
LifePoint
Health,
LLC
$
814,000
4.375%, 
2/15/2027
i
$
762,320
LifePoint
Health,
Inc.
642,000
9.875%, 
8/15/2030
i
668,513
600,000
11.000%, 
10/15/2030
i
638,635
Medline
Borrower,
LP/Medline
Co-
Issuer,
Inc.
1,353,000
6.250%, 
4/1/2029
i
1,344,346
ModivCare
Escrow
Issuer,
Inc.
683,000
5.000%, 
10/1/2029
i,j
474,478
ModivCare
,
Inc.
547,000
5.875%, 
11/15/2025
i
533,493
Mozart
Debt
Merger
Sub,
Inc.
1,398,000
3.875%, 
4/1/2029
i
1,252,372
1,527,000
5.250%, 
10/1/2029
i
1,421,605
Newell
Brands,
Inc.
260,000
6.375%, 
9/15/2027
j
253,534
676,000
6.625%, 
9/15/2029
652,935
Organon
&
Company/
Organon
Foreign
Debt
Co-Issuer
BV
2,359,000
4.125%, 
4/30/2028
i
2,148,475
1,000,000
5.125%, 
4/30/2031
i
864,702
Owens
&
Minor,
Inc.
1,820,000
6.625%, 
4/1/2030
i,j
1,765,928
Perrigo
Finance
Unlimited
Company
938,000
3.150%, 
6/15/2030
859,515
Post
Holdings,
Inc.
1,015,000
4.500%, 
9/15/2031
i
892,454
Primo
Water
Holdings,
Inc.
1,633,000
4.375%, 
4/30/2029
i
1,490,533
RegionalCare
Hospital
Partners
Holdings,
Inc./
LifePoint
Health,
Inc.
814,000
9.750%, 
12/1/2026
i
810,475
Sigma
Holdco
BV
1,028,000
7.875%, 
5/15/2026
i
974,544
Simmons
Foods,
Inc.
2,663,000
4.625%, 
3/1/2029
i
2,297,654
Spectrum
Brands,
Inc.
1,036,000
5.000%, 
10/1/2029
i
1,009,380
730,000
5.500%, 
7/15/2030
i
708,850
713,000
3.875%, 
3/15/2031
i,j
667,240
Star
Parent,
Inc.
1,380,000
9.000%, 
10/1/2030
i
1,443,550
Surgery
Center
Holdings,
Inc.
810,000
7.250%, 
4/15/2032
i
808,894
Tenet
Healthcare
Corporation
3,960,000
5.125%, 
11/1/2027
3,831,002
1,545,000
6.750%, 
5/15/2031
i
1,548,064
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3,933,000
3.150%, 
10/1/2026
3,643,606
US
Acute
Care
Solutions,
LLC
675,000
6.375%, 
3/1/2026
i
683,438
Total
73,698,300
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
113
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Energy
(12.6%)
Antero
Midstream
Partners,
LP/
Antero
Midstream
Finance
Corporation
$
1,766,000
5.375%, 
6/15/2029
i
$
1,680,460
Antero
Resources
Corporation
490,000
5.375%, 
3/1/2030
i
465,874
Archrock
Partners,
LP/
Archrock
Partners
Finance
Corporation
970,000
6.250%, 
4/1/2028
i
950,272
Ascent
Resources
Utica
Holdings,
LLC/ARU
Finance
Corporation
1,362,000
8.250%, 
12/31/2028
i
1,389,737
Baytex
Energy
Corporation
1,082,000
8.500%, 
4/30/2030
i
1,128,107
Borr
IHC,
Ltd./
Borr
Finance,
LLC
940,000
10.000%, 
11/15/2028
i
971,701
300,000
10.375%, 
11/15/2030
i
311,558
Buckeye
Partners,
LP
1,795,000
4.500%, 
3/1/2028
i
1,671,964
Civitas
Resources,
Inc.
1,323,000
8.375%, 
7/1/2028
i
1,380,132
486,000
8.625%, 
11/1/2030
i
517,168
1,141,000
8.750%, 
7/1/2031
i
1,210,307
CNX
Resources
Corporation
732,000
7.375%, 
1/15/2031
i
740,989
Comstock
Resources,
Inc.
2,700,000
5.875%, 
1/15/2030
i
2,459,083
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
2,345,000
5.500%, 
6/15/2031
i
2,154,907
Crescent
Energy
Finance,
LLC
812,000
9.250%, 
2/15/2028
i
857,846
1,569,000
7.625%, 
4/1/2032
i
1,574,852
Delek
Logistics
Partners,
LP/
Delek
Logistics
Finance
Corporation
816,000
8.625%, 
3/15/2029
i
822,174
Diamond
Foreign
Asset
Company/
Diamond
Finance,
LLC
552,000
8.500%, 
10/1/2030
i
577,386
DT
Midstream,
Inc.
1,390,000
4.125%, 
6/15/2029
i
1,259,853
540,000
4.375%, 
6/15/2031
i
479,388
Enerflex
,
Ltd.
1,080,000
9.000%, 
10/15/2027
i
1,105,943
Energy
Transfer,
LP
1,621,000
8.000%, 
5/15/2054
b,j
1,669,303
EQM
Midstream
Partners,
LP
3,733,000
4.750%, 
1/15/2031
i
3,410,965
Genesis
Energy
LP/Genesis
Energy
Finance
Corporation
2,181,000
8.875%, 
4/15/2030
2,256,903
Harvest
Midstream
I,
LP
2,049,000
7.500%, 
9/1/2028
i
2,054,614
Hess
Midstream
Operations,
LP
1,395,000
4.250%, 
2/15/2030
i
1,258,979
Hilcorp
Energy
I,
LP/
Hilcorp
Finance
Company
1,911,000
5.750%, 
2/1/2029
i
1,835,767
935,000
6.000%, 
2/1/2031
i
892,590
1,440,000
6.250%, 
4/15/2032
i
1,390,371
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Energy
(12.6%)
-
continued
Howard
Midstream
Energy
Partners,
LLC
$
2,091,000
6.750%, 
1/15/2027
i
$
2,062,940
ITT
Holdings,
LLC
1,670,000
6.500%, 
8/1/2029
i
1,508,374
Laredo
Petroleum,
Inc.
2,690,000
7.750%, 
7/31/2029
i
2,707,622
MEG
Energy
Corporation
1,778,000
5.875%, 
2/1/2029
i
1,720,208
Mesquite
Energy,
Inc.
3,260,000
0.000%, 
2/15/2023
*,
g,h
211,900
Nabors
Industries,
Inc.
1,079,000
9.125%, 
1/31/2030
i
1,112,648
Nabors
Industries,
Ltd.
1,079,000
7.500%, 
1/15/2028
i,j
1,023,051
New
Fortress
Energy,
Inc.
545,000
6.750%, 
9/15/2025
i
538,303
543,000
8.750%, 
3/15/2029
i,j
529,561
NGL
Energy
Operating,
LLC/NGL
Energy
Finance
Corporation
545,000
8.125%, 
2/15/2029
i
553,676
817,000
8.375%, 
2/15/2032
i
830,196
Noble
Finance
II,
LLC
1,350,000
8.000%, 
4/15/2030
i
1,391,036
Northern
Oil
and
Gas,
Inc.
1,368,000
8.750%, 
6/15/2031
i
1,439,004
NuStar
Logistics,
LP
1,058,000
6.375%, 
10/1/2030
1,045,973
PBF
Holding
Company,
LLC/PBF
Finance
Corporation
1,112,000
6.000%, 
2/15/2028
1,084,524
Permian
Resources
Operating,
LLC
1,012,000
7.000%, 
1/15/2032
i
1,031,648
Prairie
Acquiror
,
LP
1,088,000
9.000%, 
8/1/2029
i
1,111,294
Precision
Drilling
Corporation
1,395,000
6.875%, 
1/15/2029
i
1,380,526
Range
Resources
Corporation
1,718,000
4.750%, 
2/15/2030
i
1,581,870
Rockcliff
Energy
II,
LLC
1,509,000
5.500%, 
10/15/2029
i
1,390,931
Rockies
Express
Pipeline,
LLC
1,396,000
4.950%, 
7/15/2029
i
1,283,390
Southwestern
Energy
Company
976,000
4.750%, 
2/1/2032
878,952
Sunoco,
LP/Sunoco
Finance
Corporation
975,000
4.500%, 
5/15/2029
890,143
784,000
4.500%, 
4/30/2030
705,484
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
2,497,000
5.500%, 
1/15/2028
i
2,370,705
Talos
Production,
Inc.
409,000
9.000%, 
2/1/2029
i
431,520
Teine
Energy,
Ltd.
1,398,000
6.875%, 
4/15/2029
i
1,358,265
Transocean,
Inc.
1,216,000
8.250%, 
5/15/2029
i
1,208,994
1,216,000
8.500%, 
5/15/2031
i
1,210,503
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
114
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Energy
(12.6%)
-
continued
USA
Compression
Partners,
LP/
USA
Compression
Finance
Corporation
$
700,000
6.875%, 
9/1/2027
$
698,837
Valaris
,
Ltd.
1,358,000
8.375%, 
4/30/2030
i
1,396,587
Venture
Global
Calcasieu
Pass,
LLC
1,969,000
3.875%, 
8/15/2029
i
1,739,675
882,000
6.250%, 
1/15/2030
i
872,049
Venture
Global
LNG,
Inc.
961,000
8.125%, 
6/1/2028
i
982,592
940,000
9.500%, 
2/1/2029
i
1,010,370
2,787,000
8.375%, 
6/1/2031
i
2,860,054
Weatherford
International,
Ltd.
1,255,000
8.625%, 
4/30/2030
i
1,303,180
Total
83,935,778
Financials
(10.2%)
Acrisure
,
LLC/
Acrisure
Finance,
Inc.
1,009,000
6.000%, 
8/1/2029
i
912,923
AerCap
Holdings
NV
2,460,000
5.875%, 
10/10/2079
b
2,429,240
Alliant
Holdings
Intermediate,
LLC/
Alliant
Holdings
Co-Issuer,
Inc.
1,448,000
6.750%, 
10/15/2027
i
1,419,935
1,019,000
6.750%, 
4/15/2028
i
1,017,925
337,000
7.000%, 
1/15/2031
i
338,055
Ally
Financial,
Inc.
348,000
6.700%, 
2/14/2033
341,383
AmWINS
Group,
Inc.
544,000
6.375%, 
2/15/2029
i
537,413
1,620,000
4.875%, 
6/30/2029
i
1,472,712
Avolon
Holdings
Funding,
Ltd.
952,000
2.528%, 
11/18/2027
i
838,933
Barclays
plc
649,000
6.125%, 
12/15/2025
b,k
623,849
Bread
Financial
Holdings,
Inc.
825,000
9.750%, 
3/15/2029
i
857,952
Brookfield
Property
REIT,
Inc./BPR
Cumulus,
LLC/BPR
Nimbus,
LLC/GGSI
Sellco
,
LLC
476,000
4.500%, 
4/1/2027
i
422,746
Burford
Capital
Global
Finance,
LLC
1,580,000
9.250%, 
7/1/2031
i
1,645,820
Castlelake
Aviation
Finance
DAC
1,065,000
5.000%, 
4/15/2027
i
1,024,933
Centene
Corporation
871,000
4.625%, 
12/15/2029
811,091
830,000
3.375%, 
2/15/2030
723,085
Credit
Acceptance
Corporation
1,199,000
9.250%, 
12/15/2028
i
1,271,240
Diversified
Healthcare
Trust
375,000
Zero
Coupon, 
1/15/2026
i
322,480
Drawbridge
Special
Opportunities
Fund,
LP
3,052,000
3.875%, 
2/15/2026
i
2,877,627
Enact
Holdings,
Inc.
1,032,000
6.500%, 
8/15/2025
i
1,031,071
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Financials
(10.2%)
-
continued
Encore
Capital
Group,
Inc.
$
331,000
9.250%, 
4/1/2029
i
$
338,165
FirstCash
,
Inc.
1,390,000
4.625%, 
9/1/2028
i
1,286,039
Fortress
Transportation
and
Infrastructure
Investors,
LLC
702,000
9.750%, 
8/1/2027
i
724,747
1,554,000
7.000%, 
5/1/2031
i
1,562,395
Freedom
Mortgage
Corporation
686,000
7.625%, 
5/1/2026
i
682,922
552,000
12.000%, 
10/1/2028
i
590,777
Freedom
Mortgage
Holdings,
LLC
546,000
9.250%, 
2/1/2029
i
548,890
GGAM
Finance,
Ltd.
1,409,000
8.000%, 
2/15/2027
i
1,444,040
676,000
8.000%, 
6/15/2028
i
696,169
540,000
6.875%, 
4/15/2029
i
539,492
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership,
LP
2,000,000
3.750%, 
12/15/2027
i
1,703,253
goeasy
,
Ltd.
1,112,000
9.250%, 
12/1/2028
i
1,174,095
HAT
Holdings
I,
LLC/HAT
Holdings
II,
LLC
469,000
8.000%, 
6/15/2027
i
480,795
HUB
International,
Ltd.
2,024,000
5.625%, 
12/1/2029
i
1,862,858
325,000
7.250%, 
6/15/2030
i
329,767
539,000
7.375%, 
1/31/2032
i
534,035
Icahn
Enterprises,
LP/Icahn
Enterprises
Finance
Corporation
955,000
4.750%, 
9/15/2024
949,356
1,509,000
6.250%, 
5/15/2026
1,467,601
1,538,000
5.250%, 
5/15/2027
1,412,260
Jane
Street
Group/JSG
Finance,
Inc.
406,000
4.500%, 
11/15/2029
i
369,283
Jefferies
Finance,
LLC/JFIN
Co-
Issuer
Corporation
544,000
5.000%, 
8/15/2028
i
489,443
Jefferson
Capital
Holdings,
LLC
545,000
6.000%, 
8/15/2026
i
535,754
1,363,000
9.500%, 
2/15/2029
i
1,386,798
Ladder
Capital
Finance
Holdings,
LLLP/Ladder
Capital
Finance
Corporation
680,000
4.250%, 
2/1/2027
i
629,650
1,000,000
4.750%, 
6/15/2029
i
892,453
Liberty
Mutual
Group,
Inc.
184,000
4.125%, 
12/15/2051
b,i
167,475
Macquarie
Airfinance
Holdings,
Ltd.
1,649,000
6.400%, 
3/26/2029
i
1,644,231
Molina
Healthcare,
Inc.
1,370,000
4.375%, 
6/15/2028
i
1,270,616
MPT
Operating
Partnership,
LP/
MPT
Finance
Corporation
745,000
5.250%, 
8/1/2026
j
678,562
1,376,000
4.625%, 
8/1/2029
j
1,029,670
Nationstar
Mortgage
Holdings,
Inc.
1,364,000
6.000%, 
1/15/2027
i
1,336,566
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
115
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Financials
(10.2%)
-
continued
Necessity
Retail
REIT,
Inc./
American
Finance
Operating
Partner,
LP
$
424,000
4.500%, 
9/30/2028
i
$
361,673
OneMain
Finance
Corporation
1,753,000
7.125%, 
3/15/2026
1,768,952
1,426,000
3.500%, 
1/15/2027
1,311,931
689,000
3.875%, 
9/15/2028
606,468
1,152,000
4.000%, 
9/15/2030
968,945
Park
Intermediate
Holdings,
LLC
1,477,000
4.875%, 
5/15/2029
i
1,351,506
PRA
Group,
Inc.
337,000
7.375%, 
9/1/2025
i
335,442
1,373,000
8.375%, 
2/1/2028
i
1,339,333
Quicken
Loans,
LLC
2,367,000
3.875%, 
3/1/2031
i
2,006,862
RHP
Hotel
Properties,
LP/RHP
Finance
Corporation
1,306,000
7.250%, 
7/15/2028
i
1,326,247
RLJ
Lodging
Trust,
LP
930,000
4.000%, 
9/15/2029
i
806,588
Service
Properties
Trust
921,000
7.500%, 
9/15/2025
927,797
765,000
8.625%, 
11/15/2031
i
803,434
SLM
Corporation
700,000
4.200%, 
10/29/2025
676,704
Synchrony
Financial
348,000
7.250%, 
2/2/2033
339,564
UBS
Group
AG
950,000
2.193%, 
6/5/2026
b,i
911,385
United
Wholesale
Mortgage,
LLC
375,000
5.500%, 
11/15/2025
i
368,872
1,059,000
5.500%, 
4/15/2029
i
983,801
XHR,
LP
677,000
6.375%, 
8/15/2025
i
676,254
762,000
4.875%, 
6/1/2029
i
695,524
Total
68,245,852
Technology
(6.7%)
AthenaHealth
Group,
Inc.
1,788,000
6.500%, 
2/15/2030
i,j
1,609,642
Boost
Newco
Borrower,
LLC
1,092,000
7.500%, 
1/15/2031
i
1,127,044
Cloud
Software
Group,
Inc.
2,575,000
6.500%, 
3/31/2029
i
2,442,267
540,000
9.000%, 
9/30/2029
i
519,618
CommScope
,
Inc.
1,130,000
7.125%, 
7/1/2028
i
378,169
Consensus
Cloud
Solutions,
Inc.
338,000
6.000%, 
10/15/2026
i
320,458
CoreLogic
,
Inc.
405,000
4.500%, 
5/1/2028
i
350,417
Dye
&
Durham,
Ltd.
1,012,000
8.625%, 
4/15/2029
i
1,021,891
Everi
Holdings,
Inc.
935,000
5.000%, 
7/15/2029
i,j
916,621
Gen
Digital,
Inc.
54,000
6.750%, 
9/30/2027
i
54,201
817,000
7.125%, 
9/30/2030
i,j
825,429
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Technology
(6.7%)
-
continued
Helios
Software
Holdings,
Inc./ION
Corporate
Solutions
Finance
SARL
$
955,000
8.750%, 
5/1/2029
f,i
$
956,890
II-VI,
Inc.
848,000
5.000%, 
12/15/2029
i
782,330
Iron
Mountain,
Inc.
3,455,000
5.250%, 
3/15/2028
i
3,305,773
610,000
5.000%, 
7/15/2028
i
574,854
980,000
5.250%, 
7/15/2030
i
909,576
1,830,000
4.500%, 
2/15/2031
i
1,614,095
McAfee
Corporation
675,000
7.375%, 
2/15/2030
i
625,232
MSCI,
Inc.
2,390,000
3.250%, 
8/15/2033
i
1,913,612
NCR
Atleos
Corporation
540,000
9.500%, 
4/1/2029
i
574,016
NCR
Voyix
Corporation
2,056,000
5.125%, 
4/15/2029
i
1,889,283
Neptune
Bidco
US,
Inc.
598,000
9.290%, 
4/15/2029
i
564,438
Newfold
Digital
Holdings
Group,
Inc.
405,000
11.750%, 
10/15/2028
i
435,064
Open
Text
Corporation
2,058,000
3.875%, 
12/1/2029
i
1,801,172
1,427,000
4.125%, 
2/15/2030
i
1,253,317
Pitney
Bowes,
Inc.
338,000
6.875%, 
3/15/2027
i
304,633
PTC,
Inc.
360,000
3.625%, 
2/15/2025
i
352,595
1,055,000
4.000%, 
2/15/2028
i
977,371
Rackspace
Finance,
LLC
675,500
3.500%, 
5/15/2028
i
320,795
RingCentral,
Inc.
1,359,000
8.500%, 
8/15/2030
i
1,382,799
Rocket
Software,
Inc.
810,000
9.000%, 
11/28/2028
f,i
813,070
Seagate
HDD
Cayman
2,208,000
4.091%, 
6/1/2029
2,008,452
Sensata
Technologies
BV
2,750,000
4.000%, 
4/15/2029
i
2,462,025
Sensata
Technologies,
Inc.
1,157,000
3.750%, 
2/15/2031
i
977,754
Shift4
Payments,
LLC/Shift4
Payments
Finance
Sub,
Inc.
1,000,000
4.625%, 
11/1/2026
i
962,827
SS&C
Technologies,
Inc.
1,922,000
5.500%, 
9/30/2027
i
1,868,219
UKG,
Inc.
1,363,000
6.875%, 
2/1/2031
i
1,365,597
Unisys
Corporation
1,460,000
6.875%, 
11/1/2027
i
1,259,125
Viavi
Solutions,
Inc.
1,606,000
3.750%, 
10/1/2029
i
1,348,579
Xerox
Holdings
Corporation
154,000
5.000%, 
8/15/2025
i
149,628
1,476,000
5.500%, 
8/15/2028
i
1,280,743
Total
44,599,621
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
116
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Transportation
(1.7%)
American
Airlines
Group,
Inc.
$
469,000
3.750%, 
3/1/2025
i
$
456,321
American
Airlines,
Inc./
AAdvantage
Loyalty
IP,
Ltd.
948,667
5.500%, 
4/20/2026
i
937,662
Avis
Budget
Car
Rental,
LLC/Avis
Budget
Finance,
Inc.
884,000
5.375%, 
3/1/2029
i
786,304
Delta
Air
Lines,
Inc.
798,000
7.000%, 
5/1/2025
i
803,942
Hawaiian
Brand
Intellectual
Property,
Ltd.
1,074,000
5.750%, 
1/20/2026
i
1,007,293
Hertz
Corporation
430,000
5.000%, 
12/1/2029
i,j
295,277
Rand
Parent,
LLC
1,418,000
8.500%, 
2/15/2030
i,j
1,402,284
RXO,
Inc.
1,619,000
7.500%, 
11/15/2027
i
1,640,193
Stena
International
SA
1,091,000
7.250%, 
1/15/2031
i
1,091,881
United
Airlines,
Inc.
1,058,000
4.375%, 
4/15/2026
i
1,017,674
VistaJet
Malta
Finance
plc/Vista
Management
Holding,
Inc.
407,000
7.875%, 
5/1/2027
i,j
361,944
2,063,000
6.375%, 
2/1/2030
i,j
1,596,418
Total
11,397,193
Utilities
(3.0%)
Calpine
Corporation
1,145,000
4.500%, 
2/15/2028
i
1,069,279
Edison
International
1,155,000
5.000%, 
12/15/2026
b,k
1,085,359
Leeward
Renewable
Energy
Operations,
LLC
935,000
4.250%, 
7/1/2029
i
773,787
NextEra
Energy
Operating
Partners,
LP
2,548,000
3.875%, 
10/15/2026
i
2,383,668
NRG
Energy,
Inc.
1,270,000
5.250%, 
6/15/2029
i
1,201,162
PG&E
Corporation
1,944,000
5.000%, 
7/1/2028
1,852,297
Sunnova
Energy
Corporation
930,000
5.875%, 
9/1/2026
i
578,412
Talen
Energy
Supply,
LLC
1,312,000
8.625%, 
6/1/2030
i
1,388,141
Terraform
Global
Operating,
LLC
2,340,000
6.125%, 
3/1/2026
i
2,305,267
TerraForm
Power
Operating,
LLC
3,120,000
5.000%, 
1/31/2028
i
2,911,491
Vistra
Corporation
2,835,000
7.000%, 
12/15/2026
b,i,k
2,800,351
Principal
Amount
Long-Term
Fixed
Income
(90.5%)
Value
Utilities
(3.0%)
-
continued
Vistra
Operations
Company,
LLC
$
2,042,000
5.000%, 
7/31/2027
i
$
1,943,427
Total
20,292,641
Total
Long-Term
Fixed
Income
(cost
$637,545,828)
604,654,188
Shares
Collateral
Held
for
Securities
Loaned
(
4.9%
)
Value
32,759,983
Thrivent
Cash
Management
Trust
32,759,983
Total
Collateral
Held
for
Securities
Loaned
(cost
$32,759,983)
32,759,983
Shares
Registered
Investment
Companies
(
2.9%
)
Value
U.S.
Unaffiliated  (2.9%)
314,864
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
11,316,212
340,901
SPDR
Bloomberg
Short
Term
High
Yield
Bond
ETF
8,481,617
Total
19,797,829
Total
Registered
Investment
Companies
(cost
$19,822,025)
19,797,829
Shares
Common
Stock
(
0.2%
)
Value
Communications
Services
(0.2%)
73,061
Windstream
Services,
LLC
l
894,997
Total
894,997
Energy
(<0.1%)
11,318
California
Resources
Corporation,
Warrants
(Expires
10/27/2024)
l
194,896
Total
194,896
Total
Common
Stock
(cost
$721,636)
1,089,893
Shares
Short-Term
Investments
(
3.3%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
2,226,324
5.580%
22,263,241
Total
Short-Term
Investments
(cost
$22,257,752)
22,263,241
Total
Investments
(cost
$737,834,576)
105.4%
$704,406,877
Other
Assets
and
Liabilities,
Net
(5.4%)
(36,229,582)
Total
Net
Assets
100.0%
$668,177,295
a
The
stated
interest
rate
represents
the
weighted
average
of
all
contracts
within
the
bank
loan
facility.
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
117
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2024.
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
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,
2024.
e
All
or
a
portion
of
the
loan
is
unfunded.
f
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
g
Defaulted
security.  Interest
is
not
being
accrued.
h
In
bankruptcy.  Income
is
not
being
accrued
per
the
bankruptcy
agreement
terms.
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,
2024,
the
value
of
these
investments
was
$516,227,431
or
77.3%
of
total
net
assets.
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
Non-income
producing
security.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
High
Yield
Fund
as
of
April
30,
2024
was
$1,304,025
or
0.20%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
April
30,
2024.
Security
Acquisition
Date
Cost
Abengoa
Abenewco
2
Bis
SA,
Convertible,
4/26/2024
4/26/2019
$
490,667
ACN
113
874
712,
Pty.
Ltd.,
2/15/2018
2/9/2011
2,712,434
Iliad
Holding
SASU,
4/15/2031
4/30/2024
1,064,000
Mesquite
Energy,
Inc.,
2/15/2023
6/30/2020
–
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,
2024:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
31,602,832
Total
lending
$31,602,832
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$32,759,983
Net
amounts
due
to
counterparty
$1,157,151
Definitions:
ETF
-
Exchange
Traded
Fund
PIK
-
Payment-In-Kind
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
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
TSFR1M
-
CME
Term
SOFR
1
Month
TSFR3M
-
CME
Term
SOFR
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
$
7,651,042
Gross
unrealized
depreciation
(46,126,387)
Net
unrealized
appreciation
(depreciation)
$
(38,475,345)
Cost
for
federal
income
tax
purposes
$
742,882,222
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
118
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
High
Yield
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Bank
Loans
Basic
Materials
2,878,092
–
–
2,878,092
Capital
Goods
1,400,766
–
1,400,766
–
Communications
Services
5,128,094
–
5,128,094
–
Consumer
Cyclical
2,874,955
–
1,951,111
923,844
Consumer
Non-Cyclical
3,692,204
–
3,692,204
–
Energy
952,220
–
952,220
–
Financials
1,614,029
–
1,614,029
–
Technology
1,776,713
–
1,776,713
–
Transportation
3,524,670
–
2,127,995
1,396,675
Long-Term
Fixed
Income
Basic
Materials
35,693,739
–
35,693,739
–
Capital
Goods
75,268,954
–
75,268,954
–
Communications
Services
77,393,638
–
77,393,638
–
Consumer
Cyclical
114,128,472
–
114,128,472
–
Consumer
Non-Cyclical
73,698,300
–
73,698,300
–
Energy
83,935,778
–
83,935,778
–
Financials
68,245,852
–
68,245,852
–
Technology
44,599,621
–
44,599,621
–
Transportation
11,397,193
–
11,397,193
–
Utilities
20,292,641
–
20,292,641
–
Registered
Investment
Companies
U.S.
Unaffiliated
19,797,829
19,797,829
–
–
Common
Stock
Communications
Services
894,997
–
894,997
–
Energy
194,896
194,896
–
–
Subtotal
Investments
in
Securities
$649,383,653
$19,992,725
$624,192,317
$5,198,611
Other
Investments  *
Total
Affiliated
Short-Term
Investments
22,263,241
Collateral
Held
for
Securities
Loaned
32,759,983
Subtotal
Other
Investments
$55,023,224
Total
Investments
at
Value
$704,406,877
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
(1,034,051)
Total
Credit
Contracts
(1,034,051)
Total
($1,034,051)
High
Yield
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
119
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
(212,873)
Total
Credit
Contracts
(212,873)
Total
($212,873)
The
following
table
presents
High
Yield
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2024.
Derivative
Risk
Category
Average
Notional
Value
Credit
Contracts
Credit
Default
Swaps
-
Buy
Protection
($592,095)
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
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$22,099
$86,883
$86,719
$22,263
2,226
3.3%
Total
Affiliated
Short-Term
Investments
22,099
22,263
3.3
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
44,465
134,863
146,568
32,760
32,760
4.9
Total
Collateral
Held
for
Securities
Loaned
44,465
32,760
4.9
Total
Value
$66,564
$55,023
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$–
$–
$–
$395
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$395
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
129
Total
Affiliated
Income
from
Securities
Loaned,
Net
$129
Total
$–
$–
$–
Income
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
120
Principal
Amount
Long-Term
Fixed
Income
(
97
.9
%
)
Value
Asset-Backed
Securities
(<0.1%)
GMAC
Mortgage
Corporation
Loan
Trust
$
61,941
5.931%, 
(TSFR1M
+
0.614%),
8/25/2035,
Ser.
2005-HE1,
Class
A2
a,b
$
33,323
Preferred
Term
Securities
XXIII,
Ltd./Preferred
Term
Securities
XXIII,
Inc.
76,420
5.791%, 
(TSFR3M
+
0.462%),
12/22/2036,
Ser.
A-FP
b,c
75,874
Total
109,197
Basic
Materials
(2.1%)
Alcoa
Nederland
Holding
BV
130,000
5.500%, 
12/15/2027
c
127,758
Anglo
American
Capital
plc
1,450,000
4.750%, 
4/10/2027
c
1,411,638
Celanese
US
Holdings,
LLC
2,200,000
6.550%, 
11/15/2030
2,253,555
FMC
Corporation
3,600,000
5.650%, 
5/18/2033
d
3,451,073
Freeport-McMoRan,
Inc.
180,000
4.125%, 
3/1/2028
169,480
Glencore
Funding,
LLC
1,225,000
5.893%, 
4/4/2054
c
1,159,633
1,200,000
3.375%, 
9/23/2051
c
765,268
1,800,000
2.500%, 
9/1/2030
c
1,489,539
International
Flavors
&
Fragrances,
Inc.
1,300,000
1.832%, 
10/15/2027
c
1,139,969
3,350,000
2.300%, 
11/1/2030
c
2,717,146
Newmont
Corporation/Newcrest
Finance,
Pty.
Ltd.
1,550,000
5.350%, 
3/15/2034
c
1,511,933
Olin
Corporation
180,000
5.125%, 
9/15/2027
173,773
Smurfit
Kappa
Treasury,
ULC
2,150,000
5.777%, 
4/3/2054
c
2,056,092
1,450,000
5.200%, 
1/15/2030
c
1,414,179
1,700,000
5.438%, 
4/3/2034
c
1,644,959
Total
21,485,995
Capital
Goods
(6.0%)
BAE
Systems
plc
625,000
5.500%, 
3/26/2054
c
596,786
1,700,000
3.400%, 
4/15/2030
c
1,511,869
1,400,000
1.900%, 
2/15/2031
c
1,113,514
Boeing
Company
1,250,000
5.805%, 
5/1/2050
1,106,154
1,675,000
6.858%, 
5/1/2054
c
1,679,538
2,850,000
5.930%, 
5/1/2060
2,491,141
1,850,000
7.008%, 
5/1/2064
c
1,851,681
850,000
6.528%, 
5/1/2034
c
856,120
3,000,000
5.705%, 
5/1/2040
2,723,695
Carrier
Global
Corporation
1,450,000
2.700%, 
2/15/2031
1,222,364
CNH
Industrial
Capital,
LLC
2,100,000
4.550%, 
4/10/2028
2,021,485
GFL
Environmental,
Inc.
3,300,000
6.750%, 
1/15/2031
c
3,326,676
Principal
Amount
Long-Term
Fixed
Income
(97.9%)
Value
Capital
Goods
(6.0%)
-
continued
Howmet
Aerospace,
Inc.
$
3,750,000
3.000%, 
1/15/2029
$
3,325,819
1,600,000
5.950%, 
2/1/2037
1,599,433
Huntington
Ingalls
Industries,
Inc.
1,100,000
3.844%, 
5/1/2025
1,076,930
Ingersoll
Rand,
Inc.
550,000
5.400%, 
8/14/2028
548,565
750,000
5.700%, 
8/14/2033
744,942
John
Deere
Capital
Corporation
3,250,000
5.150%, 
9/8/2033
3,216,576
2,300,000
5.100%, 
4/11/2034
2,258,412
L3Harris
Technologies,
Inc.
1,750,000
5.400%, 
1/15/2027
1,746,895
Lockheed
Martin
Corporation
1,400,000
5.900%, 
11/15/2063
1,450,190
Northrop
Grumman
Corporation
1,200,000
4.700%, 
3/15/2033
1,137,099
Regal
Rexnord
Corporation
2,150,000
6.050%, 
4/15/2028
c
2,145,845
2,200,000
6.300%, 
2/15/2030
c
2,209,407
Republic
Services,
Inc.
3,900,000
4.875%, 
4/1/2029
3,823,774
RTX
Corporation
1,000,000
3.030%, 
3/15/2052
622,086
850,000
6.400%, 
3/15/2054
911,646
2,150,000
6.000%, 
3/15/2031
2,204,197
850,000
6.100%, 
3/15/2034
878,653
1,075,000
4.450%, 
11/16/2038
928,594
Spirit
AeroSystems,
Inc.
3,250,000
4.600%, 
6/15/2028
d
2,994,692
Teledyne
Technologies,
Inc.
2,000,000
2.250%, 
4/1/2028
1,771,051
Textron,
Inc.
1,440,000
3.650%, 
3/15/2027
1,365,577
Waste
Connections,
Inc.
3,600,000
5.000%, 
3/1/2034
3,441,072
Total
60,902,478
Collateralized
Mortgage
Obligations
(<0.1%)
Wachovia
Mortgage
Loan
Trust,
LLC
29,542
5.937%, 
5/20/2036,
Ser.
2006-A,
Class
2A1
b
27,970
Total
27,970
Communications
Services
(6.9%)
American
Tower
Corporation
1,440,000
3.125%, 
1/15/2027
1,349,483
1,900,000
1.875%, 
10/15/2030
1,506,091
1,100,000
5.650%, 
3/15/2033
1,083,652
AT&T,
Inc.
1,750,000
3.650%, 
6/1/2051
1,205,033
1,519,000
4.300%, 
2/15/2030
1,427,701
1,750,000
2.750%, 
6/1/2031
1,464,482
3,368,000
2.550%, 
12/1/2033
2,599,681
3,200,000
5.400%, 
2/15/2034
3,126,540
1,800,000
4.500%, 
3/9/2048
1,447,352
Income
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
121
Principal
Amount
Long-Term
Fixed
Income
(97.9%)
Value
Communications
Services
(6.9%)
-
continued
Charter
Communications
Operating,
LLC/Charter
Communications
Operating
Capital
Corporation
$
1,300,000
4.800%, 
3/1/2050
$
909,557
1,700,000
4.908%, 
7/23/2025
1,676,727
800,000
6.150%, 
11/10/2026
801,968
1,550,000
6.384%, 
10/23/2035
1,464,594
2,000,000
3.500%, 
6/1/2041
1,279,607
Comcast
Corporation
1,600,000
4.600%, 
10/15/2038
1,425,357
1,800,000
4.650%, 
7/15/2042
1,560,691
Cox
Communications,
Inc.
1,800,000
3.350%, 
9/15/2026
c
1,709,766
Crown
Castle,
Inc.
1,800,000
3.800%, 
2/15/2028
1,679,050
1,800,000
4.300%, 
2/15/2029
1,692,402
Discovery
Communications,
LLC
900,000
4.900%, 
3/11/2026
885,252
Meta
Platforms,
Inc.
1,500,000
5.600%, 
5/15/2053
1,487,607
1,750,000
4.800%, 
5/15/2030
1,718,257
1,750,000
4.950%, 
5/15/2033
1,714,372
Netflix,
Inc.
2,155,000
5.875%, 
11/15/2028
2,199,611
1,200,000
6.375%, 
5/15/2029
1,249,634
3,700,000
4.875%, 
6/15/2030
c
3,593,480
Rogers
Communications,
Inc.
1,400,000
5.000%, 
2/15/2029
1,362,345
900,000
5.300%, 
2/15/2034
862,793
SBA
Communications
Corporation
180,000
3.125%, 
2/1/2029
156,754
Sprint
Capital
Corporation
130,000
6.875%, 
11/15/2028
136,134
5,050,000
8.750%, 
3/15/2032
5,962,742
Sprint
Corporation
330,000
7.125%, 
6/15/2024
330,184
T-Mobile
USA,
Inc.
3,600,000
3.400%, 
10/15/2052
2,378,526
1,850,000
4.850%, 
1/15/2029
1,803,331
1,200,000
3.500%, 
4/15/2031
1,055,357
1,200,000
3.000%, 
2/15/2041
838,998
Verizon
Communications,
Inc.
1,150,000
5.500%, 
2/23/2054
1,092,140
1,400,000
4.000%, 
3/22/2050
1,060,241
1,600,000
2.100%, 
3/22/2028
1,416,711
1,409,000
1.680%, 
10/30/2030
1,119,213
2,800,000
3.400%, 
3/22/2041
2,084,636
Videotron,
Ltd.
2,900,000
3.625%, 
6/15/2029
c
2,577,644
Warnermedia
Holdings,
Inc.
1,700,000
5.141%, 
3/15/2052
1,302,054
2,400,000
5.050%, 
3/15/2042
1,921,230
Total
69,718,980
Consumer
Cyclical
(7.6%)
Amazon.com,
Inc.
1,200,000
3.100%, 
5/12/2051
803,547
Daimler
Trucks
Finance
North
America,
LLC
2,000,000
5.400%, 
9/20/2028
c
1,990,173
Principal
Amount
Long-Term
Fixed
Income
(97.9%)
Value
Consumer
Cyclical
(7.6%)
-
continued
$
3,500,000
2.375%, 
12/14/2028
c
$
3,052,694
Expedia
Group,
Inc.
3,600,000
3.250%, 
2/15/2030
3,175,578
Ford
Motor
Company
1,300,000
3.250%, 
2/12/2032
1,047,061
Ford
Motor
Credit
Company,
LLC
1,250,000
6.800%, 
5/12/2028
1,275,564
1,700,000
7.350%, 
3/6/2030
1,770,970
2,600,000
6.050%, 
3/5/2031
2,557,235
General
Motors
Company
1,575,000
6.800%, 
10/1/2027
1,626,476
General
Motors
Financial
Company,
Inc.
3,100,000
5.750%, 
2/8/2031
3,062,947
3,450,000
6.400%, 
1/9/2033
3,515,887
1,350,000
6.100%, 
1/7/2034
1,341,166
GLP
Capital,
LP
2,000,000
3.250%, 
1/15/2032
1,635,915
Home
Depot,
Inc.
1,820,000
4.250%, 
4/1/2046
1,496,535
Hyatt
Hotels
Corporation
1,658,000
5.750%, 
4/23/2030
1,658,804
Hyundai
Capital
America
2,500,000
1.800%, 
1/10/2028
c
2,174,257
4,400,000
6.200%, 
9/21/2030
c
4,480,247
Kohl's
Corporation
2,600,000
4.625%, 
5/1/2031
2,143,503
1,050,000
5.550%, 
7/17/2045
720,321
Lennar
Corporation
2,300,000
4.750%, 
5/30/2025
2,273,851
Lowe's
Companies,
Inc.
1,300,000
5.625%, 
4/15/2053
1,240,055
3,250,000
2.625%, 
4/1/2031
2,722,562
Marriott
International,
Inc./MD
4,100,000
4.625%, 
6/15/2030
3,896,181
McDonald's
Corporation
1,825,000
4.450%, 
3/1/2047
1,501,910
Nissan
Motor
Acceptance
Company,
LLC
1,300,000
7.050%, 
9/15/2028
c
1,334,638
PACCAR
Financial
Corporation
1,250,000
4.600%, 
1/31/2029
1,219,635
Starbucks
Corporation
3,000,000
4.800%, 
2/15/2033
d
2,880,567
Tapestry,
Inc.
850,000
7.000%, 
11/27/2026
866,257
Target
Corporation
2,250,000
2.950%, 
1/15/2052
1,426,332
Toll
Brothers
Finance
Corporation
1,700,000
3.800%, 
11/1/2029
1,548,728
Toyota
Motor
Credit
Corporation
3,500,000
4.550%, 
5/17/2030
3,363,277
VICI
Properties,
LP/VICI
Note
Company,
Inc.
360,000
4.500%, 
9/1/2026
c
346,829
90,000
4.250%, 
12/1/2026
c
85,876
2,425,000
5.750%, 
2/1/2027
c
2,404,641
1,200,000
3.750%, 
2/15/2027
c
1,125,513
90,000
4.625%, 
12/1/2029
c
83,495
Income
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
122
Principal
Amount
Long-Term
Fixed
Income
(97.9%)
Value
Consumer
Cyclical
(7.6%)
-
continued
Volkswagen
Group
of
America
Finance,
LLC
$
3,000,000
6.450%, 
11/16/2030
c
$
3,101,912
Walmart,
Inc.
1,800,000
4.500%, 
9/9/2052
1,566,064
ZF
North
America
Capital,
Inc.
2,350,000
6.750%, 
4/23/2030
c
2,354,888
2,350,000
6.875%, 
4/23/2032
c
2,374,654
Total
77,246,745
Consumer
Non-Cyclical
(10.1%)
Abbott
Laboratories
810,000
4.750%, 
11/30/2036
768,344
2,000,000
6.000%, 
4/1/2039
2,113,778
AbbVie,
Inc.
950,000
5.400%, 
3/15/2054
919,762
950,000
5.050%, 
3/15/2034
926,420
3,900,000
4.550%, 
3/15/2035
3,621,061
1,900,000
4.300%, 
5/14/2036
1,710,274
Amgen,
Inc.
3,000,000
5.650%, 
3/2/2053
2,879,044
2,100,000
5.250%, 
3/2/2033
2,054,168
Anheuser-Busch
Companies,
LLC/Anheuser-Busch
InBev
Worldwide,
Inc.
1,790,000
4.700%, 
2/1/2036
1,666,235
Anheuser-Busch
InBev
Worldwide,
Inc.
2,500,000
3.500%, 
6/1/2030
2,277,636
414,000
4.600%, 
4/15/2048
357,526
1,800,000
4.439%, 
10/6/2048
1,507,657
2,600,000
5.550%, 
1/23/2049
2,559,935
AstraZeneca
Finance,
LLC
1,400,000
4.850%, 
2/26/2029
1,378,513
AstraZeneca
plc
2,600,000
2.125%, 
8/6/2050
1,430,888
2,500,000
1.375%, 
8/6/2030
1,991,840
BAT
Capital
Corporation
3,000,000
2.259%, 
3/25/2028
2,637,018
1,900,000
6.343%, 
8/2/2030
1,948,028
1,100,000
5.834%, 
2/20/2031
1,099,572
1,600,000
7.750%, 
10/19/2032
1,774,495
Becton,
Dickinson
and
Company
2,194,000
3.794%, 
5/20/2050
1,611,610
Bristol-Myers
Squibb
Company
850,000
6.250%, 
11/15/2053
900,538
Cargill,
Inc.
1,250,000
3.125%, 
5/25/2051
c
812,500
Constellation
Brands,
Inc.
360,000
3.500%, 
5/9/2027
339,982
1,150,000
4.800%, 
1/15/2029
1,118,278
2,000,000
4.900%, 
5/1/2033
1,886,541
CVS
Health
Corporation
2,250,000
5.625%, 
2/21/2053
2,075,508
1,050,000
4.250%, 
4/1/2050
796,072
1,350,000
5.125%, 
2/21/2030
1,321,532
2,200,000
2.125%, 
9/15/2031
1,744,365
Eli
Lilly
&
Company
2,700,000
5.100%, 
2/9/2064
2,506,676
1,530,000
4.950%, 
2/27/2063
1,383,214
1,750,000
4.700%, 
2/27/2033
1,681,926
Principal
Amount
Long-Term
Fixed
Income
(97.9%)
Value
Consumer
Non-Cyclical
(10.1%)
-
continued
HCA,
Inc.
$
2,500,000
5.875%, 
2/15/2026
$
2,501,164
2,000,000
5.625%, 
9/1/2028
1,991,103
Imperial
Brands
Finance
plc
1,800,000
3.500%, 
7/26/2026
c
1,710,905
JBS
USA
Holding
Lux
SARL/JBS
USA
Food
Company/JBS
Lux
Company
SARL
2,000,000
4.375%, 
2/2/2052
1,387,153
800,000
5.500%, 
1/15/2030
772,239
1,650,000
3.625%, 
1/15/2032
1,374,152
2,600,000
3.000%, 
5/15/2032
2,066,276
Kenvue,
Inc.
1,250,000
5.050%, 
3/22/2053
1,154,251
1,150,000
5.000%, 
3/22/2030
1,136,109
Kraft
Heinz
Foods
Company
250,000
3.750%, 
4/1/2030
229,703
120,000
5.000%, 
6/4/2042
107,178
1,230,000
4.375%, 
6/1/2046
985,399
Mattel,
Inc.
1,250,000
3.375%, 
4/1/2026
c
1,190,208
Medtronic,
Inc.
2,800,000
4.375%, 
3/15/2035
2,575,084
Nestle
Holdings,
Inc.
3,000,000
4.950%, 
3/14/2030
c
2,966,780
2,100,000
4.850%, 
3/14/2033
c
2,058,883
Pfizer
Investment
Enterprises,
Private
Ltd.
1,675,000
5.300%, 
5/19/2053
1,562,000
2,000,000
5.340%, 
5/19/2063
1,834,723
833,000
4.750%, 
5/19/2033
793,507
Philip
Morris
International,
Inc.
3,500,000
5.500%, 
9/7/2030
3,492,678
1,650,000
5.125%, 
2/13/2031
1,603,316
2,065,000
5.750%, 
11/17/2032
2,079,007
3,000,000
5.250%, 
2/13/2034
2,893,950
Reynolds
American,
Inc.
940,000
5.850%, 
8/15/2045
847,229
Roche
Holdings,
Inc.
2,700,000
2.607%, 
12/13/2051
c
1,601,300
1,450,000
4.985%, 
3/8/2034
c
1,406,545
Royalty
Pharma
plc
1,450,000
1.750%, 
9/2/2027
1,282,321
Smithfield
Foods,
Inc.
800,000
3.000%, 
10/15/2030
c
655,739
Sysco
Corporation
1,000,000
6.600%, 
4/1/2040
1,062,732
Takeda
Pharmaceutical
Company,
Ltd.
2,200,000
3.175%, 
7/9/2050
1,429,878
Viterra
Finance
BV
2,250,000
5.250%, 
4/21/2032
c
2,150,424
Total
102,702,872
Energy
(6.2%)
BP
Capital
Markets
America,
Inc.
3,750,000
3.001%, 
3/17/2052
d
2,369,558
BP
Capital
Markets
plc
1,400,000
6.450%, 
12/1/2033
b,e
1,412,433
Canadian
Natural
Resources,
Ltd.
800,000
2.950%, 
7/15/2030
687,018
Income
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
123
Principal
Amount
Long-Term
Fixed
Income
(97.9%)
Value
Energy
(6.2%)
-
continued
Cheniere
Energy
Partners,
LP
$
5,190,000
4.500%, 
10/1/2029
$
4,855,981
1,500,000
4.000%, 
3/1/2031
1,338,387
1,350,000
5.950%, 
6/30/2033
d
1,346,329
Cheniere
Energy,
Inc.
900,000
5.650%, 
4/15/2034
c
880,809
Diamondback
Energy,
Inc.
450,000
5.150%, 
1/30/2030
441,371
450,000
5.400%, 
4/18/2034
437,293
Energy
Transfer,
LP
700,000
5.950%, 
5/15/2054
659,729
900,000
8.000%, 
5/15/2054
b,d
926,818
1,000,000
6.500%, 
11/15/2026
b,e
970,348
2,100,000
4.200%, 
4/15/2027
2,017,720
2,350,000
3.750%, 
5/15/2030
2,119,978
900,000
5.550%, 
5/15/2034
875,866
Enterprise
Products
Operating,
LLC
900,000
8.573%, 
(TSFR3M
+
3.248%),
8/16/2077
b
895,525
Halliburton
Company
2,200,000
4.850%, 
11/15/2035
2,071,526
Hess
Corporation
1,400,000
4.300%, 
4/1/2027
1,354,787
MPLX,
LP
1,750,000
4.800%, 
2/15/2029
1,692,938
National
Fuel
Gas
Company
3,025,000
5.500%, 
1/15/2026
3,002,381
Occidental
Petroleum
Corporation
2,500,000
6.625%, 
9/1/2030
2,590,375
ONEOK,
Inc.
600,000
5.650%, 
11/1/2028
601,906
Ovintiv,
Inc.
1,611,000
5.375%, 
1/1/2026
1,597,704
1,150,000
5.650%, 
5/15/2028
d
1,148,972
1,800,000
6.250%, 
7/15/2033
1,814,316
Phillips
66
Company
2,250,000
4.950%, 
12/1/2027
2,219,199
Pioneer
Natural
Resources
Company
1,200,000
2.150%, 
1/15/2031
988,027
Plains
All
American
Pipeline,
LP/
PAA
Finance
Corporation
1,800,000
3.800%, 
9/15/2030
1,613,120
Schlumberger
Holdings
Corporation
1,750,000
3.900%, 
5/17/2028
c
1,657,709
Southwestern
Energy
Company
3,700,000
5.375%, 
3/15/2030
3,513,475
Targa
Resources
Corporation
1,400,000
6.125%, 
3/15/2033
1,417,426
TotalEnergies
Capital
SA
3,500,000
5.488%, 
4/5/2054
3,405,580
700,000
5.150%, 
4/5/2034
689,749
TransCanada
PipeLines,
Ltd.
1,250,000
4.625%, 
3/1/2034
1,135,030
Western
Gas
Partners,
LP
3,300,000
4.650%, 
7/1/2026
3,223,332
Williams
Companies,
Inc.
1,300,000
5.300%, 
8/15/2052
1,172,075
1,800,000
7.500%, 
1/15/2031
1,966,939
Principal
Amount
Long-Term
Fixed
Income
(97.9%)
Value
Energy
(6.2%)
-
continued
$
1,730,000
4.850%, 
3/1/2048
$
1,460,182
Total
62,571,911
Financials
(34.8%)
AerCap
Holdings
NV
1,800,000
5.875%, 
10/10/2079
b
1,777,493
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
1,350,000
6.500%, 
7/15/2025
1,359,672
1,500,000
4.625%, 
10/15/2027
1,447,781
2,200,000
3.875%, 
1/23/2028
2,057,743
2,900,000
6.150%, 
9/30/2030
2,942,286
1,600,000
3.400%, 
10/29/2033
1,302,675
Air
Lease
Corporation
2,900,000
4.650%, 
6/15/2026
b,e
2,733,340
1,200,000
3.625%, 
4/1/2027
1,119,407
1,500,000
3.000%, 
2/1/2030
1,299,853
Aircastle,
Ltd.
1,200,000
2.850%, 
1/26/2028
c
1,069,178
Ally
Financial,
Inc.
2,580,000
5.750%, 
11/20/2025
d
2,558,947
1,250,000
8.000%, 
11/1/2031
1,353,340
American
Express
Company
1,700,000
6.489%, 
10/30/2031
b
1,779,406
American
Homes
4
Rent,
LP
1,450,000
2.375%, 
7/15/2031
1,148,945
ANZ
Bank
New
Zealand,
Ltd.
1,300,000
5.548%, 
8/11/2032
b,c
1,284,471
Aon
North
America,
Inc.
1,400,000
5.450%, 
3/1/2034
1,369,283
Ares
Capital
Corporation
2,400,000
3.875%, 
1/15/2026
2,310,862
1,200,000
2.875%, 
6/15/2027
1,095,118
2,050,000
5.875%, 
3/1/2029
2,009,764
Associated
Banc-Corp
1,850,000
4.250%, 
1/15/2025
1,817,464
Australia
&
New
Zealand
Banking
Group,
Ltd.
1,800,000
2.950%, 
7/22/2030
b,c
1,728,663
Avolon
Holdings
Funding,
Ltd.
1,200,000
5.500%, 
1/15/2026
c
1,182,348
1,000,000
4.250%, 
4/15/2026
c
961,676
3,600,000
4.375%, 
5/1/2026
c
3,468,126
Banco
Santander
SA
3,000,000
5.294%, 
8/18/2027
2,952,702
1,200,000
4.379%, 
4/12/2028
1,136,345
Bank
of
America
Corporation
2,800,000
3.705%, 
4/24/2028
b
2,651,369
1,500,000
5.202%, 
4/25/2029
b
1,476,785
1,450,000
4.271%, 
7/23/2029
b
1,375,363
3,000,000
5.819%, 
9/15/2029
b
3,017,651
1,175,000
3.974%, 
2/7/2030
b
1,092,147
2,030,000
3.194%, 
7/23/2030
b
1,803,924
2,800,000
1.922%, 
10/24/2031
b
2,226,388
2,750,000
2.572%, 
10/20/2032
b
2,218,461
1,200,000
2.972%, 
2/4/2033
b
990,669
3,200,000
4.571%, 
4/27/2033
b
2,949,757
1,400,000
5.468%, 
1/23/2035
b
1,361,455
1,200,000
4.244%, 
4/24/2038
b
1,033,767
Income
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
124
Principal
Amount
Long-Term
Fixed
Income
(97.9%)
Value
Financials
(34.8%)
-
continued
Bank
of
New
York
Mellon
Corporation
$
2,075,000
5.802%, 
10/25/2028
b
$
2,102,987
2,200,000
4.543%, 
2/1/2029
b
2,133,774
Barclays
plc
2,400,000
6.125%, 
12/15/2025
b,e
2,306,990
2,200,000
5.829%, 
5/9/2027
b
2,192,322
675,000
5.674%, 
3/12/2028
b
670,258
850,000
9.625%, 
12/15/2029
b,e
888,360
1,900,000
2.645%, 
6/24/2031
b
1,570,454
Berkshire
Hathaway
Finance
Corporation
4,500,000
2.850%, 
10/15/2050
2,830,179
1,050,000
4.250%, 
1/15/2049
882,122
Blackstone
Private
Credit
Fund
1,400,000
7.050%, 
9/29/2025
1,413,057
Blue
Owl
Credit
Income
Corporation
2,000,000
4.700%, 
2/8/2027
1,890,063
Blue
Owl
Technology
Finance
Corporation
1,000,000
3.750%, 
6/17/2026
c
924,184
Blue
Owl
Technology
Finance
Corporation
II
1,900,000
6.750%, 
4/4/2029
c
1,830,820
BNP
Paribas
SA
1,350,000
8.500%, 
8/14/2028
b,c,d,e
1,395,719
BPCE
SA
2,060,000
5.150%, 
7/21/2024
c
2,053,625
1,250,000
6.612%, 
10/19/2027
b,c
1,264,887
1,350,000
6.508%, 
1/18/2035
b,c
1,338,224
Brixmor
Operating
Partnership,
LP
1,000,000
2.250%, 
4/1/2028
874,319
Capital
One
Financial
Corporation
1,810,000
4.200%, 
10/29/2025
1,764,008
Centene
Corporation
90,000
4.250%, 
12/15/2027
84,871
270,000
4.625%, 
12/15/2029
251,429
3,145,000
3.375%, 
2/15/2030
2,739,881
2,000,000
2.500%, 
3/1/2031
1,607,381
1,800,000
2.625%, 
8/1/2031
1,440,253
Charles
Schwab
Corporation
1,450,000
5.375%, 
6/1/2025
b,e
1,433,871
1,700,000
6.196%, 
11/17/2029
b
1,739,869
2,900,000
4.000%, 
12/1/2030
b,e
2,360,232
Citigroup,
Inc.
1,510,000
4.450%, 
9/29/2027
1,453,184
1,500,000
3.668%, 
7/24/2028
b
1,413,413
2,000,000
4.075%, 
4/23/2029
b
1,889,677
2,050,000
5.174%, 
2/13/2030
b
2,004,827
2,250,000
2.520%, 
11/3/2032
b
1,803,396
4,100,000
3.057%, 
1/25/2033
b
3,390,855
Citizens
Financial
Group,
Inc.
1,400,000
5.841%, 
1/23/2030
b
1,371,117
Comerica,
Inc.
1,150,000
5.625%, 
7/1/2025
b,d,e
1,107,637
COPT
Defense
Properties,
LP
1,325,000
2.250%, 
3/15/2026
1,241,896
Corebridge
Financial,
Inc.
950,000
3.650%, 
4/5/2027
899,617
1,350,000
3.850%, 
4/5/2029
1,239,259
Principal
Amount
Long-Term
Fixed
Income
(97.9%)
Value
Financials
(34.8%)
-
continued
Corebridge
Global
Funding
$
1,350,000
5.900%, 
9/19/2028
c
$
1,357,366
Credit
Agricole
SA
1,400,000
6.875%, 
9/23/2024
b,c,e
1,394,803
Credit
Suisse
Group
AG
2,300,000
5.250%, 
N/A
c,f
253,000
2,350,000
7.250%, 
N/A
c,f
258,500
1,300,000
7.500%, 
N/A
*,f
143,000
Deutsche
Bank
AG/New
York,
NY
1,800,000
2.311%, 
11/16/2027
b
1,637,464
Discover
Bank
2,510,000
5.974%, 
(USISOA05
+
1.730%),
8/9/2028
b
2,436,678
Elevance
Health,
Inc.
1,250,000
5.125%, 
2/15/2053
1,127,202
1,250,000
6.100%, 
10/15/2052
1,279,513
1,500,000
4.750%, 
2/15/2033
1,416,681
EPR
Properties
1,318,000
4.950%, 
4/15/2028
1,238,655
2,800,000
3.750%, 
8/15/2029
2,430,965
Extra
Space
Storage,
LP
1,500,000
5.500%, 
7/1/2030
1,478,389
1,900,000
5.900%, 
1/15/2031
1,909,342
First
Horizon
Bank
1,250,000
5.750%, 
5/1/2030
d
1,153,683
First-Citizens
Bank
&
Trust
Company
3,650,000
6.125%, 
3/9/2028
3,707,345
FS
KKR
Capital
Corporation
3,150,000
4.250%, 
2/14/2025
c
3,102,025
Goldman
Sachs
BDC,
Inc.
800,000
6.375%, 
3/11/2027
803,130
Goldman
Sachs
Group,
Inc.
1,800,000
4.950%, 
2/10/2025
b,d,e
1,767,270
1,900,000
3.691%, 
6/5/2028
b
1,797,636
2,750,000
3.814%, 
4/23/2029
b
2,570,960
3,400,000
4.223%, 
5/1/2029
b
3,226,180
3,800,000
3.102%, 
2/24/2033
b
3,161,393
Highwoods
Realty,
LP
950,000
4.125%, 
3/15/2028
879,111
1,900,000
4.200%, 
4/15/2029
1,705,086
HSBC
Holdings
plc
2,530,000
4.041%, 
3/13/2028
b
2,410,346
Huntington
Bancshares,
Inc./OH
2,750,000
5.709%, 
2/2/2035
b
2,636,433
ING
Groep
NV
2,000,000
6.083%, 
9/11/2027
b
2,009,364
Intercontinental
Exchange,
Inc.
800,000
4.950%, 
6/15/2052
716,446
900,000
4.350%, 
6/15/2029
859,025
Invitation
Homes
Operating
Partnership,
LP
1,000,000
2.300%, 
11/15/2028
865,303
1,250,000
5.450%, 
8/15/2030
1,223,334
1,000,000
2.000%, 
8/15/2031
772,867
J.P.
Morgan
Chase
&
Company
1,250,000
6.070%, 
10/22/2027
b
1,264,697
900,000
5.040%, 
1/23/2028
b
887,232
2,300,000
6.875%, 
6/1/2029
b,e
2,356,838
2,650,000
5.299%, 
7/24/2029
b
2,621,716
1,700,000
6.087%, 
10/23/2029
b
1,734,695
Income
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
125
Principal
Amount
Long-Term
Fixed
Income
(97.9%)
Value
Financials
(34.8%)
-
continued
$
1,800,000
2.956%, 
5/13/2031
b
$
1,540,423
800,000
2.580%, 
4/22/2032
b
658,284
2,100,000
2.545%, 
11/8/2032
b
1,703,756
2,700,000
4.586%, 
4/26/2033
b
2,512,669
2,800,000
4.912%, 
7/25/2033
b
2,662,090
2,000,000
5.717%, 
9/14/2033
b
1,992,453
850,000
5.336%, 
1/23/2035
b
823,924
KeyBank
NA/Cleveland,
OH
1,775,000
4.150%, 
8/8/2025
1,723,007
KeyCorp
2,100,000
2.250%, 
4/6/2027
1,877,970
1,650,000
6.401%, 
3/6/2035
b
1,623,108
Kilroy
Realty,
LP
1,450,000
4.250%, 
8/15/2029
1,293,530
850,000
6.250%, 
1/15/2036
798,348
Kimco
Realty
OP,
LLC
1,250,000
6.400%, 
3/1/2034
1,293,370
Lloyds
Banking
Group
plc
1,100,000
2.438%, 
2/5/2026
b
1,069,965
1,090,000
4.650%, 
3/24/2026
1,064,141
1,500,000
5.985%, 
8/7/2027
b
1,502,201
1,500,000
5.462%, 
1/5/2028
b
1,486,883
M&T
Bank
Corporation
1,300,000
3.500%, 
9/1/2026
b,e
1,011,410
Macquarie
Airfinance
Holdings,
Ltd.
375,000
6.500%, 
3/26/2031
c
375,280
Massachusetts
Mutual
Life
Insurance
Company
3,400,000
3.200%, 
12/1/2061
c
1,980,213
Met
Tower
Global
Funding
1,850,000
5.250%, 
4/12/2029
c
1,824,786
Metropolitan
Life
Global
Funding
I
3,050,000
4.300%, 
8/25/2029
c
2,870,555
Mitsubishi
UFJ
Financial
Group,
Inc.
835,000
5.541%, 
4/17/2026
b
832,256
2,250,000
5.133%, 
7/20/2033
b
2,177,386
Mizuho
Financial
Group,
Inc.
1,400,000
1.979%, 
9/8/2031
b
1,117,531
Morgan
Stanley
1,140,000
8.751%, 
(TSFR3M
+
3.422%),
12/15/2025
b,e
1,173,462
1,490,000
4.350%, 
9/8/2026
1,449,415
1,150,000
5.123%, 
2/1/2029
b
1,131,784
950,000
5.449%, 
7/20/2029
b
944,190
2,350,000
5.656%, 
4/18/2030
b
2,350,499
2,400,000
3.622%, 
4/1/2031
b
2,157,133
1,900,000
1.794%, 
2/13/2032
b
1,482,578
2,000,000
2.943%, 
1/21/2033
b
1,650,879
950,000
4.889%, 
7/20/2033
b
895,063
2,900,000
6.342%, 
10/18/2033
b
3,007,749
1,100,000
6.627%, 
11/1/2034
b
1,160,698
1,400,000
5.466%, 
1/18/2035
b
1,362,028
1,400,000
5.297%, 
4/20/2037
b
1,311,204
Morgan
Stanley
Bank
NA
1,900,000
4.952%, 
1/14/2028
b
1,871,551
Nationwide
Building
Society
2,200,000
6.557%, 
10/18/2027
b,c
2,235,353
Nationwide
Mutual
Insurance
Company
1,775,000
4.350%, 
4/30/2050
c
1,316,895
Principal
Amount
Long-Term
Fixed
Income
(97.9%)
Value
Financials
(34.8%)
-
continued
NatWest
Group
plc
$
600,000
3.754%, 
11/1/2029
b
$
592,326
2,900,000
3.032%, 
11/28/2035
b
2,381,033
New
York
Life
Global
Funding
2,350,000
4.550%, 
1/28/2033
c
2,196,707
NNN
REIT,
Inc.
900,000
5.600%, 
10/15/2033
882,979
Nomura
Holdings,
Inc.
2,500,000
5.709%, 
1/9/2026
2,491,220
Omega
Healthcare
Investors,
Inc.
1,667,000
4.750%, 
1/15/2028
1,582,562
1,875,000
3.625%, 
10/1/2029
1,638,229
PNC
Financial
Services
Group,
Inc.
1,700,000
6.615%, 
10/20/2027
b
1,737,140
2,500,000
6.250%, 
3/15/2030
b,e
2,350,255
3,000,000
5.068%, 
1/24/2034
b
2,824,866
1,900,000
6.875%, 
10/20/2034
b
2,016,678
Prologis,
LP
1,250,000
1.750%, 
2/1/2031
993,395
Prudential
Financial,
Inc.
1,500,000
6.500%, 
3/15/2054
b
1,477,881
1,750,000
3.700%, 
10/1/2050
b
1,496,398
Public
Storage
Operating
Company
1,250,000
5.125%, 
1/15/2029
d
1,242,160
Realty
Income
Corporation
1,100,000
2.100%, 
3/15/2028
969,102
2,250,000
3.400%, 
1/15/2030
2,005,585
1,150,000
3.200%, 
2/15/2031
988,048
Regency
Centers,
LP
1,440,000
3.600%, 
2/1/2027
1,374,681
1,750,000
3.700%, 
6/15/2030
1,574,175
1,000,000
5.250%, 
1/15/2034
956,112
RGA
Global
Funding
3,500,000
6.000%, 
11/21/2028
c
3,555,694
900,000
5.500%, 
1/11/2031
c
885,423
Royal
Bank
of
Canada
2,350,000
7.500%, 
5/2/2084
b
2,352,669
Simon
Property
Group,
LP
1,150,000
6.650%, 
1/15/2054
1,232,861
Societe
Generale
SA
2,150,000
10.000%, 
11/14/2028
b,c,e
2,252,594
State
Street
Corporation
1,150,000
6.700%, 
3/15/2029
b,e
1,150,968
Sumitomo
Mitsui
Financial
Group,
Inc.
2,900,000
5.808%, 
9/14/2033
d
2,933,508
Synchrony
Financial
1,050,000
4.250%, 
8/15/2024
1,044,422
Truist
Financial
Corporation
1,100,000
6.047%, 
6/8/2027
b
1,105,824
1,250,000
5.125%, 
12/15/2027
b,d,e
1,119,364
1,150,000
5.435%, 
1/24/2030
b
1,126,511
U.S.
Bancorp
1,850,000
5.727%, 
10/21/2026
b
1,849,372
2,150,000
5.775%, 
6/12/2029
b
2,154,253
900,000
5.384%, 
1/23/2030
b
887,477
900,000
5.678%, 
1/23/2035
b
879,219
UBS
Group
AG
2,400,000
4.875%, 
2/12/2027
b,c,e
2,154,930
Income
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
126
Principal
Amount
Long-Term
Fixed
Income
(97.9%)
Value
Financials
(34.8%)
-
continued
$
4,900,000
3.869%, 
1/12/2029
b,c
$
4,568,743
250,000
3.091%, 
5/14/2032
b,c
207,011
6,450,000
6.537%, 
8/12/2033
b,c
6,597,804
1,350,000
9.250%, 
11/13/2033
b,c,e
1,481,607
UnitedHealth
Group,
Inc.
1,300,000
5.875%, 
2/15/2053
1,323,630
2,400,000
4.950%, 
5/15/2062
2,094,562
760,000
4.750%, 
7/15/2045
676,183
1,775,000
4.450%, 
12/15/2048
1,490,971
Wells
Fargo
&
Company
3,050,000
3.526%, 
3/24/2028
b
2,878,167
1,900,000
5.707%, 
4/22/2028
b
1,901,321
1,500,000
6.303%, 
10/23/2029
b
1,536,689
2,150,000
5.198%, 
1/23/2030
b
2,108,139
2,750,000
4.478%, 
4/4/2031
b
2,584,036
2,700,000
4.897%, 
7/25/2033
b
2,534,912
1,900,000
6.491%, 
10/23/2034
b
1,978,150
Westpac
Banking
Corporation
1,600,000
2.894%, 
2/4/2030
b
1,557,593
1,850,000
2.963%, 
11/16/2040
d
1,255,012
Willis
North
America,
Inc.
2,400,000
4.650%, 
6/15/2027
2,332,530
Total
352,737,015
Foreign
Government
(0.4%)
Dominican
Republic
Government
International
Bond
550,000
6.000%, 
7/19/2028
c
537,555
3,200,000
6.000%, 
2/22/2033
c
3,024,000
Total
3,561,555
Mortgage-Backed
Securities
(1.6%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
16,171,384
5.500%, 
7/1/2053
15,783,827
Total
15,783,827
Technology
(5.1%)
Apple,
Inc.
1,850,000
2.700%, 
8/5/2051
1,139,999
1,750,000
3.950%, 
8/8/2052
1,378,617
1,080,000
3.750%, 
9/12/2047
836,035
Broadcom,
Inc.
1,743,000
3.469%, 
4/15/2034
c
1,444,131
2,400,000
3.137%, 
11/15/2035
c
1,862,515
3,950,000
3.187%, 
11/15/2036
c
3,028,835
1,800,000
4.926%, 
5/15/2037
c
1,643,794
Cisco
Systems,
Inc.
1,150,000
4.950%, 
2/26/2031
1,131,088
1,400,000
5.050%, 
2/26/2034
1,369,401
Dell
International,
LLC/EMC
Corporation
700,000
6.100%, 
7/15/2027
711,624
274,000
8.350%, 
7/15/2046
339,591
Equinix,
Inc.
1,800,000
2.000%, 
5/15/2028
1,561,452
Fiserv,
Inc.
2,000,000
2.650%, 
6/1/2030
1,702,123
2,500,000
5.600%, 
3/2/2033
2,476,892
Principal
Amount
Long-Term
Fixed
Income
(97.9%)
Value
Technology
(5.1%)
-
continued
Global
Payments,
Inc.
$
900,000
5.300%, 
8/15/2029
$
879,400
1,300,000
5.400%, 
8/15/2032
d
1,254,719
Intel
Corporation
1,350,000
4.875%, 
2/10/2028
1,330,026
Marvell
Technology,
Inc.
1,100,000
4.875%, 
6/22/2028
1,065,754
1,400,000
2.950%, 
4/15/2031
1,176,842
Mastercard,
Inc.
1,250,000
4.850%, 
3/9/2033
1,223,200
Microchip
Technology,
Inc.
900,000
5.050%, 
3/15/2029
884,564
Microsoft
Corporation
1,600,000
2.500%, 
9/15/2050
c
960,677
NXP
BV/NXP
Funding,
LLC
1,200,000
5.550%, 
12/1/2028
1,197,698
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
1,100,000
3.150%, 
5/1/2027
1,028,289
1,100,000
4.300%, 
6/18/2029
1,038,387
1,850,000
3.250%, 
5/11/2041
1,304,350
Oracle
Corporation
2,700,000
5.550%, 
2/6/2053
2,481,431
2,400,000
3.950%, 
3/25/2051
1,714,568
3,300,000
6.150%, 
11/9/2029
3,403,258
2,700,000
6.250%, 
11/9/2032
2,800,676
1,800,000
4.300%, 
7/8/2034
1,598,625
2,350,000
4.000%, 
7/15/2046
1,741,012
Texas
Instruments,
Inc.
2,100,000
5.000%, 
3/14/2053
1,923,329
VMware,
LLC
1,900,000
2.200%, 
8/15/2031
1,502,065
Total
51,134,967
Transportation
(2.3%)
Air
Canada
1,400,000
3.875%, 
8/15/2026
c
1,328,078
American
Airlines,
Inc./
AAdvantage
Loyalty
IP,
Ltd.
853,333
5.500%, 
4/20/2026
c
843,434
1,900,000
5.750%, 
4/20/2029
c
1,834,892
Burlington
Northern
Santa
Fe,
LLC
1,500,000
4.700%, 
9/1/2045
1,312,594
1,800,000
4.050%, 
6/15/2048
1,421,509
Canadian
Pacific
Railway
Company
1,480,000
4.700%, 
5/1/2048
1,244,757
Delta
Air
Lines,
Inc./SkyMiles
IP,
Ltd.
2,900,000
4.750%, 
10/20/2028
c
2,807,439
ERAC
USA
Finance,
LLC
2,440,000
4.200%, 
11/1/2046
c
1,930,522
FedEx
Corporation
1,500,000
3.250%, 
5/15/2041
1,063,351
Mileage
Plus
Holdings,
LLC
2,275,000
6.500%, 
6/20/2027
c
2,278,842
Norfolk
Southern
Corporation
4,000,000
4.450%, 
3/1/2033
3,724,050
Southwest
Airlines
Company
1,375,000
2.625%, 
2/10/2030
1,166,859
Income
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
127
Principal
Amount
Long-Term
Fixed
Income
(97.9%)
Value
Transportation
(2.3%)
-
continued
United
Airlines
Pass
Through
Trust
$
478,818
3.750%, 
9/3/2026
$
455,917
United
Airlines,
Inc.
2,100,000
4.375%, 
4/15/2026
c
2,019,957
225,000
4.625%, 
4/15/2029
c
207,367
Total
23,639,568
U.S.
Government
&
Agencies
(6.8%)
U.S.
Treasury
Bonds
2,300,000
4.250%, 
2/15/2054
2,105,578
10,200,000
3.625%, 
5/15/2053
8,336,906
8,000,000
4.750%, 
11/15/2053
7,958,750
1,150,000
4.000%, 
11/15/2042
1,024,623
7,750,000
3.875%, 
2/15/2043
6,770,049
4,500,000
4.375%, 
8/15/2043
4,202,578
U.S.
Treasury
Notes
2,300,000
4.375%, 
11/30/2028
2,265,141
8,700,000
3.750%, 
12/31/2028
8,340,445
12,250,000
4.000%, 
1/31/2029
11,869,580
4,600,000
4.375%, 
11/30/2030
4,512,133
8,600,000
3.750%, 
12/31/2030
8,131,031
3,770,000
3.500%, 
2/15/2033
3,447,636
Total
68,964,450
Utilities
(8.0%)
AEP
Transmission
Company,
LLC
1,000,000
5.400%, 
3/15/2053
933,822
American
Electric
Power
Company,
Inc.
2,300,000
3.875%, 
2/15/2062
b,d
2,053,798
1,250,000
5.625%, 
3/1/2033
1,221,866
American
Water
Capital
Corporation
1,800,000
3.450%, 
5/1/2050
1,248,675
Arizona
Public
Service
Company
1,950,000
5.550%, 
8/1/2033
1,911,493
Berkshire
Hathaway
Energy
Company
1,425,000
4.450%, 
1/15/2049
1,143,512
CenterPoint
Energy
Resources
Corporation
1,700,000
1.750%, 
10/1/2030
1,358,701
CenterPoint
Energy,
Inc.
1,750,000
2.950%, 
3/1/2030
1,519,786
1,850,000
2.650%, 
6/1/2031
1,524,869
Consolidated
Edison
Company
of
New
York,
Inc.
1,583,000
3.850%, 
6/15/2046
1,184,126
2,250,000
4.125%, 
5/15/2049
1,738,476
Constellation
Energy
Generation,
LLC
1,900,000
5.800%, 
3/1/2033
1,899,053
Consumers
Energy
Company
1,150,000
4.600%, 
5/30/2029
1,113,902
Dominion
Energy,
Inc.
1,250,000
4.650%, 
12/15/2024
b,e
1,220,039
1,000,000
4.350%, 
1/15/2027
b,e
915,641
DTE
Energy
Company
1,850,000
5.100%, 
3/1/2029
1,806,107
1,450,000
5.850%, 
6/1/2034
g
1,441,806
Principal
Amount
Long-Term
Fixed
Income
(97.9%)
Value
Utilities
(8.0%)
-
continued
Duke
Energy
Corporation
$
2,950,000
3.250%, 
1/15/2082
b
$
2,577,046
1,500,000
3.500%, 
6/15/2051
990,666
3,000,000
5.000%, 
8/15/2052
2,562,035
1,800,000
3.750%, 
9/1/2046
1,284,913
Edison
International
3,700,000
5.750%, 
6/15/2027
3,699,894
Enel
Finance
America,
LLC
2,250,000
2.875%, 
7/12/2041
c
1,448,860
Eversource
Energy
1,600,000
5.450%, 
3/1/2028
1,587,351
Exelon
Corporation
1,200,000
4.100%, 
3/15/2052
903,170
FirstEnergy
Corporation
2,520,000
4.150%, 
7/15/2027
2,374,268
2,200,000
5.100%, 
7/15/2047
1,829,542
FirstEnergy
Transmission,
LLC
2,700,000
2.866%, 
9/15/2028
c
2,413,737
1,850,000
5.450%, 
7/15/2044
c
1,699,948
Georgia
Power
Company
2,000,000
3.250%, 
3/15/2051
1,306,864
700,000
5.250%, 
3/15/2034
680,997
Indiana
Michigan
Power
Company
1,000,000
5.625%, 
4/1/2053
956,836
National
Rural
Utilities
Cooperative
Finance
Corporation
1,400,000
4.400%, 
11/1/2048
1,132,643
Nevada
Power
Company
675,000
6.000%, 
3/15/2054
673,234
NextEra
Energy
Capital
Holdings,
Inc.
1,850,000
5.749%, 
9/1/2025
1,851,184
NiSource
Finance
Corporation
1,080,000
4.375%, 
5/15/2047
853,733
NiSource,
Inc.
1,400,000
3.600%, 
5/1/2030
1,260,689
NRG
Energy,
Inc.
1,300,000
4.450%, 
6/15/2029
c
1,206,490
Oncor
Electric
Delivery
Company,
LLC
1,510,000
3.750%, 
4/1/2045
1,141,431
Pacific
Gas
and
Electric
Company
1,100,000
3.300%, 
12/1/2027
1,010,429
3,200,000
4.550%, 
7/1/2030
2,970,150
1,650,000
5.800%, 
5/15/2034
1,611,066
PPL
Electric
Utilities
Corporation
1,150,000
4.850%, 
2/15/2034
1,095,289
Public
Service
Company
of
Colorado
1,200,000
4.500%, 
6/1/2052
956,549
Public
Service
Enterprise
Group,
Inc.
3,250,000
5.200%, 
4/1/2029
3,189,867
San
Diego
Gas
&
Electric
Company
1,800,000
4.150%, 
5/15/2048
1,416,470
Sempra
1,800,000
3.250%, 
6/15/2027
1,677,286
Southern
Company
2,000,000
5.700%, 
10/15/2032
2,003,918
1,300,000
4.000%, 
1/15/2051
b
1,240,090
Income
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
128
Principal
Amount
Long-Term
Fixed
Income
(97.9%)
Value
Utilities
(8.0%)
-
continued
$
1,350,000
3.750%, 
9/15/2051
b
$
1,237,292
Virginia
Electric
and
Power
Company
1,800,000
5.000%, 
1/15/2034
1,710,907
Vistra
Operations
Company,
LLC
1,200,000
4.875%, 
5/13/2024
c
1,199,427
1,200,000
5.125%, 
5/13/2025
c
1,182,004
Total
81,171,947
Total
Long-Term
Fixed
Income
(cost
$1,076,697,597)
991,759,477
Shares
Collateral
Held
for
Securities
Loaned
(
1
.8
%
)
Value
17,772,915
Thrivent
Cash
Management
Trust
17,772,915
Total
Collateral
Held
for
Securities
Loaned
(cost
$17,772,915)
17,772,915
Shares
Common
Stock
(
<0.1%
)
Value
Communications
Services
(<0.1%)
265
Windstream
Services,
LLC
h
3,246
Total
3,246
Total
Common
Stock
(cost
$3,180)
3,246
Shares
or
Principal
Amount
Short-Term
Investments
(
0
.9
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
700,000
5.250%,
7/17/2024
i,j
692,106
Thrivent
Core
Short-Term
Reserve
Fund
816,730
5.580%
8,167,301
Total
Short-Term
Investments
(cost
$8,859,441)
8,859,407
Total
Investments
(cost
$1,103,333,133)
100.6%
$
1,018,395,045
Other
Assets
and
Liabilities,
Net
(0.6%)
(
5,700,137
)
Total
Net
Assets
100.0%
$
1,012,694,908
a
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2024.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2024,
the
value
of
these
investments
was
$174,961,647
or
17.3%
of
total
net
assets.
d
All
or
a
portion
of
the
security
is
on
loan.
e
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
f
Defaulted
security.  Interest
is
not
being
accrued.
g
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
h
Non-income
producing
security.
i
The
interest
rate
shown
reflects
the
yield.
j
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Income
Fund
as
of
April
30,
2024
was
$143,000
or
0.01%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
April
30,
2024.
Security
Acquisition
Date
Cost
Credit
Suisse
Group
AG,
12/29/2049
7/9/2018
$
1,300,000
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Income
Fund
as
of
April
30,
2024:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
17,075,174
Total
lending
$17,075,174
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$17,772,915
Net
amounts
due
to
counterparty
$697,741
Definitions:
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
Reference
Rate
Index:
TSFR1M
-
CME
Term
SOFR
1
Month
TSFR3M
-
CME
Term
SOFR
3
Month
USISOA05
-
USD
SOFR
Spread-Adjusted
ICE
Swap
Rate
5
Year
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
$
4,094,206
Gross
unrealized
depreciation
(
88,644,955
)
Net
unrealized
appreciation
(depreciation)
$
(
84,550,749
)
Cost
for
federal
income
tax
purposes
$
1,102,212,379
Income
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
129
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Income
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Asset-Backed
Securities
109,197
–
109,197
–
Basic
Materials
21,485,995
–
21,485,995
–
Capital
Goods
60,902,478
–
60,902,478
–
Collateralized
Mortgage
Obligations
27,970
–
27,970
–
Communications
Services
69,718,980
–
69,718,980
–
Consumer
Cyclical
77,246,745
–
77,246,745
–
Consumer
Non-Cyclical
102,702,872
–
102,702,872
–
Energy
62,571,911
–
62,571,911
–
Financials
352,737,015
–
352,737,015
–
Foreign
Government
3,561,555
–
3,561,555
–
Mortgage-Backed
Securities
15,783,827
–
15,783,827
–
Technology
51,134,967
–
51,134,967
–
Transportation
23,639,568
–
23,639,568
–
U.S.
Government
&
Agencies
68,964,450
–
68,964,450
–
Utilities
81,171,947
–
81,171,947
–
Common
Stock
Communications
Services
3,246
–
3,246
–
Short-Term
Investments
692,106
–
692,106
–
Subtotal
Investments
in
Securities
$
992,454,829
$
–
$
992,454,829
$
–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
8,167,301
Collateral
Held
for
Securities
Loaned
17,772,915
Subtotal
Other
Investments
$
25,940,216
Total
Investments
at
Value
$
1,018,395,045
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Income
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Liability
Derivatives
Futures
Contracts
733,415
733,415
–
–
Total
Liability
Derivatives
$
733,415
$
733,415
$
–
$
–
The
following
table
presents
Income
Fund's
futures
contracts
held
as
of
April
30,
2024.
Investments
and/or
cash
totaling
$692,106
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Amount
Value
and
Unrealized
CBOT
U.S.
Long
Bond
40
June
2024
$
4,763,470
(
$
210,970
)
Ultra
10-Yr.
U.S.
Treasury
Note
135
June
2024
15,401,976
(
522,445
)
Total
Futures
Long
Contracts
$
20,165,446
(
$
733,415
)
Total
Futures
Contracts
$
20,165,446
(
$
733,415
)
Income
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
130
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2024,
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
Liability
Derivatives
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
733,415
Total
Interest
Rate
Contracts
733,415
Total
Liability
Derivatives
$
733,415
*
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,
2024,
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
926,074
Total
Interest
Rate
Contracts
926,074
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
(
1,383,589
)
Total
Credit
Contracts
(
1,383,589
)
Total
(
$
457,515
)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
1,121,766
Total
Interest
Rate
Contracts
1,121,766
Credit
Contracts
Credit
Default
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
(
284,830
)
Total
Credit
Contracts
(
284,830
)
Total
$
836,936
The
following
table
presents
Income
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2024.
Derivative
Risk
Category
Average
Notional
Value
Interest
Rate
Contracts
Futures
-
Long
$
26,360,812
Credit
Contracts
Credit
Default
Swaps
-
Buy
Protection
(
792,240
)
Income
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
131
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
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$
18,486
$
166,551
$
176,870
$
8,167
817
0.8%
Total
Affiliated
Short-Term
Investments
18,486
8,167
0.8
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
8,412
59,233
49,872
17,773
17,773
1.8
Total
Collateral
Held
for
Securities
Loaned
8,412
17,773
1.8
Total
Value
$
26,898
$
25,940
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$23
($23)
$
–
$624
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$624
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
99
Total
Affiliated
Income
from
Securities
Loaned,
Net
$99
Total
$23
($23)
$
–
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
132
Shares
Common
Stock
(
94.8%
)
Value
Australia
(5.8%)
20,204
ALS,
Ltd.
$
168,926
23,854
AMP,
Ltd.
16,789
7,909
Ampol,
Ltd.
186,761
9,604
Ansell,
Ltd.
157,900
889
ARB
Corporation,
Ltd.
21,824
35,124
Arena
REIT
82,872
227,574
Aristocrat
Leisure,
Ltd.
5,807,671
73,752
Australia
and
New
Zealand
Banking
Group,
Ltd.
1,330,773
191,757
BHP
Group,
Ltd.
5,259,137
255,638
BlueScope
Steel,
Ltd.
3,731,136
55,580
Brambles,
Ltd.
522,876
6,114
Brickworks,
Ltd.
105,303
23,522
CAR
Group,
Ltd.
510,039
19,218
Charter
Hall
Retail
REIT
41,006
27,331
Collins
Foods,
Ltd.
175,205
48,735
Commonwealth
Bank
of
Australia
3,570,782
19,305
Computershare,
Ltd.
339,157
54,361
CSL,
Ltd.
9,658,629
11,804
Data#3,
Ltd.
58,058
91,095
Deterra
Royalties,
Ltd.
288,351
63,271
GrainCorp,
Ltd.
347,652
36,942
Growthpoint
Properties
Australia,
Ltd.
56,538
3,896
Hansen
Technologies,
Ltd.
11,806
9,605
Helia
Group,
Ltd.
24,653
2,429
HUB24,
Ltd.
62,409
70,668
Incitec
Pivot,
Ltd.
126,890
47,953
Independence
Group
NL
238,838
45,443
Inghams
Group,
Ltd.
107,558
20,966
IRESS,
Ltd.
a
114,586
27,808
JB
Hi-Fi,
Ltd.
1,085,124
594,581
Lottery
Corporation,
Ltd.
1,854,786
81,143
National
Australia
Bank,
Ltd.
1,758,976
8,683
Nick
Scali,
Ltd.
87,052
24,184
NRW
Holdings,
Ltd.
43,167
168,292
Origin
Energy,
Ltd.
1,062,159
122,997
Perseus
Mining,
Ltd.
179,910
20,567
Premier
Investments,
Ltd.
395,619
35,924
Reliance
Worldwide
Corporation,
Ltd.
117,914
31,432
Stanmore
Resources,
Ltd.
67,183
24,400
Super
Retail
Group,
Ltd.
226,880
25,535
Technology
One,
Ltd.
264,471
98,998
Ventia
Services
Group
Pty,
Ltd.
230,402
67,630
Waypoint
REIT,
Ltd.
101,480
23,426
Wesfarmers,
Ltd.
1,003,549
88,036
Westpac
Banking
Corporation
1,461,953
21,725
Whitehaven
Coal,
Ltd.
107,462
Total
43,172,212
Austria
(0.1%)
14,229
AMS
AG
a
17,090
5,770
BAWAG
Group
AG
b
344,532
1,851
Erste
Group
Bank
AG
86,321
Total
447,943
Belgium
(0.4%)
4,055
Bekaert
SA
202,895
17,419
Groupe
Bruxelles
Lambert
SA
1,293,014
973
Melexis
NV
81,310
12,889
Syensqo
SA
1,194,704
475
Titan
Cement
International
SA
15,081
Shares
Common
Stock
(94.8%)
Value
Belgium
(0.4%)
-
continued
2,918
UCB
SA
$
386,957
Total
3,173,961
Bermuda
(0.2%)
52,000
Cafe
de
Coral
Holdings,
Ltd.
53,931
34,100
Jardine
Matheson
Holdings,
Ltd.
1,308,417
6,390
Odfjell
Drilling,
Ltd.
29,126
1,424
Stolt-Nielsen,
Ltd.
60,890
30,000
Theme
International
Holdings,
Ltd.
2,301
Total
1,454,665
Brazil
(0.5%)
14,200
B3
SA
-
Brasil
Bolsa
Balcao
29,398
4,800
Banco
ABC
Brasil
SA
21,483
18,913
Banco
Bradesco
SA
ADR
51,065
56,400
Banco
do
Brasil
SA
298,586
25,472
Centrais
Eletricas
Brasileiras
SA
ADR
187,474
931
Companhia
Paranaense
de
Energia
ADR
a
5,865
25,986
Companhia
Siderurgica
Nacional
SA
ADR
69,903
31,100
CPFL
Energia
SA
192,077
20,336
Gerdau
SA
ADR
70,769
55,900
Iochpe-Maxion
SA
132,736
73,186
Itau
Unibanco
Holding
SA
ADR
442,775
67,875
Itausa
SA
124,963
13,605
Jalles
Machado
SA
18,550
25,800
JBS
SA
116,514
516
Localiza
Rent
a
Car
SA
4,878
8,600
Metalurgica
Gerdau
SA
17,390
57,790
Petroleo
Brasileiro
SA
466,540
15,375
Petroleo
Brasileiro
SA
ADR
260,914
31,900
Randon
SA
Implementos
e
Participacoes
65,734
33,000
Telefonica
Brasil
SA
303,334
86,700
TIM
SA/Brazil
295,200
68,300
Usinas
Siderurgicas
de
Minas
Gerais
SA
Usiminas
104,832
46,047
Vale
SA
ADR
560,392
19,600
Vibra
Energia
SA
88,590
Total
3,929,962
Canada
(8.3%)
8,313
Agnico
Eagle
Mines,
Ltd.
526,443
162,099
Alimentation
Couche-Tard,
Inc.
8,984,240
27,912
ATCO,
Ltd.
761,743
18,524
Bank
of
Montreal
1,654,666
29,998
Bank
of
Nova
Scotia
1,376,293
34,035
Barrick
Gold
Corporation
565,663
20,576
Canadian
Imperial
Bank
of
Commerce
960,458
77,510
Canadian
National
Railway
Company
9,407,726
54,122
Canadian
Natural
Resources,
Ltd.
4,101,265
90,222
Canadian
Utilities,
Ltd.
2,017,240
12,508
Canadian
Western
Bank
239,957
21,981
Capital
Power
Corporation
573,695
3,304
Cogeco
Communications,
Inc.
130,970
1,278
Constellation
Software,
Inc./Canada
3,290,299
617
Descartes
Systems
Group,
Inc.
a
57,234
2,573
Dollarama,
Inc.
214,639
3,105
Franco-Nevada
Corporation
373,842
48,001
Hydro
One,
Ltd.
1,344,509
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
133
Shares
Common
Stock
(94.8%)
Value
Canada
(8.3%)
-
continued
14,820
Laurentian
Bank
of
Canada
$
276,990
3,779
Loblaw
Companies,
Ltd.
414,396
38,585
Manulife
Financial
Corporation
899,985
39,061
Metro,
Inc./CN
1,998,093
6,298
National
Bank
of
Canada
505,707
49,571
Royal
Bank
of
Canada
4,795,962
12,899
Russel
Metals,
Inc.
363,269
6,741
Shopify,
Inc.
a
473,218
189,839
Suncor
Energy,
Inc.
7,243,848
6,519
Teck
Resources,
Ltd.
320,670
9,814
Thomson
Reuters
Corporation
1,482,312
4,662
TMX
Group,
Ltd.
123,437
17,075
Toromont
Industries,
Ltd.
1,562,815
63,066
Toronto-Dominion
Bank
3,741,401
43,966
TransAlta
Corporation
291,585
5,560
Wheaton
Precious
Metals
Corporation
289,898
Total
61,364,468
Cayman
Islands
(1.3%)
122,888
Alibaba
Group
Holding,
Ltd.
1,150,608
7,700
ASMPT,
Ltd.
95,693
166,000
China
Feihe,
Ltd.
b
90,780
201,000
China
Mengniu
Dairy
Company,
Ltd.
416,367
122,000
China
Resources
Building
Materials
Technology
Holdings,
Ltd.
20,591
128,500
China
Resources
Land,
Ltd.
462,065
92,000
Consun
Pharmaceutical
Group,
Ltd.
68,800
209,000
Geely
Automobile
Holdings,
Ltd.
251,544
3,456
Hello
Group,
Inc.
ADR
20,149
6,549
JD.com,
Inc.
94,361
11,086
JOYY,
Inc.
ADR
361,625
7,000
Li
Auto,
Inc
a
91,713
84,000
Li
Ning
Company,
Ltd.
219,901
15,000
Longfor
Group
Holdings,
Ltd.
b
22,217
33,829
Meituan
a,b
461,919
13,000
NetDragon
Websoft
Holdings,
Ltd.
18,210
666
NetEase,
Inc.
ADR
62,251
7,195
PDD
Holdings,
Inc.
ADR
a
900,670
5,000
Pop
Mart
International
Group,
Ltd.
b
21,397
74,000
Seazen
Group,
Ltd.
a
12,769
673,000
Shui
On
Land,
Ltd.
62,729
116,000
Sino
Biopharmaceutical,
Ltd.
39,637
19,500
Stella
International
Holdings,
Ltd.
35,545
53,900
Sunny
Optical
Technology
(Group)
Company,
Ltd.
260,753
21,947
TAL
Education
Group
ADR
a
264,242
70,490
Tencent
Holdings,
Ltd.
3,093,327
70,000
VSTECS
Holdings,
Ltd.
44,574
313,400
Xiaomi
Corporation
a,b
683,189
95,500
Zhongsheng
Group
Holdings,
Ltd.
174,172
Total
9,501,798
Chile
(0.1%)
713
Banco
de
Chile
ADR
15,743
1,702
Banco
de
Credito
e
Inversiones
SA
49,641
42,013
Cencosud
SA
71,992
508,569
Colbun
SA
65,311
18,082
Embotelladora
Andina
SA
51,135
21,675
Empresas
CMPC
SA
42,806
1,202,787
Latam
Airlines
Group
SA
a
16,274
Shares
Common
Stock
(94.8%)
Value
Chile
(0.1%)
-
continued
35,027
S.A.C.I.
Falabella
a
$
93,765
Total
406,667
China
(1.0%)
1,279,400
Agricultural
Bank
of
China,
Ltd.
776,549
190,500
Aluminum
Corporation
of
China,
Ltd.,
Class
A
194,493
578,000
Aluminum
Corporation
of
China,
Ltd.,
Class
H
383,338
296,600
Bank
of
China,
Ltd.,
Class
A
187,658
413,000
Bank
of
Communications
Company,
Ltd.
391,723
453,500
Baoshan
Iron
&
Steel
Company,
Ltd.
434,293
1,189,800
BOE
Technology
Group
Company,
Ltd.
714,154
826,000
CGN
Power
Company,
Ltd.
b
276,965
58,900
China
Construction
Bank
Corporation,
Class
A
57,837
63,000
China
Construction
Bank
Corporation,
Class
H
40,761
1,400
China
Merchants
Shekou
Industrial
Zone
Holdings
Company,
Ltd.
1,631
416,000
China
National
Building
Material
Company,
Ltd.
160,966
1,200
China
Tourism
Group
Duty
Free
Corporation,
Ltd.
b
10,567
80,300
China
United
Network
Communications,
Ltd.
51,785
360,000
CMOC
Group,
Ltd.
337,756
499,000
CRRC
Corporation,
Ltd.
275,444
37,900
Foxconn
Industrial
Internet
Company,
Ltd.
125,223
14,800
Fuyao
Glass
Industry
Group
Company,
Ltd.,
Class
H
b
88,609
124,500
Great
Wall
Motor
Company,
Ltd.,
Class
H
188,137
49,600
Gree
Electric
Appliances,
Inc.
of
Zhuhai
287,743
594,390
Greenland
Holdings
Corporation,
Ltd.
a
150,543
31,700
Guotai
Junan
Securities
Company,
Ltd.
59,999
215,600
Huaxia
Bank
Company,
Ltd.
199,534
196,000
Jiangxi
Copper
Company,
Ltd.,
Class
H
399,180
46,500
Livzon
Pharmaceutical
Group,
Inc.
257,182
476,000
People's
Insurance
Company
(Group)
of
China,
Ltd.
156,235
57,100
PetroChina
Company,
Ltd.,
Class
A
80,555
232,000
PetroChina
Company,
Ltd.,
Class
H
216,164
95,700
Poly
Developments
and
Holdings
Group
Company,
Ltd.
117,415
3,600
Seazen
Holdings
Company,
Ltd.
a
4,876
272,700
Shenwan
Hongyuan
Group
Company,
Ltd.
176,466
9,700
Shenzhou
International
Group
Holdings,
Ltd.
95,343
87,000
Tong
Ren
Tang
Technologies
Company,
Ltd.
59,761
10,000
Tsingtao
Brewery
Company,
Ltd.
72,064
52,500
Wanda
Film
Holding
Company,
Ltd.
a
106,066
71,000
WuXi
AppTec
Company,
Ltd.,
Class
H
b
319,577
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
134
Shares
Common
Stock
(94.8%)
Value
China
(1.0%)
-
continued
63,400
ZTE
Corporation
$
136,649
Total
7,593,241
Colombia
(<0.1%)
1,198
Bancolombia
SA
10,322
2,848
Bancolombia
SA
ADR
93,186
Total
103,508
Cyprus
(<0.1%)
9,845
Ros
Agro
plc
GDR
a,c
0
Total
0
Czech
Republic
(<0.1%)
4,120
Komercni
Banka
AS
a
151,801
39
Philip
Morris
CR
26,475
Total
178,276
Denmark
(2.7%)
12,065
ALK-Abello
AS
a
223,673
33,648
Carlsberg
AS
4,526,089
1,639
ChemoMetec
AS
69,357
2,098
DFDS
AS
64,097
2,782
H
Lundbeck
AS
11,702
1,595
Jyske
Bank
AS
129,051
84,641
Novo
Nordisk
AS
10,854,558
21,430
Pandora
AS
3,261,645
318
Per
Aarsleff
Holding
AS
14,901
216
Ringkjoebing
Landbobank
AS
36,300
7,297
Scandinavian
Tobacco
Group
AS
b
117,773
7,641
Sydbank
AS
388,541
Total
19,697,687
Finland
(0.3%)
3,330
Cargotec
Oyj
a
262,637
78,522
Fortum
Oyj
1,034,717
291
Huhtamaki
Oyj
11,168
5,855
Kemira
Oyj
127,497
18,069
Kojamo
Oyj
a
199,605
1,393
Konecranes
Oyj
73,210
4,889
Puuilo
Oyj
53,267
13,093
Tokmanni
Group
Corporation
198,695
Total
1,960,796
France
(6.7%)
18,521
Air
Liquide
SA
3,622,317
69,041
Compagnie
de
Saint-Gobain
SA
5,459,951
43,783
Compagnie
Generale
des
Etablissements
Michelin
SCA
1,682,086
53,056
Danone
SA
3,320,638
103,043
Dassault
Systemes
SE
4,044,642
47,126
Eiffage
SA
5,028,278
65,323
Engie
SA
a
1,134,049
7,883
Eutelsat
Communications
SACA
a
31,667
10,966
Ipsos
SA
733,819
4,451
Kering
SA
1,559,941
1,928
La
Francaise
des
Jeux
SAEM
b
72,656
60,700
Legrand
SA
6,274,508
5,154
LVMH
Moet
Hennessy
Louis
Vuitton
SE
4,233,690
5,833
Publicis
Groupe
SA
643,654
1,399
Rubis
SCA
48,414
13,209
Schneider
Electric
SE
3,011,832
Shares
Common
Stock
(94.8%)
Value
France
(6.7%)
-
continued
82,089
Societe
Generale
SA
$
2,211,896
1,214
Sopra
Steria
Group
265,816
11,480
TotalEnergies
SE
833,435
4,901
Valeo
SE
62,113
1,600
Verallia
SA
b
61,625
45,448
Vinci
SA
5,325,426
2,117
Wendel
SA
215,883
Total
49,878,336
Germany
(5.3%)
3,439
Aixtron
SE
79,908
30,963
Allianz
SE
8,786,845
20,219
Bayerische
Motoren
Werke
AG
2,202,850
14,614
Brenntag
AG
1,166,249
3,375
CTS
Eventim
AG
&
Company
KGAA
298,447
2,259
Dermapharm
Holding
SE
75,817
13,748
Deutsche
Boerse
AG
2,650,508
55,754
Deutsche
Post
AG
2,334,420
11,192
Deutz
AG
a
64,658
99
Elmos
Semiconductor
SE
8,203
2,185
Gerresheimer
AG
235,318
16,330
Heidelberg
Materials
AG
1,643,382
939
Hugo
Boss
AG
50,598
75,880
Infineon
Technologies
AG
2,633,270
1,452
Jenoptik
AG
38,928
5,247
LEG
Immobilien
AG
a
445,410
7,604
Merck
KGaA
1,208,290
1,879
Muenchener
Rueckversicherungs-
Gesellschaft
AG
826,402
849
Nemetschek
SE
75,026
5,636
SAF-Holland
SE
108,575
36,419
SAP
SE
6,576,082
17,390
Scout24
SE
b
1,277,430
30,437
Siemens
AG
5,701,881
1,674
Siltronic
AG
130,462
339
SMA
Solar
Technology
AG
a
17,781
903
Stabilus
SE
56,029
1,547
Stroeer
SE
&
Company
KGaA
99,203
1,414
SUESS
MicroTec
SE
69,985
12,502
TAG
Immobilien
AG
a
177,750
3,991
TeamViewer
SE
a,b
52,652
756
VIB
Vermoegen
AG
a
8,891
Total
39,101,250
Greece
(<0.1%)
16,567
Eurobank
Ergasias
Services
and
Holdings
SA
a
35,538
7,795
HELLENiQ
ENERGY
Holdings
SA
69,879
778
Motor
Oil
(Hellas)
Corinth
Refineries
SA
22,550
Total
127,967
Hong
Kong
(1.4%)
51,600
Bank
of
East
Asia,
Ltd.
64,969
257,500
China
Overseas
Land
&
Investment,
Ltd.
473,510
79,500
CK
Hutchison
Holdings,
Ltd.
386,114
41,000
CLP
Holdings,
Ltd.
322,508
46,960
CSPC
Pharmaceutical
Group,
Ltd.
38,561
9,000
Hang
Lung
Group,
Ltd.
10,680
41,000
Hang
Lung
Properties,
Ltd.
45,252
51,000
Henderson
Land
Development
Company,
Ltd.
153,756
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
135
Shares
Common
Stock
(94.8%)
Value
Hong
Kong
(1.4%)
-
continued
228,500
Hong
Kong
Exchanges
&
Clearing,
Ltd.
$
7,260,457
3,500
Swire
Pacific,
Ltd.
29,641
42,000
Techtronic
Industries
Company,
Ltd.
580,410
276,000
United
Laboratories
International
Holdings,
Ltd.
325,652
3,100
VTech
Holdings,
Ltd.
17,919
166,000
Weichai
Power
Company,
Ltd.,
Class
H
339,198
14,000
Yuexiu
Property
Company,
Ltd.
8,355
Total
10,056,982
Hungary
(0.1%)
31,861
MOL
Hungarian
Oil
&
Gas
plc
261,471
5,148
OTP
Bank
Nyrt
255,164
190
Richter
Gedeon
Nyrt
4,838
Total
521,473
India
(1.8%)
866
Apar
Industries,
Ltd.
81,567
2,777
Avenue
Supermarts,
Ltd.
a,b
153,235
18,829
Axis
Bank,
Ltd.
262,817
7,977
Bajaj
Auto,
Ltd.
851,607
5,433
Bajaj
Finserv,
Ltd.
104,952
13,168
Bharat
Petroleum
Corporation,
Ltd.
95,818
24,248
Birlasoft,
Ltd.
188,139
1,024
Ceat,
Ltd.
31,476
7,888
Chambal
Fertilisers
and
Chemicals,
Ltd.
40,034
36,716
Cipla,
Ltd.
614,637
75,042
Coal
India,
Ltd.
407,999
860
CRISIL,
Ltd.
44,861
3,930
Cummins
India,
Ltd.
153,875
1,676
Dixon
Technologies
India,
Ltd.
167,268
1,225
Godrej
Consumer
Products,
Ltd.
17,878
5,924
Gujarat
State
Petronet,
Ltd.
20,903
29,815
HCL
Technologies,
Ltd.
486,432
14,143
HDFC
Asset
Management
Company,
Ltd.
b
659,332
15,287
Hero
MotoCorp,
Ltd.
829,657
11,522
Hindalco
Industries,
Ltd.
88,613
31,579
ICICI
Bank,
Ltd.
ADR
869,370
182,880
Indian
Oil
Corporation,
Ltd.
369,305
662
Info
Edge
India,
Ltd.
47,878
3,810
Infosys,
Ltd.
ADR
63,665
34,399
Jindal
Saw,
Ltd.
227,606
16,886
JK
Tyre
&
Industries,
Ltd.
85,082
774
KEI
Industries,
Ltd.
37,046
21,956
Kotak
Mahindra
Bank,
Ltd.
426,724
9,533
KPIT
Technologies,
Ltd.
169,952
13,779
Larsen
&
Toubro,
Ltd.
592,303
1,648
LTIMindtree,
Ltd.
b
92,561
21,481
Manappuram
Finance,
Ltd.
51,287
1,298
Maruti
Suzuki
India,
Ltd.
199,138
96
MRF,
Ltd.
152,810
9,528
NCC,
Ltd./India
27,562
2,330
Nestle
India,
Ltd.
69,941
7,167
Nippon
Life
India
Asset
Management,
Ltd.
b
50,466
209,414
Oil
&
Natural
Gas
Corporation,
Ltd.
706,931
4,238
PB
Fintech,
Ltd.
a
64,187
5,067
Persistent
Systems,
Ltd.
203,835
464
Phoenix
Mills,
Ltd.
17,500
Shares
Common
Stock
(94.8%)
Value
India
(1.8%)
-
continued
669
PI
Industries,
Ltd.
$
29,239
5,019
Pidilite
Industries,
Ltd.
183,064
23,893
Power
Finance
Corporation,
Ltd.
125,946
30,857
REC,
Ltd.
186,922
13,751
Reliance
Industries,
Ltd.
482,719
95,834
State
Bank
of
India
946,644
1,043
Tata
Communications,
Ltd.
21,587
23,175
Tata
Consultancy
Services,
Ltd.
1,057,710
20,147
Tata
Motors,
Ltd.
242,954
2,666
UltraTech
Cement,
Ltd.
317,959
18,765
Union
Bank
of
India,
Ltd.
34,589
6,523
United
Spirits,
Ltd.
91,763
22,750
Welspun
Living,
Ltd.
40,768
Total
13,588,113
Indonesia
(0.2%)
1,421,300
Bank
Central
Asia
Tbk
PT
854,606
894,400
Bank
Mandiri
Persero
Tbk
PT
378,043
1,885,400
Bank
Rakyat
Indonesia
Persero
Tbk
PT
570,717
Total
1,803,366
Ireland
(0.1%)
11,021
Cairn
Homes
plc
18,564
5,634
CRH
plc
436,301
Total
454,865
Israel
(0.7%)
3,134
Azrieli
Group,
Ltd.
201,643
38,942
Bank
Hapoalim
BM
350,806
82,896
Bank
Leumi
Le-Israel
BM
645,935
769
Camtek,
Ltd./Israel
62,577
14,013
Check
Point
Software
Technologies,
Ltd.
a
2,093,823
876
First
International
Bank
of
Israel,
Ltd.
34,771
681
Hilan,
Ltd.
38,233
1,259
Israel
Corporation,
Ltd.
300,030
181
Isras
Holdings,
Ltd.
a
14,121
3,222
Magic
Software
Enterprises,
Ltd.
38,182
7,954
Mivne
Real
Estate
(KD),
Ltd.
19,119
950
NICE,
Ltd.
a
212,430
1,757
Nova,
Ltd.
a
297,338
185,379
Oil
Refineries,
Ltd.
53,710
4,494
One
Software
Technologies,
Ltd.
62,262
36,987
Plus500,
Ltd.
1,000,486
2,280
Radware,
Ltd.
a
37,688
Total
5,463,154
Italy
(3.3%)
7,580
A2A
SPA
14,949
22,978
ACEA
SPA
398,587
44,434
Anima
Holding
SPA
b
208,189
12,051
Arnoldo
Mondadori
Editore
SPA
28,872
41,921
Azimut
Holding
SPA
1,104,723
9,030
Banca
IFIS
SPA
201,178
182,231
Banca
Mediolanum
SPA
1,972,029
22,230
Banca
Popolare
di
Sondrio
SPA
185,727
7,499
BPER
Banca
SPA
38,944
2,053
Brunello
Cucinelli
SPA
209,534
15,146
Buzzi
SPA
545,716
953
Credito
Emiliano
SPA
10,067
1,616
El.En.
SPA
20,311
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
136
Shares
Common
Stock
(94.8%)
Value
Italy
(3.3%)
-
continued
693,009
Enel
SPA
$
4,554,766
131,855
Eni
SPA
2,117,818
944,678
Intesa
Sanpaolo
SPA
3,535,939
12,246
Iren
SPA
24,617
449,549
Italgas
SPA
2,491,922
1,800
Moncler
SPA
122,548
63,326
OVS
SPA
b
165,441
114,378
Recordati
SPA
6,086,448
357
Reply
SPA
46,610
4,640
Technogym
SPA
b
43,758
Total
24,128,693
Japan
(18.5%)
18
Activia
Properties,
Inc.
44,675
51,900
Advantest
Corporation
1,624,505
4,700
Ain
Holdings,
Inc.
177,878
500
Aisin
Corporation
19,018
1,800
Amvis
Holdings,
Inc.
24,557
10,100
Aozora
Bank,
Ltd.
156,923
16,000
Arcs
Company,
Ltd.
314,029
8,700
Artience
Company,
Ltd.
161,233
168,100
Astellas
Pharma,
Inc.
1,613,407
2,700
BML,
Inc.
49,871
200
C.
Uyemura
&
Company,
Ltd.
13,091
124,500
Canon,
Inc.
3,369,629
43,600
Capcom
Company,
Ltd.
717,762
8,800
Central
Glass
Company,
Ltd.
156,273
2,200
Chiba
Bank,
Ltd.
18,584
4,400
Chudenko
Corporation
88,781
10,200
Chugin
Financial
Group,
Inc.
85,896
5,700
Chugoku
Electric
Power
Company,
Inc.
39,132
3,500
Chugoku
Marine
Paints,
Ltd.
45,806
3,100
COMSYS
Holdings
Corporation
72,563
16
CRE
Logistics
REIT,
Inc.
15,314
6,800
Dai
Nippon
Printing
Company,
Ltd.
198,058
19,000
Daiichi
Sankyo
Company,
Ltd.
639,497
8,300
Daikin
Industries,
Ltd.
1,132,878
2,100
Daio
Paper
Corporation
15,035
1,600
Daito
Trust
Construction
Company,
Ltd.
171,511
20,900
Daiwa
House
Industry
Company,
Ltd.
588,103
79
Daiwa
House
REIT
Investment
Corporation
132,702
125,600
Daiwa
Securities
Group,
Inc.
923,042
5,900
Denso
Corporation
100,554
5,800
DISCO
Corporation
1,652,105
16,700
Doutor
Nichires
Holdings
Company,
Ltd.
223,638
7,700
DTS
Corporation
210,062
4,500
Elan
Corporation
25,833
628,200
Eneos
Holdings,
Inc.
2,902,419
1,300
Fast
Retailing
Company,
Ltd.
339,910
2,600
Ferrotec
Holdings
Corporation
49,365
6,700
Fuji
Media
Holdings,
Inc.
79,632
4,800
Fuji
Soft,
Inc.
187,842
120,600
FUJIFILM
Holdings
NPV
2,565,462
900
Fukuda
Denshi
Company,
Ltd.
37,319
2,800
Fukuyama
Transporting
Company,
Ltd.
67,656
4,800
Future
Corporation
48,424
6,200
Glory,
Ltd.
111,713
900
Godo
Steel,
Ltd.
30,173
12,300
Gree,
Inc.
36,316
Shares
Common
Stock
(94.8%)
Value
Japan
(18.5%)
-
continued
4,000
Hanwa
Company,
Ltd.
$
153,906
17,300
Haseko
Corporation
209,006
32,700
Heiwa
Corporation
409,633
19,000
Hino
Motors,
Ltd.
a
55,464
11,200
HIS
Company,
Ltd.
a
124,447
20,400
Hitachi,
Ltd.
1,882,118
259,300
Honda
Motor
Company,
Ltd.
2,950,207
26,700
Hoya
Corporation
3,095,593
10,100
Hyakugo
Bank,
Ltd.
41,537
4,300
Iida
Group
Holdings
Company,
Ltd.
54,893
49,700
Inaba
Denki
Sangyo
Company,
Ltd.
1,159,529
189
Industrial
&
Infrastructure
Fund
Investment
Corporation
156,281
35,900
INFRONEER
Holdings,
Inc.
317,919
700
Internet
Initiative
Japan,
Inc.
11,843
10,000
ITOCHU
Corporation
451,148
400
Itochu-Shokuhin
Company,
Ltd.
18,917
3,500
JAC
Recruitment
Company,
Ltd.
16,865
3,900
JAFCO
Group
Company,
Ltd.
44,014
2,700
Japan
Elevator
Service
Holdings
Company,
Ltd.
41,960
121
Japan
Metropolitan
Fund
Investment
Corporation
73,051
2,500
Japan
Post
Insurance
Company,
Ltd.
46,935
2,700
Japan
Tobacco,
Inc.
72,634
3,700
JEOL,
Ltd.
146,592
11,200
JFE
Holdings,
Inc.
167,168
9,300
JGC
Corporation
89,644
1,800
J-Oil
Mills,
Inc.
22,565
2,600
Juroku
Financial
Group,
Inc.
78,091
30,600
Kajima
Corporation
586,207
8,900
Kakaku.com,
Inc.
102,373
11,600
Kamigumi
Company,
Ltd.
250,509
600
Kansai
Paint
Company,
Ltd.
7,811
1,500
Kasumigaseki
Capital
Company,
Ltd.
139,403
144,600
KDDI
Corporation
4,012,476
65
KDX
Realty
Investment
Corporation
64,112
700
KeePer
Technical
Laboratory
Company,
Ltd.
19,905
15,300
Keiyo
Bank,
Ltd.
75,224
4,900
Keyence
Corporation
2,154,872
4,400
Kokuyo
Company,
Ltd.
75,170
3,100
KOMEDA
Holdings
Company,
Ltd.
50,883
12,600
Kubota
Corporation
202,101
4,400
Kumagai
Gumi
Company,
Ltd.
115,998
900
Kuraray
Company,
Ltd.
9,971
600
Kurita
Water
Industries,
Ltd.
23,762
800
KYB
Corporation
27,311
126,700
Kyocera
Corporation
1,544,301
50,400
Kyoei
Steel,
Ltd.
717,509
4,200
Kyoritsu
Maintenance
Company,
Ltd.
89,568
2,300
Kyushu
Financial
Group,
Inc.
15,389
1,000
Lasertec
Corporation
215,705
9,500
Link
and
Motivation,
Inc.
30,102
2,300
M&A
Research
Institute
Holdings,
Inc.
a
72,685
600
Makita
Corporation
17,370
9,700
Mandom
Corporation
80,029
100
Maruwa
Company,
Ltd./Aichi
21,073
9,400
Mazda
Motor
Corporation
106,403
1,100
McDonald's
Holdings
Company
(Japan),
Ltd.
48,388
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
137
Shares
Common
Stock
(94.8%)
Value
Japan
(18.5%)
-
continued
6,300
Mebuki
Financial
Group,
Inc.
$
22,287
25,600
Medipal
Holdings
Corporation
401,486
3,400
MegaChips
Corporation
78,828
21,100
MEITEC
Group
Holdings,
Inc.
393,515
6,500
Menicon
Company,
Ltd.
62,716
400
Micronics
Japan
Company,
Ltd.
16,477
114,600
Mitsubishi
Chemical
Group
Corporation
668,561
153,300
Mitsubishi
Corporation
3,505,907
25,500
Mitsubishi
Estate
Company,
Ltd.
467,280
10
Mitsubishi
Estate
Logistics
REIT
Investment
Corporation
25,632
66,400
Mitsubishi
HC
Capital,
Inc.
430,010
1,400
Mitsubishi
Logistics
Corporation
46,447
1,200
Mitsubishi
Materials
Corporation
23,451
6,900
Mitsubishi
Shokuhin
Company,
Ltd.
244,663
392,100
Mitsubishi
UFJ
Financial
Group,
Inc.
3,905,848
23,200
Mitsui
&
Company,
Ltd.
1,119,996
6,400
Mixi,
Inc.
97,676
177,700
Mizuho
Financial
Group,
Inc.
3,434,783
2,400
MOS
Food
Services,
Inc.
53,083
97,200
MS
and
AD
Insurance
Group
Holdings,
Inc.
1,747,563
70,400
Murata
Manufacturing
Company,
Ltd.
1,286,361
2,900
Nanto
Bank,
Ltd.
55,737
6,800
NEC
Corporation
492,334
8,900
NEC
Networks
&
System
Integration
Corporation
147,847
12,400
Net
One
Systems
Company,
Ltd.
207,840
1,800
Nextage
Company,
Ltd.
31,602
1,600
Nifco,
Inc./Japan
38,677
5,500
Nikkon
Holdings
Company,
Ltd.
107,955
19,900
Nikon
Corporation
205,753
47,400
Nintendo
Company,
Ltd.
2,311,651
9,000
Nippon
Electric
Glass
Company,
Ltd.
222,697
1,000
Nippon
Express
Holdings,
Inc.
51,158
54
Nippon
REIT
Investment
Corporation
121,961
15,700
Nippon
Steel
Corporation
351,977
3,465,900
Nippon
Telegraph
and
Telephone
Corporation
3,742,002
3,600
Nippon
Television
Holdings,
Inc.
52,551
7,600
Nipro
Corporation
61,491
10,900
Nishimatsu
Construction
Company,
Ltd.
315,172
3,900
Nisshin
Oillio
Group,
Ltd.
125,286
23,600
Nitto
Kogyo
Corporation
633,024
7,100
NOK
Corporation
102,751
146,900
Nomura
Holdings,
Inc.
835,859
12,000
Nomura
Research
Institute,
Ltd.
290,375
1,700
Noritsu
Koki
Company,
Ltd.
33,355
19,800
NSD
Company,
Ltd.
387,010
40,100
NTN
Corporation
79,579
57,200
NTT
Data
Group
Corporation
894,483
4,800
Obayashi
Corporation
53,572
2,100
OBIC
Business
Consultants
Company,
Ltd.
85,811
1,300
Ogaki
Kyoritsu
Bank,
Ltd.
18,620
4,100
Ohsho
Food
Service
Corporation
203,196
6,200
Okamura
Corporation
93,894
900
Okinawa
Cellular
Telephone
Company
19,338
Shares
Common
Stock
(94.8%)
Value
Japan
(18.5%)
-
continued
8,900
Okinawa
Electric
Power
Company,
Inc.
$
66,397
3,200
Okumura
Corporation
100,115
47,800
Ono
Pharmaceutical
Company,
Ltd.
688,481
52,800
Oriental
Land
Company,
Ltd.
1,456,844
109,200
ORIX
Corporation
2,234,824
21,500
Otsuka
Corporation
427,595
13,200
Otsuka
Holdings
Company,
Ltd.
564,391
27,700
Panasonic
Holdings
Corporation
241,778
41,000
Persol
Holdings
Company,
Ltd.
56,716
19,100
Pigeon
Corporation
174,097
5,700
Plus
Alpha
Consulting
Company,
Ltd.
72,505
5,000
Raito
Kogyo
Company,
Ltd.
64,969
1,400
RAIZNEXT
Corporation
17,997
5,800
Rakus
Company,
Ltd.
58,627
54,316
Recruit
Holdings
Company,
Ltd.
2,339,247
118,200
Renesas
Electronics
Corporation
1,919,066
13,800
Resona
Holdings,
Inc.
87,268
7,100
Resorttrust,
Inc.
117,508
800
Restar
Corporation
15,138
1,800
Retail
Partners
Company,
Ltd.
19,254
27,600
Rohm
Company,
Ltd.
396,746
100
Rorze
Corporation
17,338
20,100
Sankyo
Company,
Ltd.
218,326
9,600
Sankyu,
Inc.
332,828
10,000
Santen
Pharmaceutical
Company,
Ltd.
96,591
7,200
Sanyo
Chemical
Industries,
Ltd.
188,281
2,200
Sato
Holdings
Corporation
30,485
1,500
SBI
Holdings,
Inc.
36,522
13,400
SCREEN
Holdings
Company,
Ltd.
1,382,574
39,300
Secom
Company,
Ltd.
2,729,876
4,600
Sega
Sammy
Holdings,
Inc.
60,209
19,300
Seino
Holdings
Company,
Ltd.
258,565
42,200
Sekisui
Chemical
Company,
Ltd.
613,928
86,400
Sekisui
House,
Ltd.
1,985,503
198,100
Seven
&
I
Holdings
Company,
Ltd.
2,559,690
11,000
SG
Holdings
Company,
Ltd.
128,756
600
SHIFT,
Inc.
a
55,192
75,000
Shin-Etsu
Chemical
Company,
Ltd.
2,903,171
7,500
ShinMaywa
Industries,
Ltd.
57,182
8,000
Ship
Healthcare
Holdings,
Inc.
119,023
6,100
Siix
Corporation
62,887
34,100
SKY
Perfect
JSAT
Holdings,
Inc.
200,668
2,600
SMC
Corporation
1,365,953
1,500
Socionext,
Inc.
43,853
18,300
SoftBank
Group
Corporation
900,005
22,000
Sohgo
Security
Services
Company,
Ltd.
122,358
10,000
Sojitz
Corporation
257,469
92,100
Sompo
Holdings,
Inc.
1,822,671
31,400
Sony
Group
Corporation
2,595,253
228
Star
Asia
Investment
Corporation
88,948
3,000
Starts
Corporation,
Inc.
67,677
500
Strike
Company,
Ltd.
13,980
6,200
Sumco
Corporation
92,463
8,500
Sumitomo
Corporation
223,526
29,300
Sumitomo
Dainippon
Pharma
Company,
Ltd.
a
73,945
21,200
Sumitomo
Mitsui
Financial
Group,
Inc.
1,204,241
59,800
Sumitomo
Mitsui
Trust
Holdings,
Inc.
1,257,285
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
138
Shares
Common
Stock
(94.8%)
Value
Japan
(18.5%)
-
continued
4,100
Sumitomo
Realty
&
Development
Company,
Ltd.
$
141,876
400
Sumitomo
Riko
Company,
Ltd.
3,330
2,000
Sumitomo
Rubber
Industries,
Ltd.
24,276
500
Suzuken
Company,
Ltd./Aichi
Japan
14,767
76,500
Systena
Corporation
127,467
7,700
Taiheiyo
Cement
Corporation
176,118
3,800
Taikisha,
Ltd.
112,080
19,000
Taiyo
Holdings
Company,
Ltd.
387,189
6,300
Takamatsu
Construction
Group
Company,
Ltd.
106,083
4,900
Takara
Standard
Company,
Ltd.
59,776
169,000
Takeda
Pharmaceutical
Company,
Ltd.
4,441,670
1,200
TechnoPro
Holdings,
Inc.
20,440
31,800
Terumo
Corporation
539,459
2,400
THK
Company,
Ltd.
52,366
25,900
TIS,
Inc.
553,135
43,200
Toagosei
Company,
Ltd.
434,564
8,800
Toho
Holdings
Company,
Ltd.
210,824
34,700
Tohoku
Electric
Power
Company,
Inc.
267,886
3,000
Tokai
Corporation/Gifu
39,917
24,700
Tokio
Marine
Holdings,
Inc.
780,678
12,700
Tokyo
Electron,
Ltd.
2,785,693
2,100
Tokyo
Seimitsu
Company,
Ltd.
136,653
5,400
Tokyotokeiba
Company,
Ltd.
148,848
22,200
Tokyu
Fudosan
Holdings
Corporation
162,643
117,500
TOPPAN
Holdings,
Inc.
2,787,565
800
Torii
Pharmaceutical
Company,
Ltd.
19,967
6,800
Totetsu
Kogyo
Company,
Ltd.
135,844
1,800
Towa
Pharmaceutical
Company,
Ltd.
32,401
3,200
Toyo
Suisan
Kaisha,
Ltd.
200,110
308,900
Toyota
Motor
Corporation
7,045,575
7,400
Transcosmos,
Inc.
159,967
3,700
TRE
Holdings
Corporation
29,780
20,600
Tsubakimoto
Chain
Company
709,217
200
Tsuruha
Holdings,
Inc.
12,625
75,900
TV
Asahi
Holdings
Corporation
995,437
14,400
UBE
Corporation
263,256
300
ULVAC,
Inc.
17,939
2,500
U-Next
Holdings
Company,
Ltd.
69,862
1,900
UT
Group
Company,
Ltd.
39,843
4,200
Valor
Holdings
Company,
Ltd.
64,346
7,000
ValueCommerce
Company,
Ltd.
47,913
1,600
WDB
Holdings
Company,
Ltd.
22,910
17,000
Yakult
Honsha
Company,
Ltd.
332,516
193,100
Yamada
Holdings
Company,
Ltd.
552,766
11,200
Yuasa
Trading
Company,
Ltd.
409,279
1,100
Zeria
Pharmaceutical
Company,
Ltd.
14,588
75,700
ZOZO,
Inc.
1,630,463
Total
137,062,566
Jersey
(0.6%)
43,440
Experian
plc
1,752,102
185,434
Glencore
plc
1,078,957
396,603
Man
Group
plc
1,271,865
95,087
TP
ICAP
Group
plc
246,145
Total
4,349,069
Shares
Common
Stock
(94.8%)
Value
Kuwait
(0.1%)
13,078
HumanSoft
Holding
Company
KSCC
$
122,975
29,093
Kuwait
Finance
House
KSCP
67,868
40,798
Mobile
Telecommunications
Company
KSCP
64,477
84,669
National
Bank
of
Kuwait
KSC
237,287
18,191
National
Industries
Group
Holding
12,639
Total
505,246
Luxembourg
(0.2%)
25,525
ArcelorMittal
SA
637,688
22,349
Aroundtown
SA
a
46,331
53,514
B&M
European
Value
Retail
SA
345,356
9,030
Grand
City
Properties
SA
a
100,845
3,442
Tenaris
SA
ADR
113,551
Total
1,243,771
Malaysia
(<0.1%)
42,200
Hong
Leong
Bank
Bhd
170,422
16,900
IOI
Corporation
Bhd
14,386
4,500
Petronas
Dagangan
Bhd
20,461
53,107
Sports
Toto
Bhd
15,690
12,800
Ta
Ann
Holdings
Bhd
11,345
60,700
YTL
Corporation
Bhd
39,245
Total
271,549
Mexico
(0.2%)
1,365
America
Movil
SAB
de
CV
ADR
26,017
18,189
Cemex
SAB
de
CV
ADR
a
143,875
3,665
Coca-Cola
FEMSA
SAB
de
CV
ADR
363,385
664
Fomento
Economico
Mexicano
SAB
de
CV
ADR
78,126
13,730
Grupo
Financiero
Banorte
SAB
de
CV
ADR
136,188
38,500
Grupo
Mexico
SAB
de
CV
237,912
55,100
Megacable
Holdings
SAB
de
CV
160,822
16,100
Wal-Mart
de
Mexico
SAB
de
CV
60,008
Total
1,206,333
Netherlands
(4.9%)
3,353
ASM
International
NV
2,109,170
17,549
ASML
Holding
NV
15,285,421
7,192
Cementir
Holding
NV
76,152
3,716
Euronext
NV
b
334,629
2,149
IMCD
NV
a
324,230
220,363
Koninklijke
Ahold
Delhaize
NV
6,688,948
16,410
Koninklijke
Vopak
NV
651,667
236,101
MFE-MediaForEurope
NV
693,176
3,882
NEPI
Rockcastle
NV
26,194
23,169
QIAGEN
NV
967,346
265,670
Stellantis
NV
5,878,355
20,013
Wolters
Kluwer
NV
2,996,079
Total
36,031,367
New
Zealand
(<0.1%)
59,251
Contact
Energy,
Ltd.
302,702
Total
302,702
Norway
(0.8%)
50,058
Aker
Solutions
ASA
188,684
152,208
DNB
Bank
ASA
2,652,858
56,763
Equinor
ASA
1,510,371
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
139
Shares
Common
Stock
(94.8%)
Value
Norway
(0.8%)
-
continued
28,222
Europris
ASA
a,b
$
177,621
4,218
Hoegh
Autoliners
ASA
44,273
3,032
Norsk
Hydro
ASA
18,633
600
Veidekke
ASA
6,276
966
Wallenius
Wilhelmsen
ASA
9,730
58,237
Yara
International
ASA
1,660,054
Total
6,268,500
Poland
(0.2%)
7,967
Asseco
Poland
SA
156,576
4,750
Bank
Polska
Kasa
Opieki
SA
196,651
381
Budimex
SA
64,451
1,132
KGHM
Polska
Miedz
SA
38,918
602
Orlen
SA
9,815
20,455
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
303,698
29,191
Powszechny
Zaklad
Ubezpieczen
SA
367,395
Total
1,137,504
Portugal
(0.3%)
50,489
CTT-Correios
de
Portugal
SA
237,619
84,170
Galp
Energia
SGPS
SA
1,808,071
56,496
REN
-
Redes
Energeticas
Nacionais
SGPS
SA
136,411
1,223
Semapa-Sociedade
de
Investimento
e
Gestao,
SGPS
SA
20,742
Total
2,202,843
Qatar
(<0.1%)
132,993
Commercial
Bank
PSQC
151,694
23,274
Doha
Bank
QPSC
9,555
9,983
Gulf
Warehousing
Company
9,064
32,534
Masraf
Al
Rayan
QSC
22,446
11,159
Qatar
National
Bank
QPSC
42,485
Total
235,244
Russian
Federation
(<0.1%)
89,225
Gazprom
PJSC
ADR
a,c
9
7,840
GMK
Norilskiy
Nickel
PAO
ADR
a,c
1
3,228
LUKOIL
PJSC
c,d
0
3,189
Mechel
PJSC
a,c
0
234
Novatek
PJSC
GDR
a,c
0
361
Polyus
PJSC
a,c
0
1
Polyus
PJSC
GDR
a,c
0
174,130
Sberbank
of
Russia
PJSC
c,d
0
9,280
Sovcomflot
OAO
c,d
0
404,300
Surgutneftegas
PJSC
c,d
0
35,587
Surgutneftegas
PJSC
ADR
a,c
4
Total
14
Saudi
Arabia
(0.3%)
35,307
Al
Rajhi
Bank
750,954
25,059
Arab
National
Bank
205,969
349
Astra
Industrial
Group
16,157
2,659
Dr.
Sulaiman
Al
Habib
Medical
Services
Group
Company
219,867
1,818
Eastern
Province
Cement
Company
16,190
37,133
Jarir
Marketing
Company
133,847
1,386
SABIC
Agri-Nutrients
Company
42,710
18,306
Saudi
Arabian
Oil
Company
b
146,681
1,034
Saudi
Aramco
Base
Oil
Company
41,656
504
Saudi
Basic
Industries
Corporation
11,355
Shares
Common
Stock
(94.8%)
Value
Saudi
Arabia
(0.3%)
-
continued
34,330
Saudi
National
Bank
$
343,659
18,646
Saudi
Telecom
Company
187,099
Total
2,116,144
Singapore
(1.1%)
732,500
ComfortDelGro
Corporation,
Ltd.
796,754
238,460
DBS
Group
Holdings,
Ltd.
6,070,574
5,139
Kenon
Holdings,
Ltd.
115,781
52,700
Singapore
Exchange,
Ltd.
359,494
32,800
United
Overseas
Bank,
Ltd.
727,858
290,100
Yangzijiang
Shipbuilding
Holdings,
Ltd.
372,376
156,800
Yanlord
Land
Group,
Ltd.
a
51,452
Total
8,494,289
South
Africa
(0.2%)
8,562
Absa
Group,
Ltd.
66,171
29,706
AECI,
Ltd.
147,933
13,958
Aspen
Pharmacare
Holdings,
Ltd.
166,321
3,048
Barloworld,
Ltd.
13,976
4,336
Coronation
Fund
Managers,
Ltd.
7,029
30,373
DataTec,
Ltd.
58,727
3,508
Exxaro
Resources,
Ltd.
33,610
19,747
FirstRand,
Ltd.
68,169
2,879
Gold
Fields,
Ltd.
ADR
46,553
10,841
Harmony
Gold
Mining
Company,
Ltd.
ADR
92,907
6,701
Kumba
Iron
Ore,
Ltd.
165,029
1,179
Naspers,
Ltd.
225,973
11,436
Sasol,
Ltd.
80,342
22,356
Standard
Bank
Group
209,940
4,762
Super
Group,
Ltd.
7,074
Total
1,389,754
South
Korea
(0.8%)
1,114
Caregen
Company,
Ltd.
17,543
231
Celltrion,
Inc.
31,366
1,313
CJ
Corporation
120,406
3,063
Green
Cross
Holdings
Corporation
35,432
9,968
GS
Holdings
Corporation
322,283
626
Hanmi
Pharm
Company,
Ltd.
142,605
8,511
Hanon
Systems
34,085
2,095
HD
Hyundai
Company,
Ltd.
101,425
1,153
Hyundai
Motor
Company
207,397
227
Korea
Zinc
Company,
Ltd.
75,617
6,443
KT
Corporation
161,088
4,303
KT&G
Corporation
277,267
167
LG
Chem,
Ltd.
47,987
5,593
LG
Uplus
Corporation
39,724
2,689
Lotte
Shopping
Company,
Ltd.
134,826
1,732
NAVER
Corporation
228,450
11,529
NH
Investment
&
Securities
Company,
Ltd.
103,629
972
PharmaResearch
Company,
Ltd.
89,032
1,063
POSCO
Holdings,
Inc.
306,868
332
Samsung
Biologics
Company,
Ltd.
a,b
186,603
2,952
Samsung
C&T
Corporation
318,324
41,105
Samsung
Electronics
Company,
Ltd.
2,284,889
5,215
SD
Biosensor,
Inc.
39,580
343
SK
Biopharmaceuticals
Company,
Ltd.
a
21,578
3,275
SK
Hynix,
Inc.
404,154
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
140
Shares
Common
Stock
(94.8%)
Value
South
Korea
(0.8%)
-
continued
930
SK,
Inc.
$
110,821
5,038
Yuhan
Corporation
262,064
Total
6,105,043
Spain
(3.1%)
101,589
Acerinox
SA
1,094,483
1,710
Aena
SME
SA
b
311,630
39,329
Amadeus
IT
Holding
SA
2,496,371
643,983
Banco
Bilbao
Vizcaya
Argentaria
SA
6,964,024
1,201,728
Banco
Santander
SA
5,847,175
54,299
Compania
de
Distribucion
Integral
Logista
Holdings
SA
1,476,904
15,161
Industria
de
Diseno
Textil
SA
690,296
7,971
Laboratorios
Farmaceuticos
ROVI
SA
715,350
4,443
Let's
GOWEX
SA
a,c,e
0
10,779
Melia
Hotels
International
SA
a
83,821
28,618
Merlin
Properties
Socimi
SA
321,929
58,760
Redeia
Corporacion
SA
980,918
141,970
Repsol
SA
2,228,375
1,084
Vidrala
SA
113,987
Total
23,325,263
Sweden
(2.3%)
41,419
AB
Industrivarden,
Class
A
1,333,838
8,695
AB
Industrivarden,
Class
C
279,543
16,457
AcadeMedia
AB
b
75,562
10,095
AddLife
AB
92,870
10,578
Addtech
AB
219,914
9,158
Alfa
Laval
AB
389,900
37,826
Arjo
AB
158,756
180,712
Assa
Abloy
AB
4,774,667
1,792
Atrium
Ljungberg
AB
31,774
21,547
Attendo
AB
b
81,727
17,723
Betsson
AB
195,899
6,947
BioGaia
AB
73,976
9,782
Biotage
AB
147,598
1,438
Bufab
AB
43,742
2,126
Catena
AB
93,044
4,497
Cibus
Nordic
Real
Estate
AB
publ
58,569
136,983
Corem
Property
Group
AB
101,770
10,571
Dios
Fastigheter
AB
80,766
129,124
Granges
AB
1,524,747
4,668
Hemnet
Group
AB
121,315
30,290
Hexatronic
Group
AB
92,343
86,001
Hexpol
AB
973,113
60,615
Investor
AB,
Class
B
1,484,629
14,499
Inwido
AB
178,575
5,443
Lifco
AB
131,876
9,944
Lindab
International
AB
199,758
17,913
NCC
AB
217,864
16,158
Nyfosa
AB
139,780
7,680
Pandox
AB
118,767
4,540
Platzer
Fastigheter
Holding
AB
36,700
315
RVRC
Holding
AB
1,782
15,022
SKF
AB
308,823
180,746
SSAB
AB,
Class
A
1,014,912
8,316
Svolder
AB
46,277
54,657
Trelleborg
AB
1,926,246
454
Troax
Group
AB
9,134
828
Vitrolife
AB
12,367
Shares
Common
Stock
(94.8%)
Value
Sweden
(2.3%)
-
continued
13,091
Wihlborgs
Fastigheter
AB
$
109,646
Total
16,882,569
Switzerland
(7.5%)
175,835
ABB,
Ltd.
8,543,548
440
Burckhardt
Compression
Holding
AG
280,247
102
Comet
Holding
AG
32,186
527
DKSH
Holding
AG
34,344
1,236
Flughafen
Zurich
AG
247,448
1,241
Galenica
AG
b
94,959
707
Givaudan
SA
3,023,677
92,031
Holcim
AG
7,703,711
102
Lindt
&
Spruengli
AG
1,174,934
290
Lonza
Group
AG
160,078
45,822
Nestle
SA
4,600,538
161,816
Novartis
AG
15,705,466
586
Partners
Group
Holding
AG
753,928
14,029
PSP
Swiss
Property
AG
1,734,284
6,374
Roche
Holding
AG,
Participation
Certificates
1,527,301
1,099
Siegfried
Holding
AG
1,050,186
15,077
Sonova
Holding
AG
4,167,769
1,931
Swiss
Prime
Site
AG
178,295
873
Tecan
Group
AG
307,983
21,511
UBS
Group
AG
564,949
7,192
Zurich
Insurance
Group
AG
3,481,262
Total
55,367,093
Taiwan
(1.7%)
11,222
ASE
Technology
Holding
Company,
Ltd.
ADR
112,669
67,000
Asia
Cement
Corporation
89,861
7,000
Asustek
Computer,
Inc.
91,789
127,000
Capital
Securities
Corporation
96,757
104,000
Cathay
Financial
Holding
Company,
Ltd.
160,821
63,000
Chang
Hwa
Commercial
Bank,
Ltd.
35,228
188,000
Cheng
Shin
Rubber
Industry
Company,
Ltd.
271,421
8,000
Chicony
Electronics
Company,
Ltd.
49,525
3,000
Chicony
Power
Technology
Company,
Ltd.
a
15,940
8,000
China
Steel
Chemical
Corporation
27,685
87,000
Chipbond
Technology
Corporation
202,436
892
Chunghwa
Telecom
Company,
Ltd.
ADR
33,637
152,000
Compal
Electronics,
Inc.
165,795
24,000
Delta
Electronics,
Inc.
235,039
5,000
Dynapack
International
Technology
Corporation
14,897
53,000
Far
Eastern
New
Century
Corporation
52,870
67,000
Feng
Hsin
Steel
Company,
Ltd.
144,856
2,000
Fusheng
Precision
Company,
Ltd.
17,161
111,000
Hon
Hai
Precision
Industry
Company,
Ltd.
528,399
257,000
Inventec
Corporation
412,284
66,000
Lite-On
Technology
Corporation
199,768
19,000
MediaTek,
Inc.
572,872
2,000
Micro-Star
International
Company,
Ltd.
9,731
168,000
Nan
Ya
Plastics
Corporation
291,716
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
141
Shares
Common
Stock
(94.8%)
Value
Taiwan
(1.7%)
-
continued
4,000
Novatek
Microelectronics
Corporation
$
75,581
182,000
Pegatron
Corporation
542,801
146,000
Pou
Chen
Corporation
161,603
6,000
Powertech
Technology,
Inc.
31,952
6,000
President
Chain
Store
Corporation
50,458
28,000
Quanta
Computer,
Inc.
219,751
10,000
Radiant
Opto-Electronics
Corporation
60,969
9,000
Realtek
Semiconductor
Corporation
141,976
5,000
Sigurd
Microelectronics
Corporation
11,305
19,000
Sino-American
Silicon
Products,
Inc.
113,122
22,000
Supreme
Electronics
Company,
Ltd.
59,281
75,000
Synnex
Technology
International
Corporation
183,319
16,000
Systex
Corporation
61,174
212,244
Taichung
Commercial
Bank
Company,
Ltd.
115,233
115,400
Taiwan
Cooperative
Financial
Holding
Company,
Ltd.
92,739
6,000
Taiwan
Fertilizer
Company,
Ltd.
12,022
4,000
Taiwan
Secom
Company,
Ltd.
15,768
229,620
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
5,497,968
34,762
Topco
Scientific
Company,
Ltd.
265,708
6,000
Transcend
Information,
Inc.
17,225
4,000
TTY
Biopharm
Company,
Ltd.
9,471
196,000
Uni-President
Enterprises
Corporation
459,739
20,000
USI
Corporation
9,720
4,000
Wah
Lee
Industrial
Corporation
15,402
22,000
WPG
Holdings,
Ltd.
59,418
690,599
Yuanta
Financial
Holding
Company,
Ltd.
647,807
Total
12,764,669
Thailand
(<0.1%)
100,500
Central
Pattana
pcl
NVDR
171,390
Total
171,390
Turkey
(0.1%)
55,606
Haci
Omer
Sabanci
Holding
AS
a
158,734
45,270
KOC
Holding
AS
316,046
24,271
Turk
Hava
Yollari
Anonim
Ortakligi
a
244,312
Total
719,092
United
Arab
Emirates
(0.2%)
35,490
Abu
Dhabi
Commercial
Bank
PJSC
80,587
1,599
Abu
Dhabi
Islamic
Bank
PJSC
4,858
184,592
Deyaar
Development
PJSC
37,694
252,506
Dubai
Islamic
Bank
PJSC
382,241
235,016
Emaar
Properties
PJSC
a
525,329
96,596
Emirates
NBD
Bank
PJSC
447,094
Total
1,477,803
United
Kingdom
(11.4%)
68,974
AstraZeneca
plc
10,432,221
696,676
Auto
Trader
Group
plc
b
6,039,805
50,564
Balfour
Beatty
plc
229,306
5,008
Bellway
plc
157,380
Shares
Common
Stock
(94.8%)
Value
United
Kingdom
(11.4%)
-
continued
17,311
Berkeley
Group
Holdings
plc
$
1,016,597
12,569
Big
Yellow
Group
plc
169,082
818
Bodycote
plc
7,036
28,520
Breedon
Group
plc
128,149
13,872
Britvic
plc
152,976
15,766
Bunzl
plc
604,590
8,672
Burberry
Group
plc
124,084
3,771
Bytes
Technology
Group
plc
22,936
4,534
Central
Asia
Metals
plc
11,815
337
Clarkson
plc
16,360
40,956
Coca-Cola
European
Partners
plc
2,949,651
280,209
Compass
Group
plc
7,793,638
3,656
Computacenter
plc
117,213
57,568
Domino's
Pizza
Group
plc
233,373
52,744
Evraz
plc
a,c
7
27,974
FirstGroup
plc
56,670
11,970
Future
plc
98,817
275
Games
Workshop
Group
plc
33,988
3,002
Genus
plc
67,512
36,437
Grainger
plc
116,784
6,732
Greggs
plc
227,824
87,316
Halma
plc
2,393,050
59,990
Harbour
Energy
plc
214,373
221
Hikma
Pharmaceuticals
plc
5,306
3,538
Hill
&
Smith
plc
83,045
27,376
Howden
Joinery
Group
plc
297,979
978,179
HSBC
Holdings
plc
8,478,790
52,199
IG
Group
Holdings
plc
487,081
9,810
IMI
plc
213,688
93,046
Imperial
Brands
plc
2,126,111
13,887
Inchcape
plc
138,410
38,217
InterContinental
Hotels
Group
plc
3,727,449
7,749
J
D
Wetherspoon
plc
a
70,152
31,749
Jupiter
Fund
Management
plc
30,604
930
Liontrust
Asset
Management
plc
7,844
44,088
Marks
&
Spencer
Group
plc
140,461
11,927
ME
Group
International
plc
23,816
75,871
Moneysupermarket.com
Group
plc
203,273
2,496
Morgan
Sindall
Group
plc
70,376
37,257
Next
plc
4,178,659
21,879
PageGroup
plc
121,582
34,962
Paragon
Banking
Group
plc
311,794
29,176
Pearson
plc
354,016
49,851
Pets
at
Home
Group
plc
182,015
43,360
Redde
Northgate
plc
207,347
168,741
RELX
plc
6,933,025
2,904
Renew
Holdings
plc
34,375
41,751
Rightmove
plc
267,448
49,470
Rio
Tinto
plc
3,347,171
3,050
RS
Group
plc
27,940
411,908
Shell
plc
14,642,725
6,983
Spectris
plc
288,838
47,938
SSP
Group
plc
117,289
381,097
Tesco
plc
1,407,034
2,136
Tritax
Big
Box
REIT
plc
4,034
38,805
Unilever
plc
2,007,409
2,952
Volution
Group
plc
15,913
11,221
Watches
of
Switzerland
Group
plc
a,b
47,067
10,731
Whitbread
plc
422,938
76,521
Wickes
Group
plc
139,218
9,227
YouGov
plc
100,307
Total
84,677,766
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
142
a
Shares
Common
Stock
(94.8%)
Value
United
States
(<0.1%)
6,931
Yum
China
Holding,
Inc.
$
253,051
Total
253,051
Virgin
Islands,
British
(<0.1%)
2,348
VK
IPJSC
GDR
a,c
0
Total
0
Total
Common
Stock
(cost
$610,899,074)
702,670,017
Shares
Preferred
Stock
(
<0.1%
)
Brazil
(<0.1%)
81,600
Companhia
de
Sanena
Do
Parana
81,716
Total
81,716
Germany
(<0.1%)
2,177
Bayerische
Motoren
Werke
AG
223,691
Total
223,691
Russian
Federation
(<0.1%)
9,000
Transneft
PJSC
c,d
0
Total
0
South
Korea
(0.1%)
1,351
Hyundai
Motor
Company,
2nd
Preferred
154,376
1,745
Hyundai
Motor
Company,
Preferred
198,563
9,041
Samsung
Electronics
Company,
Ltd.
422,135
Total
775,074
Total
Preferred
Stock
(cost
$1,149,386)
1,080,481
Shares
or
Principal
Amount
Short-Term
Investments
(
4.5%
)
Federal
Home
Loan
Bank
Discount
Notes
100,000
5.220%,
 5/1/2024
f,g
99,985
200,000
5.230%,
 5/8/2024
f,g
199,766
100,000
5.240%,
 5/31/2024
f,g
99,546
2,200,000
5.226%,
 6/7/2024
f,g
2,187,750
100,000
5.240%,
 7/10/2024
f,g
98,973
Thrivent
Core
Short-Term
Reserve
Fund
3,071,365
5.580%
30,713,654
Total
Short-Term
Investments
(cost
$33,400,178)
33,399,674
Total
Investments
(cost
$645,448,638)
99.4%
$737,150,172
Other
Assets
and
Liabilities,
Net
0.6%
4,395,861
Total
Net
Assets
100.0%
$741,546,033
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,
2024,
the
value
of
these
investments
was
$12,771,154
or
1.7%
of
total
net
assets.
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
Pursuant
to
sanctions
related
to
the
Russian
invasion
of
Ukraine
which
restricts
the
ability
of
Russia
and
its
allied
nations
to
make
payments
on
its
dollar-denominated
sovereign
debt
and
equity,
existing
accruals
on
these
securities
have
been
reserved
and
income
is
currently
not
being
accrued.
e
In
bankruptcy.  Income
is
not
being
accrued
per
the
bankruptcy
agreement
terms.
f
The
interest
rate
shown
reflects
the
yield.
g
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
Bhd
-
Berhad
-
suffix
used
in
Malaysia
to
identify
a
Public
Limited
Company
GDR
-
Global
Depository
Receipts,
which
are
certificates
for
shares
of
an
underlying
foreign
security’s
shares
held
by
an
issuing
depository
bank
from
more
than
one
country.
NVDR
-
Non-Voting
Depository
Receipts
pcl
-
Public
Company
Limited
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
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
$104,305,229
Gross
unrealized
depreciation
(19,899,310)
Net
unrealized
appreciation
(depreciation)
$84,405,919
Cost
for
federal
income
tax
purposes
$651,317,314
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
143
Reference
Description:
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
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^
29,958,473
503,679
29,454,794
0
Consumer
Discretionary
84,693,434
1,417,963
83,275,471
–
Consumer
Staples^
47,994,548
3,391,162
44,603,386
0
Energy^
42,686,511
374,465
42,312,033
13
Financials^
132,507,559
1,472,139
131,035,420
0
Health
Care
80,722,224
–
80,722,224
–
Industrials
116,037,729
–
116,037,729
–
Information
Technology
84,575,780
2,781,063
81,794,717
–
Materials^
55,084,230
1,968,809
53,115,413
8
Real
Estate
9,637,002
–
9,637,002
–
Utilities
18,772,527
193,339
18,579,188
–
Preferred
Stock
Consumer
Discretionary
576,630
–
576,630
–
Energy^
0
–
–
0
Information
Technology
422,135
–
422,135
–
Utilities
81,716
–
81,716
–
Short-Term
Investments
2,686,020
–
2,686,020
–
Subtotal
Investments
in
Securities
$706,436,518
$12,102,619
$694,333,878
$21
Other
Investments  *
Total
Affiliated
Short-Term
Investments
30,713,654
Subtotal
Other
Investments
$30,713,654
Total
Investments
at
Value
$737,150,172
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
^
Level
3
security
in
this
section
is
fair
valued
at
<$1.  
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
International
Allocation
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Liability
Derivatives
Futures
Contracts
1,426,939
1,426,939
–
–
Total
Liability
Derivatives
$1,426,939
$1,426,939
$–
$–
The
following
table
presents
International
Allocation
Fund's
futures
contracts
held
as
of
April
30,
2024.
Investments
and/or
cash
totaling
$2,188,804
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Amount
Value
and
Unrealized
ICE
mini
MSCI
EAFE
Index
443
June
2024
$
51,632,176
(
$
1,407,051)
ICE
US
mini
MSCI
Emerging
Markets
Index
64
June
2024
3,354,288
(
19,888)
Total
Futures
Long
Contracts
$
54,986,464
(
$
1,426,939)
Total
Futures
Contracts
$
54,986,464
($1,426,939)
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
144
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2024,
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
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
1,426,939
Total
Equity
Contracts
1,426,939
Total
Liability
Derivatives
$1,426,939
*
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,
2024,
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
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
4,845,568
Total
Equity
Contracts
4,845,568
Total
$4,845,568
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
342,753
Total
Equity
Contracts
342,753
Total
$342,753
The
following
table
presents
International
Allocation
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2024.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$55,698,585
International
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
145
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
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$28,278
$92,507
$90,071
$30,714
3,071
4.1%
Total
Affiliated
Short-Term
Investments
28,278
30,714
4.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
5,685
31,791
37,476
–
–
–
Total
Collateral
Held
for
Securities
Loaned
5,685
–
–
Total
Value
$33,963
$30,714
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$–
$–
$–
$958
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$958
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
7
Total
Affiliated
Income
from
Securities
Loaned,
Net
$7
Total
$–
$–
$–
Large
Cap
Growth
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
146
Shares
Common
Stock
(
97
.1
%
)
Value
Communications
Services
(11.5%)
1,099,146
Alphabet,
Inc.,
Class
C
a
$
180,963,397
298,139
Meta
Platforms,
Inc.
128,250,454
Total
309,213,851
Consumer
Discretionary
(14.9%)
1,299,826
Amazon.com,
Inc.
a
227,469,550
552,112
eBay,
Inc.
28,455,853
227,530
Expedia
Group,
Inc.
a
30,632,364
161,974
Home
Depot,
Inc.
54,134,950
315,283
Tesla,
Inc.
a
57,785,068
Total
398,477,785
Consumer
Staples
(2.4%)
350,205
BJ's
Wholesale
Club
Holdings,
Inc.
a
26,153,309
648,400
Walmart,
Inc.
38,482,540
Total
64,635,849
Energy
(2.2%)
711,710
Halliburton
Company
26,667,774
118,224
Pioneer
Natural
Resources
Company
31,840,087
Total
58,507,861
Financials
(7.9%)
112,569
American
Express
Company
26,344,523
70,099
Ameriprise
Financial,
Inc.
28,866,067
64,077
FactSet
Research
Systems,
Inc.
26,713,060
211,133
Intercontinental
Exchange,
Inc.
27,185,485
150,196
J.P.
Morgan
Chase
&
Company
28,798,581
834,587
KeyCorp
12,093,166
493,792
PayPal
Holdings,
Inc.
a
33,538,353
221,027
Raymond
James
Financial,
Inc.
26,965,294
Total
210,504,529
Health
Care
(10.7%)
110,765
Amgen,
Inc.
30,342,964
176,160
Danaher
Corporation
43,444,579
37,564
Eli
Lilly
&
Company
29,341,240
109,518
Intuitive
Surgical,
Inc.
a
40,589,561
130,120
Laboratory
Corporation
of
America
Holdings
26,202,265
333,842
Medtronic
plc
26,787,482
62,298
Molina
Healthcare,
Inc.
a
21,312,146
304,773
Novo
Nordisk
AS
ADR
39,105,424
193,624
Zoetis,
Inc.
30,832,686
Total
287,958,347
Industrials
(6.1%)
87,988
Caterpillar,
Inc.
29,438,145
427,277
Fastenal
Company
29,029,199
64,451
Northrop
Grumman
Corporation
31,260,669
665,724
Uber
Technologies,
Inc.
a
44,117,529
202,522
United
Parcel
Service,
Inc.
29,867,945
Total
163,713,487
Information
Technology
(39.7%)
96,066
Adobe,
Inc.
a
44,462,227
354,810
Advanced
Micro
Devices,
Inc.
a
56,194,808
927,229
Apple,
Inc.
157,934,916
177,330
Applied
Materials,
Inc.
35,226,604
160,682
CDW
Corporation
38,862,549
Shares
Common
Stock
(97.1%)
Value
Information
Technology
(39.7%)
-
continued
446,533
Fortinet,
Inc.
a
$
28,211,955
722,047
Microsoft
Corporation
281,114,558
262,484
NVIDIA
Corporation
226,791,426
270,533
QUALCOMM,
Inc.
44,867,898
160,776
Salesforce,
Inc.
43,239,097
77,730
ServiceNow,
Inc.
a
53,892,541
342,987
Shopify,
Inc.
a
24,077,687
64,769
Tyler
Technologies,
Inc.
a
29,894,132
Total
1,064,770,398
Materials
(1.0%)
153,511
Nucor
Corporation
25,871,209
Total
25,871,209
Real
Estate
(0.7%)
12,847
Equinix,
Inc.
9,135,630
50,111
SBA
Communications
Corporation
9,326,660
Total
18,462,290
Total
Common
Stock
(cost
$1,605,795,899)
2,602,115,606
Shares
Registered
Investment
Companies
(
1
.0
%
)
Value
U.S.
Unaffiliated  (1.0%)
203,653
iShares
Biotechnology
ETF
25,847,639
Total
25,847,639
Total
Registered
Investment
Companies
(cost
$27,573,072)
25,847,639
Shares
Short-Term
Investments
(
2
.0
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
5,374,445
5.580%
53,744,449
Total
Short-Term
Investments
(cost
$53,725,160)
53,744,449
Total
Investments
(cost
$1,687,094,131)
100.1%
$
2,681,707,694
Other
Assets
and
Liabilities,
Net
(0.1%)
(
2,884,799
)
Total
Net
Assets
100.0%
$
2,678,822,895
a
Non-income
producing
security.
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
ETF
-
Exchange
Traded
Fund
plc
-
Public
Limited
Company
Large
Cap
Growth
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
147
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
$
1,002,176,831
Gross
unrealized
depreciation
(
17,650,741
)
Net
unrealized
appreciation
(depreciation)
$
984,526,090
Cost
for
federal
income
tax
purposes
$
1,697,181,604
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
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
309,213,851
309,213,851
–
–
Consumer
Discretionary
398,477,785
398,477,785
–
–
Consumer
Staples
64,635,849
64,635,849
–
–
Energy
58,507,861
58,507,861
–
–
Financials
210,504,529
210,504,529
–
–
Health
Care
287,958,347
287,958,347
–
–
Industrials
163,713,487
163,713,487
–
–
Information
Technology
1,064,770,398
1,064,770,398
–
–
Materials
25,871,209
25,871,209
–
–
Real
Estate
18,462,290
18,462,290
–
–
Registered
Investment
Companies
U.S.
Unaffiliated
25,847,639
25,847,639
–
–
Subtotal
Investments
in
Securities
$
2,627,963,245
$
2,627,963,245
$
–
$
–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
53,744,449
Subtotal
Other
Investments
$
53,744,449
Total
Investments
at
Value
$
2,681,707,694
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Large
Cap
Growth
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
148
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
 The
Fund
owns
shares
of
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities. 
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Large
Cap
Growth
Fund,
is
as
follows:
Fund
Value
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$
50,664
$
153,475
$
150,395
$
53,744
5,374
2.0%
Total
Affiliated
Short-Term
Investments
50,664
53,744
2.0
Total
Value
$
50,664
$
53,744
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$–
$–
$
–
$1,502
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$1,502
Total
$–
$–
$
–
Large
Cap
Value
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
149
Shares
Common
Stock
(
97
.4
%
)
Value
Communications
Services
(7.0%)
208,084
Alphabet,
Inc.,
Class
C
a
$
34,258,950
794,364
Comcast
Corporation
30,273,212
90,526
Meta
Platforms,
Inc.
38,941,569
1,149,224
Verizon
Communications,
Inc.
45,382,856
1,364,041
Warner
Brothers
Discovery,
Inc.
a
10,039,342
Total
158,895,929
Consumer
Discretionary
(5.6%)
239,303
Aptiv
plc
a
16,990,513
5,836
Booking
Holdings,
Inc.
20,146,047
93,075
Columbia
Sportswear
Company
7,411,562
100,182
D.R.
Horton,
Inc.
14,274,933
134,122
Lowe's
Companies,
Inc.
30,578,475
219,116
Sony
Group
Corporation
ADR
b
18,092,408
576,877
Yum
China
Holding,
Inc.
21,061,780
Total
128,555,718
Consumer
Staples
(7.9%)
1,741,586
Coty,
Inc.
a
19,923,744
1,075,817
Kenvue,
Inc.
20,246,876
271,534
Lamb
Weston
Holdings,
Inc.
22,629,643
475,853
Philip
Morris
International,
Inc.
45,177,484
424,480
Sysco
Corporation
31,547,354
693,428
Walmart,
Inc.
41,154,952
Total
180,680,053
Energy
(10.3%)
352,197
ConocoPhillips
44,242,987
575,056
Devon
Energy
Corporation
29,431,366
1,125,195
Enterprise
Products
Partners,
LP
31,595,476
432,955
Exxon
Mobil
Corporation
51,205,588
484,248
Halliburton
Company
18,144,772
121,832
Marathon
Petroleum
Corporation
22,139,311
80,214
Pioneer
Natural
Resources
Company
21,603,234
223,833
Shell
plc
ADR
16,039,873
Total
234,402,607
Financials
(21.2%)
98,584
Allstate
Corporation
16,765,195
466,515
American
International
Group,
Inc.
35,133,245
1,189,756
Bank
of
America
Corporation
44,032,870
569,951
Bank
of
New
York
Mellon
Corporation
32,196,532
148,784
Capital
One
Financial
Corporation
21,340,089
330,786
Carlyle
Group,
Inc.
14,819,213
537,426
Charles
Schwab
Corporation
39,742,653
118,497
Chubb,
Ltd.
29,463,094
365,731
Comerica,
Inc.
18,348,724
185,042
Discover
Financial
Services
23,450,373
4,203
First
Citizens
BancShares,
Inc./NC
7,089,452
193,899
Intercontinental
Exchange,
Inc.
24,966,435
309,122
J.P.
Morgan
Chase
&
Company
59,271,052
350,680
MetLife,
Inc.
24,926,334
206,224
Raymond
James
Financial,
Inc.
25,159,328
1,137,841
Wells
Fargo
&
Company
67,496,728
Total
484,201,317
Health
Care
(14.0%)
46,462
Amgen,
Inc.
12,727,800
424,353
AstraZeneca
plc
ADR
32,199,906
840,421
Avantor,
Inc.
a
20,363,401
55,225
Biogen,
Inc.
a
11,863,434
Shares
Common
Stock
(97.4%)
Value
Health
Care
(14.0%)
-
continued
81,229
Cigna
Group
$
29,002,002
92,846
Elevance
Health,
Inc.
49,076,539
241,647
Gilead
Sciences,
Inc.
15,755,384
315,044
Johnson
&
Johnson
45,552,212
102,953
Laboratory
Corporation
of
America
Holdings
20,731,646
371,619
Merck
&
Company,
Inc.
48,020,607
273,589
Zimmer
Biomet
Holdings,
Inc.
32,907,285
Total
318,200,216
Industrials
(12.4%)
51,377
Carlisle
Companies,
Inc.
19,947,120
44,820
Caterpillar,
Inc.
14,995,427
1,913,488
CNH
Industrial
NV
a
21,813,763
690,996
CSX
Corporation
22,954,887
557,699
Delta
Air
Lines,
Inc.
27,923,989
528,099
Flowserve
Corporation
24,905,149
130,857
General
Dynamics
Corporation
37,567,736
153,202
Honeywell
International,
Inc.
29,526,622
49,195
Jacobs
Solutions,
Inc.
7,060,958
118,670
JB
Hunt
Transport
Services,
Inc.
19,292,182
124,557
L3Harris
Technologies,
Inc.
26,661,426
205,197
United
Parcel
Service,
Inc.
30,262,454
Total
282,911,713
Information
Technology
(7.8%)
750,231
Cisco
Systems,
Inc.
35,245,852
127,075
Crane
NXT
Company
7,727,431
89,059
International
Business
Machines
Corporation
14,801,606
286,712
QUALCOMM,
Inc.
47,551,185
733,071
Samsung
Electronics
Company,
Ltd.
40,748,952
226,343
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
ADR
31,085,948
Total
177,160,974
Materials
(3.6%)
332,212
CF
Industries
Holdings,
Inc.
26,234,782
266,180
Corteva,
Inc.
14,408,323
218,618
Eastman
Chemical
Company
20,646,284
126,001
Nucor
Corporation
21,234,948
Total
82,524,337
Real
Estate
(2.7%)
55,275
AvalonBay
Communities,
Inc.
10,478,481
144,056
CBRE
Group,
Inc.
a
12,517,026
242,473
Crown
Castle,
Inc.
22,739,118
1,159,804
Healthcare
Realty
Trust,
Inc.
16,504,011
Total
62,238,636
Utilities
(4.9%)
178,108
Constellation
Energy
Corporation
33,117,402
276,429
Duke
Energy
Corporation
27,161,914
255,850
Entergy
Corporation
27,291,519
Large
Cap
Value
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
150
Shares
Common
Stock
(97.4%)
Value
Utilities
(4.9%)
-
continued
336,377
Public
Service
Enterprise
Group,
Inc.
$
23,236,923
Total
110,807,758
Total
Common
Stock
(cost
$1,676,345,502)
2,220,579,258
Shares
Registered
Investment
Companies
(
0
.5
%
)
Value
U.S.
Unaffiliated  (0.5%)
123,805
SPDR
S&P
Biotech
ETF
b
10,476,379
Total
10,476,379
Total
Registered
Investment
Companies
(cost
$11,020,118)
10,476,379
Shares
Collateral
Held
for
Securities
Loaned
(
0
.5
%
)
Value
11,552,550
Thrivent
Cash
Management
Trust
11,552,550
Total
Collateral
Held
for
Securities
Loaned
(cost
$11,552,550)
11,552,550
Shares
Short-Term
Investments
(
2
.3
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
5,292,753
5.580%
52,927,533
Total
Short-Term
Investments
(cost
$52,905,933)
52,927,533
Total
Investments
(cost
$1,751,824,103)
100.7%
$
2,295,535,720
Other
Assets
and
Liabilities,
Net
(0.7%)
(
15,690,669
)
Total
Net
Assets
100.0%
$
2,279,845,051
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,
2024:
Securities
Lending
Transactions
Common
Stock
$
11,209,451
Total
lending
$11,209,451
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$11,552,550
Net
amounts
due
to
counterparty
$343,099
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
ETF
-
Exchange
Traded
Fund
plc
-
Public
Limited
Company
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
$
617,613,677
Gross
unrealized
depreciation
(
63,280,042
)
Net
unrealized
appreciation
(depreciation)
$
554,333,635
Cost
for
federal
income
tax
purposes
$
1,741,202,085
Large
Cap
Value
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
151
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
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
158,895,929
158,895,929
–
–
Consumer
Discretionary
128,555,718
128,555,718
–
–
Consumer
Staples
180,680,053
180,680,053
–
–
Energy
234,402,607
234,402,607
–
–
Financials
484,201,317
484,201,317
–
–
Health
Care
318,200,216
318,200,216
–
–
Industrials
282,911,713
282,911,713
–
–
Information
Technology
177,160,974
136,412,022
40,748,952
–
Materials
82,524,337
82,524,337
–
–
Real
Estate
62,238,636
62,238,636
–
–
Utilities
110,807,758
110,807,758
–
–
Registered
Investment
Companies
U.S.
Unaffiliated
10,476,379
10,476,379
–
–
Subtotal
Investments
in
Securities
$
2,231,055,637
$
2,190,306,685
$
40,748,952
$
–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
52,927,533
Collateral
Held
for
Securities
Loaned
11,552,550
Subtotal
Other
Investments
$
64,480,083
Total
Investments
at
Value
$
2,295,535,720
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Large
Cap
Value
Fund,
is
as
follows:
Fund
Value
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$
11,411
$
284,295
$
242,778
$
52,928
5,293
2.3%
Total
Affiliated
Short-Term
Investments
11,411
52,928
2.3
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
26,297
14,744
11,553
11,553
0.5
Total
Collateral
Held
for
Securities
Loaned
–
11,553
0.5
Total
Value
$
11,411
$
64,481
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$1
($1)
$
–
$1,204
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$1,204
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
12
Total
Affiliated
Income
from
Securities
Loaned,
Net
$12
Total
$1
($1)
$
–
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
152
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Asset-Backed
Securities
(16.7%)
510
Asset
Backed
Trust
$
3,064,970
2.116%, 
6/25/2061,
Ser.
2021-NPL2,
Class
A1
a,b
$
2,946,677
2,502,735
2.240%, 
11/25/2069,
Ser.
2021-NPL1,
Class
A1
a,b
2,421,278
ACHV
ABS
Trust
2,149,634
5.900%, 
4/25/2031,
Ser.
2024-1PL,
Class
A
a
2,145,081
Affirm
Asset
Securitization
Trust
92,649
1.750%, 
2/15/2027,
Ser.
2022-X1,
Class
A
a
91,608
4,000,000
4.300%, 
5/17/2027,
Ser.
2022-A,
Class
A
a
3,996,619
2,500,000
6.820%, 
9/15/2028,
Ser.
2023-B,
Class
A
a
2,525,677
1,857,358
7.110%, 
11/15/2028,
Ser.
2023-X1,
Class
A
a
1,864,510
3,100,000
5.610%, 
2/15/2029,
Ser.
2024-A,
Class
A
a
3,069,720
1,500,000
6.270%, 
5/15/2029,
Ser.
2024-X1,
Class
A
a,c
1,500,071
AMSR
Trust
6,000,000
2.417%, 
12/17/2038,
Ser.
2021-SFR4,
Class
B
a
5,450,411
Ares
XL
CLO,
Ltd.
9,000,000
6.990%, 
(TSFR3M
+
1.662%),
1/15/2029,
Ser.
2016-40A,
Class
A3RR
a,d
9,006,417
Auxilior
Term
Funding,
LLC
3,500,000
6.180%, 
12/15/2028,
Ser.
2023-1A,
Class
A2
a
3,508,552
Avant
Credit
Card
Master
Trust
10,500,000
1.370%, 
4/15/2027,
Ser.
2021-1A,
Class
A
a
10,180,930
Avis
Budget
Rental
Car
Funding
AESOP,
LLC
2,025,000
2.020%, 
2/20/2027,
Ser.
2020-2A,
Class
A
a
1,903,790
5,000,000
5.780%, 
4/20/2028,
Ser.
2023-5A,
Class
A
a
4,998,080
Bankers
Healthcare
Group
Securitization
Trust
1,112,466
5.280%, 
10/17/2035,
Ser.
2022-C,
Class
A
a
1,109,191
Benefit
Street
Partners
CLO
IV,
Ltd.
3,600,000
7.221%, 
(TSFR3M
+
1.900%),
4/20/2034,
Ser.
2014-IVA,
Class
BR4
a,d
3,600,720
BHG
Securitization
Trust
1,403,924
0.900%, 
10/17/2034,
Ser.
2021-B,
Class
A
a
1,372,929
BRAVO
Residential
Funding
Trust
2,791,198
6.080%, 
(SOFR30A
+
0.750%),
5/28/2024,
Ser.
2021-HE2,
Class
A1
a,d
2,775,281
CarVal
CLO
I,
Ltd.
4,200,000
7.174%, 
(TSFR3M
+
1.850%),
7/16/2031,
Ser.
2018-1A,
Class
BR
a,d
4,199,853
CarVal
CLO
VII-C,
Ltd.
3,250,000
7.525%, 
(TSFR3M
+
2.200%),
1/20/2035,
Ser.
2023-1A,
Class
A1
a,d
3,259,750
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Asset-Backed
Securities
(16.7%)
-
continued
Cascade
Funding
Mortgage
Trust
$
944,803
1.100%, 
3/20/2041,
Ser.
2021-GRN1,
Class
A
a
$
901,033
Cascade
Funding
Mortgage
Trust,
LLC
979,556
4.250%, 
4/25/2033,
Ser.
2023-HB12,
Class
A
a,d
956,950
CIM
Trust
2,089,917
5.568%, 
7/25/2059,
Ser.
2021-NR2,
Class
A1
a,b
2,058,136
Commonbond
Student
Loan
Trust
174,113
2.550%, 
5/25/2041,
Ser.
2017-AGS,
Class
A1
a
162,149
318,057
5.931%, 
(TSFR1M
+
0.614%),
2/25/2044,
Ser.
2018-AGS,
Class
A2
a,d
312,664
Education
Funding
Trust
1,244,757
2.790%, 
7/25/2041,
Ser.
2020-A,
Class
A
a
1,121,157
Elmwood
CLO
18,
Ltd.
4,000,000
6.967%, 
(TSFR3M
+
1.650%),
7/17/2033,
Ser.
2022-5A,
Class
AR
a,d
4,011,688
FirstKey
Homes
Trust
1,000,000
1.968%, 
10/19/2037,
Ser.
2020-SFR2,
Class
D
a
933,968
Flatiron
CLO,
Ltd.
4,000,000
7.019%, 
(TSFR3M
+
1.712%),
5/15/2030,
Ser.
2017-1A,
Class
BR
a,d
3,999,864
Foundation
Finance
Trust
1,266,938
1.270%, 
5/15/2041,
Ser.
2021-1A,
Class
A
a
1,140,849
3,858,684
6.530%, 
6/15/2049,
Ser.
2023-2A,
Class
A
a
3,885,386
Genesis
Sales
Finance
Master
Trust
10,000,000
1.200%, 
12/21/2026,
Ser.
2021-AA,
Class
A
a
9,696,421
GMAC
Mortgage
Corporation
Loan
Trust
15,485
5.931%, 
(TSFR1M
+
0.614%),
8/25/2035,
Ser.
2005-HE1,
Class
A2
d,e
8,331
GSAA
Home
Equity
Trust
236,016
7.381%, 
(TSFR1M
+
2.064%),
5/25/2034,
Ser.
2004-4,
Class
M2
d
290,898
920,881
4.478%, 
8/25/2034,
Ser.
2004-10,
Class
M2
d
799,803
Home
Partners
of
America
Trust
3,580,701
2.302%, 
12/17/2026,
Ser.
2021-2,
Class
B
a
3,251,831
Marlette
Funding
Trust
1,636,888
6.070%, 
4/15/2033,
Ser.
2023-1A,
Class
A
a
1,636,499
National
Collegiate
Trust
513,330
5.726%, 
(LIBOR
1M
+
0.295%),
5/25/2031,
Ser.
2007-A,
Class
A
a,d
500,382
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
153
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Asset-Backed
Securities
(16.7%)
-
continued
Navient
Student
Loan
Trust
$
1,902,280
4.160%, 
10/15/2070,
Ser.
2022-BA,
Class
A
a
$
1,788,495
Oak
Street
Investment
2,404,087
1.850%, 
11/20/2050,
Ser.
2020-1A,
Class
A1
a
2,228,570
OneMain
Financial
Issuance
Trust
3,500,000
1.750%, 
9/14/2035,
Ser.
2020-2A,
Class
A
a
3,242,449
OZLM
VIII,
Ltd.
4,000,000
7.229%, 
(TSFR3M
+
1.912%),
10/17/2029,
Ser.
2014-8A,
Class
A2R3
a,d
3,982,032
OZLM
XVII,
Ltd.
5,200,000
7.325%, 
(TSFR3M
+
2.000%),
7/20/2030,
Ser.
2017-17A,
Class
BRR
a,d
5,199,860
Pagaya
AI
Debt
Trust
676,430
7.556%, 
7/15/2030,
Ser.
2023-1,
Class
A
a
679,412
Pagaya
AI
Technology
in
Housing
Trust
2,250,000
4.250%, 
8/25/2025,
Ser.
2022-1,
Class
A
a
2,186,770
4,000,000
4.250%, 
8/25/2025,
Ser.
2022-1,
Class
B
a
3,858,923
Palmer
Square
Loan
Funding,
Ltd.
2,000,000
6.836%, 
(TSFR3M
+
1.512%),
4/20/2029,
Ser.
2021-1A,
Class
A2
a,d
2,006,804
5,316,126
7.025%, 
(TSFR3M
+
1.700%),
7/20/2031,
Ser.
2023-1A,
Class
A1
a,d
5,317,684
Park
Blue
CLO,
Ltd.
4,000,000
7.875%, 
(TSFR3M
+
2.550%),
1/20/2035,
Ser.
2022-2A,
Class
A1
a,d
4,012,160
PPM
CLO
2,
Ltd.
6,250,000
6.826%, 
(TSFR3M
+
1.500%),
4/16/2037,
Ser.
2019-2A,
Class
AR
a,d
6,251,162
Pretium
Mortgage
Credit
Partners,
LLC
3,503,086
1.868%, 
7/25/2051,
Ser.
2021-NPL3,
Class
A1
a,b
3,336,090
1,129,731
5.240%, 
9/27/2060,
Ser.
2021-NPL1,
Class
A1
a,b
1,111,772
Progress
Residential
Trust
2,989,921
2.078%, 
6/18/2037,
Ser.
2020-SFR2,
Class
A
a
2,865,855
3,982,745
1.524%, 
7/17/2038,
Ser.
2021-SFR6,
Class
A
a
3,628,572
3,750,000
1.942%, 
8/17/2040,
Ser.
2021-SFR7,
Class
B
a
3,185,201
RCO
VII
Mortgage,
LLC
2,347,187
7.021%, 
1/25/2029,
Ser.
2024-1,
Class
A1
a,b
2,326,253
SCF
Equipment
Leasing,
LLC
3,600,000
6.560%, 
1/22/2030,
Ser.
2023-1A,
Class
A2
a
3,613,291
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Asset-Backed
Securities
(16.7%)
-
continued
SFS
Auto
Receivables
Securitization
Trust
$
1,041,063
5.890%, 
3/22/2027,
Ser.
2023-1A,
Class
A2A
a
$
1,041,658
Sound
Point
CLO
XV,
Ltd.
1,621,776
7.088%, 
(TSFR3M
+
1.762%),
1/23/2029,
Ser.
2017-1A,
Class
BR
a,d
1,622,132
Stratus
Static
CLO,
Ltd.
5,000,000
7.218%, 
(TSFR3M
+
1.900%),
10/20/2031,
Ser.
2022-3A,
Class
BR
a,d
5,001,045
Terwin
Mortgage
Trust
994,590
6.931%, 
(TSFR1M
+
1.614%),
12/25/2034,
Ser.
2004-21HE,
Class
2M2
a,d
972,752
Tesla
Auto
Lease
Trust
2,750,000
0.910%, 
9/22/2025,
Ser.
2021-B,
Class
B
a
2,733,324
Towd
Point
Asset
Trust
1,978,092
1.050%, 
11/20/2061,
Ser.
2021-SL1,
Class
A1
a
1,831,837
Tricon
Residential
Trust
5,750,000
2.244%, 
7/17/2038,
Ser.
2021-SFR1,
Class
B
a
5,283,722
U.S.
Bank
NA
2,036,823
6.789%, 
8/25/2032,
Ser.
2023-1,
Class
B
a
2,042,966
United
Auto
Credit
Securitization
Trust
1,500,000
6.170%, 
8/10/2026,
Ser.
2024-1,
Class
A
a
1,500,060
Upstart
Securitization
Trust
1,745,770
6.770%, 
6/20/2033,
Ser.
2023-2,
Class
A
a
1,746,207
VCAT
Asset
Securitization,
LLC
900,073
2.289%, 
12/26/2050,
Ser.
2021-NPL1,
Class
A1
a,b
890,989
Vericrest
Opportunity
Loan
Transferee
1,662,295
1.893%, 
2/27/2051,
Ser.
2021-NPL1,
Class
A1
a,b
1,616,555
1,949,174
4.893%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A1
a,b
1,897,846
1,635,485
5.116%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A1
a,b
1,595,141
3,024,131
1.868%, 
8/25/2051,
Ser.
2021-NP11,
Class
A1
a,b
2,899,241
Veridian
Auto
Receivables
Trust
1,760,472
5.970%, 
8/17/2026,
Ser.
2023-1A,
Class
A2
a
1,760,984
Wind
River
CLO,
Ltd.
5,000,000
7.186%, 
(TSFR3M
+
1.862%),
7/20/2030,
Ser.
2013-1A,
Class
A2RR
a,d
5,003,300
Total
207,856,268
Basic
Materials
(1.9%)
Anglo
American
Capital
plc
1,860,000
4.875%, 
5/14/2025
a
1,839,319
EIDP,
Inc.
1,543,000
4.500%, 
5/15/2026
1,514,084
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
154
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Basic
Materials
(1.9%)
-
continued
FMC
Corporation
$
1,575,000
5.150%, 
5/18/2026
$
1,555,556
Freeport-McMoRan,
Inc.
3,700,000
4.550%, 
11/14/2024
3,672,028
Glencore
Funding,
LLC
2,500,000
5.338%, 
4/4/2027
a
2,475,193
2,525,000
6.125%, 
10/6/2028
a
2,556,903
International
Flavors
&
Fragrances,
Inc.
1,250,000
1.832%, 
10/15/2027
a
1,096,124
LYB
International
Finance
III,
LLC
1,374,000
1.250%, 
10/1/2025
1,287,674
Mosaic
Company
1,475,000
5.375%, 
11/15/2028
1,462,616
Newmont
Corporation/Newcrest
Finance,
Pty.
Ltd.
1,575,000
5.300%, 
3/15/2026
a
1,564,980
Steel
Dynamics,
Inc.
925,000
2.400%, 
6/15/2025
890,052
Syngenta
Finance
NV
3,352,000
4.892%, 
4/24/2025
a
3,311,956
Total
23,226,485
Capital
Goods
(2.9%)
AGCO
Corporation
1,900,000
5.450%, 
3/21/2027
1,893,460
Amphenol
Corporation
2,000,000
4.750%, 
3/30/2026
1,973,393
BAE
Systems
plc
1,565,000
5.000%, 
3/26/2027
a
1,542,463
Boeing
Company
4,500,000
4.875%, 
5/1/2025
4,444,113
2,500,000
2.196%, 
2/4/2026
2,331,939
1,100,000
6.259%, 
5/1/2027
a
1,103,482
1,250,000
6.298%, 
5/1/2029
a
1,254,965
Caterpillar
Financial
Services
Corporation
1,900,000
4.850%, 
2/27/2029
1,874,054
Howmet
Aerospace,
Inc.
1,700,000
6.875%, 
5/1/2025
1,712,835
1,900,000
3.000%, 
1/15/2029
1,685,081
Huntington
Ingalls
Industries,
Inc.
800,000
3.844%, 
5/1/2025
783,222
Ingersoll
Rand,
Inc.
500,000
5.400%, 
8/14/2028
498,696
John
Deere
Capital
Corporation
2,500,000
4.850%, 
3/5/2027
2,478,687
1,900,000
4.950%, 
7/14/2028
1,884,229
Otis
Worldwide
Corporation
2,375,000
2.056%, 
4/5/2025
2,296,434
Regal
Rexnord
Corporation
1,650,000
6.050%, 
2/15/2026
a
1,650,234
Republic
Services,
Inc.
1,750,000
0.875%, 
11/15/2025
1,629,124
RTX
Corporation
1,900,000
5.750%, 
11/8/2026
1,913,618
Textron,
Inc.
2,000,000
3.875%, 
3/1/2025
1,970,535
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Capital
Goods
(2.9%)
-
continued
Veralto
Corporation
$
1,900,000
5.500%, 
9/18/2026
a
$
1,888,627
Total
36,809,191
Collateralized
Mortgage
Obligations
(10.1%)
A&D
Mortgage
Trust
3,655,955
6.733%, 
7/25/2068,
Ser.
2023-NQM3,
Class
A1
a,b
3,663,152
Angel
Oak
Mortgage
Trust
5,508,276
3.137%, 
12/25/2066,
Ser.
2022-1,
Class
A2
a,d
4,680,883
Banc
of
America
Funding
Trust
255,426
6.115%, 
1/25/2035,
Ser.
2004-D,
Class
4A1
d
252,295
545,584
5.750%, 
3/25/2036,
Ser.
2006-3,
Class
3A1
499,066
Bear
Stearns
Adjustable
Rate
Mortgage
Trust
107,648
7.670%, 
(CMT
1Y
+
2.300%),
10/25/2035,
Ser.
2005-9,
Class
A1
d
99,340
CAFL
Issuer,
LLC
4,583,597
2.239%, 
3/28/2029,
Ser.
2021-RTL1,
Class
A1
a,b
4,411,057
Cascade
Funding
Mortgage
Trust
892,079
4.000%, 
10/25/2068,
Ser.
2018-RM2,
Class
A
a,d
875,186
Chase
Mortgage
Finance
Trust
Series
1,237,998
5.976%, 
7/25/2037,
Ser.
2007-A2,
Class
1M
d
1,151,372
CHNGE
Mortgage
Trust
2,122,575
6.000%, 
1/25/2058,
Ser.
2022-5,
Class
A1
a,d
2,082,940
3,953,300
3.007%, 
1/25/2067,
Ser.
2022-1,
Class
A1
a,d
3,574,341
4,236,920
7.065%, 
3/25/2058,
Ser.
2023-1,
Class
A1
a,d
4,228,388
5,322,302
3.757%, 
3/25/2067,
Ser.
2022-2,
Class
A1
a,d
4,914,151
3,562,137
6.525%, 
6/25/2058,
Ser.
2023-2,
Class
A1
a,b
3,515,250
4,106,900
7.100%, 
7/25/2058,
Ser.
2023-3,
Class
A1
a,b
4,080,068
Citigroup
Mortgage
Loan
Trust,
Inc.
601,855
5.391%, 
(CMT
1Y
+
2.400%),
3/25/2036,
Ser.
2006-AR1,
Class
3A1
d
547,967
COLT
Mortgage
Loan
Trust
4,949,714
1.726%, 
11/25/2066,
Ser.
2021-5,
Class
A1
a,d
4,169,375
Countrywide
Alternative
Loan
Trust
95,619
5.500%, 
11/25/2035,
Ser.
2005-49CB,
Class
A1
61,934
95,324
5.500%, 
2/25/2036,
Ser.
2005-85CB,
Class
2A2
71,901
Credit
Suisse
Mortgage
Capital
Certificates
4,746,515
2.303%, 
10/25/2066,
Ser.
2021-NQM8,
Class
A2
a,d
3,957,295
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
155
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Collateralized
Mortgage
Obligations
(10.1%)
-
continued
Deephaven
Residential
Mortgage
Trust
$
5,274,676
2.205%, 
1/25/2067,
Ser.
2022-1,
Class
A1
a,d
$
4,650,766
5,101,511
2.085%, 
11/25/2066,
Ser.
2021-4,
Class
A2
a,d
4,299,631
Federal
National
Mortgage
Association
-
REMIC
3,011,275
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
2,910,288
Flagstar
Mortgage
Trust
2,384,523
2.500%, 
9/25/2041,
Ser.
2021-9INV,
Class
A1
a,d
2,044,368
GCAT
Trust
3,012,101
6.007%, 
1/25/2059,
Ser.
2024-NQM1,
Class
A1
a,b
2,983,891
4,080,136
1.855%, 
8/25/2066,
Ser.
2021-NQM6,
Class
A1
a,d
3,520,246
GS
Mortgage-Backed
Securities
Trust
330,969
1.791%, 
9/27/2060,
Ser.
2020-NQM1,
Class
A2
a,d
302,323
J.P.
Morgan
Alternative
Loan
Trust
258,714
4.960%, 
3/25/2036,
Ser.
2006-A1,
Class
2A1
d
194,858
J.P.
Morgan
Mortgage
Trust
144,379
5.124%, 
2/25/2036,
Ser.
2006-A1,
Class
2A2
d
102,145
LHOME
Mortgage
Trust
861,809
3.090%, 
6/25/2026,
Ser.
2021-RTL2,
Class
A1
a
859,729
1,734,947
3.363%, 
9/25/2026,
Ser.
2021-RTL3,
Class
A1
a
1,713,171
1,900,000
8.000%, 
6/25/2028,
Ser.
2023-RTL2,
Class
A1
a,b
1,922,829
2,250,000
7.628%, 
11/25/2028,
Ser.
2023-RTL4,
Class
A1
a,b
2,270,534
3,500,000
7.128%, 
3/25/2029,
Ser.
2024-RTL2,
Class
A1
a,b
3,497,678
MFRA
Trust
4,600,404
3.875%, 
9/25/2056,
Ser.
2022-CHM1,
Class
A1
a,b
4,311,164
3,750,000
7.093%, 
2/25/2029,
Ser.
2024-RTL1,
Class
A1
a,b
3,720,576
Mortgage
Equity
Conversion
Asset
Trust
304,192
5.630%, 
(CMT
1Y
+
0.490%),
1/25/2042,
Ser.
2007-FF1,
Class
A
a,d
301,521
267,321
5.640%, 
(CMT
1Y
+
0.470%),
2/25/2042,
Ser.
2007-FF2,
Class
A
a,d
265,385
NYMT
Loan
Trust
1,500,000
7.154%, 
2/25/2029,
Ser.
2024-BPL1,
Class
A1
a,b
1,475,197
Palisades
Mortgage
Loan
Trust
3,894,905
3.487%, 
6/25/2026,
Ser.
2021-RTL1,
Class
A1
a
3,881,582
Preston
Ridge
Partners
Mortgage
Trust,
LLC
3,167,834
4.000%, 
1/25/2054,
Ser.
2024-RCF1,
Class
A1
a,b
3,007,945
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Collateralized
Mortgage
Obligations
(10.1%)
-
continued
$
2,141,951
5.363%, 
11/25/2025,
Ser.
2020-6,
Class
A1
a,b
$
2,118,623
1,730,483
7.026%, 
3/25/2029,
Ser.
2024-2,
Class
A1
a,b
1,726,705
ROC
Securities
Trust
Series
3,659,932
3.487%, 
8/25/2026,
Ser.
2021-RTL1,
Class
A1
a,d
3,645,565
Starwood
Mortgage
Residential
Trust
3,000,000
2.731%, 
11/25/2066,
Ser.
2021-6,
Class
A2
a,d
2,002,923
Toorak
Mortgage
Corporation,
Ltd.
5,333,913
2.577%, 
2/25/2057,
Ser.
2022-INV1,
Class
A1
a,d
4,693,261
1,663,974
3.240%, 
6/25/2024,
Ser.
2021-1,
Class
A1
a
1,646,694
Toorak
Mortgage
Trust
4,750,000
6.597%, 
2/25/2039,
Ser.
2024-RRTL1,
Class
A1
a,b
4,748,240
TRK
Trust
5,139,028
1.966%, 
11/25/2056,
Ser.
2021-INV2,
Class
A1
a,d
4,340,885
TVC
Mortgage
Trust
2,500,000
8.250%, 
11/25/2027,
Ser.
2023-RTL1,
Class
A1
a,b
2,492,902
Vericrest
Opportunity
Loan
Transferee
1,449,815
5.116%, 
3/27/2051,
Ser.
2021-NPL5,
Class
A1
a,b
1,422,088
Verus
Securitization
Trust
1,784,598
2.286%, 
11/25/2066,
Ser.
2021-8,
Class
A2
a,d
1,470,394
Visio
2020-1R
Trust
457,689
1.567%, 
11/25/2055,
Ser.
2020-1R,
Class
A2
a
409,270
Wachovia
Mortgage
Loan
Trust,
LLC
11,254
5.937%, 
5/20/2036,
Ser.
2006-A,
Class
2A1
d
10,655
Total
125,799,993
Commercial
Mortgage-Backed
Securities
(0.2%)
Silver
Hill
Trust
2,221,989
3.102%, 
11/25/2049,
Ser.
2019-1,
Class
A1
a,d
2,114,981
Total
2,114,981
Communications
Services
(2.8%)
American
Tower
Corporation
1,500,000
4.400%, 
2/15/2026
1,466,481
1,000,000
1.450%, 
9/15/2026
908,793
2,050,000
5.500%, 
3/15/2028
2,039,688
Charter
Communications
Operating,
LLC/Charter
Communications
Operating
Capital
Corporation
3,380,000
4.908%, 
7/23/2025
3,333,728
875,000
6.150%, 
11/10/2026
877,153
Cox
Communications,
Inc.
517,000
3.150%, 
8/15/2024
a
512,916
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
156
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Communications
Services
(2.8%)
-
continued
Crown
Castle,
Inc.
$
1,260,000
4.800%, 
9/1/2028
$
1,213,486
Rogers
Communications,
Inc.
1,900,000
5.000%, 
2/15/2029
1,848,897
Sprint
Capital
Corporation
4,730,000
6.875%, 
11/15/2028
4,953,185
Sprint
Corporation
3,550,000
7.125%, 
6/15/2024
3,551,977
1,500,000
7.625%, 
2/15/2025
1,511,166
Take-Two
Interactive
Software,
Inc.
750,000
5.000%, 
3/28/2026
740,650
T-Mobile
USA,
Inc.
2,500,000
3.500%, 
4/15/2025
2,447,769
3,125,000
4.850%, 
1/15/2029
3,046,167
Warnermedia
Holdings,
Inc.
3,600,000
3.638%, 
3/15/2025
3,530,043
3,200,000
3.755%, 
3/15/2027
3,015,350
Total
34,997,449
Consumer
Cyclical
(5.2%)
American
Honda
Finance
Corporation
1,900,000
4.900%, 
3/12/2027
f
1,881,171
2,050,000
5.650%, 
11/15/2028
2,077,958
D.R.
Horton,
Inc.
950,000
2.600%, 
10/15/2025
907,976
Daimler
Trucks
Finance
North
America,
LLC
1,900,000
5.600%, 
8/8/2025
a
1,894,757
Expedia
Group,
Inc.
4,850,000
6.250%, 
5/1/2025
a
4,860,633
Ford
Motor
Credit
Company,
LLC
1,000,000
2.300%, 
2/10/2025
971,773
1,400,000
3.375%, 
11/13/2025
1,344,019
1,875,000
5.800%, 
3/5/2027
1,862,576
2,500,000
5.113%, 
5/3/2029
2,382,076
General
Motors
Company
1,500,000
6.125%, 
10/1/2025
1,505,045
General
Motors
Financial
Company,
Inc.
1,580,000
2.900%, 
2/26/2025
1,543,147
1,075,000
2.750%, 
6/20/2025
1,038,314
950,000
5.400%, 
5/8/2027
943,384
2,500,000
5.800%, 
1/7/2029
2,493,958
Hyatt
Hotels
Corporation
2,850,000
5.750%, 
1/30/2027
2,863,715
Hyundai
Capital
America
1,360,000
1.800%, 
10/15/2025
a
1,282,604
1,250,000
6.250%, 
11/3/2025
a
1,255,294
1,250,000
1.650%, 
9/17/2026
a
1,134,782
1,900,000
5.300%, 
3/19/2027
a
1,878,319
Hyundai
Capital
Services,
Inc.
1,250,000
1.250%, 
2/8/2026
a
1,152,827
Kohl's
Corporation
3,164,000
10.750%, 
5/15/2025
3,260,698
Lennar
Corporation
1,400,000
4.750%, 
5/30/2025
1,384,083
Lowe's
Companies,
Inc.
1,750,000
4.400%, 
9/8/2025
1,725,070
Marriott
International,
Inc./MD
1,250,000
5.450%, 
9/15/2026
1,248,236
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Consumer
Cyclical
(5.2%)
-
continued
McDonald's
Corporation
$
1,300,000
4.800%, 
8/14/2028
$
1,278,778
Mercedes-Benz
Finance
North
America,
LLC
1,575,000
5.200%, 
8/3/2026
a
1,568,855
1,250,000
5.100%, 
8/3/2028
a
1,237,529
Meritage
Homes
Corporation
1,875,000
6.000%, 
6/1/2025
1,873,275
O'Reilly
Automotive,
Inc.
1,900,000
5.750%, 
11/20/2026
1,911,714
PACCAR
Financial
Corporation
1,425,000
4.600%, 
1/31/2029
1,390,384
PulteGroup,
Inc.
2,250,000
5.500%, 
3/1/2026
2,241,400
Starbucks
Corporation
1,900,000
4.850%, 
2/8/2027
1,877,133
Tapestry,
Inc.
630,000
7.050%, 
11/27/2025
639,615
630,000
7.000%, 
11/27/2026
642,049
Toyota
Motor
Credit
Corporation
1,250,000
4.650%, 
1/5/2029
1,220,937
VICI
Properties,
LP/VICI
Note
Company,
Inc.
4,500,000
4.625%, 
6/15/2025
a
4,427,347
Volkswagen
Group
of
America
Finance,
LLC
1,900,000
5.300%, 
3/22/2027
a
1,883,758
Total
65,085,189
Consumer
Non-Cyclical
(5.6%)
AbbVie,
Inc.
2,825,000
4.800%, 
3/15/2027
2,791,008
Altria
Group,
Inc.
1,575,000
4.400%, 
2/14/2026
1,543,679
1,900,000
6.200%, 
11/1/2028
1,947,051
Amgen,
Inc.
1,425,000
5.150%, 
3/2/2028
1,412,344
AstraZeneca
Finance,
LLC
1,900,000
4.800%, 
2/26/2027
1,877,741
BAT
International
Finance
plc
3,000,000
1.668%, 
3/25/2026
2,785,678
1,900,000
5.931%, 
2/2/2029
1,917,141
Becton,
Dickinson
and
Company
2,250,000
4.693%, 
2/13/2028
2,189,284
Campbell
Soup
Company
630,000
5.300%, 
3/20/2026
627,296
CVS
Health
Corporation
1,600,000
5.000%, 
2/20/2026
1,584,030
General
Mills,
Inc.
1,900,000
5.500%, 
10/17/2028
1,904,169
GSK
Consumer
Healthcare
Capital
US,
LLC
1,900,000
3.375%, 
3/24/2027
1,794,490
HCA,
Inc.
2,750,000
5.875%, 
2/15/2026
2,751,280
Imperial
Brands
Finance
plc
1,750,000
3.125%, 
7/26/2024
a
1,737,633
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
157
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Consumer
Non-Cyclical
(5.6%)
-
continued
JBS
USA
Holding
Lux
SARL/JBS
USA
Food
Company/JBS
Lux
Company
SARL
$
3,600,000
2.500%, 
1/15/2027
$
3,298,922
Kenvue,
Inc.
1,585,000
5.050%, 
3/22/2028
1,578,942
Keurig
Dr
Pepper,
Inc.
2,500,000
5.100%, 
3/15/2027
2,482,588
Kraft
Heinz
Foods
Company
3,500,000
3.000%, 
6/1/2026
3,340,911
Mattel,
Inc.
3,500,000
3.375%, 
4/1/2026
a
3,332,583
McKesson
Corporation
2,000,000
0.900%, 
12/3/2025
1,859,084
Nestle
Holdings,
Inc.
2,525,000
5.000%, 
3/14/2028
a
2,507,766
Pfizer
Investment
Enterprises,
Private
Ltd.
3,310,000
4.450%, 
5/19/2026
3,253,450
1,900,000
4.450%, 
5/19/2028
1,842,740
Philip
Morris
International,
Inc.
1,650,000
0.875%, 
5/1/2026
1,508,790
1,250,000
4.750%, 
2/12/2027
1,231,461
1,600,000
4.875%, 
2/15/2028
1,572,672
625,000
4.875%, 
2/13/2029
610,118
Procter
&
Gamble
Company
1,900,000
4.350%, 
1/29/2029
1,857,061
Royalty
Pharma
plc
3,825,000
1.200%, 
9/2/2025
3,602,094
Stryker
Corporation
4,000,000
3.500%, 
3/15/2026
3,856,929
Universal
Health
Services,
Inc.
2,600,000
1.650%, 
9/1/2026
2,362,430
Zoetis,
Inc.
2,350,000
5.400%, 
11/14/2025
2,343,993
Total
69,305,358
Energy
(4.2%)
Apache
Corporation
1,900,000
4.375%, 
10/15/2028
1,778,274
BP
Capital
Markets
America,
Inc.
950,000
4.699%, 
4/10/2029
928,893
Canadian
Natural
Resources,
Ltd.
1,600,000
2.050%, 
7/15/2025
1,529,022
Cheniere
Energy
Partners,
LP
4,000,000
4.500%, 
10/1/2029
3,742,568
Columbia
Pipelines
Holding
Company,
LLC
1,575,000
6.055%, 
8/15/2026
a
1,580,366
1,260,000
6.042%, 
8/15/2028
a
1,271,406
Continental
Resources,
Inc.
4,850,000
2.268%, 
11/15/2026
a
4,448,862
Devon
Energy
Corporation
1,350,000
5.850%, 
12/15/2025
1,351,210
Diamondback
Energy,
Inc.
1,250,000
5.200%, 
4/18/2027
1,240,924
Enbridge,
Inc.
1,900,000
5.900%, 
11/15/2026
1,912,265
Energy
Transfer,
LP
1,050,000
2.900%, 
5/15/2025
1,020,804
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Energy
(4.2%)
-
continued
$
1,250,000
6.050%, 
12/1/2026
$
1,264,702
EQT
Corporation
554,000
6.125%, 
2/1/2025
553,725
Hess
Corporation
2,301,000
3.500%, 
7/15/2024
2,289,054
Marathon
Petroleum
Corporation
3,000,000
4.700%, 
5/1/2025
2,969,591
MPLX,
LP
1,500,000
4.875%, 
6/1/2025
1,485,850
1,300,000
1.750%, 
3/1/2026
1,211,407
National
Fuel
Gas
Company
1,297,000
5.200%, 
7/15/2025
1,285,986
1,630,000
5.500%, 
1/15/2026
1,617,812
Occidental
Petroleum
Corporation
3,500,000
5.875%, 
9/1/2025
3,500,096
ONEOK
Partners,
LP
2,250,000
4.900%, 
3/15/2025
2,229,920
ONEOK,
Inc.
1,000,000
5.550%, 
11/1/2026
998,965
1,000,000
5.650%, 
11/1/2028
1,003,177
Ovintiv,
Inc.
900,000
5.650%, 
5/15/2025
896,996
2,550,000
5.375%, 
1/1/2026
2,528,955
Phillips
66
Company
1,200,000
4.950%, 
12/1/2027
1,183,573
Pioneer
Natural
Resources
Company
2,550,000
1.125%, 
1/15/2026
2,367,600
Plains
All
American
Pipeline,
LP/
PAA
Finance
Corporation
1,625,000
4.650%, 
10/15/2025
1,597,147
Transcontinental
Gas
Pipe
Line
Company,
LLC
650,000
7.850%, 
2/1/2026
669,191
Western
Midstream
Operating,
LP
2,500,000
3.100%, 
2/1/2025
2,443,591
Total
52,901,932
Financials
(32.9%)
ABN
AMRO
Bank
NV
1,900,000
6.339%, 
9/18/2027
a,d
1,916,566
AEGON
Funding
Company,
LLC
1,875,000
5.500%, 
4/16/2027
a
1,854,661
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
654,000
1.650%, 
10/29/2024
640,322
2,000,000
6.500%, 
7/15/2025
2,014,330
1,800,000
1.750%, 
1/30/2026
1,677,069
750,000
2.450%, 
10/29/2026
692,949
1,550,000
6.100%, 
1/15/2027
1,562,088
1,665,000
6.450%, 
4/15/2027
1,697,367
Air
Lease
Corporation
2,500,000
0.800%, 
8/18/2024
2,462,488
Aircastle,
Ltd.
3,400,000
5.250%, 
8/11/2025
a
3,357,422
Allstate
Corporation
1,000,000
0.750%, 
12/15/2025
924,861
Ally
Financial,
Inc.
4,750,000
5.750%, 
11/20/2025
f
4,711,239
American
Express
Company
2,000,000
5.098%, 
2/16/2028
d
1,977,487
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
158
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Financials
(32.9%)
-
continued
Aon
North
America,
Inc.
$
1,900,000
5.125%, 
3/1/2027
$
1,887,011
Apollo
Debt
Solutions
BDC
630,000
6.900%, 
4/13/2029
a
624,313
Ares
Capital
Corporation
1,386,000
4.250%, 
3/1/2025
1,363,508
2,000,000
3.875%, 
1/15/2026
1,925,718
1,200,000
2.150%, 
7/15/2026
1,101,902
Australia
&
New
Zealand
Banking
Group,
Ltd.
2,110,000
2.950%, 
7/22/2030
a,d
2,026,377
Aviation
Capital
Group,
LLC
2,500,000
4.875%, 
10/1/2025
a
2,445,861
Avolon
Holdings
Funding,
Ltd.
3,000,000
3.950%, 
7/1/2024
a
2,988,670
2,150,000
5.500%, 
1/15/2026
a
2,118,374
1,500,000
2.125%, 
2/21/2026
a
1,392,289
650,000
4.250%, 
4/15/2026
a
625,089
Banco
Santander
Mexico
SA
380,000
5.375%, 
4/17/2025
a
377,531
Banco
Santander
SA
2,400,000
5.147%, 
8/18/2025
2,371,264
2,000,000
1.849%, 
3/25/2026
1,855,892
1,000,000
4.175%, 
3/24/2028
d
951,409
2,000,000
5.588%, 
8/8/2028
1,988,445
Bank
of
America
Corporation
1,375,000
0.981%, 
9/25/2025
d
1,347,934
2,100,000
2.456%, 
10/22/2025
d
2,065,719
3,000,000
1.530%, 
12/6/2025
d
2,922,076
1,650,000
3.384%, 
4/2/2026
d
1,612,460
1,475,000
1.319%, 
6/19/2026
d
1,401,687
2,000,000
4.827%, 
7/22/2026
d
1,974,396
3,500,000
1.734%, 
7/22/2027
d
3,211,032
Bank
of
Montreal
1,885,000
5.266%, 
12/11/2026
1,874,279
Bank
of
New
York
Mellon
Corporation
800,000
4.700%, 
9/20/2025
d,f,g
781,578
2,000,000
4.414%, 
7/24/2026
d
1,970,321
1,250,000
6.317%, 
10/25/2029
d
1,291,782
Bank
of
New
Zealand
3,200,000
4.846%, 
2/7/2028
a
3,124,921
Bank
of
Nova
Scotia
1,065,000
4.900%, 
6/4/2025
d,g
1,040,498
Barclays
plc
1,900,000
6.496%, 
9/13/2027
d
1,922,782
2,000,000
2.279%, 
11/24/2027
d
1,826,038
950,000
5.674%, 
3/12/2028
d
943,326
BlackRock
Funding,
Inc.
950,000
4.700%, 
3/14/2029
931,895
Blackstone
Private
Credit
Fund
3,250,000
2.700%, 
1/15/2025
3,170,147
1,650,000
4.700%, 
3/24/2025
1,628,566
Blue
Owl
Capital
Corporation
II
1,250,000
8.450%, 
11/15/2026
a
1,275,294
Blue
Owl
Credit
Income
Corporation
1,100,000
4.700%, 
2/8/2027
1,039,535
Blue
Owl
Technology
Finance
Corporation
2,000,000
4.750%, 
12/15/2025
a
1,917,826
1,250,000
3.750%, 
6/17/2026
a
1,155,230
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Financials
(32.9%)
-
continued
Blue
Owl
Technology
Finance
Corporation
II
$
1,725,000
6.750%, 
4/4/2029
a
$
1,662,191
BNP
Paribas
SA
1,930,000
2.819%, 
11/19/2025
a,d
1,895,597
2,200,000
1.323%, 
1/13/2027
a,d
2,039,109
1,400,000
5.176%, 
1/9/2030
a,d
1,372,739
Boston
Properties,
LP
2,500,000
3.650%, 
2/1/2026
2,398,055
BPCE
SA
1,050,000
2.375%, 
1/14/2025
a
1,023,900
1,750,000
5.975%, 
1/18/2027
a,d
1,746,754
Camden
Property
Trust
1,900,000
5.850%, 
11/3/2026
1,914,812
Canadian
Imperial
Bank
of
Commerce
2,200,000
5.144%, 
4/28/2025
f
2,188,996
2,000,000
3.945%, 
8/4/2025
1,958,891
1,900,000
5.926%, 
10/2/2026
1,917,757
Capital
One
Financial
Corporation
1,250,000
2.636%, 
3/3/2026
d
1,214,701
1,500,000
4.985%, 
7/24/2026
d
1,482,546
Centene
Corporation
3,000,000
4.250%, 
12/15/2027
2,829,033
1,800,000
4.625%, 
12/15/2029
1,676,193
Charles
Schwab
Corporation
600,000
5.375%, 
6/1/2025
d,g
593,326
1,750,000
4.000%, 
6/1/2026
d,g
1,612,394
1,900,000
5.875%, 
8/24/2026
1,917,856
Citibank
NA
1,875,000
5.438%, 
4/30/2026
1,872,295
Citigroup,
Inc.
4,000,000
0.981%, 
5/1/2025
d
4,000,000
1,000,000
4.000%, 
12/10/2025
d,g
954,781
2,000,000
3.290%, 
3/17/2026
d
1,953,994
1,075,000
3.106%, 
4/8/2026
d
1,047,500
1,850,000
1.122%, 
1/28/2027
d
1,707,282
1,100,000
5.174%, 
2/13/2030
d
1,075,761
Comerica,
Inc.
665,000
5.625%, 
7/1/2025
d,f,g
640,503
Cooperatieve
Rabobank
UA
1,875,000
1.339%, 
6/24/2026
a,d
1,781,305
COPT
Defense
Properties,
LP
550,000
2.250%, 
3/15/2026
515,504
Corebridge
Financial,
Inc.
2,000,000
3.650%, 
4/5/2027
1,893,930
Credit
Agricole
SA
2,500,000
6.875%, 
9/23/2024
a,d,g
2,490,719
1,250,000
1.247%, 
1/26/2027
a,d
1,155,943
2,500,000
5.134%, 
3/11/2027
a
2,477,559
1,275,000
6.316%, 
10/3/2029
a,d
1,299,085
Credit
Suisse
Group
AG
810,000
7.500%, 
N/A
*,h
89,100
Danske
Bank
AS
2,000,000
0.976%, 
9/10/2025
a,d
1,961,870
1,000,000
6.466%, 
1/9/2026
a,d
1,001,291
Deutsche
Bank
AG
4,300,000
4.500%, 
4/1/2025
4,228,768
3,000,000
6.000%, 
10/30/2025
d,g
2,783,539
Deutsche
Bank
AG/New
York,
NY
1,800,000
3.700%, 
5/30/2024
1,796,907
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
159
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Financials
(32.9%)
-
continued
$
1,450,000
2.129%, 
11/24/2026
d
$
1,364,273
Discover
Bank
1,250,000
2.450%, 
9/12/2024
1,234,524
2,175,000
5.974%, 
(USISOA05
+
1.730%),
8/9/2028
d
2,111,464
Elevance
Health,
Inc.
2,000,000
5.350%, 
10/15/2025
1,993,033
EPR
Properties
3,125,000
4.950%, 
4/15/2028
2,936,871
Fifth
Third
Bancorp
2,100,000
2.375%, 
1/28/2025
2,047,692
Fifth
Third
Bank
NA
1,400,000
3.850%, 
3/15/2026
1,344,770
First
Horizon
Bank
2,499,000
5.750%, 
5/1/2030
f
2,306,444
First-Citizens
Bank
&
Trust
Company
2,050,000
6.125%, 
3/9/2028
2,082,207
FS
KKR
Capital
Corporation
1,900,000
4.250%, 
2/14/2025
a
1,871,063
3,000,000
3.400%, 
1/15/2026
2,836,339
GA
Global
Funding
Trust
1,800,000
1.625%, 
1/15/2026
a
1,671,170
GATX
Corporation
1,250,000
5.400%, 
3/15/2027
1,242,715
Goldman
Sachs
Bank
USA/New
York,
NY
1,900,000
5.283%, 
3/18/2027
d
1,887,472
Goldman
Sachs
BDC,
Inc.
950,000
6.375%, 
3/11/2027
953,717
Goldman
Sachs
Group,
Inc.
325,000
4.250%, 
10/21/2025
318,112
2,550,000
0.855%, 
2/12/2026
d
2,449,307
2,000,000
3.800%, 
5/10/2026
d,g
1,875,124
2,500,000
3.615%, 
3/15/2028
d
2,365,510
1,900,000
4.482%, 
8/23/2028
d
1,835,642
1,900,000
6.484%, 
10/24/2029
d
1,960,500
Highwoods
Realty,
LP
1,770,000
4.200%, 
4/15/2029
1,588,423
HSBC
Holdings
plc
500,000
0.976%, 
5/24/2025
d
498,435
1,750,000
2.999%, 
3/10/2026
d
1,706,223
1,575,000
1.645%, 
4/18/2026
d
1,511,108
1,400,000
1.589%, 
5/24/2027
d
1,282,717
HSBC
USA,
Inc.
1,250,000
5.294%, 
3/4/2027
1,245,746
Huntington
National
Bank
2,000,000
5.699%, 
11/18/2025
d
1,988,183
ING
Groep
NV
500,000
4.625%, 
1/6/2026
a
491,685
2,000,000
1.726%, 
4/1/2027
d
1,850,998
2,000,000
4.017%, 
3/28/2028
d
1,907,379
J.P.
Morgan
Chase
&
Company
3,500,000
0.969%, 
6/23/2025
d
3,473,634
1,500,000
1.561%, 
12/10/2025
d
1,460,692
1,200,000
2.005%, 
3/13/2026
d
1,160,840
1,100,000
2.083%, 
4/22/2026
d
1,060,530
2,000,000
3.650%, 
6/1/2026
d,g
1,871,181
3,500,000
1.045%, 
11/19/2026
d
3,257,099
1,275,000
1.040%, 
2/4/2027
d
1,175,215
1,000,000
1.578%, 
4/22/2027
d
922,792
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Financials
(32.9%)
-
continued
$
1,850,000
5.571%, 
4/22/2028
d
$
1,848,542
1,700,000
4.851%, 
7/25/2028
d
1,665,184
J.P.
Morgan
Chase
Bank
NA
1,250,000
5.110%, 
12/8/2026
1,241,695
KeyBank
NA/Cleveland,
OH
1,500,000
4.700%, 
1/26/2026
1,459,862
KeyCorp
950,000
3.878%, 
5/23/2025
d
944,311
Kilroy
Realty,
LP
880,000
3.450%, 
12/15/2024
865,682
2,881,000
4.375%, 
10/1/2025
2,807,589
Lloyds
Banking
Group
plc
1,075,000
7.500%, 
6/27/2024
d,g
1,076,160
350,000
4.582%, 
12/10/2025
341,529
950,000
5.985%, 
8/7/2027
d
951,394
1,875,000
5.462%, 
1/5/2028
d
1,858,604
2,000,000
3.750%, 
3/18/2028
d
1,894,498
M&T
Bank
Corporation
1,750,000
3.500%, 
9/1/2026
d,g
1,361,513
Macquarie
Airfinance
Holdings,
Ltd.
604,000
6.400%, 
3/26/2029
a
602,253
Macquarie
Group,
Ltd.
2,750,000
1.201%, 
10/14/2025
a,d
2,687,302
Manufacturers
&
Traders
Trust
Company
2,000,000
5.400%, 
11/21/2025
1,972,373
2,000,000
4.650%, 
1/27/2026
1,947,373
MassMutual
Global
Funding
II
1,900,000
4.850%, 
1/17/2029
a,f
1,855,097
Met
Tower
Global
Funding
1,900,000
5.400%, 
6/20/2026
a
1,895,014
Metropolitan
Life
Global
Funding
I
1,900,000
5.400%, 
9/12/2028
a
1,890,582
Mitsubishi
UFJ
Financial
Group,
Inc.
1,125,000
2.193%, 
2/25/2025
1,093,118
4,000,000
0.953%, 
7/19/2025
d
3,955,495
1,800,000
5.063%, 
9/12/2025
d
1,793,282
Morgan
Stanley
750,000
2.720%, 
7/22/2025
d
744,258
1,700,000
0.864%, 
10/21/2025
d
1,658,962
2,500,000
1.164%, 
10/21/2025
d
2,442,733
2,075,000
5.000%, 
11/24/2025
2,053,386
1,500,000
4.679%, 
7/17/2026
d
1,480,496
2,250,000
6.138%, 
10/16/2026
d
2,262,420
1,500,000
0.985%, 
12/10/2026
d
1,389,006
1,000,000
1.593%, 
5/4/2027
d
921,686
1,875,000
5.652%, 
4/13/2028
d
1,876,839
3,000,000
5.164%, 
4/20/2029
d
2,950,975
785,000
5.449%, 
7/20/2029
d
780,199
NatWest
Group
plc
1,250,000
5.847%, 
3/2/2027
d
1,249,092
649,000
3.754%, 
11/1/2029
d
640,699
New
York
Life
Global
Funding
1,900,000
4.900%, 
6/13/2028
a
1,865,616
Nomura
Holdings,
Inc.
2,110,000
2.648%, 
1/16/2025
2,060,444
1,500,000
2.329%, 
1/22/2027
1,370,740
Nordea
Bank
Abp
3,300,000
1.500%, 
9/30/2026
a
2,993,399
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
160
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Financials
(32.9%)
-
continued
Northwestern
Mutual
Global
Funding
$
1,900,000
4.900%, 
6/12/2028
a
$
1,859,204
Omega
Healthcare
Investors,
Inc.
1,115,000
4.500%, 
1/15/2025
1,103,502
1,630,000
5.250%, 
1/15/2026
1,606,779
Peachtree
Corners
Funding
Trust
1,125,000
3.976%, 
2/15/2025
a
1,103,348
PNC
Financial
Services
Group,
Inc.
1,750,000
5.671%, 
10/28/2025
d
1,748,406
2,500,000
3.400%, 
9/15/2026
d,g
2,155,222
2,000,000
4.758%, 
1/26/2027
d
1,970,500
1,250,000
6.615%, 
10/20/2027
d
1,277,309
1,575,000
5.582%, 
6/12/2029
d
1,567,922
Pricoa
Global
Funding
I
2,500,000
5.550%, 
8/28/2026
a
2,506,868
Principal
Life
Global
Funding
II
1,600,000
0.875%, 
1/12/2026
a
1,475,783
1,900,000
5.000%, 
1/16/2027
a
1,880,148
Realty
Income
Corporation
4,000,000
4.625%, 
11/1/2025
3,943,077
546,000
4.875%, 
6/1/2026
538,991
Regency
Centers,
LP
2,955,000
3.750%, 
6/15/2024
2,944,296
Regions
Financial
Corporation
2,215,000
2.250%, 
5/18/2025
2,133,610
Royal
Bank
of
Canada
1,900,000
5.200%, 
8/1/2028
f
1,889,146
1,250,000
4.950%, 
2/1/2029
f
1,226,704
Santander
Holdings
USA,
Inc.
400,000
3.450%, 
6/2/2025
388,295
1,750,000
2.490%, 
1/6/2028
d
1,585,740
Santander
UK
Group
Holdings
plc
1,075,000
1.532%, 
8/21/2026
d
1,012,838
Simon
Property
Group,
LP
1,750,000
3.300%, 
1/15/2026
1,684,649
Societe
Generale
SA
2,200,000
2.625%, 
10/16/2024
a
2,164,322
2,000,000
2.226%, 
1/21/2026
a,d
1,941,882
2,000,000
1.488%, 
12/14/2026
a,d
1,856,847
Standard
Chartered
plc
2,000,000
1.822%, 
11/23/2025
a,d
1,949,857
2,100,000
2.608%, 
1/12/2028
a,d
1,925,650
State
Street
Corporation
900,000
5.104%, 
5/18/2026
d
894,263
2,000,000
5.751%, 
11/4/2026
d
2,001,800
2,200,000
5.684%, 
11/21/2029
d
2,223,492
Sumitomo
Mitsui
Financial
Group,
Inc.
1,750,000
0.948%, 
1/12/2026
1,619,122
2,400,000
2.174%, 
1/14/2027
2,201,104
1,900,000
5.716%, 
9/14/2028
1,916,630
Sumitomo
Mitsui
Trust
Bank,
Ltd.
1,900,000
5.650%, 
9/14/2026
a
1,902,125
Synchrony
Financial
1,780,000
4.250%, 
8/15/2024
1,770,544
3,500,000
4.500%, 
7/23/2025
3,420,127
Synovus
Bank
3,155,000
5.625%, 
2/15/2028
3,013,179
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Financials
(32.9%)
-
continued
Toronto-Dominion
Bank
$
1,915,000
5.264%, 
12/11/2026
$
1,907,322
Truist
Financial
Corporation
825,000
4.950%, 
9/1/2025
d,g
801,685
1,350,000
4.260%, 
7/28/2026
d
1,324,407
1,900,000
1.267%, 
3/2/2027
d
1,751,320
U.S.
Bancorp
2,000,000
5.727%, 
10/21/2026
d
1,999,321
1,000,000
6.787%, 
10/26/2027
d
1,025,599
1,750,000
4.548%, 
7/22/2028
d
1,692,982
950,000
5.384%, 
1/23/2030
d
936,782
UBS
AG
4,350,000
5.125%, 
5/15/2024
4,343,499
UBS
Group
AG
2,200,000
4.490%, 
8/5/2025
a,d
2,190,137
5,650,000
1.305%, 
2/2/2027
a,d
5,206,769
1,900,000
6.327%, 
12/22/2027
a,d
1,923,604
2,200,000
5.428%, 
2/8/2030
a,d
2,163,547
Wells
Fargo
&
Company
5,735,000
2.406%, 
10/30/2025
d
5,636,589
2,000,000
3.908%, 
4/25/2026
d
1,961,594
1,500,000
4.540%, 
8/15/2026
d
1,476,035
1,650,000
3.526%, 
3/24/2028
d
1,557,041
1,500,000
5.707%, 
4/22/2028
d
1,501,043
1,900,000
5.574%, 
7/25/2029
d
1,893,932
Wells
Fargo
Bank
NA
1,725,000
5.254%, 
12/11/2026
1,716,686
Westpac
Banking
Corporation
1,060,000
2.894%, 
2/4/2030
d
1,031,905
Westpac
New
Zealand,
Ltd.
2,500,000
5.132%, 
2/26/2027
a
2,473,410
1,900,000
4.902%, 
2/15/2028
a
1,860,016
Total
410,803,047
Foreign
Government
(0.3%)
NBN
Company,
Ltd.
2,500,000
0.875%, 
10/8/2024
a
2,445,594
2,000,000
1.450%, 
5/5/2026
a
1,843,955
Total
4,289,549
Mortgage-Backed
Securities
(0.4%)
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
5,000,000
6.000%, 
5/1/2041
c
4,953,516
44,182
5.764%, 
(RFUCCT1Y
+
1.514%),
1/1/2043
d
43,767
Total
4,997,283
Technology
(2.5%)
Cisco
Systems,
Inc.
625,000
4.850%, 
2/26/2029
617,200
Dell
International,
LLC/EMC
Corporation
3,000,000
5.850%, 
7/15/2025
3,005,101
Fiserv,
Inc.
1,900,000
5.150%, 
3/15/2027
1,881,481
1,900,000
5.450%, 
3/2/2028
1,894,426
Global
Payments,
Inc.
875,000
2.650%, 
2/15/2025
853,415
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
161
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Technology
(2.5%)
-
continued
Hewlett
Packard
Enterprise
Company
$
2,525,000
5.900%, 
10/1/2024
$
2,525,728
Jabil,
Inc.
1,500,000
4.250%, 
5/15/2027
1,437,945
Microchip
Technology,
Inc.
650,000
5.050%, 
3/15/2029
638,851
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
1,605,000
2.700%, 
5/1/2025
1,559,352
Oracle
Corporation
1,195,000
2.500%, 
4/1/2025
1,160,091
3,250,000
2.950%, 
5/15/2025
3,160,695
2,000,000
5.800%, 
11/10/2025
2,004,748
1,900,000
4.500%, 
5/6/2028
1,840,590
Qorvo,
Inc.
3,700,000
4.375%, 
10/15/2029
3,414,307
Roper
Technologies,
Inc.
825,000
1.000%, 
9/15/2025
774,225
Seagate
HDD
Cayman
1,475,000
4.750%, 
1/1/2025
1,460,441
SK
Hynix,
Inc.
1,250,000
5.500%, 
1/16/2027
a
1,234,405
VeriSign,
Inc.
1,810,000
5.250%, 
4/1/2025
1,802,514
VMware,
LLC
650,000
1.400%, 
8/15/2026
591,096
Total
31,856,611
Transportation
(1.8%)
Air
Canada
3,125,000
3.875%, 
8/15/2026
a
2,964,460
British
Airways
plc
174,079
4.625%, 
6/20/2024
a
173,818
Canadian
Pacific
Railway
Company
2,000,000
1.350%, 
12/2/2024
1,950,505
Delta
Air
Lines,
Inc.
2,000,000
7.000%, 
5/1/2025
a
2,014,891
Delta
Air
Lines,
Inc./SkyMiles
IP,
Ltd.
1,425,000
4.500%, 
10/20/2025
a
1,405,370
ERAC
USA
Finance,
LLC
1,250,000
5.000%, 
2/15/2029
a
1,227,706
Mileage
Plus
Holdings,
LLC
2,015,000
6.500%, 
6/20/2027
a
2,018,402
Penske
Truck
Leasing
Company,
LP/PTL
Finance
Corporation
1,000,000
2.700%, 
11/1/2024
a
984,226
1,000,000
3.950%, 
3/10/2025
a
984,114
1,200,000
1.200%, 
11/15/2025
a
1,116,999
Southwest
Airlines
Company
1,650,000
5.250%, 
5/4/2025
1,640,582
TTX
Company
2,500,000
5.500%, 
9/25/2026
a
2,489,260
United
Airlines,
Inc.
3,125,000
4.375%, 
4/15/2026
a
3,005,888
Total
21,976,221
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
U.S.
Government
&
Agencies
(6.8%)
U.S.
Treasury
Notes
$
9,750,000
4.125%, 
6/15/2026
$
9,575,947
67,670,000
3.500%, 
1/31/2028
64,627,493
10,860,000
4.000%, 
10/31/2029
10,480,749
Total
84,684,189
Utilities
(4.5%)
AES
Corporation
2,750,000
3.300%, 
7/15/2025
a
2,663,173
Ameren
Corporation
750,000
2.500%, 
9/15/2024
740,386
American
Electric
Power
Company,
Inc.
3,000,000
5.699%, 
8/15/2025
2,990,982
1,425,000
1.000%, 
11/1/2025
1,326,526
1,255,000
5.200%, 
1/15/2029
1,234,866
CenterPoint
Energy,
Inc.
1,250,000
1.450%, 
6/1/2026
1,149,635
1,100,000
5.250%, 
8/10/2026
1,092,744
Constellation
Energy
Generation,
LLC
1,900,000
5.600%, 
3/1/2028
1,901,507
Dominion
Energy,
Inc.
2,350,000
1.450%, 
4/15/2026
2,167,465
DTE
Energy
Company
1,750,000
4.220%, 
11/1/2024
1,734,601
1,550,000
5.100%, 
3/1/2029
1,513,224
Duke
Energy
Corporation
1,000,000
3.250%, 
1/15/2082
d
873,575
1,085,000
0.900%, 
9/15/2025
1,016,171
2,650,000
5.000%, 
12/8/2025
2,626,662
Enel
Finance
International
NV
2,000,000
6.800%, 
10/14/2025
a
2,033,531
Entergy
Corporation
1,130,000
0.900%, 
9/15/2025
1,059,460
Eversource
Energy
1,575,000
4.750%, 
5/15/2026
1,546,097
1,900,000
5.450%, 
3/1/2028
1,884,980
Exelon
Corporation
1,275,000
5.150%, 
3/15/2028
1,258,087
Georgia
Power
Company
1,900,000
5.004%, 
2/23/2027
1,882,441
1,900,000
4.650%, 
5/16/2028
1,847,242
Jersey
Central
Power
&
Light
Company
1,500,000
4.300%, 
1/15/2026
a
1,459,449
National
Rural
Utilities
Cooperative
Finance
Corporation
1,900,000
4.800%, 
3/15/2028
1,868,627
637,000
8.501%, 
(TSFR3M
+
3.172%),
4/30/2043
d
633,784
NextEra
Energy
Capital
Holdings,
Inc.
2,000,000
5.749%, 
9/1/2025
2,001,280
NiSource,
Inc.
1,080,000
0.950%, 
8/15/2025
1,016,200
Pacific
Gas
and
Electric
Company
1,900,000
5.550%, 
5/15/2029
1,879,092
Sempra
3,250,000
3.300%, 
4/1/2025
3,177,180
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
162
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Utilities
(4.5%)
-
continued
Southern
California
Edison
Company
$
2,350,000
4.875%, 
2/1/2027
$
2,316,004
Southern
Company
1,100,000
4.000%, 
1/15/2051
d
1,049,307
1,250,000
3.750%, 
9/15/2051
d
1,145,641
Vistra
Operations
Company,
LLC
3,000,000
5.125%, 
5/13/2025
a
2,955,009
WEC
Energy
Group,
Inc.
1,900,000
5.600%, 
9/12/2026
1,902,137
Total
55,947,065
Total
Long-Term
Fixed
Income
(cost
$1,269,521,812)
1,232,650,811
Shares
Collateral
Held
for
Securities
Loaned
(
0.9%
)
Value
11,548,606
Thrivent
Cash
Management
Trust
11,548,606
Total
Collateral
Held
for
Securities
Loaned
(cost
$11,548,606)
11,548,606
Shares
Preferred
Stock
(
0.1%
)
Value
Financials
(0.1%)
54,000
Citigroup
Capital
XIII,
11.961%
d
1,566,000
Total
1,566,000
Total
Preferred
Stock
(cost
$1,490,400)
1,566,000
Shares
or
Principal
Amount
Short-Term
Investments
(
1.1%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
9,440,000
5.270%,
5/1/2024
i
9,438,617
U.S.
Treasury
Bills
3,895,000
5.277%,
5/2/2024
i
3,894,427
Total
Short-Term
Investments
(cost
$13,334,429)
13,333,044
Total
Investments
(cost
$1,295,895,247)
100.9%
$1,259,098,461
Other
Assets
and
Liabilities,
Net
(0.9%)
(11,040,727)
Total
Net
Assets
100.0%
$1,248,057,734
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,
2024,
the
value
of
these
investments
was
$523,358,306
or
41.9%
of
total
net
assets.
b
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,
2024.
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,
2024.
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
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
f
All
or
a
portion
of
the
security
is
on
loan.
g
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
h
Defaulted
security.  Interest
is
not
being
accrued.
i
The
interest
rate
shown
reflects
the
yield.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Limited
Maturity
Bond
Fund
as
of
April
30,
2024
was
$89,100
or
0.01%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
April
30,
2024.
Security
Acquisition
Date
Cost
Credit
Suisse
Group
AG,
12/29/2049
12/4/2013
$
810,000
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Limited
Maturity
Bond
Fund
as
of
April
30,
2024:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
11,084,766
Total
lending
$11,084,766
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$11,548,606
Net
amounts
due
to
counterparty
$463,840
Definitions:
CLO
-
Collateralized
Loan
Obligation
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
plc
-
Public
Limited
Company
Ser.
-
Series
Reference
Rate
Index:
CMT
1Y
-
Constant
Maturity
Treasury
Yield
1
Year
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
RFUCCT1Y
-
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
Term
1
Year
SOFR30A
-
Secured
Overnight
Financing
Rate
30
Year
Average
TSFR1M
-
CME
Term
SOFR
1
Month
TSFR3M
-
CME
Term
SOFR
3
Month
USISOA05
-
USD
SOFR
Spread-Adjusted
ICE
Swap
Rate
5
Year
Limited
Maturity
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
163
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
$
3,174,758
Gross
unrealized
depreciation
(41,656,893)
Net
unrealized
appreciation
(depreciation)
$
(38,482,135)
Cost
for
federal
income
tax
purposes
$
1,297,580,596
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
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
207,856,268
–
207,856,268
–
Basic
Materials
23,226,485
–
23,226,485
–
Capital
Goods
36,809,191
–
36,809,191
–
Collateralized
Mortgage
Obligations
125,799,993
–
125,799,993
–
Commercial
Mortgage-Backed
Securities
2,114,981
–
2,114,981
–
Communications
Services
34,997,449
–
34,997,449
–
Consumer
Cyclical
65,085,189
–
65,085,189
–
Consumer
Non-Cyclical
69,305,358
–
69,305,358
–
Energy
52,901,932
–
52,901,932
–
Financials
410,803,047
–
410,803,047
–
Foreign
Government
4,289,549
–
4,289,549
–
Mortgage-Backed
Securities
4,997,283
–
4,997,283
–
Technology
31,856,611
–
31,856,611
–
Transportation
21,976,221
–
21,976,221
–
U.S.
Government
&
Agencies
84,684,189
–
84,684,189
–
Utilities
55,947,065
–
55,947,065
–
Preferred
Stock
Financials
1,566,000
1,566,000
–
–
Short-Term
Investments
13,333,044
–
13,333,044
–
Subtotal
Investments
in
Securities
$1,247,549,855
$1,566,000
$1,245,983,855
$–
Other
Investments  *
Total
Collateral
Held
for
Securities
Loaned
11,548,606
Subtotal
Other
Investments
$11,548,606
Total
Investments
at
Value
$1,259,098,461
*
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
the
table
above
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
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
164
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
  The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
for
the
Fund.
Thrivent
Cash
Management
Trust
is
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Limited
Maturity
Bond
Fund,
is
as
follows:
Fund
Value
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
$3,556
$41,398
$33,405
$11,549
11,549
0.9%
Total
Collateral
Held
for
Securities
Loaned
3,556
11,549
0.9
Total
Value
$3,556
$11,549
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
$–
$–
–
$22
Total
Affiliated
Income
from
Securities
Loaned,
Net
$22
Total
$–
$–
$–
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
165
Shares
Common
Stock
(
95.9%
)
Value
Communications
Services
(9.5%)
10,985
AT&T,
Inc.
$
185,537
2,364
BCE,
Inc.
77,669
279,000
CITIC
Telecom
International
Holdings,
Ltd.
94,618
8,923
Deutsche
Telekom
AG
204,387
2,152
Electronic
Arts,
Inc.
272,917
1,700
KDDI
Corporation
47,173
82,506
Koninklijke
(Royal)
KPN
NV
299,838
175,300
Nippon
Telegraph
and
Telephone
Corporation
189,265
3,400
SoftBank
Corporation
41,010
336
Swisscom
AG
184,332
21,715
Telefonica
SA
97,274
119
T-Mobile
US,
Inc.
19,536
14,213
Verizon
Communications,
Inc.
561,271
Total
2,274,827
Consumer
Discretionary
(5.9%)
945
Dollarama,
Inc.
78,832
13,944
Europris
ASA
a,b
87,760
23,600
Heiwa
Corporation
295,637
155
Home
Depot,
Inc.
51,804
1,807
McDonald's
Corporation
493,383
96
Next
plc
10,767
250
O'Reilly
Automotive,
Inc.
b
253,315
6,100
Sekisui
House,
Ltd.
140,180
Total
1,411,678
Consumer
Staples
(12.6%)
1,055
AAK
AB
27,136
5,094
Alimentation
Couche-Tard,
Inc.
282,332
563
Church
&
Dwight
Company,
Inc.
60,742
2,395
Coca-Cola
Company
147,939
5,405
Colgate-Palmolive
Company
496,828
1,716
Kimberly-Clark
Corporation
234,285
8,017
Koninklijke
Ahold
Delhaize
NV
243,350
2,331
Kroger
Company
129,091
1
Lindt
&
Spruengli
AG
11,519
371
Loblaw
Companies,
Ltd.
40,683
4,207
Metro,
Inc./CN
215,201
4,264
Mondelez
International,
Inc.
306,752
1,692
PepsiCo,
Inc.
297,640
1,140
Procter
&
Gamble
Company
186,048
69,400
Sheng
Siong
Group,
Ltd.
78,671
4,252
Walmart,
Inc.
252,356
Total
3,010,573
Energy
(1.6%)
925
Ampol,
Ltd.
21,843
79,800
Eneos
Holdings,
Inc.
368,693
Total
390,536
Financials
(14.1%)
525
Aon
plc
148,055
521
Berkshire
Hathaway,
Inc.
b
206,696
3,197
Brown
&
Brown,
Inc.
260,684
2,301
Cboe
Global
Markets,
Inc.
416,826
592
Chubb,
Ltd.
147,195
1,477
CME
Group,
Inc.
309,638
2,710
Hartford
Financial
Services
Group,
Inc.
262,572
841
Intercontinental
Exchange,
Inc.
108,287
Shares
Common
Stock
(95.9%)
Value
Financials
(14.1%)
-
continued
36,100
Japan
Post
Holdings
Company,
Ltd.
$
346,679
2,295
Marsh
&
McLennan
Companies,
Inc.
457,692
100
Mastercard,
Inc.
45,120
12,400
Mizuho
Financial
Group,
Inc.
239,681
391
Nasdaq,
Inc.
23,402
577
Progressive
Corporation
120,160
8,300
Sumitomo
Mitsui
Trust
Holdings,
Inc.
174,506
530
Tradeweb
Markets,
Inc.
53,906
240
Visa,
Inc.
64,467
Total
3,385,566
Health
Care
(17.7%)
178
Abbott
Laboratories
18,863
1,416
AbbVie,
Inc.
230,298
471
Amgen,
Inc.
129,026
1,268
Boston
Scientific
Corporation
b
91,131
153
Eli
Lilly
&
Company
119,508
3,112
Galenica
AG
a
238,125
5,472
Gilead
Sciences,
Inc.
356,774
486
Incyte
Corporation
b
25,296
2,062
Johnson
&
Johnson
298,145
9,600
Kaken
Pharmaceutical
Company,
Ltd.
208,676
3,639
Laboratorios
Farmaceuticos
ROVI
SA
326,578
85
McKesson
Corporation
45,663
2,600
Medipal
Holdings
Corporation
40,776
595
Medtronic
plc
47,743
3,281
Merck
&
Company,
Inc.
423,971
3,667
Novartis
AG
355,910
1,776
Novo
Nordisk
AS
227,758
948
Pfizer,
Inc.
24,288
3,047
Recordati
SPA
162,141
133
Regeneron
Pharmaceuticals,
Inc.
b
118,458
5
Siegfried
Holding
AG
4,778
4,100
Takeda
Pharmaceutical
Company,
Ltd.
107,757
509
UnitedHealth
Group,
Inc.
246,203
1,033
Vertex
Pharmaceuticals,
Inc.
b
405,773
Total
4,253,639
Industrials
(10.6%)
1,168
AMETEK,
Inc.
204,003
490
Automatic
Data
Processing,
Inc.
118,526
207
BAE
Systems
plc
3,443
3,500
CK
Hutchison
Holdings,
Ltd.
16,999
214,700
ComfortDelGro
Corporation,
Ltd.
233,533
4,726
CSX
Corporation
156,998
2,430
Fastenal
Company
165,094
178
Flughafen
Zurich
AG
35,636
1,200
Jardine
Matheson
Holdings,
Ltd.
46,044
414
Lockheed
Martin
Corporation
192,481
245
Paychex,
Inc.
29,108
1,952
Republic
Services,
Inc.
374,198
4,200
Seino
Holdings
Company,
Ltd.
56,268
962
Thomson
Reuters
Corporation
145,301
103
W.W.
Grainger,
Inc.
94,899
471
Waste
Connections,
Inc.
76,344
2,308
Waste
Management,
Inc.
480,110
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
166
Shares
Common
Stock
(95.9%)
Value
Industrials
(10.6%)
-
continued
779
Wolters
Kluwer
NV
$
116,622
Total
2,545,607
Information
Technology
(14.8%)
356
Accenture
plc
107,124
1,856
Akamai
Technologies,
Inc.
b
187,326
615
Amphenol
Corporation
74,274
359
Apple,
Inc.
61,149
407
Cadence
Design
Systems,
Inc.
b
112,181
940
Check
Point
Software
Technologies,
Ltd.
b
140,455
11,487
Cisco
Systems,
Inc.
539,659
48
Constellation
Software,
Inc./
Canada
123,579
1,172
Indra
Sistemas
SA
22,405
428
International
Business
Machines
Corporation
71,134
1,761
Keysight
Technologies,
Inc.
b
260,522
22,200
Kyocera
Corporation
270,588
674
Microsoft
Corporation
262,408
1,766
Motorola
Solutions,
Inc.
598,939
223
Roper
Industries,
Inc.
114,056
1,405
TE
Connectivity,
Ltd.
198,779
750
Texas
Instruments,
Inc.
132,315
1,560
VeriSign,
Inc.
b
264,389
Total
3,541,282
Materials
(2.4%)
909
Barrick
Gold
Corporation
15,108
7,555
Buzzi
SPA
272,209
400
Franco-Nevada
Corporation
48,160
2,718
Holcim
AG
227,518
Total
562,995
Real
Estate
(0.6%)
1,016
PSP
Swiss
Property
AG
125,599
500
Sun
Hung
Kai
Properties,
Ltd.
4,612
200
Swiss
Prime
Site
AG
18,467
Total
148,678
Utilities
(6.1%)
4,343
Alliant
Energy
Corporation
216,281
18,000
CLP
Holdings,
Ltd.
141,589
29
Consolidated
Edison,
Inc.
2,738
640
Dominion
Energy,
Inc.
32,627
4,249
Evergy,
Inc.
222,860
1,529
Eversource
Energy
92,688
12,923
Italgas
SPA
71,634
1,299
PNM
Resources,
Inc.
48,141
3,789
Portland
General
Electric
Company
163,799
18,000
Power
Assets
Holdings,
Ltd.
103,251
37
Southern
Company
2,720
6,695
Xcel
Energy,
Inc.
359,722
Total
1,458,050
Total
Common
Stock
(cost
$20,700,051)
22,983,431
Shares
Short-Term
Investments
(
2.8%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
68,307
5.580%
$
683,075
Total
Short-Term
Investments
(cost
$683,075)
683,075
Total
Investments
(cost
$21,383,126)
98.7%
$23,666,506
Other
Assets
and
Liabilities,
Net
1.3%
299,764
Total
Net
Assets
100.0%
$23,966,270
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,
2024,
the
value
of
these
investments
was
$325,885
or
1.4%
of
total
net
assets.
b
Non-income
producing
security.
Definitions:
plc
-
Public
Limited
Company
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
$
2,659,721
Gross
unrealized
depreciation
(492,540)
Net
unrealized
appreciation
(depreciation)
$
2,167,181
Cost
for
federal
income
tax
purposes
$
21,494,278
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
167
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
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
2,274,827
1,039,261
1,235,566
–
Consumer
Discretionary
1,411,678
798,502
613,176
–
Consumer
Staples
3,010,573
2,111,681
898,892
–
Energy
390,536
–
390,536
–
Financials
3,385,566
2,624,700
760,866
–
Health
Care
4,253,639
2,581,140
1,672,499
–
Industrials
2,545,607
1,891,761
653,846
–
Information
Technology
3,541,282
3,124,710
416,572
–
Materials
562,995
48,160
514,835
–
Real
Estate
148,678
–
148,678
–
Utilities
1,458,050
1,141,576
316,474
–
Subtotal
Investments
in
Securities
$22,983,431
$15,361,491
$7,621,940
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
683,075
Subtotal
Other
Investments
$683,075
Total
Investments
at
Value
$23,666,506
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Low
Volatility
Equity
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Liability
Derivatives
Futures
Contracts
5,047
5,047
–
–
Total
Liability
Derivatives
$5,047
$5,047
$–
$–
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
168
Reference
Description:
MSCI
-
Morgan
Stanley
Capital
International
The
following
table
presents
Low
Volatility
Equity
Fund's
futures
contracts
held
as
of
April
30,
2024.
Investments
and/or
cash
totaling
$117,971
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
6
June
2024
$
635,707
(
$
5,047)
Total
Futures
Long
Contracts
$
635,707
(
$
5,047)
Total
Futures
Contracts
$
635,707
($5,047)
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2024,
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
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
5,047
Total
Equity
Contracts
5,047
Total
Liability
Derivatives
$5,047
*
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,
2024,
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
68,915
Total
Equity
Contracts
68,915
Total
$68,915
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
11,832
Total
Equity
Contracts
11,832
Total
$11,832
The
following
table
presents
Low
Volatility
Equity
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2024.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$599,435
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
169
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
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
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$483
$4,082
$3,882
$683
68
2.8%
Total
Affiliated
Short-Term
Investments
483
683
2.8
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
416
416
–
–
–
Total
Collateral
Held
for
Securities
Loaned
–
–
–
Total
Value
$483
$683
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$–
$–
$–
$21
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$21
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
1
Total
Affiliated
Income
from
Securities
Loaned,
Net
$1
Total
$–
$–
$–
Mid
Cap
Growth
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
170
Shares
Common
Stock
(
97.9%
)
Value
Communications
Services
(3.2%)
10,114
Cargurus,
Inc.
a
$
227,160
11,290
Pinterest,
Inc.
a
377,651
5,146
Trade
Desk,
Inc.
a
426,346
Total
1,031,157
Consumer
Discretionary
(10.8%)
177
Chipotle
Mexican
Grill,
Inc.
a
559,249
358
Deckers
Outdoor
Corporation
a
293,012
1,831
Five
Below,
Inc.
a
267,948
1,041
Lululemon
Athletica,
Inc.
a
375,385
11,389
Mobileye
Global,
Inc.
a
313,767
57
NVR,
Inc.
a
424,014
1,087
Pool
Corporation
394,070
5,145
SharkNinja,
Inc.
330,721
3,095
Skyline
Champion
Corporation
a
232,094
4,078
Wyndham
Hotels
&
Resorts,
Inc.
299,774
Total
3,490,034
Consumer
Staples
(3.6%)
1,250
Casey's
General
Stores,
Inc.
399,475
5,762
Celsius
Holdings,
Inc.
a
410,658
1,844
Lancaster
Colony
Corporation
351,853
Total
1,161,986
Energy
(2.3%)
4,247
Matador
Resources
Company
264,588
18,356
TechnipFMC
plc
470,281
Total
734,869
Financials
(8.4%)
1,349
Arthur
J.
Gallagher
&
Company
316,597
3,159
Houlihan
Lokey,
Inc.
402,741
1,942
Jack
Henry
&
Associates,
Inc.
315,944
993
Kinsale
Capital
Group,
Inc.
360,707
1,027
MSCI,
Inc.
478,366
3,794
Northern
Trust
Corporation
312,588
3,807
Tradeweb
Markets,
Inc.
387,210
2,565
Western
Alliance
Bancorp
145,769
Total
2,719,922
Health
Care
(17.8%)
1,272
Align
Technology,
Inc.
a
359,187
1,748
Arcellx,
Inc.
a
87,435
538
Argenx
SE
ADR
a
202,019
1,374
Ascendis
Pharma
AS
ADR
a
190,217
12,939
Avantor,
Inc.
a
313,512
6,796
Bio-Techne
Corporation
429,575
655
Chemed
Corporation
372,040
4,548
Dexcom,
Inc.
a
579,370
3,343
Edwards
Lifesciences
Corporation
a
283,052
1,449
ICON
plc
a
431,628
2,547
Immunocore
Holdings
plc
ADR
a
150,477
1,191
Inspire
Medical
Systems,
Inc.
a
287,817
4,045
Legend
Biotech
Corporation
ADR
a
176,928
5,136
Progyny,
Inc.
a
164,660
1,621
Repligen
Corporation
a
266,168
1,545
Sarepta
Therapeutics,
Inc.
a
195,690
1,363
Shockwave
Medical,
Inc.
a
450,049
2,793
Veeva
Systems,
Inc.
a
554,578
1,696
Zoetis,
Inc.
270,071
Total
5,764,473
Shares
Common
Stock
(97.9%)
Value
Industrials
(18.9%)
3,683
Advanced
Drainage
Systems,
Inc.
$
578,231
974
Carlisle
Companies,
Inc.
378,155
1,028
EMCOR
Group,
Inc.
367,171
13,688
ExlService
Holdings,
Inc.
a
396,952
5,655
Fastenal
Company
384,201
12,161
Howmet
Aerospace,
Inc.
811,747
1,887
IDEX
Corporation
416,008
1,771
Middleby
Corporation
a
246,116
6,563
nVent
Electric
plc
472,995
2,067
Old
Dominion
Freight
Line,
Inc.
375,595
2,499
Regal
Rexnord
Corporation
403,264
1,004
Rockwell
Automation,
Inc.
272,044
559
Saia,
Inc.
a
221,828
5,403
TransUnion
394,419
873
Watsco,
Inc.
390,859
Total
6,109,585
Information
Technology
(27.5%)
5,245
Amphenol
Corporation
633,439
1,887
Arista
Networks,
Inc.
a
484,129
3,674
ASGN,
Inc.
a
354,357
1,147
CyberArk
Software,
Ltd.
a
274,420
7,964
Dynatrace
Holdings,
LLC
a
360,849
1,153
Enphase
Energy,
Inc.
a
125,400
7,379
Gitlab,
Inc.
a
387,176
1,622
Globant
SA
a
289,673
4,168
Guidewire
Software,
Inc.
a
460,147
828
HubSpot,
Inc.
a
500,832
8,012
JFrog,
Ltd.
a
319,519
444
Lam
Research
Corporation
397,118
6,740
Lattice
Semiconductor
Corporation
a
462,364
4,335
Marvell
Technology,
Inc.
285,720
1,017
MongoDB,
Inc.
a
371,388
823
Monolithic
Power
Systems,
Inc.
550,859
1,805
Palo
Alto
Networks,
Inc.
a
525,056
3,210
PTC,
Inc.
a
569,582
1,011
Synopsys,
Inc.
a
536,427
6,909
Trimble,
Inc.
a
415,024
1,239
Tyler
Technologies,
Inc.
a
571,860
Total
8,875,339
Materials
(2.3%)
787
Martin
Marietta
Materials,
Inc.
462,024
2,765
RPM
International,
Inc.
295,606
Total
757,630
Real
Estate
(3.1%)
2,375
CBRE
Group,
Inc.
a
206,364
5,884
CoStar
Group,
Inc.
a
538,562
1,397
SBA
Communications
Corporation
260,009
Total
1,004,935
Total
Common
Stock
(cost
$26,235,050)
31,649,930
Shares
Registered
Investment
Companies
(
0.7%
)
Value
U.S.
Unaffiliated  (0.7%)
1,610
Communication
Services
Select
Sector
SPDR
Fund
125,355
Mid
Cap
Growth
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
171
Shares
Registered
Investment
Companies
(0.7%)
Value
U.S.
Unaffiliated  (0.7%)-
continued
591
SPDR
S&P
Oil
&
Gas
Exploration
ETF
b
$
89,495
Total
214,850
Total
Registered
Investment
Companies
(cost
$131,688)
214,850
Shares
Collateral
Held
for
Securities
Loaned
(
<0.1%
)
Value
9,191
Thrivent
Cash
Management
Trust
9,191
Total
Collateral
Held
for
Securities
Loaned
(cost
$9,191)
9,191
Shares
Short-Term
Investments
(
1.5%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
47,597
5.580%
475,966
Total
Short-Term
Investments
(cost
$475,966)
475,966
Total
Investments
(cost
$26,851,895)
100.1%
$32,349,937
Other
Assets
and
Liabilities,
Net
(0.1%)
(27,040)
Total
Net
Assets
100.0%
$32,322,897
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Mid
Cap
Growth
Fund
as
of
April
30,
2024:
Securities
Lending
Transactions
Common
Stock
$
8,632
Total
lending
$8,632
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$9,191
Net
amounts
due
to
counterparty
$559
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
ETF
-
Exchange
Traded
Fund
plc
-
Public
Limited
Company
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
$6,272,587
Gross
unrealized
depreciation
(1,008,984)
Net
unrealized
appreciation
(depreciation)
$5,263,603
Cost
for
federal
income
tax
purposes
$27,086,334
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Mid
Cap
Growth
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
1,031,157
1,031,157
–
–
Consumer
Discretionary
3,490,034
3,490,034
–
–
Consumer
Staples
1,161,986
1,161,986
–
–
Energy
734,869
734,869
–
–
Financials
2,719,922
2,719,922
–
–
Health
Care
5,764,473
5,764,473
–
–
Industrials
6,109,585
6,109,585
–
–
Information
Technology
8,875,339
8,875,339
–
–
Materials
757,630
757,630
–
–
Real
Estate
1,004,935
1,004,935
–
–
Registered
Investment
Companies
U.S.
Unaffiliated
214,850
214,850
–
–
Subtotal
Investments
in
Securities
$31,864,780
$31,864,780
$–
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
475,966
Collateral
Held
for
Securities
Loaned
9,191
Subtotal
Other
Investments
$485,157
Total
Investments
at
Value
$32,349,937
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Mid
Cap
Growth
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
172
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Mid
Cap
Growth
Fund,
is
as
follows:
Fund
Value
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$543
$5,119
$5,186
$
476
48
1.5%
Total
Affiliated
Short-Term
Investments
543
476
1.5
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
297
4,464
4,752
9
9
<0.1
Total
Collateral
Held
for
Securities
Loaned
297
9
<0.1
Total
Value
$840
$485
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$–
$–
$–
$15
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$15
Cash
Management
Trust-
Collateral
Investment  
–
–
–
0
Total
Affiliated
Income
from
Securities
Loaned,
Net
$0
Total
$–
$–
$–
Mid
Cap
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
173
Shares
Common
Stock
(
97
.0
%
)
Value
Consumer
Discretionary
(13.4%)
18,426
Chipotle
Mexican
Grill,
Inc.
a
$
58,218,789
513,945
Crocs,
Inc.
a
63,919,340
457,972
Garmin,
Ltd.
66,163,215
102,724
Lululemon
Athletica,
Inc.
a
37,042,274
2,706,487
Mobileye
Global,
Inc.
a
74,563,717
21,429
NVR,
Inc.
a
159,407,117
1,042,107
Skyline
Champion
Corporation
a
78,147,604
Total
537,462,056
Consumer
Staples
(4.6%)
666,678
BJ's
Wholesale
Club
Holdings,
Inc.
a
49,787,513
151,799
Casey's
General
Stores,
Inc.
48,511,924
1,404,504
Tyson
Foods,
Inc.
85,183,168
Total
183,482,605
Energy
(5.3%)
1,125,855
Chesapeake
Energy
Corporation
101,191,847
1,300,584
Devon
Energy
Corporation
66,563,889
2,493,191
NOV,
Inc.
46,099,102
Total
213,854,838
Financials
(15.3%)
1,805,622
Ally
Financial,
Inc.
69,245,604
172,674
Ameriprise
Financial,
Inc.
71,105,427
1,060,565
Arch
Capital
Group,
Ltd.
a
99,205,250
262,387
Kinsale
Capital
Group,
Inc.
95,312,078
720,548
Northern
Trust
Corporation
59,365,950
1,703,038
Radian
Group,
Inc.
50,869,745
505,833
Tradeweb
Markets,
Inc.
51,448,274
985,115
Western
Alliance
Bancorp
55,984,085
1,467,851
Zions
Bancorp
NA
59,858,964
Total
612,395,377
Health
Care
(9.2%)
320,261
Align
Technology,
Inc.
a
90,435,301
479,324
AMN
Healthcare
Services,
Inc.
a
28,749,853
305,815
Charles
River
Laboratories
International,
Inc.
a
70,031,635
697,592
Edwards
Lifesciences
Corporation
a
59,065,115
303,141
Masimo
Corporation
a
40,745,182
1,302,234
Option
Care
Health,
Inc.
a
38,923,774
325,998
Sarepta
Therapeutics,
Inc.
a
41,290,907
Total
369,241,767
Industrials
(21.1%)
707,977
Advanced
Drainage
Systems,
Inc.
111,152,389
156,051
Axon
Enterprise,
Inc.
a
48,946,957
442,008
Expeditors
International
of
Washington,
Inc.
49,199,910
1,115,534
Fastenal
Company
75,789,380
1,439,554
Howmet
Aerospace,
Inc.
96,090,229
263,891
Lincoln
Electric
Holdings,
Inc.
57,931,991
333,130
Old
Dominion
Freight
Line,
Inc.
60,533,052
367,079
Quanta
Services,
Inc.
94,911,946
147,209
Rockwell
Automation,
Inc.
39,887,751
1,006,130
Timken
Company
89,766,919
186,649
United
Rentals,
Inc.
124,679,666
Total
848,890,190
Information
Technology
(11.0%)
1,112,900
Ciena
Corporation
a
51,449,367
Shares
Common
Stock
(97.0%)
Value
Information
Technology
(11.0%)
-
continued
76,925
DocuSign,
Inc.
a
$
4,353,955
2,506,830
Dropbox,
Inc.
a
58,058,183
392,074
Enphase
Energy,
Inc.
a
42,641,968
412,489
NICE,
Ltd.
ADR
a
92,195,416
587,239
ON
Semiconductor
Corporation
a
41,200,688
1,888,845
Trimble,
Inc.
a
113,462,919
877,846
Varonis
Systems,
Inc.
a
38,405,763
Total
441,768,259
Materials
(7.4%)
369,056
Albemarle
Corporation
b
44,401,128
1,761,521
Ball
Corporation
122,549,016
1,011,019
Steel
Dynamics,
Inc.
131,553,792
Total
298,503,936
Real
Estate
(4.5%)
582,208
Alexandria
Real
Estate
Equities,
Inc.
67,460,441
262,136
Extra
Space
Storage,
Inc.
35,199,622
417,236
SBA
Communications
Corporation
77,655,965
Total
180,316,028
Utilities
(5.2%)
1,356,927
Alliant
Energy
Corporation
67,574,965
2,347,859
CenterPoint
Energy,
Inc.
68,416,611
2,584,247
NiSource,
Inc.
71,997,121
Total
207,988,697
Total
Common
Stock
(cost
$2,847,333,567)
3,893,903,753
Shares
Collateral
Held
for
Securities
Loaned
(
0
.2
%
)
Value
6,810,075
Thrivent
Cash
Management
Trust
6,810,075
Total
Collateral
Held
for
Securities
Loaned
(cost
$6,810,075)
6,810,075
Shares
Short-Term
Investments
(
3
.0
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
11,822,421
5.580%
118,224,211
Total
Short-Term
Investments
(cost
$118,196,073)
118,224,211
Total
Investments
(cost
$2,972,339,715)
100.2%
$
4,018,938,039
Other
Assets
and
Liabilities,
Net
(0.2%)
(
6,032,788
)
Total
Net
Assets
100.0%
$
4,012,905,251
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,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
174
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,
2024:
Securities
Lending
Transactions
Common
Stock
$
6,388,461
Total
lending
$6,388,461
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$6,810,075
Net
amounts
due
to
counterparty
$421,614
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
$
1,141,413,515
Gross
unrealized
depreciation
(
98,593,215
)
Net
unrealized
appreciation
(depreciation)
$
1,042,820,300
Cost
for
federal
income
tax
purposes
$
2,976,117,739
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Mid
Cap
Stock
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Consumer
Discretionary
537,462,056
537,462,056
–
–
Consumer
Staples
183,482,605
183,482,605
–
–
Energy
213,854,838
213,854,838
–
–
Financials
612,395,377
612,395,377
–
–
Health
Care
369,241,767
369,241,767
–
–
Industrials
848,890,190
848,890,190
–
–
Information
Technology
441,768,259
441,768,259
–
–
Materials
298,503,936
298,503,936
–
–
Real
Estate
180,316,028
180,316,028
–
–
Utilities
207,988,697
207,988,697
–
–
Subtotal
Investments
in
Securities
$
3,893,903,753
$
3,893,903,753
$
–
$
–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
118,224,211
Collateral
Held
for
Securities
Loaned
6,810,075
Subtotal
Other
Investments
$
125,034,286
Total
Investments
at
Value
$
4,018,938,039
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Mid
Cap
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
175
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
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$
169,310
$
325,027
$
376,113
$
118,224
11,822
3.0%
Total
Affiliated
Short-Term
Investments
169,310
118,224
3.0
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
98,191
91,381
6,810
6,810
0.2
Total
Collateral
Held
for
Securities
Loaned
–
6,810
0.2
Total
Value
$
169,310
$
125,034
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$–
$–
$
–
$3,410
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$3,410
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
3
Total
Affiliated
Income
from
Securities
Loaned,
Net
$3
Total
$–
$–
$
–
Mid
Cap
Value
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
176
Shares
Common
Stock
(
98
.1
%
)
Value
Communications
Services
(2.4%)
41,247
Imax
Corporation
a
$
660,365
35,573
Warner
Brothers
Discovery,
Inc.
a
261,817
Total
922,182
Consumer
Discretionary
(10.3%)
7,583
Cedar
Fair,
LP
293,235
16,160
Cheesecake
Factory,
Inc.
557,843
3,474
D.R.
Horton,
Inc.
495,010
5,852
Lear
Corporation
736,591
9,308
PUMA
SE
429,760
3,893
Signet
Jewelers,
Ltd.
381,631
12,625
Six
Flags
Entertainment
Corporation
a
297,698
7,989
Tapestry,
Inc.
318,921
13,199
Yum
China
Holding,
Inc.
481,895
Total
3,992,584
Consumer
Staples
(5.8%)
4,374
Dollar
Tree,
Inc.
a
517,225
4,044
J
&
J
Snack
Foods
Corporation
555,201
3,105
J.M.
Smucker
Company
356,609
3,962
Lamb
Weston
Holdings,
Inc.
330,193
6,655
Sysco
Corporation
494,600
Total
2,253,828
Energy
(8.7%)
7,450
Chesapeake
Energy
Corporation
669,606
26,584
Coterra
Energy,
Inc.
727,338
13,399
Devon
Energy
Corporation
685,761
17,742
Enterprise
Products
Partners,
LP
498,195
6,706
Helmerich
&
Payne,
Inc.
263,747
1,737
Marathon
Petroleum
Corporation
315,648
5,216
Noble
Corporation
plc
231,486
Total
3,391,781
Financials
(19.1%)
4,388
Allstate
Corporation
746,223
4,060
Capital
One
Financial
Corporation
582,326
19,192
Carlyle
Group,
Inc.
859,802
2,700
Cboe
Global
Markets,
Inc.
489,105
8,408
Comerica,
Inc.
421,829
14,991
Equitable
Holdings,
Inc.
553,318
2,963
M&T
Bank
Corporation
427,828
4,146
Raymond
James
Financial,
Inc.
505,812
5,916
Selective
Insurance
Group,
Inc.
601,361
10,319
Texas
Capital
Bancshares,
Inc.
a
592,311
18,953
U.S.
Bancorp
770,060
4,285
Voya
Financial,
Inc.
292,066
5,932
Wintrust
Financial
Corporation
573,268
Total
7,415,309
Health
Care
(8.7%)
25,299
Avantor,
Inc.
a
612,995
15,789
Baxter
International,
Inc.
637,402
2,147
Humana,
Inc.
648,587
4,033
Johnson
&
Johnson
583,131
2,441
Laboratory
Corporation
of
America
Holdings
491,544
2,283
Universal
Health
Services,
Inc.
389,092
Total
3,362,751
Shares
Common
Stock
(98.1%)
Value
Industrials
(17.5%)
4,525
AGCO
Corporation
$
516,710
16,452
Barnes
Group,
Inc.
571,213
2,756
Booz
Allen
Hamilton
Holding
Corporation
406,978
1,141
Carlisle
Companies,
Inc.
442,993
20,010
Flowserve
Corporation
943,672
3,070
General
Dynamics
Corporation
881,366
10,794
Hexcel
Corporation
693,083
2,894
JB
Hunt
Transport
Services,
Inc.
470,478
8,323
MSC
Industrial
Direct
Company,
Inc.
759,390
17,407
Southwest
Airlines
Company
451,538
18,696
Werner
Enterprises,
Inc.
639,403
Total
6,776,824
Information
Technology
(7.5%)
5,172
CommVault
Systems,
Inc.
a
529,975
3,097
Jabil,
Inc.
363,464
23,892
Knowles
Corporation
a
378,211
6,492
MKS
Instruments,
Inc.
772,418
1,862
PTC,
Inc.
a
330,393
7,559
Western
Digital
Corporation
a
535,404
Total
2,909,865
Materials
(7.2%)
15,739
Alcoa
Corporation
553,069
13,007
Axalta
Coating
Systems,
Ltd.
a
408,940
9,217
Berry
Plastics
Group,
Inc.
522,051
4,661
Celanese
Corporation
715,976
7,394
CF
Industries
Holdings,
Inc.
583,904
Total
2,783,940
Real
Estate
(5.6%)
2,013
AvalonBay
Communities,
Inc.
381,604
3,232
CBRE
Group,
Inc.
a
280,829
5,434
Crown
Castle,
Inc.
509,600
40,796
Healthcare
Realty
Trust,
Inc.
580,527
3,140
Simon
Property
Group,
Inc.
441,264
Total
2,193,824
Utilities
(5.3%)
7,713
Alliant
Energy
Corporation
384,108
2,870
Constellation
Energy
Corporation
533,648
4,488
DTE
Energy
Company
495,116
22,749
NiSource,
Inc.
633,787
Total
2,046,659
Total
Common
Stock
(cost
$34,474,448)
38,049,547
Shares
Short-Term
Investments
(
1
.5
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
57,917
5.580%
579,173
Total
Short-Term
Investments
(cost
$579,173)
579,173
Total
Investments
(cost
$35,053,621)
99.6%
$
38,628,720
Other
Assets
and
Liabilities,
Net
0.4%
153,684
Total
Net
Assets
100.0%
$
38,782,404
Mid
Cap
Value
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
177
a
Non-income
producing
security.
Definitions:
plc
-
Public
Limited
Company
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
$
5,670,426
Gross
unrealized
depreciation
(
2,113,804
)
Net
unrealized
appreciation
(depreciation)
$
3,556,622
Cost
for
federal
income
tax
purposes
$
35,072,098
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
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
922,182
922,182
–
–
Consumer
Discretionary
3,992,584
3,562,824
429,760
–
Consumer
Staples
2,253,828
2,253,828
–
–
Energy
3,391,781
3,391,781
–
–
Financials
7,415,309
7,415,309
–
–
Health
Care
3,362,751
3,362,751
–
–
Industrials
6,776,824
6,776,824
–
–
Information
Technology
2,909,865
2,909,865
–
–
Materials
2,783,940
2,783,940
–
–
Real
Estate
2,193,824
2,193,824
–
–
Utilities
2,046,659
2,046,659
–
–
Subtotal
Investments
in
Securities
$
38,049,547
$
37,619,787
$
429,760
$
–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
579,173
Subtotal
Other
Investments
$
579,173
Total
Investments
at
Value
$
38,628,720
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
 The
Fund
owns
shares
of
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities. 
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Mid
Cap
Value
Fund,
is
as
follows:
Fund
Value
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$
488
$
4,851
$
4,760
$
579
58
1.5%
Total
Affiliated
Short-Term
Investments
488
579
1.5
Total
Value
$
488
$
579
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$–
$–
$
–
$20
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$20
Total
$–
$–
$
–
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
178
Shares
Registered
Investment
Companies
(
44.5%
)
Value
U.S.
Affiliated  (43.8%)
7,593,175
Thrivent
Core
Emerging
Markets
Debt
Fund
$
59,758,288
2,184,748
Thrivent
Core
Emerging
Markets
Equity
Fund
19,793,818
1,172,248
Thrivent
Core
International
Equity
Fund
12,015,539
196,259
Thrivent
Core
Low
Volatility
Equity
Fund
2,086,228
4,123,556
Thrivent
Core
Mid
Cap
Value
Fund
43,957,109
5,112,127
Thrivent
Core
Small
Cap
Value
Fund
51,530,244
2,949,158
Thrivent
Global
Stock
Fund,
Class
S
80,305,565
10,348,575
Thrivent
High
Yield
Fund,
Class
S
42,532,642
15,681,907
Thrivent
Income
Fund,
Class
S
123,102,971
13,412,067
Thrivent
International
Allocation
Fund,
Class
S
138,680,776
18,230,662
Thrivent
Large
Cap
Growth
Fund,
Class
S
346,564,880
11,323,175
Thrivent
Large
Cap
Value
Fund,
Class
S
329,730,859
5,877,596
Thrivent
Limited
Maturity
Bond
Fund,
Class
S
71,295,243
5,089,230
Thrivent
Mid
Cap
Stock
Fund,
Class
S
180,922,131
1,603,483
Thrivent
Small
Cap
Stock
Fund,
Class
S
47,799,831
Total
1,550,076,124
U.S.
Unaffiliated  (0.7%)
4,176
Communication
Services
Select
Sector
SPDR
Fund
325,143
7,862
Invesco
QQQ
Trust
Series
1
3,338,127
6,382
iShares
Biotechnology
ETF
810,003
86,745
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
a
3,117,615
46,555
SPDR
Bloomberg
High
Yield
Bond
ETF
a
4,349,634
27,310
SPDR
S&P
500
ETF
Trust
13,709,074
11,533
SPDR
S&P
Biotech
ETF
975,923
1,538
SPDR
S&P
Oil
&
Gas
Exploration
ETF
232,899
Total
26,858,418
Total
Registered
Investment
Companies
(cost
$1,141,083,611)
1,576,934,542
Shares
Common
Stock
(
21.2%
)
Value
Communications
Services
(1.3%)
27,010
Alphabet,
Inc.,
Class
A
b
4,396,688
65,937
Alphabet,
Inc.,
Class
C
b
10,855,868
30,785
Altice
USA,
Inc.
b
59,415
10,568
AMC
Networks,
Inc.
b
112,232
3,846
Bandwidth,
Inc.
b
69,997
74,444
Cargurus,
Inc.
b
1,672,012
3,470
Cogent
Communications
Holdings
222,705
68,271
Comcast
Corporation
2,601,808
7,741
E.W.
Scripps
Company
b
29,106
17,055
Electronic
Arts,
Inc.
2,162,915
10,147
Emerald
Holding,
Inc.
b
58,345
4,080
Entravision
Communications
Corporation
a
8,527
22,202
iHeartMedia,
Inc.
b
46,624
Shares
Common
Stock
(21.2%)
Value
Communications
Services
(1.3%)
-
continued
6,806
Imax
Corporation
b
$
108,964
46,995
Integral
Ad
Science
Holding
Corporation
b
450,682
2,636
Interpublic
Group
of
Companies,
Inc.
80,240
7,923
Iridium
Communications,
Inc.
243,949
2,336
Liberty
Global,
Ltd.,
Class
A
b
37,131
11,928
Liberty
Latin
America,
Ltd.,
Class
A
b
90,056
2,149
Liberty
Media
Corporation-Liberty
Live
Group
b
80,201
600
Live
Nation
Entertainment,
Inc.
b
53,346
89,438
Lumen
Technologies,
Inc.
a,b
106,431
1,265
Match
Group,
Inc.
b
38,987
27,076
Meta
Platforms,
Inc.
11,647,283
3,322
Netflix,
Inc.
b
1,829,226
490
Omnicom
Group,
Inc.
45,492
29,181
Pinterest,
Inc.
b
976,105
58,959
QuinStreet,
Inc.
b
1,066,568
5,071
Roku,
Inc.
b
292,394
3,974
Sinclair,
Inc.
48,880
3,524
TechTarget,
Inc.
b
96,910
9,178
Telephone
and
Data
Systems,
Inc.
143,636
15,404
Trade
Desk,
Inc.
b
1,276,221
99,158
Verizon
Communications,
Inc.
3,915,750
101,765
Warner
Brothers
Discovery,
Inc.
b
748,990
618
Windstream
Services,
LLC
b
7,571
Total
45,681,255
Consumer
Discretionary
(2.1%)
214
Adient
plc
b
6,392
85,721
Amazon.com,
Inc.
b
15,001,175
1,569
American
Axle
&
Manufacturing
Holdings,
Inc.
b
11,516
21,314
American
Eagle
Outfitters,
Inc.
517,078
19,603
Aptiv
plc
b
1,391,813
9,204
Autoliv,
Inc.
1,102,547
1,125
Beazer
Homes
USA,
Inc.
b
31,534
1,046
Best
Buy
Company,
Inc.
77,027
411
Booking
Holdings,
Inc.
1,418,784
14,596
Boot
Barn
Holdings,
Inc.
b
1,554,036
3,036
Brunswick
Corporation
244,823
4,291
Buckle,
Inc.
160,440
249
Carvana
Company
b
20,647
49
Cavco
Industries,
Inc.
b
17,846
508
Chipotle
Mexican
Grill,
Inc.
b
1,605,077
19,156
Columbia
Sportswear
Company
1,525,392
211
Container
Store
Group,
Inc.
b
178
14,676
Cooper-Standard
Holdings,
Inc.
b
226,451
1,366
Coursera,
Inc.
b
13,961
1,424
Crocs,
Inc.
b
177,103
1,487
Culp,
Inc.
b
6,781
7,004
D.R.
Horton,
Inc.
998,000
21,801
Dana,
Inc.
270,986
334
Darden
Restaurants,
Inc.
51,239
927
Deckers
Outdoor
Corporation
b
758,722
811
DoorDash,
Inc.
b
104,830
90
Dorman
Products,
Inc.
b
7,870
20,316
eBay,
Inc.
1,047,087
919
El
Pollo
Loco
Holdings,
Inc.
b
7,830
2,822
Etsy,
Inc.
b
193,787
15,147
Everi
Holdings,
Inc.
b
123,751
7,150
Expedia
Group,
Inc.
b
962,604
4,749
Five
Below,
Inc.
b
694,969
271
Fox
Factory
Holding
Corporation
b
10,547
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
179
Shares
Common
Stock
(21.2%)
Value
Consumer
Discretionary
(2.1%)
-
continued
20,625
Gap,
Inc.
$
423,225
1,268
Garmin,
Ltd.
183,188
27,401
Gentex
Corporation
939,854
1,982
Genuine
Parts
Company
311,590
8,127
Goodyear
Tire
&
Rubber
Company
b
97,199
110
Graham
Holdings
Company
77,151
6,429
Grand
Canyon
Education,
Inc.
b
835,899
3,821
Green
Brick
Partners,
Inc.
b
206,831
31,890
Hanesbrands,
Inc.
b
145,418
1,501
Harley-Davidson,
Inc.
51,619
18,266
Hilton
Worldwide
Holdings,
Inc.
3,603,516
11,817
Home
Depot,
Inc.
3,949,478
7,629
Kohl's
Corporation
182,638
21,457
Laureate
Education,
Inc.
311,127
3,482
Lear
Corporation
438,279
4,104
Leggett
&
Platt,
Inc.
74,159
862
Lennar
Corporation
130,696
916
Light
&
Wonder,
Inc.
b
81,762
16,803
LKQ
Corporation
724,713
9,405
Lowe's
Companies,
Inc.
2,144,246
2,983
Lululemon
Athletica,
Inc.
b
1,075,670
536
M/I
Homes,
Inc.
b
62,294
11,035
McDonald's
Corporation
3,012,996
5,263
Meritage
Homes
Corporation
872,290
37,066
Mobileye
Global,
Inc.
b
1,021,168
11,587
Modine
Manufacturing
Company
b
1,073,304
4,617
Mohawk
Industries,
Inc.
b
532,432
7,231
Nordstrom,
Inc.
137,461
206
NVR,
Inc.
b
1,532,403
2,462
O'Reilly
Automotive,
Inc.
b
2,494,646
3,242
Polaris,
Inc.
276,089
2,803
Pool
Corporation
1,016,172
58,082
Qurate
Retail,
Inc.
b
47,714
1,943
Ralph
Lauren
Corporation
317,953
2,711
Ross
Stores,
Inc.
351,210
11,358
Savers
Value
Village,
Inc.
b
187,634
537
Shake
Shack,
Inc.
b
56,841
20,709
SharkNinja,
Inc.
1,331,175
25,712
Skyline
Champion
Corporation
b
1,928,143
15,536
Sony
Group
Corporation
ADR
a
1,282,808
19,048
Starbucks
Corporation
1,685,558
53,132
Stoneridge,
Inc.
b
795,917
16,189
Tesla,
Inc.
b
2,967,120
9,429
Texas
Roadhouse,
Inc.
1,515,995
71,034
ThredUp,
Inc.
b
113,654
517
TopBuild
Corporation
b
209,214
13,505
Travel
+
Leisure
Company
588,008
7
Ulta
Beauty,
Inc.
b
2,834
2,069
United
Parks
&
Resorts,
Inc.
b
105,147
5,573
Upbound
Group,
Inc.
172,819
11,258
Urban
Outfitters,
Inc.
b
438,612
106
Visteon
Corporation
b
11,727
4,545
Wendy's
Company
90,855
884
Wingstop,
Inc.
340,154
13,334
Wyndham
Hotels
&
Resorts,
Inc.
980,182
40,454
Yum
China
Holding,
Inc.
1,476,976
Total
75,360,586
Consumer
Staples
(0.9%)
42,093
Altria
Group,
Inc.
1,844,094
386
Archer-Daniels-Midland
Company
22,643
5,223
BellRing
Brands,
Inc.
b
288,153
17,514
BJ's
Wholesale
Club
Holdings,
Inc.
b
1,307,945
Shares
Common
Stock
(21.2%)
Value
Consumer
Staples
(0.9%)
-
continued
3,657
Casey's
General
Stores,
Inc.
$
1,168,704
27,472
Celsius
Holdings,
Inc.
b
1,957,929
12,427
Coca-Cola
Company
767,616
844
Costco
Wholesale
Corporation
610,128
123,058
Coty,
Inc.
b
1,407,783
661
Darling
Ingredients,
Inc.
b
28,007
504
Dollar
Tree,
Inc.
b
59,598
9,183
e.l.f.
Beauty,
Inc.
b
1,492,513
3,134
Flowers
Foods,
Inc.
78,162
7,722
J
&
J
Snack
Foods
Corporation
1,060,153
3,848
John
B.
Sanfilippo
&
Son,
Inc.
383,646
76,026
Kenvue,
Inc.
1,430,809
3,110
Kroger
Company
172,232
19,034
Lamb
Weston
Holdings,
Inc.
1,586,294
10,729
Lancaster
Colony
Corporation
2,047,200
132
McCormick
&
Company,
Inc.
10,040
1,363
PepsiCo,
Inc.
239,765
33,634
Philip
Morris
International,
Inc.
3,193,212
15,112
Pilgrim's
Pride
Corporation
b
544,334
621
PriceSmart,
Inc.
50,046
15,435
Procter
&
Gamble
Company
2,518,992
33,349
Sysco
Corporation
2,478,498
7,906
Turning
Point
Brands,
Inc.
228,009
3,895
Tyson
Foods,
Inc.
236,232
4,147
US
Foods
Holding
Corporation
b
208,387
101,851
Walmart,
Inc.
6,044,857
Total
33,465,981
Energy
(1.0%)
26,256
Archrock,
Inc.
503,853
13,323
Baker
Hughes
Company
434,596
1,395
Cactus,
Inc.
69,248
2,659
California
Resources
Corporation
140,555
6,027
Chesapeake
Energy
Corporation
541,707
2,684
Chevron
Corporation
432,849
24,667
ConocoPhillips
3,098,668
10,844
Delek
US
Holdings,
Inc.
296,366
44,286
Devon
Energy
Corporation
2,266,557
79,723
Enterprise
Products
Partners,
LP
2,238,622
19,683
EOG
Resources,
Inc.
2,600,715
11,114
Expro
Group
Holdings
NV
b
208,499
41,362
Exxon
Mobil
Corporation
4,891,884
2,480
Gulfport
Energy
Corporation
b
393,601
63,247
Halliburton
Company
2,369,865
1,031
International
Seaways,
Inc.
57,004
4,261
Kodiak
Gas
Services,
Inc.
115,814
17,358
Liberty
Energy,
Inc.
381,876
2,091
Marathon
Oil
Corporation
56,143
8,505
Marathon
Petroleum
Corporation
1,545,529
24,714
Matador
Resources
Company
1,539,682
7,391
Murphy
Oil
Corporation
329,934
5,615
Noble
Corporation
plc
249,194
38,045
NOV,
Inc.
703,452
5,390
Ovintiv,
Inc.
276,615
11,998
Par
Pacific
Holdings,
Inc.
b
369,538
4,189
Phillips
66
599,907
9,405
Pioneer
Natural
Resources
Company
2,532,955
38,122
ProPetro
Holding
Corporation
b
332,424
13,161
Schlumberger
NV
624,884
15,759
Shell
plc
ADR
1,129,290
13,649
SM
Energy
Company
661,840
94,446
TechnipFMC
plc
2,419,706
13,029
TETRA
Technologies,
Inc.
b
55,894
7,684
Viper
Energy,
Inc.
293,221
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
180
Shares
Common
Stock
(21.2%)
Value
Energy
(1.0%)
-
continued
41,349
Williams
Companies,
Inc.
$
1,586,148
Total
36,348,635
Financials
(3.5%)
3,090
1st
Source
Corporation
153,264
8,845
Allstate
Corporation
1,504,181
20,338
Ally
Financial,
Inc.
779,962
4,471
Amalgamated
Financial
Corporation
109,718
3,650
American
Express
Company
854,210
33,032
American
International
Group,
Inc.
2,487,640
2,704
Ameriprise
Financial,
Inc.
1,113,480
930
Ameris
Bancorp
44,156
13,581
Annaly
Capital
Management,
Inc.
254,508
45
Apollo
Global
Management,
Inc.
4,877
2,902
Arch
Capital
Group,
Ltd.
b
271,453
3,883
Arthur
J.
Gallagher
&
Company
911,301
6,827
Artisan
Partners
Asset
Management,
Inc.
279,429
2,333
Associated
Banc-Corp
49,156
3,112
Assurant,
Inc.
542,733
2,514
Assured
Guaranty,
Ltd.
192,824
1,204
Atlantic
Union
Bankshares
Corporation
38,251
962
Axis
Capital
Holdings,
Ltd.
58,999
652
Axos
Financial,
Inc.
b
32,998
2,036
Bancorp,
Inc.
b
60,958
109,640
Bank
of
America
Corporation
4,057,776
194
Bank
of
Hawaii
Corporation
a
10,998
4,390
Bank
of
Marin
Bancorp
63,040
6,770
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
230,180
47,866
Bank
of
New
York
Mellon
Corporation
2,703,950
2,651
Bank
OZK
118,367
2,687
BankFinancial
Corporation
25,983
411
BankUnited,
Inc.
10,986
3,980
Banner
Corporation
173,647
747
Bar
Harbor
Bankshares
18,735
864
BayCom
Corporation
17,090
5,053
BCB
Bancorp,
Inc.
47,599
9,491
Berkshire
Hathaway,
Inc.
b
3,765,364
10,542
Berkshire
Hills
Bancorp,
Inc.
224,755
1,512
BlackRock,
Inc.
1,141,016
2,212
Block,
Inc.
b
161,476
38,346
Blue
Owl
Capital,
Inc.
724,356
315
BOK
Financial
Corporation
27,950
15,838
Bridgewater
Bancshares,
Inc.
b
172,317
5,065
Brighthouse
Financial,
Inc.
b
244,386
5,558
BrightSpire
Capital,
Inc.
34,960
24,161
Brookline
Bancorp,
Inc.
200,536
11,882
Brown
&
Brown,
Inc.
968,858
4,758
Business
First
Bancshares,
Inc.
96,064
6,336
Byline
Bancorp,
Inc.
137,301
4,787
Cadence
Bank
132,456
877
Camden
National
Corporation
27,380
313
Capital
City
Bank
Group,
Inc.
8,301
10,551
Capital
One
Financial
Corporation
1,513,330
12,268
Capitol
Federal
Financial,
Inc.
58,518
40,019
Carlyle
Group,
Inc.
1,792,851
6,751
Cathay
General
Bancorp
232,504
6,115
Cboe
Global
Markets,
Inc.
1,107,732
16,114
Central
Pacific
Financial
Corporation
321,313
37,996
Charles
Schwab
Corporation
2,809,804
15,751
Chubb,
Ltd.
3,916,329
Shares
Common
Stock
(21.2%)
Value
Financials
(3.5%)
-
continued
2,663
Cincinnati
Financial
Corporation
$
308,082
4,849
Citigroup,
Inc.
297,389
1,076
Citizens
Financial
Group,
Inc.
36,702
4,206
CNB
Financial
Corporation
79,914
7,062
CNO
Financial
Group,
Inc.
185,942
540
Coinbase
Global,
Inc.
b
110,122
25,685
Columbia
Banking
System,
Inc.
483,135
29,412
Comerica,
Inc.
1,475,600
3,631
Commerce
Bancshares,
Inc.
198,543
222
Community
Bank
System,
Inc.
9,595
6,538
Community
Trust
Bancorp,
Inc.
274,661
463
Community
West
Bancshares
a
7,950
1,874
ConnectOne
Bancorp,
Inc.
33,563
717
Corpay,
Inc.
b
216,634
1,716
Cullen/Frost
Bankers,
Inc.
179,047
4,456
Customers
Bancorp,
Inc.
b
203,506
809
CVB
Financial
Corporation
13,219
2,070
Dime
Community
Bancshares,
Inc.
37,674
14,114
Discover
Financial
Services
1,788,667
5,423
Eagle
Bancorp,
Inc.
100,271
4,952
East
West
Bancorp,
Inc.
368,875
7,046
Ellington
Credit
Company
46,574
2,092
Employers
Holdings,
Inc.
89,098
3,909
Enova
International,
Inc.
b
236,612
382
Enterprise
Bancorp,
Inc./MA
9,283
7,060
Enterprise
Financial
Services
Corporation
268,351
2,107
Equity
Bancshares,
Inc.
70,184
417
EVERTEC,
Inc.
15,650
29,433
F.N.B.
Corporation
392,636
2,040
FactSet
Research
Systems,
Inc.
850,456
817
Farmers
National
Banc
Corporation
9,665
24,303
Federated
Hermes,
Inc.
798,354
2,444
Fidelity
National
Information
Services,
Inc.
165,997
2,063
Fifth
Third
Bancorp
75,217
5,748
Financial
Institutions,
Inc.
98,981
1,973
First
Bancorp/Puerto
Rico
34,034
10,914
First
Bancshares,
Inc.
261,281
316
First
Citizens
BancShares,
Inc./NC
533,016
10,352
First
Commonwealth
Financial
Corporation
136,543
3,586
First
Financial
Bancorp
79,286
2,895
First
Financial
Bankshares,
Inc.
85,576
2,819
First
Financial
Corporation
102,640
1,515
First
Hawaiian,
Inc.
31,951
17,953
First
Horizon
Corporation
267,859
1,211
First
Internet
Bancorp
37,602
7,058
First
Interstate
BancSystem,
Inc.
188,449
2,301
First
Merchants
Corporation
76,899
3,602
First
Mid-Illinois
Bancshares,
Inc.
111,518
8,422
First
of
Long
Island
Corporation
79,756
6,161
Fiserv,
Inc.
b
940,600
383
Five
Star
Bancorp
8,280
8,676
Flushing
Financial
Corporation
95,610
3,291
Flywire
Corporation
b
67,466
11,614
Fulton
Financial
Corporation
192,212
23,970
Glacier
Bancorp,
Inc.
867,235
2,849
Global
Payments,
Inc.
349,772
3,103
Great
Southern
Bancorp,
Inc.
159,494
3,817
Green
Dot
Corporation
b
33,399
12,365
Hamilton
Lane,
Inc.
1,381,418
5,927
Hancock
Whitney
Corporation
269,027
21,174
Hanmi
Financial
Corporation
323,962
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
181
Shares
Common
Stock
(21.2%)
Value
Financials
(3.5%)
-
continued
2,182
Hanover
Insurance
Group,
Inc.
$
283,267
3,312
Hartford
Financial
Services
Group,
Inc.
320,900
12,306
Heartland
Financial
USA,
Inc.
518,206
12,950
Heritage
Commerce
Corporation
102,823
10,603
Heritage
Financial
Corporation
188,097
4,395
Home
BancShares,
Inc.
104,074
6,607
Hometrust
Bancshares,
Inc.
169,800
20,254
Hope
Bancorp,
Inc.
202,945
607
Horace
Mann
Educators
Corporation
22,374
9,515
Horizon
Bancorp,
Inc.
109,232
22,364
Houlihan
Lokey,
Inc.
2,851,186
3,688
Huntington
Bancshares,
Inc./OH
49,677
6,238
Independent
Bank
Corporation
313,397
6,090
Independent
Bank
Corporation/MI
151,093
36,698
Intercontinental
Exchange,
Inc.
4,725,235
755
International
Bancshares
Corporation
42,016
37,962
Invesco,
Ltd.
537,922
38,464
J.P.
Morgan
Chase
&
Company
7,375,087
5,630
Jack
Henry
&
Associates,
Inc.
915,945
19,976
Janus
Henderson
Group
plc
623,651
1,249
Jefferies
Financial
Group,
Inc.
53,782
18,314
Kearny
Financial
Corporation/MD
98,896
28,118
KeyCorp
407,430
6,576
Kinsale
Capital
Group,
Inc.
2,388,732
1,517
KKR
&
Company,
Inc.
141,187
3,697
KKR
Real
Estate
Finance
Trust,
Inc.
34,789
5,237
Lazard,
Inc.
201,625
1,374
LendingTree,
Inc.
b
66,323
469
M&T
Bank
Corporation
67,719
11,878
Marsh
&
McLennan
Companies,
Inc.
2,368,830
5,422
Mastercard,
Inc.
2,446,406
3,718
Mercantile
Bank
Corporation
134,145
24,752
MetLife,
Inc.
1,759,372
18,747
MFA
Financial,
Inc.
198,531
78,547
MGIC
Investment
Corporation
1,592,933
1,009
Mid
Penn
Bancorp,
Inc.
20,412
6,055
Midland
States
Bancorp,
Inc.
132,605
10,525
MidWestOne
Financial
Group,
Inc.
212,289
1,789
Moody's
Corporation
662,520
8,691
Mr.
Cooper
Group,
Inc.
b
670,945
7,274
MSCI,
Inc.
3,388,156
417
MVB
Financial
Corporation
7,494
45,815
Nasdaq,
Inc.
2,742,028
5,976
National
Bank
Holdings
Corporation
195,594
6,499
Navient
Corporation
97,615
2,227
NCR
Atleos
Corporation
b
44,384
101
Nelnet,
Inc.
9,512
29,826
NMI
Holdings,
Inc.
b
920,430
11,758
Northern
Trust
Corporation
968,742
5,706
Northfield
Bancorp,
Inc.
47,588
318
Northrim
BanCorp,
Inc.
15,200
13,323
Northwest
Bancshares,
Inc.
141,224
24,782
NU
Holdings,
Ltd./Cayman
Islands
b
269,133
18,338
OceanFirst
Financial
Corporation
270,669
8,467
OFG
Bancorp
305,743
8,105
Old
National
Bancorp
134,057
5,630
Old
Republic
International
Corporation
168,112
Shares
Common
Stock
(21.2%)
Value
Financials
(3.5%)
-
continued
6,737
Old
Second
Bancorp,
Inc.
$
92,297
17,183
OneMain
Holdings,
Inc.
895,406
8,464
Pacific
Premier
Bancorp,
Inc.
181,976
15,333
PayPal
Holdings,
Inc.
b
1,041,417
1,680
PCB
Bancorp
24,461
1,344
PennyMac
Financial
Services,
Inc.
115,100
3,756
Peoples
Bancorp,
Inc./OH
109,074
2,174
Pinnacle
Financial
Partners,
Inc.
166,746
452
PNC
Financial
Services
Group,
Inc.
69,274
1,993
Popular,
Inc.
169,385
5,891
Premier
Financial
Corporation
114,168
3,696
Principal
Financial
Group,
Inc.
292,501
509
PROG
Holdings,
Inc.
16,919
6,965
Prosperity
Bancshares,
Inc.
431,621
16,720
Provident
Financial
Services,
Inc.
245,450
1,465
Prudential
Financial,
Inc.
161,853
16,974
Radian
Group,
Inc.
507,013
21,486
Raymond
James
Financial,
Inc.
2,621,292
2,322
Regions
Financial
Corporation
44,745
36,257
Rithm
Capital
Corporation
403,178
10,197
RLI
Corporation
1,441,346
4,279
S&T
Bancorp,
Inc.
129,012
7,545
Sandy
Spring
Bancorp,
Inc.
154,295
36,799
SEI
Investments
Company
2,426,894
788
ServisFirst
Bancshares,
Inc.
46,460
4,693
Shore
Bancshares,
Inc.
48,573
47
Simmons
First
National
Corporation
803
1,962
Skyward
Specialty
Insurance
Group,
Inc.
b
68,513
780
SmartFinancial,
Inc.
16,029
443
Southern
First
Bancshares,
Inc.
b
11,438
255
Southern
Missouri
Bancorp,
Inc.
10,226
893
Southside
Bancshares,
Inc.
23,807
2,135
SouthState
Corporation
161,620
5,147
Stellar
Bancorp,
Inc.
114,263
3,228
StepStone
Group,
Inc.
116,434
267
Synchrony
Financial
11,743
3,854
Synovus
Financial
Corporation
137,935
3,991
TPG,
Inc.
172,012
14,989
Tradeweb
Markets,
Inc.
1,524,531
3,659
TriCo
Bancshares
127,223
20,785
Triumph
Financial,
Inc.
b
1,462,433
559
Truist
Financial
Corporation
20,990
4,288
TrustCo
Bank
Corporation
NY
114,147
11,525
Two
Harbors
Investment
Corporation
145,561
2,212
U.S.
Bancorp
89,874
888
UMB
Financial
Corporation
70,738
2,908
United
Bankshares,
Inc.
94,394
1,714
United
Community
Banks,
Inc.
43,244
5,640
Univest
Financial
Corporation
117,707
1,594
Unum
Group
80,816
29,854
Valley
National
Bancorp
209,277
6,657
Veritex
Holdings,
Inc.
129,678
15,979
Virtu
Financial,
Inc.
346,744
4,010
Visa,
Inc.
1,077,126
1,539
Voya
Financial,
Inc.
104,898
5,984
WaFd,
Inc.
162,107
1,028
Walker
&
Dunlop,
Inc.
94,196
10,543
Webster
Financial
Corporation
462,100
91,877
Wells
Fargo
&
Company
5,450,144
4,728
Westamerica
Bancorporation
220,088
16,141
Western
Alliance
Bancorp
917,293
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
182
Shares
Common
Stock
(21.2%)
Value
Financials
(3.5%)
-
continued
35,858
Western
Union
Company
$
481,932
834
Willis
Towers
Watson
plc
209,451
1,722
Wintrust
Financial
Corporation
166,414
464
WSFS
Financial
Corporation
19,827
8,287
Zions
Bancorp
NA
337,944
Total
123,361,575
Health
Care
(2.6%)
24,509
Abbott
Laboratories
2,597,219
7,600
AbbVie,
Inc.
1,236,064
7,800
ACADIA
Pharmaceuticals,
Inc.
b
130,338
24,301
Agilent
Technologies,
Inc.
3,330,209
2,453
Agios
Pharmaceuticals,
Inc.
b
79,723
4,161
Align
Technology,
Inc.
b
1,174,983
7,041
Amgen,
Inc.
1,928,812
6,212
Amicus
Therapeutics,
Inc.
b
62,058
1,334
AMN
Healthcare
Services,
Inc.
b
80,013
9,448
Amneal
Pharmaceuticals,
Inc.
b
57,160
2,709
Anika
Therapeutics,
Inc.
b
70,136
4,534
Arcellx,
Inc.
b
226,791
2,334
Argenx
SE
ADR
b
876,417
606
Arvinas,
Inc.
b
19,253
6,833
Ascendis
Pharma
AS
ADR
b
945,961
29,918
AstraZeneca
plc
ADR
2,270,178
92,335
Avantor,
Inc.
b
2,237,277
4,772
Azenta,
Inc.
b
250,339
4,317
Biogen,
Inc.
b
927,378
133
BioMarin
Pharmaceutical,
Inc.
b
10,741
171
Bio-Rad
Laboratories,
Inc.
b
46,127
21,479
Bio-Techne
Corporation
1,357,688
6,410
Bruker
Corporation
500,044
8,104
CareDx,
Inc.
b
62,887
6,795
Centene
Corporation
b
496,443
3,664
Charles
River
Laboratories
International,
Inc.
b
839,056
2,914
Chemed
Corporation
1,655,152
5,746
Cigna
Group
2,051,552
1,920
Cooper
Companies,
Inc.
170,995
993
Cullinan
Therapeutics,
Inc.
b
26,821
10,286
Danaher
Corporation
2,536,733
6,684
Deciphera
Pharmaceuticals,
Inc.
b
168,905
5,235
Definitive
Healthcare
Corporation
b
36,331
13,005
Denali
Therapeutics,
Inc.
b
200,797
25,215
Dentsply
Sirona,
Inc.
756,702
11,777
Dexcom,
Inc.
b
1,500,272
10,599
Edwards
Lifesciences
Corporation
b
897,417
50,918
Elanco
Animal
Health,
Inc.
b
670,081
6,563
Elevance
Health,
Inc.
3,469,071
3,603
Eli
Lilly
&
Company
2,814,303
828
Enanta
Pharmaceuticals,
Inc.
b
11,377
25,927
Enovis
Corporation
b
1,431,948
12,581
Exelixis,
Inc.
b
295,150
17,119
Gilead
Sciences,
Inc.
1,116,159
20,828
Globus
Medical,
Inc.
b
1,037,026
13,640
GoodRx
Holdings,
Inc.
b
96,844
10,138
Haemonetics
Corporation
b
932,189
18,783
Halozyme
Therapeutics,
Inc.
b
715,632
10,287
HealthEquity,
Inc.
b
811,747
3,801
ICON
plc
b
1,132,242
79
IDEXX
Laboratories,
Inc.
b
38,928
1,026
Illumina,
Inc.
b
126,249
12,804
Immunocore
Holdings
plc
ADR
b
756,460
1,280
Incyte
Corporation
b
66,624
6,232
Inspire
Medical
Systems,
Inc.
b
1,506,025
Shares
Common
Stock
(21.2%)
Value
Health
Care
(2.6%)
-
continued
3,432
Intuitive
Surgical,
Inc.
b
$
1,271,968
582
IQVIA
Holding,
Inc.
b
134,890
27,375
Johnson
&
Johnson
3,958,151
1,042
Kymera
Therapeutics,
Inc.
b
35,032
11,527
Laboratory
Corporation
of
America
Holdings
2,321,192
10,483
Legend
Biotech
Corporation
ADR
b
458,526
116
Ligand
Pharmaceuticals,
Inc.
b
8,107
1,677
LivaNova
plc
b
93,493
2,727
Masimo
Corporation
b
366,536
54
Medpace
Holdings,
Inc.
b
20,971
27,762
Medtronic
plc
2,227,623
30,995
Merck
&
Company,
Inc.
4,005,174
1,973
Molina
Healthcare,
Inc.
b
674,963
3,777
Myriad
Genetics,
Inc.
b
73,916
9,653
Natera,
Inc.
b
896,571
9,480
Novo
Nordisk
AS
ADR
1,216,379
11,156
Nuvation
Bio,
Inc.
b
33,357
55,992
Option
Care
Health,
Inc.
b
1,673,601
55,433
Paragon
28,
Inc.
b
511,092
40,764
Progyny,
Inc.
b
1,306,894
4,733
Prothena
Corporation
plc
b
96,269
3,236
PTC
Therapeutics,
Inc.
b
104,037
1,354
QIAGEN
NV
b
57,315
6,182
Recursion
Pharmaceuticals,
Inc.
a,b
48,343
9,143
Repligen
Corporation
b
1,501,281
7,489
Rocket
Pharmaceuticals,
Inc.
b
161,163
1,251
Royalty
Pharma
plc
34,653
4,893
Sarepta
Therapeutics,
Inc.
b
619,747
56,846
scPharmaceuticals,
Inc.
b
254,102
3,527
Shockwave
Medical,
Inc.
b
1,164,580
5,014
Stryker
Corporation
1,687,211
1,012
Teleflex,
Inc.
211,255
7,095
Thermo
Fisher
Scientific,
Inc.
4,035,068
2,401
UnitedHealth
Group,
Inc.
1,161,364
7,599
Veeva
Systems,
Inc.
b
1,508,858
6,416
Veracyte,
Inc.
b
125,561
22,475
Vericel
Corporation
b
1,030,928
5,375
Vertex
Pharmaceuticals,
Inc.
b
2,111,354
19,787
Viemed
Healthcare,
Inc.
b
162,056
559
West
Pharmaceutical
Services,
Inc.
199,831
3,128
Xenon
Pharmaceuticals,
Inc.
b
127,153
2,751
Zentalis
Pharmaceuticals,
Inc.
b
30,426
19,536
Zimmer
Biomet
Holdings,
Inc.
2,349,790
13,146
Zoetis,
Inc.
2,093,369
Total
91,007,177
Industrials
(3.0%)
6,006
A.O.
Smith
Corporation
497,537
550
Acuity
Brands,
Inc.
136,565
11,416
Advanced
Drainage
Systems,
Inc.
1,792,312
16,971
AECOM
1,567,442
2,726
AGCO
Corporation
311,282
11,093
Air
Lease
Corporation
557,312
8,873
Alight,
Inc.
b
80,034
3,454
Allison
Transmission
Holdings,
Inc.
254,042
17,295
AMETEK,
Inc.
3,020,745
9,057
Armstrong
World
Industries,
Inc.
1,040,468
5,730
Atmus
Filtration
Technologies,
Inc.
b
173,562
8,706
Automatic
Data
Processing,
Inc.
2,105,894
431
Axon
Enterprise,
Inc.
b
135,187
19,082
AZEK
Company,
Inc.
b
870,902
2,459
AZZ,
Inc.
176,138
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
183
Shares
Common
Stock
(21.2%)
Value
Industrials
(3.0%)
-
continued
48,575
Badger
Infrastructure
Solutions,
Ltd.
$
1,586,058
10,394
Beacon
Roofing
Supply,
Inc.
b
1,024,121
139
Brady
Corporation
8,201
3,611
BWX
Technologies,
Inc.
345,825
6,180
Carlisle
Companies,
Inc.
2,399,385
10,160
Casella
Waste
Systems,
Inc.
b
918,464
5,926
Caterpillar,
Inc.
1,982,662
2,294
Cimpress
plc
b
195,609
135,282
CNH
Industrial
NV
b
1,542,215
265
Columbus
McKinnon
Corporation
10,937
2,019
CSW
Industrials,
Inc.
479,755
139,269
CSX
Corporation
4,626,516
1,361
Cummins,
Inc.
384,469
4,744
Curtiss-Wright
Corporation
1,202,224
39,274
Delta
Air
Lines,
Inc.
1,966,449
4,349
DNOW,
Inc.
b
61,364
8,614
Donaldson
Company,
Inc.
621,931
21
Dover
Corporation
3,765
6,105
EMCOR
Group,
Inc.
2,180,523
182
ESCO
Technologies,
Inc.
18,464
85,529
ExlService
Holdings,
Inc.
b
2,480,341
2,452
Expeditors
International
of
Washington,
Inc.
272,932
60,437
Fastenal
Company
4,106,090
11,221
Ferguson
plc
2,355,288
61,809
Flowserve
Corporation
2,914,912
24,350
Fluor
Corporation
b
982,035
6,921
Gates
Industrial
Corporation
plc
b
121,948
9,275
General
Dynamics
Corporation
2,662,760
1,803
Gibraltar
Industries,
Inc.
b
128,842
115
GMS,
Inc.
b
10,640
520
Gorman-Rupp
Company
17,248
6,431
Graco,
Inc.
515,766
5,470
Greenbrier
Companies,
Inc.
270,163
1,261
Griffon
Corporation
82,621
22,975
Helios
Technologies,
Inc.
1,036,172
1,456
Herc
Holdings,
Inc.
208,252
7,389
Hillman
Solutions
Corporation
b
70,639
10,830
Honeywell
International,
Inc.
2,087,266
76,812
Howmet
Aerospace,
Inc.
5,127,201
1,086
Huntington
Ingalls
Industries,
Inc.
300,746
5,990
IDEX
Corporation
1,320,555
23,131
Ingersoll
Rand,
Inc.
2,158,585
3,443
Interface,
Inc.
52,643
1,932
ITT
Corporation
249,885
3,450
Jacobs
Solutions,
Inc.
495,179
102,826
Janus
International
Group,
Inc.
b
1,481,723
8,364
JB
Hunt
Transport
Services,
Inc.
1,359,735
220
Johnson
Controls
International
plc
14,315
5,057
Kennametal,
Inc.
118,991
6,872
Kratos
Defense
&
Security
Solutions,
Inc.
b
122,459
8,818
L3Harris
Technologies,
Inc.
1,887,493
26,043
Legalzoom.com,
Inc.
b
311,214
846
Leidos
Holdings,
Inc.
118,626
8,690
Lincoln
Electric
Holdings,
Inc.
1,907,716
9,241
Lyft,
Inc.
b
144,529
3,918
Masco
Corporation
268,187
19,092
Masterbrand,
Inc.
b
318,264
2,314
Matson,
Inc.
249,403
4,496
Maximus,
Inc.
360,939
9,470
Middleby
Corporation
b
1,316,046
6,260
Miller
Industries,
Inc.
304,925
1,780
Moog,
Inc.
283,145
Shares
Common
Stock
(21.2%)
Value
Industrials
(3.0%)
-
continued
8,613
Mueller
Water
Products,
Inc.
$
136,430
827
MYR
Group,
Inc.
b
137,489
260
National
Presto
Industries,
Inc.
21,317
2,034
Northrop
Grumman
Corporation
986,551
25,079
nVent
Electric
plc
1,807,444
6,480
Old
Dominion
Freight
Line,
Inc.
1,177,481
10,216
Oshkosh
Corporation
1,146,950
1,175
Otis
Worldwide
Corporation
107,160
16,195
Owens
Corning,
Inc.
2,724,161
5,037
PACCAR,
Inc.
534,476
454
Parker-Hannifin
Corporation
247,389
339
Paylocity
Holding
Corporation
b
52,599
23,523
Pentair
plc
1,860,434
999
Quanta
Services,
Inc.
258,301
8,468
Regal
Rexnord
Corporation
1,366,481
607
Republic
Services,
Inc.
116,362
3,534
Resideo
Technologies,
Inc.
b
69,019
4,789
REV
Group,
Inc.
104,688
3,008
Rockwell
Automation,
Inc.
815,048
2,534
Rush
Enterprises,
Inc.
111,293
3,517
Saia,
Inc.
b
1,395,651
26,859
Schneider
National,
Inc.
555,444
11,102
Sensata
Technologies
Holding
plc
425,318
6,032
Simpson
Manufacturing
Company,
Inc.
1,048,904
5,751
SiteOne
Landscape
Supply,
Inc.
b
902,274
8,120
SkyWest,
Inc.
b
593,004
347
Snap-On,
Inc.
92,982
1,366
SS&C
Technologies
Holdings,
Inc.
84,542
2,418
Standex
International
Corporation
418,024
4,027
Tennant
Company
469,065
5,260
Terex
Corporation
294,823
2,245
Textron,
Inc.
189,905
531
Thermon
Group
Holdings,
Inc.
b
16,955
13,144
Timken
Company
1,172,708
957
Titan
Machinery,
Inc.
b
21,303
9,652
Trane
Technologies
plc
3,062,966
14,023
TransUnion
1,023,679
1,594
Trex
Company,
Inc.
b
141,149
21,484
Uber
Technologies,
Inc.
b
1,423,745
105
UniFirst
Corporation/MA
16,814
20,867
United
Parcel
Service,
Inc.
3,077,465
709
United
Rentals,
Inc.
473,605
6,548
Upwork,
Inc.
b
76,612
6,807
Verra
Mobility
Corporation
b
160,509
542
Vertiv
Holdings
Company
50,406
359
Viad
Corporation
b
12,378
2,263
Watsco,
Inc.
1,013,190
10,923
WillScot
Mobile
Mini
Holdings
Corporation
b
403,714
Total
107,272,985
Information
Technology
(4.6%)
6,514
Adobe,
Inc.
b
3,014,875
13,060
Advanced
Micro
Devices,
Inc.
b
2,068,443
9,276
Agilysys,
Inc.
b
770,372
3,119
Ambarella,
Inc.
b
143,380
28,253
Amphenol
Corporation
3,412,115
99,207
Apple,
Inc.
16,897,928
12,952
Applied
Materials,
Inc.
2,572,915
2,859
AppLovin
Corporation
b
201,760
6,099
Arista
Networks,
Inc.
b
1,564,759
22,190
ASGN,
Inc.
b
2,140,225
6,603
Autodesk,
Inc.
b
1,405,449
2,417
Broadcom,
Inc.
3,142,753
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
184
Shares
Common
Stock
(21.2%)
Value
Information
Technology
(4.6%)
-
continued
5,402
CDW
Corporation
$
1,306,528
17,621
Ciena
Corporation
b
814,619
89,868
Cisco
Systems,
Inc.
4,221,999
6,439
Clearwater
Analytics
Holdings,
Inc.
b
101,607
1,191
Coherent
Corporation
b
65,064
7,382
Cohu,
Inc.
b
223,822
12,516
CommScope
Holding
Company,
Inc.
b
11,189
1,085
CommVault
Systems,
Inc.
b
111,180
8,997
Crane
NXT
Company
547,108
8,236
Credo
Technology
Group
Holding,
Ltd.
b
147,177
6,030
CyberArk
Software,
Ltd.
b
1,442,677
1,362
Datadog,
Inc.
b
170,931
12,725
Descartes
Systems
Group,
Inc.
b
1,180,753
292
DocuSign,
Inc.
b
16,527
4,327
Dolby
Laboratories,
Inc.
336,035
7,006
Dropbox,
Inc.
b
162,259
32,012
Dynatrace
Holdings,
LLC
b
1,450,464
835
Elastic
NV
b
85,354
4,054
Enphase
Energy,
Inc.
b
440,913
638
EPAM
Systems,
Inc.
b
150,096
3,516
F5,
Inc.
b
581,230
7,687
Fabrinet
b
1,330,389
40,122
Flex,
Ltd.
b
1,149,495
1,665
FormFactor,
Inc.
b
74,242
14,066
Fortinet,
Inc.
b
888,690
12
Gartner,
Inc.
b
4,951
16,362
Gilat
Satellite
Networks,
Ltd.
b
80,992
19,103
Gitlab,
Inc.
b
1,002,334
4,202
Globant
SA
b
750,435
12,117
GoDaddy,
Inc.
b
1,482,878
48,933
Grid
Dynamics
Holdings,
Inc.
b
478,075
25,583
Guidewire
Software,
Inc.
b
2,824,363
8,706
Hackett
Group,
Inc.
188,833
1,670
Hewlett
Packard
Enterprise
Company
28,390
101
HP,
Inc.
2,837
2,199
HubSpot,
Inc.
b
1,330,109
868
Insight
Enterprises,
Inc.
b
158,471
6,217
International
Business
Machines
Corporation
1,033,265
2,109
IPG
Photonics
Corporation
b
177,114
2,462
Itron,
Inc.
b
226,799
57,978
JFrog,
Ltd.
b
2,312,163
1,982
Keysight
Technologies,
Inc.
b
293,217
2,321
KLA
Corporation
1,599,842
17,490
Knowles
Corporation
b
276,867
2,022
Lam
Research
Corporation
1,808,497
34,435
Lattice
Semiconductor
Corporation
b
2,362,241
5,444
Littelfuse,
Inc.
1,255,604
2,327
LiveRamp
Holding,
Inc.
b
74,720
14,983
Marvell
Technology,
Inc.
987,530
111
Microchip
Technology,
Inc.
10,210
57,980
Microsoft
Corporation
22,573,353
2,319
MKS
Instruments,
Inc.
275,915
2,635
MongoDB,
Inc.
b
962,249
2,175
Monolithic
Power
Systems,
Inc.
1,455,793
1,259
Motorola
Solutions,
Inc.
426,990
6,052
NetApp,
Inc.
618,575
1,142
NICE,
Ltd.
ADR
b
255,248
5,952
Nova,
Ltd.
b
1,011,245
20,084
NVIDIA
Corporation
17,352,978
Shares
Common
Stock
(21.2%)
Value
Information
Technology
(4.6%)
-
continued
252
Okta,
Inc.
b
$
23,431
1,622
ON
Semiconductor
Corporation
b
113,799
7,587
Onto
Innovation,
Inc.
b
1,407,313
293
OSI
Systems,
Inc.
b
38,512
4,703
Palo
Alto
Networks,
Inc.
b
1,368,056
18,508
PDF
Solutions,
Inc.
b
556,721
3,858
Plexus
Corporation
b
389,697
706
Procore
Technologies,
Inc.
b
48,305
8,308
PTC,
Inc.
b
1,474,171
6,519
Q2
Holdings,
Inc.
b
335,011
577
Qorvo,
Inc.
b
67,417
50,752
QUALCOMM,
Inc.
8,417,219
3,076
Rapid7,
Inc.
b
137,805
12,557
Salesforce,
Inc.
3,377,080
51,555
Samsung
Electronics
Company,
Ltd.
2,865,769
4,325
ServiceNow,
Inc.
b
2,998,652
10,751
Shopify,
Inc.
b
754,720
7,721
Silicon
Laboratories,
Inc.
b
938,024
1,848
Skyworks
Solutions,
Inc.
196,978
10,356
SolarWinds
Corporation
114,123
22,766
Sprout
Social,
Inc.
b
1,148,545
5,712
SPS
Commerce,
Inc.
b
993,145
2,615
Synopsys,
Inc.
b
1,387,493
15,881
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
ADR
2,181,097
9,504
TE
Connectivity,
Ltd.
1,344,626
252
Teledyne
Technologies,
Inc.
b
96,133
2,438
Tenable
Holdings,
Inc.
b
109,637
1,305
Teradata
Corporation
b
48,415
28,430
Trimble,
Inc.
b
1,707,790
87,948
TTM
Technologies,
Inc.
b
1,313,064
5,180
Tyler
Technologies,
Inc.
b
2,390,829
11,037
Unisys
Corporation
b
59,931
734
Universal
Display
Corporation
115,957
4,347
Upland
Software,
Inc.
b
9,390
37,103
Varonis
Systems,
Inc.
b
1,623,256
5,025
VeriSign,
Inc.
b
851,637
12,692
Viavi
Solutions,
Inc.
b
100,267
9,401
Vishay
Intertechnology,
Inc.
217,539
15,041
Vontier
Corporation
611,116
13,929
Workiva,
Inc.
b
1,097,605
2,592
Xerox
Holdings
Corporation
34,448
Total
163,093,128
Materials
(0.7%)
1,110
Albemarle
Corporation
a
133,544
6,009
Alcoa
Corporation
211,156
1,094
AptarGroup,
Inc.
157,952
183
Avery
Dennison
Corporation
39,762
7,090
Avient
Corporation
300,758
13,917
Axalta
Coating
Systems,
Ltd.
b
437,551
4,855
Ball
Corporation
337,762
1,174
Berry
Plastics
Group,
Inc.
66,495
2,512
Carpenter
Technology
Corporation
215,278
1,769
Celanese
Corporation
271,736
23,209
CF
Industries
Holdings,
Inc.
1,832,815
19,171
Chemours
Company
512,824
17,496
Cleveland-Cliffs,
Inc.
b
295,682
18,696
Corteva,
Inc.
1,012,015
3,358
Eagle
Materials,
Inc.
841,884
24,619
Eastman
Chemical
Company
2,325,018
249
Ecolab,
Inc.
56,311
2,072
Greif,
Inc.
126,972
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
185
Shares
Common
Stock
(21.2%)
Value
Materials
(0.7%)
-
continued
2,612
Huntsman
Corporation
$
62,322
12,344
Ingevity
Corporation
b
631,272
3,589
Innospec,
Inc.
430,680
21,475
Ivanhoe
Mines,
Ltd.
b
291,086
3,702
Kaiser
Aluminum
Corporation
334,994
8,738
Linde
plc
3,853,109
5,414
Louisiana-Pacific
Corporation
396,251
255
LyondellBasell
Industries
NV
25,492
2,466
Martin
Marietta
Materials,
Inc.
1,447,715
3,544
Metallus,
Inc.
b
72,865
1,809
Minerals
Technologies,
Inc.
131,858
14,917
Mosaic
Company
468,245
1,268
Myers
Industries,
Inc.
27,769
13,842
Nucor
Corporation
2,332,792
7,255
O-I
Glass,
Inc.
b
108,535
4,056
Orion
SA
95,965
685
PPG
Industries,
Inc.
88,365
262
Quaker
Chemical
Corporation
48,871
4,152
Radius
Recycling,
Inc.
72,328
63,126
Ranpak
Holdings
Corporation
b
457,032
312
Reliance,
Inc.
88,833
7,178
RPM
International,
Inc.
767,400
3,390
Steel
Dynamics,
Inc.
441,107
21,600
Summit
Materials,
Inc.
b
840,240
9,523
SunCoke
Energy,
Inc.
98,182
1,308
TriMas
Corporation
33,995
16,540
Trinseo
plc
43,169
51,835
Tronox
Holdings
plc
880,677
1,325
United
States
Lime
&
Minerals,
Inc.
410,750
10,118
United
States
Steel
Corporation
369,307
1,373
Vulcan
Materials
Company
353,726
Total
24,880,447
Real
Estate
(0.9%)
16,076
Acadia
Realty
Trust
277,793
35,240
Agree
Realty
Corporation
2,016,433
1,581
Alexandria
Real
Estate
Equities,
Inc.
183,190
259
Anywhere
Real
Estate,
Inc.
b
1,259
11,258
AvalonBay
Communities,
Inc.
2,134,179
4,152
Brixmor
Property
Group,
Inc.
91,759
17,651
CareTrust
REIT,
Inc.
436,333
19,902
CBRE
Group,
Inc.
b
1,729,285
50,201
Compass,
Inc.
b
158,133
15,247
CoStar
Group,
Inc.
b
1,395,558
17,003
Crown
Castle,
Inc.
1,594,541
68,449
Cushman
and
Wakefield
plc
b
660,533
7,704
DigitalBridge
Group,
Inc.
126,654
25,712
Douglas
Elliman,
Inc.
b
34,968
9,708
EastGroup
Properties,
Inc.
1,508,235
18,096
EPR
Properties
734,517
406
Equinix,
Inc.
288,711
58,620
Equity
Commonwealth
b
1,097,366
2,912
Equity
Residential
187,533
90,714
Essential
Properties
Realty
Trust,
Inc.
2,389,407
610
Essex
Property
Trust,
Inc.
150,212
716
Extra
Space
Storage,
Inc.
96,144
6,544
First
Industrial
Realty
Trust,
Inc.
297,228
4,450
FirstService
Corporation
654,150
22,084
Four
Corners
Property
Trust,
Inc.
517,870
12,049
Getty
Realty
Corporation
326,528
82,108
Healthcare
Realty
Trust,
Inc.
1,168,397
2,629
Howard
Hughes
Holdings,
Inc.
b
171,306
23,469
Independence
Realty
Trust,
Inc.
370,106
Shares
Common
Stock
(21.2%)
Value
Real
Estate
(0.9%)
-
continued
9,395
Industrial
Logistics
Properties
Trust
$
33,070
5,528
Invitation
Homes,
Inc.
189,058
47,399
LXP
Industrial
Trust
395,782
30,219
National
Storage
Affiliates
Trust
1,058,874
23,907
NetSTREIT
Corporation
402,833
10,293
NNN
REIT,
Inc.
417,175
6,901
Park
Hotels
&
Resorts,
Inc.
111,313
1,717
Peakstone
Realty
Trust
23,986
15,936
Pebblebrook
Hotel
Trust
231,550
40,498
Phillips
Edison
and
Company,
Inc.
1,324,285
3,855
Plymouth
Industrial
REIT,
Inc.
80,492
9,658
Retail
Opportunity
Investments
Corporation
118,504
12,599
RLJ
Lodging
Trust
138,589
1,479
RMR
Group,
Inc.
35,082
6,514
Sabra
Health
Care
REIT,
Inc.
90,675
6,361
SBA
Communications
Corporation
1,183,909
34,079
STAG
Industrial,
Inc.
1,171,977
5,853
Tanger,
Inc.
165,933
29,055
Terreno
Realty
Corporation
1,579,139
21,935
UDR,
Inc.
835,285
1,397
Ventas,
Inc.
61,859
271
Welltower,
Inc.
25,821
6,487
Zillow
Group,
Inc.,
Class
A
b
272,454
3,875
Zillow
Group,
Inc.,
Class
C
b
164,959
Total
30,910,932
Utilities
(0.6%)
2,457
ALLETE,
Inc.
145,503
3,669
Alliant
Energy
Corporation
182,716
6,990
American
Water
Works
Company,
Inc.
855,017
6,351
CenterPoint
Energy,
Inc.
185,068
20,543
Clearway
Energy,
Inc.,
Class
A
445,988
25,473
Clearway
Energy,
Inc.,
Class
C
595,559
12,422
Constellation
Energy
Corporation
2,309,747
19,550
Duke
Energy
Corporation
1,920,983
17,961
Entergy
Corporation
1,915,900
64,624
Evergy,
Inc.
3,389,529
5,308
Eversource
Energy
321,771
6,988
NiSource,
Inc.
194,686
2,047
Northwestern
Energy
Group,
Inc.
103,251
16,360
PNM
Resources,
Inc.
606,301
35,269
Portland
General
Electric
Company
1,524,679
23,776
Public
Service
Enterprise
Group,
Inc.
1,642,446
2,823
Spire,
Inc.
174,433
59,919
UGI
Corporation
1,531,530
43,682
Xcel
Energy,
Inc.
2,347,034
Total
20,392,141
Total
Common
Stock
(cost
$590,045,963)
751,774,842
Principal
Amount
Long-Term
Fixed
Income
(
19.9%
)
Value
Asset-Backed
Securities
(0.5%)
510
Asset
Backed
Trust
$
850,000
3.967%, 
5/25/2061,
Ser.
2021-NPL1,
Class
A2
c,d
786,936
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
186
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Asset-Backed
Securities
(0.5%)
-
continued
720
East
CLO,
Ltd.
$
900,000
8.575%, 
(TSFR3M
+
3.250%),
1/20/2036,
Ser.
2022-1A,
Class
B
c,e
$
908,254
300,000
9.575%, 
(TSFR3M
+
4.250%),
1/20/2036,
Ser.
2022-1A,
Class
C
c,e
302,757
Access
Group,
Inc.
20,937
5.945%, 
(SOFR30A
+
0.614%),
2/25/2036,
Ser.
2013-1,
Class
A
c,e
20,684
AMSR
Trust
1,000,000
2.352%, 
6/17/2038,
Ser.
2021-SFR1,
Class
C
c
859,016
1,500,000
1.877%, 
8/17/2038,
Ser.
2021-SFR2,
Class
C
c
1,355,619
600,000
2.517%, 
12/17/2038,
Ser.
2021-SFR4,
Class
C
c
541,103
Ares
XL
CLO,
Ltd.
875,000
8.390%, 
(TSFR3M
+
3.062%),
1/15/2029,
Ser.
2016-40A,
Class
CRR
c,e
871,612
Avis
Budget
Rental
Car
Funding
AESOP,
LLC
244,000
5.360%, 
6/20/2030,
Ser.
2024-1A,
Class
A
c
239,945
CarVal
CLO
I,
Ltd.
600,000
7.174%, 
(TSFR3M
+
1.850%),
7/16/2031,
Ser.
2018-1A,
Class
BR
c,e
599,979
CMFT
Net
Lease
Master
Issuer,
LLC
550,680
2.090%, 
7/20/2051,
Ser.
2021-1,
Class
A1
c
464,497
Commonbond
Student
Loan
Trust
17,039
5.931%, 
(TSFR1M
+
0.614%),
2/25/2044,
Ser.
2018-AGS,
Class
A2
c,e
16,750
Dryden
36
Senior
Loan
Fund
700,000
7.640%, 
(TSFR3M
+
2.312%),
4/15/2029,
Ser.
2014-36A,
Class
CR3
c,e
700,040
Foundation
Finance
Trust
292,370
1.270%, 
5/15/2041,
Ser.
2021-1A,
Class
A
c
263,273
FRTKL
Trust
1,050,000
1.922%, 
9/17/2038,
Ser.
2021-SFR1,
Class
C
c
943,680
GSAA
Home
Equity
Trust
1,534,801
4.478%, 
8/25/2034,
Ser.
2004-10,
Class
M2
e
1,333,006
Home
Partners
of
America
Trust
1,057,388
2.302%, 
12/17/2026,
Ser.
2021-2,
Class
B
c
960,272
849,557
2.078%, 
9/17/2041,
Ser.
2021-1,
Class
C
c
699,957
Laurel
Road
Prime
Student
Loan
Trust
331,825
5.920%, 
11/25/2043,
Ser.
2018-D,
Class
A
c,e
304,550
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Asset-Backed
Securities
(0.5%)
-
continued
National
Collegiate
Trust
$
171,110
5.726%, 
(LIBOR
1M
+
0.295%),
5/25/2031,
Ser.
2007-A,
Class
A
c,e
$
166,794
Oak
Street
Investment
647,254
1.850%, 
11/20/2050,
Ser.
2020-1A,
Class
A1
c
599,999
Pretium
Mortgage
Credit
Partners,
LLC
251,051
5.240%, 
9/27/2060,
Ser.
2021-NPL1,
Class
A1
c,d
247,060
Unlock
HEA
Trust
598,821
7.000%, 
4/25/2039,
Ser.
2024-1,
Class
A
c
577,851
VCAT
Asset
Securitization,
LLC
433,616
4.826%, 
12/26/2050,
Ser.
2021-NPL1,
Class
A2
c,d
432,876
Vericrest
Opportunity
Loan
Transferee
311,868
4.893%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A1
c,d
303,655
378,099
4.949%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A2
c,d
330,049
224,879
5.116%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A1
c,d
219,332
375,000
5.438%, 
12/26/2051,
Ser.
2021-NP12,
Class
A2
c,d
304,620
Wind
River
CLO,
Ltd.
525,000
7.586%, 
(TSFR3M
+
2.262%),
7/20/2030,
Ser.
2013-1A,
Class
BRR
c,e
525,130
Total
15,879,296
Basic
Materials
(0.2%)
Anglo
American
Capital
plc
300,000
3.875%, 
3/16/2029
c
277,079
ATI,
Inc.
116,000
7.250%, 
8/15/2030
118,665
Axalta
Coating
Systems
Dutch
Holding
B
BV
150,000
7.250%, 
2/15/2031
c
152,981
Cascades,
Inc./Cascades
USA,
Inc.
180,000
5.125%, 
1/15/2026
c
174,300
Chemours
Company
277,000
5.750%, 
11/15/2028
c
254,389
Cleveland-Cliffs,
Inc.
180,000
5.875%, 
6/1/2027
178,069
80,000
4.625%, 
3/1/2029
a,c
74,029
Consolidated
Energy
Finance
SA
373,000
5.625%, 
10/15/2028
c
315,188
First
Quantum
Minerals,
Ltd.
80,000
6.875%, 
10/15/2027
c
76,950
FMC
Corporation
230,000
5.150%, 
5/18/2026
227,161
Glencore
Funding,
LLC
228,000
3.375%, 
9/23/2051
c
145,401
325,000
4.000%, 
3/27/2027
c
310,516
234,000
6.125%, 
10/6/2028
c
236,957
Hecla
Mining
Company
110,000
7.250%, 
2/15/2028
109,536
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
187
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Basic
Materials
(0.2%)
-
continued
Hudbay
Minerals,
Inc.
$
192,000
4.500%, 
4/1/2026
c
$
185,692
Illuminate
Buyer,
LLC/Illuminate
Holdings
IV,
Inc.
75,000
9.000%, 
7/1/2028
c
73,429
INEOS
Finance
plc
127,000
7.500%, 
4/15/2029
c
127,591
International
Flavors
&
Fragrances,
Inc.
272,000
1.230%, 
10/1/2025
c
254,609
Mercer
International,
Inc.
76,000
5.125%, 
2/1/2029
66,379
Methanex
Corporation
99,000
4.250%, 
12/1/2024
97,614
95,000
5.125%, 
10/15/2027
91,368
64,000
5.250%, 
12/15/2029
60,668
Mineral
Resources,
Ltd.
35,000
9.250%, 
10/1/2028
c
36,692
Mosaic
Company
230,000
5.375%, 
11/15/2028
228,069
Newmont
Corporation/Newcrest
Finance,
Pty.
Ltd.
91,000
5.350%, 
3/15/2034
c
88,765
Novelis
Corporation
90,000
3.250%, 
11/15/2026
c
84,147
70,000
4.750%, 
1/30/2030
c
64,051
90,000
3.875%, 
8/15/2031
c
76,213
Nutrien,
Ltd.
113,000
4.900%, 
3/27/2028
110,589
OCI
NV
101,000
4.625%, 
10/15/2025
c
98,429
Olin
Corporation
100,000
5.125%, 
9/15/2027
96,541
SCIL
IV,
LLC/SCIL
USA
Holdings,
LLC
132,000
5.375%, 
11/1/2026
c
126,690
Smurfit
Kappa
Treasury,
ULC
253,000
5.777%, 
4/3/2054
c
241,949
SNF
Group
SACA
147,000
3.375%, 
3/15/2030
c
126,404
SunCoke
Energy,
Inc.
164,000
4.875%, 
6/30/2029
c
144,809
Taseko
Mines,
Ltd.
131,000
8.250%, 
5/1/2030
c
133,093
Tronox,
Inc.
65,000
4.625%, 
3/15/2029
c
57,986
United
States
Steel
Corporation
184,000
6.875%, 
3/1/2029
184,240
Total
5,507,238
Capital
Goods
(0.3%)
AAR
Escrow
Issuer,
LLC
156,000
6.750%, 
3/15/2029
c
156,842
Advanced
Drainage
Systems,
Inc.
178,000
6.375%, 
6/15/2030
c
176,957
AECOM
130,000
5.125%, 
3/15/2027
126,296
Amsted
Industries,
Inc.
148,000
5.625%, 
7/1/2027
c
143,883
15,000
4.625%, 
5/15/2030
c
13,488
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Capital
Goods
(0.3%)
-
continued
BAE
Systems
plc
$
200,000
5.500%, 
3/26/2054
c
$
190,971
200,000
5.250%, 
3/26/2031
c
195,927
Boeing
Company
460,000
5.930%, 
5/1/2060
402,079
265,000
5.040%, 
5/1/2027
257,145
162,000
6.259%, 
5/1/2027
c
162,513
194,000
6.388%, 
5/1/2031
c
194,871
544,000
5.705%, 
5/1/2040
493,897
Bombardier,
Inc.
135,000
7.875%, 
4/15/2027
c
134,159
120,000
6.000%, 
2/15/2028
c
117,023
Brand
Industrial
Services,
Inc.
148,000
10.375%, 
8/1/2030
c
158,819
Builders
FirstSource,
Inc.
140,000
5.000%, 
3/1/2030
c
131,087
Camelot
Return
Merger
Sub,
Inc.
64,000
8.750%, 
8/1/2028
c
62,919
Canpack
SA/Canpack
US,
LLC
264,000
3.875%, 
11/15/2029
c
231,342
Carrier
Global
Corporation
276,000
2.700%, 
2/15/2031
232,671
Chart
Industries,
Inc.
173,000
7.500%, 
1/1/2030
c
176,945
Clean
Harbors,
Inc.
130,000
6.375%, 
2/1/2031
c
128,791
Clydesdale
Acquisition
Holdings,
Inc.
23,000
6.625%, 
4/15/2029
c
22,942
CNH
Industrial
NV
181,000
3.850%, 
11/15/2027
172,373
Covanta
Holding
Corporation
90,000
4.875%, 
12/1/2029
c
78,894
Crown
Cork
&
Seal
Company,
Inc.
148,000
7.375%, 
12/15/2026
152,728
EMRLD
Borrower,
LP/Emerald
Co-
Issuer,
Inc.
174,000
6.625%, 
12/15/2030
c
172,441
EquipmentShare.com,
Inc.
66,000
8.625%, 
5/15/2032
c
67,150
ESAB
Corporation
122,000
6.250%, 
4/15/2029
c
121,542
GFL
Environmental,
Inc.
116,000
4.000%, 
8/1/2028
c
105,141
250,000
3.500%, 
9/1/2028
c
224,728
H&E
Equipment
Services,
Inc.
299,000
3.875%, 
12/15/2028
c
264,581
Herc
Holdings,
Inc.
110,000
5.500%, 
7/15/2027
c
106,838
Howmet
Aerospace,
Inc.
343,000
5.950%, 
2/1/2037
342,878
Ingersoll
Rand,
Inc.
60,000
5.700%, 
8/14/2033
59,595
Lockheed
Martin
Corporation
211,000
5.200%, 
2/15/2064
195,894
78,000
6.150%, 
9/1/2036
82,756
Miter
Brands
Acquisition
Holdco,
Inc./MIWD
Borrower,
LLC
39,000
6.750%, 
4/1/2032
c
38,732
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
188
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Capital
Goods
(0.3%)
-
continued
MIWD
Holdco
II,
LLC
$
93,000
5.500%, 
2/1/2030
c
$
84,226
Mueller
Water
Products,
Inc.
97,000
4.000%, 
6/15/2029
c
87,767
Nesco
Holdings
II,
Inc.
170,000
5.500%, 
4/15/2029
c
158,235
New
Enterprise
Stone
and
Lime
Company,
Inc.
196,000
5.250%, 
7/15/2028
c
184,109
Nordson
Corporation
234,000
5.600%, 
9/15/2028
234,041
Northrop
Grumman
Corporation
550,000
3.850%, 
4/15/2045
421,856
OI
European
Group
BV
243,000
4.750%, 
2/15/2030
c
221,932
Owens-Brockway
Glass
Container,
Inc.
93,000
6.625%, 
5/13/2027
c
92,923
Pactiv
Evergreen
Group
120,000
4.375%, 
10/15/2028
c
110,437
Regal
Rexnord
Corporation
284,000
6.050%, 
2/15/2026
c
284,040
Roller
Bearing
Company
of
America,
Inc.
131,000
4.375%, 
10/15/2029
c
118,393
Rolls-Royce
plc
86,000
5.750%, 
10/15/2027
c
85,057
RTX
Corporation
79,000
6.400%, 
3/15/2054
84,729
186,000
4.125%, 
11/16/2028
176,750
375,000
4.450%, 
11/16/2038
323,928
Sealed
Air
Corporation/Sealed
Air
Corporation
(US)
144,000
6.125%, 
2/1/2028
c
142,246
Smyrna
Ready
Mix
Concrete,
LLC
166,000
8.875%, 
11/15/2031
c
174,822
Spirit
AeroSystems,
Inc.
195,000
9.750%, 
11/15/2030
c
215,718
SRM
Escrow
Issuer,
LLC
103,000
6.000%, 
11/1/2028
c
99,638
Summit
Materials,
LLC/Summit
Materials
Finance
Corporation
47,000
7.250%, 
1/15/2031
c
48,285
Textron,
Inc.
338,000
3.375%, 
3/1/2028
311,803
Trane
Technologies
Financing,
Ltd.
180,000
3.500%, 
3/21/2026
173,018
TransDigm,
Inc.
310,000
5.500%, 
11/15/2027
301,263
201,000
7.125%, 
12/1/2031
c
204,834
183,000
6.625%, 
3/1/2032
c
182,689
Trivium
Packaging
Finance
98,000
5.500%, 
8/15/2026
c
96,309
United
Rentals
North
America,
Inc.
180,000
4.875%, 
1/15/2028
172,535
170,000
4.000%, 
7/15/2030
151,512
Veralto
Corporation
232,000
5.350%, 
9/18/2028
c
230,183
WESCO
Distribution,
Inc.
125,000
7.250%, 
6/15/2028
c
126,977
65,000
6.375%, 
3/15/2029
c
64,571
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Capital
Goods
(0.3%)
-
continued
$
46,000
6.625%, 
3/15/2032
c
$
45,785
Total
11,508,449
Collateralized
Mortgage
Obligations
(0.8%)
A&D
Mortgage
Trust
700,000
6.701%, 
4/25/2069,
Ser.
2024-NQM2,
Class
A2
c,d
698,363
Alternative
Loan
Trust
109,830
6.000%, 
8/1/2036,
Ser.
2006-24CB,
Class
A9
59,501
Angel
Oak
Mortgage
Trust
613,263
5.985%, 
1/25/2069,
Ser.
2024-2,
Class
A1
c,d
607,696
Arroyo
Mortgage
Trust
1,000,000
3.269%, 
12/25/2056,
Ser.
2022-1,
Class
A1B
c,d
863,391
BINOM
Securitization
Trust
436,736
2.370%, 
6/25/2056,
Ser.
2021-INV1,
Class
A2
c,e
368,580
CHL
Mortgage
Pass-Through
Trust
1,180,043
6.000%, 
11/25/2037,
Ser.
2007-18,
Class
1A2
496,050
CHNGE
Mortgage
Trust
739,242
7.100%, 
7/25/2058,
Ser.
2023-3,
Class
A1
c,d
734,412
882,211
6.000%, 
10/25/2057,
Ser.
2022-4,
Class
A1
c,d
861,666
Citicorp
Mortgage
Securities,
Inc.
391,840
6.000%, 
7/25/2037,
Ser.
2007-6,
Class
1A4
335,645
COLT
Mortgage
Loan
Trust
813,167
1.726%, 
11/25/2066,
Ser.
2021-5,
Class
A1
c,e
684,969
Countrywide
Alternative
Loan
Trust
129,656
4.007%, 
10/25/2035,
Ser.
2005-43,
Class
4A1
e
104,182
577,631
7.000%, 
10/25/2037,
Ser.
2007-24,
Class
A10
202,005
Countrywide
Home
Loans,
Inc.
149,615
5.750%, 
4/25/2037,
Ser.
2007-3,
Class
A27
66,947
Credit
Suisse
Mortgage
Trust
436,120
6.567%, 
8/25/2067,
Ser.
2022-ATH3,
Class
A3
c,e
427,216
464,231
2.572%, 
11/25/2066,
Ser.
2022-NQM1,
Class
A2
c,e
381,384
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
63,153
6.000%, 
5/25/2024,
Ser.
2006-AR5,
Class
23A
32,768
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
1,525,293
4.000%, 
1/25/2051,
Ser.
5249,
Class
LA
1,435,880
192,172
3.000%, 
2/15/2033,
Ser.
4170,
Class
IG
f
14,827
540,922
3.000%, 
3/15/2033,
Ser.
4180,
Class
PI
f
50,701
1,202,046
4.500%, 
10/15/2033,
Ser.
2695,
Class
BH
1,165,721
1,100,000
2.500%, 
12/15/2048,
Ser.
5094,
Class
BC
827,416
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
189
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Collateralized
Mortgage
Obligations
(0.8%)
-
continued
Federal
National
Mortgage
Association
-
REMIC
$
253,800
5.000%, 
3/25/2054,
Ser.
2024-9,
Class
ZC
$
243,972
1,477,268
4.500%, 
6/25/2052,
Ser.
2022-43,
Class
MA
1,424,169
1,388,450
Zero
Coupon, 
11/25/2053,
Ser.
2023-54,
Class
EO
1,066,735
473,212
3.000%, 
12/25/2027,
Ser.
2012-137,
Class
AI
f
14,967
2,113,940
5.250%, 
7/25/2039,
Ser.
2022-72,
Class
CB
2,069,716
1,204,510
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
1,164,115
Flagstar
Mortgage
Trust
487,743
2.500%, 
9/25/2041,
Ser.
2021-9INV,
Class
A1
c,e
418,166
GCAT
Trust
660,867
1.855%, 
8/25/2066,
Ser.
2021-NQM6,
Class
A1
c,e
570,181
GS
Mortgage-Backed
Securities
Trust
1,049,229
3.000%, 
6/25/2052,
Ser.
2022-GR1,
Class
A2
c,e
840,899
GSR
Mortgage
Loan
Trust
602,581
4.960%, 
9/25/2034,
Ser.
2004-11,
Class
2A2
e
570,768
J.P.
Morgan
Mortgage
Trust
867,715
2.500%, 
2/25/2052,
Ser.
2021-INV7,
Class
A2A
c,e
667,225
669,708
2.774%, 
5/25/2052,
Ser.
2021-LTV2,
Class
A2
c,e
533,912
LHOME
Mortgage
Trust
39,689
3.090%, 
6/25/2026,
Ser.
2021-RTL2,
Class
A1
c
39,593
600,000
7.628%, 
11/25/2028,
Ser.
2023-RTL4,
Class
A1
c,d
605,476
Mello
Mortgage
Capital
Acceptance
950,921
2.500%, 
8/25/2051,
Ser.
2021-INV2,
Class
A3
c,e
728,828
Merrill
Lynch
Alternative
Note
Asset
Trust
145,937
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
52,139
New
Residential
Mortgage
Loan
Trust
1,861,446
2.500%, 
9/25/2051,
Ser.
2021-INV2,
Class
A2
c,e
1,431,350
OBX
Trust
575,000
3.688%, 
1/25/2062,
Ser.
2022-NQM3,
Class
A1B
c,e
487,181
Palisades
Mortgage
Loan
Trust
990,809
3.487%, 
6/25/2026,
Ser.
2021-RTL1,
Class
A1
c
987,420
Residential
Accredit
Loans,
Inc.
Trust
167,043
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
138,294
ROC
Securities
Trust
Series
737,661
3.487%, 
8/25/2026,
Ser.
2021-RTL1,
Class
A1
c,e
734,765
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Collateralized
Mortgage
Obligations
(0.8%)
-
continued
Saluda
Grade
Alternative
Mortgage
Trust
$
1,000,000
7.762%, 
4/25/2030,
Ser.
2024-RTL5,
Class
A1
c,d
$
1,005,003
Toorak
Mortgage
Corporation,
Ltd.
369,772
3.240%, 
6/25/2024,
Ser.
2021-1,
Class
A1
c
365,932
TRK
Trust
660,732
1.966%, 
11/25/2056,
Ser.
2021-INV2,
Class
A1
c,e
558,114
Vericrest
Opportunity
Loan
Transferee
308,086
5.116%, 
3/27/2051,
Ser.
2021-NPL5,
Class
A1
c,d
302,194
Verus
Securitization
Trust
356,920
2.286%, 
11/25/2066,
Ser.
2021-8,
Class
A2
c,e
294,079
Total
27,734,513
Commercial
Mortgage-Backed
Securities
(0.5%)
BANK
2022-BNK39
3,979,677
0.531%, 
2/15/2055,
Ser.
2022-BNK39,
Class
XA
e,f
103,405
BBCMS
Mortgage
Trust
6,976,094
1.325%, 
9/15/2055,
Ser.
2022-C17,
Class
XA
e,f
516,186
5,555,056
1.941%, 
10/15/2053,
Ser.
2020-C8,
Class
XA
e,f
448,699
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
2,400,000
5.180%, 
3/25/2029,
Ser.
K520,
Class
A2
e
2,399,803
3,000,000
3.000%, 
6/25/2032,
Ser.
K147,
Class
A2
e,g
2,575,090
2,000,000
3.500%, 
7/25/2032,
Ser.
K148,
Class
A2
e,g
1,782,249
600,000
3.530%, 
8/25/2032,
Ser.
K149,
Class
A2
g
534,950
250,000
3.710%, 
9/25/2032,
Ser.
K-150,
Class
A2
e,g
225,611
3,000,000
3.800%, 
10/25/2032,
Ser.
K-151,
Class
A2
e,g
2,723,011
2,500,000
3.820%, 
12/25/2032,
Ser.
K-153,
Class
A2
e,g
2,275,050
1,000,000
4.500%, 
8/25/2033,
Ser.
K-160,
Class
A2
e,g
952,447
3,500,000
5.150%, 
12/25/2033,
Ser.
K-162,
Class
A2
g
3,495,816
Morgan
Stanley
Capital
I
Trust
5,911,850
1.955%, 
7/15/2053,
Ser.
2020-HR8,
Class
XA
e,f
505,407
Total
18,537,724
Communications
Services
(0.5%)
Altice
Financing
SA
139,000
5.750%, 
8/15/2029
c
103,246
AMC
Networks,
Inc.
33,000
10.250%, 
1/15/2029
c
32,940
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
190
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Communications
Services
(0.5%)
-
continued
American
Tower
Corporation
$
100,000
3.375%, 
10/15/2026
$
94,987
235,000
5.800%, 
11/15/2028
236,503
275,000
2.900%, 
1/15/2030
237,138
205,000
5.650%, 
3/15/2033
201,953
AT&T,
Inc.
342,000
3.650%, 
6/1/2051
235,498
502,000
3.500%, 
9/15/2053
330,951
215,000
2.300%, 
6/1/2027
196,082
230,000
5.400%, 
2/15/2034
224,720
300,000
4.900%, 
8/15/2037
272,748
Bell
Telephone
Company
of
Canada
320,000
5.550%, 
2/15/2054
301,392
CCO
Holdings,
LLC/CCO
Holdings
Capital
Corporation
220,000
5.125%, 
5/1/2027
c
206,178
100,000
5.000%, 
2/1/2028
c
91,068
18,000
6.375%, 
9/1/2029
c
16,500
185,000
4.750%, 
3/1/2030
c
153,725
40,000
4.500%, 
8/15/2030
c
32,506
99,000
4.250%, 
2/1/2031
c
77,482
362,000
4.750%, 
2/1/2032
c
284,689
150,000
4.250%, 
1/15/2034
c
108,677
Charter
Communications
Operating,
LLC/Charter
Communications
Operating
Capital
Corporation
164,000
6.150%, 
11/10/2026
164,403
341,000
4.200%, 
3/15/2028
317,191
650,000
3.500%, 
6/1/2041
415,872
Cimpress
plc
116,000
7.000%, 
6/15/2026
115,102
Clear
Channel
Outdoor
Holdings,
Inc.
32,000
7.875%, 
4/1/2030
c
31,375
Clear
Channel
Worldwide
Holdings,
Inc.
270,000
5.125%, 
8/15/2027
c
250,269
Comcast
Corporation
341,000
5.350%, 
5/15/2053
316,983
130,000
4.400%, 
8/15/2035
117,165
428,000
4.750%, 
3/1/2044
375,034
Connect
Finco
SARL/Connect
US
Finco,
LLC
89,000
6.750%, 
10/1/2026
c
86,195
CSC
Holdings,
LLC
71,000
11.750%, 
1/31/2029
c
63,078
333,000
6.500%, 
2/1/2029
c
248,358
205,000
4.125%, 
12/1/2030
c
130,220
Deutsche
Telekom
International
Finance
BV
569,000
8.750%, 
6/15/2030
656,088
DIRECTV
Financing,
LLC/DIRECTV
Financing
Co-Obligor,
Inc.
441,000
5.875%, 
8/15/2027
c
411,046
Discovery
Communications,
LLC
390,000
4.900%, 
3/11/2026
383,609
Frontier
Communications
Holdings,
LLC
196,000
5.875%, 
10/15/2027
c
187,995
99,000
8.750%, 
5/15/2030
c
100,795
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Communications
Services
(0.5%)
-
continued
GCI,
LLC
$
150,000
4.750%, 
10/15/2028
c
$
133,807
Gray
Television,
Inc.
235,000
4.750%, 
10/15/2030
c
141,864
122,000
5.375%, 
11/15/2031
c
73,335
Iliad
Holding
SASU
214,000
6.500%, 
10/15/2026
c
212,952
Intelsat
Jackson
Holdings
SA
169,000
6.500%, 
3/15/2030
c
161,757
Lamar
Media
Corporation
94,000
3.625%, 
1/15/2031
80,370
LCPR
Senior
Secured
Financing
DAC
241,000
6.750%, 
10/15/2027
c
223,365
Level
3
Financing,
Inc.
63,680
10.500%, 
4/15/2029
c
63,550
63,681
11.000%, 
11/15/2029
c
64,986
83,000
10.500%, 
5/15/2030
a,c
82,246
McGraw-Hill
Education,
Inc.
127,000
5.750%, 
8/1/2028
c
117,776
Meta
Platforms,
Inc.
170,000
5.600%, 
5/15/2053
168,595
207,000
4.800%, 
5/15/2030
203,245
413,000
3.850%, 
8/15/2032
374,972
Netflix,
Inc.
110,000
5.875%, 
11/15/2028
112,277
272,000
5.375%, 
11/15/2029
c
271,223
300,000
4.875%, 
6/15/2030
c
291,363
News
Corporation
166,000
3.875%, 
5/15/2029
c
149,507
NTT
Finance
Corporation
398,000
4.372%, 
7/27/2027
c
385,777
Omnicom
Group,
Inc.
210,000
4.200%, 
6/1/2030
195,690
Outfront
Media
Capital,
LLC/
Outfront
Media
Capital
Corporation
70,000
4.625%, 
3/15/2030
c
61,801
Paramount
Global
113,000
6.375%, 
3/30/2062
e
104,509
Playtika
Holding
Corporation
146,000
4.250%, 
3/15/2029
c
125,641
Rogers
Communications,
Inc.
304,000
5.000%, 
2/15/2029
295,823
391,000
5.300%, 
2/15/2034
374,836
Scripps
Escrow
II,
Inc.
39,000
3.875%, 
1/15/2029
c
28,809
Sinclair
Television
Group,
Inc.
235,000
4.125%, 
12/1/2030
c
162,883
Sirius
XM
Radio,
Inc.
215,000
5.000%, 
8/1/2027
c
203,044
105,000
4.000%, 
7/15/2028
c
93,599
125,000
4.125%, 
7/1/2030
c
106,008
Sprint
Capital
Corporation
573,000
8.750%, 
3/15/2032
676,565
TEGNA,
Inc.
65,000
4.750%, 
3/15/2026
c
62,770
188,000
4.625%, 
3/15/2028
169,424
Telecom
Italia
Capital
SA
177,000
6.000%, 
9/30/2034
149,039
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
191
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Communications
Services
(0.5%)
-
continued
Telecom
Italia
SPA/Milano
$
72,000
5.303%, 
5/30/2024
c
$
71,816
Telenet
Finance
Luxembourg
Notes
SARL
200,000
5.500%, 
3/1/2028
c
188,400
T-Mobile
USA,
Inc.
569,000
3.600%, 
11/15/2060
372,688
352,000
4.850%, 
1/15/2029
343,120
300,000
4.375%, 
4/15/2040
255,577
United
States
Cellular
Corporation
44,000
6.700%, 
12/15/2033
42,935
Uniti
Group,
LP/Uniti
Group
Finance,
Inc./CSL
Capital,
LLC
198,000
4.750%, 
4/15/2028
c
173,656
Univision
Communications,
Inc.
197,000
4.500%, 
5/1/2029
c
171,375
Urban
One,
Inc.
39,000
7.375%, 
2/1/2028
c
31,644
Verizon
Communications,
Inc.
342,000
3.000%, 
11/20/2060
197,950
994,000
2.650%, 
11/20/2040
664,155
500,000
3.400%, 
3/22/2041
372,256
Viasat,
Inc.
105,000
6.500%, 
7/15/2028
a,c
80,263
Virgin
Media
Finance
plc
72,000
5.000%, 
7/15/2030
c
58,964
Virgin
Media
Secured
Finance
plc
151,000
5.500%, 
5/15/2029
c
137,250
VZ
Secured
Financing
BV
235,000
5.000%, 
1/15/2032
c
197,949
Warnermedia
Holdings,
Inc.
302,000
4.054%, 
3/15/2029
275,480
343,000
5.050%, 
3/15/2042
274,576
Windstream
Escrow,
LLC/
Windstream
Escrow
Finance
Corporation
70,000
7.750%, 
8/15/2028
c
67,448
Zayo
Group
Holdings,
Inc.
79,000
4.000%, 
3/1/2027
c
62,881
Ziggo
Bond
Company
BV
70,000
5.125%, 
2/28/2030
c
58,082
Ziggo
BV
70,000
4.875%, 
1/15/2030
c
61,253
Total
18,092,887
Consumer
Cyclical
(0.6%)
1011778
B.C.,
ULC/New
Red
Finance,
Inc.
210,000
4.375%, 
1/15/2028
c
195,292
Adient
Global
Holdings,
Ltd.
32,000
7.000%, 
4/15/2028
c
32,328
104,000
8.250%, 
4/15/2031
a,c
107,998
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation
31,000
6.625%, 
7/15/2026
c
30,918
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation/
Atlas
Luxco
4
SARL
255,000
4.625%, 
6/1/2028
c
229,047
Allison
Transmission,
Inc.
94,000
3.750%, 
1/30/2031
c
80,459
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Consumer
Cyclical
(0.6%)
-
continued
Amazon.com,
Inc.
$
324,000
3.875%, 
8/22/2037
$
278,673
American
Axle
&
Manufacturing,
Inc.
162,000
6.875%, 
7/1/2028
160,775
182,000
5.000%, 
10/1/2029
a
164,209
American
Honda
Finance
Corporation
310,000
4.900%, 
3/12/2027
306,928
239,000
5.850%, 
10/4/2030
244,718
Anywhere
Real
Estate
Group,
LLC/Anywhere
Co-Issuer
Corporation
35,000
7.000%, 
4/15/2030
a,c
30,711
Arko
Corporation
97,000
5.125%, 
11/15/2029
c
78,166
Asbury
Automotive
Group,
Inc.
111,000
5.000%, 
2/15/2032
c
98,680
Ashton
Woods
USA,
LLC/Ashton
Woods
Finance
Company
140,000
4.625%, 
8/1/2029
c
126,618
40,000
4.625%, 
4/1/2030
c
35,745
Aston
Martin
Capital
Holdings,
Ltd.
83,000
10.000%, 
3/31/2029
c
81,290
Beazer
Homes
USA,
Inc.
109,000
7.500%, 
3/15/2031
c
107,739
Boyd
Gaming
Corporation
150,000
4.750%, 
6/15/2031
c
132,826
Boyne
USA,
Inc.
105,000
4.750%, 
5/15/2029
c
95,544
Brookfield
Residential
Properties,
Inc./Brookfield
Residential
US,
LLC
150,000
6.250%, 
9/15/2027
c
144,250
Caesars
Entertainment,
Inc.
75,000
8.125%, 
7/1/2027
c
76,012
425,000
4.625%, 
10/15/2029
c
379,243
78,000
6.500%, 
2/15/2032
c
76,849
Carnival
Corporation
41,000
7.625%, 
3/1/2026
c
41,254
357,000
5.750%, 
3/1/2027
c
348,418
174,000
4.000%, 
8/1/2028
c
159,089
66,000
6.000%, 
5/1/2029
c
63,957
Cedar
Fair,
LP
139,000
5.250%, 
7/15/2029
129,763
Cedar
Fair,
LP/Canada's
Wonderland
Company/Magnum
Management
Corporation/
Millennium
Operations,
LLC
32,000
5.375%, 
4/15/2027
31,056
Churchill
Downs,
Inc.
140,000
4.750%, 
1/15/2028
c
132,274
69,000
6.750%, 
5/1/2031
c
68,500
Cinemark
USA,
Inc.
193,000
5.875%, 
3/15/2026
c
190,569
Clarios
Global,
LP/Clarios
US
Finance
Company,
Inc.
105,000
8.500%, 
5/15/2027
c
105,138
172,000
6.750%, 
5/15/2028
c
172,350
Cushman
&
Wakefield
US
Borrower,
LLC
32,000
6.750%, 
5/15/2028
c
31,554
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
192
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Consumer
Cyclical
(0.6%)
-
continued
D.R.
Horton,
Inc.
$
117,000
2.600%, 
10/15/2025
$
111,824
Daimler
Trucks
Finance
North
America,
LLC
392,000
2.000%, 
12/14/2026
c
358,285
Dana,
Inc.
64,000
5.625%, 
6/15/2028
61,668
95,000
4.500%, 
2/15/2032
80,599
eG
Global
Finance
plc
32,000
12.000%, 
11/30/2028
c
33,034
Expedia
Group,
Inc.
553,000
3.250%, 
2/15/2030
487,804
Ford
Motor
Credit
Company,
LLC
225,000
2.300%, 
2/10/2025
218,649
354,000
2.900%, 
2/10/2029
305,593
315,000
7.122%, 
11/7/2033
327,766
Forestar
Group,
Inc.
66,000
3.850%, 
5/15/2026
c
62,637
Gap,
Inc.
46,000
3.625%, 
10/1/2029
c
38,923
General
Motors
Company
450,000
6.125%, 
10/1/2025
451,514
General
Motors
Financial
Company,
Inc.
300,000
1.500%, 
6/10/2026
275,139
120,000
5.400%, 
5/8/2027
119,164
413,000
5.800%, 
1/7/2029
412,002
GLP
Capital,
LP
469,000
5.750%, 
6/1/2028
463,268
GoDaddy
Operating
Company,
LLC/GD
Finance
Company,
Inc.
64,000
3.500%, 
3/1/2029
c
56,752
Goodyear
Tire
&
Rubber
Company
64,000
4.875%, 
3/15/2027
61,365
105,000
5.000%, 
7/15/2029
95,232
Hanesbrands,
Inc.
73,000
4.875%, 
5/15/2026
c
70,606
72,000
9.000%, 
2/15/2031
a,c
71,654
Hilton
Domestic
Operating
Company,
Inc.
292,000
4.875%, 
1/15/2030
274,489
32,000
4.000%, 
5/1/2031
c
28,040
152,000
3.625%, 
2/15/2032
c
127,729
Hilton
Grand
Vacations
Borrower
Escrow,
LLC/Hilton
Grand
Vacations
Borrower
Escrow,
Inc.
227,000
5.000%, 
6/1/2029
c
206,468
Home
Depot,
Inc.
375,000
5.400%, 
9/15/2040
366,112
228,000
4.250%, 
4/1/2046
187,478
340,000
3.900%, 
6/15/2047
262,571
Hyundai
Capital
America
237,000
6.250%, 
11/3/2025
c
238,004
375,000
1.800%, 
1/10/2028
c
326,139
International
Game
Technology
plc
206,000
5.250%, 
1/15/2029
c
194,578
Jacobs
Entertainment,
Inc.
94,000
6.750%, 
2/15/2029
c
89,169
Jaguar
Land
Rover
Automotive
plc
76,000
5.500%, 
7/15/2029
c
71,511
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Consumer
Cyclical
(0.6%)
-
continued
KB
Home
$
215,000
4.800%, 
11/15/2029
$
199,672
Kohl's
Corporation
182,000
4.625%, 
5/1/2031
150,045
L
Brands,
Inc.
240,000
6.625%, 
10/1/2030
c
239,821
70,000
6.875%, 
11/1/2035
69,534
Lennar
Corporation
357,000
4.750%, 
5/30/2025
352,941
Light
&
Wonder
International,
Inc.
160,000
7.250%, 
11/15/2029
c
161,369
Live
Nation
Entertainment,
Inc.
71,000
4.750%, 
10/15/2027
c
66,916
Lowe's
Companies,
Inc.
228,000
5.625%, 
4/15/2053
217,487
498,000
2.625%, 
4/1/2031
417,180
Macy's
Retail
Holdings,
LLC
140,000
5.875%, 
4/1/2029
a,c
134,984
63,000
6.125%, 
3/15/2032
c
59,593
Marriott
International,
Inc./MD
426,000
4.625%, 
6/15/2030
404,823
Mattamy
Group
Corporation
129,000
5.250%, 
12/15/2027
c
123,506
McDonald's
Corporation
470,000
4.450%, 
3/1/2047
386,793
Melco
Resorts
Finance,
Ltd.
176,000
5.375%, 
12/4/2029
c
156,713
180,000
7.625%, 
4/17/2032
c
176,076
Michaels
Companies,
Inc.
94,000
5.250%, 
5/1/2028
c
79,559
NCL
Corporation,
Ltd.
76,000
5.875%, 
3/15/2026
c
74,466
158,000
5.875%, 
2/15/2027
c
154,345
Nissan
Motor
Acceptance
Company,
LLC
361,000
1.125%, 
9/16/2024
c
353,848
Nordstrom,
Inc.
55,000
4.375%, 
4/1/2030
49,088
78,000
4.250%, 
8/1/2031
67,276
PENN
Entertainment,
Inc.
150,000
4.125%, 
7/1/2029
a,c
125,644
PetSmart,
Inc./PetSmart
Finance
Corporation
180,000
4.750%, 
2/15/2028
c
166,113
190,000
7.750%, 
2/15/2029
c
180,592
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
207,000
5.750%, 
4/15/2026
c
204,396
128,000
6.250%, 
1/15/2028
a,c
125,045
QVC,
Inc.
40,000
4.375%, 
9/1/2028
30,759
Raising
Cane's
Restaurants,
LLC
71,000
9.375%, 
5/1/2029
c
76,148
Rakuten
Group,
Inc.
95,000
11.250%, 
2/15/2027
c
98,658
115,000
9.750%, 
4/15/2029
c
113,888
Royal
Caribbean
Cruises,
Ltd.
288,000
4.250%, 
7/1/2026
c
276,535
138,000
9.250%, 
1/15/2029
c
147,378
110,000
7.250%, 
1/15/2030
c
113,120
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
193
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Consumer
Cyclical
(0.6%)
-
continued
Scientific
Games
Holdings,
LP/
Scientific
Games
US
FinCo,
Inc.
$
72,000
6.625%, 
3/1/2030
c
$
68,114
SeaWorld
Parks
and
Entertainment,
Inc.
153,000
5.250%, 
8/15/2029
c
141,076
Service
Corporation
International/
US
64,000
3.375%, 
8/15/2030
54,291
Six
Flags
Entertainment
Corporation/Six
Flags
Theme
Parks,
Inc.
32,000
6.625%, 
5/1/2032
c,h
31,872
Six
Flags
Theme
Parks,
Inc.
73,000
7.000%, 
7/1/2025
c
73,159
Staples,
Inc.
184,000
7.500%, 
4/15/2026
c
177,398
Station
Casinos,
LLC
111,000
4.625%, 
12/1/2031
a,c
97,295
Target
Corporation
342,000
2.950%, 
1/15/2052
216,802
Tenneco,
Inc.
209,000
8.000%, 
11/17/2028
c
195,282
Toyota
Motor
Credit
Corporation
395,000
5.000%, 
3/19/2027
391,821
111,000
4.800%, 
1/5/2034
105,486
Tripadvisor,
Inc.
35,000
7.000%, 
7/15/2025
c
35,014
VICI
Properties,
LP/VICI
Note
Company,
Inc.
390,000
4.625%, 
6/15/2025
c
383,703
136,000
5.750%, 
2/1/2027
c
134,858
176,000
4.125%, 
8/15/2030
c
156,872
Victoria's
Secret
&
Company
150,000
4.625%, 
7/15/2029
c
117,850
Viking
Cruises,
Ltd.
326,000
5.875%, 
9/15/2027
c
316,078
Volkswagen
Group
of
America
Finance,
LLC
362,000
5.300%, 
3/22/2027
c
358,905
Wabash
National
Corporation
157,000
4.500%, 
10/15/2028
c
141,070
Walgreens
Boots
Alliance,
Inc.
111,000
3.200%, 
4/15/2030
95,200
Walmart,
Inc.
298,000
4.500%, 
9/9/2052
259,271
WASH
Multifamily
Acquisition,
Inc.
99,000
5.750%, 
4/15/2026
c
95,982
Wyndham
Hotels
&
Resorts,
Inc.
98,000
4.375%, 
8/15/2028
c
89,858
Wynn
Resorts
Finance,
LLC/Wynn
Resorts
Capital
Corporation
153,000
7.125%, 
2/15/2031
c
155,182
Yum!
Brands,
Inc.
170,000
4.750%, 
1/15/2030
c
159,090
ZF
North
America
Capital,
Inc.
93,000
7.125%, 
4/14/2030
c
95,091
Total
21,205,637
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Consumer
Non-Cyclical
(0.6%)
1375209
B.C.,
Ltd.
$
64,000
9.000%, 
1/30/2028
a,c
$
62,830
Abbott
Laboratories
375,000
4.750%, 
11/30/2036
355,715
AbbVie,
Inc.
122,000
5.400%, 
3/15/2054
118,117
200,000
4.500%, 
5/14/2035
184,616
271,000
5.350%, 
3/15/2044
262,078
AdaptHealth,
LLC
282,000
4.625%, 
8/1/2029
c
237,591
Albertsons
Companies,
Inc./
Safeway,
Inc./New
Albertsons,
LP/Albertsons,
LLC
201,000
4.625%, 
1/15/2027
c
192,052
214,000
3.500%, 
3/15/2029
c
188,827
Altria
Group,
Inc.
237,000
6.875%, 
11/1/2033
250,338
Amgen,
Inc.
375,000
4.200%, 
2/22/2052
288,944
304,000
5.250%, 
3/2/2030
301,319
340,000
5.600%, 
3/2/2043
327,864
Anheuser-Busch
Companies,
LLC/Anheuser-Busch
InBev
Worldwide,
Inc.
486,000
4.700%, 
2/1/2036
452,397
Anheuser-Busch
InBev
Worldwide,
Inc.
583,000
4.375%, 
4/15/2038
516,600
305,000
5.550%, 
1/23/2049
300,300
Archer-Daniels-Midland
Company
450,000
2.700%, 
9/15/2051
268,246
AstraZeneca
plc
600,000
3.000%, 
5/28/2051
393,717
BAT
Capital
Corporation
109,000
5.834%, 
2/20/2031
108,958
114,000
7.750%, 
10/19/2032
126,433
88,000
6.000%, 
2/20/2034
87,456
244,000
7.079%, 
8/2/2043
252,783
Bausch
+
Lomb
Corporation
36,000
8.375%, 
10/1/2028
c
37,179
Bausch
Health
Companies,
Inc.
104,000
5.500%, 
11/1/2025
a,c
96,871
235,000
4.875%, 
6/1/2028
c
151,805
Baxter
International,
Inc.
355,000
3.132%, 
12/1/2051
218,241
Becton,
Dickinson
and
Company
132,000
3.794%, 
5/20/2050
96,961
325,000
3.700%, 
6/6/2027
308,588
BellRing
Brands,
Inc.
97,000
7.000%, 
3/15/2030
c
98,157
Bristol-Myers
Squibb
Company
568,000
3.550%, 
3/15/2042
432,857
Campbell
Soup
Company
400,000
5.200%, 
3/19/2027
397,475
230,000
5.400%, 
3/21/2034
224,378
Cargill,
Inc.
336,000
3.125%, 
5/25/2051
c
218,400
Catalent
Pharma
Solutions,
Inc.
78,000
3.125%, 
2/15/2029
c
74,446
Central
Garden
&
Pet
Company
205,000
4.125%, 
10/15/2030
a
179,069
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
194
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Consumer
Non-Cyclical
(0.6%)
-
continued
Charles
River
Laboratories
International,
Inc.
$
77,000
4.000%, 
3/15/2031
c
$
67,163
Cheplapharm
Arzneimittel
GmbH
20,000
5.500%, 
1/15/2028
c
18,763
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
168,000
4.625%, 
11/15/2028
c
155,494
CHS/Community
Health
Systems,
Inc.
128,000
5.625%, 
3/15/2027
c
117,202
40,000
8.000%, 
12/15/2027
c
39,152
167,000
6.000%, 
1/15/2029
c
145,698
191,000
5.250%, 
5/15/2030
c
156,159
75,000
4.750%, 
2/15/2031
c
58,540
Conagra
Brands,
Inc.
434,000
1.375%, 
11/1/2027
375,356
Constellation
Brands,
Inc.
299,000
3.600%, 
2/15/2028
279,702
192,000
2.875%, 
5/1/2030
165,670
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US,
LLC
207,000
4.750%, 
1/15/2029
c
192,961
116,000
6.625%, 
7/15/2030
c
116,070
CVS
Health
Corporation
511,000
5.625%, 
2/21/2053
471,371
435,000
4.875%, 
7/20/2035
399,639
259,000
4.780%, 
3/25/2038
228,045
Edgewell
Personal
Care
Company
125,000
5.500%, 
6/1/2028
c
120,620
Eli
Lilly
&
Company
169,000
4.950%, 
2/27/2063
152,786
Embecta
Corporation
54,000
6.750%, 
2/15/2030
c
46,159
Encompass
Health
Corporation
240,000
4.500%, 
2/1/2028
225,277
Endo
Finance
Holdings,
Inc.
64,000
8.500%, 
4/15/2031
a,c
65,028
Energizer
Holdings,
Inc.
230,000
4.750%, 
6/15/2028
c
208,982
Fortrea
Holdings,
Inc.
91,000
7.500%, 
7/1/2030
a,c
91,794
General
Mills,
Inc.
91,000
4.950%, 
3/29/2033
a
87,166
Grifols
SA
162,000
4.750%, 
10/15/2028
a,c
130,838
HCA,
Inc.
396,000
3.500%, 
9/1/2030
349,138
Herbalife
Nutrition,
Ltd./HLF
Financing,
Inc.
16,000
7.875%, 
9/1/2025
c
15,347
HLF
Financing
SARL,
LLC/
Herbalife
International,
Inc.
118,000
4.875%, 
6/1/2029
c
69,313
Imperial
Brands
Finance
plc
400,000
3.875%, 
7/26/2029
c
366,428
Jazz
Securities
DAC
94,000
4.375%, 
1/15/2029
c
85,524
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Consumer
Non-Cyclical
(0.6%)
-
continued
JBS
USA
Holding
Lux
SARL/JBS
USA
Food
Company/JBS
Lux
Company
SARL
$
227,000
5.500%, 
1/15/2030
$
219,123
392,000
3.000%, 
5/15/2032
311,531
232,000
6.750%, 
3/15/2034
c
236,693
KeHE
Distributors,
LLC/KeHE
Finance
Corporation/NextWave
Distribution,
Inc.
63,000
9.000%, 
2/15/2029
c
63,612
Keurig
Dr
Pepper,
Inc.
482,000
5.200%, 
3/15/2031
471,157
Kimberly-Clark
Corporation
390,000
3.900%, 
5/4/2047
301,110
Kraft
Heinz
Foods
Company
234,000
4.375%, 
6/1/2046
187,466
Legacy
LifePoint
Health,
LLC
70,000
4.375%, 
2/15/2027
c
65,556
LifePoint
Health,
Inc.
125,000
9.875%, 
8/15/2030
c
130,162
72,000
11.000%, 
10/15/2030
c
76,636
Mattel,
Inc.
286,000
5.450%, 
11/1/2041
250,314
Medline
Borrower,
LP/Medline
Co-
Issuer,
Inc.
131,000
6.250%, 
4/1/2029
c
130,162
Medtronic,
Inc.
343,000
4.375%, 
3/15/2035
315,448
ModivCare
Escrow
Issuer,
Inc.
58,000
5.000%, 
10/1/2029
a,c
40,292
ModivCare,
Inc.
47,000
5.875%, 
11/15/2025
c
45,839
Mozart
Debt
Merger
Sub,
Inc.
129,000
3.875%, 
4/1/2029
c
115,562
113,000
5.250%, 
10/1/2029
c
105,201
Newell
Brands,
Inc.
66,000
6.375%, 
9/15/2027
a
64,359
65,000
6.625%, 
9/15/2029
62,782
Organon
&
Company/Organon
Foreign
Debt
Co-Issuer
BV
161,000
4.125%, 
4/30/2028
c
146,632
180,000
5.125%, 
4/30/2031
c
155,646
Owens
&
Minor,
Inc.
157,000
6.625%, 
4/1/2030
a,c
152,336
PepsiCo,
Inc.
225,000
4.200%, 
7/18/2052
184,430
Performance
Food
Group,
Inc.
95,000
4.250%, 
8/1/2029
c
85,156
Perrigo
Finance
Unlimited
Company
100,000
3.150%, 
6/15/2030
91,633
Pfizer
Investment
Enterprises,
Private
Ltd.
511,000
5.300%, 
5/19/2053
476,527
230,000
5.110%, 
5/19/2043
214,107
Philip
Morris
International,
Inc.
236,000
5.500%, 
9/7/2030
235,506
120,000
5.125%, 
2/13/2031
116,605
341,000
5.375%, 
2/15/2033
334,216
Post
Holdings,
Inc.
95,000
4.625%, 
4/15/2030
c
85,796
135,000
4.500%, 
9/15/2031
c
118,701
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
195
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Consumer
Non-Cyclical
(0.6%)
-
continued
Primo
Water
Holdings,
Inc.
$
140,000
4.375%, 
4/30/2029
c
$
127,786
Reynolds
American,
Inc.
481,000
5.700%, 
8/15/2035
461,867
Roche
Holdings,
Inc.
228,000
4.000%, 
11/28/2044
c
185,651
Scotts
Miracle-Gro
Company
65,000
4.500%, 
10/15/2029
57,969
Simmons
Foods,
Inc.
255,000
4.625%, 
3/1/2029
c
220,016
Spectrum
Brands,
Inc.
99,000
5.000%, 
10/1/2029
c
96,456
100,000
5.500%, 
7/15/2030
c
97,103
68,000
3.875%, 
3/15/2031
a,c
63,636
Star
Parent,
Inc.
119,000
9.000%, 
10/1/2030
c
124,480
Sysco
Corporation
325,000
6.600%, 
4/1/2040
345,388
Takeda
Pharmaceutical
Company,
Ltd.
340,000
3.175%, 
7/9/2050
220,981
Tenet
Healthcare
Corporation
405,000
5.125%, 
11/1/2027
391,807
105,000
6.125%, 
10/1/2028
103,683
139,000
6.750%, 
5/15/2031
c
139,276
Teva
Pharmaceutical
Finance
Netherlands
III
BV
127,000
3.150%, 
10/1/2026
117,655
US
Acute
Care
Solutions,
LLC
65,000
6.375%, 
3/1/2026
c
65,812
Viterra
Finance
BV
295,000
3.200%, 
4/21/2031
c
248,642
Wyeth,
LLC
229,000
6.500%, 
2/1/2034
246,609
Zoetis,
Inc.
509,000
4.700%, 
2/1/2043
443,580
Total
22,161,686
Energy
(0.5%)
Antero
Midstream
Partners,
LP/
Antero
Midstream
Finance
Corporation
122,000
5.375%, 
6/15/2029
c
116,091
Antero
Resources
Corporation
62,000
5.375%, 
3/1/2030
c
58,947
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
170,000
6.250%, 
4/1/2028
c
166,543
Ascent
Resources
Utica
Holdings,
LLC/ARU
Finance
Corporation
131,000
8.250%, 
12/31/2028
c
133,668
Baytex
Energy
Corporation
115,000
8.500%, 
4/30/2030
c
119,900
Borr
IHC,
Ltd./Borr
Finance,
LLC
160,000
10.375%, 
11/15/2030
c
166,164
BP
Capital
Markets
America,
Inc.
613,000
2.939%, 
6/4/2051
383,995
Buckeye
Partners,
LP
90,000
4.500%, 
3/1/2028
c
83,831
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Energy
(0.5%)
-
continued
Canadian
Natural
Resources,
Ltd.
$
168,000
2.950%, 
7/15/2030
$
144,274
CGG
SA
32,000
8.750%, 
4/1/2027
c
29,945
Cheniere
Energy
Partners,
LP
911,000
4.500%, 
10/1/2029
852,370
Cheniere
Energy,
Inc.
64,000
5.650%, 
4/15/2034
c
62,635
Civitas
Resources,
Inc.
108,000
8.375%, 
7/1/2028
c
112,664
42,000
8.625%, 
11/1/2030
c
44,694
156,000
8.750%, 
7/1/2031
c
165,476
CNX
Resources
Corporation
67,000
6.000%, 
1/15/2029
c
64,915
Columbia
Pipelines
Holding
Company,
LLC
240,000
6.042%, 
8/15/2028
c
242,173
Columbia
Pipelines
Operating
Company,
LLC
59,000
5.927%, 
8/15/2030
c
59,101
Comstock
Resources,
Inc.
127,000
6.750%, 
3/1/2029
c
119,495
115,000
5.875%, 
1/15/2030
c
104,739
Continental
Resources,
Inc.
398,000
2.268%, 
11/15/2026
c
365,082
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
129,000
5.500%, 
6/15/2031
c
118,543
Crescent
Energy
Finance,
LLC
79,000
9.250%, 
2/15/2028
c
83,460
196,000
7.625%, 
4/1/2032
c
196,731
Delek
Logistics
Partners,
LP/Delek
Logistics
Finance
Corporation
142,000
8.625%, 
3/15/2029
c
143,074
Diamond
Foreign
Asset
Company/
Diamond
Finance,
LLC
47,000
8.500%, 
10/1/2030
c
49,161
Diamondback
Energy,
Inc.
356,000
5.750%, 
4/18/2054
339,858
DT
Midstream,
Inc.
97,000
4.125%, 
6/15/2029
c
87,918
Enbridge,
Inc.
390,000
5.250%, 
4/5/2027
386,990
Enerflex,
Ltd.
94,000
9.000%, 
10/15/2027
c
96,258
Energy
Transfer,
LP
154,000
8.000%, 
5/15/2054
a,e
158,589
250,000
4.000%, 
10/1/2027
237,677
215,000
4.900%, 
3/15/2035
196,806
175,000
5.150%, 
2/1/2043
149,573
445,000
6.000%, 
6/15/2048
422,057
Enterprise
Products
Operating,
LLC
300,000
3.300%, 
2/15/2053
198,179
EQM
Midstream
Partners,
LP
318,000
4.750%, 
1/15/2031
c
290,567
EQT
Corporation
190,000
6.125%, 
2/1/2025
189,906
Exxon
Mobil
Corporation
450,000
3.452%, 
4/15/2051
318,119
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
196
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Energy
(0.5%)
-
continued
Genesis
Energy
LP/Genesis
Energy
Finance
Corporation
$
191,000
8.875%, 
4/15/2030
$
197,647
Halliburton
Company
297,000
4.850%, 
11/15/2035
279,656
228,000
5.000%, 
11/15/2045
204,071
Harvest
Midstream
I,
LP
145,000
7.500%, 
9/1/2028
c
145,397
95,534
7.500%, 
5/15/2032
c,h
95,652
Hess
Midstream
Operations,
LP
143,000
4.250%, 
2/15/2030
c
129,057
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
255,000
5.750%, 
2/1/2029
c
244,961
64,000
6.000%, 
4/15/2030
c
61,279
70,000
6.250%, 
4/15/2032
c
67,587
Howard
Midstream
Energy
Partners,
LLC
97,000
6.750%, 
1/15/2027
c
95,698
ITT
Holdings,
LLC
135,000
6.500%, 
8/1/2029
c
121,934
Kodiak
Gas
Services,
LLC
79,000
7.250%, 
2/15/2029
c
79,570
Laredo
Petroleum,
Inc.
199,000
7.750%, 
7/31/2029
c
200,304
MEG
Energy
Corporation
151,000
5.875%, 
2/1/2029
c
146,092
MPLX,
LP
290,000
4.875%, 
6/1/2025
287,264
455,000
4.950%, 
9/1/2032
429,148
84,000
5.000%, 
3/1/2033
78,998
Nabors
Industries,
Inc.
64,000
7.375%, 
5/15/2027
c
63,428
162,000
9.125%, 
1/31/2030
c
167,052
National
Fuel
Gas
Company
415,000
5.500%, 
1/15/2026
411,897
New
Fortress
Energy,
Inc.
46,000
6.750%, 
9/15/2025
c
45,435
52,000
8.750%, 
3/15/2029
a,c
50,713
NGL
Energy
Operating,
LLC/NGL
Energy
Finance
Corporation
52,000
8.125%, 
2/15/2029
c
52,828
78,000
8.375%, 
2/15/2032
c
79,260
Noble
Finance
II,
LLC
64,000
8.000%, 
4/15/2030
c
65,945
Northern
Oil
and
Gas,
Inc.
116,000
8.750%, 
6/15/2031
c
122,021
NuStar
Logistics,
LP
127,000
6.375%, 
10/1/2030
125,556
Occidental
Petroleum
Corporation
601,000
7.875%, 
9/15/2031
667,164
ONEOK,
Inc.
121,000
5.000%, 
3/1/2026
119,672
Ovintiv,
Inc.
397,000
5.375%, 
1/1/2026
393,724
235,000
6.250%, 
7/15/2033
236,869
PBF
Holding
Company,
LLC/PBF
Finance
Corporation
95,000
6.000%, 
2/15/2028
92,653
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Energy
(0.5%)
-
continued
Permian
Resources
Operating,
LLC
$
98,000
7.000%, 
1/15/2032
c
$
99,903
Phillips
66
Company
220,000
4.950%, 
12/1/2027
216,988
Prairie
Acquiror,
LP
105,000
9.000%, 
8/1/2029
c
107,248
Precision
Drilling
Corporation
115,000
6.875%, 
1/15/2029
c
113,807
Range
Resources
Corporation
94,000
4.750%, 
2/15/2030
c
86,552
Rockcliff
Energy
II,
LLC
123,000
5.500%, 
10/15/2029
c
113,376
Rockies
Express
Pipeline,
LLC
164,000
4.950%, 
7/15/2029
c
150,771
SM
Energy
Company
105,000
6.500%, 
7/15/2028
104,146
Southwestern
Energy
Company
80,000
4.750%, 
2/1/2032
72,045
Suburban
Propane
Partners,
LP/
Suburban
Energy
Finance
Corporation
64,000
5.875%, 
3/1/2027
63,054
Suncor
Energy,
Inc.
376,000
7.150%, 
2/1/2032
409,643
Sunoco,
LP
191,000
7.000%, 
5/1/2029
c
193,977
Sunoco,
LP/Sunoco
Finance
Corporation
94,000
5.875%, 
3/15/2028
91,732
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
215,000
5.500%, 
1/15/2028
c
204,126
95,000
7.375%, 
2/15/2029
c
95,104
Talos
Production,
Inc.
67,000
9.000%, 
2/1/2029
c
70,689
Targa
Resources
Corporation
400,000
4.200%, 
2/1/2033
353,075
Teine
Energy,
Ltd.
140,000
6.875%, 
4/15/2029
c
136,021
Transocean,
Inc.
153,000
8.750%, 
2/15/2030
c
159,530
USA
Compression
Partners,
LP/
USA
Compression
Finance
Corporation
114,000
7.125%, 
3/15/2029
c
113,271
Valaris,
Ltd.
116,000
8.375%, 
4/30/2030
c
119,296
Venture
Global
Calcasieu
Pass,
LLC
147,000
3.875%, 
8/15/2029
c
129,879
85,000
4.125%, 
8/15/2031
c
74,186
Venture
Global
LNG,
Inc.
236,000
8.125%, 
6/1/2028
c
241,302
236,000
8.375%, 
6/1/2031
c
242,186
281,000
9.875%, 
2/1/2032
c
299,857
Western
Midstream
Operating,
LP
234,000
6.350%, 
1/15/2029
238,912
114,000
6.150%, 
4/1/2033
113,798
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
197
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Energy
(0.5%)
-
continued
Williams
Companies,
Inc.
$
228,000
5.300%, 
8/15/2052
$
205,564
420,000
7.500%, 
1/15/2031
458,953
Total
17,897,691
Financials
(1.7%)
Acrisure,
LLC/Acrisure
Finance,
Inc.
44,000
4.250%, 
2/15/2029
c
39,418
AEGON
Funding
Company,
LLC
383,000
5.500%, 
4/16/2027
c
378,845
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
259,000
6.100%, 
1/15/2027
261,020
425,000
3.875%, 
1/23/2028
397,519
265,000
3.400%, 
10/29/2033
215,756
Air
Lease
Corporation
537,000
3.000%, 
2/1/2030
465,347
Aircastle,
Ltd.
375,000
5.250%, 
8/11/2025
c
370,304
Alliant
Holdings
Intermediate,
LLC/
Alliant
Holdings
Co-Issuer,
Inc.
64,000
4.250%, 
10/15/2027
c
59,700
129,000
6.750%, 
4/15/2028
c
128,864
65,000
7.000%, 
1/15/2031
c
65,204
Ally
Financial,
Inc.
400,000
5.750%, 
11/20/2025
a
396,736
400,000
8.000%, 
11/1/2031
433,069
99,000
6.700%, 
2/14/2033
97,118
American
Express
Company
127,000
5.098%, 
2/16/2028
e
125,570
American
Homes
4
Rent,
LP
433,000
2.375%, 
7/15/2031
343,099
American
International
Group,
Inc.
469,000
5.125%, 
3/27/2033
449,850
AmWINS
Group,
Inc.
52,000
6.375%, 
2/15/2029
c
51,370
155,000
4.875%, 
6/30/2029
c
140,908
ANZ
Bank
New
Zealand,
Ltd.
225,000
5.548%, 
8/11/2032
c,e
222,312
Aon
North
America,
Inc.
185,000
5.750%, 
3/1/2054
178,845
Ares
Capital
Corporation
170,000
3.250%, 
7/15/2025
163,935
375,000
3.875%, 
1/15/2026
361,072
241,000
2.150%, 
7/15/2026
221,299
203,000
5.875%, 
3/1/2029
199,016
Arthur
J.
Gallagher
&
Company
59,000
6.750%, 
2/15/2054
63,531
95,000
5.750%, 
7/15/2054
90,241
Associated
Banc-Corp
325,000
4.250%, 
1/15/2025
319,284
Australia
&
New
Zealand
Banking
Group,
Ltd.
300,000
2.950%, 
7/22/2030
c,e
288,110
Avolon
Holdings
Funding,
Ltd.
130,000
4.250%, 
4/15/2026
c
125,018
288,000
5.750%, 
3/1/2029
c
283,347
Banco
Santander
Mexico
SA
225,000
5.375%, 
4/17/2025
c
223,538
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Financials
(1.7%)
-
continued
Banco
Santander
SA
$
400,000
4.175%, 
3/24/2028
e
$
380,564
Bank
of
America
Corporation
408,000
5.080%, 
1/20/2027
e
403,674
325,000
1.734%, 
7/22/2027
e
298,167
297,000
3.824%, 
1/20/2028
e
283,483
199,000
5.202%, 
4/25/2029
e
195,920
300,000
2.087%, 
6/14/2029
e
261,002
150,000
3.974%, 
2/7/2030
e
139,423
350,000
2.496%, 
2/13/2031
e
294,555
600,000
1.922%, 
10/24/2031
e
477,083
343,000
2.972%, 
2/4/2033
e
283,166
685,000
4.571%, 
4/27/2033
e
631,432
352,000
5.872%, 
9/15/2034
e
352,640
143,000
5.468%, 
1/23/2035
e
139,063
455,000
3.846%, 
3/8/2037
e
391,862
Bank
of
Montreal
116,000
5.266%, 
12/11/2026
115,340
Bank
of
New
York
Mellon
Corporation
243,000
6.317%, 
10/25/2029
e
251,122
Bank
of
Nova
Scotia
112,000
4.850%, 
2/1/2030
108,458
Barclays
plc
34,000
6.125%, 
12/15/2025
e,i
32,682
345,000
6.496%, 
9/13/2027
e
349,137
350,000
4.972%, 
5/16/2029
e
337,689
340,000
5.746%, 
8/9/2033
e
332,012
Belrose
Funding
Trust
500,000
2.330%, 
8/15/2030
c
388,542
Berkshire
Hathaway
Finance
Corporation
456,000
2.850%, 
10/15/2050
286,792
BlackRock
Funding,
Inc.
125,000
5.250%, 
3/14/2054
117,993
Blackstone
Private
Credit
Fund
341,000
2.700%, 
1/15/2025
332,622
231,000
6.250%, 
1/25/2031
c
227,316
Blue
Owl
Capital
Corporation
II
176,000
8.450%, 
11/15/2026
c
179,561
Blue
Owl
Credit
Income
Corporation
286,000
4.700%, 
2/8/2027
270,279
Blue
Owl
Technology
Finance
Corporation
150,000
4.750%, 
12/15/2025
c
143,837
Blue
Owl
Technology
Finance
Corporation
II
248,000
6.750%, 
4/4/2029
c
238,970
BNP
Paribas
SA
572,000
3.132%, 
1/20/2033
c,e
474,258
BPCE
SA
588,000
3.500%, 
10/23/2027
c
544,277
Bread
Financial
Holdings,
Inc.
71,000
9.750%, 
3/15/2029
c
73,836
Brookfield
Property
REIT,
Inc./BPR
Cumulus,
LLC/BPR
Nimbus,
LLC/GGSI
Sellco,
LLC
41,000
4.500%, 
4/1/2027
c
36,413
Burford
Capital
Global
Finance,
LLC
151,000
9.250%, 
7/1/2031
c
157,290
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
198
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Financials
(1.7%)
-
continued
Camden
Property
Trust
$
311,000
3.150%, 
7/1/2029
$
277,875
Canadian
Imperial
Bank
of
Commerce
341,000
5.001%, 
4/28/2028
334,162
Capital
One
Financial
Corporation
425,000
4.200%, 
10/29/2025
414,201
350,000
2.636%, 
3/3/2026
e
340,116
85,000
5.700%, 
2/1/2030
e
83,825
Castlelake
Aviation
Finance
DAC
102,000
5.000%, 
4/15/2027
c
98,163
Centene
Corporation
852,000
2.625%, 
8/1/2031
681,720
Charles
Schwab
Corporation
530,000
2.450%, 
3/3/2027
488,194
234,000
6.136%, 
8/24/2034
e
237,271
Chubb
INA
Holdings,
LLC
225,000
4.350%, 
11/3/2045
188,533
Citibank
NA
350,000
5.438%, 
4/30/2026
349,495
Citigroup,
Inc.
408,000
0.981%, 
5/1/2025
e
408,000
455,000
4.400%, 
6/10/2025
448,060
304,000
3.200%, 
10/21/2026
287,027
468,000
3.668%, 
7/24/2028
e
440,985
228,000
4.125%, 
7/25/2028
214,728
99,000
3.520%, 
10/27/2028
e
92,366
148,000
5.174%, 
2/13/2030
e
144,739
484,000
4.910%, 
5/24/2033
e
454,236
287,000
6.174%, 
5/25/2034
e
284,830
CNA
Financial
Corporation
177,000
5.125%, 
2/15/2034
166,999
Comerica,
Inc.
90,000
5.982%, 
1/30/2030
e
87,398
Cooperatieve
Rabobank
UA
455,000
5.564%, 
2/28/2029
c,e
450,932
Corebridge
Financial,
Inc.
171,000
4.350%, 
4/5/2042
137,097
Credit
Acceptance
Corporation
118,000
9.250%, 
12/15/2028
c
125,110
Credit
Agricole
SA
400,000
6.875%, 
9/23/2024
c,e,i
398,515
Credit
Suisse
Group
AG
350,000
7.250%, 
N/A
c,j
38,500
Deutsche
Bank
AG/New
York,
NY
255,000
6.819%, 
11/20/2029
e
262,081
525,000
3.729%, 
1/14/2032
e
432,245
Discover
Bank
480,000
5.974%, 
(USISOA05
+
1.730%),
8/9/2028
e
465,978
Diversified
Healthcare
Trust
76,000
Zero
Coupon, 
1/15/2026
c
65,356
Drawbridge
Special
Opportunities
Fund,
LP
235,000
3.875%, 
2/15/2026
c
221,573
Elevance
Health,
Inc.
460,000
3.125%, 
5/15/2050
299,750
306,000
4.625%, 
5/15/2042
264,706
Enact
Holdings,
Inc.
88,000
6.500%, 
8/15/2025
c
87,921
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Financials
(1.7%)
-
continued
EPR
Properties
$
210,000
4.950%, 
4/15/2028
$
197,358
Fairfax
Financial
Holdings,
Ltd.
252,000
6.350%, 
3/22/2054
c
249,128
Fifth
Third
Bancorp
179,000
6.339%, 
7/27/2029
e
181,040
First
Horizon
Bank
300,000
5.750%, 
5/1/2030
a
276,884
FirstCash,
Inc.
126,000
5.625%, 
1/1/2030
c
118,734
First-Citizens
Bank
&
Trust
Company
210,000
6.125%, 
3/9/2028
213,299
Five
Corners
Funding
Trust
IV
227,000
5.997%, 
2/15/2053
c
227,037
Fortress
Transportation
and
Infrastructure
Investors,
LLC
58,000
9.750%, 
8/1/2027
c
59,879
49,000
5.500%, 
5/1/2028
c
47,029
118,000
7.000%, 
5/1/2031
c
118,637
Freedom
Mortgage
Corporation
59,000
7.625%, 
5/1/2026
c
58,735
47,000
12.000%, 
10/1/2028
c
50,302
Freedom
Mortgage
Holdings,
LLC
52,000
9.250%, 
2/1/2029
c
52,275
FS
KKR
Capital
Corporation
325,000
3.400%, 
1/15/2026
307,270
GGAM
Finance,
Ltd.
115,000
7.750%, 
5/15/2026
c
116,826
66,000
8.000%, 
6/15/2028
c
67,969
52,000
6.875%, 
4/15/2029
c
51,951
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership,
LP
192,000
3.750%, 
12/15/2027
c
163,512
goeasy,
Ltd.
95,000
9.250%, 
12/1/2028
c
100,305
32,000
7.625%, 
7/1/2029
c
31,993
Goldman
Sachs
Bank
USA/New
York,
NY
521,000
5.283%, 
3/18/2027
e
517,565
Goldman
Sachs
BDC,
Inc.
153,000
6.375%, 
3/11/2027
153,599
Goldman
Sachs
Group,
Inc.
320,000
1.948%, 
10/21/2027
e
292,184
356,000
6.484%, 
10/24/2029
e
367,336
145,000
1.992%, 
1/27/2032
e
114,478
898,000
3.102%, 
2/24/2033
e
747,087
Healthpeak
OP,
LLC
87,000
3.400%, 
2/1/2025
85,364
Highwoods
Realty,
LP
235,000
7.650%, 
2/1/2034
246,969
HSBC
Holdings
plc
450,000
2.999%, 
3/10/2026
e
438,743
275,000
3.900%, 
5/25/2026
265,871
350,000
5.402%, 
8/11/2033
e
338,332
HSBC
USA,
Inc.
353,000
5.294%, 
3/4/2027
351,799
HUB
International,
Ltd.
185,000
7.250%, 
6/15/2030
c
187,714
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
199
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Financials
(1.7%)
-
continued
Huntington
Bancshares,
Inc./OH
$
290,000
5.709%, 
2/2/2035
e
$
278,024
Icahn
Enterprises,
LP/Icahn
Enterprises
Finance
Corporation
91,000
6.375%, 
12/15/2025
89,370
115,000
6.250%, 
5/15/2026
111,845
132,000
5.250%, 
5/15/2027
121,208
Intercontinental
Exchange,
Inc.
200,000
4.950%, 
6/15/2052
179,112
Intesa
Sanpaolo
SPA
79,000
4.198%, 
6/1/2032
c,e
64,752
Invitation
Homes
Operating
Partnership,
LP
286,000
2.000%, 
8/15/2031
221,040
J.P.
Morgan
Chase
&
Company
239,000
1.040%, 
2/4/2027
e
220,295
456,000
1.578%, 
4/22/2027
e
420,793
460,000
2.947%, 
2/24/2028
e
428,174
575,000
4.203%, 
7/23/2029
e
545,216
425,000
2.522%, 
4/22/2031
e
358,694
450,000
1.953%, 
2/4/2032
e
357,052
457,000
4.586%, 
4/26/2033
e
425,293
342,000
4.912%, 
7/25/2033
e
325,155
294,000
5.766%, 
4/22/2035
e
294,197
J.P.
Morgan
Chase
Bank
NA
250,000
5.110%, 
12/8/2026
248,339
Jane
Street
Group/JSG
Finance,
Inc.
39,000
4.500%, 
11/15/2029
c
35,473
Jefferies
Finance,
LLC/JFIN
Co-
Issuer
Corporation
47,000
5.000%, 
8/15/2028
c
42,286
Jefferson
Capital
Holdings,
LLC
52,000
6.000%, 
8/15/2026
c
51,118
131,000
9.500%, 
2/15/2029
c
133,287
KeyBank
NA/Cleveland,
OH
308,000
5.000%, 
1/26/2033
276,197
KeyCorp
168,000
3.878%, 
5/23/2025
e
166,994
Kilroy
Realty,
LP
118,000
4.250%, 
8/15/2029
105,267
105,000
6.250%, 
1/15/2036
98,619
Kite
Realty
Group,
LP
85,000
5.500%, 
3/1/2034
81,084
Ladder
Capital
Finance
Holdings,
LLLP/Ladder
Capital
Finance
Corporation
65,000
4.250%, 
2/1/2027
c
60,187
109,000
4.750%, 
6/15/2029
c
97,277
Liberty
Mutual
Group,
Inc.
35,000
4.125%, 
12/15/2051
c,e
31,857
Lloyds
Banking
Group
plc
340,000
5.871%, 
3/6/2029
e
340,539
Macquarie
Airfinance
Holdings,
Ltd.
221,000
6.400%, 
3/26/2029
c
220,361
Manufacturers
&
Traders
Trust
Company
341,000
4.700%, 
1/27/2028
322,834
Marsh
&
McLennan
Companies,
Inc.
84,000
5.450%, 
3/15/2053
79,570
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Financials
(1.7%)
-
continued
$
239,000
5.400%, 
9/15/2033
$
238,221
Massachusetts
Mutual
Life
Insurance
Company
525,000
3.200%, 
12/1/2061
c
305,768
Metropolitan
Life
Global
Funding
I
223,000
5.050%, 
1/8/2034
c
214,111
Mitsubishi
UFJ
Financial
Group,
Inc.
339,000
5.422%, 
2/22/2029
e
337,593
350,000
2.048%, 
7/17/2030
285,638
Molina
Healthcare,
Inc.
122,000
4.375%, 
6/15/2028
c
113,150
Morgan
Stanley
450,000
4.350%, 
9/8/2026
437,743
468,000
3.591%, 
7/22/2028
e
440,375
227,000
5.164%, 
4/20/2029
e
223,290
440,000
3.622%, 
4/1/2031
e
395,474
227,000
5.250%, 
4/21/2034
e
217,818
214,000
5.831%, 
4/19/2035
e
213,914
400,000
5.297%, 
4/20/2037
e
374,630
MPT
Operating
Partnership,
LP/
MPT
Finance
Corporation
52,000
5.250%, 
8/1/2026
a
47,363
138,000
4.625%, 
8/1/2029
a
103,266
Nasdaq,
Inc.
325,000
3.250%, 
4/28/2050
212,345
Nationstar
Mortgage
Holdings,
Inc.
116,000
6.000%, 
1/15/2027
c
113,667
NatWest
Group
plc
225,000
4.445%, 
5/8/2030
e
210,914
359,000
6.475%, 
6/1/2034
e
360,507
Navient
Corporation
38,000
5.000%, 
3/15/2027
35,825
Necessity
Retail
REIT,
Inc./
American
Finance
Operating
Partner,
LP
42,000
4.500%, 
9/30/2028
c
35,826
New
York
Life
Global
Funding
337,000
4.550%, 
1/28/2033
c
315,017
NNN
REIT,
Inc.
357,000
5.600%, 
10/15/2033
350,248
Omega
Healthcare
Investors,
Inc.
432,000
3.625%, 
10/1/2029
377,448
375,000
3.375%, 
2/1/2031
313,139
OneMain
Finance
Corporation
245,000
3.500%, 
1/15/2027
225,402
253,000
3.875%, 
9/15/2028
222,695
Panther
Escrow
Issuer,
LLC
183,000
7.125%, 
6/1/2031
c
183,949
Park
Intermediate
Holdings,
LLC
186,000
4.875%, 
5/15/2029
c
170,196
Pine
Street
Trust
I
342,000
4.572%, 
2/15/2029
c
319,044
PNC
Financial
Services
Group,
Inc.
120,000
6.615%, 
10/20/2027
e
122,622
456,000
4.626%, 
6/6/2033
e
417,134
PRA
Group,
Inc.
32,000
7.375%, 
9/1/2025
c
31,852
100,000
8.375%, 
2/1/2028
c
97,548
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
200
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Financials
(1.7%)
-
continued
Principal
Life
Global
Funding
II
$
338,000
1.250%, 
8/16/2026
c
$
305,661
Prologis
Targeted
US
Logistics
Fund,
LP
240,000
5.250%, 
4/1/2029
c
235,430
Prologis,
LP
160,000
5.250%, 
3/15/2054
146,049
Prudential
Financial,
Inc.
434,000
5.125%, 
3/1/2052
e
400,379
Quicken
Loans,
LLC
74,000
3.875%, 
3/1/2031
c
62,741
Realty
Income
Corporation
450,000
2.100%, 
3/15/2028
396,451
Regency
Centers,
LP
350,000
4.125%, 
3/15/2028
332,351
176,000
5.250%, 
1/15/2034
168,276
RGA
Global
Funding
117,000
5.500%, 
1/11/2031
c
115,105
RHP
Hotel
Properties,
LP/RHP
Finance
Corporation
32,000
4.750%, 
10/15/2027
30,411
125,000
7.250%, 
7/15/2028
c
126,938
RLJ
Lodging
Trust,
LP
117,000
4.000%, 
9/15/2029
c
101,474
Rocket
Mortgage,
LLC/Rocket
Mortgage
Co-Issuer,
Inc.
215,000
3.625%, 
3/1/2029
c
189,407
Santander
Holdings
USA,
Inc.
113,000
6.499%, 
3/9/2029
e
113,877
105,000
6.174%, 
1/9/2030
e
104,589
Santander
UK
Group
Holdings
plc
600,000
1.673%, 
6/14/2027
e
547,003
Service
Properties
Trust
61,000
7.500%, 
9/15/2025
61,450
32,000
5.250%, 
2/15/2026
30,781
97,000
8.625%, 
11/15/2031
c
101,873
Simon
Property
Group,
LP
400,000
3.800%, 
7/15/2050
286,789
SLM
Corporation
60,000
4.200%, 
10/29/2025
58,003
Societe
Generale
SA
234,000
4.750%, 
11/24/2025
c
228,260
Standard
Chartered
plc
399,000
1.822%, 
11/23/2025
c,e
388,996
Sumitomo
Mitsui
Financial
Group,
Inc.
228,000
3.010%, 
10/19/2026
214,765
338,000
5.710%, 
1/13/2030
339,955
200,000
1.710%, 
1/12/2031
156,603
Synchrony
Financial
67,000
7.250%, 
2/2/2033
65,376
Synovus
Bank
250,000
5.625%, 
2/15/2028
238,762
Toronto-Dominion
Bank
341,000
5.156%, 
1/10/2028
338,198
296,000
5.523%, 
7/17/2028
296,974
Truist
Financial
Corporation
230,000
6.047%, 
6/8/2027
e
231,218
162,000
5.125%, 
12/15/2027
e,i
145,070
270,000
5.122%, 
1/26/2034
e
251,580
152,000
5.711%, 
1/24/2035
e
147,514
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Financials
(1.7%)
-
continued
U.S.
Bancorp
$
228,000
5.727%, 
10/21/2026
e
$
227,923
352,000
5.775%, 
6/12/2029
e
352,696
89,000
5.836%, 
6/12/2034
e
87,971
160,000
5.678%, 
1/23/2035
e
156,306
UBS
Group
AG
600,000
2.193%, 
6/5/2026
c,e
575,612
355,000
6.246%, 
9/22/2029
c,e
360,290
282,000
3.091%, 
5/14/2032
c,e
233,508
200,000
5.699%, 
2/8/2035
c,e
193,936
United
Wholesale
Mortgage,
LLC
37,000
5.500%, 
11/15/2025
c
36,395
140,000
5.500%, 
4/15/2029
c
130,059
UnitedHealth
Group,
Inc.
228,000
5.875%, 
2/15/2053
232,144
342,000
4.750%, 
5/15/2052
297,525
Vornado
Realty,
LP
48,000
3.400%, 
6/1/2031
37,286
Wells
Fargo
&
Company
203,000
3.000%, 
4/22/2026
193,648
304,000
3.000%, 
10/23/2026
285,940
342,000
3.526%, 
3/24/2028
e
322,732
256,000
5.707%, 
4/22/2028
e
256,178
481,000
2.393%, 
6/2/2028
e
437,302
236,000
5.574%, 
7/25/2029
e
235,246
187,000
5.389%, 
4/24/2034
e
180,209
550,000
4.900%, 
11/17/2045
470,216
Willis
North
America,
Inc.
456,000
4.650%, 
6/15/2027
443,181
XHR,
LP
59,000
6.375%, 
8/15/2025
c
58,935
64,000
4.875%, 
6/1/2029
c
58,417
Total
60,976,801
Foreign
Government
(<0.1%)
NBN
Company,
Ltd.
375,000
2.625%, 
5/5/2031
c
312,507
Total
312,507
Mortgage-Backed
Securities
(6.2%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
3,801,554
2.000%, 
1/1/2052
2,909,238
1,764,378
2.000%, 
5/1/2051
1,350,274
6,721,724
2.500%, 
5/1/2051
5,379,028
2,841,170
3.500%, 
5/1/2052
2,451,420
3,206,980
4.000%, 
5/1/2052
2,893,864
1,970,306
5.000%, 
7/1/2053
1,879,933
1,712,264
5.500%, 
7/1/2053
1,671,229
2,268,065
3.500%, 
8/1/2052
1,969,466
1,979,788
5.000%, 
8/1/2053
1,896,450
5,925,580
5.500%, 
9/1/2053
5,792,194
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
2,020,937
2.500%, 
7/1/2030
1,882,139
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
2,500,000
4.500%, 
5/1/2039
h
2,417,053
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
201
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Mortgage-Backed
Securities
(6.2%)
-
continued
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
$
2,305,390
3.000%, 
12/1/2036
$
2,077,306
2,004,047
3.000%, 
8/1/2038
1,819,274
2,875,499
3.500%, 
5/1/2040
2,598,679
1,810,374
2.500%, 
4/1/2042
1,514,732
743,725
2.000%, 
5/1/2042
608,408
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
7,230,004
3.000%, 
1/1/2052
6,024,112
1,206,652
2.000%, 
2/1/2051
923,766
760,504
2.000%, 
2/1/2051
582,212
3,487,808
2.500%, 
2/1/2051
2,766,686
1,996,524
2.500%, 
2/1/2051
1,603,608
13,407,941
2.000%, 
3/1/2051
10,170,786
1,753,451
2.000%, 
3/1/2051
1,332,500
5,142,255
4.000%, 
3/1/2051
4,691,069
7,508,873
3.000%, 
3/1/2052
6,224,477
8,972,895
2.000%, 
4/1/2051
6,820,681
4,467,684
3.000%, 
4/1/2051
3,716,201
4,661,657
3.000%, 
5/1/2050
3,913,611
1,428,536
2.000%, 
5/1/2051
1,088,116
3,399,872
3.000%, 
5/1/2051
2,869,024
2,433,089
3.000%, 
6/1/2050
2,064,675
1,312,003
4.000%, 
6/1/2052
1,175,898
1,369,572
5.000%, 
6/1/2053
1,308,790
5,170,433
2.500%, 
7/1/2051
4,152,709
1,943,198
3.500%, 
7/1/2051
1,702,475
3,664,938
4.000%, 
7/1/2052
3,284,953
3,676,670
3.500%, 
8/1/2050
3,229,333
5,204,109
3.500%, 
8/1/2052
4,490,758
6,673,899
4.500%, 
8/1/2052
6,179,345
2,603,996
5.000%, 
8/1/2053
2,488,430
2,578,662
2.500%, 
9/1/2051
2,073,088
2,905,632
3.500%, 
9/1/2052
2,528,454
1,580,725
3.500%, 
9/1/2052
1,375,598
2,254,019
5.000%, 
9/1/2052
2,141,083
3,145,770
4.500%, 
9/1/2053
2,905,251
1,994,369
4.500%, 
9/1/2053
1,852,508
5,384,270
4.000%, 
10/1/2052
4,836,617
1,418,819
2.000%, 
11/1/2051
1,082,203
2,080,965
3.500%, 
11/1/2052
1,818,866
5,793,613
2.000%, 
12/1/2050
4,427,373
8,941,946
2.500%, 
12/1/2051
7,164,746
3,984,228
4.500%, 
12/1/2052
3,701,110
10,300,000
5.500%, 
5/1/2041
h
9,996,675
4,500,000
6.000%, 
5/1/2041
h
4,458,164
7,150,000
3.000%, 
5/1/2049
h
5,902,956
11,500,000
3.500%, 
5/1/2049
h
9,911,146
5,950,000
4.000%, 
5/1/2049
h
5,321,233
3,325,000
4.500%, 
5/1/2049
h
3,063,702
13,100,000
5.000%, 
5/1/2049
h
12,412,350
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
6,017,049
2.500%, 
3/1/2062
4,677,703
1,847,516
3.500%, 
7/1/2061
1,565,727
2,773,896
4.000%, 
12/1/2061
2,450,859
Total
219,582,314
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Technology
(0.4%)
Advanced
Micro
Devices,
Inc.
$
228,000
4.393%, 
6/1/2052
$
189,580
Analog
Devices,
Inc.
700,000
2.950%, 
10/1/2051
445,012
Apple,
Inc.
400,000
2.650%, 
2/8/2051
245,428
746,000
3.750%, 
9/12/2047
577,483
Boost
Newco
Borrower,
LLC
161,000
7.500%, 
1/15/2031
c
166,167
Broadcom,
Inc.
75,000
3.469%, 
4/15/2034
c
62,140
457,000
3.137%, 
11/15/2035
c
354,654
380,000
3.187%, 
11/15/2036
c
291,382
275,000
4.926%, 
5/15/2037
c
251,135
Central
Parent,
Inc./CDK
Global,
Inc.
80,000
7.250%, 
6/15/2029
c
80,876
Cisco
Systems,
Inc.
124,000
5.300%, 
2/26/2054
119,316
123,000
4.950%, 
2/26/2031
120,977
Clarivate
Science
Holdings
Corporation
70,000
3.875%, 
7/1/2028
c
63,742
Cloud
Software
Group,
Inc.
342,000
6.500%, 
3/31/2029
c
324,371
Consensus
Cloud
Solutions,
Inc.
33,000
6.000%, 
10/15/2026
a,c
31,287
CoreLogic,
Inc.
39,000
4.500%, 
5/1/2028
c
33,744
Dell
International,
LLC/EMC
Corporation
244,000
6.020%, 
6/15/2026
245,417
Dell,
Inc.
215,000
6.500%, 
4/15/2038
224,124
Dye
&
Durham,
Ltd.
98,000
8.625%, 
4/15/2029
c
98,958
Fiserv,
Inc.
114,000
2.250%, 
6/1/2027
103,584
238,000
2.650%, 
6/1/2030
202,553
243,000
5.350%, 
3/15/2031
239,534
198,000
5.600%, 
3/2/2033
196,170
Gen
Digital,
Inc.
5,000
6.750%, 
9/30/2027
c
5,019
78,000
7.125%, 
9/30/2030
a,c
78,805
Global
Payments,
Inc.
253,000
5.950%, 
8/15/2052
241,799
342,000
5.300%, 
8/15/2029
334,172
II-VI,
Inc.
56,000
5.000%, 
12/15/2029
c
51,663
Intel
Corporation
240,000
5.600%, 
2/21/2054
225,842
Iron
Mountain,
Inc.
140,000
5.000%, 
7/15/2028
c
131,934
190,000
4.875%, 
9/15/2029
c
175,326
140,000
5.250%, 
7/15/2030
c
129,939
164,000
4.500%, 
2/15/2031
c
144,651
KLA
Corporation
343,000
3.300%, 
3/1/2050
234,978
Marvell
Technology,
Inc.
57,000
5.950%, 
9/15/2033
57,338
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
202
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Technology
(0.4%)
-
continued
Mastercard,
Inc.
$
275,000
3.950%, 
2/26/2048
$
219,769
Microchip
Technology,
Inc.
50,000
5.050%, 
3/15/2029
49,142
Micron
Technology,
Inc.
125,000
5.300%, 
1/15/2031
122,655
Microsoft
Corporation
161,000
3.041%, 
3/17/2062
102,747
403,000
2.500%, 
9/15/2050
c
241,971
352,000
3.700%, 
8/8/2046
279,071
NCR
Atleos
Corporation
52,000
9.500%, 
4/1/2029
c
55,276
NCR
Voyix
Corporation
176,000
5.125%, 
4/15/2029
c
161,729
Neptune
Bidco
US,
Inc.
133,000
9.290%, 
4/15/2029
c
125,536
Newfold
Digital
Holdings
Group,
Inc.
39,000
11.750%, 
10/15/2028
c
41,895
NXP
BV/NXP
Funding,
LLC
115,000
5.550%, 
12/1/2028
114,779
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
154,000
4.300%, 
6/18/2029
145,374
305,000
3.250%, 
5/11/2041
215,042
Open
Text
Corporation
134,000
3.875%, 
12/1/2029
c
117,277
175,000
4.125%, 
2/15/2030
c
153,700
Oracle
Corporation
228,000
6.900%, 
11/9/2052
247,537
311,000
6.150%, 
11/9/2029
320,731
420,000
3.850%, 
7/15/2036
344,081
663,000
4.000%, 
7/15/2046
491,188
Pitney
Bowes,
Inc.
33,000
6.875%, 
3/15/2027
a,c
29,742
PTC,
Inc.
130,000
3.625%, 
2/15/2025
c
127,326
60,000
4.000%, 
2/15/2028
c
55,585
RingCentral,
Inc.
118,000
8.500%, 
8/15/2030
c
120,066
Rocket
Software,
Inc.
79,000
9.000%, 
11/28/2028
c,h
79,299
Roper
Technologies,
Inc.
298,000
1.750%, 
2/15/2031
233,955
S&P
Global,
Inc.
57,000
5.250%, 
9/15/2033
c
56,487
Seagate
HDD
Cayman
68,000
8.500%, 
7/15/2031
c
72,604
136,475
9.625%, 
12/1/2032
153,091
Sensata
Technologies
BV
200,000
4.000%, 
4/15/2029
c
179,056
Sensata
Technologies,
Inc.
134,000
3.750%, 
2/15/2031
c
113,240
Shift4
Payments,
LLC/Shift4
Payments
Finance
Sub,
Inc.
50,000
4.625%, 
11/1/2026
c
48,141
SK
Hynix,
Inc.
200,000
5.500%, 
1/16/2027
c
197,505
SS&C
Technologies,
Inc.
186,000
5.500%, 
9/30/2027
c
180,795
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Technology
(0.4%)
-
continued
Texas
Instruments,
Inc.
$
227,000
5.050%, 
5/18/2063
$
205,637
UKG,
Inc.
131,000
6.875%, 
2/1/2031
c
131,250
Viavi
Solutions,
Inc.
118,000
3.750%, 
10/1/2029
c
99,086
Visa,
Inc.
470,000
2.700%, 
4/15/2040
333,059
VMware,
LLC
208,000
4.650%, 
5/15/2027
202,209
335,000
2.200%, 
8/15/2031
264,838
Xerox
Holdings
Corporation
16,000
5.000%, 
8/15/2025
c
15,546
186,000
5.500%, 
8/15/2028
c
161,394
Total
13,088,511
Transportation
(0.1%)
Air
Canada
64,000
3.875%, 
8/15/2026
c
60,712
American
Airlines
Group,
Inc.
40,000
3.750%, 
3/1/2025
c
38,919
American
Airlines,
Inc./
AAdvantage
Loyalty
IP,
Ltd.
350,000
5.500%, 
4/20/2026
c
345,940
63,645
5.750%, 
4/20/2029
c
61,464
Avis
Budget
Car
Rental,
LLC/Avis
Budget
Finance,
Inc.
75,000
5.375%, 
3/1/2029
c
66,711
Burlington
Northern
Santa
Fe,
LLC
309,000
2.875%, 
6/15/2052
190,221
235,000
5.750%, 
5/1/2040
237,425
230,000
4.450%, 
3/15/2043
196,331
Canadian
Pacific
Railway
Company
228,000
4.700%, 
5/1/2048
191,760
CSX
Corporation
270,000
3.800%, 
4/15/2050
200,601
Delta
Air
Lines,
Inc./SkyMiles
IP,
Ltd.
479,000
4.750%, 
10/20/2028
c
463,711
ERAC
USA
Finance,
LLC
227,000
5.400%, 
5/1/2053
c
213,409
Hawaiian
Brand
Intellectual
Property,
Ltd.
103,000
5.750%, 
1/20/2026
c
96,603
Hertz
Corporation
43,000
5.000%, 
12/1/2029
a,c
29,528
Mileage
Plus
Holdings,
LLC
371,150
6.500%, 
6/20/2027
c
371,777
Penske
Truck
Leasing
Company,
LP/PTL
Finance
Corporation
258,000
5.750%, 
5/24/2026
c
258,079
Rand
Parent,
LLC
121,000
8.500%, 
2/15/2030
a,c
119,659
RXO,
Inc.
141,000
7.500%, 
11/15/2027
c
142,846
Southwest
Airlines
Company
353,000
2.625%, 
2/10/2030
299,565
Stena
International
SA
104,000
7.250%, 
1/15/2031
c
104,084
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
203
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Transportation
(0.1%)
-
continued
Union
Pacific
Corporation
$
455,000
2.973%, 
9/16/2062
$
264,356
United
Airlines,
Inc.
129,000
4.375%, 
4/15/2026
c
124,083
VistaJet
Malta
Finance
plc/Vista
Management
Holding,
Inc.
35,000
7.875%, 
5/1/2027
c
31,125
153,000
6.375%, 
2/1/2030
a,c
118,396
Total
4,227,305
U.S.
Government
&
Agencies
(6.6%)
U.S.
Treasury
Bonds
2,038,000
3.625%, 
5/15/2053
1,665,747
4,600,000
1.625%, 
11/15/2050
2,403,859
3,300,000
4.750%, 
11/15/2053
3,282,984
5,090,000
5.250%, 
11/15/2028
5,191,005
1,175,000
4.375%, 
5/15/2040
1,119,922
10,800,000
1.375%, 
11/15/2040
6,544,969
560,000
3.000%, 
5/15/2042
432,534
545,000
3.375%, 
5/15/2044
438,129
15,871,000
2.500%, 
5/15/2046
10,730,904
13,950,000
2.875%, 
5/15/2049
9,912,674
U.S.
Treasury
Notes
5,740,000
2.250%, 
11/15/2024
5,645,211
6,340,000
2.125%, 
11/30/2024
6,222,054
700,000
1.375%, 
1/31/2025
679,868
16,300,000
3.875%, 
3/31/2025
16,100,229
4,625,000
0.250%, 
8/31/2025
4,333,950
1,100,000
5.000%, 
8/31/2025
1,097,164
6,500,000
4.250%, 
12/31/2025
6,408,848
9,100,000
2.625%, 
1/31/2026
8,724,625
9,100,000
0.500%, 
2/28/2026
8,376,977
23,740,000
2.500%, 
2/28/2026
22,676,337
19,300,000
4.625%, 
2/28/2026
19,150,726
16,600,000
4.500%, 
3/31/2026
16,433,352
7,450,000
0.500%, 
4/30/2027
6,550,762
2,055,000
2.250%, 
11/15/2027
1,884,098
9,775,000
3.875%, 
12/31/2027
9,465,713
1,700,000
0.750%, 
1/31/2028
1,465,254
10,200,000
3.500%, 
1/31/2028
9,741,398
5,400,000
3.625%, 
3/31/2028
5,175,141
21,400,000
2.875%, 
5/15/2028
19,912,031
1,100,000
4.375%, 
8/31/2028
1,083,156
3,300,000
3.750%, 
12/31/2028
3,163,617
9,780,000
1.375%, 
11/15/2031
7,736,133
10,800,000
4.125%, 
11/15/2032
10,369,687
1,200,000
4.500%, 
11/15/2033
1,182,375
Total
235,301,433
Utilities
(0.4%)
AES
Corporation
456,000
3.950%, 
7/15/2030
c
406,715
Ameren
Illinois
Company
257,000
4.500%, 
3/15/2049
213,987
American
Electric
Power
Company,
Inc.
242,000
5.200%, 
1/15/2029
238,117
198,000
5.625%, 
3/1/2033
193,544
American
Water
Capital
Corporation
241,000
5.450%, 
3/1/2054
227,300
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Utilities
(0.4%)
-
continued
Appalachian
Power
Company
$
155,000
3.300%, 
6/1/2027
$
144,598
Atmos
Energy
Corporation
178,000
5.900%, 
11/15/2033
182,666
Berkshire
Hathaway
Energy
Company
265,000
4.500%, 
2/1/2045
224,457
Calpine
Corporation
131,000
4.500%, 
2/15/2028
c
122,337
CenterPoint
Energy
Resources
Corporation
400,000
1.750%, 
10/1/2030
319,694
CenterPoint
Energy,
Inc.
107,000
4.250%, 
11/1/2028
100,279
Commonwealth
Edison
Company
290,000
3.700%, 
3/1/2045
215,377
Consolidated
Edison
Company
of
New
York,
Inc.
114,000
4.500%, 
12/1/2045
94,805
425,000
4.125%, 
5/15/2049
328,379
Constellation
Energy
Generation,
LLC
120,000
6.125%, 
1/15/2034
122,792
Consumers
Energy
Company
380,000
4.350%, 
4/15/2049
313,239
DTE
Electric
Company
215,000
3.700%, 
3/15/2045
162,098
245,000
3.700%, 
6/1/2046
180,674
Duke
Energy
Carolinas,
LLC
435,000
3.700%, 
12/1/2047
312,272
Duke
Energy
Indiana,
LLC
310,000
3.750%, 
5/15/2046
227,722
Edison
International
325,000
5.750%, 
6/15/2027
324,991
Eversource
Energy
284,000
4.750%, 
5/15/2026
278,788
Exelon
Corporation
265,000
4.700%, 
4/15/2050
220,380
459,000
4.450%, 
4/15/2046
371,559
FirstEnergy
Corporation
285,000
5.100%, 
7/15/2047
237,009
Georgia
Power
Company
193,000
4.950%, 
5/17/2033
183,737
122,000
5.250%, 
3/15/2034
118,688
ITC
Holdings
Corporation
152,000
5.300%, 
7/1/2043
137,167
Jersey
Central
Power
&
Light
Company
275,000
2.750%, 
3/1/2032
c
223,355
MidAmerican
Energy
Company
267,000
5.850%, 
9/15/2054
268,565
National
Rural
Utilities
Cooperative
Finance
Corporation
153,000
3.700%, 
3/15/2029
142,077
NextEra
Energy
Capital
Holdings,
Inc.
241,000
5.749%, 
9/1/2025
241,154
NextEra
Energy
Operating
Partners,
LP
239,000
3.875%, 
10/15/2026
c
223,586
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
204
Principal
Amount
Long-Term
Fixed
Income
(19.9%)
Value
Utilities
(0.4%)
-
continued
NiSource
Finance
Corporation
$
435,000
5.650%, 
2/1/2045
$
407,389
NRG
Energy,
Inc.
49,000
3.375%, 
2/15/2029
c
42,971
342,000
4.450%, 
6/15/2029
c
317,400
65,000
5.250%, 
6/15/2029
c
61,477
Pacific
Gas
and
Electric
Company
265,000
3.300%, 
12/1/2027
243,421
241,000
5.550%, 
5/15/2029
238,348
195,000
4.550%, 
7/1/2030
180,994
238,000
6.950%, 
3/15/2034
251,525
125,000
5.800%, 
5/15/2034
122,050
PG&E
Corporation
151,000
5.000%, 
7/1/2028
143,877
PPL
Electric
Utilities
Corporation
234,000
3.950%, 
6/1/2047
180,090
Public
Service
Company
of
Colorado
299,000
4.500%, 
6/1/2052
238,340
Public
Service
Enterprise
Group,
Inc.
239,000
5.875%, 
10/15/2028
241,310
San
Diego
Gas
&
Electric
Company
540,000
4.150%, 
5/15/2048
424,941
Southern
California
Edison
Company
320,000
4.000%, 
4/1/2047
239,498
Southern
Company
456,000
5.113%, 
8/1/2027
449,377
Southern
Company
Gas
Capital
Corporation
190,000
4.400%, 
5/30/2047
150,784
Southwestern
Electric
Power
Company
190,000
3.900%, 
4/1/2045
137,207
Talen
Energy
Supply,
LLC
112,000
8.625%, 
6/1/2030
c
118,500
TerraForm
Power
Operating,
LLC
235,000
5.000%, 
1/31/2028
c
219,295
Virginia
Electric
and
Power
Company
85,000
5.350%, 
1/15/2054
78,838
375,000
4.600%, 
12/1/2048
309,944
Vistra
Corporation
64,000
7.000%, 
12/15/2026
c,e,i
63,218
Vistra
Operations
Company,
LLC
325,000
5.125%, 
5/13/2025
c
320,126
396,000
5.000%, 
7/31/2027
c
376,884
Xcel
Energy,
Inc.
179,000
4.600%, 
6/1/2032
164,241
Total
13,024,153
Total
Long-Term
Fixed
Income
(cost
$768,815,858)
705,038,145
Shares
Private
Equity
Funds
(
0.5%
)
Value
Secondary
(0.5%)
1
ASF
IX,
LP
*,b,k
2,870,593
1
Crown
Global
Secondaries
VI
Feeder
SA,
SICAV-RAIF
*,b,k
705,884
Shares
Private
Equity
Funds
(0.5%)
Value
Secondary
(0.5%)
-
continued
1
LCP
X
(Offshore),
LP
*,b,k
$
14,174,052
Total
17,750,529
Total
Private
Equity
Funds
(cost
$13,695,698)
17,750,529
Shares
Collateral
Held
for
Securities
Loaned
(
0.3%
)
Value
11,248,582
Thrivent
Cash
Management
Trust
11,248,582
Total
Collateral
Held
for
Securities
Loaned
(cost
$11,248,582)
11,248,582
Shares
or
Principal
Amount
Short-Term
Investments
(
15.2%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
300,000
5.240%,
5/3/2024
l,m
299,868
500,000
5.230%,
5/8/2024
l,m
499,414
2,500,000
5.210%,
5/21/2024
l,m
2,492,307
1,400,000
5.240%,
5/22/2024
l,m
1,395,487
3,700,000
5.230%,
6/7/2024
l,m
3,679,398
5,700,000
5.223%,
6/20/2024
l,m
5,657,405
14,900,000
5.234%,
7/10/2024
l,m
14,747,045
1,600,000
5.250%,
7/17/2024
l,m
1,581,956
300,000
5.260%,
7/24/2024
l,m
296,313
Thrivent
Core
Short-Term
Reserve
Fund
50,556,796
5.580%
505,567,961
U.S.
Treasury
Bills
300,000
5.231%,
5/2/2024
l,n
299,956
700,000
5.243%,
7/11/2024
l,n
692,738
Total
Short-Term
Investments
(cost
$537,082,820)
537,209,848
Total
Investments
(cost
$3,061,972,532)
101.6%
$3,599,956,488
Other
Assets
and
Liabilities,
Net
(1.6%)
(56,173,485)
Total
Net
Assets
100.0%
$
3,543,783,003
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,
2024,
the
value
of
these
investments
was
$99,855,636
or
2.8%
of
total
net
assets.
d
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
April
30,
2024.
e
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2024.
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.  
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
205
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
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
h
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
i
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
j
Defaulted
security.  Interest
is
not
being
accrued.
k
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
l
The
interest
rate
shown
reflects
the
yield.
m
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
n
At
April
30,
2024,
$557,338
of
investments
were
segregated
to
cover
exposure
to
a
counterparty
for
margin
on
open
mortgage-backed
security
transactions.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Moderate
Allocation
Fund
as
of
April
30,
2024
was
$17,750,529
or
0.50%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
April
30,
2024.
Security
Acquisition
Date
Cost
ASF
IX,
LP 
3/18/2024
$
2,020,962
Crown
Global
Secondaries
VI
Feeder
SA,
SICAV-RAIF 
2/15/2024
480,000
LCP
X
(Offshore),
LP 
10/25/2023
11,194,736
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,
2024:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
3,277,176
Common
Stock
7,605,615
Total
lending
$10,882,791
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$11,248,582
Net
amounts
due
to
counterparty
$365,791
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
SOFR30A
-
Secured
Overnight
Financing
Rate
30
Year
Average
TSFR1M
-
CME
Term
SOFR
1
Month
TSFR3M
-
CME
Term
SOFR
3
Month
USISOA05
-
USD
SOFR
Spread-Adjusted
ICE
Swap
Rate
5
Year
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
$
656,507,027
Gross
unrealized
depreciation
(132,656,266)
Net
unrealized
appreciation
(depreciation)
$
523,850,761
Cost
for
federal
income
tax
purposes
$
3,069,469,890
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
206
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Moderate
Allocation
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Registered
Investment
Companies
U.S.
Affiliated
1,360,934,898
1,360,934,898
–
–
U.S.
Unaffiliated
26,858,418
26,858,418
–
–
Common
Stock
Communications
Services
45,681,255
45,673,684
7,571
–
Consumer
Discretionary
75,360,586
75,360,586
–
–
Consumer
Staples
33,465,981
33,465,981
–
–
Energy
36,348,635
36,348,635
–
–
Financials
123,361,575
123,361,575
–
–
Health
Care
91,007,177
91,007,177
–
–
Industrials
107,272,985
105,686,927
1,586,058
–
Information
Technology
163,093,128
160,227,359
2,865,769
–
Materials
24,880,447
24,589,361
291,086
–
Real
Estate
30,910,932
30,910,932
–
–
Utilities
20,392,141
20,392,141
–
–
Long-Term
Fixed
Income
Asset-Backed
Securities
15,879,296
–
15,879,296
–
Basic
Materials
5,507,238
–
5,507,238
–
Capital
Goods
11,508,449
–
11,508,449
–
Collateralized
Mortgage
Obligations
27,734,513
–
27,734,513
–
Commercial
Mortgage-Backed
Securities
18,537,724
–
18,537,724
–
Communications
Services
18,092,887
–
18,092,887
–
Consumer
Cyclical
21,205,637
–
21,205,637
–
Consumer
Non-Cyclical
22,161,686
–
22,161,686
–
Energy
17,897,691
–
17,897,691
–
Financials
60,976,801
–
60,976,801
–
Foreign
Government
312,507
–
312,507
–
Mortgage-Backed
Securities
219,582,314
–
219,582,314
–
Technology
13,088,511
–
13,088,511
–
Transportation
4,227,305
–
4,227,305
–
U.S.
Government
&
Agencies
235,301,433
–
235,301,433
–
Utilities
13,024,153
–
13,024,153
–
Private
Equity
Funds
Secondary
17,750,529
–
–
17,750,529
Short-Term
Investments
31,641,887
–
31,641,887
–
Subtotal
Investments
in
Securities
$2,893,998,719
$2,134,817,674
$741,430,516
$17,750,529
Other
Investments  *
Total
Affiliated
Short-Term
Investments
505,567,961
U.S.
Affiliated
Registered
Investment
Cos.
189,141,226
Collateral
Held
for
Securities
Loaned
11,248,582
Subtotal
Other
Investments
$705,957,769
Total
Investments
at
Value
$3,599,956,488
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Moderate
Allocation
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
17,358,013
16,950,184
407,829
–
Total
Asset
Derivatives
$17,358,013
$16,950,184
$407,829
$–
Liability
Derivatives
Futures
Contracts
23,993,850
23,993,850
–
–
Total
Liability
Derivatives
$23,993,850
$23,993,850
$–
$–
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
207
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
S&P
-
Standard
&
Poor's
The
following
table
presents
Moderate
Allocation
Fund's
futures
contracts
held
as
of
April
30,
2024.
Investments
and/or
cash
totaling
$30,694,493
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Amount
Value
and
Unrealized
CBOT
10-Yr.
U.S.
Treasury
Note
167
June
2024
$
18,440,917
(
$
498,854)
CBOT
2-Yr.
U.S.
Treasury
Note
516
June
2024
105,597,928
(
1,027,303)
CBOT
5-Yr.
U.S.
Treasury
Note
410
June
2024
43,826,232
(
881,935)
CBOT
U.S.
Long
Bond
224
June
2024
26,675,434
(
1,181,434)
CME
E-mini
Russell
2000
Index
22
June
2024
2,304,242
(
120,082)
CME
E-mini
S&P
500
Index
2,331
June
2024
608,994,783
(
18,435,933)
CME
E-mini
S&P
Mid-Cap
400
Index
2
June
2024
595,948
(
20,508)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
184
June
2024
23,502,224
(
1,502,724)
Ultra
10-Yr.
U.S.
Treasury
Note
84
June
2024
9,583,452
(
325,077)
Total
Futures
Long
Contracts
$
839,521,160
(
$
23,993,850)
CBOT
10-Yr.
U.S.
Treasury
Note
(8)
June
2024
(
$
889,728)
$
30,228
CME
E-mini
Russell
2000
Index
(993)
June
2024
(
104,823,132)
6,238,092
CME
E-mini
S&P
Mid-Cap
400
Index
(747)
June
2024
(
223,994,720)
9,067,880
CME
Euro
Foreign
Exchange
Currency
(271)
June
2024
(
37,244,254)
1,003,085
Eurex
Euro
STOXX
50
Index
(693)
June
2024
(
36,491,487)
407,829
ICE
mini
MSCI
EAFE
Index
(78)
June
2024
(
9,204,987)
361,737
ICE
US
mini
MSCI
Emerging
Markets
Index
(447)
June
2024
(
23,508,909)
220,210
Ultra
10-Yr.
U.S.
Treasury
Note
(6)
June
2024
(
690,265)
28,952
Total
Futures
Short
Contracts
(
$
436,847,482)
$17,358,013
Total
Futures
Contracts
$
402,673,678
($6,635,837)
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
208
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2024,
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
Foreign
Exchange
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
1,003,085
Total
Foreign
Exchange
Contracts
1,003,085
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
16,295,748
Total
Equity
Contracts
16,295,748
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
59,180
Total
Interest
Rate
Contracts
59,180
Total
Asset
Derivatives
$17,358,013
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
18,576,523
Total
Equity
Contracts
18,576,523
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
5,417,327
Total
Interest
Rate
Contracts
5,417,327
Total
Liability
Derivatives
$23,993,850
*
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,
2024,
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
(1,721,678)
Total
Interest
Rate
Contracts
(1,721,678)
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
33,403,007
Total
Equity
Contracts
33,403,007
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(479,974)
Total
Foreign
Exchange
Contracts
(479,974)
Total
$31,201,355
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
Foreign
Exchange
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
568,339
Total
Foreign
Exchange
Contracts
568,339
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
4,960,679
Total
Equity
Contracts
4,960,679
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
2,963,084
Total
Interest
Rate
Contracts
2,963,084
Total
$8,492,102
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
209
e
The
following
table
presents
Moderate
Allocation
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2024.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$588,484,387
Futures
-
Short
(366,282,660)
Interest
Rate
Contracts
Futures
-
Long
215,855,306
Futures
-
Short
(944,102)
Foreign
Exchange
Contracts
Futures
-
Short
(34,709,700)
Moderate
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
210
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
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$56,191
$1,793
$2,851
$59,758
7,593
1.7%
Core
Emerging
Markets
Equity
17,083
615
–
19,794
2,185
0.6
Core
International
Equity
10,325
406
–
12,016
1,172
0.3
Core
Low
Volatility
Equity
45,873
3,952
47,600
2,086
196
0.1
Core
Mid
Cap
Value
37,379
784
–
43,957
4,124
1.2
Core
Small
Cap
Value
46,167
855
4,000
51,530
5,112
1.5
Global
Stock,
Class
S
67,356
4,241
–
80,306
2,949
2.3
High
Yield,
Class
S
39,920
1,297
391
42,533
10,349
1.2
Income,
Class
S
115,087
2,674
632
123,103
15,682
3.5
International
Allocation,
Class
S
119,460
4,070
–
138,681
13,412
3.9
Large
Cap
Growth,
Class
S
278,420
9,382
–
346,565
18,231
9.8
Large
Cap
Value,
Class
S
277,454
10,688
–
329,731
11,323
9.3
Limited
Maturity
Bond,
Class
S
68,819
1,259
288
71,295
5,878
2.0
Mid
Cap
Stock,
Class
S
148,393
2,540
–
180,922
5,089
5.1
Small
Cap
Stock,
Class
S
39,427
216
–
47,800
1,603
1.3
Total
U.S.
Affiliated
Registered
Investment
Companies
1,367,354
1,550,077
43.8
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
431,201
351,746
277,379
505,568
50,557
14.3
Total
Affiliated
Short-Term
Investments
431,201
505,568
14.3
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
6,898
97,551
93,200
11,249
11,249
0.3
Total
Collateral
Held
for
Securities
Loaned
6,898
11,249
0.3
Total
Value
$1,805,453
$2,066,894
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
($781)
$5,406
$–
$1,793
Core
Emerging
Markets
Equity
–
2,096
–
615
Core
International
Equity
–
1,285
–
405
Core
Low
Volatility
Equity
Fund
4,378
(4,517)
2,896
1,057
Core
Mid
Cap
Value
–
5,794
175
610
Core
Small
Cap
Value
79
8,429
–
855
Global
Stock,
Class
S
–
8,709
2,733
1,507
High
Yield,
Class
S
(77)
1,784
–
1,297
Income,
Class
S
(174)
6,148
–
2,674
International
Allocation,
Class
S
–
15,151
–
4,070
Large
Cap
Growth,
Class
S
–
58,763
9,381
–
Large
Cap
Value,
Class
S
–
41,589
5,470
5,217
Limited
Maturity
Bond,
Class
S
(14)
1,519
–
1,258
Mid
Cap
Stock,
Class
S
–
29,989
1,771
769
Small
Cap
Stock,
Class
S
–
8,157
–
216
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
–
–
–
13,809
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$36,152
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
21
Total
Affiliated
Income
from
Securities
Loaned,
Net
$21
Total
$3,411
$190,302
$22,426
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
211
Shares
Registered
Investment
Companies
(
49.3%
)
Value
U.S.
Affiliated  (48.7%)
4,351,047
Thrivent
Core
Emerging
Markets
Debt
Fund
$
34,242,744
7,454,610
Thrivent
Core
Emerging
Markets
Equity
Fund
67,538,769
11,177,411
Thrivent
Core
International
Equity
Fund
114,568,462
287,352
Thrivent
Core
Low
Volatility
Equity
Fund
3,054,554
5,422,643
Thrivent
Core
Mid
Cap
Value
Fund
57,805,371
6,560,199
Thrivent
Core
Small
Cap
Value
Fund
66,126,805
7,540,171
Thrivent
Global
Stock
Fund,
Class
S
205,318,864
5,889,199
Thrivent
High
Yield
Fund,
Class
S
24,204,607
8,788,606
Thrivent
Income
Fund,
Class
S
68,990,554
26,901,388
Thrivent
International
Allocation
Fund,
Class
S
278,160,348
23,159,844
Thrivent
Large
Cap
Growth
Fund,
Class
S
440,268,642
13,300,180
Thrivent
Large
Cap
Value
Fund,
Class
S
387,301,227
3,304,371
Thrivent
Limited
Maturity
Bond
Fund,
Class
S
40,082,018
7,810,944
Thrivent
Mid
Cap
Stock
Fund,
Class
S
277,679,077
2,469,899
Thrivent
Small
Cap
Stock
Fund,
Class
S
73,627,699
Total
2,138,969,741
U.S.
Unaffiliated  (0.6%)
5,937
Communication
Services
Select
Sector
SPDR
Fund
462,255
8,060
Invesco
QQQ
Trust
Series
1
3,422,195
7,047
iShares
Biotechnology
ETF
894,405
52,249
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
1,877,829
26,767
SPDR
Bloomberg
High
Yield
Bond
ETF
a
2,500,841
32,842
SPDR
S&P
500
ETF
Trust
16,486,027
20,339
SPDR
S&P
Biotech
ETF
1,721,086
2,186
SPDR
S&P
Oil
&
Gas
Exploration
ETF
331,026
Total
27,695,664
Total
Registered
Investment
Companies
(cost
$1,601,965,369)
2,166,665,405
Shares
Common
Stock
(
25.6%
)
Value
Communications
Services
(1.4%)
37,627
Alphabet,
Inc.,
Class
A
b
6,124,923
79,491
Alphabet,
Inc.,
Class
C
b
13,087,398
41,301
Altice
USA,
Inc.
b
79,711
14,183
AMC
Networks,
Inc.
b
150,623
5,164
Bandwidth,
Inc.
b
93,985
131,067
Cargurus,
Inc.
b
2,943,765
11,767
Cogent
Communications
Holdings
755,206
86,003
Comcast
Corporation
3,277,574
10,380
E.W.
Scripps
Company
b
39,029
23,638
Electronic
Arts,
Inc.
2,997,771
13,702
Emerald
Holding,
Inc.
b
78,787
5,471
Entravision
Communications
Corporation
a
11,434
29,770
iHeartMedia,
Inc.
b
62,517
Shares
Common
Stock
(25.6%)
Value
Communications
Services
(1.4%)
-
continued
9,131
Imax
Corporation
b
$
146,187
63,274
Integral
Ad
Science
Holding
Corporation
b
606,798
3,619
Interpublic
Group
of
Companies,
Inc.
110,162
10,627
Iridium
Communications,
Inc.
327,205
3,215
Liberty
Global,
Ltd.,
Class
A
b
51,102
15,992
Liberty
Latin
America,
Ltd.,
Class
A
b
120,740
2,884
Liberty
Media
Corporation-Liberty
Live
Group
b
107,631
826
Live
Nation
Entertainment,
Inc.
b
73,440
119,955
Lumen
Technologies,
Inc.
b
142,746
1,738
Match
Group,
Inc.
b
53,565
33,978
Meta
Platforms,
Inc.
14,616,316
4,628
Netflix,
Inc.
b
2,548,362
672
Omnicom
Group,
Inc.
62,389
41,487
Pinterest,
Inc.
b
1,387,740
132,099
QuinStreet,
Inc.
b
2,389,671
6,854
Roku,
Inc.
b
395,202
5,330
Sinclair,
Inc.
65,559
4,725
TechTarget,
Inc.
b
129,938
12,348
Telephone
and
Data
Systems,
Inc.
193,246
21,800
Trade
Desk,
Inc.
b
1,806,130
124,942
Verizon
Communications,
Inc.
4,933,960
126,061
Warner
Brothers
Discovery,
Inc.
b
927,809
379
Windstream
Services,
LLC
b
4,643
Total
60,903,264
Consumer
Discretionary
(2.6%)
287
Adient
plc
b
8,573
108,250
Amazon.com,
Inc.
b
18,943,750
2,104
American
Axle
&
Manufacturing
Holdings,
Inc.
b
15,443
28,588
American
Eagle
Outfitters,
Inc.
693,545
24,532
Aptiv
plc
b
1,741,772
12,344
Autoliv,
Inc.
1,478,688
1,508
Beazer
Homes
USA,
Inc.
b
42,269
1,436
Best
Buy
Company,
Inc.
105,747
506
Booking
Holdings,
Inc.
1,746,727
30,819
Boot
Barn
Holdings,
Inc.
b
3,281,299
10,296
Brunswick
Corporation
830,269
5,755
Buckle,
Inc.
215,179
342
Carvana
Company
b
28,359
66
Cavco
Industries,
Inc.
b
24,038
908
Chipotle
Mexican
Grill,
Inc.
b
2,868,917
38,507
Columbia
Sportswear
Company
3,066,312
282
Container
Store
Group,
Inc.
b
237
49,757
Cooper-Standard
Holdings,
Inc.
b
767,751
1,831
Coursera,
Inc.
b
18,713
7,131
Crocs,
Inc.
b
886,882
1,995
Culp,
Inc.
b
9,097
8,622
D.R.
Horton,
Inc.
1,228,549
29,286
Dana,
Inc.
364,025
459
Darden
Restaurants,
Inc.
70,415
1,318
Deckers
Outdoor
Corporation
b
1,078,743
1,113
DoorDash,
Inc.
b
143,866
121
Dorman
Products,
Inc.
b
10,581
23,214
eBay,
Inc.
1,196,450
1,232
El
Pollo
Loco
Holdings,
Inc.
b
10,497
3,784
Etsy,
Inc.
b
259,847
20,326
Everi
Holdings,
Inc.
b
166,063
7,895
Expedia
Group,
Inc.
b
1,062,904
6,751
Five
Below,
Inc.
b
987,941
363
Fox
Factory
Holding
Corporation
b
14,128
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
212
Shares
Common
Stock
(25.6%)
Value
Consumer
Discretionary
(2.6%)
-
continued
27,699
Gap,
Inc.
$
568,383
6,353
Garmin,
Ltd.
917,818
36,893
Gentex
Corporation
1,265,430
2,722
Genuine
Parts
Company
427,926
10,900
Goodyear
Tire
&
Rubber
Company
b
130,364
147
Graham
Holdings
Company
103,101
14,429
Grand
Canyon
Education,
Inc.
b
1,876,059
5,128
Green
Brick
Partners,
Inc.
b
277,579
42,793
Hanesbrands,
Inc.
b
195,136
2,012
Harley-Davidson,
Inc.
69,193
25,359
Hilton
Worldwide
Holdings,
Inc.
5,002,824
15,008
Home
Depot,
Inc.
5,015,974
10,243
Kohl's
Corporation
245,217
28,778
Laureate
Education,
Inc.
417,281
4,683
Lear
Corporation
589,449
5,513
Leggett
&
Platt,
Inc.
99,620
1,184
Lennar
Corporation
179,518
1,261
Light
&
Wonder,
Inc.
b
112,557
22,609
LKQ
Corporation
975,126
11,588
Lowe's
Companies,
Inc.
2,641,948
5,251
Lululemon
Athletica,
Inc.
b
1,893,511
719
M/I
Homes,
Inc.
b
83,562
15,347
McDonald's
Corporation
4,190,345
11,580
Meritage
Homes
Corporation
1,919,269
79,635
Mobileye
Global,
Inc.
b
2,193,944
22,517
Modine
Manufacturing
Company
b
2,085,750
6,199
Mohawk
Industries,
Inc.
b
714,869
9,690
Nordstrom,
Inc.
184,207
506
NVR,
Inc.
b
3,764,058
3,422
O'Reilly
Automotive,
Inc.
b
3,467,376
4,348
Polaris,
Inc.
370,276
3,985
Pool
Corporation
1,444,682
77,887
Qurate
Retail,
Inc.
b
63,984
2,611
Ralph
Lauren
Corporation
427,264
3,730
Ross
Stores,
Inc.
483,222
38,511
Savers
Value
Village,
Inc.
b
636,202
721
Shake
Shack,
Inc.
b
76,318
43,937
SharkNinja,
Inc.
2,824,270
58,393
Skyline
Champion
Corporation
b
4,378,891
19,134
Sony
Group
Corporation
ADR
1,579,894
26,490
Starbucks
Corporation
2,344,100
122,449
Stoneridge,
Inc.
b
1,834,286
19,869
Tesla,
Inc.
b
3,641,590
20,973
Texas
Roadhouse,
Inc.
3,372,039
166,732
ThredUp,
Inc.
b
266,771
692
TopBuild
Corporation
b
280,032
18,113
Travel
+
Leisure
Company
788,640
10
Ulta
Beauty,
Inc.
b
4,048
2,774
United
Parks
&
Resorts,
Inc.
b
140,975
7,469
Upbound
Group,
Inc.
231,614
15,101
Urban
Outfitters,
Inc.
b
588,335
143
Visteon
Corporation
b
15,820
6,241
Wendy's
Company
124,758
1,719
Wingstop,
Inc.
661,454
24,370
Wyndham
Hotels
&
Resorts,
Inc.
1,791,439
49,727
Yum
China
Holding,
Inc.
1,815,533
Total
115,161,407
Consumer
Staples
(1.2%)
58,528
Altria
Group,
Inc.
2,564,112
530
Archer-Daniels-Midland
Company
31,090
7,006
BellRing
Brands,
Inc.
b
386,521
36,898
BJ's
Wholesale
Club
Holdings,
Inc.
b
2,755,543
Shares
Common
Stock
(25.6%)
Value
Consumer
Staples
(1.2%)
-
continued
6,709
Casey's
General
Stores,
Inc.
$
2,144,062
45,572
Celsius
Holdings,
Inc.
b
3,247,916
17,312
Coca-Cola
Company
1,069,362
1,174
Costco
Wholesale
Corporation
848,684
150,311
Coty,
Inc.
b
1,719,558
908
Darling
Ingredients,
Inc.
b
38,472
692
Dollar
Tree,
Inc.
b
81,829
17,847
e.l.f.
Beauty,
Inc.
b
2,900,673
4,209
Flowers
Foods,
Inc.
104,972
15,010
J
&
J
Snack
Foods
Corporation
2,060,723
13,047
John
B.
Sanfilippo
&
Son,
Inc.
1,300,786
93,590
Kenvue,
Inc.
1,761,364
4,271
Kroger
Company
236,528
23,443
Lamb
Weston
Holdings,
Inc.
1,953,740
21,234
Lancaster
Colony
Corporation
4,051,659
181
McCormick
&
Company,
Inc.
13,767
1,899
PepsiCo,
Inc.
334,053
41,403
Philip
Morris
International,
Inc.
3,930,801
40,256
Pilgrim's
Pride
Corporation
b
1,450,021
834
PriceSmart,
Inc.
67,212
21,503
Procter
&
Gamble
Company
3,509,290
41,522
Sysco
Corporation
3,085,915
26,800
Turning
Point
Brands,
Inc.
772,912
19,541
Tyson
Foods,
Inc.
1,185,162
5,564
US
Foods
Holding
Corporation
b
279,591
128,165
Walmart,
Inc.
7,606,593
Total
51,492,911
Energy
(1.2%)
35,782
Archrock,
Inc.
686,657
18,318
Baker
Hughes
Company
597,533
1,870
Cactus,
Inc.
92,827
3,570
California
Resources
Corporation
188,710
25,428
Chesapeake
Energy
Corporation
2,285,469
3,739
Chevron
Corporation
602,989
30,385
ConocoPhillips
3,816,964
14,663
Delek
US
Holdings,
Inc.
400,740
68,196
Devon
Energy
Corporation
3,490,271
98,141
Enterprise
Products
Partners,
LP
2,755,799
27,372
EOG
Resources,
Inc.
3,616,662
14,929
Expro
Group
Holdings
NV
b
280,068
52,547
Exxon
Mobil
Corporation
6,214,734
4,826
Gulfport
Energy
Corporation
b
765,935
75,911
Halliburton
Company
2,844,385
1,382
International
Seaways,
Inc.
76,411
5,762
Kodiak
Gas
Services,
Inc.
156,611
23,271
Liberty
Energy,
Inc.
511,962
2,871
Marathon
Oil
Corporation
77,086
10,471
Marathon
Petroleum
Corporation
1,902,790
47,363
Matador
Resources
Company
2,950,715
9,921
Murphy
Oil
Corporation
442,873
7,534
Noble
Corporation
plc
334,359
110,119
NOV,
Inc.
2,036,100
7,394
Ovintiv,
Inc.
379,460
16,075
Par
Pacific
Holdings,
Inc.
b
495,110
5,704
Phillips
66
816,870
11,104
Pioneer
Natural
Resources
Company
2,990,529
51,121
ProPetro
Holding
Corporation
b
445,775
18,307
Schlumberger
NV
869,216
19,398
Shell
plc
ADR
1,390,061
18,318
SM
Energy
Company
888,240
166,099
TechnipFMC
plc
4,255,456
17,476
TETRA
Technologies,
Inc.
b
74,972
10,311
Viper
Energy,
Inc.
393,468
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
213
Shares
Common
Stock
(25.6%)
Value
Energy
(1.2%)
-
continued
57,445
Williams
Companies,
Inc.
$
2,203,590
Total
52,331,397
Financials
(4.1%)
4,168
1st
Source
Corporation
206,733
11,161
Allstate
Corporation
1,898,040
77,374
Ally
Financial,
Inc.
2,967,293
5,994
Amalgamated
Financial
Corporation
147,093
3,991
American
Express
Company
934,014
40,663
American
International
Group,
Inc.
3,062,331
4,863
Ameriprise
Financial,
Inc.
2,002,535
1,247
Ameris
Bancorp
59,208
18,225
Annaly
Capital
Management,
Inc.
341,536
61
Apollo
Global
Management,
Inc.
6,611
14,542
Arch
Capital
Group,
Ltd.
b
1,360,259
5,501
Arthur
J.
Gallagher
&
Company
1,291,030
9,166
Artisan
Partners
Asset
Management,
Inc.
375,164
3,154
Associated
Banc-Corp
66,455
4,173
Assurant,
Inc.
727,771
3,372
Assured
Guaranty,
Ltd.
258,632
1,628
Atlantic
Union
Bankshares
Corporation
51,722
1,290
Axis
Capital
Holdings,
Ltd.
79,116
876
Axos
Financial,
Inc.
b
44,334
2,731
Bancorp,
Inc.
b
81,766
139,055
Bank
of
America
Corporation
5,146,426
260
Bank
of
Hawaii
Corporation
a
14,739
6,285
Bank
of
Marin
Bancorp
90,253
22,952
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
780,368
60,028
Bank
of
New
York
Mellon
Corporation
3,390,982
3,566
Bank
OZK
159,222
3,604
BankFinancial
Corporation
34,851
552
BankUnited,
Inc.
14,755
5,374
Banner
Corporation
234,468
1,010
Bar
Harbor
Bankshares
25,331
1,159
BayCom
Corporation
22,925
6,781
BCB
Bancorp,
Inc.
63,877
13,222
Berkshire
Hathaway,
Inc.
b
5,245,564
14,343
Berkshire
Hills
Bancorp,
Inc.
305,793
2,102
BlackRock,
Inc.
1,586,253
3,037
Block,
Inc.
b
221,701
51,504
Blue
Owl
Capital,
Inc.
972,911
426
BOK
Financial
Corporation
37,799
53,691
Bridgewater
Bancshares,
Inc.
b
584,158
6,793
Brighthouse
Financial,
Inc.
b
327,762
7,448
BrightSpire
Capital,
Inc.
46,848
32,981
Brookline
Bancorp,
Inc.
273,742
16,497
Brown
&
Brown,
Inc.
1,345,165
6,505
Business
First
Bancshares,
Inc.
131,336
8,520
Byline
Bancorp,
Inc.
184,628
6,473
Cadence
Bank
179,108
1,176
Camden
National
Corporation
36,715
421
Capital
City
Bank
Group,
Inc.
11,165
12,999
Capital
One
Financial
Corporation
1,864,447
16,472
Capitol
Federal
Financial,
Inc.
78,571
51,191
Carlyle
Group,
Inc.
2,293,357
9,185
Cathay
General
Bancorp
316,331
8,488
Cboe
Global
Markets,
Inc.
1,537,601
21,553
Central
Pacific
Financial
Corporation
429,767
46,774
Charles
Schwab
Corporation
3,458,937
20,566
Chubb,
Ltd.
5,113,530
Shares
Common
Stock
(25.6%)
Value
Financials
(4.1%)
-
continued
3,656
Cincinnati
Financial
Corporation
$
422,963
6,744
Citigroup,
Inc.
413,609
1,476
Citizens
Financial
Group,
Inc.
50,346
5,399
CNB
Financial
Corporation
102,581
9,548
CNO
Financial
Group,
Inc.
251,399
743
Coinbase
Global,
Inc.
b
151,520
35,037
Columbia
Banking
System,
Inc.
659,046
36,643
Comerica,
Inc.
1,838,379
4,910
Commerce
Bancshares,
Inc.
268,479
298
Community
Bank
System,
Inc.
12,880
8,948
Community
Trust
Bancorp,
Inc.
375,905
621
Community
West
Bancshares
a
10,663
2,515
ConnectOne
Bancorp,
Inc.
45,044
984
Corpay,
Inc.
b
297,306
2,294
Cullen/Frost
Bankers,
Inc.
239,356
6,064
Customers
Bancorp,
Inc.
b
276,943
1,094
CVB
Financial
Corporation
17,876
2,800
Dime
Community
Bancshares,
Inc.
50,960
17,529
Discover
Financial
Services
2,221,450
7,281
Eagle
Bancorp,
Inc.
134,626
6,655
East
West
Bancorp,
Inc.
495,731
9,765
Ellington
Credit
Company
64,547
2,807
Employers
Holdings,
Inc.
119,550
5,243
Enova
International,
Inc.
b
317,359
512
Enterprise
Bancorp,
Inc./MA
12,442
9,641
Enterprise
Financial
Services
Corporation
366,454
2,826
Equity
Bancshares,
Inc.
94,134
560
EVERTEC,
Inc.
21,017
81,835
F.N.B.
Corporation
1,091,679
2,239
FactSet
Research
Systems,
Inc.
933,417
1,105
Farmers
National
Banc
Corporation
13,072
32,595
Federated
Hermes,
Inc.
1,070,746
3,354
Fidelity
National
Information
Services,
Inc.
227,804
2,833
Fifth
Third
Bancorp
103,291
7,792
Financial
Institutions,
Inc.
134,178
2,646
First
Bancorp/Puerto
Rico
45,643
14,935
First
Bancshares,
Inc.
357,544
391
First
Citizens
BancShares,
Inc./NC
659,523
13,998
First
Commonwealth
Financial
Corporation
184,634
4,809
First
Financial
Bancorp
106,327
3,994
First
Financial
Bankshares,
Inc.
118,063
3,534
First
Financial
Corporation
128,673
2,049
First
Hawaiian,
Inc.
43,213
24,280
First
Horizon
Corporation
362,258
1,625
First
Internet
Bancorp
50,456
9,482
First
Interstate
BancSystem,
Inc.
253,169
3,086
First
Merchants
Corporation
103,134
4,876
First
Mid-Illinois
Bancshares,
Inc.
150,961
11,297
First
of
Long
Island
Corporation
106,983
8,563
Fiserv,
Inc.
b
1,307,313
514
Five
Star
Bancorp
11,113
11,643
Flushing
Financial
Corporation
128,306
4,410
Flywire
Corporation
b
90,405
15,522
Fulton
Financial
Corporation
256,889
54,132
Glacier
Bancorp,
Inc.
1,958,496
3,928
Global
Payments,
Inc.
482,241
4,310
Great
Southern
Bancorp,
Inc.
221,534
5,114
Green
Dot
Corporation
b
44,747
23,115
Hamilton
Lane,
Inc.
2,582,408
7,969
Hancock
Whitney
Corporation
361,713
29,083
Hanmi
Financial
Corporation
444,970
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
214
Shares
Common
Stock
(25.6%)
Value
Financials
(4.1%)
-
continued
2,926
Hanover
Insurance
Group,
Inc.
$
379,853
4,556
Hartford
Financial
Services
Group,
Inc.
441,431
28,101
Heartland
Financial
USA,
Inc.
1,183,333
17,395
Heritage
Commerce
Corporation
138,116
14,399
Heritage
Financial
Corporation
255,438
5,899
Home
BancShares,
Inc.
139,688
9,033
Hometrust
Bancshares,
Inc.
232,148
27,605
Hope
Bancorp,
Inc.
276,602
814
Horace
Mann
Educators
Corporation
30,004
12,763
Horizon
Bancorp,
Inc.
146,519
44,404
Houlihan
Lokey,
Inc.
5,661,066
5,065
Huntington
Bancshares,
Inc./OH
68,226
8,485
Independent
Bank
Corporation
426,286
8,282
Independent
Bank
Corporation/MI
205,476
46,920
Intercontinental
Exchange,
Inc.
6,041,419
1,014
International
Bancshares
Corporation
56,429
51,100
Invesco,
Ltd.
724,087
48,630
J.P.
Morgan
Chase
&
Company
9,324,316
7,968
Jack
Henry
&
Associates,
Inc.
1,296,314
26,904
Janus
Henderson
Group
plc
839,943
1,689
Jefferies
Financial
Group,
Inc.
72,728
24,763
Kearny
Financial
Corporation/MD
133,720
31,398
KeyCorp
454,957
15,269
Kinsale
Capital
Group,
Inc.
5,546,464
2,091
KKR
&
Company,
Inc.
194,609
4,961
KKR
Real
Estate
Finance
Trust,
Inc.
46,683
7,032
Lazard,
Inc.
270,732
1,845
LendingTree,
Inc.
b
89,058
644
M&T
Bank
Corporation
92,987
16,519
Marsh
&
McLennan
Companies,
Inc.
3,294,384
7,538
Mastercard,
Inc.
3,401,146
5,070
Mercantile
Bank
Corporation
182,926
30,470
MetLife,
Inc.
2,165,808
25,169
MFA
Financial,
Inc.
266,540
106,276
MGIC
Investment
Corporation
2,155,277
1,353
Mid
Penn
Bancorp,
Inc.
27,371
8,211
Midland
States
Bancorp,
Inc.
179,821
14,403
MidWestOne
Financial
Group,
Inc.
290,508
2,487
Moody's
Corporation
921,011
11,675
Mr.
Cooper
Group,
Inc.
b
901,310
10,189
MSCI,
Inc.
4,745,934
560
MVB
Financial
Corporation
10,063
63,592
Nasdaq,
Inc.
3,805,981
8,111
National
Bank
Holdings
Corporation
265,473
8,713
Navient
Corporation
130,869
2,986
NCR
Atleos
Corporation
b
59,511
136
Nelnet,
Inc.
12,808
40,354
NMI
Holdings,
Inc.
b
1,245,324
23,861
Northern
Trust
Corporation
1,965,908
7,716
Northfield
Bancorp,
Inc.
64,351
427
Northrim
BanCorp,
Inc.
20,411
18,015
Northwest
Bancshares,
Inc.
190,959
34,351
NU
Holdings,
Ltd./Cayman
Islands
b
373,052
25,055
OceanFirst
Financial
Corporation
369,812
11,678
OFG
Bancorp
421,693
10,959
Old
National
Bancorp
181,262
7,546
Old
Republic
International
Corporation
225,324
Shares
Common
Stock
(25.6%)
Value
Financials
(4.1%)
-
continued
9,034
Old
Second
Bancorp,
Inc.
$
123,766
23,090
OneMain
Holdings,
Inc.
1,203,220
11,361
Pacific
Premier
Bancorp,
Inc.
244,261
16,906
PayPal
Holdings,
Inc.
b
1,148,256
2,254
PCB
Bancorp
32,818
1,804
PennyMac
Financial
Services,
Inc.
154,495
5,036
Peoples
Bancorp,
Inc./OH
146,245
2,923
Pinnacle
Financial
Partners,
Inc.
224,194
629
PNC
Financial
Services
Group,
Inc.
96,401
2,677
Popular,
Inc.
227,518
7,898
Premier
Financial
Corporation
153,063
5,086
Principal
Financial
Group,
Inc.
402,506
684
PROG
Holdings,
Inc.
22,736
18,476
Prosperity
Bancshares,
Inc.
1,144,958
22,761
Provident
Financial
Services,
Inc.
334,131
2,011
Prudential
Financial,
Inc.
222,175
39,755
Radian
Group,
Inc.
1,187,482
25,548
Raymond
James
Financial,
Inc.
3,116,856
3,187
Regions
Financial
Corporation
61,413
48,612
Rithm
Capital
Corporation
540,565
24,855
RLI
Corporation
3,513,254
5,739
S&T
Bancorp,
Inc.
173,031
10,167
Sandy
Spring
Bancorp,
Inc.
207,915
50,369
SEI
Investments
Company
3,321,836
1,058
ServisFirst
Bancshares,
Inc.
62,380
6,292
Shore
Bancshares,
Inc.
65,122
63
Simmons
First
National
Corporation
1,077
2,632
Skyward
Specialty
Insurance
Group,
Inc.
b
91,909
1,046
SmartFinancial,
Inc.
21,495
595
Southern
First
Bancshares,
Inc.
b
15,363
342
Southern
Missouri
Bancorp,
Inc.
13,714
1,198
Southside
Bancshares,
Inc.
31,939
2,870
SouthState
Corporation
217,259
6,903
Stellar
Bancorp,
Inc.
153,247
4,329
StepStone
Group,
Inc.
156,147
367
Synchrony
Financial
16,141
5,170
Synovus
Financial
Corporation
185,034
5,355
TPG,
Inc.
230,800
26,193
Tradeweb
Markets,
Inc.
2,664,090
4,947
TriCo
Bancshares
172,007
46,773
Triumph
Financial,
Inc.
b
3,290,948
778
Truist
Financial
Corporation
29,214
5,790
TrustCo
Bank
Corporation
NY
154,130
15,425
Two
Harbors
Investment
Corporation
194,818
3,076
U.S.
Bancorp
124,978
1,192
UMB
Financial
Corporation
94,955
3,900
United
Bankshares,
Inc.
126,594
2,317
United
Community
Banks,
Inc.
58,458
7,505
Univest
Financial
Corporation
156,629
2,142
Unum
Group
108,599
40,061
Valley
National
Bancorp
280,828
8,943
Veritex
Holdings,
Inc.
174,210
21,422
Virtu
Financial,
Inc.
464,857
5,576
Visa,
Inc.
1,497,769
5,218
Voya
Financial,
Inc.
355,659
8,024
WaFd,
Inc.
217,370
1,379
Walker
&
Dunlop,
Inc.
126,358
14,185
Webster
Financial
Corporation
621,729
115,186
Wells
Fargo
&
Company
6,832,834
6,453
Westamerica
Bancorporation
300,387
40,299
Western
Alliance
Bancorp
2,290,192
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
215
Shares
Common
Stock
(25.6%)
Value
Financials
(4.1%)
-
continued
48,146
Western
Union
Company
$
647,082
1,157
Willis
Towers
Watson
plc
290,569
2,311
Wintrust
Financial
Corporation
223,335
623
WSFS
Financial
Corporation
26,621
26,099
Zions
Bancorp
NA
1,064,317
Total
180,488,225
Health
Care
(3.1%)
34,072
Abbott
Laboratories
3,610,610
10,588
AbbVie,
Inc.
1,722,032
10,472
ACADIA
Pharmaceuticals,
Inc.
b
174,987
33,760
Agilent
Technologies,
Inc.
4,626,470
3,286
Agios
Pharmaceuticals,
Inc.
b
106,795
9,085
Align
Technology,
Inc.
b
2,565,422
8,240
Amgen,
Inc.
2,257,266
8,330
Amicus
Therapeutics,
Inc.
b
83,217
6,679
AMN
Healthcare
Services,
Inc.
b
400,606
12,673
Amneal
Pharmaceuticals,
Inc.
b
76,672
3,633
Anika
Therapeutics,
Inc.
b
94,058
6,446
Arcellx,
Inc.
b
322,429
3,813
Argenx
SE
ADR
b
1,431,781
814
Arvinas,
Inc.
b
25,861
11,412
Ascendis
Pharma
AS
ADR
b
1,579,877
36,830
AstraZeneca
plc
ADR
2,794,660
120,085
Avantor,
Inc.
b
2,909,660
6,400
Azenta,
Inc.
b
335,744
5,375
Biogen,
Inc.
b
1,154,658
183
BioMarin
Pharmaceutical,
Inc.
b
14,779
234
Bio-Rad
Laboratories,
Inc.
b
63,121
30,261
Bio-Techne
Corporation
1,912,798
8,598
Bruker
Corporation
670,730
10,885
CareDx,
Inc.
b
84,468
9,442
Centene
Corporation
b
689,833
8,026
Charles
River
Laboratories
International,
Inc.
b
1,837,954
4,776
Chemed
Corporation
2,712,768
7,075
Cigna
Group
2,526,058
2,636
Cooper
Companies,
Inc.
234,762
1,333
Cullinan
Therapeutics,
Inc.
b
36,004
12,689
Danaher
Corporation
3,129,361
8,771
Deciphera
Pharmaceuticals,
Inc.
b
221,643
7,020
Definitive
Healthcare
Corporation
b
48,719
17,451
Denali
Therapeutics,
Inc.
b
269,443
34,026
Dentsply
Sirona,
Inc.
1,021,120
16,743
Dexcom,
Inc.
b
2,132,891
22,017
Edwards
Lifesciences
Corporation
b
1,864,179
68,530
Elanco
Animal
Health,
Inc.
b
901,855
8,079
Elevance
Health,
Inc.
4,270,398
4,669
Eli
Lilly
&
Company
3,646,956
1,110
Enanta
Pharmaceuticals,
Inc.
b
15,251
61,197
Enovis
Corporation
b
3,379,910
16,879
Exelixis,
Inc.
b
395,981
21,074
Gilead
Sciences,
Inc.
1,374,025
40,475
Globus
Medical,
Inc.
b
2,015,250
18,321
GoodRx
Holdings,
Inc.
b
130,079
25,198
Haemonetics
Corporation
b
2,316,956
48,455
Halozyme
Therapeutics,
Inc.
b
1,846,136
19,991
HealthEquity,
Inc.
b
1,577,490
5,402
ICON
plc
b
1,609,148
108
IDEXX
Laboratories,
Inc.
b
53,218
1,408
Illumina,
Inc.
b
173,254
21,379
Immunocore
Holdings
plc
ADR
b
1,263,071
1,716
Incyte
Corporation
b
89,318
10,507
Inspire
Medical
Systems,
Inc.
b
2,539,122
Shares
Common
Stock
(25.6%)
Value
Health
Care
(3.1%)
-
continued
3,798
Intuitive
Surgical,
Inc.
b
$
1,407,615
799
IQVIA
Holding,
Inc.
b
185,184
34,512
Johnson
&
Johnson
4,990,090
1,398
Kymera
Therapeutics,
Inc.
b
47,001
13,686
Laboratory
Corporation
of
America
Holdings
2,755,950
14,904
Legend
Biotech
Corporation
ADR
b
651,901
156
Ligand
Pharmaceuticals,
Inc.
b
10,903
2,250
LivaNova
plc
b
125,438
10,608
Masimo
Corporation
b
1,425,821
72
Medpace
Holdings,
Inc.
b
27,961
35,542
Medtronic
plc
2,851,890
39,098
Merck
&
Company,
Inc.
5,052,244
2,178
Molina
Healthcare,
Inc.
b
745,094
5,066
Myriad
Genetics,
Inc.
b
99,142
17,698
Natera,
Inc.
b
1,643,790
10,467
Novo
Nordisk
AS
ADR
1,343,021
14,958
Nuvation
Bio,
Inc.
b
44,724
140,189
Option
Care
Health,
Inc.
b
4,190,249
107,724
Paragon
28,
Inc.
b
993,215
80,807
Progyny,
Inc.
b
2,590,672
6,358
Prothena
Corporation
plc
b
129,322
4,341
PTC
Therapeutics,
Inc.
b
139,563
1,819
QIAGEN
NV
b
76,998
8,300
Recursion
Pharmaceuticals,
Inc.
a,b
64,906
15,573
Repligen
Corporation
b
2,557,087
10,046
Rocket
Pharmaceuticals,
Inc.
b
216,190
1,717
Royalty
Pharma
plc
47,561
10,179
Sarepta
Therapeutics,
Inc.
b
1,289,272
110,450
scPharmaceuticals,
Inc.
b
493,712
5,014
Shockwave
Medical,
Inc.
b
1,655,573
6,973
Stryker
Corporation
2,346,415
1,358
Teleflex,
Inc.
283,483
9,867
Thermo
Fisher
Scientific,
Inc.
5,611,560
3,344
UnitedHealth
Group,
Inc.
1,617,493
10,786
Veeva
Systems,
Inc.
b
2,141,668
8,604
Veracyte,
Inc.
b
168,380
43,675
Vericel
Corporation
b
2,003,372
7,473
Vertex
Pharmaceuticals,
Inc.
b
2,935,469
67,078
Viemed
Healthcare,
Inc.
b
549,369
769
West
Pharmaceutical
Services,
Inc.
274,902
4,198
Xenon
Pharmaceuticals,
Inc.
b
170,649
3,690
Zentalis
Pharmaceuticals,
Inc.
b
40,811
24,081
Zimmer
Biomet
Holdings,
Inc.
2,896,463
16,614
Zoetis,
Inc.
2,645,613
Total
134,878,590
Industrials
(3.9%)
8,083
A.O.
Smith
Corporation
669,596
737
Acuity
Brands,
Inc.
182,997
23,268
Advanced
Drainage
Systems,
Inc.
3,653,076
23,163
AECOM
2,139,335
3,657
AGCO
Corporation
417,593
37,604
Air
Lease
Corporation
1,889,225
11,904
Alight,
Inc.
b
107,374
4,635
Allison
Transmission
Holdings,
Inc.
340,904
24,002
AMETEK,
Inc.
4,192,189
12,245
Armstrong
World
Industries,
Inc.
1,406,706
7,773
Atmus
Filtration
Technologies,
Inc.
b
235,444
12,109
Automatic
Data
Processing,
Inc.
2,929,046
2,160
Axon
Enterprise,
Inc.
b
677,506
26,283
AZEK
Company,
Inc.
b
1,199,556
3,298
AZZ,
Inc.
236,236
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
216
Shares
Common
Stock
(25.6%)
Value
Industrials
(3.9%)
-
continued
119,157
Badger
Infrastructure
Solutions,
Ltd.
$
3,890,682
19,254
Beacon
Roofing
Supply,
Inc.
b
1,897,097
186
Brady
Corporation
10,974
4,913
BWX
Technologies,
Inc.
470,518
8,093
Carlisle
Companies,
Inc.
3,142,107
19,746
Casella
Waste
Systems,
Inc.
b
1,785,038
6,947
Caterpillar,
Inc.
2,324,258
7,775
Cimpress
plc
b
662,974
166,534
CNH
Industrial
NV
b
1,898,488
356
Columbus
McKinnon
Corporation
14,692
2,708
CSW
Industrials,
Inc.
643,475
185,873
CSX
Corporation
6,174,701
1,869
Cummins,
Inc.
527,974
10,507
Curtiss-Wright
Corporation
2,662,684
48,367
Delta
Air
Lines,
Inc.
2,421,736
5,832
DNOW,
Inc.
b
82,290
11,647
Donaldson
Company,
Inc.
840,913
28
Dover
Corporation
5,020
8,419
EMCOR
Group,
Inc.
3,007,014
244
ESCO
Technologies,
Inc.
24,754
159,702
ExlService
Holdings,
Inc.
b
4,631,358
7,821
Expeditors
International
of
Washington,
Inc.
870,555
91,650
Fastenal
Company
6,226,701
15,588
Ferguson
plc
3,271,921
89,718
Flowserve
Corporation
4,231,101
59,120
Fluor
Corporation
b
2,384,310
9,275
Gates
Industrial
Corporation
plc
b
163,425
11,418
General
Dynamics
Corporation
3,277,994
2,419
Gibraltar
Industries,
Inc.
b
172,862
153
GMS,
Inc.
b
14,156
727
Gorman-Rupp
Company
24,115
8,894
Graco,
Inc.
713,299
18,541
Greenbrier
Companies,
Inc.
915,740
1,692
Griffon
Corporation
110,860
54,075
Helios
Technologies,
Inc.
2,438,782
1,954
Herc
Holdings,
Inc.
279,481
9,913
Hillman
Solutions
Corporation
b
94,768
13,332
Honeywell
International,
Inc.
2,569,476
122,137
Howmet
Aerospace,
Inc.
8,152,645
1,459
Huntington
Ingalls
Industries,
Inc.
404,041
8,462
IDEX
Corporation
1,865,532
32,086
Ingersoll
Rand,
Inc.
2,994,265
4,620
Interface,
Inc.
70,640
2,591
ITT
Corporation
335,120
4,241
Jacobs
Solutions,
Inc.
608,711
233,984
Janus
International
Group,
Inc.
b
3,371,709
10,297
JB
Hunt
Transport
Services,
Inc.
1,673,983
302
Johnson
Controls
International
plc
19,651
6,781
Kennametal,
Inc.
159,557
9,217
Kratos
Defense
&
Security
Solutions,
Inc.
b
164,247
10,855
L3Harris
Technologies,
Inc.
2,323,513
34,955
Legalzoom.com,
Inc.
b
417,712
1,160
Leidos
Holdings,
Inc.
162,655
16,721
Lincoln
Electric
Holdings,
Inc.
3,670,761
12,396
Lyft,
Inc.
b
193,873
5,381
Masco
Corporation
368,329
64,730
Masterbrand,
Inc.
b
1,079,049
3,103
Matson,
Inc.
334,441
15,243
Maximus,
Inc.
1,223,708
16,013
Middleby
Corporation
b
2,225,327
21,225
Miller
Industries,
Inc.
1,033,870
6,036
Moog,
Inc.
960,146
Shares
Common
Stock
(25.6%)
Value
Industrials
(3.9%)
-
continued
11,565
Mueller
Water
Products,
Inc.
$
183,190
1,110
MYR
Group,
Inc.
b
184,537
348
National
Presto
Industries,
Inc.
28,533
2,244
Northrop
Grumman
Corporation
1,088,407
35,003
nVent
Electric
plc
2,522,666
12,521
Old
Dominion
Freight
Line,
Inc.
2,275,191
13,776
Oshkosh
Corporation
1,546,632
1,612
Otis
Worldwide
Corporation
147,014
22,195
Owens
Corning,
Inc.
3,733,421
6,932
PACCAR,
Inc.
735,555
623
Parker-Hannifin
Corporation
339,479
455
Paylocity
Holding
Corporation
b
70,598
32,047
Pentair
plc
2,534,597
5,012
Quanta
Services,
Inc.
1,295,903
11,879
Regal
Rexnord
Corporation
1,916,914
834
Republic
Services,
Inc.
159,878
4,739
Resideo
Technologies,
Inc.
b
92,553
6,475
REV
Group,
Inc.
141,543
5,739
Rockwell
Automation,
Inc.
1,555,039
3,398
Rush
Enterprises,
Inc.
149,240
6,075
Saia,
Inc.
b
2,410,742
69,823
Schneider
National,
Inc.
1,443,940
14,892
Sensata
Technologies
Holding
plc
570,513
12,808
Simpson
Manufacturing
Company,
Inc.
2,227,183
11,180
SiteOne
Landscape
Supply,
Inc.
b
1,754,030
10,891
SkyWest,
Inc.
b
795,370
465
Snap-On,
Inc.
124,601
1,876
SS&C
Technologies
Holdings,
Inc.
116,106
3,245
Standex
International
Corporation
560,996
13,297
Tennant
Company
1,548,835
7,059
Terex
Corporation
395,657
3,078
Textron,
Inc.
260,368
711
Thermon
Group
Holdings,
Inc.
b
22,702
38,878
Timken
Company
3,468,695
1,283
Titan
Machinery,
Inc.
b
28,560
13,396
Trane
Technologies
plc
4,251,087
19,936
TransUnion
1,455,328
2,141
Trex
Company,
Inc.
b
189,586
23,665
Uber
Technologies,
Inc.
b
1,568,280
141
UniFirst
Corporation/MA
22,578
24,883
United
Parcel
Service,
Inc.
3,669,745
2,852
United
Rentals,
Inc.
1,905,107
8,786
Upwork,
Inc.
b
102,796
9,131
Verra
Mobility
Corporation
b
215,309
744
Vertiv
Holdings
Company
69,192
482
Viad
Corporation
b
16,619
3,217
Watsco,
Inc.
1,440,315
21,228
WillScot
Mobile
Mini
Holdings
Corporation
b
784,587
Total
171,088,278
Information
Technology
(5.4%)
8,206
Adobe,
Inc.
b
3,797,983
14,921
Advanced
Micro
Devices,
Inc.
b
2,363,188
18,029
Agilysys,
Inc.
b
1,497,308
4,189
Ambarella,
Inc.
b
192,568
39,595
Amphenol
Corporation
4,781,888
129,221
Apple,
Inc.
22,010,213
16,381
Applied
Materials,
Inc.
3,254,086
3,834
AppLovin
Corporation
b
270,565
8,634
Arista
Networks,
Inc.
b
2,215,139
41,823
ASGN,
Inc.
b
4,033,828
9,181
Autodesk,
Inc.
b
1,954,176
3,368
Broadcom,
Inc.
4,379,309
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
217
Shares
Common
Stock
(25.6%)
Value
Information
Technology
(5.4%)
-
continued
6,061
CDW
Corporation
$
1,465,913
49,758
Ciena
Corporation
b
2,300,312
116,496
Cisco
Systems,
Inc.
5,472,982
8,645
Clearwater
Analytics
Holdings,
Inc.
b
136,418
1,611
Coherent
Corporation
b
88,009
25,022
Cohu,
Inc.
b
758,667
16,787
CommScope
Holding
Company,
Inc.
b
15,008
1,467
CommVault
Systems,
Inc.
b
150,323
11,075
Crane
NXT
Company
673,471
11,052
Credo
Technology
Group
Holding,
Ltd.
b
197,499
10,167
CyberArk
Software,
Ltd.
b
2,432,455
1,869
Datadog,
Inc.
b
234,560
24,732
Descartes
Systems
Group,
Inc.
b
2,294,882
1,182
DocuSign,
Inc.
b
66,901
5,803
Dolby
Laboratories,
Inc.
450,661
35,111
Dropbox,
Inc.
b
813,171
44,595
Dynatrace
Holdings,
LLC
b
2,020,599
1,131
Elastic
NV
b
115,611
9,562
Enphase
Energy,
Inc.
b
1,039,963
876
EPAM
Systems,
Inc.
b
206,088
4,754
F5,
Inc.
b
785,884
17,342
Fabrinet
b
3,001,380
53,940
Flex,
Ltd.
b
1,545,381
5,643
FormFactor,
Inc.
b
251,621
15,547
Fortinet,
Inc.
b
982,259
17
Gartner,
Inc.
b
7,014
55,468
Gilat
Satellite
Networks,
Ltd.
b
274,567
27,159
Gitlab,
Inc.
b
1,425,033
5,974
Globant
SA
b
1,066,897
16,845
GoDaddy,
Inc.
b
2,061,491
95,084
Grid
Dynamics
Holdings,
Inc.
b
928,971
49,064
Guidewire
Software,
Inc.
b
5,416,666
15,431
Hackett
Group,
Inc.
334,698
2,291
Hewlett
Packard
Enterprise
Company
38,947
138
HP,
Inc.
3,876
3,123
HubSpot,
Inc.
b
1,889,009
2,945
Insight
Enterprises,
Inc.
b
537,669
7,652
International
Business
Machines
Corporation
1,271,762
2,827
IPG
Photonics
Corporation
b
237,411
3,306
Itron,
Inc.
b
304,549
104,371
JFrog,
Ltd.
b
4,162,315
2,720
Keysight
Technologies,
Inc.
b
402,397
3,225
KLA
Corporation
2,222,960
59,283
Knowles
Corporation
b
938,450
2,842
Lam
Research
Corporation
2,541,913
57,821
Lattice
Semiconductor
Corporation
b
3,966,521
12,049
Littelfuse,
Inc.
2,778,981
3,121
LiveRamp
Holding,
Inc.
b
100,215
21,072
Marvell
Technology,
Inc.
1,388,856
153
Microchip
Technology,
Inc.
14,073
74,021
Microsoft
Corporation
28,818,596
3,110
MKS
Instruments,
Inc.
370,028
3,746
MongoDB,
Inc.
b
1,367,964
3,091
Monolithic
Power
Systems,
Inc.
2,068,899
1,741
Motorola
Solutions,
Inc.
590,460
8,360
NetApp,
Inc.
854,476
5,721
NICE,
Ltd.
ADR
b
1,278,701
11,568
Nova,
Ltd.
b
1,965,403
25,459
NVIDIA
Corporation
21,997,085
Shares
Common
Stock
(25.6%)
Value
Information
Technology
(5.4%)
-
continued
346
Okta,
Inc.
b
$
32,171
8,131
ON
Semiconductor
Corporation
b
570,471
16,387
Onto
Innovation,
Inc.
b
3,039,625
394
OSI
Systems,
Inc.
b
51,787
6,686
Palo
Alto
Networks,
Inc.
b
1,944,891
35,967
PDF
Solutions,
Inc.
b
1,081,887
13,078
Plexus
Corporation
b
1,321,009
946
Procore
Technologies,
Inc.
b
64,725
11,812
PTC,
Inc.
b
2,095,921
8,795
Q2
Holdings,
Inc.
b
451,975
794
Qorvo,
Inc.
b
92,771
65,033
QUALCOMM,
Inc.
10,785,723
4,132
Rapid7,
Inc.
b
185,114
15,980
Salesforce,
Inc.
4,297,661
63,492
Samsung
Electronics
Company,
Ltd.
3,529,307
5,304
ServiceNow,
Inc.
b
3,677,422
11,870
Shopify,
Inc.
b
833,274
17,317
Silicon
Laboratories,
Inc.
b
2,103,842
2,538
Skyworks
Solutions,
Inc.
270,525
13,891
SolarWinds
Corporation
153,079
46,957
Sprout
Social,
Inc.
b
2,368,981
11,104
SPS
Commerce,
Inc.
b
1,930,652
3,717
Synopsys,
Inc.
b
1,972,203
19,520
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
ADR
2,680,877
13,181
TE
Connectivity,
Ltd.
1,864,848
346
Teledyne
Technologies,
Inc.
b
131,992
3,279
Tenable
Holdings,
Inc.
b
147,457
1,751
Teradata
Corporation
b
64,962
58,995
Trimble,
Inc.
b
3,543,830
229,573
TTM
Technologies,
Inc.
b
3,427,525
6,732
Tyler
Technologies,
Inc.
b
3,107,155
15,368
Unisys
Corporation
b
83,448
2,487
Universal
Display
Corporation
392,896
5,830
Upland
Software,
Inc.
b
12,593
85,378
Varonis
Systems,
Inc.
b
3,735,288
6,970
VeriSign,
Inc.
b
1,181,276
17,023
Viavi
Solutions,
Inc.
b
134,482
12,616
Vishay
Intertechnology,
Inc.
291,934
20,174
Vontier
Corporation
819,670
29,931
Workiva,
Inc.
b
2,358,563
3,478
Xerox
Holdings
Corporation
46,223
Total
238,757,157
Materials
(0.9%)
5,241
Albemarle
Corporation
a
630,545
20,373
Alcoa
Corporation
715,907
1,468
AptarGroup,
Inc.
211,950
251
Avery
Dennison
Corporation
54,537
9,519
Avient
Corporation
403,796
18,666
Axalta
Coating
Systems,
Ltd.
b
586,859
24,322
Ball
Corporation
1,692,081
1,575
Berry
Plastics
Group,
Inc.
89,208
8,518
Carpenter
Technology
Corporation
729,993
2,428
Celanese
Corporation
372,965
28,585
CF
Industries
Holdings,
Inc.
2,257,357
25,858
Chemours
Company
691,701
23,705
Cleveland-Cliffs,
Inc.
b
400,614
23,015
Corteva,
Inc.
1,245,802
4,577
Eagle
Materials,
Inc.
1,147,500
31,481
Eastman
Chemical
Company
2,973,066
346
Ecolab,
Inc.
78,248
7,027
Greif,
Inc.
430,615
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
218
Shares
Common
Stock
(25.6%)
Value
Materials
(0.9%)
-
continued
3,507
Huntsman
Corporation
$
83,677
29,408
Ingevity
Corporation
b
1,503,925
4,830
Innospec,
Inc.
579,600
72,795
Ivanhoe
Mines,
Ltd.
b
986,710
5,005
Kaiser
Aluminum
Corporation
452,902
12,150
Linde
plc
5,357,664
10,524
Louisiana-Pacific
Corporation
770,252
349
LyondellBasell
Industries
NV
34,889
3,485
Martin
Marietta
Materials,
Inc.
2,045,939
4,753
Metallus,
Inc.
b
97,722
2,447
Minerals
Technologies,
Inc.
178,362
20,077
Mosaic
Company
630,217
1,648
Myers
Industries,
Inc.
36,091
16,421
Nucor
Corporation
2,767,431
9,730
O-I
Glass,
Inc.
b
145,561
5,445
Orion
SA
128,829
944
PPG
Industries,
Inc.
121,776
352
Quaker
Chemical
Corporation
65,659
5,571
Radius
Recycling,
Inc.
97,047
122,666
Ranpak
Holdings
Corporation
b
888,102
428
Reliance,
Inc.
121,860
10,205
RPM
International,
Inc.
1,091,017
14,823
Steel
Dynamics,
Inc.
1,928,769
41,970
Summit
Materials,
Inc.
b
1,632,633
12,764
SunCoke
Energy,
Inc.
131,597
1,753
TriMas
Corporation
45,560
22,186
Trinseo
plc
57,905
131,646
Tronox
Holdings
plc
2,236,665
4,492
United
States
Lime
&
Minerals,
Inc.
1,392,520
13,512
United
States
Steel
Corporation
493,188
1,885
Vulcan
Materials
Company
485,633
Total
41,302,446
Real
Estate
(1.1%)
22,065
Acadia
Realty
Trust
381,283
65,791
Agree
Realty
Corporation
3,764,561
7,926
Alexandria
Real
Estate
Equities,
Inc.
918,386
356
Anywhere
Real
Estate,
Inc.
b
1,730
14,945
AvalonBay
Communities,
Inc.
2,833,124
5,483
Brixmor
Property
Group,
Inc.
121,174
23,799
CareTrust
REIT,
Inc.
588,311
26,180
CBRE
Group,
Inc.
b
2,274,780
67,550
Compass,
Inc.
b
212,783
21,677
CoStar
Group,
Inc.
b
1,984,096
20,900
Crown
Castle,
Inc.
1,960,002
167,342
Cushman
and
Wakefield
plc
b
1,614,850
10,335
DigitalBridge
Group,
Inc.
169,907
34,480
Douglas
Elliman,
Inc.
b
46,893
13,332
EastGroup
Properties,
Inc.
2,071,260
24,358
EPR
Properties
988,691
450
Equinix,
Inc.
320,000
78,765
Equity
Commonwealth
b
1,474,481
3,999
Equity
Residential
257,536
124,094
Essential
Properties
Realty
Trust,
Inc.
3,268,636
838
Essex
Property
Trust,
Inc.
206,358
3,594
Extra
Space
Storage,
Inc.
482,602
8,779
First
Industrial
Realty
Trust,
Inc.
398,742
8,653
FirstService
Corporation
1,271,991
29,861
Four
Corners
Property
Trust,
Inc.
700,240
16,177
Getty
Realty
Corporation
438,397
101,077
Healthcare
Realty
Trust,
Inc.
1,438,326
3,528
Howard
Hughes
Holdings,
Inc.
b
229,885
68,804
Independence
Realty
Trust,
Inc.
1,085,039
Shares
Common
Stock
(25.6%)
Value
Real
Estate
(1.1%)
-
continued
12,601
Industrial
Logistics
Properties
Trust
$
44,356
7,607
Invitation
Homes,
Inc.
260,159
63,673
LXP
Industrial
Trust
531,670
76,228
National
Storage
Affiliates
Trust
2,671,029
32,067
NetSTREIT
Corporation
540,329
13,988
NNN
REIT,
Inc.
566,934
9,255
Park
Hotels
&
Resorts,
Inc.
149,283
2,359
Peakstone
Realty
Trust
32,955
21,377
Pebblebrook
Hotel
Trust
310,608
55,280
Phillips
Edison
and
Company,
Inc.
1,807,656
5,172
Plymouth
Industrial
REIT,
Inc.
107,991
12,968
Retail
Opportunity
Investments
Corporation
159,117
16,891
RLJ
Lodging
Trust
185,801
1,984
RMR
Group,
Inc.
47,060
8,737
Sabra
Health
Care
REIT,
Inc.
121,619
12,679
SBA
Communications
Corporation
2,359,815
46,143
STAG
Industrial,
Inc.
1,586,858
7,846
Tanger,
Inc.
222,434
39,941
Terreno
Realty
Corporation
2,170,793
29,588
UDR,
Inc.
1,126,711
1,919
Ventas,
Inc.
84,973
372
Welltower,
Inc.
35,444
8,755
Zillow
Group,
Inc.,
Class
A
b
367,710
5,279
Zillow
Group,
Inc.,
Class
C
b
224,727
Total
47,220,096
Utilities
(0.7%)
8,334
ALLETE,
Inc.
493,539
18,387
Alliant
Energy
Corporation
915,673
9,624
American
Water
Works
Company,
Inc.
1,177,208
31,829
CenterPoint
Energy,
Inc.
927,497
27,774
Clearway
Energy,
Inc.,
Class
A
602,974
34,328
Clearway
Energy,
Inc.,
Class
C
802,589
15,293
Constellation
Energy
Corporation
2,843,580
24,067
Duke
Energy
Corporation
2,364,823
22,106
Entergy
Corporation
2,358,047
88,978
Evergy,
Inc.
4,666,896
7,290
Eversource
Energy
441,920
35,019
NiSource,
Inc.
975,629
6,945
Northwestern
Energy
Group,
Inc.
350,306
22,309
PNM
Resources,
Inc.
826,772
56,225
Portland
General
Electric
Company
2,430,607
29,269
Public
Service
Enterprise
Group,
Inc.
2,021,903
9,574
Spire,
Inc.
591,577
81,490
UGI
Corporation
2,082,884
60,639
Xcel
Energy,
Inc.
3,258,133
Total
30,132,557
Total
Common
Stock
(cost
$934,161,666)
1,123,756,328
Principal
Amount
Long-Term
Fixed
Income
(
9.1%
)
Value
Asset-Backed
Securities
(0.2%)
510
Asset
Backed
Trust
$
525,000
3.967%, 
5/25/2061,
Ser.
2021-NPL1,
Class
A2
c,d
486,049
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
219
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Asset-Backed
Securities
(0.2%)
-
continued
720
East
CLO,
Ltd.
$
550,000
8.575%, 
(TSFR3M
+
3.250%),
1/20/2036,
Ser.
2022-1A,
Class
B
c,e
$
555,044
175,000
9.575%, 
(TSFR3M
+
4.250%),
1/20/2036,
Ser.
2022-1A,
Class
C
c,e
176,608
Access
Group,
Inc.
25,124
5.945%, 
(SOFR30A
+
0.614%),
2/25/2036,
Ser.
2013-1,
Class
A
c,e
24,821
AMSR
Trust
500,000
2.352%, 
6/17/2038,
Ser.
2021-SFR1,
Class
C
c
429,508
350,000
2.517%, 
12/17/2038,
Ser.
2021-SFR4,
Class
C
c
315,643
Ares
XL
CLO,
Ltd.
525,000
8.390%, 
(TSFR3M
+
3.062%),
1/15/2029,
Ser.
2016-40A,
Class
CRR
c,e
522,967
Avis
Budget
Rental
Car
Funding
AESOP,
LLC
137,000
5.360%, 
6/20/2030,
Ser.
2024-1A,
Class
A
c
134,723
CarVal
CLO
I,
Ltd.
400,000
7.174%, 
(TSFR3M
+
1.850%),
7/16/2031,
Ser.
2018-1A,
Class
BR
c,e
399,986
CMFT
Net
Lease
Master
Issuer,
LLC
335,197
2.090%, 
7/20/2051,
Ser.
2021-1,
Class
A1
c
282,738
Commonbond
Student
Loan
Trust
17,039
5.931%, 
(TSFR1M
+
0.614%),
2/25/2044,
Ser.
2018-AGS,
Class
A2
c,e
16,750
Dryden
36
Senior
Loan
Fund
450,000
7.640%, 
(TSFR3M
+
2.312%),
4/15/2029,
Ser.
2014-36A,
Class
CR3
c,e
450,026
Foundation
Finance
Trust
178,671
1.270%, 
5/15/2041,
Ser.
2021-1A,
Class
A
c
160,889
FRTKL
Trust
625,000
1.922%, 
9/17/2038,
Ser.
2021-SFR1,
Class
C
c
561,714
GSAA
Home
Equity
Trust
959,251
4.478%, 
8/25/2034,
Ser.
2004-10,
Class
M2
e
833,129
Home
Partners
of
America
Trust
624,820
2.302%, 
12/17/2026,
Ser.
2021-2,
Class
B
c
567,434
480,849
2.078%, 
9/17/2041,
Ser.
2021-1,
Class
C
c
396,175
Laurel
Road
Prime
Student
Loan
Trust
116,139
5.920%, 
11/25/2043,
Ser.
2018-D,
Class
A
c,e
106,593
National
Collegiate
Trust
114,073
5.726%, 
(LIBOR
1M
+
0.295%),
5/25/2031,
Ser.
2007-A,
Class
A
c,e
111,196
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Asset-Backed
Securities
(0.2%)
-
continued
Pretium
Mortgage
Credit
Partners,
LLC
$
167,368
5.240%, 
9/27/2060,
Ser.
2021-NPL1,
Class
A1
c,d
$
164,707
Unlock
HEA
Trust
349,312
7.000%, 
4/25/2039,
Ser.
2024-1,
Class
A
c
337,080
VCAT
Asset
Securitization,
LLC
255,068
4.826%, 
12/26/2050,
Ser.
2021-NPL1,
Class
A2
c,d
254,633
Vericrest
Opportunity
Loan
Transferee
194,917
4.893%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A1
c,d
189,784
252,066
4.949%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A2
c,d
220,033
132,883
5.116%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A1
c,d
129,605
250,000
5.438%, 
12/26/2051,
Ser.
2021-NP12,
Class
A2
c,d
203,080
Wind
River
CLO,
Ltd.
325,000
7.586%, 
(TSFR3M
+
2.262%),
7/20/2030,
Ser.
2013-1A,
Class
BRR
c,e
325,080
Total
8,355,995
Basic
Materials
(0.1%)
Anglo
American
Capital
plc
200,000
3.875%, 
3/16/2029
c
184,720
ATI,
Inc.
66,000
7.250%, 
8/15/2030
67,516
Cascades,
Inc./Cascades
USA,
Inc.
120,000
5.125%, 
1/15/2026
c
116,200
Chemours
Company
154,000
5.750%, 
11/15/2028
c
141,429
Cleveland-Cliffs,
Inc.
110,000
5.875%, 
6/1/2027
108,820
40,000
4.625%, 
3/1/2029
a,c
37,014
Consolidated
Energy
Finance
SA
208,000
5.625%, 
10/15/2028
c
175,762
First
Quantum
Minerals,
Ltd.
44,000
6.875%, 
10/15/2027
c
42,323
FMC
Corporation
134,000
5.150%, 
5/18/2026
132,346
Glencore
Funding,
LLC
133,000
3.375%, 
9/23/2051
c
84,817
189,000
4.000%, 
3/27/2027
c
180,577
133,000
6.125%, 
10/6/2028
c
134,680
Hecla
Mining
Company
60,000
7.250%, 
2/15/2028
59,747
Hudbay
Minerals,
Inc.
101,000
4.500%, 
4/1/2026
c
97,682
Illuminate
Buyer,
LLC/Illuminate
Holdings
IV,
Inc.
42,000
9.000%, 
7/1/2028
c
41,120
INEOS
Finance
plc
71,000
7.500%, 
4/15/2029
c
71,330
International
Flavors
&
Fragrances,
Inc.
158,000
1.230%, 
10/1/2025
c
147,898
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
220
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Basic
Materials
(0.1%)
-
continued
Mercer
International,
Inc.
$
42,000
5.125%, 
2/1/2029
$
36,683
Methanex
Corporation
55,000
4.250%, 
12/1/2024
54,230
53,000
5.125%, 
10/15/2027
50,974
36,000
5.250%, 
12/15/2029
34,126
Mineral
Resources,
Ltd.
20,000
9.250%, 
10/1/2028
c
20,967
Mosaic
Company
129,000
5.375%, 
11/15/2028
127,917
Newmont
Corporation/Newcrest
Finance,
Pty.
Ltd.
50,000
5.350%, 
3/15/2034
c
48,772
Novelis
Corporation
55,000
3.250%, 
11/15/2026
c
51,423
40,000
4.750%, 
1/30/2030
c
36,601
55,000
3.875%, 
8/15/2031
c
46,575
Nutrien,
Ltd.
66,000
4.900%, 
3/27/2028
64,592
OCI
NV
64,000
4.625%, 
10/15/2025
c
62,371
Olin
Corporation
56,000
5.125%, 
9/15/2027
54,063
SCIL
IV,
LLC/SCIL
USA
Holdings,
LLC
73,000
5.375%, 
11/1/2026
c
70,063
Smurfit
Kappa
Treasury,
ULC
142,000
5.777%, 
4/3/2054
c
135,798
SNF
Group
SACA
89,000
3.375%, 
3/15/2030
c
76,530
SunCoke
Energy,
Inc.
86,000
4.875%, 
6/30/2029
c
75,936
Taseko
Mines,
Ltd.
73,000
8.250%, 
5/1/2030
c
74,166
Tronox,
Inc.
36,000
4.625%, 
3/15/2029
c
32,115
United
States
Steel
Corporation
105,000
6.875%, 
3/1/2029
a
105,137
Total
3,083,020
Capital
Goods
(0.1%)
AAR
Escrow
Issuer,
LLC
87,000
6.750%, 
3/15/2029
c
87,470
Advanced
Drainage
Systems,
Inc.
97,000
6.375%, 
6/15/2030
c
96,432
AECOM
72,000
5.125%, 
3/15/2027
69,948
Amsted
Industries,
Inc.
81,000
5.625%, 
7/1/2027
c
78,747
10,000
4.625%, 
5/15/2030
c
8,992
BAE
Systems
plc
200,000
5.250%, 
3/26/2031
c
195,927
Boeing
Company
290,000
5.930%, 
5/1/2060
253,485
157,000
5.040%, 
5/1/2027
152,346
90,000
6.259%, 
5/1/2027
c
90,285
107,000
6.388%, 
5/1/2031
c
107,481
318,000
5.705%, 
5/1/2040
288,712
Bombardier,
Inc.
65,000
7.875%, 
4/15/2027
c
64,595
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Capital
Goods
(0.1%)
-
continued
$
75,000
6.000%, 
2/15/2028
c
$
73,139
Brand
Industrial
Services,
Inc.
82,000
10.375%, 
8/1/2030
c
87,994
Builders
FirstSource,
Inc.
85,000
5.000%, 
3/1/2030
c
79,589
Camelot
Return
Merger
Sub,
Inc.
35,000
8.750%, 
8/1/2028
c
34,409
Canpack
SA/Canpack
US,
LLC
147,000
3.875%, 
11/15/2029
c
128,816
Carrier
Global
Corporation
125,000
2.700%, 
2/15/2031
105,376
Chart
Industries,
Inc.
98,000
7.500%, 
1/1/2030
c
100,235
Clean
Harbors,
Inc.
72,000
6.375%, 
2/1/2031
c
71,330
Clydesdale
Acquisition
Holdings,
Inc.
13,000
6.625%, 
4/15/2029
c
12,967
CNH
Industrial
NV
104,000
3.850%, 
11/15/2027
99,043
Covanta
Holding
Corporation
54,000
4.875%, 
12/1/2029
c
47,337
Crown
Cork
&
Seal
Company,
Inc.
84,000
7.375%, 
12/15/2026
86,684
EMRLD
Borrower,
LP/Emerald
Co-
Issuer,
Inc.
99,000
6.625%, 
12/15/2030
c
98,113
EquipmentShare.com,
Inc.
38,000
8.625%, 
5/15/2032
c
38,662
ESAB
Corporation
68,000
6.250%, 
4/15/2029
c
67,745
GFL
Environmental,
Inc.
63,000
4.000%, 
8/1/2028
c
57,102
145,000
3.500%, 
9/1/2028
c
130,342
H&E
Equipment
Services,
Inc.
169,000
3.875%, 
12/15/2028
c
149,546
Herc
Holdings,
Inc.
70,000
5.500%, 
7/15/2027
c
67,988
Howmet
Aerospace,
Inc.
199,000
5.950%, 
2/1/2037
198,929
Ingersoll
Rand,
Inc.
35,000
5.700%, 
8/14/2033
34,764
Lockheed
Martin
Corporation
122,000
5.200%, 
2/15/2064
113,266
46,000
6.150%, 
9/1/2036
48,805
Miter
Brands
Acquisition
Holdco,
Inc./MIWD
Borrower,
LLC
22,000
6.750%, 
4/1/2032
c
21,849
MIWD
Holdco
II,
LLC
100,000
5.500%, 
2/1/2030
c
90,566
Mueller
Water
Products,
Inc.
55,000
4.000%, 
6/15/2029
c
49,765
Nesco
Holdings
II,
Inc.
100,000
5.500%, 
4/15/2029
c
93,079
New
Enterprise
Stone
and
Lime
Company,
Inc.
107,000
5.250%, 
7/15/2028
c
100,508
Nordson
Corporation
132,000
5.600%, 
9/15/2028
132,023
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
221
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Capital
Goods
(0.1%)
-
continued
Northrop
Grumman
Corporation
$
320,000
3.850%, 
4/15/2045
$
245,444
OI
European
Group
BV
87,000
4.750%, 
2/15/2030
c
79,457
Owens-Brockway
Glass
Container,
Inc.
53,000
6.625%, 
5/13/2027
c
52,956
Pactiv
Evergreen
Group
65,000
4.375%, 
10/15/2028
c
59,820
Regal
Rexnord
Corporation
165,000
6.050%, 
2/15/2026
c
165,023
Roller
Bearing
Company
of
America,
Inc.
75,000
4.375%, 
10/15/2029
c
67,782
Rolls-Royce
plc
49,000
5.750%, 
10/15/2027
c
48,463
RTX
Corporation
44,000
6.400%, 
3/15/2054
47,191
101,000
4.125%, 
11/16/2028
95,977
225,000
4.450%, 
11/16/2038
194,357
Sealed
Air
Corporation/Sealed
Air
Corporation
(US)
82,000
6.125%, 
2/1/2028
c
81,001
Smyrna
Ready
Mix
Concrete,
LLC
94,000
8.875%, 
11/15/2031
c
98,995
Spirit
AeroSystems,
Inc.
108,000
9.750%, 
11/15/2030
c
119,475
SRM
Escrow
Issuer,
LLC
59,000
6.000%, 
11/1/2028
c
57,074
Summit
Materials,
LLC/Summit
Materials
Finance
Corporation
27,000
7.250%, 
1/15/2031
c
27,738
Textron,
Inc.
200,000
3.375%, 
3/1/2028
184,499
Trane
Technologies
Financing,
Ltd.
104,000
3.500%, 
3/21/2026
99,966
TransDigm,
Inc.
176,000
5.500%, 
11/15/2027
171,039
114,000
7.125%, 
12/1/2031
c
116,175
101,000
6.625%, 
3/1/2032
c
100,828
Trivium
Packaging
Finance
54,000
5.500%, 
8/15/2026
c
53,068
United
Rentals
North
America,
Inc.
110,000
4.875%, 
1/15/2028
105,438
110,000
4.000%, 
7/15/2030
98,037
Veralto
Corporation
133,000
5.350%, 
9/18/2028
c
131,958
WESCO
Distribution,
Inc.
70,000
7.250%, 
6/15/2028
c
71,107
36,000
6.375%, 
3/15/2029
c
35,762
25,000
6.625%, 
3/15/2032
c
24,883
Total
6,547,904
Collateralized
Mortgage
Obligations
(0.3%)
A&D
Mortgage
Trust
400,000
6.701%, 
4/25/2069,
Ser.
2024-NQM2,
Class
A2
c,d
399,065
Angel
Oak
Mortgage
Trust
343,427
5.985%, 
1/25/2069,
Ser.
2024-2,
Class
A1
c,d
340,310
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Collateralized
Mortgage
Obligations
(0.3%)
-
continued
Banc
of
America
Alternative
Loan
Trust
$
11,325
6.000%, 
11/25/2035,
Ser.
2005-10,
Class
3CB1
$
9,473
BINOM
Securitization
Trust
249,563
2.370%, 
6/25/2056,
Ser.
2021-INV1,
Class
A2
c,e
210,617
CHL
Mortgage
Pass-Through
Trust
750,936
6.000%, 
11/25/2037,
Ser.
2007-18,
Class
1A2
315,668
CHNGE
Mortgage
Trust
410,690
7.100%, 
7/25/2058,
Ser.
2023-3,
Class
A1
c,d
408,007
514,623
6.000%, 
10/25/2057,
Ser.
2022-4,
Class
A1
c,d
502,639
Citicorp
Mortgage
Securities,
Inc.
254,178
6.000%, 
7/25/2037,
Ser.
2007-6,
Class
1A4
217,725
Citigroup
Mortgage
Loan
Trust,
Inc.
1,858
6.524%, 
3/25/2037,
Ser.
2007-AR4,
Class
2A1A
e
1,823
COLT
Mortgage
Loan
Trust
494,971
1.726%, 
11/25/2066,
Ser.
2021-5,
Class
A1
c,e
416,938
Countrywide
Alternative
Loan
Trust
54,592
4.007%, 
10/25/2035,
Ser.
2005-43,
Class
4A1
e
43,866
278,275
7.000%, 
10/25/2037,
Ser.
2007-24,
Class
A10
97,316
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
30,811
4.695%, 
11/25/2035,
Ser.
2005-22,
Class
2A1
e
24,495
Countrywide
Home
Loans,
Inc.
74,807
5.750%, 
4/25/2037,
Ser.
2007-3,
Class
A27
33,474
Credit
Suisse
Mortgage
Trust
254,403
6.567%, 
8/25/2067,
Ser.
2022-ATH3,
Class
A3
c,e
249,209
274,319
2.572%, 
11/25/2066,
Ser.
2022-NQM1,
Class
A2
c,e
225,363
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
31,576
6.000%, 
5/25/2024,
Ser.
2006-AR5,
Class
23A
16,384
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
762,647
4.000%, 
1/25/2051,
Ser.
5249,
Class
LA
717,940
85,410
3.000%, 
2/15/2033,
Ser.
4170,
Class
IG
f
6,590
280,653
3.000%, 
3/15/2033,
Ser.
4180,
Class
PI
f
26,306
694,689
4.500%, 
10/15/2033,
Ser.
2695,
Class
BH
673,696
600,000
2.500%, 
12/15/2048,
Ser.
5094,
Class
BC
451,318
Federal
National
Mortgage
Association
-
REMIC
820,705
4.500%, 
6/25/2052,
Ser.
2022-43,
Class
MA
791,205
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
222
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Collateralized
Mortgage
Obligations
(0.3%)
-
continued
$
740,507
Zero
Coupon, 
11/25/2053,
Ser.
2023-54,
Class
EO
$
568,926
283,927
3.000%, 
12/25/2027,
Ser.
2012-137,
Class
AI
f
8,980
1,276,341
5.250%, 
7/25/2039,
Ser.
2022-72,
Class
CB
1,249,640
677,537
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
654,815
Flagstar
Mortgage
Trust
289,033
2.500%, 
9/25/2041,
Ser.
2021-9INV,
Class
A1
c,e
247,802
GCAT
Trust
402,267
1.855%, 
8/25/2066,
Ser.
2021-NQM6,
Class
A1
c,e
347,066
GS
Mortgage-Backed
Securities
Trust
612,050
3.000%, 
6/25/2052,
Ser.
2022-GR1,
Class
A2
c,e
490,524
J.P.
Morgan
Mortgage
Trust
537,157
2.500%, 
2/25/2052,
Ser.
2021-INV7,
Class
A2A
c,e
413,044
393,946
2.774%, 
5/25/2052,
Ser.
2021-LTV2,
Class
A2
c,e
314,066
LHOME
Mortgage
Trust
28,349
3.090%, 
6/25/2026,
Ser.
2021-RTL2,
Class
A1
c
28,281
350,000
7.628%, 
11/25/2028,
Ser.
2023-RTL4,
Class
A1
c,d
353,194
Mello
Mortgage
Capital
Acceptance
558,149
2.500%, 
8/25/2051,
Ser.
2021-INV2,
Class
A3
c,e
427,791
Merrill
Lynch
Alternative
Note
Asset
Trust
77,833
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
27,808
New
Residential
Mortgage
Loan
Trust
1,092,588
2.500%, 
9/25/2051,
Ser.
2021-INV2,
Class
A2
c,e
840,140
OBX
Trust
350,000
3.688%, 
1/25/2062,
Ser.
2022-NQM3,
Class
A1B
c,e
296,545
Palisades
Mortgage
Loan
Trust
597,902
3.487%, 
6/25/2026,
Ser.
2021-RTL1,
Class
A1
c
595,857
Residential
Accredit
Loans,
Inc.
Trust
109,112
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
90,334
Residential
Funding
Mortgage
Security
I
Trust
18,096
6.000%, 
7/25/2037,
Ser.
2007-S7,
Class
A20
13,399
ROC
Securities
Trust
Series
482,317
3.487%, 
8/25/2026,
Ser.
2021-RTL1,
Class
A1
c,e
480,423
Saluda
Grade
Alternative
Mortgage
Trust
525,000
7.762%, 
4/25/2030,
Ser.
2024-RTL5,
Class
A1
c,d
527,626
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Collateralized
Mortgage
Obligations
(0.3%)
-
continued
Sequoia
Mortgage
Trust
$
86,056
3.791%, 
9/20/2046,
Ser.
2007-1,
Class
4A1
e
$
57,683
Toorak
Mortgage
Corporation,
Ltd.
184,886
3.240%, 
6/25/2024,
Ser.
2021-1,
Class
A1
c
182,966
TRK
Trust
385,427
1.966%, 
11/25/2056,
Ser.
2021-INV2,
Class
A1
c,e
325,566
Vericrest
Opportunity
Loan
Transferee
181,227
5.116%, 
3/27/2051,
Ser.
2021-NPL5,
Class
A1
c,d
177,761
Verus
Securitization
Trust
214,152
2.286%, 
11/25/2066,
Ser.
2021-8,
Class
A2
c,e
176,447
Total
15,076,111
Commercial
Mortgage-Backed
Securities
(0.2%)
BANK
2022-BNK39
2,736,028
0.531%, 
2/15/2055,
Ser.
2022-BNK39,
Class
XA
e,f
71,091
BBCMS
Mortgage
Trust
3,986,339
1.325%, 
9/15/2055,
Ser.
2022-C17,
Class
XA
e,f
294,964
3,508,456
1.941%, 
10/15/2053,
Ser.
2020-C8,
Class
XA
e,f
283,388
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
1,250,000
5.180%, 
3/25/2029,
Ser.
K520,
Class
A2
e
1,249,898
1,750,000
3.000%, 
6/25/2032,
Ser.
K147,
Class
A2
e,g
1,502,136
1,150,000
3.500%, 
7/25/2032,
Ser.
K148,
Class
A2
e,g
1,024,793
500,000
3.530%, 
8/25/2032,
Ser.
K149,
Class
A2
g
445,792
300,000
3.710%, 
9/25/2032,
Ser.
K-150,
Class
A2
e,g
270,734
1,800,000
3.800%, 
10/25/2032,
Ser.
K-151,
Class
A2
e,g
1,633,806
150,000
3.820%, 
12/25/2032,
Ser.
K-153,
Class
A2
e,g
136,503
400,000
4.500%, 
8/25/2033,
Ser.
K-160,
Class
A2
e,g
380,979
1,900,000
5.150%, 
12/25/2033,
Ser.
K-162,
Class
A2
g
1,897,729
Morgan
Stanley
Capital
I
Trust
3,694,907
1.955%, 
7/15/2053,
Ser.
2020-HR8,
Class
XA
e,f
315,879
Total
9,507,692
Communications
Services
(0.2%)
Altice
Financing
SA
79,000
5.750%, 
8/15/2029
c
58,679
AMC
Networks,
Inc.
18,000
10.250%, 
1/15/2029
c
17,967
American
Tower
Corporation
80,000
3.375%, 
10/15/2026
75,989
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
223
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Communications
Services
(0.2%)
-
continued
$
133,000
5.800%, 
11/15/2028
$
133,851
171,000
2.900%, 
1/15/2030
147,457
88,000
5.650%, 
3/15/2033
86,692
AT&T,
Inc.
198,000
3.650%, 
6/1/2051
136,341
283,000
3.500%, 
9/15/2053
186,572
142,000
2.300%, 
6/1/2027
129,505
134,000
5.400%, 
2/15/2034
130,924
180,000
4.900%, 
8/15/2037
163,649
Bell
Telephone
Company
of
Canada
184,000
5.550%, 
2/15/2054
173,300
CCO
Holdings,
LLC/CCO
Holdings
Capital
Corporation
120,000
5.125%, 
5/1/2027
c
112,461
60,000
5.000%, 
2/1/2028
c
54,641
6,000
6.375%, 
9/1/2029
c
5,500
125,000
4.750%, 
3/1/2030
c
103,868
40,000
4.500%, 
8/15/2030
c
32,506
52,000
4.250%, 
2/1/2031
c
40,697
110,000
4.750%, 
2/1/2032
c
86,508
86,000
4.250%, 
1/15/2034
c
62,308
Charter
Communications
Operating,
LLC/Charter
Communications
Operating
Capital
Corporation
92,000
6.150%, 
11/10/2026
92,226
198,000
4.200%, 
3/15/2028
184,175
400,000
3.500%, 
6/1/2041
255,921
Cimpress
plc
66,000
7.000%, 
6/15/2026
65,489
Clear
Channel
Outdoor
Holdings,
Inc.
18,000
7.875%, 
4/1/2030
c
17,648
Clear
Channel
Worldwide
Holdings,
Inc.
150,000
5.125%, 
8/15/2027
c
139,038
Comcast
Corporation
198,000
5.350%, 
5/15/2053
184,054
180,000
4.400%, 
8/15/2035
162,228
243,000
4.750%, 
3/1/2044
212,928
Connect
Finco
SARL/Connect
US
Finco,
LLC
50,000
6.750%, 
10/1/2026
c
48,424
CSC
Holdings,
LLC
39,000
11.750%, 
1/31/2029
c
34,649
194,000
6.500%, 
2/1/2029
c
144,689
104,000
4.125%, 
12/1/2030
c
66,063
Deutsche
Telekom
International
Finance
BV
330,000
8.750%, 
6/15/2030
380,508
DIRECTV
Financing,
LLC/DIRECTV
Financing
Co-Obligor,
Inc.
246,000
5.875%, 
8/15/2027
c
229,291
Discovery
Communications,
LLC
230,000
4.900%, 
3/11/2026
226,231
Frontier
Communications
Holdings,
LLC
110,000
5.875%, 
10/15/2027
c
105,507
56,000
8.750%, 
5/15/2030
c
57,015
GCI,
LLC
85,000
4.750%, 
10/15/2028
c
75,824
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Communications
Services
(0.2%)
-
continued
Gray
Television,
Inc.
$
135,000
4.750%, 
10/15/2030
c
$
81,496
32,000
5.375%, 
11/15/2031
c
19,235
Iliad
Holding
SASU
122,000
6.500%, 
10/15/2026
c
121,403
Intelsat
Jackson
Holdings
SA
94,000
6.500%, 
3/15/2030
c
89,971
Lamar
Media
Corporation
53,000
3.625%, 
1/15/2031
45,315
LCPR
Senior
Secured
Financing
DAC
137,000
6.750%, 
10/15/2027
c
126,975
Level
3
Financing,
Inc.
35,556
10.500%, 
4/15/2029
c
35,483
35,556
11.000%, 
11/15/2029
c
36,285
47,000
10.500%, 
5/15/2030
a,c
46,573
McGraw-Hill
Education,
Inc.
71,000
5.750%, 
8/1/2028
c
65,843
Meta
Platforms,
Inc.
99,000
5.600%, 
5/15/2053
98,182
119,000
4.800%, 
5/15/2030
116,841
146,000
3.850%, 
8/15/2032
132,557
Netflix,
Inc.
75,000
5.875%, 
11/15/2028
76,553
169,000
5.375%, 
11/15/2029
c
168,518
180,000
4.875%, 
6/15/2030
c
174,818
News
Corporation
94,000
3.875%, 
5/15/2029
c
84,661
NTT
Finance
Corporation
196,000
4.372%, 
7/27/2027
c
189,981
Omnicom
Group,
Inc.
135,000
4.200%, 
6/1/2030
125,800
Outfront
Media
Capital,
LLC/
Outfront
Media
Capital
Corporation
40,000
4.625%, 
3/15/2030
c
35,315
Paramount
Global
63,000
6.375%, 
3/30/2062
e
58,266
Playtika
Holding
Corporation
83,000
4.250%, 
3/15/2029
c
71,426
Rogers
Communications,
Inc.
172,000
5.000%, 
2/15/2029
167,374
221,000
5.300%, 
2/15/2034
211,864
Scripps
Escrow
II,
Inc.
22,000
3.875%, 
1/15/2029
c
16,251
Sinclair
Television
Group,
Inc.
132,000
4.125%, 
12/1/2030
c
91,492
Sirius
XM
Radio,
Inc.
110,000
5.000%, 
8/1/2027
c
103,883
55,000
4.000%, 
7/15/2028
c
49,028
95,000
4.125%, 
7/1/2030
c
80,566
Sprint
Capital
Corporation
334,000
8.750%, 
3/15/2032
394,367
TEGNA,
Inc.
36,000
4.750%, 
3/15/2026
c
34,765
107,000
4.625%, 
3/15/2028
96,428
Telecom
Italia
Capital
SA
99,000
6.000%, 
9/30/2034
83,361
Telecom
Italia
SPA/Milano
41,000
5.303%, 
5/30/2024
c
40,895
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
224
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Communications
Services
(0.2%)
-
continued
T-Mobile
USA,
Inc.
$
331,000
3.600%, 
11/15/2060
$
216,801
200,000
4.850%, 
1/15/2029
194,955
200,000
4.375%, 
4/15/2040
170,385
United
States
Cellular
Corporation
25,000
6.700%, 
12/15/2033
24,395
Uniti
Group,
LP/Uniti
Group
Finance,
Inc./CSL
Capital,
LLC
110,000
4.750%, 
4/15/2028
c
96,476
Univision
Communications,
Inc.
112,000
4.500%, 
5/1/2029
c
97,431
Urban
One,
Inc.
22,000
7.375%, 
2/1/2028
c
17,850
Verizon
Communications,
Inc.
198,000
3.000%, 
11/20/2060
114,603
425,000
2.650%, 
11/20/2040
283,970
290,000
3.400%, 
3/22/2041
215,909
Viasat,
Inc.
58,000
6.500%, 
7/15/2028
a,c
44,336
Virgin
Media
Finance
plc
41,000
5.000%, 
7/15/2030
c
33,577
Virgin
Media
Secured
Finance
plc
86,000
5.500%, 
5/15/2029
c
78,169
VZ
Secured
Financing
BV
134,000
5.000%, 
1/15/2032
c
112,873
Warnermedia
Holdings,
Inc.
172,000
4.054%, 
3/15/2029
156,896
199,000
5.050%, 
3/15/2042
159,302
Windstream
Escrow,
LLC/
Windstream
Escrow
Finance
Corporation
39,000
7.750%, 
8/15/2028
c
37,578
Zayo
Group
Holdings,
Inc.
44,000
4.000%, 
3/1/2027
c
35,022
Ziggo
Bond
Company
BV
40,000
5.125%, 
2/28/2030
a,c
33,190
Ziggo
BV
39,000
4.875%, 
1/15/2030
c
34,127
Total
10,150,939
Consumer
Cyclical
(0.3%)
1011778
B.C.,
ULC/New
Red
Finance,
Inc.
120,000
4.375%, 
1/15/2028
c
111,595
Adient
Global
Holdings,
Ltd.
18,000
7.000%, 
4/15/2028
c
18,185
58,000
8.250%, 
4/15/2031
a,c
60,230
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation
17,000
6.625%, 
7/15/2026
c
16,955
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation/
Atlas
Luxco
4
SARL
130,000
4.625%, 
6/1/2028
c
116,769
Allison
Transmission,
Inc.
54,000
3.750%, 
1/30/2031
c
46,221
Amazon.com,
Inc.
169,000
3.875%, 
8/22/2037
145,357
American
Axle
&
Manufacturing,
Inc.
90,000
6.875%, 
7/1/2028
89,319
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Consumer
Cyclical
(0.3%)
-
continued
$
102,000
5.000%, 
10/1/2029
a
$
92,029
American
Honda
Finance
Corporation
145,000
4.900%, 
3/12/2027
143,563
133,000
5.850%, 
10/4/2030
136,182
Anywhere
Real
Estate
Group,
LLC/Anywhere
Co-Issuer
Corporation
19,000
7.000%, 
4/15/2030
a,c
16,672
Arko
Corporation
58,000
5.125%, 
11/15/2029
c
46,738
Asbury
Automotive
Group,
Inc.
62,000
5.000%, 
2/15/2032
c
55,118
Ashton
Woods
USA,
LLC/Ashton
Woods
Finance
Company
80,000
4.625%, 
8/1/2029
c
72,353
20,000
4.625%, 
4/1/2030
c
17,872
Aston
Martin
Capital
Holdings,
Ltd.
46,000
10.000%, 
3/31/2029
c
45,052
Beazer
Homes
USA,
Inc.
61,000
7.500%, 
3/15/2031
c
60,294
Boyd
Gaming
Corporation
85,000
4.750%, 
6/15/2031
c
75,268
Boyne
USA,
Inc.
58,000
4.750%, 
5/15/2029
a,c
52,777
Brookfield
Residential
Properties,
Inc./Brookfield
Residential
US,
LLC
85,000
6.250%, 
9/15/2027
c
81,742
Caesars
Entertainment,
Inc.
40,000
8.125%, 
7/1/2027
c
40,540
236,000
4.625%, 
10/15/2029
c
210,592
43,000
6.500%, 
2/15/2032
c
42,366
Carnival
Corporation
22,000
7.625%, 
3/1/2026
c
22,137
202,000
5.750%, 
3/1/2027
c
197,144
93,000
4.000%, 
8/1/2028
c
85,030
37,000
6.000%, 
5/1/2029
c
35,855
Cedar
Fair,
LP
79,000
5.250%, 
7/15/2029
73,750
Cedar
Fair,
LP/Canada's
Wonderland
Company/Magnum
Management
Corporation/
Millennium
Operations,
LLC
18,000
5.375%, 
4/15/2027
17,469
Churchill
Downs,
Inc.
85,000
4.750%, 
1/15/2028
c
80,309
39,000
6.750%, 
5/1/2031
c
38,717
Cinemark
USA,
Inc.
107,000
5.875%, 
3/15/2026
c
105,652
Clarios
Global,
LP/Clarios
US
Finance
Company,
Inc.
65,000
8.500%, 
5/15/2027
c
65,086
98,000
6.750%, 
5/15/2028
c
98,200
Cushman
&
Wakefield
US
Borrower,
LLC
18,000
6.750%, 
5/15/2028
c
17,749
D.R.
Horton,
Inc.
69,000
2.600%, 
10/15/2025
65,948
Daimler
Trucks
Finance
North
America,
LLC
249,000
2.000%, 
12/14/2026
c
227,584
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
225
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Consumer
Cyclical
(0.3%)
-
continued
Dana,
Inc.
$
36,000
5.625%, 
6/15/2028
$
34,688
53,000
4.500%, 
2/15/2032
44,966
eG
Global
Finance
plc
18,000
12.000%, 
11/30/2028
c
18,581
Expedia
Group,
Inc.
314,000
3.250%, 
2/15/2030
276,981
Ford
Motor
Credit
Company,
LLC
200,000
2.300%, 
2/10/2025
194,355
200,000
2.900%, 
2/10/2029
172,652
173,000
7.122%, 
11/7/2033
180,011
Forestar
Group,
Inc.
37,000
3.850%, 
5/15/2026
c
35,115
Gap,
Inc.
26,000
3.625%, 
10/1/2029
c
22,000
General
Motors
Company
150,000
6.125%, 
10/1/2025
150,505
General
Motors
Financial
Company,
Inc.
180,000
1.500%, 
6/10/2026
165,083
68,000
5.400%, 
5/8/2027
67,527
230,000
5.800%, 
1/7/2029
229,444
GLP
Capital,
LP
298,000
5.750%, 
6/1/2028
294,358
GoDaddy
Operating
Company,
LLC/GD
Finance
Company,
Inc.
36,000
3.500%, 
3/1/2029
c
31,923
Goodyear
Tire
&
Rubber
Company
36,000
4.875%, 
3/15/2027
34,518
50,000
5.000%, 
7/15/2029
a
45,349
Hanesbrands,
Inc.
41,000
4.875%, 
5/15/2026
c
39,655
40,000
9.000%, 
2/15/2031
a,c
39,808
Hilton
Domestic
Operating
Company,
Inc.
163,000
4.875%, 
1/15/2030
153,225
18,000
4.000%, 
5/1/2031
c
15,772
84,000
3.625%, 
2/15/2032
c
70,587
Hilton
Grand
Vacations
Borrower
Escrow,
LLC/Hilton
Grand
Vacations
Borrower
Escrow,
Inc.
127,000
5.000%, 
6/1/2029
c
115,513
Home
Depot,
Inc.
215,000
5.400%, 
9/15/2040
209,904
126,000
4.250%, 
4/1/2046
103,606
205,000
3.900%, 
6/15/2047
158,315
Hyundai
Capital
America
134,000
6.250%, 
11/3/2025
c
134,568
300,000
1.800%, 
1/10/2028
c
260,911
International
Game
Technology
plc
90,000
5.250%, 
1/15/2029
c
85,010
Jacobs
Entertainment,
Inc.
53,000
6.750%, 
2/15/2029
c
50,276
Jaguar
Land
Rover
Automotive
plc
43,000
5.500%, 
7/15/2029
c
40,460
KB
Home
120,000
4.800%, 
11/15/2029
111,445
Kohl's
Corporation
128,000
4.625%, 
5/1/2031
105,526
L
Brands,
Inc.
120,000
6.625%, 
10/1/2030
c
119,911
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Consumer
Cyclical
(0.3%)
-
continued
$
40,000
6.875%, 
11/1/2035
$
39,734
Lennar
Corporation
202,000
4.750%, 
5/30/2025
199,703
Light
&
Wonder
International,
Inc.
90,000
7.250%, 
11/15/2029
c
90,770
Live
Nation
Entertainment,
Inc.
39,000
4.750%, 
10/15/2027
c
36,756
Lowe's
Companies,
Inc.
132,000
5.625%, 
4/15/2053
125,913
286,000
2.625%, 
4/1/2031
239,585
Macy's
Retail
Holdings,
LLC
75,000
5.875%, 
4/1/2029
a,c
72,313
35,000
6.125%, 
3/15/2032
c
33,107
Marriott
International,
Inc./MD
248,000
4.625%, 
6/15/2030
235,671
Mattamy
Group
Corporation
74,000
5.250%, 
12/15/2027
c
70,848
McDonald's
Corporation
225,000
4.450%, 
3/1/2047
185,167
Melco
Resorts
Finance,
Ltd.
98,000
5.375%, 
12/4/2029
c
87,260
90,000
7.625%, 
4/17/2032
c
88,038
Michaels
Companies,
Inc.
53,000
5.250%, 
5/1/2028
c
44,858
NCL
Corporation,
Ltd.
41,000
5.875%, 
3/15/2026
c
40,173
89,000
5.875%, 
2/15/2027
c
86,941
Nissan
Motor
Acceptance
Company,
LLC
204,000
1.125%, 
9/16/2024
c
199,959
Nordstrom,
Inc.
32,000
4.375%, 
4/1/2030
28,560
44,000
4.250%, 
8/1/2031
37,951
PENN
Entertainment,
Inc.
90,000
4.125%, 
7/1/2029
a,c
75,387
PetSmart,
Inc./PetSmart
Finance
Corporation
105,000
4.750%, 
2/15/2028
c
96,899
50,000
7.750%, 
2/15/2029
c
47,524
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
116,000
5.750%, 
4/15/2026
c
114,541
73,000
6.250%, 
1/15/2028
a,c
71,315
QVC,
Inc.
22,000
4.375%, 
9/1/2028
16,917
Raising
Cane's
Restaurants,
LLC
40,000
9.375%, 
5/1/2029
c
42,900
Rakuten
Group,
Inc.
53,000
11.250%, 
2/15/2027
c
55,041
62,000
9.750%, 
4/15/2029
c
61,401
Royal
Caribbean
Cruises,
Ltd.
176,000
4.250%, 
7/1/2026
c
168,993
69,000
9.250%, 
1/15/2029
c
73,689
63,000
7.250%, 
1/15/2030
c
64,787
Scientific
Games
Holdings,
LP/
Scientific
Games
US
FinCo,
Inc.
41,000
6.625%, 
3/1/2030
c
38,787
SeaWorld
Parks
and
Entertainment,
Inc.
85,000
5.250%, 
8/15/2029
c
78,376
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
226
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Consumer
Cyclical
(0.3%)
-
continued
Service
Corporation
International/
US
$
36,000
3.375%, 
8/15/2030
$
30,538
Six
Flags
Entertainment
Corporation/Six
Flags
Theme
Parks,
Inc.
18,000
6.625%, 
5/1/2032
c,h
17,928
Six
Flags
Theme
Parks,
Inc.
30,000
7.000%, 
7/1/2025
c
30,065
Staples,
Inc.
105,000
7.500%, 
4/15/2026
c
101,232
Station
Casinos,
LLC
62,000
4.625%, 
12/1/2031
a,c
54,345
Target
Corporation
198,000
2.950%, 
1/15/2052
125,517
Tenneco,
Inc.
116,000
8.000%, 
11/17/2028
c
108,386
Toyota
Motor
Credit
Corporation
220,000
5.000%, 
3/19/2027
218,229
63,000
4.800%, 
1/5/2034
59,871
Tripadvisor,
Inc.
20,000
7.000%, 
7/15/2025
c
20,008
VICI
Properties,
LP/VICI
Note
Company,
Inc.
221,000
4.625%, 
6/15/2025
c
217,432
85,000
5.750%, 
2/1/2027
c
84,286
98,000
4.125%, 
8/15/2030
c
87,349
Victoria's
Secret
&
Company
83,000
4.625%, 
7/15/2029
c
65,210
Viking
Cruises,
Ltd.
182,000
5.875%, 
9/15/2027
c
176,461
Volkswagen
Group
of
America
Finance,
LLC
205,000
5.300%, 
3/22/2027
c
203,248
Wabash
National
Corporation
92,000
4.500%, 
10/15/2028
c
82,666
Walgreens
Boots
Alliance,
Inc.
62,000
3.200%, 
4/15/2030
53,175
Walmart,
Inc.
173,000
4.500%, 
9/9/2052
150,516
WASH
Multifamily
Acquisition,
Inc.
55,000
5.750%, 
4/15/2026
c
53,323
Wyndham
Hotels
&
Resorts,
Inc.
54,000
4.375%, 
8/15/2028
c
49,514
Wynn
Resorts
Finance,
LLC/Wynn
Resorts
Capital
Corporation
85,000
7.125%, 
2/15/2031
c
86,212
Yum!
Brands,
Inc.
100,000
4.750%, 
1/15/2030
c
93,582
ZF
North
America
Capital,
Inc.
53,000
7.125%, 
4/14/2030
c
54,192
Total
11,910,116
Consumer
Non-Cyclical
(0.3%)
1375209
B.C.,
Ltd.
36,000
9.000%, 
1/30/2028
a,c
35,342
Abbott
Laboratories
219,000
4.750%, 
11/30/2036
207,738
AbbVie,
Inc.
68,000
5.400%, 
3/15/2054
65,836
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Consumer
Non-Cyclical
(0.3%)
-
continued
$
100,000
4.500%, 
5/14/2035
$
92,308
153,000
5.350%, 
3/15/2044
147,963
AdaptHealth,
LLC
155,000
4.625%, 
8/1/2029
c
130,591
Albertsons
Companies,
Inc./
Safeway,
Inc./New
Albertsons,
LP/Albertsons,
LLC
112,000
4.625%, 
1/15/2027
c
107,014
119,000
3.500%, 
3/15/2029
c
105,002
Altria
Group,
Inc.
134,000
6.875%, 
11/1/2033
141,541
Amgen,
Inc.
150,000
4.200%, 
2/22/2052
115,578
173,000
5.250%, 
3/2/2030
171,474
198,000
5.600%, 
3/2/2043
190,932
Anheuser-Busch
Companies,
LLC/Anheuser-Busch
InBev
Worldwide,
Inc.
275,000
4.700%, 
2/1/2036
255,986
Anheuser-Busch
InBev
Worldwide,
Inc.
332,000
4.375%, 
4/15/2038
294,187
174,000
5.550%, 
1/23/2049
171,319
Archer-Daniels-Midland
Company
255,000
2.700%, 
9/15/2051
152,006
AstraZeneca
plc
360,000
3.000%, 
5/28/2051
236,230
BAT
Capital
Corporation
60,000
5.834%, 
2/20/2031
59,977
66,000
7.750%, 
10/19/2032
73,198
49,000
6.000%, 
2/20/2034
48,697
142,000
7.079%, 
8/2/2043
147,111
Bausch
+
Lomb
Corporation
20,000
8.375%, 
10/1/2028
c
20,655
Bausch
Health
Companies,
Inc.
56,000
5.500%, 
11/1/2025
a,c
52,161
131,000
4.875%, 
6/1/2028
c
84,623
Baxter
International,
Inc.
199,000
3.132%, 
12/1/2051
122,338
Becton,
Dickinson
and
Company
101,000
3.794%, 
5/20/2050
74,190
225,000
3.700%, 
6/6/2027
213,638
BellRing
Brands,
Inc.
55,000
7.000%, 
3/15/2030
c
55,656
Bristol-Myers
Squibb
Company
327,000
3.550%, 
3/15/2042
249,198
Campbell
Soup
Company
218,000
5.200%, 
3/19/2027
a
216,624
132,000
5.400%, 
3/21/2034
128,773
Cargill,
Inc.
196,000
3.125%, 
5/25/2051
c
127,400
Catalent
Pharma
Solutions,
Inc.
44,000
3.125%, 
2/15/2029
c
41,995
Central
Garden
&
Pet
Company
100,000
4.125%, 
10/15/2030
a
87,351
Charles
River
Laboratories
International,
Inc.
42,000
4.000%, 
3/15/2031
c
36,634
Cheplapharm
Arzneimittel
GmbH
10,000
5.500%, 
1/15/2028
c
9,381
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
227
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Consumer
Non-Cyclical
(0.3%)
-
continued
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
$
96,000
4.625%, 
11/15/2028
c
$
88,854
CHS/Community
Health
Systems,
Inc.
72,000
5.625%, 
3/15/2027
c
65,926
23,000
8.000%, 
12/15/2027
c
22,512
98,000
6.000%, 
1/15/2029
c
85,499
99,000
5.250%, 
5/15/2030
c
80,941
42,000
4.750%, 
2/15/2031
c
32,783
Conagra
Brands,
Inc.
246,000
1.375%, 
11/1/2027
212,759
Constellation
Brands,
Inc.
167,000
3.600%, 
2/15/2028
156,222
108,000
2.875%, 
5/1/2030
93,190
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US,
LLC
118,000
4.750%, 
1/15/2029
c
109,997
66,000
6.625%, 
7/15/2030
c
66,040
CVS
Health
Corporation
298,000
5.625%, 
2/21/2053
274,890
250,000
4.875%, 
7/20/2035
229,678
145,000
4.780%, 
3/25/2038
127,670
Edgewell
Personal
Care
Company
60,000
5.500%, 
6/1/2028
c
57,898
Eli
Lilly
&
Company
98,000
4.950%, 
2/27/2063
88,598
Embecta
Corporation
31,000
6.750%, 
2/15/2030
c
26,499
Encompass
Health
Corporation
135,000
4.500%, 
2/1/2028
126,718
Endo
Finance
Holdings,
Inc.
35,000
8.500%, 
4/15/2031
a,c
35,562
Energizer
Holdings,
Inc.
128,000
4.750%, 
6/15/2028
c
116,303
Fortrea
Holdings,
Inc.
52,000
7.500%, 
7/1/2030
a,c
52,454
General
Mills,
Inc.
53,000
4.950%, 
3/29/2033
a
50,767
Grifols
SA
92,000
4.750%, 
10/15/2028
a,c
74,303
HCA,
Inc.
265,000
3.500%, 
9/1/2030
233,640
Herbalife
Nutrition,
Ltd./HLF
Financing,
Inc.
9,000
7.875%, 
9/1/2025
c
8,633
HLF
Financing
SARL,
LLC/
Herbalife
International,
Inc.
66,000
4.875%, 
6/1/2029
c
38,768
Imperial
Brands
Finance
plc
275,000
3.875%, 
7/26/2029
c
251,920
Jazz
Securities
DAC
53,000
4.375%, 
1/15/2029
c
48,221
JBS
USA
Holding
Lux
SARL/JBS
USA
Food
Company/JBS
Lux
Company
SARL
142,000
5.500%, 
1/15/2030
137,072
243,000
3.000%, 
5/15/2032
193,117
135,000
6.750%, 
3/15/2034
c
137,731
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Consumer
Non-Cyclical
(0.3%)
-
continued
KeHE
Distributors,
LLC/KeHE
Finance
Corporation/NextWave
Distribution,
Inc.
$
35,000
9.000%, 
2/15/2029
c
$
35,340
Keurig
Dr
Pepper,
Inc.
273,000
5.200%, 
3/15/2031
266,859
Kimberly-Clark
Corporation
230,000
3.900%, 
5/4/2047
177,578
Kraft
Heinz
Foods
Company
90,000
4.375%, 
6/1/2046
72,102
Legacy
LifePoint
Health,
LLC
40,000
4.375%, 
2/15/2027
c
37,460
LifePoint
Health,
Inc.
70,000
9.875%, 
8/15/2030
c
72,891
41,000
11.000%, 
10/15/2030
c
43,640
Mattel,
Inc.
166,000
5.450%, 
11/1/2041
145,287
Medline
Borrower,
LP/Medline
Co-
Issuer,
Inc.
73,000
6.250%, 
4/1/2029
c
72,533
Medtronic,
Inc.
200,000
4.375%, 
3/15/2035
183,935
ModivCare
Escrow
Issuer,
Inc.
33,000
5.000%, 
10/1/2029
a,c
22,925
ModivCare,
Inc.
27,000
5.875%, 
11/15/2025
c
26,333
Mozart
Debt
Merger
Sub,
Inc.
74,000
3.875%, 
4/1/2029
c
66,291
63,000
5.250%, 
10/1/2029
c
58,652
Newell
Brands,
Inc.
37,000
6.375%, 
9/15/2027
a
36,080
37,000
6.625%, 
9/15/2029
35,738
Organon
&
Company/Organon
Foreign
Debt
Co-Issuer
BV
128,000
4.125%, 
4/30/2028
c
116,577
101,000
5.125%, 
4/30/2031
c
87,335
Owens
&
Minor,
Inc.
89,000
6.625%, 
4/1/2030
a,c
86,356
PepsiCo,
Inc.
125,000
4.200%, 
7/18/2052
102,461
Performance
Food
Group,
Inc.
53,000
4.250%, 
8/1/2029
c
47,508
Perrigo
Finance
Unlimited
Company
57,000
3.150%, 
6/15/2030
52,231
Pfizer
Investment
Enterprises,
Private
Ltd.
297,000
5.300%, 
5/19/2053
276,964
132,000
5.110%, 
5/19/2043
122,879
Philip
Morris
International,
Inc.
133,000
5.500%, 
9/7/2030
132,722
67,000
5.125%, 
2/13/2031
65,104
198,000
5.375%, 
2/15/2033
194,061
Post
Holdings,
Inc.
53,000
4.625%, 
4/15/2030
c
47,865
77,000
4.500%, 
9/15/2031
c
67,703
Primo
Water
Holdings,
Inc.
99,000
4.375%, 
4/30/2029
c
90,363
Reynolds
American,
Inc.
257,000
5.700%, 
8/15/2035
246,777
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
228
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Consumer
Non-Cyclical
(0.3%)
-
continued
Roche
Holdings,
Inc.
$
130,000
4.000%, 
11/28/2044
c
$
105,854
Scotts
Miracle-Gro
Company
37,000
4.500%, 
10/15/2029
32,997
Simmons
Foods,
Inc.
142,000
4.625%, 
3/1/2029
c
122,519
Spectrum
Brands,
Inc.
55,000
5.000%, 
10/1/2029
c
53,587
70,000
5.500%, 
7/15/2030
a,c
67,972
38,000
3.875%, 
3/15/2031
a,c
35,561
Star
Parent,
Inc.
68,000
9.000%, 
10/1/2030
c
71,131
Sysco
Corporation
200,000
6.600%, 
4/1/2040
212,546
Takeda
Pharmaceutical
Company,
Ltd.
200,000
3.175%, 
7/9/2050
129,989
Tenet
Healthcare
Corporation
220,000
5.125%, 
11/1/2027
212,833
65,000
6.125%, 
10/1/2028
64,184
79,000
6.750%, 
5/15/2031
c
79,157
Teva
Pharmaceutical
Finance
Netherlands
III
BV
72,000
3.150%, 
10/1/2026
66,702
US
Acute
Care
Solutions,
LLC
37,000
6.375%, 
3/1/2026
c
37,463
Viterra
Finance
BV
167,000
3.200%, 
4/21/2031
c
140,757
Wyeth,
LLC
134,000
6.500%, 
2/1/2034
144,304
Zoetis,
Inc.
288,000
4.700%, 
2/1/2043
250,984
Total
12,714,902
Energy
(0.2%)
Antero
Midstream
Partners,
LP/
Antero
Midstream
Finance
Corporation
70,000
5.375%, 
6/15/2029
c
66,609
Antero
Resources
Corporation
35,000
5.375%, 
3/1/2030
c
33,277
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
85,000
6.250%, 
4/1/2028
c
83,271
Ascent
Resources
Utica
Holdings,
LLC/ARU
Finance
Corporation
73,000
8.250%, 
12/31/2028
c
74,487
Baytex
Energy
Corporation
65,000
8.500%, 
4/30/2030
c
67,770
Borr
IHC,
Ltd./Borr
Finance,
LLC
89,000
10.375%, 
11/15/2030
c
92,429
BP
Capital
Markets
America,
Inc.
353,000
2.939%, 
6/4/2051
221,126
Buckeye
Partners,
LP
50,000
4.500%, 
3/1/2028
c
46,573
Canadian
Natural
Resources,
Ltd.
94,000
2.950%, 
7/15/2030
80,725
CGG
SA
18,000
8.750%, 
4/1/2027
c
16,844
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Energy
(0.2%)
-
continued
Cheniere
Energy
Partners,
LP
$
528,000
4.500%, 
10/1/2029
$
494,019
Cheniere
Energy,
Inc.
37,000
5.650%, 
4/15/2034
c
36,211
Civitas
Resources,
Inc.
58,000
8.375%, 
7/1/2028
c
60,505
24,000
8.625%, 
11/1/2030
c
25,539
89,000
8.750%, 
7/1/2031
c
94,406
CNX
Resources
Corporation
38,000
6.000%, 
1/15/2029
c
36,818
Columbia
Pipelines
Holding
Company,
LLC
140,000
6.042%, 
8/15/2028
c
141,267
Columbia
Pipelines
Operating
Company,
LLC
35,000
5.927%, 
8/15/2030
c
35,060
Comstock
Resources,
Inc.
71,000
6.750%, 
3/1/2029
c
66,804
65,000
5.875%, 
1/15/2030
c
59,200
Continental
Resources,
Inc.
232,000
2.268%, 
11/15/2026
c
212,812
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
73,000
5.500%, 
6/15/2031
c
67,082
Crescent
Energy
Finance,
LLC
44,000
9.250%, 
2/15/2028
c
46,484
109,000
7.625%, 
4/1/2032
c
109,407
Delek
Logistics
Partners,
LP/Delek
Logistics
Finance
Corporation
79,000
8.625%, 
3/15/2029
c
79,598
Diamond
Foreign
Asset
Company/
Diamond
Finance,
LLC
27,000
8.500%, 
10/1/2030
c
28,242
Diamondback
Energy,
Inc.
201,000
5.750%, 
4/18/2054
191,886
DT
Midstream,
Inc.
55,000
4.125%, 
6/15/2029
c
49,850
Enbridge,
Inc.
215,000
5.250%, 
4/5/2027
213,340
Enerflex,
Ltd.
54,000
9.000%, 
10/15/2027
c
55,297
Energy
Transfer,
LP
86,000
8.000%, 
5/15/2054
a,e
88,563
177,000
4.000%, 
10/1/2027
168,276
90,000
4.900%, 
3/15/2035
82,384
125,000
5.150%, 
2/1/2043
106,838
255,000
6.000%, 
6/15/2048
241,853
Enterprise
Products
Operating,
LLC
200,000
3.300%, 
2/15/2053
132,120
EQM
Midstream
Partners,
LP
181,000
4.750%, 
1/15/2031
c
165,386
EQT
Corporation
111,000
6.125%, 
2/1/2025
110,945
Exxon
Mobil
Corporation
300,000
3.452%, 
4/15/2051
212,079
Genesis
Energy
LP/Genesis
Energy
Finance
Corporation
109,000
8.875%, 
4/15/2030
112,793
Halliburton
Company
175,000
4.850%, 
11/15/2035
164,780
133,000
5.000%, 
11/15/2045
119,042
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
229
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Energy
(0.2%)
-
continued
Harvest
Midstream
I,
LP
$
82,000
7.500%, 
9/1/2028
c
$
82,225
53,332
7.500%, 
5/15/2032
c,h
53,399
Hess
Midstream
Operations,
LP
80,000
4.250%, 
2/15/2030
c
72,199
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
140,000
5.750%, 
2/1/2029
c
134,488
36,000
6.000%, 
4/15/2030
c
34,470
39,000
6.250%, 
4/15/2032
c
37,656
Howard
Midstream
Energy
Partners,
LLC
52,000
6.750%, 
1/15/2027
c
51,302
ITT
Holdings,
LLC
70,000
6.500%, 
8/1/2029
c
63,225
Kodiak
Gas
Services,
LLC
44,000
7.250%, 
2/15/2029
c
44,317
Laredo
Petroleum,
Inc.
113,000
7.750%, 
7/31/2029
c
113,740
MEG
Energy
Corporation
86,000
5.875%, 
2/1/2029
c
83,205
MPLX,
LP
170,000
4.875%, 
6/1/2025
168,396
265,000
4.950%, 
9/1/2032
249,943
49,000
5.000%, 
3/1/2033
46,082
Nabors
Industries,
Inc.
36,000
7.375%, 
5/15/2027
c
35,678
91,000
9.125%, 
1/31/2030
c
93,838
National
Fuel
Gas
Company
242,000
5.500%, 
1/15/2026
240,190
New
Fortress
Energy,
Inc.
26,000
6.750%, 
9/15/2025
c
25,681
29,000
8.750%, 
3/15/2029
a,c
28,282
NGL
Energy
Operating,
LLC/NGL
Energy
Finance
Corporation
29,000
8.125%, 
2/15/2029
c
29,462
44,000
8.375%, 
2/15/2032
c
44,711
Noble
Finance
II,
LLC
35,000
8.000%, 
4/15/2030
c
36,064
Northern
Oil
and
Gas,
Inc.
66,000
8.750%, 
6/15/2031
c
69,426
NuStar
Logistics,
LP
71,000
6.375%, 
10/1/2030
70,193
Occidental
Petroleum
Corporation
349,000
7.875%, 
9/15/2031
387,421
ONEOK,
Inc.
67,000
5.000%, 
3/1/2026
66,265
Ovintiv,
Inc.
230,000
5.375%, 
1/1/2026
228,102
134,000
6.250%, 
7/15/2033
135,066
PBF
Holding
Company,
LLC/PBF
Finance
Corporation
54,000
6.000%, 
2/15/2028
52,666
Permian
Resources
Operating,
LLC
55,000
7.000%, 
1/15/2032
c
56,068
Phillips
66
Company
126,000
4.950%, 
12/1/2027
124,275
Prairie
Acquiror,
LP
58,000
9.000%, 
8/1/2029
c
59,242
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Energy
(0.2%)
-
continued
Precision
Drilling
Corporation
$
65,000
6.875%, 
1/15/2029
c
$
64,326
Range
Resources
Corporation
53,000
4.750%, 
2/15/2030
c
48,800
Rockcliff
Energy
II,
LLC
70,000
5.500%, 
10/15/2029
c
64,523
Rockies
Express
Pipeline,
LLC
91,000
4.950%, 
7/15/2029
c
83,659
SM
Energy
Company
65,000
6.500%, 
7/15/2028
64,472
Southwestern
Energy
Company
46,000
4.750%, 
2/1/2032
41,426
Suburban
Propane
Partners,
LP/
Suburban
Energy
Finance
Corporation
36,000
5.875%, 
3/1/2027
35,468
Suncor
Energy,
Inc.
215,000
7.150%, 
2/1/2032
234,237
Sunoco,
LP
106,000
7.000%, 
5/1/2029
c
107,652
Sunoco,
LP/Sunoco
Finance
Corporation
55,000
5.875%, 
3/15/2028
53,673
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
122,000
5.500%, 
1/15/2028
c
115,829
53,000
7.375%, 
2/15/2029
c
53,058
Talos
Production,
Inc.
37,000
9.000%, 
2/1/2029
c
39,037
Targa
Resources
Corporation
232,000
4.200%, 
2/1/2033
204,783
Teine
Energy,
Ltd.
85,000
6.875%, 
4/15/2029
c
82,584
Transocean,
Inc.
77,400
8.750%, 
2/15/2030
c
80,703
USA
Compression
Partners,
LP/
USA
Compression
Finance
Corporation
61,000
7.125%, 
3/15/2029
c
60,610
Valaris,
Ltd.
66,000
8.375%, 
4/30/2030
c
67,875
Venture
Global
Calcasieu
Pass,
LLC
79,000
3.875%, 
8/15/2029
c
69,799
45,000
4.125%, 
8/15/2031
c
39,275
Venture
Global
LNG,
Inc.
132,000
8.125%, 
6/1/2028
c
134,966
134,000
8.375%, 
6/1/2031
c
137,512
161,000
9.875%, 
2/1/2032
c
171,804
Western
Midstream
Operating,
LP
133,000
6.350%, 
1/15/2029
135,792
66,000
6.150%, 
4/1/2033
65,883
Williams
Companies,
Inc.
132,000
5.300%, 
8/15/2052
119,011
250,000
7.500%, 
1/15/2031
273,186
Total
10,259,217
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
230
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Financials
(0.8%)
Acrisure,
LLC/Acrisure
Finance,
Inc.
$
25,000
4.250%, 
2/15/2029
c
$
22,396
AEGON
Funding
Company,
LLC
214,000
5.500%, 
4/16/2027
c
211,679
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
150,000
6.100%, 
1/15/2027
151,170
200,000
3.875%, 
1/23/2028
187,068
160,000
3.400%, 
10/29/2033
130,267
Air
Lease
Corporation
306,000
3.000%, 
2/1/2030
265,170
Aircastle,
Ltd.
200,000
5.250%, 
8/11/2025
c
197,495
Alliant
Holdings
Intermediate,
LLC/
Alliant
Holdings
Co-Issuer,
Inc.
36,000
4.250%, 
10/15/2027
c
33,581
71,000
6.750%, 
4/15/2028
c
70,925
36,000
7.000%, 
1/15/2031
c
36,113
Ally
Financial,
Inc.
260,000
5.750%, 
11/20/2025
a
257,878
260,000
8.000%, 
11/1/2031
281,495
55,000
6.700%, 
2/14/2033
53,954
American
Express
Company
69,000
5.098%, 
2/16/2028
e
68,223
American
Homes
4
Rent,
LP
246,000
2.375%, 
7/15/2031
194,925
American
International
Group,
Inc.
273,000
5.125%, 
3/27/2033
261,853
AmWINS
Group,
Inc.
29,000
6.375%, 
2/15/2029
c
28,649
86,000
4.875%, 
6/30/2029
c
78,181
Aon
North
America,
Inc.
103,000
5.750%, 
3/1/2054
99,573
Ares
Capital
Corporation
114,000
3.250%, 
7/15/2025
109,933
225,000
3.875%, 
1/15/2026
216,643
107,000
2.150%, 
7/15/2026
98,253
116,000
5.875%, 
3/1/2029
113,723
Arthur
J.
Gallagher
&
Company
33,000
6.750%, 
2/15/2054
35,535
52,000
5.750%, 
7/15/2054
49,395
Associated
Banc-Corp
75,000
4.250%, 
1/15/2025
73,681
Australia
&
New
Zealand
Banking
Group,
Ltd.
250,000
2.950%, 
7/22/2030
c,e
240,092
Avolon
Holdings
Funding,
Ltd.
25,000
4.250%, 
4/15/2026
c
24,042
165,000
5.750%, 
3/1/2029
c
162,334
Banco
Santander
Mexico
SA
125,000
5.375%, 
4/17/2025
c
124,188
Banco
Santander
SA
200,000
4.175%, 
3/24/2028
e
190,282
Bank
of
America
Corporation
238,000
5.080%, 
1/20/2027
e
235,477
180,000
1.734%, 
7/22/2027
e
165,139
170,000
3.824%, 
1/20/2028
e
162,263
116,000
5.202%, 
4/25/2029
e
114,205
180,000
2.087%, 
6/14/2029
e
156,601
125,000
3.974%, 
2/7/2030
e
116,186
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Financials
(0.8%)
-
continued
$
300,000
2.496%, 
2/13/2031
e
$
252,476
400,000
1.922%, 
10/24/2031
e
318,055
200,000
2.972%, 
2/4/2033
e
165,112
398,000
4.571%, 
4/27/2033
e
366,876
200,000
5.872%, 
9/15/2034
e
200,364
81,000
5.468%, 
1/23/2035
e
78,770
265,000
3.846%, 
3/8/2037
e
228,227
Bank
of
Montreal
60,000
5.266%, 
12/11/2026
59,659
Bank
of
New
York
Mellon
Corporation
134,000
6.317%, 
10/25/2029
e
138,479
Bank
of
Nova
Scotia
65,000
4.850%, 
2/1/2030
62,944
Barclays
plc
19,000
6.125%, 
12/15/2025
e,i
18,264
200,000
6.496%, 
9/13/2027
e
202,398
280,000
4.972%, 
5/16/2029
e
270,151
200,000
5.746%, 
8/9/2033
e
195,301
Belrose
Funding
Trust
280,000
2.330%, 
8/15/2030
c
217,583
Berkshire
Hathaway
Finance
Corporation
265,000
2.850%, 
10/15/2050
166,666
BlackRock
Funding,
Inc.
70,000
5.250%, 
3/14/2054
66,076
Blackstone
Private
Credit
Fund
213,000
2.700%, 
1/15/2025
207,767
132,000
6.250%, 
1/25/2031
a,c
129,895
Blue
Owl
Capital
Corporation
II
101,000
8.450%, 
11/15/2026
c
103,044
Blue
Owl
Credit
Income
Corporation
166,000
4.700%, 
2/8/2027
156,875
Blue
Owl
Technology
Finance
Corporation
90,000
4.750%, 
12/15/2025
c
86,302
Blue
Owl
Technology
Finance
Corporation
II
140,000
6.750%, 
4/4/2029
c
134,903
BNP
Paribas
SA
333,000
3.132%, 
1/20/2033
c,e
276,098
BPCE
SA
350,000
3.500%, 
10/23/2027
c
323,975
Bread
Financial
Holdings,
Inc.
41,000
9.750%, 
3/15/2029
c
42,638
Brookfield
Property
REIT,
Inc./BPR
Cumulus,
LLC/BPR
Nimbus,
LLC/GGSI
Sellco,
LLC
23,000
4.500%, 
4/1/2027
c
20,427
Burford
Capital
Global
Finance,
LLC
84,000
9.250%, 
7/1/2031
c
87,499
Camden
Property
Trust
163,000
3.150%, 
7/1/2029
145,639
Canadian
Imperial
Bank
of
Commerce
199,000
5.001%, 
4/28/2028
195,009
Capital
One
Financial
Corporation
275,000
4.200%, 
10/29/2025
268,012
175,000
2.636%, 
3/3/2026
e
170,058
48,000
5.700%, 
2/1/2030
e
47,336
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
231
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Financials
(0.8%)
-
continued
Castlelake
Aviation
Finance
DAC
$
57,000
5.000%, 
4/15/2027
c
$
54,856
Centene
Corporation
484,000
2.625%, 
8/1/2031
387,268
Charles
Schwab
Corporation
292,000
2.450%, 
3/3/2027
268,967
136,000
6.136%, 
8/24/2034
e
137,901
Chubb
INA
Holdings,
LLC
125,000
4.350%, 
11/3/2045
104,740
Citibank
NA
250,000
5.438%, 
4/30/2026
249,639
Citigroup,
Inc.
95,000
0.981%, 
5/1/2025
e
95,000
335,000
4.400%, 
6/10/2025
329,890
168,000
3.200%, 
10/21/2026
158,620
326,000
3.668%, 
7/24/2028
e
307,182
126,000
4.125%, 
7/25/2028
118,665
50,000
3.520%, 
10/27/2028
e
46,649
83,000
5.174%, 
2/13/2030
e
81,171
281,000
4.910%, 
5/24/2033
e
263,719
169,000
6.174%, 
5/25/2034
e
167,722
CNA
Financial
Corporation
100,000
5.125%, 
2/15/2034
94,350
Comerica,
Inc.
52,000
5.982%, 
1/30/2030
e
50,497
Cooperatieve
Rabobank
UA
265,000
5.564%, 
2/28/2029
c,e
262,631
Corebridge
Financial,
Inc.
100,000
4.350%, 
4/5/2042
80,174
Credit
Acceptance
Corporation
66,000
9.250%, 
12/15/2028
c
69,977
Credit
Agricole
SA
238,000
6.875%, 
9/23/2024
c,e,i
237,116
Credit
Suisse
Group
AG
225,000
7.250%, 
N/A
c,j
24,750
Danske
Bank
AS
200,000
0.976%, 
9/10/2025
c,e
196,187
Deutsche
Bank
AG/New
York,
NY
150,000
6.819%, 
11/20/2029
e
154,165
300,000
3.729%, 
1/14/2032
e
246,997
Discover
Bank
290,000
5.974%, 
(USISOA05
+
1.730%),
8/9/2028
e
281,529
Diversified
Healthcare
Trust
42,000
Zero
Coupon, 
1/15/2026
c
36,118
Drawbridge
Special
Opportunities
Fund,
LP
120,000
3.875%, 
2/15/2026
c
113,144
Elevance
Health,
Inc.
110,000
3.125%, 
5/15/2050
71,679
179,000
4.625%, 
5/15/2042
154,844
Enact
Holdings,
Inc.
50,000
6.500%, 
8/15/2025
c
49,955
EPR
Properties
130,000
4.950%, 
4/15/2028
122,174
Fairfax
Financial
Holdings,
Ltd.
138,000
6.350%, 
3/22/2054
c
136,427
Fifth
Third
Bancorp
104,000
6.339%, 
7/27/2029
e
105,185
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Financials
(0.8%)
-
continued
First
Horizon
Bank
$
170,000
5.750%, 
5/1/2030
a
$
156,901
FirstCash,
Inc.
70,000
5.625%, 
1/1/2030
c
65,963
First-Citizens
Bank
&
Trust
Company
117,000
6.125%, 
3/9/2028
118,838
Five
Corners
Funding
Trust
IV
132,000
5.997%, 
2/15/2053
c
132,021
Fortress
Transportation
and
Infrastructure
Investors,
LLC
33,000
9.750%, 
8/1/2027
c
34,069
8,000
5.500%, 
5/1/2028
c
7,678
66,000
7.000%, 
5/1/2031
c
66,357
Freedom
Mortgage
Corporation
33,000
7.625%, 
5/1/2026
c
32,852
27,000
12.000%, 
10/1/2028
c
28,897
Freedom
Mortgage
Holdings,
LLC
29,000
9.250%, 
2/1/2029
c
29,154
FS
KKR
Capital
Corporation
250,000
3.400%, 
1/15/2026
236,362
GGAM
Finance,
Ltd.
66,000
7.750%, 
5/15/2026
c
67,048
37,000
8.000%, 
6/15/2028
c
38,104
29,000
6.875%, 
4/15/2029
c
28,973
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership,
LP
107,000
3.750%, 
12/15/2027
c
91,124
goeasy,
Ltd.
54,000
9.250%, 
12/1/2028
c
57,015
18,000
7.625%, 
7/1/2029
c
17,996
Goldman
Sachs
Bank
USA/New
York,
NY
278,000
5.283%, 
3/18/2027
e
276,167
Goldman
Sachs
BDC,
Inc.
86,000
6.375%, 
3/11/2027
86,337
Goldman
Sachs
Group,
Inc.
203,000
1.948%, 
10/21/2027
e
185,354
201,000
6.484%, 
10/24/2029
e
207,400
80,000
1.992%, 
1/27/2032
e
63,160
513,000
3.102%, 
2/24/2033
e
426,788
Healthpeak
OP,
LLC
53,000
3.400%, 
2/1/2025
52,004
Highwoods
Realty,
LP
133,000
7.650%, 
2/1/2034
139,774
HSBC
Holdings
plc
225,000
2.999%, 
3/10/2026
e
219,371
200,000
3.900%, 
5/25/2026
193,361
200,000
5.402%, 
8/11/2033
e
193,332
HSBC
USA,
Inc.
202,000
5.294%, 
3/4/2027
201,313
HUB
International,
Ltd.
103,000
7.250%, 
6/15/2030
c
104,511
Huntington
Bancshares,
Inc./OH
167,000
5.709%, 
2/2/2035
e
160,103
Icahn
Enterprises,
LP/Icahn
Enterprises
Finance
Corporation
51,000
6.375%, 
12/15/2025
50,086
60,000
6.250%, 
5/15/2026
58,354
75,000
5.250%, 
5/15/2027
68,868
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
232
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Financials
(0.8%)
-
continued
Intercontinental
Exchange,
Inc.
$
100,000
4.950%, 
6/15/2052
$
89,556
Intesa
Sanpaolo
SPA
44,000
4.198%, 
6/1/2032
c,e
36,064
Invitation
Homes
Operating
Partnership,
LP
167,000
2.000%, 
8/15/2031
129,069
J.P.
Morgan
Chase
&
Company
134,000
1.040%, 
2/4/2027
e
123,513
276,000
1.578%, 
4/22/2027
e
254,691
210,000
2.947%, 
2/24/2028
e
195,471
375,000
4.203%, 
7/23/2029
e
355,576
250,000
2.522%, 
4/22/2031
e
210,997
300,000
1.953%, 
2/4/2032
e
238,035
265,000
4.586%, 
4/26/2033
e
246,614
198,000
4.912%, 
7/25/2033
e
188,248
162,000
5.766%, 
4/22/2035
e
162,108
Jane
Street
Group/JSG
Finance,
Inc.
22,000
4.500%, 
11/15/2029
c
20,010
Jefferies
Finance,
LLC/JFIN
Co-
Issuer
Corporation
27,000
5.000%, 
8/15/2028
c
24,292
Jefferson
Capital
Holdings,
LLC
29,000
6.000%, 
8/15/2026
c
28,508
72,000
9.500%, 
2/15/2029
c
73,257
KeyBank
NA/Cleveland,
OH
174,000
5.000%, 
1/26/2033
156,034
KeyCorp
95,000
3.878%, 
5/23/2025
e
94,431
Kilroy
Realty,
LP
67,000
4.250%, 
8/15/2029
59,770
60,000
6.250%, 
1/15/2036
56,354
Kite
Realty
Group,
LP
49,000
5.500%, 
3/1/2034
46,743
Ladder
Capital
Finance
Holdings,
LLLP/Ladder
Capital
Finance
Corporation
36,000
4.250%, 
2/1/2027
c
33,334
61,000
4.750%, 
6/15/2029
c
54,440
Liberty
Mutual
Group,
Inc.
20,000
4.125%, 
12/15/2051
c,e
18,204
Lloyds
Banking
Group
plc
200,000
5.871%, 
3/6/2029
e
200,317
Macquarie
Airfinance
Holdings,
Ltd.
123,000
6.400%, 
3/26/2029
c
122,644
Manufacturers
&
Traders
Trust
Company
198,000
4.700%, 
1/27/2028
187,452
Marsh
&
McLennan
Companies,
Inc.
50,000
5.450%, 
3/15/2053
47,363
136,000
5.400%, 
9/15/2033
135,556
Massachusetts
Mutual
Life
Insurance
Company
325,000
3.200%, 
12/1/2061
c
189,285
Metropolitan
Life
Global
Funding
I
150,000
5.050%, 
1/8/2034
c
144,021
Mitsubishi
UFJ
Financial
Group,
Inc.
200,000
5.422%, 
2/22/2029
e
199,170
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Financials
(0.8%)
-
continued
$
250,000
2.048%, 
7/17/2030
$
204,027
Molina
Healthcare,
Inc.
69,000
4.375%, 
6/15/2028
c
63,995
Morgan
Stanley
210,000
4.350%, 
9/8/2026
204,280
276,000
3.591%, 
7/22/2028
e
259,708
132,000
5.164%, 
4/20/2029
e
129,843
290,000
3.622%, 
4/1/2031
e
260,654
132,000
5.250%, 
4/21/2034
e
126,660
114,000
5.831%, 
4/19/2035
e
113,954
232,000
5.297%, 
4/20/2037
e
217,285
MPT
Operating
Partnership,
LP/
MPT
Finance
Corporation
29,000
5.250%, 
8/1/2026
a
26,414
80,000
4.625%, 
8/1/2029
a
59,865
Nasdaq,
Inc.
225,000
3.250%, 
4/28/2050
147,008
Nationstar
Mortgage
Holdings,
Inc.
66,000
6.000%, 
1/15/2027
c
64,673
NatWest
Group
plc
200,000
4.445%, 
5/8/2030
e
187,479
203,000
6.475%, 
6/1/2034
e
203,852
Navient
Corporation
21,000
5.000%, 
3/15/2027
19,798
Necessity
Retail
REIT,
Inc./
American
Finance
Operating
Partner,
LP
23,000
4.500%, 
9/30/2028
c
19,619
New
York
Life
Global
Funding
196,000
4.550%, 
1/28/2033
c
183,215
NNN
REIT,
Inc.
203,000
5.600%, 
10/15/2033
199,161
Omega
Healthcare
Investors,
Inc.
299,000
3.625%, 
10/1/2029
261,243
225,000
3.375%, 
2/1/2031
187,883
OneMain
Finance
Corporation
137,000
3.500%, 
1/15/2027
126,041
152,000
3.875%, 
9/15/2028
133,793
Panther
Escrow
Issuer,
LLC
102,000
7.125%, 
6/1/2031
c
102,529
Park
Intermediate
Holdings,
LLC
106,000
4.875%, 
5/15/2029
c
96,994
Pine
Street
Trust
I
198,000
4.572%, 
2/15/2029
c
184,710
PNC
Financial
Services
Group,
Inc.
67,000
6.615%, 
10/20/2027
e
68,464
265,000
4.626%, 
6/6/2033
e
242,414
PRA
Group,
Inc.
18,000
7.375%, 
9/1/2025
c
17,917
56,000
8.375%, 
2/1/2028
c
54,627
Principal
Life
Global
Funding
II
176,000
1.250%, 
8/16/2026
c
159,161
Prologis
Targeted
US
Logistics
Fund,
LP
136,000
5.250%, 
4/1/2029
c
133,410
Prologis,
LP
92,000
5.250%, 
3/15/2054
83,978
Prudential
Financial,
Inc.
252,000
5.125%, 
3/1/2052
e
232,478
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
233
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Financials
(0.8%)
-
continued
Quicken
Loans,
LLC
$
41,000
3.875%, 
3/1/2031
c
$
34,762
Realty
Income
Corporation
262,000
2.100%, 
3/15/2028
230,823
Regency
Centers,
LP
196,000
4.125%, 
3/15/2028
186,117
100,000
5.250%, 
1/15/2034
95,611
RGA
Global
Funding
65,000
5.500%, 
1/11/2031
c
63,947
RHP
Hotel
Properties,
LP/RHP
Finance
Corporation
18,000
4.750%, 
10/15/2027
17,106
70,000
7.250%, 
7/15/2028
c
71,085
RLJ
Lodging
Trust,
LP
63,000
4.000%, 
9/15/2029
c
54,640
Rocket
Mortgage,
LLC/Rocket
Mortgage
Co-Issuer,
Inc.
120,000
3.625%, 
3/1/2029
c
105,715
Santander
Holdings
USA,
Inc.
66,000
6.499%, 
3/9/2029
e
66,512
58,000
6.174%, 
1/9/2030
e
57,773
Santander
UK
Group
Holdings
plc
360,000
1.673%, 
6/14/2027
e
328,202
Service
Properties
Trust
34,000
7.500%, 
9/15/2025
34,251
18,000
5.250%, 
2/15/2026
17,314
55,000
8.625%, 
11/15/2031
c
57,763
Simon
Property
Group,
LP
217,000
3.800%, 
7/15/2050
155,583
SLM
Corporation
40,000
4.200%, 
10/29/2025
38,669
Societe
Generale
SA
138,000
4.750%, 
11/24/2025
c
134,615
Sumitomo
Mitsui
Financial
Group,
Inc.
126,000
3.010%, 
10/19/2026
118,686
200,000
5.710%, 
1/13/2030
201,157
125,000
1.710%, 
1/12/2031
97,877
Synchrony
Financial
37,000
7.250%, 
2/2/2033
36,103
Synovus
Bank
250,000
5.625%, 
2/15/2028
238,762
Toronto-Dominion
Bank
172,000
5.523%, 
7/17/2028
172,566
Truist
Financial
Corporation
134,000
6.047%, 
6/8/2027
e
134,710
94,000
5.125%, 
12/15/2027
e,i
84,176
157,000
5.122%, 
1/26/2034
e
146,289
86,000
5.711%, 
1/24/2035
e
83,462
U.S.
Bancorp
132,000
5.727%, 
10/21/2026
e
131,955
204,000
5.775%, 
6/12/2029
e
204,404
52,000
5.836%, 
6/12/2034
e
51,399
92,000
5.678%, 
1/23/2035
e
89,876
UBS
Group
AG
350,000
2.193%, 
6/5/2026
c,e
335,773
200,000
6.246%, 
9/22/2029
c,e
202,980
164,000
3.091%, 
5/14/2032
c,e
135,799
200,000
5.699%, 
2/8/2035
c,e
193,936
United
Wholesale
Mortgage,
LLC
21,000
5.500%, 
11/15/2025
c
20,657
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Financials
(0.8%)
-
continued
$
78,000
5.500%, 
4/15/2029
c
$
72,461
UnitedHealth
Group,
Inc.
132,000
5.875%, 
2/15/2053
134,399
198,000
4.750%, 
5/15/2052
172,251
Vornado
Realty,
LP
26,000
3.400%, 
6/1/2031
20,196
Wells
Fargo
&
Company
121,000
3.000%, 
4/22/2026
115,426
168,000
3.000%, 
10/23/2026
158,020
199,000
3.526%, 
3/24/2028
e
187,789
142,000
5.707%, 
4/22/2028
e
142,099
294,000
2.393%, 
6/2/2028
e
267,290
139,000
5.574%, 
7/25/2029
e
138,556
109,000
5.389%, 
4/24/2034
e
105,041
323,000
4.900%, 
11/17/2045
276,145
Willis
North
America,
Inc.
265,000
4.650%, 
6/15/2027
257,550
XHR,
LP
33,000
6.375%, 
8/15/2025
c
32,964
36,000
4.875%, 
6/1/2029
c
32,859
Total
35,019,328
Foreign
Government
(<0.1%)
NBN
Company,
Ltd.
200,000
2.625%, 
5/5/2031
c
166,670
Total
166,670
Mortgage-Backed
Securities
(2.9%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
1,924,837
2.000%, 
1/1/2052
1,473,032
1,017,112
2.000%, 
5/1/2051
778,393
3,379,958
2.500%, 
5/1/2051
2,704,795
1,571,253
3.500%, 
5/1/2052
1,355,710
2,300,179
4.000%, 
5/1/2052
2,075,599
1,009,181
5.000%, 
7/1/2053
962,892
475,629
5.500%, 
7/1/2053
464,230
1,323,038
3.500%, 
8/1/2052
1,148,855
1,131,307
5.000%, 
8/1/2053
1,083,686
3,497,063
5.500%, 
9/1/2053
3,418,344
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
1,086,525
2.500%, 
7/1/2030
1,011,903
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
1,500,000
4.500%, 
5/1/2039
h
1,450,232
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
1,318,898
3.000%, 
12/1/2036
1,188,412
1,122,266
3.000%, 
8/1/2038
1,018,793
1,696,221
3.500%, 
5/1/2040
1,532,929
2,002,061
2.500%, 
4/1/2042
1,675,116
511,311
2.000%, 
5/1/2042
418,280
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
3,997,767
3.000%, 
1/1/2052
3,330,980
700,636
2.000%, 
2/1/2051
536,380
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
234
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Mortgage-Backed
Securities
(2.9%)
-
continued
$
460,305
2.000%, 
2/1/2051
$
352,391
2,550,225
2.500%, 
2/1/2051
2,022,954
2,199,560
2.500%, 
2/1/2051
1,766,687
7,705,713
2.000%, 
3/1/2051
5,845,279
978,670
2.000%, 
3/1/2051
743,721
2,758,119
4.000%, 
3/1/2051
2,516,119
4,142,826
3.000%, 
3/1/2052
3,434,194
5,076,661
2.000%, 
4/1/2051
3,858,987
2,486,363
3.000%, 
4/1/2051
2,068,147
2,606,848
3.000%, 
5/1/2050
2,188,532
844,699
2.000%, 
5/1/2051
643,407
2,366,895
3.000%, 
5/1/2051
1,997,333
1,565,236
3.000%, 
6/1/2050
1,328,230
678,622
4.000%, 
6/1/2052
608,223
782,613
5.000%, 
6/1/2053
747,880
3,781,362
2.500%, 
7/1/2051
3,037,056
1,034,964
3.500%, 
7/1/2051
906,753
1,968,207
4.000%, 
7/1/2052
1,764,142
1,314,564
3.500%, 
8/1/2050
1,154,622
2,076,757
3.500%, 
8/1/2052
1,792,087
4,044,788
4.500%, 
8/1/2052
3,745,058
1,481,172
5.000%, 
8/1/2053
1,415,437
555,404
2.500%, 
9/1/2051
446,511
622,710
3.500%, 
9/1/2052
541,902
1,344,397
3.500%, 
9/1/2052
1,169,882
1,262,251
5.000%, 
9/1/2052
1,199,007
2,064,412
4.500%, 
9/1/2053
1,906,571
1,234,609
4.500%, 
9/1/2053
1,146,791
3,855,404
4.000%, 
10/1/2052
3,463,256
822,504
2.000%, 
11/1/2051
627,364
807,904
3.500%, 
11/1/2052
706,148
3,408,008
2.000%, 
12/1/2050
2,604,337
5,322,587
2.500%, 
12/1/2051
4,264,730
2,367,770
4.500%, 
12/1/2052
2,199,517
6,000,000
5.500%, 
5/1/2041
h
5,823,306
2,475,000
6.000%, 
5/1/2041
h
2,451,990
2,750,000
3.000%, 
5/1/2049
h
2,270,368
5,550,000
3.500%, 
5/1/2049
h
4,783,205
4,800,000
4.000%, 
5/1/2049
h
4,292,759
2,225,000
4.500%, 
5/1/2049
h
2,050,147
7,775,000
5.000%, 
5/1/2049
h
7,366,872
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
4,350,789
2.500%, 
3/1/2062
3,382,339
932,080
3.500%, 
7/1/2061
789,916
1,990,430
4.000%, 
12/1/2061
1,758,632
Total
126,811,350
Technology
(0.2%)
Advanced
Micro
Devices,
Inc.
132,000
4.393%, 
6/1/2052
109,757
Analog
Devices,
Inc.
425,000
2.950%, 
10/1/2051
270,186
Apple,
Inc.
232,000
2.650%, 
2/8/2051
142,348
437,000
3.750%, 
9/12/2047
338,284
Boost
Newco
Borrower,
LLC
90,000
7.500%, 
1/15/2031
c
92,888
Broadcom,
Inc.
76,000
3.469%, 
4/15/2034
c
62,968
266,000
3.137%, 
11/15/2035
c
206,429
220,000
3.187%, 
11/15/2036
c
168,695
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Technology
(0.2%)
-
continued
$
180,000
4.926%, 
5/15/2037
c
$
164,379
Central
Parent,
Inc./CDK
Global,
Inc.
44,000
7.250%, 
6/15/2029
c
44,482
Cisco
Systems,
Inc.
69,000
5.300%, 
2/26/2054
66,394
70,000
4.950%, 
2/26/2031
68,849
Clarivate
Science
Holdings
Corporation
39,000
3.875%, 
7/1/2028
c
35,514
Cloud
Software
Group,
Inc.
190,000
6.500%, 
3/31/2029
c
180,206
Consensus
Cloud
Solutions,
Inc.
18,000
6.000%, 
10/15/2026
a,c
17,066
CoreLogic,
Inc.
22,000
4.500%, 
5/1/2028
c
19,035
Dell
International,
LLC/EMC
Corporation
144,000
6.020%, 
6/15/2026
144,836
Dell,
Inc.
124,000
6.500%, 
4/15/2038
129,262
Dye
&
Durham,
Ltd.
54,000
8.625%, 
4/15/2029
c
54,528
Fiserv,
Inc.
66,000
2.250%, 
6/1/2027
59,969
137,000
2.650%, 
6/1/2030
116,595
136,000
5.350%, 
3/15/2031
134,060
116,000
5.600%, 
3/2/2033
114,928
Gen
Digital,
Inc.
3,000
6.750%, 
9/30/2027
c
3,011
44,000
7.125%, 
9/30/2030
a,c
44,454
Global
Payments,
Inc.
142,000
5.950%, 
8/15/2052
135,713
198,000
5.300%, 
8/15/2029
193,468
II-VI,
Inc.
32,000
5.000%, 
12/15/2029
c
29,522
Intel
Corporation
135,000
5.600%, 
2/21/2054
127,036
Iron
Mountain,
Inc.
75,000
4.875%, 
9/15/2027
c
71,574
101,000
4.875%, 
9/15/2029
c
93,199
90,000
5.250%, 
7/15/2030
c
83,532
96,000
4.500%, 
2/15/2031
c
84,674
KLA
Corporation
199,000
3.300%, 
3/1/2050
136,329
Marvell
Technology,
Inc.
33,000
5.950%, 
9/15/2033
33,196
Mastercard,
Inc.
160,000
3.950%, 
2/26/2048
127,865
Microchip
Technology,
Inc.
28,000
5.050%, 
3/15/2029
27,520
Micron
Technology,
Inc.
72,000
5.300%, 
1/15/2031
70,650
Microsoft
Corporation
95,000
3.041%, 
3/17/2062
60,627
228,000
2.500%, 
9/15/2050
c
136,896
200,000
3.700%, 
8/8/2046
158,563
NCR
Atleos
Corporation
29,000
9.500%, 
4/1/2029
c
30,827
NCR
Voyix
Corporation
100,000
5.125%, 
4/15/2029
c
91,891
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
235
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Technology
(0.2%)
-
continued
Neptune
Bidco
US,
Inc.
$
74,000
9.290%, 
4/15/2029
c
$
69,847
Newfold
Digital
Holdings
Group,
Inc.
22,000
11.750%, 
10/15/2028
c
23,633
NXP
BV/NXP
Funding,
LLC
75,000
5.550%, 
12/1/2028
74,856
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
84,000
4.300%, 
6/18/2029
79,295
180,000
3.250%, 
5/11/2041
126,910
Open
Text
Corporation
72,000
3.875%, 
12/1/2029
c
63,015
105,000
4.125%, 
2/15/2030
c
92,220
Oracle
Corporation
132,000
6.900%, 
11/9/2052
143,311
161,000
6.150%, 
11/9/2029
166,038
250,000
3.850%, 
7/15/2036
204,810
380,000
4.000%, 
7/15/2046
281,525
Pitney
Bowes,
Inc.
18,000
6.875%, 
3/15/2027
a,c
16,223
PTC,
Inc.
88,000
3.625%, 
2/15/2025
c
86,190
40,000
4.000%, 
2/15/2028
c
37,057
RingCentral,
Inc.
67,000
8.500%, 
8/15/2030
c
68,173
Rocket
Software,
Inc.
44,000
9.000%, 
11/28/2028
c,h
44,167
Roper
Technologies,
Inc.
173,000
1.750%, 
2/15/2031
135,819
S&P
Global,
Inc.
33,000
5.250%, 
9/15/2033
c
32,703
Seagate
HDD
Cayman
39,000
8.500%, 
7/15/2031
c
41,641
77,685
9.625%, 
12/1/2032
87,143
Sensata
Technologies,
Inc.
77,000
3.750%, 
2/15/2031
c
65,071
Shift4
Payments,
LLC/Shift4
Payments
Finance
Sub,
Inc.
30,000
4.625%, 
11/1/2026
c
28,885
SS&C
Technologies,
Inc.
104,000
5.500%, 
9/30/2027
c
101,090
Texas
Instruments,
Inc.
133,000
5.050%, 
5/18/2063
120,484
UKG,
Inc.
72,000
6.875%, 
2/1/2031
c
72,137
Viavi
Solutions,
Inc.
66,000
3.750%, 
10/1/2029
c
55,421
Visa,
Inc.
225,000
2.700%, 
4/15/2040
159,443
VMware,
LLC
121,000
4.650%, 
5/15/2027
117,631
180,000
2.200%, 
8/15/2031
142,301
Xerox
Holdings
Corporation
9,000
5.000%, 
8/15/2025
c
8,745
104,000
5.500%, 
8/15/2028
c
90,242
Total
7,318,231
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Transportation
(0.1%)
Air
Canada
$
36,000
3.875%, 
8/15/2026
c
$
34,151
American
Airlines
Group,
Inc.
23,000
3.750%, 
3/1/2025
c
22,378
American
Airlines,
Inc./
AAdvantage
Loyalty
IP,
Ltd.
194,667
5.500%, 
4/20/2026
c
192,408
35,534
5.750%, 
4/20/2029
c
34,316
Avis
Budget
Car
Rental,
LLC/Avis
Budget
Finance,
Inc.
43,000
5.375%, 
3/1/2029
c
38,248
Burlington
Northern
Santa
Fe,
LLC
199,000
2.875%, 
6/15/2052
122,505
140,000
5.750%, 
5/1/2040
141,445
100,000
4.450%, 
3/15/2043
85,361
Canadian
Pacific
Railway
Company
132,000
4.700%, 
5/1/2048
111,019
CSX
Corporation
170,000
3.800%, 
4/15/2050
126,305
Delta
Air
Lines,
Inc./SkyMiles
IP,
Ltd.
284,000
4.750%, 
10/20/2028
c
274,935
ERAC
USA
Finance,
LLC
132,000
5.400%, 
5/1/2053
c
124,097
Hawaiian
Brand
Intellectual
Property,
Ltd.
57,000
5.750%, 
1/20/2026
c
53,460
Hertz
Corporation
24,000
5.000%, 
12/1/2029
a,c
16,481
Mileage
Plus
Holdings,
LLC
215,800
6.500%, 
6/20/2027
c
216,165
Penske
Truck
Leasing
Company,
LP/PTL
Finance
Corporation
148,000
5.750%, 
5/24/2026
c
148,045
Rand
Parent,
LLC
69,000
8.500%, 
2/15/2030
a,c
68,235
RXO,
Inc.
80,000
7.500%, 
11/15/2027
c
81,047
Southwest
Airlines
Company
206,000
2.625%, 
2/10/2030
174,817
Stena
International
SA
58,000
7.250%, 
1/15/2031
c
58,047
Union
Pacific
Corporation
265,000
2.973%, 
9/16/2062
153,966
United
Airlines,
Inc.
74,000
4.375%, 
4/15/2026
c
71,179
VistaJet
Malta
Finance
plc/Vista
Management
Holding,
Inc.
20,000
7.875%, 
5/1/2027
c
17,786
87,000
6.375%, 
2/1/2030
a,c
67,323
Total
2,433,719
U.S.
Government
&
Agencies
(3.0%)
U.S.
Treasury
Bonds
1,029,000
3.625%, 
5/15/2053
841,047
300,000
1.625%, 
11/15/2050
156,773
1,500,000
4.750%, 
11/15/2053
1,492,266
1,510,000
5.250%, 
11/15/2028
1,539,964
1,175,000
4.375%, 
5/15/2040
1,119,922
6,780,000
3.000%, 
5/15/2042
5,236,755
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
236
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
U.S.
Government
&
Agencies
(3.0%)
-
continued
$
351,000
3.375%, 
5/15/2044
$
282,171
12,618,000
2.500%, 
5/15/2046
8,531,444
10,050,000
2.875%, 
5/15/2049
7,141,389
U.S.
Treasury
Notes
4,360,000
2.125%, 
11/30/2024
4,278,889
700,000
1.375%, 
1/31/2025
679,868
9,100,000
3.875%, 
3/31/2025
8,988,472
17,550,000
2.875%, 
5/31/2025
17,114,678
250,000
0.250%, 
8/31/2025
234,268
1,600,000
4.250%, 
12/31/2025
1,577,562
5,715,000
2.625%, 
1/31/2026
5,479,256
3,990,000
0.500%, 
2/28/2026
3,672,982
20,870,000
2.500%, 
2/28/2026
19,934,926
2,100,000
4.625%, 
2/28/2026
2,083,758
4,800,000
4.500%, 
3/31/2026
4,751,812
5,000,000
0.500%, 
4/30/2027
4,396,484
4,485,000
2.250%, 
11/15/2027
4,112,009
5,600,000
3.875%, 
12/31/2027
5,422,813
5,100,000
3.500%, 
1/31/2028
4,870,699
3,000,000
3.625%, 
3/31/2028
2,875,078
7,300,000
2.875%, 
5/15/2028
6,792,422
1,600,000
3.750%, 
12/31/2028
1,533,875
4,680,000
1.375%, 
11/15/2031
3,701,953
1,175,000
4.125%, 
11/15/2032
1,128,184
3,200,000
4.500%, 
11/15/2033
3,153,000
Total
133,124,719
Utilities
(0.2%)
AES
Corporation
265,000
3.950%, 
7/15/2030
c
236,358
Ameren
Illinois
Company
150,000
4.500%, 
3/15/2049
124,895
American
Electric
Power
Company,
Inc.
135,000
5.200%, 
1/15/2029
132,834
116,000
5.625%, 
3/1/2033
113,389
American
Water
Capital
Corporation
135,000
5.450%, 
3/1/2054
127,326
Appalachian
Power
Company
92,000
3.300%, 
6/1/2027
85,826
Atmos
Energy
Corporation
100,000
5.900%, 
11/15/2033
102,621
Berkshire
Hathaway
Energy
Company
155,000
4.500%, 
2/1/2045
131,286
Calpine
Corporation
75,000
4.500%, 
2/15/2028
c
70,040
CenterPoint
Energy
Resources
Corporation
250,000
1.750%, 
10/1/2030
199,809
CenterPoint
Energy,
Inc.
73,000
4.250%, 
11/1/2028
68,415
Commonwealth
Edison
Company
125,000
3.700%, 
3/1/2045
92,835
Consolidated
Edison
Company
of
New
York,
Inc.
63,000
4.500%, 
12/1/2045
52,392
175,000
4.125%, 
5/15/2049
135,215
Constellation
Energy
Generation,
LLC
67,000
6.125%, 
1/15/2034
68,559
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Utilities
(0.2%)
-
continued
Consumers
Energy
Company
$
221,000
4.350%, 
4/15/2049
$
182,173
DTE
Electric
Company
95,000
3.700%, 
3/15/2045
71,625
135,000
3.700%, 
6/1/2046
99,555
Duke
Energy
Carolinas,
LLC
250,000
3.700%, 
12/1/2047
179,467
Duke
Energy
Indiana,
LLC
170,000
3.750%, 
5/15/2046
124,880
Edison
International
187,000
5.750%, 
6/15/2027
186,995
Eversource
Energy
166,000
4.750%, 
5/15/2026
162,954
Exelon
Corporation
190,000
4.700%, 
4/15/2050
158,008
376,000
4.450%, 
4/15/2046
304,371
FirstEnergy
Corporation
165,000
5.100%, 
7/15/2047
137,216
Georgia
Power
Company
113,000
4.950%, 
5/17/2033
107,577
68,000
5.250%, 
3/15/2034
66,154
ITC
Holdings
Corporation
84,000
5.300%, 
7/1/2043
75,803
Jersey
Central
Power
&
Light
Company
150,000
2.750%, 
3/1/2032
c
121,830
MidAmerican
Energy
Company
154,000
5.850%, 
9/15/2054
154,903
National
Rural
Utilities
Cooperative
Finance
Corporation
83,000
3.700%, 
3/15/2029
77,074
NextEra
Energy
Capital
Holdings,
Inc.
141,000
5.749%, 
9/1/2025
141,090
NextEra
Energy
Operating
Partners,
LP
133,000
3.875%, 
10/15/2026
c
124,422
NiSource
Finance
Corporation
245,000
5.650%, 
2/1/2045
229,449
NRG
Energy,
Inc.
28,000
3.375%, 
2/15/2029
c
24,555
198,000
4.450%, 
6/15/2029
c
183,758
35,000
5.250%, 
6/15/2029
c
33,103
Pacific
Gas
and
Electric
Company
135,000
3.300%, 
12/1/2027
124,007
137,000
5.550%, 
5/15/2029
135,492
114,000
4.550%, 
7/1/2030
105,812
135,000
6.950%, 
3/15/2034
142,672
70,000
5.800%, 
5/15/2034
68,348
PG&E
Corporation
86,000
5.000%, 
7/1/2028
81,943
PPL
Electric
Utilities
Corporation
138,000
3.950%, 
6/1/2047
106,207
Public
Service
Company
of
Colorado
171,000
4.500%, 
6/1/2052
136,308
Public
Service
Enterprise
Group,
Inc.
133,000
5.875%, 
10/15/2028
134,286
San
Diego
Gas
&
Electric
Company
330,000
4.150%, 
5/15/2048
259,686
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
237
Principal
Amount
Long-Term
Fixed
Income
(9.1%)
Value
Utilities
(0.2%)
-
continued
Southern
California
Edison
Company
$
185,000
4.000%, 
4/1/2047
$
138,460
Southern
Company
265,000
5.113%, 
8/1/2027
261,151
Southern
Company
Gas
Capital
Corporation
155,000
4.400%, 
5/30/2047
123,008
Southwestern
Electric
Power
Company
105,000
3.900%, 
4/1/2045
75,825
Talen
Energy
Supply,
LLC
64,000
8.625%, 
6/1/2030
c
67,714
TerraForm
Power
Operating,
LLC
125,000
5.000%, 
1/31/2028
c
116,646
Virginia
Electric
and
Power
Company
48,000
5.350%, 
1/15/2054
44,520
191,000
4.600%, 
12/1/2048
157,865
Vistra
Corporation
35,000
7.000%, 
12/15/2026
c,e,i
34,572
Vistra
Operations
Company,
LLC
185,000
5.125%, 
5/13/2025
c
182,226
220,000
5.000%, 
7/31/2027
c
209,380
Xcel
Energy,
Inc.
103,000
4.600%, 
6/1/2032
94,507
Total
7,489,397
Total
Long-Term
Fixed
Income
(cost
$435,526,767)
399,969,310
Shares
Private
Equity
Funds
(
0.4%
)
Value
Secondary
(0.4%)
1
ASF
IX,
LP
*,b,k
3,349,025
1
Crown
Global
Secondaries
VI
Feeder
SA,
SICAV-RAIF
*,b,k
823,532
1
LCP
X
(Offshore),
LP
*,b,k
14,174,052
Total
18,346,609
Total
Private
Equity
Funds
(cost
$14,112,524)
18,346,609
Shares
Collateral
Held
for
Securities
Loaned
(
0.1%
)
Value
5,742,132
Thrivent
Cash
Management
Trust
5,742,132
Total
Collateral
Held
for
Securities
Loaned
(cost
$5,742,132)
5,742,132
Shares
or
Principal
Amount
Short-Term
Investments
(
16.3%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
400,000
5.232%,
5/8/2024
l,m
$
399,531
400,000
5.225%,
5/15/2024
l,m
399,121
1,900,000
5.210%,
5/21/2024
l,m
1,894,154
2,100,000
5.240%,
5/22/2024
l,m
2,093,230
100,000
5.250%,
5/29/2024
l,m
99,575
2,300,000
5.230%,
6/7/2024
l,m
2,287,194
6,700,000
5.223%,
6/20/2024
l,m
6,649,931
8,300,000
5.225%,
6/26/2024
l,m
8,230,678
13,700,000
5.234%,
7/10/2024
l,m
13,559,364
400,000
5.250%,
7/17/2024
l,m
395,489
2,600,000
5.260%,
7/24/2024
l,m
2,568,047
Thrivent
Core
Short-Term
Reserve
Fund
67,679,656
5.580%
676,796,564
U.S.
Treasury
Bills
400,000
5.243%,
7/11/2024
l,n
395,850
Total
Short-Term
Investments
(cost
$715,640,199)
715,768,728
Total
Investments
(cost
$3,707,148,657)
100.8%
$4,430,248,512
Other
Assets
and
Liabilities,
Net
(0.8%)
(34,340,922
)
Total
Net
Assets
100.0%
$4,395,907,590
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,
2024,
the
value
of
these
investments
was
$55,189,947
or
1.3%
of
total
net
assets.
d
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
April
30,
2024.
e
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2024.
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
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
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
h
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
i
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
j
Defaulted
security.  Interest
is
not
being
accrued.
k
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
l
The
interest
rate
shown
reflects
the
yield.
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
238
m
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
n
At
April
30,
2024,
$229,593
of
investments
were
segregated
to
cover
exposure
to
a
counterparty
for
margin
on
open
mortgage-backed
security
transactions.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Moderately
Aggressive
Allocation
Fund
as
of
April
30,
2024
was
$18,346,609
or
0.42%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
April
30,
2024.
Security
Acquisition
Date
Cost
ASF
IX,
LP 
3/18/2024
$
2,357,788
Crown
Global
Secondaries
VI
Feeder
SA,
SICAV-RAIF 
2/15/2024
560,000
LCP
X
(Offshore),
LP 
10/25/2023
11,194,736
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,
2024:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
2,424,577
Common
Stock
3,054,219
Total
lending
$5,478,796
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$5,742,132
Net
amounts
due
to
counterparty
$263,336
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
SOFR30A
-
Secured
Overnight
Financing
Rate
30
Year
Average
TSFR1M
-
CME
Term
SOFR
1
Month
TSFR3M
-
CME
Term
SOFR
3
Month
USISOA05
-
USD
SOFR
Spread-Adjusted
ICE
Swap
Rate
5
Year
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
$823,984,979
Gross
unrealized
depreciation
(119,765,249)
Net
unrealized
appreciation
(depreciation)
$704,219,730
Cost
for
federal
income
tax
purposes
$3,718,094,870
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
239
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Moderately
Aggressive
Allocation
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Registered
Investment
Companies
U.S.
Affiliated
1,795,633,036
1,795,633,036
–
–
U.S.
Unaffiliated
27,695,664
27,695,664
–
–
Common
Stock
Communications
Services
60,903,264
60,898,621
4,643
–
Consumer
Discretionary
115,161,407
115,161,407
–
–
Consumer
Staples
51,492,911
51,492,911
–
–
Energy
52,331,397
52,331,397
–
–
Financials
180,488,225
180,488,225
–
–
Health
Care
134,878,590
134,878,590
–
–
Industrials
171,088,278
167,197,596
3,890,682
–
Information
Technology
238,757,157
235,227,850
3,529,307
–
Materials
41,302,446
40,315,736
986,710
–
Real
Estate
47,220,096
47,220,096
–
–
Utilities
30,132,557
30,132,557
–
–
Long-Term
Fixed
Income
Asset-Backed
Securities
8,355,995
–
8,355,995
–
Basic
Materials
3,083,020
–
3,083,020
–
Capital
Goods
6,547,904
–
6,547,904
–
Collateralized
Mortgage
Obligations
15,076,111
–
15,076,111
–
Commercial
Mortgage-Backed
Securities
9,507,692
–
9,507,692
–
Communications
Services
10,150,939
–
10,150,939
–
Consumer
Cyclical
11,910,116
–
11,910,116
–
Consumer
Non-Cyclical
12,714,902
–
12,714,902
–
Energy
10,259,217
–
10,259,217
–
Financials
35,019,328
–
35,019,328
–
Foreign
Government
166,670
–
166,670
–
Mortgage-Backed
Securities
126,811,350
–
126,811,350
–
Technology
7,318,231
–
7,318,231
–
Transportation
2,433,719
–
2,433,719
–
U.S.
Government
&
Agencies
133,124,719
–
133,124,719
–
Utilities
7,489,397
–
7,489,397
–
Private
Equity
Funds
Secondary
18,346,609
–
–
18,346,609
Short-Term
Investments
38,972,164
–
38,972,164
–
Subtotal
Investments
in
Securities
$3,404,373,111
$2,938,673,686
$447,352,816
$18,346,609
Other
Investments  *
Total
Affiliated
Short-Term
Investments
676,796,564
U.S.
Affiliated
Registered
Investment
Cos.
343,336,705
Collateral
Held
for
Securities
Loaned
5,742,132
Subtotal
Other
Investments
$1,025,875,401
Total
Investments
at
Value
$4,430,248,512
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Moderately
Aggressive
Allocation
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
23,335,809
22,878,547
457,262
–
Total
Asset
Derivatives
$23,335,809
$22,878,547
$457,262
$–
Liability
Derivatives
Futures
Contracts
31,269,721
31,269,721
–
–
Total
Liability
Derivatives
$31,269,721
$31,269,721
$–
$–
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
240
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
S&P
-
Standard
&
Poor's
The
following
table
presents
Moderately
Aggressive
Allocation
Fund's
futures
contracts
held
as
of
April
30,
2024.
Investments
and/or
cash
totaling
$36,195,303
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Amount
Value
and
Unrealized
CBOT
10-Yr.
U.S.
Treasury
Note
244
June
2024
$
26,960,021
(
$
745,270)
CBOT
2-Yr.
U.S.
Treasury
Note
448
June
2024
91,688,503
(
898,503)
CBOT
5-Yr.
U.S.
Treasury
Note
465
June
2024
49,715,111
(
1,009,993)
CBOT
U.S.
Long
Bond
129
June
2024
15,378,966
(
697,153)
CME
E-mini
Russell
2000
Index
29
June
2024
3,035,957
(
156,837)
CME
E-mini
S&P
500
Index
2,889
June
2024
755,732,594
(
23,804,444)
CME
E-mini
S&P
Mid-Cap
400
Index
3
June
2024
894,721
(
31,561)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
176
June
2024
22,476,326
(
1,433,326)
ICE
mini
MSCI
EAFE
Index
443
June
2024
52,149,799
(
1,924,674)
ICE
US
mini
MSCI
Emerging
Markets
Index
266
June
2024
13,989,963
(
131,363)
Ultra
10-Yr.
U.S.
Treasury
Note
111
June
2024
12,670,878
(
436,597)
Total
Futures
Long
Contracts
$
1,044,692,839
(
$
31,269,721)
CME
E-mini
Russell
2000
Index
(1,408)
June
2024
(
$
148,631,390)
$
8,845,150
CME
E-mini
S&P
Mid-Cap
400
Index
(1,049)
June
2024
(
314,715,671)
12,897,391
CME
Euro
Foreign
Exchange
Currency
(303)
June
2024
(
41,642,099)
1,121,530
Eurex
Euro
STOXX
50
Index
(777)
June
2024
(
40,914,697)
457,262
Ultra
10-Yr.
U.S.
Treasury
Note
(3)
June
2024
(
345,132)
14,476
Total
Futures
Short
Contracts
(
$
546,248,989)
$23,335,809
Total
Futures
Contracts
$
498,443,850
($7,933,912)
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2024,
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
Foreign
Exchange
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
1,121,530
Total
Foreign
Exchange
Contracts
1,121,530
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
22,199,803
Total
Equity
Contracts
22,199,803
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
14,476
Total
Interest
Rate
Contracts
14,476
Total
Asset
Derivatives
$23,335,809
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
26,048,879
Total
Equity
Contracts
26,048,879
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
5,220,842
Total
Interest
Rate
Contracts
5,220,842
Total
Liability
Derivatives
$31,269,721
*
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
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
241
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
(1,283,380)
Total
Interest
Rate
Contracts
(1,283,380
)
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
36,702,163
Total
Equity
Contracts
36,702,163
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(537,707)
Total
Foreign
Exchange
Contracts
(537,707)
Total
$34,881,076
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
Foreign
Exchange
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
634,382
Total
Foreign
Exchange
Contracts
634,382
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
4,027,017
Total
Equity
Contracts
4,027,017
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
706,214
Total
Interest
Rate
Contracts
706,214
Total
$5,367,613
The
following
table
presents
Moderately
Aggressive
Allocation
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2024.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$790,196,404
Futures
-
Short
(460,687,627)
Interest
Rate
Contracts
Futures
-
Long
164,889,019
Futures
-
Short
(92,801)
Foreign
Exchange
Contracts
Futures
-
Short
(38,832,981)
Moderately
Aggressive
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
242
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
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$32,392
$1,030
$1,843
$34,243
4,351
0.8%
Core
Emerging
Markets
Equity
58,290
2,097
–
67,539
7,455
1.5
Core
International
Equity
68,886
36,704
–
114,568
11,177
2.6
Core
Low
Volatility
Equity
65,683
5,718
68,100
3,055
287
0.1
Core
Mid
Cap
Value
49,155
1,031
–
57,805
5,423
1.3
Core
Small
Cap
Value
54,964
1,018
–
66,127
6,560
1.5
Global
Stock,
Class
S
172,211
10,842
–
205,319
7,540
4.7
High
Yield,
Class
S
22,778
739
286
24,205
5,889
0.5
Income,
Class
S
64,051
1,669
49
68,991
8,789
1.6
International
Allocation,
Class
S
239,607
8,164
–
278,160
26,901
6.3
Large
Cap
Growth,
Class
S
353,699
11,918
–
440,269
23,160
10.1
Large
Cap
Value,
Class
S
325,897
12,553
–
387,301
13,300
8.8
Limited
Maturity
Bond,
Class
S
38,497
784
42
40,082
3,304
0.9
Mid
Cap
Stock,
Class
S
227,754
3,898
–
277,679
7,811
6.3
Small
Cap
Stock,
Class
S
60,731
333
–
73,628
2,470
1.7
Total
U.S.
Affiliated
Registered
Investment
Companies
1,834,595
2,138,971
48.7
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
498,724
618,844
440,771
676,797
67,680
15.4
Total
Affiliated
Short-Term
Investments
498,724
676,797
15.4
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
4,765
90,601
89,624
5,742
5,742
0.1
Total
Collateral
Held
for
Securities
Loaned
4,765
5,742
0.1
Total
Value
$2,338,084
$2,821,510
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
($506)
$3,170
$–
$1,030
Core
Emerging
Markets
Equity
–
7,152
–
2,098
Core
International
Equity
–
8,978
–
2,705
Core
Low
Volatility
Equity
Fund
6,169
(6,415)
4,189
1,529
Core
Mid
Cap
Value
–
7,619
230
802
Core
Small
Cap
Value
–
10,145
–
1,018
Global
Stock,
Class
S
–
22,266
6,988
3,853
High
Yield,
Class
S
(55)
1,029
–
739
Income,
Class
S
(15)
3,335
–
1,494
International
Allocation,
Class
S
–
30,389
–
8,164
Large
Cap
Growth,
Class
S
–
74,652
11,918
–
Large
Cap
Value,
Class
S
–
48,851
6,425
6,128
Limited
Maturity
Bond,
Class
S
(2)
845
–
705
Mid
Cap
Stock,
Class
S
–
46,027
2,718
1,180
Small
Cap
Stock,
Class
S
–
12,564
–
333
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
–
–
–
17,383
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$49,161
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
14
Total
Affiliated
Income
from
Securities
Loaned,
Net
$14
Total
$5,591
$270,607
$32,468
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
243
Shares
Registered
Investment
Companies
(
41.3%
)
Value
U.S.
Affiliated  (40.5%)
4,314,113
Thrivent
Core
Emerging
Markets
Debt
Fund
$
33,952,067
905,202
Thrivent
Core
Emerging
Markets
Equity
Fund
8,201,130
1,488,257
Thrivent
Core
International
Equity
Fund
15,254,637
57,355
Thrivent
Core
Low
Volatility
Equity
Fund
609,679
792,562
Thrivent
Core
Mid
Cap
Value
Fund
8,448,711
665,877
Thrivent
Core
Small
Cap
Value
Fund
6,712,037
76,559
Thrivent
Global
Stock
Fund,
Class
S
2,084,696
5,886,027
Thrivent
High
Yield
Fund,
Class
S
24,191,570
8,987,982
Thrivent
Income
Fund,
Class
S
70,555,660
2,348,635
Thrivent
International
Allocation
Fund,
Class
S
24,284,887
3,242,058
Thrivent
Large
Cap
Growth
Fund,
Class
S
61,631,523
3,555,854
Thrivent
Large
Cap
Value
Fund,
Class
S
103,546,461
3,350,911
Thrivent
Limited
Maturity
Bond
Fund,
Class
S
40,646,546
828,836
Thrivent
Mid
Cap
Stock
Fund,
Class
S
29,465,120
265,427
Thrivent
Small
Cap
Stock
Fund,
Class
S
7,912,369
Total
437,497,093
U.S.
Unaffiliated  (0.8%)
932
Communication
Services
Select
Sector
SPDR
Fund
72,566
2,186
Invesco
QQQ
Trust
Series
1
928,154
352
iShares
Biotechnology
ETF
44,676
46,653
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
a
1,676,709
10,926
SPDR
Bloomberg
High
Yield
Bond
ETF
a
1,020,816
9,562
SPDR
S&P
500
ETF
Trust
4,799,933
1,326
SPDR
S&P
Biotech
ETF
112,206
343
SPDR
S&P
Oil
&
Gas
Exploration
ETF
51,940
Total
8,707,000
Total
Registered
Investment
Companies
(cost
$348,649,807)
446,204,093
Principal
Amount
Long-Term
Fixed
Income
(
37.0%
)
Value
Asset-Backed
Securities
(0.8%)
510
Asset
Backed
Trust
$
450,000
3.967%, 
5/25/2061,
Ser.
2021-NPL1,
Class
A2
b,c
416,613
720
East
CLO,
Ltd.
600,000
8.575%, 
(TSFR3M
+
3.250%),
1/20/2036,
Ser.
2022-1A,
Class
B
b,d
605,503
175,000
9.575%, 
(TSFR3M
+
4.250%),
1/20/2036,
Ser.
2022-1A,
Class
C
b,d
176,608
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Asset-Backed
Securities
(0.8%)
-
continued
Access
Group,
Inc.
$
37,686
5.945%, 
(SOFR30A
+
0.614%),
2/25/2036,
Ser.
2013-1,
Class
A
b,d
$
37,231
AMSR
Trust
500,000
2.352%, 
6/17/2038,
Ser.
2021-SFR1,
Class
C
b
429,508
325,000
2.517%, 
12/17/2038,
Ser.
2021-SFR4,
Class
C
b
293,097
Ares
XL
CLO,
Ltd.
450,000
8.390%, 
(TSFR3M
+
3.062%),
1/15/2029,
Ser.
2016-40A,
Class
CRR
b,d
448,258
Avis
Budget
Rental
Car
Funding
AESOP,
LLC
144,000
5.360%, 
6/20/2030,
Ser.
2024-1A,
Class
A
b
141,607
CarVal
CLO
I,
Ltd.
400,000
7.174%, 
(TSFR3M
+
1.850%),
7/16/2031,
Ser.
2018-1A,
Class
BR
b,d
399,986
CMFT
Net
Lease
Master
Issuer,
LLC
311,254
2.090%, 
7/20/2051,
Ser.
2021-1,
Class
A1
b
262,542
Commonbond
Student
Loan
Trust
19,879
5.931%, 
(TSFR1M
+
0.614%),
2/25/2044,
Ser.
2018-AGS,
Class
A2
b,d
19,542
Dryden
36
Senior
Loan
Fund
375,000
7.640%, 
(TSFR3M
+
2.312%),
4/15/2029,
Ser.
2014-36A,
Class
CR3
b,d
375,021
Foundation
Finance
Trust
146,185
1.270%, 
5/15/2041,
Ser.
2021-1A,
Class
A
b
131,636
FRTKL
Trust
575,000
1.922%, 
9/17/2038,
Ser.
2021-SFR1,
Class
C
b
516,777
GSAA
Home
Equity
Trust
886,348
4.478%, 
8/25/2034,
Ser.
2004-10,
Class
M2
d
769,811
Home
Partners
of
America
Trust
576,757
2.302%, 
12/17/2026,
Ser.
2021-2,
Class
B
b
523,785
467,256
2.078%, 
9/17/2041,
Ser.
2021-1,
Class
C
b
384,976
Laurel
Road
Prime
Student
Loan
Trust
165,912
5.920%, 
11/25/2043,
Ser.
2018-D,
Class
A
b,d
152,275
National
Collegiate
Trust
85,555
5.726%, 
(LIBOR
1M
+
0.295%),
5/25/2031,
Ser.
2007-A,
Class
A
b,d
83,397
Oak
Street
Investment
369,860
1.850%, 
11/20/2050,
Ser.
2020-1A,
Class
A1
b
342,857
Pretium
Mortgage
Credit
Partners,
LLC
125,526
5.240%, 
9/27/2060,
Ser.
2021-NPL1,
Class
A1
b,c
123,530
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
244
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Asset-Backed
Securities
(0.8%)
-
continued
Unlock
HEA
Trust
$
349,312
7.000%, 
4/25/2039,
Ser.
2024-1,
Class
A
b
$
337,080
VCAT
Asset
Securitization,
LLC
229,561
4.826%, 
12/26/2050,
Ser.
2021-NPL1,
Class
A2
b,c
229,169
Vericrest
Opportunity
Loan
Transferee
155,934
4.893%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A1
b,c
151,828
201,653
4.949%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A2
b,c
176,026
122,661
5.116%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A1
b,c
119,636
250,000
5.438%, 
12/26/2051,
Ser.
2021-NP12,
Class
A2
b,c
203,080
Wind
River
CLO,
Ltd.
275,000
7.586%, 
(TSFR3M
+
2.262%),
7/20/2030,
Ser.
2013-1A,
Class
BRR
b,d
275,068
Total
8,126,447
Basic
Materials
(0.3%)
Anglo
American
Capital
plc
200,000
3.875%, 
3/16/2029
b
184,720
ATI,
Inc.
69,000
7.250%, 
8/15/2030
70,585
Cascades,
Inc./Cascades
USA,
Inc.
90,000
5.125%, 
1/15/2026
b
87,150
Chemours
Company
152,000
5.750%, 
11/15/2028
b
139,593
Cleveland-Cliffs,
Inc.
80,000
5.875%, 
6/1/2027
79,142
80,000
4.625%, 
3/1/2029
a,b
74,029
Consolidated
Energy
Finance
SA
207,000
5.625%, 
10/15/2028
b
174,917
First
Quantum
Minerals,
Ltd.
43,000
6.875%, 
10/15/2027
b
41,361
FMC
Corporation
135,000
5.150%, 
5/18/2026
133,333
Glencore
Funding,
LLC
136,000
3.375%, 
9/23/2051
b
86,730
193,000
4.000%, 
3/27/2027
b
184,399
135,000
6.125%, 
10/6/2028
b
136,706
Hecla
Mining
Company
55,000
7.250%, 
2/15/2028
54,768
Hudbay
Minerals,
Inc.
109,000
4.500%, 
4/1/2026
b
105,419
Illuminate
Buyer,
LLC/Illuminate
Holdings
IV,
Inc.
41,000
9.000%, 
7/1/2028
b
40,141
INEOS
Finance
plc
69,000
7.500%, 
4/15/2029
b
69,321
International
Flavors
&
Fragrances,
Inc.
143,000
1.230%, 
10/1/2025
b
133,857
Mercer
International,
Inc.
41,000
5.125%, 
2/1/2029
35,809
Methanex
Corporation
54,000
4.250%, 
12/1/2024
53,244
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Basic
Materials
(0.3%)
-
continued
$
52,000
5.125%, 
10/15/2027
$
50,012
35,000
5.250%, 
12/15/2029
33,178
Mineral
Resources,
Ltd.
21,000
9.250%, 
10/1/2028
b
22,015
Mosaic
Company
128,000
5.375%, 
11/15/2028
126,925
Newmont
Corporation/Newcrest
Finance,
Pty.
Ltd.
50,000
5.350%, 
3/15/2034
b
48,772
Novelis
Corporation
45,000
3.250%, 
11/15/2026
b
42,073
50,000
4.750%, 
1/30/2030
b
45,751
45,000
3.875%, 
8/15/2031
b
38,107
Nutrien,
Ltd.
68,000
4.900%, 
3/27/2028
66,549
OCI
NV
76,000
4.625%, 
10/15/2025
b
74,066
Olin
Corporation
54,000
5.125%, 
9/15/2027
52,132
SCIL
IV,
LLC/SCIL
USA
Holdings,
LLC
72,000
5.375%, 
11/1/2026
b
69,104
Smurfit
Kappa
Treasury,
ULC
133,000
5.777%, 
4/3/2054
b
127,191
SNF
Group
SACA
105,000
3.375%, 
3/15/2030
b
90,288
SunCoke
Energy,
Inc.
100,000
4.875%, 
6/30/2029
b
88,298
Taseko
Mines,
Ltd.
72,000
8.250%, 
5/1/2030
b
73,150
Tronox,
Inc.
36,000
4.625%, 
3/15/2029
b
32,115
United
States
Steel
Corporation
110,000
6.875%, 
3/1/2029
a
110,144
Total
3,075,094
Capital
Goods
(0.6%)
AAR
Escrow
Issuer,
LLC
86,000
6.750%, 
3/15/2029
b
86,464
Advanced
Drainage
Systems,
Inc.
90,000
6.375%, 
6/15/2030
b
89,473
AECOM
71,000
5.125%, 
3/15/2027
68,977
Amsted
Industries,
Inc.
75,000
5.625%, 
7/1/2027
b
72,914
15,000
4.625%, 
5/15/2030
b
13,488
BAE
Systems
plc
200,000
5.250%, 
3/26/2031
b
195,927
Boeing
Company
303,000
5.930%, 
5/1/2060
264,848
156,000
5.040%, 
5/1/2027
151,376
81,000
6.259%, 
5/1/2027
b
81,256
90,000
6.388%, 
5/1/2031
b
90,404
325,000
5.705%, 
5/1/2040
295,067
Bombardier,
Inc.
86,000
7.875%, 
4/15/2027
b
85,464
85,000
6.000%, 
2/15/2028
b
82,891
Brand
Industrial
Services,
Inc.
81,000
10.375%, 
8/1/2030
b
86,921
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
245
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Capital
Goods
(0.6%)
-
continued
Builders
FirstSource,
Inc.
$
70,000
5.000%, 
3/1/2030
b
$
65,544
Camelot
Return
Merger
Sub,
Inc.
35,000
8.750%, 
8/1/2028
b
34,409
Canpack
SA/Canpack
US,
LLC
145,000
3.875%, 
11/15/2029
b
127,063
Carrier
Global
Corporation
154,000
2.700%, 
2/15/2031
129,823
Chart
Industries,
Inc.
103,000
7.500%, 
1/1/2030
b
105,349
Clean
Harbors,
Inc.
70,000
6.375%, 
2/1/2031
b
69,349
Clydesdale
Acquisition
Holdings,
Inc.
14,000
6.625%, 
4/15/2029
b
13,965
CNH
Industrial
NV
110,000
3.850%, 
11/15/2027
104,757
Covanta
Holding
Corporation
44,000
4.875%, 
12/1/2029
b
38,571
Crown
Cork
&
Seal
Company,
Inc.
88,000
7.375%, 
12/15/2026
90,811
EMRLD
Borrower,
LP/Emerald
Co-
Issuer,
Inc.
103,000
6.625%, 
12/15/2030
b
102,077
EquipmentShare.com,
Inc.
36,000
8.625%, 
5/15/2032
b
36,627
ESAB
Corporation
67,000
6.250%, 
4/15/2029
b
66,749
GFL
Environmental,
Inc.
72,000
4.000%, 
8/1/2028
b
65,260
145,000
3.500%, 
9/1/2028
b
130,342
H&E
Equipment
Services,
Inc.
172,000
3.875%, 
12/15/2028
b
152,201
Herc
Holdings,
Inc.
90,000
5.500%, 
7/15/2027
b
87,413
Howmet
Aerospace,
Inc.
204,000
5.950%, 
2/1/2037
203,928
Ingersoll
Rand,
Inc.
34,000
5.700%, 
8/14/2033
33,771
Lockheed
Martin
Corporation
120,000
5.200%, 
2/15/2064
111,409
40,000
6.150%, 
9/1/2036
42,439
Miter
Brands
Acquisition
Holdco,
Inc./MIWD
Borrower,
LLC
22,000
6.750%, 
4/1/2032
b
21,849
MIWD
Holdco
II,
LLC
55,000
5.500%, 
2/1/2030
b
49,811
Mueller
Water
Products,
Inc.
58,000
4.000%, 
6/15/2029
b
52,479
Nesco
Holdings
II,
Inc.
110,000
5.500%, 
4/15/2029
b
102,387
New
Enterprise
Stone
and
Lime
Company,
Inc.
126,000
5.250%, 
7/15/2028
b
118,356
Nordson
Corporation
134,000
5.600%, 
9/15/2028
134,024
Northrop
Grumman
Corporation
300,000
3.850%, 
4/15/2045
230,103
OI
European
Group
BV
136,000
4.750%, 
2/15/2030
b
124,209
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Capital
Goods
(0.6%)
-
continued
Owens-Brockway
Glass
Container,
Inc.
$
55,000
6.625%, 
5/13/2027
b
$
54,954
Pactiv
Evergreen
Group
80,000
4.375%, 
10/15/2028
b
73,625
Regal
Rexnord
Corporation
170,000
6.050%, 
2/15/2026
b
170,024
Roller
Bearing
Company
of
America,
Inc.
78,000
4.375%, 
10/15/2029
b
70,494
Rolls-Royce
plc
51,000
5.750%, 
10/15/2027
b
50,441
RTX
Corporation
44,000
6.400%, 
3/15/2054
47,191
110,000
4.125%, 
11/16/2028
104,530
200,000
4.450%, 
11/16/2038
172,762
Sealed
Air
Corporation/Sealed
Air
Corporation
(US)
86,000
6.125%, 
2/1/2028
b
84,952
Smyrna
Ready
Mix
Concrete,
LLC
97,000
8.875%, 
11/15/2031
b
102,155
Spirit
AeroSystems,
Inc.
107,000
9.750%, 
11/15/2030
b
118,368
SRM
Escrow
Issuer,
LLC
60,000
6.000%, 
11/1/2028
b
58,041
Summit
Materials,
LLC/Summit
Materials
Finance
Corporation
28,000
7.250%, 
1/15/2031
b
28,765
Textron,
Inc.
197,000
3.375%, 
3/1/2028
181,731
Trane
Technologies
Financing,
Ltd.
100,000
3.500%, 
3/21/2026
96,121
TransDigm,
Inc.
181,000
5.500%, 
11/15/2027
175,898
117,000
7.125%, 
12/1/2031
b
119,232
100,000
6.625%, 
3/1/2032
b
99,830
Trivium
Packaging
Finance
53,000
5.500%, 
8/15/2026
b
52,085
United
Rentals
North
America,
Inc.
120,000
4.875%, 
1/15/2028
115,023
90,000
4.000%, 
7/15/2030
80,212
Veralto
Corporation
136,000
5.350%, 
9/18/2028
b
134,935
WESCO
Distribution,
Inc.
69,000
7.250%, 
6/15/2028
b
70,091
36,000
6.375%, 
3/15/2029
b
35,762
25,000
6.625%, 
3/15/2032
b
24,883
Total
6,632,650
Collateralized
Mortgage
Obligations
(1.5%)
A&D
Mortgage
Trust
400,000
6.701%, 
4/25/2069,
Ser.
2024-NQM2,
Class
A2
b,c
399,065
Alternative
Loan
Trust
118,982
6.000%, 
8/1/2036,
Ser.
2006-24CB,
Class
A9
64,459
Angel
Oak
Mortgage
Trust
343,427
5.985%, 
1/25/2069,
Ser.
2024-2,
Class
A1
b,c
340,310
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
246
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Collateralized
Mortgage
Obligations
(1.5%)
-
continued
BINOM
Securitization
Trust
$
233,966
2.370%, 
6/25/2056,
Ser.
2021-INV1,
Class
A2
b,d
$
197,454
CHL
Mortgage
Pass-Through
Trust
590,022
6.000%, 
11/25/2037,
Ser.
2007-18,
Class
1A2
248,025
CHNGE
Mortgage
Trust
410,690
7.100%, 
7/25/2058,
Ser.
2023-3,
Class
A1
b,c
408,007
514,623
6.000%, 
10/25/2057,
Ser.
2022-4,
Class
A1
b,c
502,639
Citicorp
Mortgage
Securities,
Inc.
193,175
6.000%, 
7/25/2037,
Ser.
2007-6,
Class
1A4
165,471
COLT
Mortgage
Loan
Trust
459,616
1.726%, 
11/25/2066,
Ser.
2021-5,
Class
A1
b,d
387,156
Countrywide
Alternative
Loan
Trust
126,244
4.007%, 
10/25/2035,
Ser.
2005-43,
Class
4A1
d
101,440
383,682
7.000%, 
10/25/2037,
Ser.
2007-24,
Class
A10
134,179
Countrywide
Home
Loans,
Inc.
74,807
5.750%, 
4/25/2037,
Ser.
2007-3,
Class
A27
33,474
Credit
Suisse
Mortgage
Trust
254,403
6.567%, 
8/25/2067,
Ser.
2022-ATH3,
Class
A3
b,d
249,209
274,318
2.572%, 
11/25/2066,
Ser.
2022-NQM1,
Class
A2
b,d
225,363
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
34,447
6.000%, 
5/25/2024,
Ser.
2006-AR5,
Class
23A
17,873
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
1,002,336
4.000%, 
1/25/2051,
Ser.
5249,
Class
LA
943,579
199,290
3.000%, 
2/15/2033,
Ser.
4170,
Class
IG
e
15,376
217,728
3.000%, 
3/15/2033,
Ser.
4180,
Class
PI
e
20,408
772,744
4.500%, 
10/15/2033,
Ser.
2695,
Class
BH
749,392
650,000
2.500%, 
12/15/2048,
Ser.
5094,
Class
BC
488,928
Federal
National
Mortgage
Association
-
REMIC
779,669
4.500%, 
6/25/2052,
Ser.
2022-43,
Class
MA
751,645
740,507
Zero
Coupon, 
11/25/2053,
Ser.
2023-54,
Class
EO
568,926
236,606
3.000%, 
12/25/2027,
Ser.
2012-137,
Class
AI
e
7,483
1,316,227
5.250%, 
7/25/2039,
Ser.
2022-72,
Class
CB
1,288,691
752,819
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
727,572
Flagstar
Mortgage
Trust
252,904
2.500%, 
9/25/2041,
Ser.
2021-9INV,
Class
A1
b,d
216,827
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Collateralized
Mortgage
Obligations
(1.5%)
-
continued
GCAT
Trust
$
373,534
1.855%, 
8/25/2066,
Ser.
2021-NQM6,
Class
A1
b,d
$
322,276
GS
Mortgage-Backed
Securities
Trust
633,909
3.000%, 
6/25/2052,
Ser.
2022-GR1,
Class
A2
b,d
508,043
GSR
Mortgage
Loan
Trust
320,024
4.960%, 
9/25/2034,
Ser.
2004-11,
Class
2A2
d
303,128
J.P.
Morgan
Mortgage
Trust
454,517
2.500%, 
2/25/2052,
Ser.
2021-INV7,
Class
A2A
b,d
349,499
354,551
2.774%, 
5/25/2052,
Ser.
2021-LTV2,
Class
A2
b,d
282,659
LHOME
Mortgage
Trust
22,679
3.090%, 
6/25/2026,
Ser.
2021-RTL2,
Class
A1
b
22,625
350,000
7.628%, 
11/25/2028,
Ser.
2023-RTL4,
Class
A1
b,c
353,194
Mello
Mortgage
Capital
Acceptance
516,805
2.500%, 
8/25/2051,
Ser.
2021-INV2,
Class
A3
b,d
396,102
Merrill
Lynch
Alternative
Note
Asset
Trust
77,833
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
27,808
New
Residential
Mortgage
Loan
Trust
1,011,655
2.500%, 
9/25/2051,
Ser.
2021-INV2,
Class
A2
b,d
777,907
OBX
Trust
350,000
3.688%, 
1/25/2062,
Ser.
2022-NQM3,
Class
A1B
b,d
296,545
Palisades
Mortgage
Loan
Trust
546,653
3.487%, 
6/25/2026,
Ser.
2021-RTL1,
Class
A1
b
544,783
Residential
Accredit
Loans,
Inc.
Trust
80,181
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
66,381
Residential
Asset
Securitization
Trust
409,365
5.375%, 
7/25/2035,
Ser.
2005-A8CB,
Class
A9
236,440
ROC
Securities
Trust
Series
453,945
3.487%, 
8/25/2026,
Ser.
2021-RTL1,
Class
A1
b,d
452,163
Saluda
Grade
Alternative
Mortgage
Trust
525,000
7.762%, 
4/25/2030,
Ser.
2024-RTL5,
Class
A1
b,c
527,626
Sequoia
Mortgage
Trust
208,291
3.791%, 
9/20/2046,
Ser.
2007-1,
Class
4A1
d
139,618
Toorak
Mortgage
Corporation,
Ltd.
184,886
3.240%, 
6/25/2024,
Ser.
2021-1,
Class
A1
b
182,966
TRK
Trust
348,720
1.966%, 
11/25/2056,
Ser.
2021-INV2,
Class
A1
b,d
294,560
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
247
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Collateralized
Mortgage
Obligations
(1.5%)
-
continued
Vericrest
Opportunity
Loan
Transferee
$
181,227
5.116%, 
3/27/2051,
Ser.
2021-NPL5,
Class
A1
b,c
$
177,761
Verus
Securitization
Trust
214,152
2.286%, 
11/25/2066,
Ser.
2021-8,
Class
A2
b,d
176,447
Total
15,691,482
Commercial
Mortgage-Backed
Securities
(1.0%)
BANK
2022-BNK39
2,736,028
0.531%, 
2/15/2055,
Ser.
2022-BNK39,
Class
XA
d,e
71,091
BBCMS
Mortgage
Trust
3,986,339
1.325%, 
9/15/2055,
Ser.
2022-C17,
Class
XA
d,e
294,964
2,923,713
1.941%, 
10/15/2053,
Ser.
2020-C8,
Class
XA
d,e
236,157
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
1,250,000
5.180%, 
3/25/2029,
Ser.
K520,
Class
A2
d
1,249,898
1,750,000
3.000%, 
6/25/2032,
Ser.
K147,
Class
A2
d,f
1,502,136
1,250,000
3.500%, 
7/25/2032,
Ser.
K148,
Class
A2
d,f
1,113,905
500,000
3.530%, 
8/25/2032,
Ser.
K149,
Class
A2
f
445,792
1,800,000
3.800%, 
10/25/2032,
Ser.
K-151,
Class
A2
d,f
1,633,806
1,500,000
3.820%, 
12/25/2032,
Ser.
K-153,
Class
A2
d,f
1,365,030
400,000
4.500%, 
8/25/2033,
Ser.
K-160,
Class
A2
d,f
380,979
2,250,000
5.150%, 
12/25/2033,
Ser.
K-162,
Class
A2
f
2,247,310
Morgan
Stanley
Capital
I
Trust
2,906,660
1.955%, 
7/15/2053,
Ser.
2020-HR8,
Class
XA
d,e
248,492
Total
10,789,560
Communications
Services
(0.9%)
Altice
Financing
SA
81,000
5.750%, 
8/15/2029
b
60,165
AMC
Networks,
Inc.
18,000
10.250%, 
1/15/2029
b
17,967
American
Tower
Corporation
75,000
3.375%, 
10/15/2026
71,240
135,000
5.800%, 
11/15/2028
135,863
135,000
2.900%, 
1/15/2030
116,413
87,000
5.650%, 
3/15/2033
85,707
AT&T,
Inc.
204,000
3.650%, 
6/1/2051
140,472
301,000
3.500%, 
9/15/2053
198,439
130,000
2.300%, 
6/1/2027
118,561
135,000
5.400%, 
2/15/2034
131,901
200,000
4.900%, 
8/15/2037
181,832
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Communications
Services
(0.9%)
-
continued
Bell
Telephone
Company
of
Canada
$
181,000
5.550%, 
2/15/2054
$
170,475
CCO
Holdings,
LLC/CCO
Holdings
Capital
Corporation
160,000
5.125%, 
5/1/2027
b
149,948
78,000
5.000%, 
2/1/2028
b
71,033
10,000
6.375%, 
9/1/2029
b
9,167
115,000
4.750%, 
3/1/2030
b
95,559
100,000
4.500%, 
8/15/2030
b
81,265
54,000
4.250%, 
2/1/2031
b
42,263
107,000
4.750%, 
2/1/2032
b
84,149
89,000
4.250%, 
1/15/2034
b
64,481
Charter
Communications
Operating,
LLC/Charter
Communications
Operating
Capital
Corporation
93,000
6.150%, 
11/10/2026
93,229
203,000
4.200%, 
3/15/2028
188,826
360,000
3.500%, 
6/1/2041
230,329
Cimpress
plc
69,000
7.000%, 
6/15/2026
68,466
Clear
Channel
Outdoor
Holdings,
Inc.
17,000
7.875%, 
4/1/2030
b
16,668
Clear
Channel
Worldwide
Holdings,
Inc.
148,000
5.125%, 
8/15/2027
b
137,184
Comcast
Corporation
204,000
5.350%, 
5/15/2053
189,632
145,000
4.400%, 
8/15/2035
130,684
240,000
4.750%, 
3/1/2044
210,299
Connect
Finco
SARL/Connect
US
Finco,
LLC
53,000
6.750%, 
10/1/2026
b
51,330
CSC
Holdings,
LLC
128,000
5.375%, 
2/1/2028
b
98,203
39,000
11.750%, 
1/31/2029
b
34,649
102,000
6.500%, 
2/1/2029
b
76,074
56,000
4.125%, 
12/1/2030
b
35,572
Deutsche
Telekom
International
Finance
BV
339,000
8.750%, 
6/15/2030
390,886
DIRECTV
Financing,
LLC/DIRECTV
Financing
Co-Obligor,
Inc.
240,000
5.875%, 
8/15/2027
b
223,698
Discovery
Communications,
LLC
220,000
4.900%, 
3/11/2026
216,395
Frontier
Communications
Holdings,
LLC
124,000
5.875%, 
10/15/2027
b
118,936
50,000
8.750%, 
5/15/2030
b
50,907
GCI,
LLC
100,000
4.750%, 
10/15/2028
b
89,205
Gray
Television,
Inc.
115,000
4.750%, 
10/15/2030
b
69,423
44,000
5.375%, 
11/15/2031
b
26,449
Iliad
Holding
SASU
127,000
6.500%, 
10/15/2026
b
126,378
Intelsat
Jackson
Holdings
SA
92,000
6.500%, 
3/15/2030
b
88,057
Lamar
Media
Corporation
56,000
3.625%, 
1/15/2031
47,880
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
248
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Communications
Services
(0.9%)
-
continued
LCPR
Senior
Secured
Financing
DAC
$
141,000
6.750%, 
10/15/2027
b
$
130,682
Level
3
Financing,
Inc.
34,589
10.500%, 
4/15/2029
b
34,518
34,589
11.000%, 
11/15/2029
b
35,298
49,000
10.500%, 
5/15/2030
a,b
48,555
McGraw-Hill
Education,
Inc.
69,000
5.750%, 
8/1/2028
b
63,989
Meta
Platforms,
Inc.
102,000
5.600%, 
5/15/2053
101,157
121,000
4.800%, 
5/15/2030
118,805
Netflix,
Inc.
55,000
5.875%, 
11/15/2028
56,139
138,000
5.375%, 
11/15/2029
b
137,606
180,000
4.875%, 
6/15/2030
b
174,818
News
Corporation
98,000
3.875%, 
5/15/2029
b
88,263
NTT
Finance
Corporation
198,000
4.372%, 
7/27/2027
b
191,919
Omnicom
Group,
Inc.
90,000
4.200%, 
6/1/2030
83,867
Outfront
Media
Capital,
LLC/
Outfront
Media
Capital
Corporation
41,000
4.625%, 
3/15/2030
b
36,198
Paramount
Global
62,000
6.375%, 
3/30/2062
d
57,341
Playtika
Holding
Corporation
87,000
4.250%, 
3/15/2029
b
74,868
Rogers
Communications,
Inc.
166,000
5.000%, 
2/15/2029
161,535
218,000
5.300%, 
2/15/2034
208,988
Scripps
Escrow
II,
Inc.
22,000
3.875%, 
1/15/2029
b
16,251
Sinclair
Television
Group,
Inc.
129,000
4.125%, 
12/1/2030
b
89,412
Sirius
XM
Radio,
Inc.
110,000
5.000%, 
8/1/2027
b
103,883
65,000
4.000%, 
7/15/2028
b
57,942
55,000
4.125%, 
7/1/2030
b
46,643
Sprint
Capital
Corporation
335,000
8.750%, 
3/15/2032
395,548
TEGNA,
Inc.
36,000
4.750%, 
3/15/2026
b
34,765
110,000
4.625%, 
3/15/2028
99,131
Telecom
Italia
Capital
SA
95,000
6.000%, 
9/30/2034
79,992
Telecom
Italia
SPA/Milano
43,000
5.303%, 
5/30/2024
b
42,890
T-Mobile
USA,
Inc.
340,000
3.600%, 
11/15/2060
222,696
200,000
4.850%, 
1/15/2029
194,955
210,000
4.375%, 
4/15/2040
178,904
United
States
Cellular
Corporation
24,000
6.700%, 
12/15/2033
23,419
Uniti
Group,
LP/Uniti
Group
Finance,
Inc./CSL
Capital,
LLC
109,000
4.750%, 
4/15/2028
b
95,598
Univision
Communications,
Inc.
115,000
4.500%, 
5/1/2029
b
100,041
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Communications
Services
(0.9%)
-
continued
Urban
One,
Inc.
$
21,000
7.375%, 
2/1/2028
b
$
17,039
Verizon
Communications,
Inc.
204,000
3.000%, 
11/20/2060
118,075
475,000
2.650%, 
11/20/2040
317,378
310,000
3.400%, 
3/22/2041
230,799
Viasat,
Inc.
57,000
6.500%, 
7/15/2028
a,b
43,571
Virgin
Media
Finance
plc
42,000
5.000%, 
7/15/2030
b
34,396
Virgin
Media
Secured
Finance
plc
88,000
5.500%, 
5/15/2029
b
79,987
VZ
Secured
Financing
BV
140,000
5.000%, 
1/15/2032
b
117,927
Warnermedia
Holdings,
Inc.
170,000
4.054%, 
3/15/2029
155,071
204,000
5.050%, 
3/15/2042
163,305
Windstream
Escrow,
LLC/
Windstream
Escrow
Finance
Corporation
38,000
7.750%, 
8/15/2028
b
36,614
Zayo
Group
Holdings,
Inc.
43,000
4.000%, 
3/1/2027
b
34,226
Ziggo
Bond
Company
BV
41,000
5.125%, 
2/28/2030
a,b
34,020
Ziggo
BV
38,000
4.875%, 
1/15/2030
b
33,252
Total
10,038,535
Consumer
Cyclical
(1.1%)
1011778
B.C.,
ULC/New
Red
Finance,
Inc.
140,000
4.375%, 
1/15/2028
b
130,195
Adient
Global
Holdings,
Ltd.
17,000
7.000%, 
4/15/2028
b
17,174
57,000
8.250%, 
4/15/2031
a,b
59,191
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation
19,000
6.625%, 
7/15/2026
b
18,950
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation/
Atlas
Luxco
4
SARL
170,000
4.625%, 
6/1/2028
b
152,698
Allison
Transmission,
Inc.
56,000
3.750%, 
1/30/2031
b
47,933
Amazon.com,
Inc.
200,000
3.875%, 
8/22/2037
172,020
American
Axle
&
Manufacturing,
Inc.
88,000
6.875%, 
7/1/2028
87,334
99,000
5.000%, 
10/1/2029
a
89,322
American
Honda
Finance
Corporation
120,000
4.900%, 
3/12/2027
118,811
135,000
5.850%, 
10/4/2030
138,230
Anywhere
Real
Estate
Group,
LLC/Anywhere
Co-Issuer
Corporation
19,000
7.000%, 
4/15/2030
a,b
16,671
Arko
Corporation
63,000
5.125%, 
11/15/2029
b
50,767
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
249
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Consumer
Cyclical
(1.1%)
-
continued
Asbury
Automotive
Group,
Inc.
$
61,000
5.000%, 
2/15/2032
b
$
54,229
Ashton
Woods
USA,
LLC/Ashton
Woods
Finance
Company
70,000
4.625%, 
8/1/2029
b
63,309
40,000
4.625%, 
4/1/2030
b
35,745
Aston
Martin
Capital
Holdings,
Ltd.
46,000
10.000%, 
3/31/2029
b
45,052
Beazer
Homes
USA,
Inc.
59,000
7.500%, 
3/15/2031
b
58,317
Boyd
Gaming
Corporation
105,000
4.750%, 
6/15/2031
b
92,978
Boyne
USA,
Inc.
57,000
4.750%, 
5/15/2029
b
51,867
Brookfield
Residential
Properties,
Inc./Brookfield
Residential
US,
LLC
100,000
6.250%, 
9/15/2027
b
96,167
Caesars
Entertainment,
Inc.
50,000
8.125%, 
7/1/2027
b
50,675
233,000
4.625%, 
10/15/2029
b
207,914
43,000
6.500%, 
2/15/2032
b
42,365
Carnival
Corporation
43,000
7.625%, 
3/1/2026
b
43,267
190,000
5.750%, 
3/1/2027
b
185,433
83,000
4.000%, 
8/1/2028
b
75,887
36,000
6.000%, 
5/1/2029
b
34,886
Cedar
Fair,
LP
82,000
5.250%, 
7/15/2029
76,551
Cedar
Fair,
LP/Canada's
Wonderland
Company/Magnum
Management
Corporation/
Millennium
Operations,
LLC
17,000
5.375%, 
4/15/2027
16,499
Churchill
Downs,
Inc.
70,000
4.750%, 
1/15/2028
b
66,137
41,000
6.750%, 
5/1/2031
b
40,703
Cinemark
USA,
Inc.
106,000
5.875%, 
3/15/2026
b
104,665
Clarios
Global,
LP/Clarios
US
Finance
Company,
Inc.
50,000
8.500%, 
5/15/2027
b
50,066
102,000
6.750%, 
5/15/2028
b
102,208
Cushman
&
Wakefield
US
Borrower,
LLC
17,000
6.750%, 
5/15/2028
b
16,763
D.R.
Horton,
Inc.
68,000
2.600%, 
10/15/2025
64,992
Daimler
Trucks
Finance
North
America,
LLC
213,000
2.000%, 
12/14/2026
b
194,681
Dana,
Inc.
35,000
5.625%, 
6/15/2028
33,724
52,000
4.500%, 
2/15/2032
44,117
eG
Global
Finance
plc
17,000
12.000%, 
11/30/2028
b
17,549
Expedia
Group,
Inc.
305,000
3.250%, 
2/15/2030
269,042
Ford
Motor
Credit
Company,
LLC
200,000
2.300%, 
2/10/2025
194,355
203,000
2.900%, 
2/10/2029
175,241
169,000
7.122%, 
11/7/2033
175,849
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Consumer
Cyclical
(1.1%)
-
continued
Forestar
Group,
Inc.
$
36,000
3.850%, 
5/15/2026
b
$
34,166
Gap,
Inc.
25,000
3.625%, 
10/1/2029
b
21,154
General
Motors
Company
165,000
6.125%, 
10/1/2025
165,555
General
Motors
Financial
Company,
Inc.
180,000
1.500%, 
6/10/2026
165,083
65,000
5.400%, 
5/8/2027
64,547
233,000
5.800%, 
1/7/2029
232,437
GLP
Capital,
LP
255,000
5.750%, 
6/1/2028
251,883
GoDaddy
Operating
Company,
LLC/GD
Finance
Company,
Inc.
35,000
3.500%, 
3/1/2029
b
31,036
Goodyear
Tire
&
Rubber
Company
35,000
4.875%, 
3/15/2027
33,559
75,000
5.000%, 
7/15/2029
a
68,023
Hanesbrands,
Inc.
40,000
4.875%, 
5/15/2026
b
38,688
39,000
9.000%, 
2/15/2031
a,b
38,813
Hilton
Domestic
Operating
Company,
Inc.
159,000
4.875%, 
1/15/2030
149,465
17,000
4.000%, 
5/1/2031
b
14,896
83,000
3.625%, 
2/15/2032
b
69,747
Hilton
Grand
Vacations
Borrower
Escrow,
LLC/Hilton
Grand
Vacations
Borrower
Escrow,
Inc.
123,000
5.000%, 
6/1/2029
b
111,875
Home
Depot,
Inc.
205,000
5.400%, 
9/15/2040
200,141
120,000
4.250%, 
4/1/2046
98,673
345,000
3.900%, 
6/15/2047
266,432
Hyundai
Capital
America
136,000
6.250%, 
11/3/2025
b
136,576
225,000
1.800%, 
1/10/2028
b
195,683
International
Game
Technology
plc
121,000
5.250%, 
1/15/2029
b
114,291
Jacobs
Entertainment,
Inc.
56,000
6.750%, 
2/15/2029
b
53,122
Jaguar
Land
Rover
Automotive
plc
41,000
5.500%, 
7/15/2029
b
38,578
KB
Home
105,000
4.800%, 
11/15/2029
97,514
Kohl's
Corporation
114,000
4.625%, 
5/1/2031
93,984
L
Brands,
Inc.
150,000
6.625%, 
10/1/2030
b
149,888
30,000
6.875%, 
11/1/2035
29,800
Lennar
Corporation
84,000
4.750%, 
5/30/2025
83,045
Light
&
Wonder
International,
Inc.
100,000
7.250%, 
11/15/2029
b
100,856
Live
Nation
Entertainment,
Inc.
38,000
4.750%, 
10/15/2027
b
35,814
Lowe's
Companies,
Inc.
136,000
5.625%, 
4/15/2053
129,729
284,000
2.625%, 
4/1/2031
237,910
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
250
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Consumer
Cyclical
(1.1%)
-
continued
Macy's
Retail
Holdings,
LLC
$
95,000
5.875%, 
4/1/2029
a,b
$
91,596
35,000
6.125%, 
3/15/2032
b
33,107
Marriott
International,
Inc./MD
255,000
4.625%, 
6/15/2030
242,323
Mattamy
Group
Corporation
77,000
5.250%, 
12/15/2027
b
73,721
McDonald's
Corporation
282,000
4.450%, 
3/1/2047
232,076
Melco
Resorts
Finance,
Ltd.
96,000
5.375%, 
12/4/2029
b
85,480
90,000
7.625%, 
4/17/2032
b
88,038
Michaels
Companies,
Inc.
51,000
5.250%, 
5/1/2028
b
43,165
NCL
Corporation,
Ltd.
40,000
5.875%, 
3/15/2026
b
39,193
90,000
5.875%, 
2/15/2027
b
87,918
Nissan
Motor
Acceptance
Company,
LLC
207,000
1.125%, 
9/16/2024
b
202,899
Nordstrom,
Inc.
33,000
4.375%, 
4/1/2030
29,453
46,000
4.250%, 
8/1/2031
39,676
PENN
Entertainment,
Inc.
85,000
4.125%, 
7/1/2029
a,b
71,198
PetSmart,
Inc./PetSmart
Finance
Corporation
125,000
4.750%, 
2/15/2028
b
115,356
94,000
7.750%, 
2/15/2029
b
89,346
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
112,000
5.750%, 
4/15/2026
b
110,591
76,000
6.250%, 
1/15/2028
a,b
74,246
QVC,
Inc.
22,000
4.375%, 
9/1/2028
16,917
Raising
Cane's
Restaurants,
LLC
42,000
9.375%, 
5/1/2029
b
45,045
Rakuten
Group,
Inc.
52,000
11.250%, 
2/15/2027
b
54,002
60,000
9.750%, 
4/15/2029
b
59,420
Royal
Caribbean
Cruises,
Ltd.
184,000
4.250%, 
7/1/2026
b
176,675
66,000
9.250%, 
1/15/2029
b
70,485
65,000
7.250%, 
1/15/2030
b
66,844
Scientific
Games
Holdings,
LP/
Scientific
Games
US
FinCo,
Inc.
39,000
6.625%, 
3/1/2030
b
36,895
SeaWorld
Parks
and
Entertainment,
Inc.
84,000
5.250%, 
8/15/2029
b
77,454
Service
Corporation
International/
US
35,000
3.375%, 
8/15/2030
29,690
Six
Flags
Entertainment
Corporation/Six
Flags
Theme
Parks,
Inc.
17,000
6.625%, 
5/1/2032
b,g
16,932
Six
Flags
Theme
Parks,
Inc.
45,000
7.000%, 
7/1/2025
b
45,098
Staples,
Inc.
100,000
7.500%, 
4/15/2026
b
96,412
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Consumer
Cyclical
(1.1%)
-
continued
Station
Casinos,
LLC
$
74,000
4.625%, 
12/1/2031
a,b
$
64,864
Target
Corporation
204,000
2.950%, 
1/15/2052
129,321
Tenneco,
Inc.
114,000
8.000%, 
11/17/2028
b
106,517
Toyota
Motor
Credit
Corporation
185,000
5.000%, 
3/19/2027
183,511
64,000
4.800%, 
1/5/2034
60,821
Tripadvisor,
Inc.
21,000
7.000%, 
7/15/2025
b
21,008
VICI
Properties,
LP/VICI
Note
Company,
Inc.
224,000
4.625%, 
6/15/2025
b
220,384
69,000
5.750%, 
2/1/2027
b
68,421
99,000
4.125%, 
8/15/2030
b
88,240
Victoria's
Secret
&
Company
82,000
4.625%, 
7/15/2029
b
64,425
Viking
Cruises,
Ltd.
177,000
5.875%, 
9/15/2027
b
171,613
Volkswagen
Group
of
America
Finance,
LLC
200,000
5.300%, 
3/22/2027
b
198,290
Wabash
National
Corporation
97,000
4.500%, 
10/15/2028
b
87,158
Walgreens
Boots
Alliance,
Inc.
61,000
3.200%, 
4/15/2030
52,317
Walmart,
Inc.
170,000
4.500%, 
9/9/2052
147,906
WASH
Multifamily
Acquisition,
Inc.
54,000
5.750%, 
4/15/2026
b
52,354
Wyndham
Hotels
&
Resorts,
Inc.
53,000
4.375%, 
8/15/2028
b
48,597
Wynn
Resorts
Finance,
LLC/Wynn
Resorts
Capital
Corporation
84,000
7.125%, 
2/15/2031
b
85,198
Yum!
Brands,
Inc.
110,000
4.750%, 
1/15/2030
b
102,941
ZF
North
America
Capital,
Inc.
55,000
7.125%, 
4/14/2030
b
56,237
Total
11,984,866
Consumer
Non-Cyclical
(1.2%)
1375209
B.C.,
Ltd.
35,000
9.000%, 
1/30/2028
a,b
34,360
Abbott
Laboratories
237,000
4.750%, 
11/30/2036
224,812
AbbVie,
Inc.
65,000
5.400%, 
3/15/2054
62,931
100,000
4.500%, 
5/14/2035
92,308
149,000
5.350%, 
3/15/2044
144,095
AdaptHealth,
LLC
155,000
4.625%, 
8/1/2029
b
130,591
Albertsons
Companies,
Inc./
Safeway,
Inc./New
Albertsons,
LP/Albertsons,
LLC
110,000
4.625%, 
1/15/2027
b
105,103
117,000
3.500%, 
3/15/2029
b
103,237
Altria
Group,
Inc.
136,000
6.875%, 
11/1/2033
143,654
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
251
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Consumer
Non-Cyclical
(1.2%)
-
continued
Amgen,
Inc.
$
200,000
4.200%, 
2/22/2052
$
154,104
169,000
5.250%, 
3/2/2030
167,510
206,000
5.600%, 
3/2/2043
198,647
Anheuser-Busch
Companies,
LLC/Anheuser-Busch
InBev
Worldwide,
Inc.
269,000
4.700%, 
2/1/2036
250,401
Anheuser-Busch
InBev
Worldwide,
Inc.
334,000
4.375%, 
4/15/2038
295,959
167,000
5.550%, 
1/23/2049
164,427
Archer-Daniels-Midland
Company
260,000
2.700%, 
9/15/2051
154,986
AstraZeneca
plc
360,000
3.000%, 
5/28/2051
236,230
BAT
Capital
Corporation
59,000
5.834%, 
2/20/2031
58,977
68,000
7.750%, 
10/19/2032
75,416
47,000
6.000%, 
2/20/2034
46,709
137,000
7.079%, 
8/2/2043
141,931
Bausch
+
Lomb
Corporation
21,000
8.375%, 
10/1/2028
b
21,688
Bausch
Health
Companies,
Inc.
58,000
5.500%, 
11/1/2025
a,b
54,024
128,000
4.875%, 
6/1/2028
b
82,685
Baxter
International,
Inc.
203,000
3.132%, 
12/1/2051
124,797
Becton,
Dickinson
and
Company
101,000
3.794%, 
5/20/2050
74,190
160,000
3.700%, 
6/6/2027
151,920
BellRing
Brands,
Inc.
58,000
7.000%, 
3/15/2030
b
58,692
Bristol-Myers
Squibb
Company
342,000
3.550%, 
3/15/2042
260,629
Campbell
Soup
Company
168,000
5.200%, 
3/19/2027
a
166,939
122,000
5.400%, 
3/21/2034
119,018
Cargill,
Inc.
206,000
3.125%, 
5/25/2051
b
133,900
Catalent
Pharma
Solutions,
Inc.
43,000
3.125%, 
2/15/2029
b
41,041
Central
Garden
&
Pet
Company
130,000
4.125%, 
10/15/2030
a
113,556
Charles
River
Laboratories
International,
Inc.
41,000
4.000%, 
3/15/2031
b
35,762
Cheplapharm
Arzneimittel
GmbH
10,000
5.500%, 
1/15/2028
b
9,381
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
100,000
4.625%, 
11/15/2028
b
92,556
CHS/Community
Health
Systems,
Inc.
76,000
5.625%, 
3/15/2027
b
69,589
24,000
8.000%, 
12/15/2027
b
23,491
102,000
6.000%, 
1/15/2029
b
88,989
81,000
5.250%, 
5/15/2030
b
66,224
44,000
4.750%, 
2/15/2031
b
34,344
Conagra
Brands,
Inc.
230,000
1.375%, 
11/1/2027
198,921
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Consumer
Non-Cyclical
(1.2%)
-
continued
Constellation
Brands,
Inc.
$
169,000
3.600%, 
2/15/2028
$
158,093
110,000
2.875%, 
5/1/2030
94,915
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US,
LLC
123,000
4.750%, 
1/15/2029
b
114,658
69,000
6.625%, 
7/15/2030
b
69,042
CVS
Health
Corporation
306,000
5.625%, 
2/21/2053
282,269
245,000
4.875%, 
7/20/2035
225,084
130,000
4.780%, 
3/25/2038
114,463
Edgewell
Personal
Care
Company
85,000
5.500%, 
6/1/2028
b
82,022
Eli
Lilly
&
Company
102,000
4.950%, 
2/27/2063
92,214
Embecta
Corporation
32,000
6.750%, 
2/15/2030
b
27,354
Encompass
Health
Corporation
160,000
4.500%, 
2/1/2028
150,185
Endo
Finance
Holdings,
Inc.
35,000
8.500%, 
4/15/2031
a,b
35,562
Energizer
Holdings,
Inc.
127,000
4.750%, 
6/15/2028
b
115,394
Fortrea
Holdings,
Inc.
54,000
7.500%, 
7/1/2030
a,b
54,471
General
Mills,
Inc.
54,000
4.950%, 
3/29/2033
a
51,725
Grifols
SA
96,000
4.750%, 
10/15/2028
a,b
77,533
HCA,
Inc.
234,000
3.500%, 
9/1/2030
206,309
Herbalife
Nutrition,
Ltd./HLF
Financing,
Inc.
8,000
7.875%, 
9/1/2025
b
7,673
HLF
Financing
SARL,
LLC/
Herbalife
International,
Inc.
64,000
4.875%, 
6/1/2029
b
37,593
Imperial
Brands
Finance
plc
200,000
3.875%, 
7/26/2029
b
183,214
Jazz
Securities
DAC
55,000
4.375%, 
1/15/2029
b
50,040
JBS
USA
Holding
Lux
SARL/JBS
USA
Food
Company/JBS
Lux
Company
SARL
135,000
5.500%, 
1/15/2030
130,315
204,000
3.000%, 
5/15/2032
162,123
135,000
6.750%, 
3/15/2034
b
137,731
KeHE
Distributors,
LLC/KeHE
Finance
Corporation/NextWave
Distribution,
Inc.
35,000
9.000%, 
2/15/2029
b
35,340
Keurig
Dr
Pepper,
Inc.
269,000
5.200%, 
3/15/2031
262,949
Kimberly-Clark
Corporation
220,000
3.900%, 
5/4/2047
169,857
Kraft
Heinz
Foods
Company
136,000
4.375%, 
6/1/2046
108,955
Legacy
LifePoint
Health,
LLC
41,000
4.375%, 
2/15/2027
b
38,397
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
252
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Consumer
Non-Cyclical
(1.2%)
-
continued
LifePoint
Health,
Inc.
$
68,000
9.875%, 
8/15/2030
b
$
70,808
43,000
11.000%, 
10/15/2030
b
45,769
Mattel,
Inc.
170,000
5.450%, 
11/1/2041
148,788
Medline
Borrower,
LP/Medline
Co-
Issuer,
Inc.
72,000
6.250%, 
4/1/2029
b
71,539
Medtronic,
Inc.
204,000
4.375%, 
3/15/2035
187,613
ModivCare
Escrow
Issuer,
Inc.
35,000
5.000%, 
10/1/2029
a,b
24,314
ModivCare,
Inc.
28,000
5.875%, 
11/15/2025
b
27,309
Mozart
Debt
Merger
Sub,
Inc.
91,000
3.875%, 
4/1/2029
b
81,521
68,000
5.250%, 
10/1/2029
b
63,307
Newell
Brands,
Inc.
36,000
6.375%, 
9/15/2027
a
35,105
36,000
6.625%, 
9/15/2029
34,772
Organon
&
Company/Organon
Foreign
Debt
Co-Issuer
BV
96,000
4.125%, 
4/30/2028
b
87,433
99,000
5.125%, 
4/30/2031
b
85,605
Owens
&
Minor,
Inc.
93,000
6.625%, 
4/1/2030
a,b
90,237
PepsiCo,
Inc.
135,000
4.200%, 
7/18/2052
110,658
Performance
Food
Group,
Inc.
52,000
4.250%, 
8/1/2029
b
46,612
Perrigo
Finance
Unlimited
Company
58,000
3.150%, 
6/15/2030
53,147
Pfizer
Investment
Enterprises,
Private
Ltd.
306,000
5.300%, 
5/19/2053
285,356
134,000
5.110%, 
5/19/2043
124,741
Philip
Morris
International,
Inc.
135,000
5.500%, 
9/7/2030
134,718
66,000
5.125%, 
2/13/2031
64,133
204,000
5.375%, 
2/15/2033
199,942
Post
Holdings,
Inc.
52,000
4.625%, 
4/15/2030
b
46,962
80,000
4.500%, 
9/15/2031
b
70,341
Primo
Water
Holdings,
Inc.
83,000
4.375%, 
4/30/2029
b
75,759
Reynolds
American,
Inc.
299,000
5.700%, 
8/15/2035
287,107
Roche
Holdings,
Inc.
138,000
4.000%, 
11/28/2044
b
112,368
Scotts
Miracle-Gro
Company
38,000
4.500%, 
10/15/2029
33,889
Simmons
Foods,
Inc.
140,000
4.625%, 
3/1/2029
b
120,793
Spectrum
Brands,
Inc.
54,000
5.000%, 
10/1/2029
b
52,612
40,000
5.500%, 
7/15/2030
a,b
38,841
37,000
3.875%, 
3/15/2031
a,b
34,625
Star
Parent,
Inc.
70,000
9.000%, 
10/1/2030
b
73,224
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Consumer
Non-Cyclical
(1.2%)
-
continued
Sysco
Corporation
$
205,000
6.600%, 
4/1/2040
$
217,860
Takeda
Pharmaceutical
Company,
Ltd.
200,000
3.175%, 
7/9/2050
129,989
Tenet
Healthcare
Corporation
225,000
5.125%, 
11/1/2027
217,671
50,000
6.125%, 
10/1/2028
49,373
82,000
6.750%, 
5/15/2031
b
82,163
Teva
Pharmaceutical
Finance
Netherlands
III
BV
75,000
3.150%, 
10/1/2026
69,481
US
Acute
Care
Solutions,
LLC
36,000
6.375%, 
3/1/2026
b
36,450
Viterra
Finance
BV
169,000
3.200%, 
4/21/2031
b
142,443
Wyeth,
LLC
135,000
6.500%, 
2/1/2034
145,381
Zoetis,
Inc.
318,000
4.700%, 
2/1/2043
277,128
Total
12,672,091
Energy
(0.9%)
Antero
Midstream
Partners,
LP/
Antero
Midstream
Finance
Corporation
72,000
5.375%, 
6/15/2029
b
68,513
Antero
Resources
Corporation
37,000
5.375%, 
3/1/2030
b
35,178
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
105,000
6.250%, 
4/1/2028
b
102,865
Ascent
Resources
Utica
Holdings,
LLC/ARU
Finance
Corporation
72,000
8.250%, 
12/31/2028
b
73,466
Baytex
Energy
Corporation
68,000
8.500%, 
4/30/2030
b
70,898
Borr
IHC,
Ltd./Borr
Finance,
LLC
88,000
10.375%, 
11/15/2030
b
91,390
BP
Capital
Markets
America,
Inc.
356,000
2.939%, 
6/4/2051
223,005
Buckeye
Partners,
LP
49,000
4.500%, 
3/1/2028
b
45,641
Canadian
Natural
Resources,
Ltd.
95,000
2.950%, 
7/15/2030
81,583
CGG
SA
17,000
8.750%, 
4/1/2027
b
15,908
Cheniere
Energy
Partners,
LP
544,000
4.500%, 
10/1/2029
508,989
Cheniere
Energy,
Inc.
37,000
5.650%, 
4/15/2034
b
36,211
Civitas
Resources,
Inc.
51,000
8.375%, 
7/1/2028
b
53,202
24,000
8.625%, 
11/1/2030
b
25,539
92,000
8.750%, 
7/1/2031
b
97,588
CNX
Resources
Corporation
40,000
6.000%, 
1/15/2029
b
38,756
Columbia
Pipelines
Holding
Company,
LLC
134,000
6.042%, 
8/15/2028
b
135,213
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
253
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Energy
(0.9%)
-
continued
Columbia
Pipelines
Operating
Company,
LLC
$
33,000
5.927%, 
8/15/2030
b
$
33,056
Comstock
Resources,
Inc.
69,000
6.750%, 
3/1/2029
b
64,923
75,000
5.875%, 
1/15/2030
b
68,308
Continental
Resources,
Inc.
237,000
2.268%, 
11/15/2026
b
217,398
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
76,000
5.500%, 
6/15/2031
b
69,839
Crescent
Energy
Finance,
LLC
43,000
9.250%, 
2/15/2028
b
45,428
107,000
7.625%, 
4/1/2032
b
107,399
Delek
Logistics
Partners,
LP/Delek
Logistics
Finance
Corporation
77,000
8.625%, 
3/15/2029
b
77,583
Diamond
Foreign
Asset
Company/
Diamond
Finance,
LLC
28,000
8.500%, 
10/1/2030
b
29,288
Diamondback
Energy,
Inc.
184,000
5.750%, 
4/18/2054
175,657
DT
Midstream,
Inc.
57,000
4.125%, 
6/15/2029
b
51,663
Enbridge,
Inc.
190,000
5.250%, 
4/5/2027
188,533
Enerflex,
Ltd.
56,000
9.000%, 
10/15/2027
b
57,345
Energy
Transfer,
LP
84,000
8.000%, 
5/15/2054
a,d
86,503
150,000
4.000%, 
10/1/2027
142,606
155,000
4.900%, 
3/15/2035
141,883
50,000
5.150%, 
2/1/2043
42,735
275,000
6.000%, 
6/15/2048
260,822
Enterprise
Products
Operating,
LLC
175,000
3.300%, 
2/15/2053
115,605
EQM
Midstream
Partners,
LP
188,000
4.750%, 
1/15/2031
b
171,782
EQT
Corporation
113,000
6.125%, 
2/1/2025
112,944
Exxon
Mobil
Corporation
300,000
3.452%, 
4/15/2051
212,079
Genesis
Energy
LP/Genesis
Energy
Finance
Corporation
112,000
8.875%, 
4/15/2030
115,898
Halliburton
Company
61,000
4.850%, 
11/15/2035
57,438
136,000
5.000%, 
11/15/2045
121,727
Harvest
Midstream
I,
LP
85,000
7.500%, 
9/1/2028
b
85,233
51,879
7.500%, 
5/15/2032
b,g
51,943
Hess
Midstream
Operations,
LP
78,000
4.250%, 
2/15/2030
b
70,395
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
125,000
5.750%, 
2/1/2029
b
120,079
35,000
6.000%, 
4/15/2030
b
33,512
37,000
6.250%, 
4/15/2032
b
35,725
Howard
Midstream
Energy
Partners,
LLC
52,000
6.750%, 
1/15/2027
b
51,302
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Energy
(0.9%)
-
continued
ITT
Holdings,
LLC
$
90,000
6.500%, 
8/1/2029
b
$
81,290
Kodiak
Gas
Services,
LLC
43,000
7.250%, 
2/15/2029
b
43,310
Laredo
Petroleum,
Inc.
118,000
7.750%, 
7/31/2029
b
118,773
MEG
Energy
Corporation
89,000
5.875%, 
2/1/2029
b
86,107
MPLX,
LP
177,000
4.875%, 
6/1/2025
175,330
272,000
4.950%, 
9/1/2032
256,546
52,000
5.000%, 
3/1/2033
48,904
Nabors
Industries,
Inc.
35,000
7.375%, 
5/15/2027
b
34,687
88,000
9.125%, 
1/31/2030
b
90,744
National
Fuel
Gas
Company
244,000
5.500%, 
1/15/2026
242,176
New
Fortress
Energy,
Inc.
26,000
6.750%, 
9/15/2025
b
25,681
29,000
8.750%, 
3/15/2029
a,b
28,282
NGL
Energy
Operating,
LLC/NGL
Energy
Finance
Corporation
29,000
8.125%, 
2/15/2029
b
29,462
43,000
8.375%, 
2/15/2032
b
43,695
Noble
Finance
II,
LLC
35,000
8.000%, 
4/15/2030
b
36,064
Northern
Oil
and
Gas,
Inc.
69,000
8.750%, 
6/15/2031
b
72,581
NuStar
Logistics,
LP
70,000
6.375%, 
10/1/2030
69,204
Occidental
Petroleum
Corporation
340,000
7.875%, 
9/15/2031
377,430
ONEOK,
Inc.
74,000
5.000%, 
3/1/2026
73,188
Ovintiv,
Inc.
237,000
5.375%, 
1/1/2026
235,044
135,000
6.250%, 
7/15/2033
136,074
PBF
Holding
Company,
LLC/PBF
Finance
Corporation
56,000
6.000%, 
2/15/2028
54,616
Permian
Resources
Operating,
LLC
54,000
7.000%, 
1/15/2032
b
55,048
Phillips
66
Company
112,000
4.950%, 
12/1/2027
110,467
Prairie
Acquiror,
LP
57,000
9.000%, 
8/1/2029
b
58,220
Precision
Drilling
Corporation
75,000
6.875%, 
1/15/2029
b
74,222
Range
Resources
Corporation
56,000
4.750%, 
2/15/2030
b
51,563
Rockcliff
Energy
II,
LLC
73,000
5.500%, 
10/15/2029
b
67,288
Rockies
Express
Pipeline,
LLC
90,000
4.950%, 
7/15/2029
b
82,740
SM
Energy
Company
50,000
6.500%, 
7/15/2028
49,594
Southwestern
Energy
Company
48,000
4.750%, 
2/1/2032
43,227
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
254
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Energy
(0.9%)
-
continued
Suburban
Propane
Partners,
LP/
Suburban
Energy
Finance
Corporation
$
35,000
5.875%, 
3/1/2027
$
34,483
Suncor
Energy,
Inc.
216,000
7.150%, 
2/1/2032
235,327
Sunoco,
LP
104,000
7.000%, 
5/1/2029
b
105,621
Sunoco,
LP/Sunoco
Finance
Corporation
54,000
5.875%, 
3/15/2028
52,697
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
126,000
5.500%, 
1/15/2028
b
119,627
52,000
7.375%, 
2/15/2029
b
52,057
Talos
Production,
Inc.
37,000
9.000%, 
2/1/2029
b
39,037
Targa
Resources
Corporation
238,000
4.200%, 
2/1/2033
210,079
Teine
Energy,
Ltd.
65,000
6.875%, 
4/15/2029
b
63,153
Transocean,
Inc.
90,900
8.750%, 
2/15/2030
b
94,780
USA
Compression
Partners,
LP/
USA
Compression
Finance
Corporation
60,000
7.125%, 
3/15/2029
b
59,616
Valaris,
Ltd.
69,000
8.375%, 
4/30/2030
b
70,961
Venture
Global
Calcasieu
Pass,
LLC
97,000
3.875%, 
8/15/2029
b
85,703
55,000
4.125%, 
8/15/2031
b
48,002
Venture
Global
LNG,
Inc.
128,000
8.125%, 
6/1/2028
b
130,876
140,000
8.375%, 
6/1/2031
b
143,670
123,000
9.875%, 
2/1/2032
b
131,254
Western
Midstream
Operating,
LP
135,000
6.350%, 
1/15/2029
137,834
68,000
6.150%, 
4/1/2033
67,879
Williams
Companies,
Inc.
136,000
5.300%, 
8/15/2052
122,617
225,000
7.500%, 
1/15/2031
245,867
Total
10,123,273
Financials
(3.3%)
Acrisure,
LLC/Acrisure
Finance,
Inc.
24,000
4.250%, 
2/15/2029
b
21,501
AEGON
Funding
Company,
LLC
200,000
5.500%, 
4/16/2027
b
197,831
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
151,000
6.100%, 
1/15/2027
152,178
175,000
3.875%, 
1/23/2028
163,684
150,000
3.400%, 
10/29/2033
122,126
Air
Lease
Corporation
309,000
3.000%, 
2/1/2030
267,770
Aircastle,
Ltd.
225,000
5.250%, 
8/11/2025
b
222,182
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Financials
(3.3%)
-
continued
Alliant
Holdings
Intermediate,
LLC/
Alliant
Holdings
Co-Issuer,
Inc.
$
35,000
4.250%, 
10/15/2027
b
$
32,648
70,000
6.750%, 
4/15/2028
b
69,926
35,000
7.000%, 
1/15/2031
b
35,110
Ally
Financial,
Inc.
160,000
5.750%, 
11/20/2025
a
158,694
270,000
8.000%, 
11/1/2031
292,321
54,000
6.700%, 
2/14/2033
52,973
American
Express
Company
65,000
5.098%, 
2/16/2028
d
64,268
American
Homes
4
Rent,
LP
245,000
2.375%, 
7/15/2031
194,132
American
International
Group,
Inc.
266,000
5.125%, 
3/27/2033
255,139
AmWINS
Group,
Inc.
29,000
6.375%, 
2/15/2029
b
28,649
85,000
4.875%, 
6/30/2029
b
77,272
ANZ
Bank
New
Zealand,
Ltd.
200,000
5.548%, 
8/11/2032
b,d
197,611
Aon
North
America,
Inc.
100,000
5.750%, 
3/1/2054
96,673
Ares
Capital
Corporation
101,000
3.250%, 
7/15/2025
97,397
200,000
3.875%, 
1/15/2026
192,572
157,000
2.150%, 
7/15/2026
144,166
116,000
5.875%, 
3/1/2029
113,723
Arthur
J.
Gallagher
&
Company
34,000
6.750%, 
2/15/2054
36,611
50,000
5.750%, 
7/15/2054
47,495
Associated
Banc-Corp
275,000
4.250%, 
1/15/2025
270,164
Australia
&
New
Zealand
Banking
Group,
Ltd.
250,000
2.950%, 
7/22/2030
b,d
240,092
Avolon
Holdings
Funding,
Ltd.
135,000
4.250%, 
4/15/2026
b
129,826
165,000
5.750%, 
3/1/2029
b
162,334
Banco
Santander
Mexico
SA
200,000
5.375%, 
4/17/2025
b
198,701
Banco
Santander
SA
200,000
4.175%, 
3/24/2028
d
190,282
Bank
of
America
Corporation
234,000
5.080%, 
1/20/2027
d
231,519
225,000
1.734%, 
7/22/2027
d
206,424
172,000
3.824%, 
1/20/2028
d
164,172
119,000
5.202%, 
4/25/2029
d
117,158
180,000
2.087%, 
6/14/2029
d
156,601
125,000
2.496%, 
2/13/2031
d
105,198
325,000
1.922%, 
10/24/2031
d
258,420
204,000
2.972%, 
2/4/2033
d
168,414
409,000
4.571%, 
4/27/2033
d
377,016
203,000
5.872%, 
9/15/2034
d
203,369
80,000
5.468%, 
1/23/2035
d
77,797
275,000
3.846%, 
3/8/2037
d
236,840
Bank
of
Montreal
58,000
5.266%, 
12/11/2026
57,670
Bank
of
New
York
Mellon
Corporation
135,000
6.317%, 
10/25/2029
d
139,512
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
255
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Financials
(3.3%)
-
continued
Bank
of
Nova
Scotia
$
70,000
4.850%, 
2/1/2030
$
67,786
Barclays
plc
18,000
6.125%, 
12/15/2025
d,h
17,302
204,000
6.496%, 
9/13/2027
d
206,446
210,000
4.972%, 
5/16/2029
d
202,613
200,000
5.746%, 
8/9/2033
d
195,301
Belrose
Funding
Trust
260,000
2.330%, 
8/15/2030
b
202,042
Berkshire
Hathaway
Finance
Corporation
272,000
2.850%, 
10/15/2050
171,069
BlackRock
Funding,
Inc.
66,000
5.250%, 
3/14/2054
62,300
Blackstone
Private
Credit
Fund
203,000
2.700%, 
1/15/2025
198,012
130,000
6.250%, 
1/25/2031
b
127,927
Blue
Owl
Capital
Corporation
II
102,000
8.450%, 
11/15/2026
b
104,064
Blue
Owl
Credit
Income
Corporation
170,000
4.700%, 
2/8/2027
160,655
Blue
Owl
Technology
Finance
Corporation
90,000
4.750%, 
12/15/2025
b
86,302
Blue
Owl
Technology
Finance
Corporation
II
130,000
6.750%, 
4/4/2029
b
125,267
BNP
Paribas
SA
340,000
3.132%, 
1/20/2033
b,d
281,902
BPCE
SA
315,000
3.500%, 
10/23/2027
b
291,577
Bread
Financial
Holdings,
Inc.
42,000
9.750%, 
3/15/2029
b
43,678
Brookfield
Property
REIT,
Inc./BPR
Cumulus,
LLC/BPR
Nimbus,
LLC/GGSI
Sellco,
LLC
24,000
4.500%, 
4/1/2027
b
21,315
Burford
Capital
Global
Finance,
LLC
82,000
9.250%, 
7/1/2031
b
85,416
Camden
Property
Trust
150,000
3.150%, 
7/1/2029
134,024
Canadian
Imperial
Bank
of
Commerce
204,000
5.001%, 
4/28/2028
199,909
Capital
One
Financial
Corporation
200,000
4.200%, 
10/29/2025
194,918
225,000
2.636%, 
3/3/2026
d
218,646
46,000
5.700%, 
2/1/2030
d
45,364
Castlelake
Aviation
Finance
DAC
56,000
5.000%, 
4/15/2027
b
53,893
Centene
Corporation
467,000
2.625%, 
8/1/2031
373,666
Charles
Schwab
Corporation
287,000
2.450%, 
3/3/2027
264,362
136,000
6.136%, 
8/24/2034
d
137,901
Chubb
INA
Holdings,
LLC
138,000
4.350%, 
11/3/2045
115,633
Citigroup,
Inc.
207,000
0.981%, 
5/1/2025
d
207,000
370,000
4.400%, 
6/10/2025
364,357
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Financials
(3.3%)
-
continued
$
160,000
3.200%, 
10/21/2026
$
151,067
240,000
3.668%, 
7/24/2028
d
226,146
120,000
4.125%, 
7/25/2028
113,015
225,000
3.520%, 
10/27/2028
d
209,922
82,000
5.174%, 
2/13/2030
d
80,193
289,000
4.910%, 
5/24/2033
d
271,228
167,000
6.174%, 
5/25/2034
d
165,738
CNA
Financial
Corporation
99,000
5.125%, 
2/15/2034
93,406
Comerica,
Inc.
48,000
5.982%, 
1/30/2030
d
46,612
Cooperatieve
Rabobank
UA
273,000
5.564%, 
2/28/2029
b,d
270,559
Corebridge
Financial,
Inc.
102,000
4.350%, 
4/5/2042
81,777
Credit
Acceptance
Corporation
65,000
9.250%, 
12/15/2028
b
68,916
Credit
Agricole
SA
187,000
6.875%, 
9/23/2024
b,d,h
186,306
Credit
Suisse
Group
AG
200,000
7.250%, 
N/A
b,i
22,000
Deutsche
Bank
AG/New
York,
NY
150,000
6.819%, 
11/20/2029
d
154,165
300,000
3.729%, 
1/14/2032
d
246,997
Discover
Bank
260,000
5.974%, 
(USISOA05
+
1.730%),
8/9/2028
d
252,405
Diversified
Healthcare
Trust
42,000
Zero
Coupon, 
1/15/2026
b
36,118
Drawbridge
Special
Opportunities
Fund,
LP
155,000
3.875%, 
2/15/2026
b
146,144
Elevance
Health,
Inc.
250,000
3.125%, 
5/15/2050
162,907
220,000
4.625%, 
5/15/2042
190,311
Enact
Holdings,
Inc.
52,000
6.500%, 
8/15/2025
b
51,953
EPR
Properties
105,000
4.950%, 
4/15/2028
98,679
Fairfax
Financial
Holdings,
Ltd.
127,000
6.350%, 
3/22/2054
b
125,553
Fifth
Third
Bancorp
95,000
6.339%, 
7/27/2029
d
96,083
First
Horizon
Bank
165,000
5.750%, 
5/1/2030
a
152,286
FirstCash,
Inc.
69,000
5.625%, 
1/1/2030
b
65,021
First-Citizens
Bank
&
Trust
Company
119,000
6.125%, 
3/9/2028
120,870
Five
Corners
Funding
Trust
IV
136,000
5.997%, 
2/15/2053
b
136,022
Fortress
Transportation
and
Infrastructure
Investors,
LLC
35,000
9.750%, 
8/1/2027
b
36,134
22,000
5.500%, 
5/1/2028
b
21,115
64,000
7.000%, 
5/1/2031
b
64,346
Freedom
Mortgage
Corporation
34,000
7.625%, 
5/1/2026
b
33,847
28,000
12.000%, 
10/1/2028
b
29,967
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
256
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Financials
(3.3%)
-
continued
Freedom
Mortgage
Holdings,
LLC
$
29,000
9.250%, 
2/1/2029
b
$
29,154
FS
KKR
Capital
Corporation
225,000
3.400%, 
1/15/2026
212,725
GGAM
Finance,
Ltd.
68,000
7.750%, 
5/15/2026
b
69,079
36,000
8.000%, 
6/15/2028
b
37,074
29,000
6.875%, 
4/15/2029
b
28,973
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership,
LP
105,000
3.750%, 
12/15/2027
b
89,421
goeasy,
Ltd.
56,000
9.250%, 
12/1/2028
b
59,127
17,000
7.625%, 
7/1/2029
b
16,997
Goldman
Sachs
Bank
USA/New
York,
NY
255,000
5.283%, 
3/18/2027
d
253,319
Goldman
Sachs
BDC,
Inc.
86,000
6.375%, 
3/11/2027
86,337
Goldman
Sachs
Group,
Inc.
174,000
1.948%, 
10/21/2027
d
158,875
204,000
6.484%, 
10/24/2029
d
210,496
85,000
1.992%, 
1/27/2032
d
67,108
510,000
3.102%, 
2/24/2033
d
424,292
Healthpeak
OP,
LLC
47,000
3.400%, 
2/1/2025
46,116
Highwoods
Realty,
LP
135,000
7.650%, 
2/1/2034
141,876
HSBC
Holdings
plc
300,000
2.999%, 
3/10/2026
d
292,495
350,000
3.900%, 
5/25/2026
338,381
225,000
5.402%, 
8/11/2033
d
217,499
HSBC
USA,
Inc.
203,000
5.294%, 
3/4/2027
202,309
HUB
International,
Ltd.
100,000
7.250%, 
6/15/2030
b
101,467
Huntington
Bancshares,
Inc./OH
165,000
5.709%, 
2/2/2035
d
158,186
Icahn
Enterprises,
LP/Icahn
Enterprises
Finance
Corporation
50,000
6.375%, 
12/15/2025
49,104
59,000
6.250%, 
5/15/2026
57,381
78,000
5.250%, 
5/15/2027
71,623
Intercontinental
Exchange,
Inc.
100,000
4.950%, 
6/15/2052
89,556
Intesa
Sanpaolo
SPA
43,000
4.198%, 
6/1/2032
b,d
35,245
Invitation
Homes
Operating
Partnership,
LP
170,000
2.000%, 
8/15/2031
131,387
J.P.
Morgan
Chase
&
Company
106,000
1.040%, 
2/4/2027
d
97,704
270,000
1.578%, 
4/22/2027
d
249,154
300,000
2.947%, 
2/24/2028
d
279,244
275,000
4.203%, 
7/23/2029
d
260,756
175,000
2.522%, 
4/22/2031
d
147,698
265,000
1.953%, 
2/4/2032
d
210,264
273,000
4.586%, 
4/26/2033
d
254,059
204,000
4.912%, 
7/25/2033
d
193,952
135,000
5.766%, 
4/22/2035
d
135,090
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Financials
(3.3%)
-
continued
Jane
Street
Group/JSG
Finance,
Inc.
$
21,000
4.500%, 
11/15/2029
b
$
19,101
Jefferies
Finance,
LLC/JFIN
Co-
Issuer
Corporation
28,000
5.000%, 
8/15/2028
b
25,192
Jefferson
Capital
Holdings,
LLC
29,000
6.000%, 
8/15/2026
b
28,508
72,000
9.500%, 
2/15/2029
b
73,257
KeyBank
NA/Cleveland,
OH
169,000
5.000%, 
1/26/2033
151,550
KeyCorp
100,000
3.878%, 
5/23/2025
d
99,401
Kilroy
Realty,
LP
68,000
4.250%, 
8/15/2029
60,662
58,000
6.250%, 
1/15/2036
54,476
Kite
Realty
Group,
LP
49,000
5.500%, 
3/1/2034
46,743
Ladder
Capital
Finance
Holdings,
LLLP/Ladder
Capital
Finance
Corporation
36,000
4.250%, 
2/1/2027
b
33,334
60,000
4.750%, 
6/15/2029
b
53,547
Liberty
Mutual
Group,
Inc.
20,000
4.125%, 
12/15/2051
b,d
18,204
Lloyds
Banking
Group
plc
203,000
5.871%, 
3/6/2029
d
203,322
Macquarie
Airfinance
Holdings,
Ltd.
121,000
6.400%, 
3/26/2029
b
120,650
Manufacturers
&
Traders
Trust
Company
203,000
4.700%, 
1/27/2028
192,186
Marsh
&
McLennan
Companies,
Inc.
51,000
5.450%, 
3/15/2053
48,310
136,000
5.400%, 
9/15/2033
135,556
Massachusetts
Mutual
Life
Insurance
Company
275,000
3.200%, 
12/1/2061
b
160,164
Metropolitan
Life
Global
Funding
I
150,000
5.050%, 
1/8/2034
b
144,021
Mitsubishi
UFJ
Financial
Group,
Inc.
202,000
5.422%, 
2/22/2029
d
201,162
250,000
2.048%, 
7/17/2030
204,027
Molina
Healthcare,
Inc.
73,000
4.375%, 
6/15/2028
b
67,704
Morgan
Stanley
275,000
4.350%, 
9/8/2026
267,510
240,000
3.591%, 
7/22/2028
d
225,833
136,000
5.164%, 
4/20/2029
d
133,778
350,000
3.622%, 
4/1/2031
d
314,582
136,000
5.250%, 
4/21/2034
d
130,499
101,000
5.831%, 
4/19/2035
d
100,959
238,000
5.297%, 
4/20/2037
d
222,905
MPT
Operating
Partnership,
LP/
MPT
Finance
Corporation
15,000
5.250%, 
8/1/2026
a
13,662
97,000
4.625%, 
8/1/2029
a
72,586
Nasdaq,
Inc.
150,000
3.250%, 
4/28/2050
98,005
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
257
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Financials
(3.3%)
-
continued
Nationstar
Mortgage
Holdings,
Inc.
$
69,000
6.000%, 
1/15/2027
b
$
67,612
NatWest
Group
plc
100,000
4.445%, 
5/8/2030
d
93,739
202,000
6.475%, 
6/1/2034
d
202,848
Navient
Corporation
21,000
5.000%, 
3/15/2027
19,798
Necessity
Retail
REIT,
Inc./
American
Finance
Operating
Partner,
LP
22,000
4.500%, 
9/30/2028
b
18,766
New
York
Life
Global
Funding
206,000
4.550%, 
1/28/2033
b
192,562
NNN
REIT,
Inc.
206,000
5.600%, 
10/15/2033
202,104
Omega
Healthcare
Investors,
Inc.
292,000
3.625%, 
10/1/2029
255,127
225,000
3.375%, 
2/1/2031
187,883
OneMain
Finance
Corporation
133,000
3.500%, 
1/15/2027
122,361
187,000
3.875%, 
9/15/2028
164,600
Panther
Escrow
Issuer,
LLC
101,000
7.125%, 
6/1/2031
b
101,524
Park
Intermediate
Holdings,
LLC
110,000
4.875%, 
5/15/2029
b
100,654
Pine
Street
Trust
I
204,000
4.572%, 
2/15/2029
b
190,307
PNC
Financial
Services
Group,
Inc.
67,000
6.615%, 
10/20/2027
d
68,464
272,000
4.626%, 
6/6/2033
d
248,817
PRA
Group,
Inc.
18,000
7.375%, 
9/1/2025
b
17,917
55,000
8.375%, 
2/1/2028
b
53,651
Principal
Life
Global
Funding
II
179,000
1.250%, 
8/16/2026
b
161,874
Prologis
Targeted
US
Logistics
Fund,
LP
135,000
5.250%, 
4/1/2029
b
132,430
Prologis,
LP
91,000
5.250%, 
3/15/2054
83,065
Prudential
Financial,
Inc.
258,000
5.125%, 
3/1/2052
d
238,013
Quicken
Loans,
LLC
53,000
3.875%, 
3/1/2031
b
44,936
Realty
Income
Corporation
263,000
2.100%, 
3/15/2028
231,704
Regency
Centers,
LP
190,000
4.125%, 
3/15/2028
180,419
101,000
5.250%, 
1/15/2034
96,567
RGA
Global
Funding
65,000
5.500%, 
1/11/2031
b
63,947
RHP
Hotel
Properties,
LP/RHP
Finance
Corporation
17,000
4.750%, 
10/15/2027
16,156
69,000
7.250%, 
7/15/2028
b
70,070
RLJ
Lodging
Trust,
LP
61,000
4.000%, 
9/15/2029
b
52,905
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Financials
(3.3%)
-
continued
Rocket
Mortgage,
LLC/Rocket
Mortgage
Co-Issuer,
Inc.
$
105,000
3.625%, 
3/1/2029
b
$
92,501
Santander
Holdings
USA,
Inc.
67,000
6.499%, 
3/9/2029
d
67,520
58,000
6.174%, 
1/9/2030
d
57,773
Santander
UK
Group
Holdings
plc
360,000
1.673%, 
6/14/2027
d
328,202
Service
Properties
Trust
34,000
7.500%, 
9/15/2025
34,251
17,000
5.250%, 
2/15/2026
16,352
55,000
8.625%, 
11/15/2031
b
57,763
Simon
Property
Group,
LP
235,000
3.800%, 
7/15/2050
168,489
SLM
Corporation
40,000
4.200%, 
10/29/2025
38,669
Societe
Generale
SA
132,000
4.750%, 
11/24/2025
b
128,762
Standard
Chartered
plc
241,000
1.822%, 
11/23/2025
b,d
234,958
Sumitomo
Mitsui
Financial
Group,
Inc.
120,000
3.010%, 
10/19/2026
113,034
207,000
5.710%, 
1/13/2030
208,197
250,000
1.710%, 
1/12/2031
195,754
Synchrony
Financial
36,000
7.250%, 
2/2/2033
35,127
Synovus
Bank
250,000
5.625%, 
2/15/2028
238,762
Toronto-Dominion
Bank
156,000
5.523%, 
7/17/2028
156,514
Truist
Financial
Corporation
133,000
6.047%, 
6/8/2027
d
133,704
97,000
5.125%, 
12/15/2027
d,h
86,863
170,000
5.122%, 
1/26/2034
d
158,402
85,000
5.711%, 
1/24/2035
d
82,491
U.S.
Bancorp
136,000
5.727%, 
10/21/2026
d
135,954
196,000
5.775%, 
6/12/2029
d
196,388
47,000
5.836%, 
6/12/2034
d
46,457
91,000
5.678%, 
1/23/2035
d
88,899
UBS
Group
AG
350,000
2.193%, 
6/5/2026
b,d
335,774
203,000
6.246%, 
9/22/2029
b,d
206,025
170,000
3.091%, 
5/14/2032
b,d
140,767
200,000
5.699%, 
2/8/2035
b,d
193,937
United
Wholesale
Mortgage,
LLC
22,000
5.500%, 
11/15/2025
b
21,641
76,000
5.500%, 
4/15/2029
b
70,603
UnitedHealth
Group,
Inc.
136,000
5.875%, 
2/15/2053
138,472
204,000
4.750%, 
5/15/2052
177,471
Vornado
Realty,
LP
26,000
3.400%, 
6/1/2031
20,196
Wells
Fargo
&
Company
114,000
3.000%, 
4/22/2026
108,748
163,000
3.000%, 
10/23/2026
153,317
204,000
3.526%, 
3/24/2028
d
192,507
128,000
5.707%, 
4/22/2028
d
128,089
300,000
2.393%, 
6/2/2028
d
272,745
128,000
5.574%, 
7/25/2029
d
127,591
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
258
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Financials
(3.3%)
-
continued
$
112,000
5.389%, 
4/24/2034
d
$
107,932
307,000
4.900%, 
11/17/2045
262,466
Willis
North
America,
Inc.
272,000
4.650%, 
6/15/2027
264,353
XHR,
LP
35,000
6.375%, 
8/15/2025
b
34,961
38,000
4.875%, 
6/1/2029
b
34,685
Total
35,194,421
Foreign
Government
(<0.1%)
NBN
Company,
Ltd.
225,000
2.625%, 
5/5/2031
b
187,504
Total
187,504
Mortgage-Backed
Securities
(11.5%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
1,924,837
2.000%, 
1/1/2052
1,473,032
934,082
2.000%, 
5/1/2051
714,851
3,475,437
2.500%, 
5/1/2051
2,781,202
1,721,921
3.500%, 
5/1/2052
1,485,709
2,079,008
4.000%, 
5/1/2052
1,876,022
788,122
5.000%, 
7/1/2053
751,973
428,066
5.500%, 
7/1/2053
417,807
1,134,033
3.500%, 
8/1/2052
984,733
1,107,739
5.000%, 
8/1/2053
1,061,109
2,719,938
5.500%, 
9/1/2053
2,658,712
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
1,224,152
2.500%, 
7/1/2030
1,140,077
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
1,500,000
4.500%, 
5/1/2039
g
1,450,232
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
1,490,462
3.000%, 
12/1/2036
1,343,002
1,202,428
3.000%, 
8/1/2038
1,091,564
1,881,998
3.500%, 
5/1/2040
1,700,821
2,172,449
2.500%, 
4/1/2042
1,817,679
511,311
2.000%, 
5/1/2042
418,280
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
4,529,385
3.000%, 
1/1/2052
3,773,929
440,292
2.000%, 
2/1/2051
337,070
700,636
2.000%, 
2/1/2051
536,380
2,385,677
2.500%, 
2/1/2051
1,916,176
2,700,239
2.500%, 
2/1/2051
2,141,951
7,513,070
2.000%, 
3/1/2051
5,699,147
734,003
2.000%, 
3/1/2051
557,791
3,272,344
4.000%, 
3/1/2051
2,985,226
4,703,834
3.000%, 
3/1/2052
3,899,242
4,952,840
2.000%, 
4/1/2051
3,764,865
2,777,734
3.000%, 
4/1/2051
2,310,508
2,913,536
3.000%, 
5/1/2050
2,446,007
828,137
2.000%, 
5/1/2051
630,792
2,218,964
3.000%, 
5/1/2051
1,872,500
1,828,691
3.000%, 
6/1/2050
1,551,794
818,309
4.000%, 
6/1/2052
733,419
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Mortgage-Backed
Securities
(11.5%)
-
continued
$
513,590
5.000%, 
6/1/2053
$
490,796
4,012,873
2.500%, 
7/1/2051
3,222,998
1,161,694
3.500%, 
7/1/2051
1,017,784
2,262,307
4.000%, 
7/1/2052
2,027,749
904,620
2.500%, 
8/1/2050
733,580
2,423,727
3.500%, 
8/1/2050
2,128,834
2,834,163
3.500%, 
8/1/2052
2,445,671
3,730,193
4.500%, 
8/1/2052
3,453,775
1,457,282
5.000%, 
8/1/2053
1,392,608
714,091
2.500%, 
9/1/2051
574,086
838,263
3.500%, 
9/1/2052
729,484
1,864,809
3.500%, 
9/1/2052
1,622,739
1,262,251
5.000%, 
9/1/2052
1,199,007
1,139,639
4.500%, 
9/1/2053
1,058,576
1,671,190
4.500%, 
9/1/2053
1,543,414
2,570,269
4.000%, 
10/1/2052
2,308,838
822,503
2.000%, 
11/1/2051
627,364
1,126,169
3.500%, 
11/1/2052
984,327
3,313,341
2.000%, 
12/1/2050
2,531,994
4,683,877
2.500%, 
12/1/2051
3,752,962
2,140,100
4.500%, 
12/1/2052
1,988,025
4,350,000
5.500%, 
5/1/2041
g
4,221,897
1,900,000
6.000%, 
5/1/2041
g
1,882,336
3,550,000
3.000%, 
5/1/2049
g
2,930,838
6,200,000
3.500%, 
5/1/2049
g
5,343,400
2,800,000
4.000%, 
5/1/2049
g
2,504,110
1,350,000
4.500%, 
5/1/2049
g
1,243,909
6,975,000
5.000%, 
5/1/2049
g
6,608,866
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
4,721,069
2.500%, 
3/1/2062
3,670,198
1,248,322
3.500%, 
7/1/2061
1,057,924
1,312,836
4.000%, 
12/1/2061
1,159,949
Total
124,781,640
Technology
(0.7%)
Advanced
Micro
Devices,
Inc.
136,000
4.393%, 
6/1/2052
113,083
Analog
Devices,
Inc.
350,000
2.950%, 
10/1/2051
222,506
Apple,
Inc.
183,000
2.650%, 
2/8/2051
112,283
432,000
3.750%, 
9/12/2047
334,414
Boost
Newco
Borrower,
LLC
88,000
7.500%, 
1/15/2031
b
90,824
Broadcom,
Inc.
86,000
3.469%, 
4/15/2034
b
71,254
272,000
3.137%, 
11/15/2035
b
211,085
200,000
3.187%, 
11/15/2036
b
153,359
125,000
4.926%, 
5/15/2037
b
114,152
Central
Parent,
Inc./CDK
Global,
Inc.
43,000
7.250%, 
6/15/2029
b
43,471
Cisco
Systems,
Inc.
67,000
5.300%, 
2/26/2054
64,469
68,000
4.950%, 
2/26/2031
66,882
Clarivate
Science
Holdings
Corporation
38,000
3.875%, 
7/1/2028
b
34,603
Cloud
Software
Group,
Inc.
188,000
6.500%, 
3/31/2029
b
178,309
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
259
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Technology
(0.7%)
-
continued
Consensus
Cloud
Solutions,
Inc.
$
18,000
6.000%, 
10/15/2026
a,b
$
17,066
CoreLogic,
Inc.
22,000
4.500%, 
5/1/2028
b
19,035
Dell
International,
LLC/EMC
Corporation
134,000
6.020%, 
6/15/2026
134,778
Dell,
Inc.
123,000
6.500%, 
4/15/2038
128,219
Dye
&
Durham,
Ltd.
54,000
8.625%, 
4/15/2029
b
54,528
Fiserv,
Inc.
77,000
2.250%, 
6/1/2027
69,964
139,000
2.650%, 
6/1/2030
118,298
134,000
5.350%, 
3/15/2031
132,089
119,000
5.600%, 
3/2/2033
117,900
Gen
Digital,
Inc.
3,000
6.750%, 
9/30/2027
b
3,011
43,000
7.125%, 
9/30/2030
a,b
43,444
Global
Payments,
Inc.
131,000
5.950%, 
8/15/2052
125,200
204,000
5.300%, 
8/15/2029
199,331
II-VI,
Inc.
33,000
5.000%, 
12/15/2029
b
30,444
Intel
Corporation
133,000
5.600%, 
2/21/2054
125,154
Iron
Mountain,
Inc.
125,000
4.875%, 
9/15/2027
b
119,290
55,000
5.000%, 
7/15/2028
b
51,831
10,000
4.875%, 
9/15/2029
b
9,228
80,000
5.250%, 
7/15/2030
b
74,251
106,000
4.500%, 
2/15/2031
b
93,494
KLA
Corporation
204,000
3.300%, 
3/1/2050
139,754
Marvell
Technology,
Inc.
34,000
5.950%, 
9/15/2033
34,202
Mastercard,
Inc.
140,000
3.950%, 
2/26/2048
111,882
Microchip
Technology,
Inc.
29,000
5.050%, 
3/15/2029
28,503
Micron
Technology,
Inc.
73,000
5.300%, 
1/15/2031
71,631
Microsoft
Corporation
89,000
3.041%, 
3/17/2062
56,798
226,000
2.500%, 
9/15/2050
b
135,696
201,000
3.700%, 
8/8/2046
159,356
NCR
Atleos
Corporation
29,000
9.500%, 
4/1/2029
b
30,827
NCR
Voyix
Corporation
105,000
5.125%, 
4/15/2029
b
96,486
Neptune
Bidco
US,
Inc.
73,000
9.290%, 
4/15/2029
b
68,903
Newfold
Digital
Holdings
Group,
Inc.
22,000
11.750%, 
10/15/2028
b
23,633
NXP
BV/NXP
Funding,
LLC
110,000
5.550%, 
12/1/2028
109,789
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
80,000
4.300%, 
6/18/2029
75,519
180,000
3.250%, 
5/11/2041
126,910
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Technology
(0.7%)
-
continued
Open
Text
Corporation
$
71,000
3.875%, 
12/1/2029
b
$
62,139
115,000
4.125%, 
2/15/2030
b
101,003
Oracle
Corporation
136,000
6.900%, 
11/9/2052
147,653
225,000
3.850%, 
7/15/2036
184,329
408,000
4.000%, 
7/15/2046
302,269
Pitney
Bowes,
Inc.
18,000
6.875%, 
3/15/2027
a,b
16,223
PTC,
Inc.
58,000
3.625%, 
2/15/2025
b
56,807
70,000
4.000%, 
2/15/2028
b
64,849
RingCentral,
Inc.
70,000
8.500%, 
8/15/2030
b
71,226
Rocket
Software,
Inc.
43,000
9.000%, 
11/28/2028
b,g
43,163
Roper
Technologies,
Inc.
165,000
1.750%, 
2/15/2031
129,539
S&P
Global,
Inc.
34,000
5.250%, 
9/15/2033
b
33,694
Seagate
HDD
Cayman
41,000
8.500%, 
7/15/2031
b
43,776
79,925
9.625%, 
12/1/2032
89,656
Sensata
Technologies,
Inc.
80,000
3.750%, 
2/15/2031
b
67,606
Shift4
Payments,
LLC/Shift4
Payments
Finance
Sub,
Inc.
30,000
4.625%, 
11/1/2026
b
28,885
SS&C
Technologies,
Inc.
102,000
5.500%, 
9/30/2027
b
99,146
Texas
Instruments,
Inc.
136,000
5.050%, 
5/18/2063
123,201
UKG,
Inc.
72,000
6.875%, 
2/1/2031
b
72,137
Viavi
Solutions,
Inc.
78,000
3.750%, 
10/1/2029
b
65,498
Visa,
Inc.
280,000
2.700%, 
4/15/2040
198,418
VMware,
LLC
108,000
4.650%, 
5/15/2027
104,993
200,000
2.200%, 
8/15/2031
158,112
Xerox
Holdings
Corporation
9,000
5.000%, 
8/15/2025
b
8,744
101,000
5.500%, 
8/15/2028
b
87,639
Total
7,107,843
Transportation
(0.2%)
Air
Canada
35,000
3.875%, 
8/15/2026
b
33,202
American
Airlines
Group,
Inc.
24,000
3.750%, 
3/1/2025
b
23,351
American
Airlines,
Inc./
AAdvantage
Loyalty
IP,
Ltd.
192,000
5.500%, 
4/20/2026
b
189,773
34,575
5.750%, 
4/20/2029
b
33,390
Avis
Budget
Car
Rental,
LLC/Avis
Budget
Finance,
Inc.
44,000
5.375%, 
3/1/2029
b
39,137
Burlington
Northern
Santa
Fe,
LLC
168,000
2.875%, 
6/15/2052
103,421
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
260
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Transportation
(0.2%)
-
continued
$
130,000
5.750%, 
5/1/2040
$
131,342
136,000
4.450%, 
3/15/2043
116,091
Canadian
Pacific
Railway
Company
136,000
4.700%, 
5/1/2048
114,383
CSX
Corporation
165,000
3.800%, 
4/15/2050
122,590
Delta
Air
Lines,
Inc./SkyMiles
IP,
Ltd.
285,000
4.750%, 
10/20/2028
b
275,903
ERAC
USA
Finance,
LLC
136,000
5.400%, 
5/1/2053
b
127,857
Hawaiian
Brand
Intellectual
Property,
Ltd.
56,000
5.750%, 
1/20/2026
b
52,522
Hertz
Corporation
23,000
5.000%, 
12/1/2029
a,b
15,794
Mileage
Plus
Holdings,
LLC
221,000
6.500%, 
6/20/2027
b
221,373
Penske
Truck
Leasing
Company,
LP/PTL
Finance
Corporation
127,000
5.750%, 
5/24/2026
b
127,039
Rand
Parent,
LLC
72,000
8.500%, 
2/15/2030
a,b
71,202
RXO,
Inc.
84,000
7.500%, 
11/15/2027
b
85,100
Southwest
Airlines
Company
189,000
2.625%, 
2/10/2030
160,390
Stena
International
SA
57,000
7.250%, 
1/15/2031
b
57,046
Union
Pacific
Corporation
272,000
2.973%, 
9/16/2062
158,033
United
Airlines,
Inc.
77,000
4.375%, 
4/15/2026
b
74,065
VistaJet
Malta
Finance
plc/Vista
Management
Holding,
Inc.
20,000
7.875%, 
5/1/2027
b
17,786
90,000
6.375%, 
2/1/2030
a,b
69,645
Total
2,420,435
U.S.
Government
&
Agencies
(12.3%)
U.S.
Treasury
Bonds
756,000
3.625%, 
5/15/2053
617,912
4,000,000
1.625%, 
11/15/2050
2,090,312
2,300,000
4.750%, 
11/15/2053
2,288,141
2,190,000
5.250%, 
11/15/2028
2,233,458
550,000
4.375%, 
5/15/2040
524,219
7,335,000
1.375%, 
11/15/2040
4,445,125
2,000,000
3.000%, 
5/15/2042
1,544,766
264,000
3.375%, 
5/15/2044
212,231
4,999,000
2.500%, 
5/15/2046
3,379,988
7,300,000
2.875%, 
5/15/2049
5,187,277
U.S.
Treasury
Notes
7,150,000
1.250%, 
8/31/2024
7,052,805
2,540,000
2.250%, 
11/15/2024
2,498,055
1,090,000
2.125%, 
11/30/2024
1,069,722
950,000
1.375%, 
1/31/2025
922,678
9,700,000
3.875%, 
3/31/2025
9,581,118
5,000,000
0.250%, 
8/31/2025
4,685,352
5,900,000
5.000%, 
8/31/2025
5,884,789
2,500,000
4.250%, 
12/31/2025
2,464,941
7,440,000
2.625%, 
1/31/2026
7,133,100
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
U.S.
Government
&
Agencies
(12.3%)
-
continued
$
3,610,000
0.500%, 
2/28/2026
$
3,323,174
9,300,000
2.500%, 
2/28/2026
8,883,316
20,100,000
4.625%, 
2/28/2026
19,944,539
4,200,000
0.500%, 
4/30/2027
3,693,047
2,285,000
2.250%, 
11/15/2027
2,094,970
4,700,000
3.875%, 
12/31/2027
4,551,289
1,700,000
0.750%, 
1/31/2028
1,465,254
3,400,000
3.500%, 
1/31/2028
3,247,133
3,200,000
3.625%, 
3/31/2028
3,066,750
5,450,000
2.875%, 
5/15/2028
5,071,055
1,800,000
3.750%, 
12/31/2028
1,725,609
5,095,000
1.375%, 
11/15/2031
4,030,225
5,025,000
4.125%, 
11/15/2032
4,824,785
3,300,000
4.500%, 
11/15/2033
3,251,531
Total
132,988,666
Utilities
(0.7%)
AES
Corporation
271,000
3.950%, 
7/15/2030
b
241,710
Ameren
Illinois
Company
150,000
4.500%, 
3/15/2049
124,895
American
Electric
Power
Company,
Inc.
132,000
5.200%, 
1/15/2029
129,882
119,000
5.625%, 
3/1/2033
116,322
American
Water
Capital
Corporation
133,000
5.450%, 
3/1/2054
125,439
Appalachian
Power
Company
85,000
3.300%, 
6/1/2027
79,296
Atmos
Energy
Corporation
102,000
5.900%, 
11/15/2033
104,674
Berkshire
Hathaway
Energy
Company
228,000
4.500%, 
2/1/2045
193,118
Calpine
Corporation
78,000
4.500%, 
2/15/2028
b
72,842
CenterPoint
Energy
Resources
Corporation
250,000
1.750%, 
10/1/2030
199,809
CenterPoint
Energy,
Inc.
42,000
4.250%, 
11/1/2028
39,362
Commonwealth
Edison
Company
205,000
3.700%, 
3/1/2045
152,250
Consolidated
Edison
Company
of
New
York,
Inc.
69,000
4.500%, 
12/1/2045
57,382
325,000
4.125%, 
5/15/2049
251,113
Constellation
Energy
Generation,
LLC
68,000
6.125%, 
1/15/2034
69,582
Consumers
Energy
Company
175,000
4.350%, 
4/15/2049
144,255
DTE
Electric
Company
115,000
3.700%, 
3/15/2045
86,704
145,000
3.700%, 
6/1/2046
106,930
Duke
Energy
Carolinas,
LLC
215,000
3.700%, 
12/1/2047
154,341
Duke
Energy
Indiana,
LLC
185,000
3.750%, 
5/15/2046
135,898
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
261
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Utilities
(0.7%)
-
continued
Edison
International
$
193,000
5.750%, 
6/15/2027
$
192,994
Eversource
Energy
169,000
4.750%, 
5/15/2026
165,899
Exelon
Corporation
200,000
4.700%, 
4/15/2050
166,324
263,000
4.450%, 
4/15/2046
212,898
FirstEnergy
Corporation
170,000
5.100%, 
7/15/2047
141,374
Georgia
Power
Company
116,000
4.950%, 
5/17/2033
110,433
67,000
5.250%, 
3/15/2034
65,181
ITC
Holdings
Corporation
80,000
5.300%, 
7/1/2043
72,193
Jersey
Central
Power
&
Light
Company
150,000
2.750%, 
3/1/2032
b
121,830
MidAmerican
Energy
Company
154,000
5.850%, 
9/15/2054
154,903
National
Rural
Utilities
Cooperative
Finance
Corporation
84,000
3.700%, 
3/15/2029
78,003
NextEra
Energy
Capital
Holdings,
Inc.
135,000
5.749%, 
9/1/2025
135,086
NextEra
Energy
Operating
Partners,
LP
131,000
3.875%, 
10/15/2026
b
122,551
NiSource
Finance
Corporation
255,000
5.650%, 
2/1/2045
238,814
NRG
Energy,
Inc.
29,000
3.375%, 
2/15/2029
b
25,432
204,000
4.450%, 
6/15/2029
b
189,326
40,000
5.250%, 
6/15/2029
b
37,832
Pacific
Gas
and
Electric
Company
175,000
3.300%, 
12/1/2027
160,750
135,000
5.550%, 
5/15/2029
133,514
126,000
4.550%, 
7/1/2030
116,950
135,000
6.950%, 
3/15/2034
142,672
66,000
5.800%, 
5/15/2034
64,443
PG&E
Corporation
94,000
5.000%, 
7/1/2028
89,566
PPL
Electric
Utilities
Corporation
132,000
3.950%, 
6/1/2047
101,589
Public
Service
Company
of
Colorado
171,000
4.500%, 
6/1/2052
136,308
Public
Service
Enterprise
Group,
Inc.
135,000
5.875%, 
10/15/2028
136,305
San
Diego
Gas
&
Electric
Company
270,000
4.150%, 
5/15/2048
212,470
Southern
California
Edison
Company
175,000
4.000%, 
4/1/2047
130,976
Southern
Company
272,000
5.113%, 
8/1/2027
268,049
Southern
Company
Gas
Capital
Corporation
145,000
4.400%, 
5/30/2047
115,072
Principal
Amount
Long-Term
Fixed
Income
(37.0%)
Value
Utilities
(0.7%)
-
continued
Southwestern
Electric
Power
Company
$
136,000
3.900%, 
4/1/2045
$
98,211
Talen
Energy
Supply,
LLC
66,000
8.625%, 
6/1/2030
b
69,830
TerraForm
Power
Operating,
LLC
155,000
5.000%, 
1/31/2028
b
144,641
Virginia
Electric
and
Power
Company
48,000
5.350%, 
1/15/2054
44,520
125,000
4.600%, 
12/1/2048
103,315
Vistra
Corporation
35,000
7.000%, 
12/15/2026
b,d,h
34,572
Vistra
Operations
Company,
LLC
190,000
5.125%, 
5/13/2025
b
187,151
217,000
5.000%, 
7/31/2027
b
206,525
Xcel
Energy,
Inc.
102,000
4.600%, 
6/1/2032
93,590
Total
7,607,896
Total
Long-Term
Fixed
Income
(cost
$435,920,558)
399,422,403
Shares
Common
Stock
(
10.5%
)
Value
Communications
Services
(0.6%)
6,496
Alphabet,
Inc.,
Class
A
j
1,057,419
5,911
Alphabet,
Inc.,
Class
C
j
973,187
3,764
Altice
USA,
Inc.
j
7,265
1,292
AMC
Networks,
Inc.
j
13,721
470
Bandwidth,
Inc.
j
8,554
12,018
Cargurus,
Inc.
j
269,924
1,619
Cogent
Communications
Holdings
103,907
2,929
Comcast
Corporation
111,624
946
E.W.
Scripps
Company
j
3,557
3,842
Electronic
Arts,
Inc.
487,242
1,686
Emerald
Holding,
Inc.
j
9,695
499
Entravision
Communications
Corporation
a
1,043
2,714
iHeartMedia,
Inc.
j
5,699
832
Imax
Corporation
j
13,320
6,104
Integral
Ad
Science
Holding
Corporation
j
58,537
458
Interpublic
Group
of
Companies,
Inc.
13,942
969
Iridium
Communications,
Inc.
29,836
406
Liberty
Global,
Ltd.,
Class
A
j
6,453
1,458
Liberty
Latin
America,
Ltd.,
Class
A
j
11,008
263
Liberty
Media
Corporation-Liberty
Live
Group
j
9,815
104
Live
Nation
Entertainment,
Inc.
j
9,247
10,935
Lumen
Technologies,
Inc.
a,j
13,013
220
Match
Group,
Inc.
j
6,780
3,243
Meta
Platforms,
Inc.
1,395,041
799
Netflix,
Inc.
j
439,961
85
Omnicom
Group,
Inc.
7,891
6,512
Pinterest,
Inc.
j
217,826
11,650
QuinStreet,
Inc.
j
210,749
705
Roku,
Inc.
j
40,650
486
Sinclair,
Inc.
5,978
431
TechTarget,
Inc.
j
11,853
1,177
Telephone
and
Data
Systems,
Inc.
18,420
3,335
Trade
Desk,
Inc.
j
276,305
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
262
Shares
Common
Stock
(10.5%)
Value
Communications
Services
(0.6%)
-
continued
4,346
Verizon
Communications,
Inc.
$
171,624
963
Warner
Brothers
Discovery,
Inc.
j
7,088
301
Windstream
Services,
LLC
j
3,687
Total
6,031,861
Consumer
Discretionary
(1.1%)
26
Adient
plc
j
777
13,093
Amazon.com,
Inc.
j
2,291,275
192
American
Axle
&
Manufacturing
Holdings,
Inc.
j
1,409
2,606
American
Eagle
Outfitters,
Inc.
63,222
488
Aptiv
plc
j
34,648
1,143
Autoliv,
Inc.
136,920
137
Beazer
Homes
USA,
Inc.
j
3,840
182
Best
Buy
Company,
Inc.
13,403
2,439
Boot
Barn
Holdings,
Inc.
j
259,680
1,416
Brunswick
Corporation
114,186
525
Buckle,
Inc.
19,630
43
Carvana
Company
j
3,566
6
Cavco
Industries,
Inc.
j
2,185
124
Chipotle
Mexican
Grill,
Inc.
j
391,790
3,000
Columbia
Sportswear
Company
238,890
26
Container
Store
Group,
Inc.
j
22
6,846
Cooper-Standard
Holdings,
Inc.
j
105,634
167
Coursera,
Inc.
j
1,707
604
Crocs,
Inc.
j
75,120
182
Culp,
Inc.
j
830
2,665
Dana,
Inc.
33,126
58
Darden
Restaurants,
Inc.
8,898
207
Deckers
Outdoor
Corporation
j
169,423
141
DoorDash,
Inc.
j
18,226
11
Dorman
Products,
Inc.
j
962
1,467
eBay,
Inc.
75,609
112
El
Pollo
Loco
Holdings,
Inc.
j
954
345
Etsy,
Inc.
j
23,691
1,852
Everi
Holdings,
Inc.
j
15,131
392
Expedia
Group,
Inc.
j
52,775
1,060
Five
Below,
Inc.
j
155,120
33
Fox
Factory
Holding
Corporation
j
1,284
2,595
Gap,
Inc.
53,249
537
Garmin,
Ltd.
77,580
3,662
Gentex
Corporation
125,607
344
Genuine
Parts
Company
54,080
994
Goodyear
Tire
&
Rubber
Company
j
11,888
13
Graham
Holdings
Company
9,118
1,304
Grand
Canyon
Education,
Inc.
j
169,546
467
Green
Brick
Partners,
Inc.
j
25,279
3,899
Hanesbrands,
Inc.
j
17,779
183
Harley-Davidson,
Inc.
6,293
4,259
Hilton
Worldwide
Holdings,
Inc.
840,216
1,913
Home
Depot,
Inc.
639,363
933
Kohl's
Corporation
22,336
2,623
Laureate
Education,
Inc.
38,034
445
Lear
Corporation
56,012
502
Leggett
&
Platt,
Inc.
9,071
150
Lennar
Corporation
22,743
159
Light
&
Wonder,
Inc.
j
14,192
2,152
LKQ
Corporation
92,816
723
Lululemon
Athletica,
Inc.
j
260,714
65
M/I
Homes,
Inc.
j
7,554
2,656
McDonald's
Corporation
725,194
988
Meritage
Homes
Corporation
163,751
9,779
Mobileye
Global,
Inc.
j
269,412
1,481
Modine
Manufacturing
Company
j
137,185
574
Mohawk
Industries,
Inc.
j
66,194
Shares
Common
Stock
(10.5%)
Value
Consumer
Discretionary
(1.1%)
-
continued
884
Nordstrom,
Inc.
$
16,805
58
NVR,
Inc.
j
431,453
592
O'Reilly
Automotive,
Inc.
j
599,850
396
Polaris,
Inc.
33,723
625
Pool
Corporation
226,581
7,101
Qurate
Retail,
Inc.
j
5,834
247
Ralph
Lauren
Corporation
40,419
505
Ross
Stores,
Inc.
65,423
5,298
Savers
Value
Village,
Inc.
j
87,523
66
Shake
Shack,
Inc.
j
6,986
6,412
SharkNinja,
Inc.
412,163
5,786
Skyline
Champion
Corporation
j
433,892
4,582
Starbucks
Corporation
405,461
11,308
Stoneridge,
Inc.
j
169,394
2,100
Tesla,
Inc.
j
384,888
1,824
Texas
Roadhouse,
Inc.
293,263
15,834
ThredUp,
Inc.
j
25,334
63
TopBuild
Corporation
j
25,494
1,678
Travel
+
Leisure
Company
73,060
1
Ulta
Beauty,
Inc.
j
405
253
United
Parks
&
Resorts,
Inc.
j
12,858
681
Upbound
Group,
Inc.
21,118
1,376
Urban
Outfitters,
Inc.
j
53,609
13
Visteon
Corporation
j
1,438
791
Wendy's
Company
15,812
112
Wingstop,
Inc.
43,097
3,644
Wyndham
Hotels
&
Resorts,
Inc.
267,870
Total
12,382,892
Consumer
Staples
(0.4%)
10,121
Altria
Group,
Inc.
443,401
67
Archer-Daniels-Midland
Company
3,930
639
BellRing
Brands,
Inc.
j
35,254
3,518
BJ's
Wholesale
Club
Holdings,
Inc.
j
262,724
902
Casey's
General
Stores,
Inc.
288,261
4,942
Celsius
Holdings,
Inc.
j
352,216
2,989
Coca-Cola
Company
184,631
203
Costco
Wholesale
Corporation
146,749
115
Darling
Ingredients,
Inc.
j
4,873
88
Dollar
Tree,
Inc.
j
10,406
1,174
e.l.f.
Beauty,
Inc.
j
190,810
383
Flowers
Foods,
Inc.
9,552
986
J
&
J
Snack
Foods
Corporation
135,368
1,795
John
B.
Sanfilippo
&
Son,
Inc.
178,961
542
Kroger
Company
30,016
2,496
Lancaster
Colony
Corporation
476,262
23
McCormick
&
Company,
Inc.
1,749
328
PepsiCo,
Inc.
57,698
5,781
Pilgrim's
Pride
Corporation
j
208,232
76
PriceSmart,
Inc.
6,125
3,712
Procter
&
Gamble
Company
605,798
578
Sysco
Corporation
42,957
3,688
Turning
Point
Brands,
Inc.
106,362
1,652
Tyson
Foods,
Inc.
100,194
507
US
Foods
Holding
Corporation
j
25,477
8,978
Walmart,
Inc.
532,844
Total
4,440,850
Energy
(0.4%)
4,075
Archrock,
Inc.
78,199
2,403
Baker
Hughes
Company
78,386
171
Cactus,
Inc.
8,488
325
California
Resources
Corporation
17,180
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
263
Shares
Common
Stock
(10.5%)
Value
Energy
(0.4%)
-
continued
2,679
Chesapeake
Energy
Corporation
$
240,789
646
Chevron
Corporation
104,180
1,338
Delek
US
Holdings,
Inc.
36,568
1,533
Devon
Energy
Corporation
78,459
4,733
EOG
Resources,
Inc.
625,371
1,359
Expro
Group
Holdings
NV
j
25,495
2,597
Exxon
Mobil
Corporation
307,147
313
Gulfport
Energy
Corporation
j
49,676
2,377
Halliburton
Company
89,066
126
International
Seaways,
Inc.
6,967
526
Kodiak
Gas
Services,
Inc.
14,297
2,122
Liberty
Energy,
Inc.
46,684
364
Marathon
Oil
Corporation
9,773
5,388
Matador
Resources
Company
335,672
920
Murphy
Oil
Corporation
41,069
695
Noble
Corporation
plc
30,844
12,395
NOV,
Inc.
229,184
937
Ovintiv,
Inc.
48,087
1,467
Par
Pacific
Holdings,
Inc.
j
45,184
725
Phillips
66
103,827
207
Pioneer
Natural
Resources
Company
55,749
4,661
ProPetro
Holding
Corporation
j
40,644
3,167
Schlumberger
NV
150,369
1,696
SM
Energy
Company
82,239
19,263
TechnipFMC
plc
493,518
1,593
TETRA
Technologies,
Inc.
j
6,834
939
Viper
Energy,
Inc.
35,832
9,722
Williams
Companies,
Inc.
372,936
Total
3,888,713
Financials
(1.6%)
436
1st
Source
Corporation
21,626
329
Allstate
Corporation
55,950
9,266
Ally
Financial,
Inc.
355,351
547
Amalgamated
Financial
Corporation
13,423
206
American
Express
Company
48,210
327
Ameriprise
Financial,
Inc.
134,655
114
Ameris
Bancorp
5,413
1,660
Annaly
Capital
Management,
Inc.
31,108
8
Apollo
Global
Management,
Inc.
867
1,230
Arch
Capital
Group,
Ltd.
j
115,054
848
Arthur
J.
Gallagher
&
Company
199,017
835
Artisan
Partners
Asset
Management,
Inc.
34,177
288
Associated
Banc-Corp
6,068
380
Assurant,
Inc.
66,272
307
Assured
Guaranty,
Ltd.
23,547
149
Atlantic
Union
Bankshares
Corporation
4,734
118
Axis
Capital
Holdings,
Ltd.
7,237
80
Axos
Financial,
Inc.
j
4,049
249
Bancorp,
Inc.
j
7,455
6,073
Bank
of
America
Corporation
224,762
24
Bank
of
Hawaii
Corporation
1,361
613
Bank
of
Marin
Bancorp
8,803
3,159
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
107,406
1,331
Bank
of
New
York
Mellon
Corporation
75,188
324
Bank
OZK
14,467
329
BankFinancial
Corporation
3,181
50
BankUnited,
Inc.
1,336
519
Banner
Corporation
22,644
92
Bar
Harbor
Bankshares
2,307
Shares
Common
Stock
(10.5%)
Value
Financials
(1.6%)
-
continued
106
BayCom
Corporation
$
2,097
618
BCB
Bancorp,
Inc.
5,822
2,283
Berkshire
Hathaway,
Inc.
j
905,735
1,743
Berkshire
Hills
Bancorp,
Inc.
37,161
364
BlackRock,
Inc.
274,689
385
Block,
Inc.
j
28,105
4,887
Blue
Owl
Capital,
Inc.
92,315
39
BOK
Financial
Corporation
3,460
7,390
Bridgewater
Bancshares,
Inc.
j
80,403
619
Brighthouse
Financial,
Inc.
j
29,867
680
BrightSpire
Capital,
Inc.
4,277
3,885
Brookline
Bancorp,
Inc.
32,245
2,747
Brown
&
Brown,
Inc.
223,990
582
Business
First
Bancshares,
Inc.
11,751
817
Byline
Bancorp,
Inc.
17,704
591
Cadence
Bank
16,353
107
Camden
National
Corporation
3,341
38
Capital
City
Bank
Group,
Inc.
1,008
1,500
Capitol
Federal
Financial,
Inc.
7,155
2,166
Carlyle
Group,
Inc.
97,037
1,119
Cathay
General
Bancorp
38,538
1,400
Cboe
Global
Markets,
Inc.
253,610
3,143
Central
Pacific
Financial
Corporation
62,671
1,771
Chubb,
Ltd.
440,341
463
Cincinnati
Financial
Corporation
53,564
1,166
Citigroup,
Inc.
71,511
187
Citizens
Financial
Group,
Inc.
6,379
516
CNB
Financial
Corporation
9,804
871
CNO
Financial
Group,
Inc.
22,933
94
Coinbase
Global,
Inc.
j
19,169
4,534
Columbia
Banking
System,
Inc.
85,285
468
Comerica,
Inc.
23,480
448
Commerce
Bancshares,
Inc.
24,497
27
Community
Bank
System,
Inc.
1,167
1,267
Community
Trust
Bancorp,
Inc.
53,227
57
Community
West
Bancshares
979
229
ConnectOne
Bancorp,
Inc.
4,101
124
Corpay,
Inc.
j
37,465
210
Cullen/Frost
Bankers,
Inc.
21,911
654
Customers
Bancorp,
Inc.
j
29,868
100
CVB
Financial
Corporation
1,634
255
Dime
Community
Bancshares,
Inc.
4,641
180
Discover
Financial
Services
22,811
663
Eagle
Bancorp,
Inc.
12,259
615
East
West
Bancorp,
Inc.
45,811
1,697
Ellington
Credit
Company
11,217
256
Employers
Holdings,
Inc.
10,903
478
Enova
International,
Inc.
j
28,933
47
Enterprise
Bancorp,
Inc./MA
1,142
1,253
Enterprise
Financial
Services
Corporation
47,627
258
Equity
Bancshares,
Inc.
8,594
51
EVERTEC,
Inc.
1,914
10,712
F.N.B.
Corporation
142,898
110
FactSet
Research
Systems,
Inc.
45,858
101
Farmers
National
Banc
Corporation
1,195
3,019
Federated
Hermes,
Inc.
99,174
424
Fidelity
National
Information
Services,
Inc.
28,798
359
Fifth
Third
Bancorp
13,089
854
Financial
Institutions,
Inc.
14,706
241
First
Bancorp/Puerto
Rico
4,157
1,988
First
Bancshares,
Inc.
47,593
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
264
Shares
Common
Stock
(10.5%)
Value
Financials
(1.6%)
-
continued
4
First
Citizens
BancShares,
Inc./NC
$
6,747
1,277
First
Commonwealth
Financial
Corporation
16,844
438
First
Financial
Bancorp
9,684
354
First
Financial
Bankshares,
Inc.
10,464
345
First
Financial
Corporation
12,561
187
First
Hawaiian,
Inc.
3,944
2,226
First
Horizon
Corporation
33,212
148
First
Internet
Bancorp
4,595
863
First
Interstate
BancSystem,
Inc.
23,042
281
First
Merchants
Corporation
9,391
546
First
Mid-Illinois
Bancshares,
Inc.
16,904
1,030
First
of
Long
Island
Corporation
9,754
1,483
Fiserv,
Inc.
j
226,410
47
Five
Star
Bancorp
1,016
1,061
Flushing
Financial
Corporation
11,692
402
Flywire
Corporation
j
8,241
1,420
Fulton
Financial
Corporation
23,501
5,148
Glacier
Bancorp,
Inc.
186,255
555
Global
Payments,
Inc.
68,137
746
Great
Southern
Bancorp,
Inc.
38,344
467
Green
Dot
Corporation
j
4,086
1,574
Hamilton
Lane,
Inc.
175,847
774
Hancock
Whitney
Corporation
35,132
4,143
Hanmi
Financial
Corporation
63,388
267
Hanover
Insurance
Group,
Inc.
34,662
604
Hartford
Financial
Services
Group,
Inc.
58,522
3,860
Heartland
Financial
USA,
Inc.
162,545
1,583
Heritage
Commerce
Corporation
12,569
1,703
Heritage
Financial
Corporation
30,211
537
Home
BancShares,
Inc.
12,716
1,198
Hometrust
Bancshares,
Inc.
30,789
3,128
Hope
Bancorp,
Inc.
31,343
74
Horace
Mann
Educators
Corporation
2,728
1,163
Horizon
Bancorp,
Inc.
13,351
4,854
Houlihan
Lokey,
Inc.
618,836
641
Huntington
Bancshares,
Inc./OH
8,634
1,031
Independent
Bank
Corporation
51,797
960
Independent
Bank
Corporation/MI
23,818
4,255
Intercontinental
Exchange,
Inc.
547,874
92
International
Bancshares
Corporation
5,120
4,941
Invesco,
Ltd.
70,014
3,112
J.P.
Morgan
Chase
&
Company
596,695
1,213
Jack
Henry
&
Associates,
Inc.
197,343
2,626
Janus
Henderson
Group
plc
81,984
154
Jefferies
Financial
Group,
Inc.
6,631
2,259
Kearny
Financial
Corporation/MD
12,199
1,773
KeyCorp
25,691
1,674
Kinsale
Capital
Group,
Inc.
608,081
265
KKR
&
Company,
Inc.
24,664
452
KKR
Real
Estate
Finance
Trust,
Inc.
4,253
640
Lazard,
Inc.
24,640
168
LendingTree,
Inc.
j
8,109
85
M&T
Bank
Corporation
12,273
2,855
Marsh
&
McLennan
Companies,
Inc.
569,373
1,304
Mastercard,
Inc.
588,365
491
Mercantile
Bank
Corporation
17,715
2,292
MFA
Financial,
Inc.
24,272
11,948
MGIC
Investment
Corporation
242,305
123
Mid
Penn
Bancorp,
Inc.
2,488
Shares
Common
Stock
(10.5%)
Value
Financials
(1.6%)
-
continued
801
Midland
States
Bancorp,
Inc.
$
17,542
2,073
MidWestOne
Financial
Group,
Inc.
41,812
430
Moody's
Corporation
159,242
1,080
Mr.
Cooper
Group,
Inc.
j
83,376
1,670
MSCI,
Inc.
777,869
51
MVB
Financial
Corporation
916
10,568
Nasdaq,
Inc.
632,495
961
National
Bank
Holdings
Corporation
31,454
795
Navient
Corporation
11,941
272
NCR
Atleos
Corporation
j
5,421
12
Nelnet,
Inc.
1,130
3,739
NMI
Holdings,
Inc.
j
115,386
3,023
Northern
Trust
Corporation
249,065
704
Northfield
Bancorp,
Inc.
5,871
39
Northrim
BanCorp,
Inc.
1,864
1,644
Northwest
Bancshares,
Inc.
17,426
5,550
NU
Holdings,
Ltd./Cayman
Islands
j
60,273
3,303
OceanFirst
Financial
Corporation
48,752
1,492
OFG
Bancorp
53,876
1,000
Old
National
Bancorp
16,540
688
Old
Republic
International
Corporation
20,544
824
Old
Second
Bancorp,
Inc.
11,289
2,205
OneMain
Holdings,
Inc.
114,903
1,053
Pacific
Premier
Bancorp,
Inc.
22,640
852
PayPal
Holdings,
Inc.
j
57,868
205
PCB
Bancorp
2,985
164
PennyMac
Financial
Services,
Inc.
14,045
459
Peoples
Bancorp,
Inc./OH
13,329
266
Pinnacle
Financial
Partners,
Inc.
20,402
109
PNC
Financial
Services
Group,
Inc.
16,705
244
Popular,
Inc.
20,738
720
Premier
Financial
Corporation
13,954
643
Principal
Financial
Group,
Inc.
50,887
62
PROG
Holdings,
Inc.
2,061
2,384
Prosperity
Bancshares,
Inc.
147,736
2,786
Provident
Financial
Services,
Inc.
40,898
255
Prudential
Financial,
Inc.
28,172
3,470
Radian
Group,
Inc.
103,649
387
Raymond
James
Financial,
Inc.
47,214
406
Regions
Financial
Corporation
7,824
4,433
Rithm
Capital
Corporation
49,295
2,481
RLI
Corporation
350,689
523
S&T
Bancorp,
Inc.
15,768
998
Sandy
Spring
Bancorp,
Inc.
20,409
6,770
SEI
Investments
Company
446,482
96
ServisFirst
Bancshares,
Inc.
5,660
574
Shore
Bancshares,
Inc.
5,941
6
Simmons
First
National
Corporation
103
240
Skyward
Specialty
Insurance
Group,
Inc.
j
8,381
95
SmartFinancial,
Inc.
1,952
54
Southern
First
Bancshares,
Inc.
j
1,394
31
Southern
Missouri
Bancorp,
Inc.
1,243
109
Southside
Bancshares,
Inc.
2,906
261
SouthState
Corporation
19,758
629
Stellar
Bancorp,
Inc.
13,964
395
StepStone
Group,
Inc.
14,248
46
Synchrony
Financial
2,023
471
Synovus
Financial
Corporation
16,857
488
TPG,
Inc.
21,033
3,542
Tradeweb
Markets,
Inc.
360,257
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
265
Shares
Common
Stock
(10.5%)
Value
Financials
(1.6%)
-
continued
451
TriCo
Bancshares
$
15,681
4,156
Triumph
Financial,
Inc.
j
292,416
135
Truist
Financial
Corporation
5,069
615
TrustCo
Bank
Corporation
NY
16,371
1,409
Two
Harbors
Investment
Corporation
17,796
532
U.S.
Bancorp
21,615
109
UMB
Financial
Corporation
8,683
356
United
Bankshares,
Inc.
11,556
211
United
Community
Banks,
Inc.
5,324
690
Univest
Financial
Corporation
14,400
195
Unum
Group
9,887
3,674
Valley
National
Bancorp
25,755
814
Veritex
Holdings,
Inc.
15,857
1,954
Virtu
Financial,
Inc.
42,402
965
Visa,
Inc.
259,209
717
Voya
Financial,
Inc.
48,871
732
WaFd,
Inc.
19,830
126
Walker
&
Dunlop,
Inc.
11,545
1,363
Webster
Financial
Corporation
59,740
2,960
Wells
Fargo
&
Company
175,587
741
Westamerica
Bancorporation
34,494
4,826
Western
Alliance
Bancorp
274,262
4,384
Western
Union
Company
58,921
188
Willis
Towers
Watson
plc
47,214
211
Wintrust
Financial
Corporation
20,391
57
WSFS
Financial
Corporation
2,436
2,246
Zions
Bancorp
NA
91,592
Total
17,142,799
Health
Care
(1.2%)
5,892
Abbott
Laboratories
624,375
1,828
AbbVie,
Inc.
297,306
954
ACADIA
Pharmaceuticals,
Inc.
j
15,941
5,721
Agilent
Technologies,
Inc.
784,006
300
Agios
Pharmaceuticals,
Inc.
j
9,750
1,104
Align
Technology,
Inc.
j
311,748
247
Amgen,
Inc.
67,663
760
Amicus
Therapeutics,
Inc.
j
7,592
563
AMN
Healthcare
Services,
Inc.
j
33,769
1,155
Amneal
Pharmaceuticals,
Inc.
j
6,988
331
Anika
Therapeutics,
Inc.
j
8,570
1,012
Arcellx,
Inc.
j
50,620
430
Argenx
SE
ADR
j
161,465
74
Arvinas,
Inc.
j
2,351
1,210
Ascendis
Pharma
AS
ADR
j
167,512
7,468
Avantor,
Inc.
j
180,950
583
Azenta,
Inc.
j
30,584
72
Biogen,
Inc.
j
15,467
23
BioMarin
Pharmaceutical,
Inc.
j
1,857
30
Bio-Rad
Laboratories,
Inc.
j
8,092
4,447
Bio-Techne
Corporation
281,095
784
Bruker
Corporation
61,160
991
CareDx,
Inc.
j
7,690
1,610
Centene
Corporation
j
117,627
716
Charles
River
Laboratories
International,
Inc.
j
163,964
533
Chemed
Corporation
302,744
334
Cooper
Companies,
Inc.
29,746
121
Cullinan
Therapeutics,
Inc.
j
3,268
1,428
Danaher
Corporation
352,173
817
Deciphera
Pharmaceuticals,
Inc.
j
20,646
640
Definitive
Healthcare
Corporation
j
4,442
1,590
Denali
Therapeutics,
Inc.
j
24,550
3,437
Dentsply
Sirona,
Inc.
103,144
Shares
Common
Stock
(10.5%)
Value
Health
Care
(1.2%)
-
continued
2,628
Dexcom,
Inc.
j
$
334,781
2,754
Edwards
Lifesciences
Corporation
j
233,181
6,684
Elanco
Animal
Health,
Inc.
j
87,961
645
Eli
Lilly
&
Company
503,809
101
Enanta
Pharmaceuticals,
Inc.
j
1,388
5,849
Enovis
Corporation
j
323,040
1,538
Exelixis,
Inc.
j
36,081
2,663
Globus
Medical,
Inc.
j
132,591
1,668
GoodRx
Holdings,
Inc.
j
11,843
2,581
Haemonetics
Corporation
j
237,323
5,200
Halozyme
Therapeutics,
Inc.
j
198,120
1,314
HealthEquity,
Inc.
j
103,688
846
ICON
plc
j
252,006
14
IDEXX
Laboratories,
Inc.
j
6,899
178
Illumina,
Inc.
j
21,903
2,274
Immunocore
Holdings
plc
ADR
j
134,348
156
Incyte
Corporation
j
8,120
1,088
Inspire
Medical
Systems,
Inc.
j
262,926
196
Intuitive
Surgical,
Inc.
j
72,642
101
IQVIA
Holding,
Inc.
j
23,409
1,266
Johnson
&
Johnson
183,051
127
Kymera
Therapeutics,
Inc.
j
4,270
253
Laboratory
Corporation
of
America
Holdings
50,947
2,339
Legend
Biotech
Corporation
ADR
j
102,308
14
Ligand
Pharmaceuticals,
Inc.
j
978
205
LivaNova
plc
j
11,429
1,236
Masimo
Corporation
j
166,131
7
Medpace
Holdings,
Inc.
j
2,718
4,697
Medtronic
plc
376,887
1,168
Merck
&
Company,
Inc.
150,929
110
Molina
Healthcare,
Inc.
j
37,631
462
Myriad
Genetics,
Inc.
j
9,041
1,223
Natera,
Inc.
j
113,592
526
Novo
Nordisk
AS
ADR
67,491
1,364
Nuvation
Bio,
Inc.
j
4,078
12,989
Option
Care
Health,
Inc.
j
388,241
7,089
Paragon
28,
Inc.
j
65,361
8,479
Progyny,
Inc.
j
271,837
579
Prothena
Corporation
plc
j
11,777
396
PTC
Therapeutics,
Inc.
j
12,731
166
QIAGEN
NV
j
7,027
756
Recursion
Pharmaceuticals,
Inc.
a,j
5,912
1,569
Repligen
Corporation
j
257,630
916
Rocket
Pharmaceuticals,
Inc.
j
19,712
217
Royalty
Pharma
plc
6,011
1,272
Sarepta
Therapeutics,
Inc.
j
161,112
7,288
scPharmaceuticals,
Inc.
j
32,577
787
Shockwave
Medical,
Inc.
j
259,860
1,205
Stryker
Corporation
405,482
124
Teleflex,
Inc.
25,885
1,706
Thermo
Fisher
Scientific,
Inc.
970,236
577
UnitedHealth
Group,
Inc.
279,095
1,677
Veeva
Systems,
Inc.
j
332,985
784
Veracyte,
Inc.
j
15,343
2,876
Vericel
Corporation
j
131,922
1,292
Vertex
Pharmaceuticals,
Inc.
j
507,511
9,232
Viemed
Healthcare,
Inc.
j
75,610
97
West
Pharmaceutical
Services,
Inc.
34,676
382
Xenon
Pharmaceuticals,
Inc.
j
15,528
336
Zentalis
Pharmaceuticals,
Inc.
j
3,716
38
Zimmer
Biomet
Holdings,
Inc.
4,571
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
266
Shares
Common
Stock
(10.5%)
Value
Health
Care
(1.2%)
-
continued
1,954
Zoetis,
Inc.
$
311,155
Total
13,139,898
Industrials
(1.6%)
780
A.O.
Smith
Corporation
64,615
67
Acuity
Brands,
Inc.
16,636
2,941
Advanced
Drainage
Systems,
Inc.
461,737
2,967
AECOM
274,032
333
AGCO
Corporation
38,025
5,174
Air
Lease
Corporation
259,942
1,085
Alight,
Inc.
j
9,787
422
Allison
Transmission
Holdings,
Inc.
31,038
3,978
AMETEK,
Inc.
694,797
1,375
Armstrong
World
Industries,
Inc.
157,960
768
Atmus
Filtration
Technologies,
Inc.
j
23,263
2,092
Automatic
Data
Processing,
Inc.
506,034
183
Axon
Enterprise,
Inc.
j
57,400
3,857
AZEK
Company,
Inc.
j
176,033
301
AZZ,
Inc.
21,561
12,021
Badger
Infrastructure
Solutions,
Ltd.
392,506
1,320
Beacon
Roofing
Supply,
Inc.
j
130,060
17
Brady
Corporation
1,003
523
BWX
Technologies,
Inc.
50,088
566
Carlisle
Companies,
Inc.
219,749
1,300
Casella
Waste
Systems,
Inc.
j
117,520
152
Caterpillar,
Inc.
50,855
1,070
Cimpress
plc
j
91,239
32
Columbus
McKinnon
Corporation
1,321
247
CSW
Industrials,
Inc.
58,692
21,745
CSX
Corporation
722,369
237
Cummins,
Inc.
66,950
943
Curtiss-Wright
Corporation
238,975
532
DNOW,
Inc.
j
7,507
1,063
Donaldson
Company,
Inc.
76,749
4
Dover
Corporation
717
1,047
EMCOR
Group,
Inc.
373,957
22
ESCO
Technologies,
Inc.
2,232
17,108
ExlService
Holdings,
Inc.
j
496,132
732
Expeditors
International
of
Washington,
Inc.
81,479
12,042
Fastenal
Company
818,133
2,596
Ferguson
plc
544,900
3,112
Flowserve
Corporation
146,762
5,878
Fluor
Corporation
j
237,060
846
Gates
Industrial
Corporation
plc
j
14,907
220
Gibraltar
Industries,
Inc.
j
15,721
14
GMS,
Inc.
j
1,295
125
Gorman-Rupp
Company
4,146
1,354
Graco,
Inc.
108,591
2,553
Greenbrier
Companies,
Inc.
126,093
154
Griffon
Corporation
10,090
5,146
Helios
Technologies,
Inc.
232,085
178
Herc
Holdings,
Inc.
25,459
903
Hillman
Solutions
Corporation
j
8,633
18,237
Howmet
Aerospace,
Inc.
1,217,320
133
Huntington
Ingalls
Industries,
Inc.
36,832
1,282
IDEX
Corporation
282,630
5,282
Ingersoll
Rand,
Inc.
492,916
421
Interface,
Inc.
6,437
236
ITT
Corporation
30,524
21,170
Janus
International
Group,
Inc.
j
305,060
38
Johnson
Controls
International
plc
2,473
618
Kennametal,
Inc.
14,542
Shares
Common
Stock
(10.5%)
Value
Industrials
(1.6%)
-
continued
840
Kratos
Defense
&
Security
Solutions,
Inc.
j
$
14,969
3,262
Legalzoom.com,
Inc.
j
38,981
147
Leidos
Holdings,
Inc.
20,612
1,309
Lincoln
Electric
Holdings,
Inc.
287,365
1,130
Lyft,
Inc.
j
17,673
681
Masco
Corporation
46,614
8,905
Masterbrand,
Inc.
j
148,446
283
Matson,
Inc.
30,502
2,098
Maximus,
Inc.
168,427
1,645
Middleby
Corporation
j
228,606
2,920
Miller
Industries,
Inc.
142,233
830
Moog,
Inc.
132,028
1,053
Mueller
Water
Products,
Inc.
16,680
101
MYR
Group,
Inc.
j
16,791
32
National
Presto
Industries,
Inc.
2,624
113
Northrop
Grumman
Corporation
54,808
4,795
nVent
Electric
plc
345,576
1,622
Old
Dominion
Freight
Line,
Inc.
294,734
1,384
Oshkosh
Corporation
155,382
204
Otis
Worldwide
Corporation
18,605
3,087
Owens
Corning,
Inc.
519,264
876
PACCAR,
Inc.
92,952
79
Parker-Hannifin
Corporation
43,048
41
Paylocity
Holding
Corporation
j
6,362
4,006
Pentair
plc
316,835
423
Quanta
Services,
Inc.
109,371
1,688
Regal
Rexnord
Corporation
272,393
106
Republic
Services,
Inc.
20,320
432
Resideo
Technologies,
Inc.
j
8,437
591
REV
Group,
Inc.
12,919
753
Rockwell
Automation,
Inc.
204,033
310
Rush
Enterprises,
Inc.
13,615
587
Saia,
Inc.
j
232,939
7,558
Schneider
National,
Inc.
156,299
1,357
Sensata
Technologies
Holding
plc
51,987
1,025
Simpson
Manufacturing
Company,
Inc.
178,237
733
SiteOne
Landscape
Supply,
Inc.
j
115,000
993
SkyWest,
Inc.
j
72,519
42
Snap-On,
Inc.
11,254
237
SS&C
Technologies
Holdings,
Inc.
14,668
296
Standex
International
Corporation
51,172
1,819
Tennant
Company
211,877
643
Terex
Corporation
36,040
390
Textron,
Inc.
32,990
65
Thermon
Group
Holdings,
Inc.
j
2,075
3,575
Timken
Company
318,961
117
Titan
Machinery,
Inc.
j
2,604
2,207
Trane
Technologies
plc
700,369
3,130
TransUnion
228,490
195
Trex
Company,
Inc.
j
17,267
1,199
Uber
Technologies,
Inc.
j
79,458
9
UniFirst
Corporation/MA
1,441
350
United
Parcel
Service,
Inc.
51,618
252
United
Rentals,
Inc.
168,333
801
Upwork,
Inc.
j
9,372
832
Verra
Mobility
Corporation
j
19,619
94
Vertiv
Holdings
Company
8,742
44
Viad
Corporation
j
1,517
505
Watsco,
Inc.
226,099
1,397
WillScot
Mobile
Mini
Holdings
Corporation
j
51,633
Total
17,509,354
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
267
Shares
Common
Stock
(10.5%)
Value
Information
Technology
(2.6%)
1,016
Adobe,
Inc.
j
$
470,235
1,050
Advanced
Micro
Devices,
Inc.
j
166,299
1,185
Agilysys,
Inc.
j
98,414
381
Ambarella,
Inc.
j
17,515
6,320
Amphenol
Corporation
763,266
18,246
Apple,
Inc.
3,107,841
2,073
Applied
Materials,
Inc.
411,801
349
AppLovin
Corporation
j
24,629
1,381
Arista
Networks,
Inc.
j
354,309
4,597
ASGN,
Inc.
j
443,381
1,588
Autodesk,
Inc.
j
338,006
581
Broadcom,
Inc.
755,457
339
CDW
Corporation
81,991
4,529
Ciena
Corporation
j
209,376
8,860
Cisco
Systems,
Inc.
416,243
787
Clearwater
Analytics
Holdings,
Inc.
j
12,419
147
Coherent
Corporation
j
8,031
3,442
Cohu,
Inc.
j
104,361
1,530
CommScope
Holding
Company,
Inc.
j
1,368
134
CommVault
Systems,
Inc.
j
13,731
1,007
Credo
Technology
Group
Holding,
Ltd.
j
17,995
1,052
CyberArk
Software,
Ltd.
j
251,691
237
Datadog,
Inc.
j
29,743
1,628
Descartes
Systems
Group,
Inc.
j
151,062
100
DocuSign,
Inc.
j
5,660
529
Dolby
Laboratories,
Inc.
41,082
2,967
Dropbox,
Inc.
j
68,716
5,983
Dynatrace
Holdings,
LLC
j
271,090
119
Elastic
NV
j
12,164
1,116
Enphase
Energy,
Inc.
j
121,376
111
EPAM
Systems,
Inc.
j
26,114
434
F5,
Inc.
j
71,745
1,544
Fabrinet
j
267,220
5,186
Flex,
Ltd.
j
148,579
777
FormFactor,
Inc.
j
34,646
780
Fortinet,
Inc.
j
49,280
2
Gartner,
Inc.
j
825
7,633
Gilat
Satellite
Networks,
Ltd.
j
37,783
4,263
Gitlab,
Inc.
j
223,680
937
Globant
SA
j
167,339
2,902
GoDaddy,
Inc.
j
355,147
6,266
Grid
Dynamics
Holdings,
Inc.
j
61,219
5,468
Guidewire
Software,
Inc.
j
603,667
1,454
Hackett
Group,
Inc.
31,537
290
Hewlett
Packard
Enterprise
Company
4,930
18
HP,
Inc.
506
489
HubSpot,
Inc.
j
295,781
405
Insight
Enterprises,
Inc.
j
73,941
258
IPG
Photonics
Corporation
j
21,667
301
Itron,
Inc.
j
27,728
11,311
JFrog,
Ltd.
j
451,083
344
Keysight
Technologies,
Inc.
j
50,891
558
KLA
Corporation
384,624
8,158
Knowles
Corporation
j
129,141
464
Lam
Research
Corporation
415,006
6,065
Lattice
Semiconductor
Corporation
j
416,059
1,035
Littelfuse,
Inc.
238,712
285
LiveRamp
Holding,
Inc.
j
9,151
3,151
Marvell
Technology,
Inc.
207,682
19
Microchip
Technology,
Inc.
1,748
Shares
Common
Stock
(10.5%)
Value
Information
Technology
(2.6%)
-
continued
9,650
Microsoft
Corporation
$
3,757,035
283
MKS
Instruments,
Inc.
33,671
587
MongoDB,
Inc.
j
214,361
484
Monolithic
Power
Systems,
Inc.
323,956
267
Motorola
Solutions,
Inc.
90,553
1,263
NetApp,
Inc.
129,091
483
NICE,
Ltd.
ADR
j
107,955
761
Nova,
Ltd.
j
129,294
3,259
NVIDIA
Corporation
2,815,841
44
Okta,
Inc.
j
4,091
687
ON
Semiconductor
Corporation
j
48,200
1,353
Onto
Innovation,
Inc.
j
250,968
36
OSI
Systems,
Inc.
j
4,732
1,049
Palo
Alto
Networks,
Inc.
j
305,144
2,368
PDF
Solutions,
Inc.
j
71,229
1,800
Plexus
Corporation
j
181,818
86
Procore
Technologies,
Inc.
j
5,884
1,854
PTC,
Inc.
j
328,974
874
Q2
Holdings,
Inc.
j
44,915
100
Qorvo,
Inc.
j
11,684
5,778
QUALCOMM,
Inc.
958,281
376
Rapid7,
Inc.
j
16,845
2,038
Salesforce,
Inc.
548,100
594
ServiceNow,
Inc.
j
411,838
590
Shopify,
Inc.
j
41,418
1,525
Silicon
Laboratories,
Inc.
j
185,272
321
Skyworks
Solutions,
Inc.
34,215
1,266
SolarWinds
Corporation
13,951
3,550
Sprout
Social,
Inc.
j
179,098
728
SPS
Commerce,
Inc.
j
126,577
584
Synopsys,
Inc.
j
309,865
2,167
TE
Connectivity,
Ltd.
306,587
44
Teledyne
Technologies,
Inc.
j
16,785
313
Tenable
Holdings,
Inc.
j
14,076
160
Teradata
Corporation
j
5,936
7,338
Trimble,
Inc.
j
440,794
24,981
TTM
Technologies,
Inc.
j
372,966
825
Tyler
Technologies,
Inc.
j
380,779
1,349
Unisys
Corporation
j
7,325
341
Universal
Display
Corporation
53,871
531
Upland
Software,
Inc.
j
1,147
6,835
Varonis
Systems,
Inc.
j
299,031
1,139
VeriSign,
Inc.
j
193,038
1,552
Viavi
Solutions,
Inc.
j
12,261
1,149
Vishay
Intertechnology,
Inc.
26,588
1,868
Vontier
Corporation
75,897
2,450
Workiva,
Inc.
j
193,060
317
Xerox
Holdings
Corporation
4,213
Total
27,665,893
Materials
(0.4%)
448
Albemarle
Corporation
a
53,899
2,803
Alcoa
Corporation
98,497
134
AptarGroup,
Inc.
19,347
32
Avery
Dennison
Corporation
6,953
867
Avient
Corporation
36,778
1,702
Axalta
Coating
Systems,
Ltd.
j
53,511
2,058
Ball
Corporation
143,175
144
Berry
Plastics
Group,
Inc.
8,156
1,173
Carpenter
Technology
Corporation
100,526
308
Celanese
Corporation
47,312
2,527
Chemours
Company
67,597
2,458
Cleveland-Cliffs,
Inc.
j
41,540
556
Eagle
Materials,
Inc.
139,395
1,275
Eastman
Chemical
Company
120,411
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
268
Shares
Common
Stock
(10.5%)
Value
Materials
(0.4%)
-
continued
60
Ecolab,
Inc.
$
13,569
966
Greif,
Inc.
59,197
319
Huntsman
Corporation
7,611
3,664
Ingevity
Corporation
j
187,377
468
Innospec,
Inc.
56,160
10,019
Ivanhoe
Mines,
Ltd.
j
135,804
457
Kaiser
Aluminum
Corporation
41,354
2,101
Linde
plc
926,457
690
Louisiana-Pacific
Corporation
50,501
44
LyondellBasell
Industries
NV
4,399
528
Martin
Marietta
Materials,
Inc.
309,973
433
Metallus,
Inc.
j
8,903
223
Minerals
Technologies,
Inc.
16,254
1,951
Mosaic
Company
61,242
155
Myers
Industries,
Inc.
3,395
279
Nucor
Corporation
47,020
887
O-I
Glass,
Inc.
j
13,270
496
Orion
SA
11,735
120
PPG
Industries,
Inc.
15,480
32
Quaker
Chemical
Corporation
5,969
508
Radius
Recycling,
Inc.
8,849
8,076
Ranpak
Holdings
Corporation
j
58,470
54
Reliance,
Inc.
15,375
1,602
RPM
International,
Inc.
171,270
1,287
Steel
Dynamics,
Inc.
167,464
2,767
Summit
Materials,
Inc.
j
107,636
1,164
SunCoke
Energy,
Inc.
12,001
160
TriMas
Corporation
4,158
2,022
Trinseo
plc
5,277
13,871
Tronox
Holdings
plc
235,668
619
United
States
Lime
&
Minerals,
Inc.
191,890
1,285
United
States
Steel
Corporation
46,903
239
Vulcan
Materials
Company
61,574
Total
3,999,302
Real
Estate
(0.4%)
2,846
Acadia
Realty
Trust
49,179
6,076
Agree
Realty
Corporation
347,669
669
Alexandria
Real
Estate
Equities,
Inc.
77,517
45
Anywhere
Real
Estate,
Inc.
j
219
1,630
AvalonBay
Communities,
Inc.
308,999
508
Brixmor
Property
Group,
Inc.
11,227
2,433
CareTrust
REIT,
Inc.
60,144
1,993
CBRE
Group,
Inc.
j
173,172
6,346
Compass,
Inc.
j
19,990
3,402
CoStar
Group,
Inc.
j
311,385
21,346
Cushman
and
Wakefield
plc
j
205,989
942
DigitalBridge
Group,
Inc.
15,486
3,144
Douglas
Elliman,
Inc.
j
4,276
1,894
EastGroup
Properties,
Inc.
294,252
2,384
EPR
Properties
96,767
22
Equinix,
Inc.
15,644
7,506
Equity
Commonwealth
j
140,512
506
Equity
Residential
32,586
16,717
Essential
Properties
Realty
Trust,
Inc.
440,326
106
Essex
Property
Trust,
Inc.
26,103
304
Extra
Space
Storage,
Inc.
40,821
800
First
Industrial
Realty
Trust,
Inc.
36,336
567
FirstService
Corporation
83,349
2,724
Four
Corners
Property
Trust,
Inc.
63,878
1,473
Getty
Realty
Corporation
39,918
321
Howard
Hughes
Holdings,
Inc.
j
20,916
9,141
Independence
Realty
Trust,
Inc.
144,154
Shares
Common
Stock
(10.5%)
Value
Real
Estate
(0.4%)
-
continued
1,149
Industrial
Logistics
Properties
Trust
$
4,044
962
Invitation
Homes,
Inc.
32,900
5,795
LXP
Industrial
Trust
48,388
7,960
National
Storage
Affiliates
Trust
278,918
2,923
NetSTREIT
Corporation
49,253
1,549
NNN
REIT,
Inc.
62,781
844
Park
Hotels
&
Resorts,
Inc.
13,614
299
Peakstone
Realty
Trust
4,177
1,948
Pebblebrook
Hotel
Trust
28,304
7,118
Phillips
Edison
and
Company,
Inc.
232,759
471
Plymouth
Industrial
REIT,
Inc.
9,834
1,181
Retail
Opportunity
Investments
Corporation
14,491
1,540
RLJ
Lodging
Trust
16,940
181
RMR
Group,
Inc.
4,293
796
Sabra
Health
Care
REIT,
Inc.
11,080
1,381
SBA
Communications
Corporation
257,032
5,091
STAG
Industrial,
Inc.
175,079
716
Tanger,
Inc.
20,299
5,760
Terreno
Realty
Corporation
313,056
2,995
UDR,
Inc.
114,050
243
Ventas,
Inc.
10,760
47
Welltower,
Inc.
4,478
887
Zillow
Group,
Inc.,
Class
A
j
37,254
610
Zillow
Group,
Inc.,
Class
C
j
25,968
Total
4,830,566
Utilities
(0.2%)
1,147
ALLETE,
Inc.
67,925
1,553
Alliant
Energy
Corporation
77,339
1,446
American
Water
Works
Company,
Inc.
176,875
2,691
CenterPoint
Energy,
Inc.
78,416
2,825
Clearway
Energy,
Inc.,
Class
A
61,331
3,368
Clearway
Energy,
Inc.,
Class
C
78,744
13,214
Evergy,
Inc.
693,074
924
Eversource
Energy
56,013
2,959
NiSource,
Inc.
82,438
955
Northwestern
Energy
Group,
Inc.
48,170
2,176
PNM
Resources,
Inc.
80,642
6,226
Portland
General
Electric
Company
269,150
1,318
Spire,
Inc.
81,439
9,777
UGI
Corporation
249,900
10,109
Xcel
Energy,
Inc.
543,157
Total
2,644,613
Total
Common
Stock
(cost
$87,308,444)
113,676,741
Shares
Private
Equity
Funds
(
0.4%
)
Value
Secondary
(0.4%)
1
ASF
IX,
LP
*,j,k
837,256
1
Crown
Global
Secondaries
VI
Feeder
SA,
SICAV-RAIF
*,j,k
164,707
1
LCP
X
(Offshore),
LP
*,j,k
3,730,014
Total
4,731,977
Total
Private
Equity
Funds
(cost
$3,647,430)
4,731,977
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
269
Shares
Collateral
Held
for
Securities
Loaned
(
0.4%
)
Value
4,807,240
Thrivent
Cash
Management
Trust
$
4,807,240
Total
Collateral
Held
for
Securities
Loaned
(cost
$4,807,240)
4,807,240
Shares
or
Principal
Amount
Short-Term
Investments
(
12.7%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
100,000
5.240%,
5/3/2024
l,m
99,956
1,200,000
5.210%,
5/21/2024
l,m
1,196,307
400,000
5.240%,
5/31/2024
l,m
398,183
1,800,000
5.220%,
6/20/2024
l,m
1,786,549
4,600,000
5.228%,
7/10/2024
l,m
4,552,779
Thrivent
Core
Short-Term
Reserve
Fund
12,888,756
5.580%
128,887,562
Total
Short-Term
Investments
(cost
$136,884,847)
136,921,336
Total
Investments
(cost
$1,017,218,326)
102.3%
$1,105,763,790
Other
Assets
and
Liabilities,
Net
(2.3%)
(
25,001,930)
Total
Net
Assets
100.0%
$1,080,761,860
a
All
or
a
portion
of
the
security
is
on
loan.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2024,
the
value
of
these
investments
was
$55,304,740
or
5.1%
of
total
net
assets.
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,
2024.
d
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2024.
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
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.
f
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
g
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
h
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
i
Defaulted
security.  Interest
is
not
being
accrued.
j
Non-income
producing
security.
k
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
l
The
interest
rate
shown
reflects
the
yield.
m
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Moderately
Conservative
Allocation
Fund
as
of
April
30,
2024
was
$4,731,977
or
0.44%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
April
30,
2024.
Security
Acquisition
Date
Cost
ASF
IX,
LP 
3/18/2024
$
589,447
Crown
Global
Secondaries
VI
Feeder
SA,
SICAV-RAIF 
2/15/2024
112,000
LCP
X
(Offshore),
LP 
10/25/2023
2,945,983
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,
2024:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
2,154,208
Common
Stock
2,466,620
Total
lending
$4,620,828
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$4,807,240
Net
amounts
due
to
counterparty
$186,412
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
SOFR30A
-
Secured
Overnight
Financing
Rate
30
Year
Average
TSFR1M
-
CME
Term
SOFR
1
Month
TSFR3M
-
CME
Term
SOFR
3
Month
USISOA05
-
USD
SOFR
Spread-Adjusted
ICE
Swap
Rate
5
Year
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
270
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
$144,412,355
Gross
unrealized
depreciation
(60,474,423)
Net
unrealized
appreciation
(depreciation)
$83,937,932
Cost
for
federal
income
tax
purposes
$1,018,461,536
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Moderately
Conservative
Allocation
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Asset-Backed
Securities
8,126,447
–
8,126,447
–
Basic
Materials
3,075,094
–
3,075,094
–
Capital
Goods
6,632,650
–
6,632,650
–
Collateralized
Mortgage
Obligations
15,691,482
–
15,691,482
–
Commercial
Mortgage-Backed
Securities
10,789,560
–
10,789,560
–
Communications
Services
10,038,535
–
10,038,535
–
Consumer
Cyclical
11,984,866
–
11,984,866
–
Consumer
Non-Cyclical
12,672,091
–
12,672,091
–
Energy
10,123,273
–
10,123,273
–
Financials
35,194,421
–
35,194,421
–
Foreign
Government
187,504
–
187,504
–
Mortgage-Backed
Securities
124,781,640
–
124,781,640
–
Technology
7,107,843
–
7,107,843
–
Transportation
2,420,435
–
2,420,435
–
U.S.
Government
&
Agencies
132,988,666
–
132,988,666
–
Utilities
7,607,896
–
7,607,896
–
Registered
Investment
Companies
U.S.
Affiliated
364,318,832
364,318,832
–
–
U.S.
Unaffiliated
8,707,000
8,707,000
–
–
Common
Stock
Communications
Services
6,031,861
6,028,174
3,687
–
Consumer
Discretionary
12,382,892
12,382,892
–
–
Consumer
Staples
4,440,850
4,440,850
–
–
Energy
3,888,713
3,888,713
–
–
Financials
17,142,799
17,142,799
–
–
Health
Care
13,139,898
13,139,898
–
–
Industrials
17,509,354
17,116,848
392,506
–
Information
Technology
27,665,893
27,665,893
–
–
Materials
3,999,302
3,863,498
135,804
–
Real
Estate
4,830,566
4,830,566
–
–
Utilities
2,644,613
2,644,613
–
–
Private
Equity
Funds
Secondary
4,731,977
–
–
4,731,977
Short-Term
Investments
8,033,774
–
8,033,774
–
Subtotal
Investments
in
Securities
$898,890,727
$486,170,576
$407,988,174
$4,731,977
Other
Investments  *
Total
Affiliated
Short-Term
Investments
128,887,562
U.S.
Affiliated
Registered
Investment
Cos.
73,178,261
Collateral
Held
for
Securities
Loaned
4,807,240
Subtotal
Other
Investments
$206,873,063
Total
Investments
at
Value
$1,105,763,790
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
271
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
S&P
-
Standard
&
Poor's
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Moderately
Conservative
Allocation
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
2,860,405
2,724,462
135,943
–
Total
Asset
Derivatives
$2,860,405
$2,724,462
$135,943
$–
Liability
Derivatives
Futures
Contracts
6,224,727
6,224,727
–
–
Total
Liability
Derivatives
$6,224,727
$6,224,727
$–
$–
The
following
table
presents
Moderately
Conservative
Allocation
Fund's
futures
contracts
held
as
of
April
30,
2024.
Investments
and/or
cash
totaling
$8,068,374
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Amount
Value
and
Unrealized
CBOT
10-Yr.
U.S.
Treasury
Note
36
June
2024
$
3,975,287
(
$
107,538)
CBOT
2-Yr.
U.S.
Treasury
Note
174
June
2024
35,596,923
(
334,736)
CBOT
5-Yr.
U.S.
Treasury
Note
252
June
2024
26,937,099
(
542,067)
CBOT
U.S.
Long
Bond
81
June
2024
9,646,027
(
427,215)
CME
E-mini
Russell
2000
Index
3
June
2024
314,969
(
17,129)
CME
E-mini
S&P
500
Index
378
June
2024
98,693,787
(
2,927,487)
CME
Ultra
Long
Term
U.S.
Treasury
Bond
80
June
2024
10,218,358
(
653,358)
ICE
mini
MSCI
EAFE
Index
238
June
2024
28,111,503
(
1,128,253)
ICE
US
mini
MSCI
Emerging
Markets
Index
35
June
2024
1,840,785
(
17,285)
Ultra
10-Yr.
U.S.
Treasury
Note
18
June
2024
2,053,597
(
69,659)
Total
Futures
Long
Contracts
$
217,388,335
(
$
6,224,727)
CBOT
10-Yr.
U.S.
Treasury
Note
(27)
June
2024
(
$
2,985,300)
$
84,488
CME
E-mini
Russell
2000
Index
(108)
June
2024
(
11,400,703)
678,463
CME
E-mini
S&P
Mid-Cap
400
Index
(133)
June
2024
(
39,880,667)
1,613,907
CME
Euro
Foreign
Exchange
Currency
(90)
June
2024
(
12,368,940)
333,128
Eurex
Euro
STOXX
50
Index
(231)
June
2024
(
12,163,829)
135,943
Ultra
10-Yr.
U.S.
Treasury
Note
(3)
June
2024
(
345,132)
14,476
Total
Futures
Short
Contracts
(
$
79,144,571)
$2,860,405
Total
Futures
Contracts
$
138,243,764
($3,364,322)
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
272
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2024,
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
Foreign
Exchange
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
333,128
Total
Foreign
Exchange
Contracts
333,128
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
2,428,313
Total
Equity
Contracts
2,428,313
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
98,964
Total
Interest
Rate
Contracts
98,964
Total
Asset
Derivatives
$2,860,405
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
4,090,154
Total
Equity
Contracts
4,090,154
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
2,134,573
Total
Interest
Rate
Contracts
2,134,573
Total
Liability
Derivatives
$6,224,727
*
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,
2024,
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
(681,438)
Total
Interest
Rate
Contracts
(681,438)
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
6,399,830
Total
Equity
Contracts
6,399,830
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(158,749)
Total
Foreign
Exchange
Contracts
(158,749)
Total
$5,559,643
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
273
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
Foreign
Exchange
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
187,566
Total
Foreign
Exchange
Contracts
187,566
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
775,732
Total
Equity
Contracts
775,732
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
1,454,304
Total
Interest
Rate
Contracts
1,454,304
Total
$2,417,602
The
following
table
presents
Moderately
Conservative
Allocation
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2024.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$116,783,981
Futures
-
Short
(68,417,762)
Interest
Rate
Contracts
Futures
-
Long
85,337,036
Futures
-
Short
(2,669,862)
Foreign
Exchange
Contracts
Futures
-
Short
(11,529,051)
Moderately
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
274
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
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$32,792
$1,035
$2,577
$33,952
4,314
3.2%
Core
Emerging
Markets
Equity
7,078
255
–
8,201
905
0.8
Core
International
Equity
13,108
515
–
15,255
1,488
1.4
Core
Low
Volatility
Equity
12,003
1,079
12,400
610
57
0.1
Core
Mid
Cap
Value
8,865
186
2,000
8,449
793
0.8
Core
Small
Cap
Value
7,247
134
2,000
6,712
666
0.6
Global
Stock,
Class
S
1,749
110
–
2,085
77
0.2
High
Yield,
Class
S
23,421
754
989
24,192
5,886
2.2
Income,
Class
S
68,375
1,569
2,967
70,556
8,988
6.5
International
Allocation,
Class
S
20,919
713
–
24,285
2,349
2.2
Large
Cap
Growth,
Class
S
55,731
1,878
8,000
61,632
3,242
5.7
Large
Cap
Value,
Class
S
93,726
3,609
8,000
103,546
3,556
9.6
Limited
Maturity
Bond,
Class
S
40,527
733
1,500
40,647
3,351
3.8
Mid
Cap
Stock,
Class
S
24,167
414
–
29,465
829
2.7
Small
Cap
Stock,
Class
S
6,526
36
–
7,912
265
0.7
Total
U.S.
Affiliated
Registered
Investment
Companies
416,234
437,499
40.5
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
111,530
159,584
142,226
128,888
12,889
11.9
Total
Affiliated
Short-Term
Investments
111,530
128,888
11.9
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
3,269
35,530
33,992
4,807
4,807
0.4
Total
Collateral
Held
for
Securities
Loaned
3,269
4,807
0.4
Total
Value
$531,033
$571,194
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
($700)
$3,402
$–
$1,035
Core
Emerging
Markets
Equity
–
868
–
255
Core
International
Equity
–
1,632
–
515
Core
Low
Volatility
Equity
Fund
1,100
(1,172)
790
288
Core
Mid
Cap
Value
224
1,174
42
145
Core
Small
Cap
Value
90
1,241
–
134
Global
Stock,
Class
S
–
226
71
39
High
Yield,
Class
S
(164)
1,170
–
753
Income,
Class
S
(705)
4,284
–
1,569
International
Allocation,
Class
S
–
2,653
–
713
Large
Cap
Growth,
Class
S
499
11,524
1,878
–
Large
Cap
Value,
Class
S
469
13,742
1,848
1,762
Limited
Maturity
Bond,
Class
S
(48)
935
–
733
Mid
Cap
Stock,
Class
S
–
4,884
288
125
Small
Cap
Stock,
Class
S
–
1,350
–
36
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
–
–
–
3,172
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$11,274
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
12
Total
Affiliated
Income
from
Securities
Loaned,
Net
$12
Total
$765
$47,913
$4,917
Money
Market
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
275
Shares
Investment
Company
(
<0.1%
)
Value
Goldman
Sachs
Financial
Square
Funds
-
Government
Fund
$
5,000
5.207% 
$
5,000
Total
5,000
Principal
Amount
U.S.
Government
Agency
Debt
(
54.3%
)
a
Value
Federal
Agricultural
Mortgage
Corporation
20,300,000
5.430%
(SOFRRATE
+
0.110%),
7/24/2024
b
20,300,000
8,320,000
5.420%
(SOFRRATE
+
0.100%),
11/8/2024
b
8,320,000
12,180,000
5.520%
(SOFRRATE
+
0.200%),
7/21/2025
b
12,180,000
5,000,000
5.520%
(SOFRRATE
+
0.200%),
8/7/2025
b
5,000,000
Federal
Farm
Credit
Bank
9,000,000
5.371%
(USBMMY
3M
+
0.050%),
5/1/2024
b
9,000,000
20,750,000
5.360%
(SOFRRATE
+
0.040%),
5/15/2024
b
20,749,811
7,900,000
5.400%
(SOFRRATE
+
0.080%),
5/24/2024
b
7,900,000
20,875,000
5.350%
(SOFRRATE
+
0.030%),
6/11/2024
b
20,875,000
14,500,000
5.400%
(SOFRRATE
+
0.080%),
7/22/2024
b
14,500,000
3,600,000
5.420%
(SOFRRATE
+
0.100%),
8/8/2024
b
3,600,000
8,500,000
5.420%
(SOFRRATE
+
0.100%),
10/11/2024
b
8,500,000
7,600,000
5.470%
(FEDL
1M
+
0.140%),
11/14/2024
b
7,600,000
5,000,000
5.520%
(SOFRRATE
+
0.200%),
12/5/2024
b
5,004,278
5,685,000
5.440%
(SOFRRATE
+
0.120%),
1/21/2025
b
5,685,000
8,200,000
5.430%
(FEDL
1M
+
0.100%),
1/24/2025
b
8,199,654
8,500,000
5.480%
(FEDL
1M
+
0.150%),
2/3/2025
b
8,500,000
8,480,000
5.360%
(SOFRRATE
+
0.040%),
2/7/2025
b
8,480,000
42,400,000
5.365%
(SOFRRATE
+
0.045%),
2/12/2025
b
42,400,000
4,250,000
5.360%
(SOFRRATE
+
0.040%),
4/9/2025
b
4,250,000
5,028,000
5.485%
(FEDL
1M
+
0.155%),
6/27/2025
b
5,031,203
5,541,000
5.485%
(SOFRRATE
+
0.165%),
8/14/2025
b
5,542,530
29,950,000
5.475%
(SOFRRATE
+
0.155%),
9/15/2025
b
29,981,795
8,400,000
5.450%
(SOFRRATE
+
0.130%),
10/3/2025
b
8,400,000
8,450,000
5.465%
(FEDL
1M
+
0.135%),
11/10/2025
b
8,449,231
8,500,000
5.445%
(SOFRRATE
+
0.125%),
11/28/2025
b
8,500,000
8,550,000
5.440%
(SOFRRATE
+
0.120%),
1/27/2026
b
8,550,000
Federal
Home
Loan
Bank
3,180,000
5.270% ,
5/1/2024
3,180,000
420,000
5.250% ,
5/3/2024
419,877
Principal
Amount
U.S.
Government
Agency
Debt
(54.3%)
a
Value
$
16,600,000
5.380%
(SOFRRATE
+
0.060%),
5/6/2024
b
$
16,600,000
20,195,000
5.245% ,
5/10/2024
20,168,519
18,000,000
5.200% ,
5/17/2024
17,998,577
43,625,000
5.255% ,
5/22/2024
43,491,271
26,345,000
5.263% ,
5/24/2024
26,256,410
12,600,000
5.385%
(SOFRRATE
+
0.065%),
5/24/2024
b
12,600,000
2,000,000
5.250% ,
5/31/2024
1,991,250
25,000,000
5.320%
(SOFRRATE
FLAT),
6/3/2024
b
25,000,000
41,780,000
5.240% ,
6/7/2024
41,554,989
8,350,000
5.355%
(SOFRRATE
+
0.035%),
6/7/2024
b
8,350,000
21,400,000
5.240% ,
6/12/2024
21,269,175
3,000,000
1.040% ,
6/14/2024
2,984,296
3,850,000
2.875% ,
6/14/2024
3,838,093
8,350,000
5.380%
(SOFRRATE
+
0.060%),
6/17/2024
b
8,350,000
7,477,000
5.230% ,
6/20/2024
7,422,688
12,650,000
5.345%
(SOFRRATE
+
0.025%),
6/21/2024
b
12,650,000
29,400,000
5.345%
(SOFRRATE
+
0.025%),
6/24/2024
b
29,400,000
17,200,000
5.228% ,
6/26/2024
17,060,122
21,500,000
5.390%
(SOFRRATE
+
0.070%),
6/27/2024
b
21,500,000
21,250,000
5.245% ,
7/5/2024
21,048,760
17,000,000
5.360%
(SOFRRATE
+
0.040%),
7/5/2024
b
17,000,000
16,600,000
5.390%
(SOFRRATE
+
0.070%),
7/5/2024
b
16,600,000
8,500,000
5.240% ,
7/12/2024
8,410,920
12,750,000
5.248% ,
7/17/2024
12,606,883
25,415,000
5.256% ,
7/19/2024
25,121,872
8,400,000
5.350%
(SOFRRATE
+
0.030%),
7/22/2024
b
8,400,000
35,000,000
5.385%
(SOFRRATE
+
0.065%),
7/23/2024
b
35,000,000
8,500,000
5.245% ,
7/26/2024
8,393,498
21,250,000
5.320%
(SOFRRATE
FLAT),
7/29/2024
b
21,250,000
21,250,000
5.242% ,
8/16/2024
20,918,892
17,000,000
5.250% ,
8/21/2024
16,722,333
42,400,000
5.330%
(SOFRRATE
+
0.010%),
8/27/2024
b
42,400,000
20,000,000
5.325%
(SOFRRATE
+
0.005%),
8/29/2024
b
20,000,000
5,000,000
5.420%
(SOFRRATE
+
0.100%),
9/4/2024
b
5,000,224
21,200,000
5.330%
(SOFRRATE
+
0.010%),
9/6/2024
b
21,200,000
8,500,000
5.210% ,
10/2/2024
8,310,559
3,910,000
5.435%
(SOFRRATE
+
0.115%),
11/6/2024
b
3,910,475
8,480,000
5.340%
(SOFRRATE
+
0.020%),
11/7/2024
b
8,480,000
8,450,000
5.340%
(SOFRRATE
+
0.020%),
11/12/2024
b
8,450,000
8,485,000
5.345%
(SOFRRATE
+
0.025%),
11/14/2024
b
8,485,000
20,000,000
5.440%
(SOFRRATE
+
0.120%),
1/3/2025
b
20,007,565
20,300,000
5.445%
(SOFRRATE
+
0.125%),
1/24/2025
b
20,300,000
Money
Market
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
276
Principal
Amount
U.S.
Government
Agency
Debt
(54.3%)
a
Value
$
16,960,000
5.370%
(SOFRRATE
+
0.050%),
2/5/2025
b
$
16,960,000
25,650,000
5.360%
(SOFRRATE
+
0.040%),
3/14/2025
b
25,650,000
8,400,000
5.435%
(SOFRRATE
+
0.115%),
6/16/2025
b
8,400,000
8,100,000
5.480%
(SOFRRATE
+
0.160%),
7/14/2025
b
8,100,000
4,200,000
5.505%
(SOFRRATE
+
0.185%),
10/24/2025
b
4,200,000
Federal
Home
Loan
Mortgage
Corporation
12,675,000
5.250% ,
5/13/2024
12,652,819
19,000,000
0.360% ,
5/15/2024
18,963,479
20,000,000
5.250% ,
7/16/2024
19,778,333
8,500,000
5.260% ,
7/30/2024
8,388,225
U.S.
International
Development
Finance
Corporation
1,203,574
5.490%
(T-BILL
3M
FLAT),
5/7/2024
b
1,203,573
8,888,889
5.490%
(T-BILL
3M
FLAT),
5/7/2024
b
8,888,889
1,239,583
5.490%
(T-BILL
3M
FLAT),
5/7/2024
b
1,239,583
3,249,999
5.490%
(T-BILL
3M
FLAT),
5/7/2024
b
3,249,999
2,184,000
5.490%
(T-BILL
3M
FLAT),
5/7/2024
b
2,184,000
8,922,857
5.490%
(T-BILL
3M
FLAT),
5/7/2024
b
8,922,857
2,738,897
5.490%
(T-BILL
3M
FLAT),
5/7/2024
b
2,738,897
6,262,155
5.490%
(T-BILL
3M
FLAT),
5/7/2024
b
6,262,155
7,502,320
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
7,502,320
5,345,455
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
5,345,455
857,143
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
857,143
1,205,770
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
1,205,770
4,975,771
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
4,975,771
576,316
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
576,316
2,446,614
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
2,446,614
4,466,976
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
4,466,976
3,793,200
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
3,793,200
2,505,555
5.500%
(T-BILL
3M
+
0.070%),
5/7/2024
b
2,505,555
1,551,250
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
1,551,250
4,452,840
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
4,452,840
3,102,830
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
3,102,830
2,039,623
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
2,039,623
3,229,166
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
3,229,166
3,321,960
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
3,321,960
Principal
Amount
U.S.
Government
Agency
Debt
(54.3%)
a
Value
$
3,534,000
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
$
3,534,000
2,565,000
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
2,565,000
1,894,737
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
1,894,737
4,440,000
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
4,440,000
2,655,240
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
2,655,240
1,531,539
5.500%
(T-BILL
3M
FLAT),
5/7/2024
b
1,531,539
21,000,000
5.782% ,
6/14/2024
21,454,629
4,750,000
5.640% ,
8/16/2024
5,305,150
24,400,000
5.670% ,
10/23/2024
24,458,282
18,900,000
5.800% ,
11/15/2024
19,387,866
Total
1,311,982,791
Principal
Amount
U.S.
Treasury
Debt
(
40.2%
)
a
Value
U.S.
Treasury
Bills
31,375,000
5.277% ,
5/2/2024
31,370,401
98,750,000
5.274% ,
5/7/2024
98,663,195
8,700,000
5.278% ,
5/9/2024
8,689,797
21,300,000
5.275% ,
5/14/2024
21,259,426
21,300,000
5.271% ,
5/21/2024
21,237,626
81,200,000
5.261% ,
5/23/2024
80,938,930
20,000,000
5.276% ,
5/28/2024
19,920,860
59,900,000
5.252% ,
5/30/2024
59,646,594
79,600,000
5.265% ,
6/4/2024
79,204,214
42,775,000
5.235% ,
6/6/2024
42,551,094
59,650,000
5.265% ,
6/11/2024
59,292,323
104,200,000
5.242% ,
6/13/2024
103,547,393
21,250,000
5.277% ,
6/18/2024
21,100,485
49,375,000
5.243% ,
6/20/2024
49,015,486
43,250,000
5.251% ,
6/25/2024
42,903,060
37,750,000
5.250% ,
7/18/2024
37,320,594
42,500,000
5.253% ,
7/25/2024
41,972,901
17,000,000
5.240% ,
8/6/2024
16,759,979
46,750,000
5.234% ,
8/13/2024
46,043,107
21,250,000
5.235% ,
8/20/2024
20,906,998
17,000,000
5.238% ,
8/27/2024
16,708,155
8,500,000
5.185% ,
10/17/2024
8,293,104
U.S.
Treasury
Notes
3,645,000
5.363%
(USBMMY
3M
+
0.037%),
7/31/2024
b
3,641,477
11,790,000
5.526%
(USBMMY
3M
+
0.200%),
1/31/2025
b
11,786,473
20,900,000
5.496%
(USBMMY
3M
+
0.170%),
10/31/2025
b
20,886,753
Total
963,660,425
Money
Market
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
277
P
i
Principal
Amount
U.S.
Treasury
Repurchase
Agreement,
if
collateralized
only
by
U.S.
Treasuries
(including
Strips)
and
cash
(
5.4%
)
a
Value
RBC
Dominion
Securities
$
130,000,000
5.290% ,
5/1/2024
c
$
130,000,000
Total
130,000,000
Total
Investments
(at
amortized
cost)
99.9%
$2,405,648,216
Other
Assets
and
Liabilities,
Net
0.1%
2,983,904
Total
Net
Assets
100.0%
$2,408,632,120
a
The
interest
rate
shown
reflects
the
yield.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2024.
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
Repurchase
agreement
dated
April
30,
2024,
$130,019,103
maturing
May
1,
2024,
collateralized
by
$132,619,487
U.S.
Government
or
related
agency
securities,
0.125%-4.75%,
due
October
31,
2024
-
November
15,
2053.
Reference
Rate
Index:
FEDL
1M
-
Federal
Funds
1
Month
Rate
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
Cost
for
federal
income
tax
purposes
$2,405,648,216
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
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
Investment
Company
5,000
5,000
–
–
U.S.
Government
Agency
Debt
1,311,982,791
–
1,311,982,791
–
U.S.
Treasury
Debt
963,660,425
–
963,660,425
–
U.S.
Treasury
Repurchase
Agreement,
if
collateralized
only
by
U.S.
Treasuries
(including
Strips)
and
cash
130,000,000
–
130,000,000
–
Total
Investments
at
Amortized
Cost
$2,405,648,216
$5,000
$2,405,643,216
$–
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
278
Principal
Amount
Long-Term
Fixed
Income
(
98.8%
)
Value
Alabama
(1.3%)
Black
Belt
Energy
Gas
District,
AL
Gas
Proj.
Rev.
$
5,000,000
5.250%,
10/1/2030,
Ser.
A
a
$
5,288,388
Black
Belt
Energy
Gas
District,
AL
Gas
Proj.
Rev.
Refg.
750,000
5.500%,
6/1/2049,
Ser.
D-1
a
791,707
Jacksonville,
AL
Public
Educational
Building
Auth.
Rev.
(JSU
Foundation)
(AGM
Insured)
2,000,000
5.250%,
8/1/2053,
Ser.
A
b
2,115,118
1,000,000
5.500%,
8/1/2058,
Ser.
A
b
1,073,639
2,000,000
5.250%,
8/1/2048,
Ser.
A
b
2,132,894
Jefferson
County,
AL
Sewer
Rev.
Refg.
Warrants
1,250,000
5.500%,
10/1/2053
1,335,866
1,500,000
5.250%,
10/1/2049
1,577,035
UAB
Medicine
Finance
Auth.,
AL
Rev.
Refg.
2,000,000
5.000%,
9/1/2041,
Ser.
B2
2,035,414
Total
16,350,061
Arizona
(2.4%)
Arizona
Industrial
Development
Auth.
Education
Rev.
(Academies
of
Math
&
Science)
750,000
5.375%,
7/1/2053
c
731,039
275,000
5.250%,
7/1/2043
c
272,324
Arizona
Industrial
Development
Auth.
Education
Rev.
(Doral
Academy
of
Nevada
-
Fire
Mesa
and
Red
Rock
Campus)
800,000
5.000%,
7/15/2039,
Ser.
A
782,585
Arizona
Industrial
Development
Auth.
Education
Rev.
(Doral
Academy
of
Nevada
-
Pebble
Campus)
2,165,000
5.000%,
7/15/2050,
Ser.
A
c
1,967,730
Arizona
Industrial
Development
Auth.
Education
Rev.
(KIPP
Nashville)
300,000
5.000%,
7/1/2047,
Ser.
A
301,024
Arizona
Industrial
Development
Auth.
National
Charter
School
Revolving
Loan
Fund
Rev.
1,000,000
4.250%,
11/1/2052,
Ser.
A
917,609
1,000,000
5.250%,
11/1/2053,
Ser.
A
1,045,117
1,000,000
5.250%,
11/1/2048,
Ser.
A
1,053,886
Chandler,
AZ
Industrial
Development
Auth.
Rev.
(Intel
Corporation)
3,750,000
5.000%,
9/1/2027,
Ser.
2022-
2,
AMT
a
3,829,738
Glendale,
AZ
Industrial
Development
Auth.
Senior
Living
Fac.
Rev.
(Royal
Oaks
-
Inspirata
Pointe)
2,000,000
5.000%,
5/15/2056,
Ser.
A
1,714,265
Maricopa
County,
AZ
Industrial
Development
Auth.
Educational
Fac.
Rev.
(Valley
Christian
Schools)
1,000,000
6.375%,
7/1/2058,
Ser.
A
c
1,014,340
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Arizona
(2.4%)
-
continued
Northern
Arizona
University
Rev.
Refg.
$
320,000
5.000%,
6/1/2038,
Ser.
A
$
326,688
Phoenix,
AZ
Civic
Improvement
Corporation
Airport
Rev.
2,000,000
5.000%,
7/1/2047,
Ser.
A,
AMT
2,019,439
10,000,000
5.000%,
7/1/2049,
Ser.
A
10,361,732
Phoenix-Mesa,
AZ
Gateway
Airport
Auth.
Special
Fac.
Rev.
(Mesa)
1,450,000
5.000%,
7/1/2038,
AMT
1,450,241
Student
&
Academic
Services,
LLC,
AZ
Lease
Rev.
Northern
Arizona
Capital
Fac.
Finance
Corporation
(BAM
Insured)
750,000
5.000%,
6/1/2039
b
750,011
Yavapai
County,
AZ
Industrial
Development
Auth.
Hospital
Fac.
Rev.
Refg.
(Yavapai
Regional
Medical
Center)
500,000
5.000%,
8/1/2036
511,733
725,000
5.000%,
8/1/2039
743,044
Total
29,792,545
Arkansas
(0.1%)
Arkansas
Development
Finance
Auth.
Environmental
Rev.
(United
States
Steel
Corporation)
750,000
5.700%,
5/1/2053,
AMT
769,992
Pulaski
County,
AR
Hospital
Rev.
(Arkansas
Children's
Hospital)
500,000
5.250%,
3/1/2053
531,573
Total
1,301,565
California
(6.3%)
Anaheim,
CA
Public
Financing
Auth.
Lease
Rev.
(Anaheim
Public
Improvements)
(AGM
Insured)
1,000,000
6.000%,
9/1/2024,
Ser.
A
b
1,006,503
Beverly
Hills
Unified
School
District,
Los
Angeles
County,
CA
G.O.
(2008
Election)
10,000,000
Zero
Coupon,
8/1/2031
8,002,972
California
Community
Choice
Financing
Auth.
Rev.
(Clean
Energy)
1,750,000
5.000%,
8/1/2029,
Ser.
A-1
a
1,832,674
5,000,000
5.500%,
11/1/2028,
Ser.
D
a
5,307,641
California
County
Tobacco
Securitization
Agency
Rev.
Refg.
(Sonoma
County
Securitization
Corporation)
125,000
5.000%,
6/1/2049,
Ser.
B-1
127,167
California
Educational
Fac.
Auth.
Rev.
(Stanford
University)
6,000,000
5.250%,
4/1/2040
7,240,227
8,300,000
5.000%,
6/1/2046,
Ser.
U-7
9,659,220
California
Municipal
Finance
Auth.
Mobile
Home
Park
Rev.
(Caritas)
900,000
5.250%,
8/15/2053,
Ser.
A
917,798
800,000
5.250%,
8/15/2058,
Ser.
A
810,930
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
279
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
California
(6.3%)
-
continued
California
Municipal
Finance
Auth.
Refg.
Rev.
(California
Lutheran
University)
$
275,000
5.000%,
10/1/2025
$
277,920
300,000
5.000%,
10/1/2026
306,876
California
Municipal
Finance
Auth.
Rev.
Refg.
(HumanGood
-
CA
Obligated
Group)
1,385,000
5.000%,
10/1/2044,
Ser.
A
1,404,020
California
Municipal
Finance
Auth.
Solid
Waste
Disposal
Rev.
(Waste
Management,
Inc.)
1,000,000
4.125%,
10/1/2041,
Ser.
A,
AMT
a
1,000,348
California
Pollution
Control
Financing
Auth.
Rev.
Refg.
(ExxonMobil)
1,775,000
3.790%,
12/1/2029,
AMT
a
1,775,000
California
Pollution
Control
Financing
Auth.
Water
Furnishing
Rev.
(Poseidon
Resources,
LP
Desalination)
1,000,000
5.000%,
7/1/2037,
AMT
c
1,068,123
550,000
5.000%,
7/1/2038,
AMT
c
584,012
500,000
5.000%,
11/21/2045,
AMT
c
513,281
California
Statewide
Communities
Development
Auth.
Rev.
(Enloe
Medical
Center)
(AGM
Insured)
500,000
5.250%,
8/15/2052,
Ser.
A
b
531,159
1,000,000
5.375%,
8/15/2057,
Ser.
A
b
1,068,073
California
Various
Purpose
G.O.
500,000
4.000%,
10/1/2050
491,065
10,000
5.250%,
4/1/2029
10,007
500,000
5.000%,
4/1/2049
524,317
Fullerton,
CA
Public
Financing
Auth.
Rev.
Refg.
(Marshall
B.
Ketchum
University)
2,055,000
4.000%,
2/1/2046,
Ser.
A
1,871,307
Los
Angeles,
CA
Department
of
Water
&
Power
Rev.
Refg.
2,040,000
3.810%,
7/1/2035,
Ser.
A
a
2,040,000
San
Diego
County,
CA
Regional
Airport
Auth.
Rev.
2,500,000
5.000%,
7/1/2053,
Ser.
B,
AMT
2,579,139
5,145,000
5.250%,
7/1/2058,
Ser.
B,
AMT
5,391,484
San
Francisco,
CA
City
&
County
Airport
Commission
Rev.
(San
Francisco
International
Airport)
7,825,000
5.000%,
5/1/2044,
Ser.
A,
AMT
7,826,311
Santa
Monica
Community
College
District,
Los
Angeles
County,
CA
G.O.
5,000,000
Zero
Coupon,
8/1/2025,
Ser.
C
4,781,745
University
of
California
Regents
Medical
Center
Rev.
7,500,000
5.000%,
5/15/2047,
Ser.
P
8,093,420
Total
77,042,739
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Colorado
(4.3%)
Centerra
Metropolitan
District
No.
1,
Larimer
County,
CO
Special
Rev.
$
750,000
6.500%,
12/1/2053
$
757,745
Colorado
Educational
and
Cultural
Fac.
Auth.
Charter
School
Rev.
Refg.
(Union
Colony
School)
600,000
5.000%,
4/1/2038
611,899
475,000
5.000%,
4/1/2048
476,310
Colorado
Educational
and
Cultural
Fac.
Auth.
Rev.
Refg.
(American
Academy)
2,500,000
5.000%,
12/1/2050
2,506,655
2,500,000
5.000%,
12/1/2055
2,487,131
Colorado
Educational
and
Cultural
Fac.
Auth.
Rev.
Refg.
(Global
Village
Academy
-
Northglenn)
1,155,000
5.000%,
12/1/2050
c
968,883
Colorado
Educational
and
Cultural
Fac.
Auth.
Rev.
Refg.
(High
Point
Academy)
2,825,000
4.000%,
7/1/2040,
Ser.
A
2,602,909
Colorado
Health
Fac.
Auth.
Hospital
Rev.
(Parkview
Medical
Center,
Inc.)
3,325,000
4.000%,
9/1/2050,
Ser.
A
3,049,973
4,000,000
5.000%,
9/1/2046
4,027,870
Colorado
Health
Fac.
Auth.
Hospital
Rev.
Refg.
(Commonspirit
Health)
10,000,000
4.000%,
8/1/2049,
Ser.
A-2
9,081,841
Colorado
Health
Fac.
Auth.
Hospital
Rev.
Refg.
(Covenant
Living
Communities
and
Services)
1,340,000
4.000%,
12/1/2050,
Ser.
A
1,076,608
Colorado
Health
Fac.
Auth.
Hospital
Rev.
Refg.
(Intermountain
Healthcare)
5,000,000
4.000%,
5/15/2052,
Ser.
A
4,723,145
Colorado
Health
Fac.
Auth.
Hospital
Rev.
Refg.
(Valley
View
Hospital
Association)
500,000
5.000%,
5/15/2030,
Ser.
A
519,080
385,000
5.000%,
5/15/2031,
Ser.
A
399,061
300,000
5.000%,
5/15/2032,
Ser.
A
310,645
Colorado
Health
Fac.
Auth.
Rev.
Refg.
(CommonSpirit
Health)
2,000,000
5.250%,
12/1/2054,
Ser.
A
2,130,020
Colorado
High
Performance
Transportation
Enterprise
Rev.
6,300,000
5.000%,
12/31/2047
6,308,542
Colorado
School
of
Mines
Institutional
Enterprise
Rev.
1,740,000
5.000%,
12/1/2047,
Ser.
A
1,777,915
Denver,
CO
City
&
County
Airport
System
Rev.
Refg.
1,250,000
5.750%,
11/15/2045,
Ser.
D,
AMT
1,391,811
Denver,
CO
Health
and
Hospital
Auth.
Healthcare
Rev.
Refg.
1,500,000
5.000%,
12/1/2034,
Ser.
A
c
1,540,736
Eagle
County,
CO
Air
Terminal
Corporation
Rev.
(Airport
Terminal)
1,000,000
5.000%,
5/1/2041,
Ser.
B,
AMT
1,007,230
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
280
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Colorado
(4.3%)
-
continued
Park
Creek,
CO
Metropolitan
District
Rev.
$
3,000,000
5.000%,
12/1/2041,
Ser.
A
$
3,006,445
2,250,000
5.000%,
12/1/2046,
Ser.
A
2,192,858
Total
52,955,312
Connecticut
(1.1%)
Connecticut
Health
&
Educational
Fac.
Auth.
Rev.
(Connecticut
Children's
Medical
Center)
850,000
4.250%,
7/15/2053,
Ser.
E
812,062
Connecticut
Health
&
Educational
Fac.
Auth.
Rev.
(Hartford
Healthcare)
2,000,000
4.000%,
7/1/2046,
Ser.
A
1,824,939
Connecticut
Health
&
Educational
Fac.
Auth.
Rev.
(McLean
Issue)
1,000,000
5.000%,
1/1/2045,
Ser.
A
c
832,665
Connecticut
Health
&
Educational
Fac.
Auth.
Rev.
(Quinnipiac
University)
5,000,000
5.250%,
7/1/2053,
Ser.
N
5,234,442
Connecticut
Health
&
Educational
Fac.
Auth.
Rev.
(Sacred
Heart
University)
500,000
4.000%,
7/1/2045,
Ser.
K
478,317
4,000,000
5.000%,
7/1/2047,
Ser.
L
4,143,429
Connecticut
Health
&
Educational
Fac.
Auth.
Rev.
Refg.
(Sacred
Heart
University)
600,000
5.000%,
7/1/2042,
Ser.
I-1
603,932
Total
13,929,786
Delaware
(0.4%)
Delaware
Economic
Development
Auth.
Charter
School
Rev.
(Newark
Charter
School,
Inc.)
2,000,000
5.000%,
9/1/2050
1,967,821
600,000
4.000%,
9/1/2051
493,086
Delaware
Economic
Development
Auth.
Retirement
Communities
Rev.
(Acts
Retirement-Life
Communities,
Inc.)
1,000,000
5.250%,
11/15/2053,
Ser.
B
1,019,913
Kent
County,
DE
Student
Housing
and
Dining
Fac.
Rev.
(CHF-
Dover,
LLC
-
Delaware
State
University)
870,000
5.000%,
7/1/2040,
Ser.
A
874,881
500,000
5.000%,
7/1/2048,
Ser.
A
494,434
Total
4,850,135
District
Of
Columbia
(0.4%)
District
of
Columbia
Rev.
(D.C.
Smart
Street
Lighting)
1,000,000
5.500%,
2/29/2036,
Ser.
A,
AMT
1,142,025
1,000,000
5.500%,
8/31/2036,
Ser.
A,
AMT
1,139,109
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
District
Of
Columbia
(0.4%)
-
continued
Metropolitan
Washington
DC
Airports
Auth.
Airport
System
Rev.
Refg.
$
1,000,000
4.500%,
10/1/2053,
Ser.
A,
AMT
$
983,544
1,000,000
5.250%,
10/1/2053,
Ser.
A,
AMT
1,048,981
Total
4,313,659
Florida
(5.1%)
Alachua
County,
FL
Health
Fac.
Auth.
Rev.
Refg.
(Oak
Hammock
at
the
University
of
Florida,
Inc.)
1,215,000
4.000%,
10/1/2046
976,440
500,000
4.000%,
10/1/2046
401,827
Broward
County,
FL
Water
and
Sewer
Utility
Rev.
1,000,000
4.000%,
10/1/2045,
Ser.
A
980,887
Cape
Coral,
FL
Utility
Improvement
Assessment
Refg.
(North
1
West
Area)
(BAM
Insured)
3,750,000
5.650%,
3/1/2054
b
4,117,530
Capital
Projects,
FL
Finance
Auth.
Student
Housing
Rev.
(Provident
Group
-
Continuum
Properties)
600,000
5.000%,
11/1/2053,
Ser.
A-1
579,154
Capital
Trust
Agency,
FL
Educational
Fac.
Rev.
(Liza
Jackson
Preparatory
School,
Inc.)
1,600,000
5.000%,
8/1/2055,
Ser.
A
1,445,375
CityPlace
Community
Development
District,
FL
Special
Assessment
Rev.
Refg.
1,535,000
5.000%,
5/1/2026
1,547,950
Escambia
County,
FL
Health
Fac.
Auth.
Rev.
Refg.
(Baptist
Health
Care
Corporation
Obligated
Group)
5,000,000
4.000%,
8/15/2045,
Ser.
A
4,416,722
Florida
Development
Finance
Corporation
Educational
Fac.
Lease
Rev.
Refg.
(Seaside
Community
Charter
School)
1,400,000
5.750%,
6/15/2047,
Ser.
A
1,423,140
Florida
Development
Finance
Corporation
Educational
Fac.
Rev.
(Mater
Academy)
1,000,000
5.000%,
6/15/2052,
Ser.
A
950,385
Florida
Development
Finance
Corporation
Educational
Fac.
Rev.
(River
City
Science
Academy)
245,000
5.000%,
7/1/2051,
Ser.
A-1
229,037
250,000
4.000%,
7/1/2055,
Ser.
A
190,062
Florida
Development
Finance
Corporation
Healthcare
Fac.
Rev.
(Tampa
General
Hospital)
2,250,000
4.500%,
8/1/2055,
Ser.
A
2,129,875
Florida
Higher
Educational
Fac.
Financing
Auth.
Educational
Rev.
(Ringling
College)
5,000,000
5.000%,
3/1/2042
5,017,716
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
281
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Florida
(5.1%)
-
continued
Florida
Municipal
Power
Agency
Rev.
$
1,000,000
5.000%,
10/1/2030,
Ser.
B
$
1,014,923
840,000
5.000%,
10/1/2031,
Ser.
B
851,958
Greater
Orlando,
FL
Aviation
Auth.
Airport
Fac.
Rev.
3,655,000
4.000%,
10/1/2052,
Ser.
A,
AMT
3,323,904
Lee
County,
FL
Industrial
Development
Auth.
Health
Care
Fac.
Rev.
(Cypress
Cove
at
Healthpark,
FL,
Inc.)
700,000
5.250%,
10/1/2052,
Ser.
A
594,374
Lee
Memorial
Health
System,
FL
Hospital
Rev.
Refg.
1,000,000
5.000%,
4/1/2044,
Ser.
A-1
1,023,625
Miami-Dade
County,
FL
Industrial
Development
Auth.
Rev.
(Pinecrest
Academy,
Inc.)
1,500,000
5.250%,
9/15/2044
1,411,854
Miami-Dade
County,
FL
Public
Fac.
Rev.
(Jackson
Health
System)
5,000,000
5.000%,
6/1/2035,
Ser.
A
5,047,972
Miami-Dade
County,
FL
Seaport
Rev.
Refg.
1,000,000
5.250%,
10/1/2052,
Ser.
A,
AMT
1,047,610
Orange
County,
FL
Health
Fac.
Auth.
Hospital
Rev.
(Orlando
Health)
1,250,000
5.000%,
10/1/2047,
Ser.
A
1,277,828
Osceola
County,
FL
Transportation
Rev.
Refg.
2,450,000
Zero
Coupon,
10/1/2043,
Ser.
A-2
872,058
Palm
Beach
County,
FL
Health
Fac.
Auth.
Hospital
Rev.
(Jupiter
Medical
Center,
Inc.)
1,000,000
5.000%,
11/1/2052,
Ser.
A
986,166
500,000
5.000%,
11/1/2047,
Ser.
A
500,113
Palm
Beach
County,
FL
Health
Fac.
Auth.
Rev.
Refg.
(Lifespace
Communities,
Inc.)
3,000,000
5.000%,
5/15/2038,
Ser.
C
2,815,451
Sarasota
County,
FL
Public
Hospital
District
Rev.
(Sarasota
Memorial
Hospital)
8,000,000
4.000%,
7/1/2052
7,345,526
Seminole
County,
FL
Industrial
Development
Auth.
Educational
Fac.
Rev.
(Galileo
Schools
for
Gifted
Learning)
300,000
4.000%,
6/15/2056,
Ser.
A
c
222,053
Tampa,
FL
Hospital
Rev.
(H.
Lee
Moffitt
Cancer
Center)
500,000
5.000%,
7/1/2050,
Ser.
B
512,622
Tampa,
FL
Hospital
Rev.
Refg.
(H.
Lee
Moffitt
Cancer
Center)
5,000,000
5.000%,
7/1/2037,
Ser.
B
5,083,738
Village
Community
Development
District
No.
15
Rev.
(City
of
Wildwood,
FL)
300,000
5.250%,
5/1/2054
c
306,448
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Florida
(5.1%)
-
continued
Volusia
County,
FL
Educational
Fac.
Auth.
Rev.
Refg.
(Embry-
Riddle
Aeronautical
University,
Inc.)
$
3,000,000
5.000%,
10/15/2049,
Ser.
A
$
3,084,088
Total
61,728,411
Georgia
(2.0%)
Atlanta,
GA
Airport
Passenger
Fac.
Charge
Rev.
1,630,000
5.250%,
7/1/2044,
Ser.
E,
AMT
1,752,184
Atlanta,
GA
Airport
Rev.
2,500,000
5.000%,
7/1/2053,
Ser.
C,
AMT
2,588,609
3,500,000
5.000%,
7/1/2047,
Ser.
B,
AMT
3,651,342
2,655,000
5.000%,
7/1/2048,
Ser.
C,
AMT
2,773,822
Columbia
County,
GA
Hospital
Auth.
Rev.
(Wellstar
Health
System,
Inc.)
1,875,000
5.125%,
4/1/2048,
Ser.
A
1,981,706
George
L.
Smith
II
GA
World
Congress
Center
Auth.
Rev.
(Convention
Center
Hotel)
250,000
4.000%,
1/1/2054,
Ser.
A
212,827
Main
Street
Natural
Gas,
Inc.,
GA
Gas
Supply
Rev.
1,750,000
5.000%,
5/15/2028,
Ser.
A
1,791,267
1,920,000
5.000%,
5/15/2033,
Ser.
A
1,995,263
1,900,000
5.000%,
5/15/2034,
Ser.
A
1,973,939
Municipal
Electric
Auth.
of
Georgia
Rev.
(Plant
Vogtle
Units
3
&
4)
250,000
5.000%,
1/1/2056,
Ser.
A
253,428
Municipal
Electric
Auth.
of
Georgia
Rev.
Refg.
(Plant
Vogtle
Units
3
&
4)
2,000,000
5.000%,
7/1/2052,
Ser.
A
2,042,544
Private
Colleges
and
Universities
Auth.,
GA
Rev.
Refg.
(Mercer
University)
2,600,000
5.250%,
10/1/2051
2,731,349
Total
23,748,280
Guam
(0.1%)
Guam
Port
Auth.
Rev.
250,000
5.000%,
7/1/2048,
Ser.
A
250,724
Guam
Power
Auth.
Rev.
Refg.
700,000
5.000%,
10/1/2034,
Ser.
A
746,170
Total
996,894
Hawaii
(0.1%)
Hawaii
Department
of
Transportation
Airport
Division
Lease
Rev.
C.O.P.
1,600,000
5.000%,
8/1/2028,
AMT
1,600,437
Total
1,600,437
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
282
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Idaho
(0.5%)
College
of
Western
Idaho
Annual
Appropriation
C.O.P
$
3,800,000
5.000%,
8/1/2052
$
3,846,447
Idaho
Health
Fac.
Auth.
Rev.
Refg.
(St.
Luke's
Health
System)
1,000,000
4.000%,
3/1/2051,
Ser.
A
889,779
800,000
4.000%,
3/1/2046,
Ser.
A
739,332
Total
5,475,558
Illinois
(5.2%)
Chicago,
IL
G.O.
Refg.
1,000,000
5.000%,
1/1/2027,
Ser.
A
1,030,079
Chicago,
IL
Metropolitan
Water
Reclamation
District
G.O.
Refg.
6,550,000
5.250%,
12/1/2032,
Ser.
C
7,621,353
Chicago,
IL
O'Hare
International
Airport
Rev.
2,000,000
5.500%,
1/1/2055,
Ser.
A,
AMT
2,114,694
1,000,000
5.000%,
1/1/2047,
Ser.
G,
AMT
1,006,027
1,000,000
5.000%,
1/1/2047,
Ser.
D,
AMT
1,006,027
Chicago,
IL
O'Hare
International
Airport
Rev.
Refg.
1,200,000
5.000%,
1/1/2029
1,209,014
5,000,000
5.000%,
1/1/2048,
Ser.
B
5,163,167
Chicago,
IL
Wastewater
Transmission
Rev.
(AGM
Insured)
5,000,000
5.250%,
1/1/2058,
Ser.
A
b
5,320,305
Chicago,
IL
Waterworks
Rev.
(AGM
Insured)
1,500,000
5.250%,
11/1/2053,
Ser.
A
b
1,606,268
Illinois
Finance
Auth.
Rev.
(DePaul
University)
1,000,000
5.000%,
10/1/2041
1,014,228
Illinois
Finance
Auth.
Rev.
(Plymouth
Place,
Inc.)
800,000
6.500%,
5/15/2047,
Ser.
A
812,522
Illinois
Finance
Auth.
Rev.
Refg.
(DePaul
College
Prep
Foundation)
250,000
5.625%,
8/1/2053,
Ser.
A
c
259,925
Illinois
Finance
Auth.
Rev.
Refg.
(Northwestern
Memorial
Healthcare)
4,000,000
5.000%,
7/15/2042,
Ser.
A
4,115,811
Illinois
Finance
Auth.
Rev.
Refg.
(Presbyterian
Homes)
2,500,000
4.000%,
5/1/2050,
Ser.
A
2,034,671
Illinois
Finance
Auth.
Rev.
Refg.
(Rosalind
Franklin
University)
1,750,000
5.000%,
8/1/2042,
Ser.
A
1,739,113
2,100,000
5.000%,
8/1/2047,
Ser.
A
2,028,759
Illinois
Finance
Auth.
Student
Housing
and
Academic
Fac.
Rev.
(University
of
Illinois
at
Chicago)
500,000
5.000%,
2/15/2032,
Ser.
A
506,305
2,885,000
5.000%,
2/15/2037
2,888,244
1,000,000
5.000%,
2/15/2047,
Ser.
A
942,843
Illinois
G.O.
1,000,000
5.500%,
5/1/2047,
Ser.
B
1,068,507
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Illinois
(5.2%)
-
continued
Illinois
Toll
Highway
Auth.
Rev.
$
3,610,000
5.000%,
1/1/2045,
Ser.
A
$
3,810,684
Metropolitan
Pier
and
Exposition
Auth.,
IL
Rev.
(McCormick
Place
Expansion)
(NATL-RE
Insured)
10,100,000
Zero
Coupon,
6/15/2035,
Ser.
A
b
6,485,268
Metropolitan
Pier
and
Exposition
Auth.,
IL
Rev.
Refg.
(McCormick
Place
Expansion)
500,000
5.000%,
6/15/2042,
Ser.
B
521,067
2,000,000
Zero
Coupon,
12/15/2047,
Ser.
B
d
1,374,197
Metropolitan
Pier
and
Exposition
Auth.,
IL
Rev.
Refg.
(McCormick
Place
Expansion)
(NATL-RE
Insured)
3,100,000
Zero
Coupon,
6/15/2024,
Ser.
A
b
3,084,023
2,000,000
Zero
Coupon,
12/15/2024,
Ser.
A
b
1,950,393
Peoria,
IL
G.O.
(AGM
Insured)
1,250,000
4.000%,
1/1/2039,
Ser.
A
b
1,229,913
1,750,000
4.375%,
1/1/2042,
Ser.
A
b
1,780,703
Total
63,724,110
Indiana
(1.3%)
Indiana
Finance
Auth.
Health
Fac.
Rev.
(Margaret
Mary
Health)
1,650,000
5.750%,
3/1/2054,
Ser.
A
1,740,461
Indiana
Finance
Auth.
Hospital
Rev.
(Reid
Health)
(AGM
Insured)
4,750,000
4.250%,
1/1/2047
b
4,576,433
Indiana
Finance
Auth.
Student
Housing
Rev.
(Tippecanoe,
LLC
Student
Housing)
600,000
5.125%,
6/1/2058,
Ser.
A
605,288
2,250,000
5.375%,
6/1/2064,
Ser.
A
2,294,023
Indianapolis,
IN
Local
Public
Improvement
Bank
Convention
Center
Hotel
Rev.
1,000,000
6.000%,
3/1/2053,
Ser.
E
1,083,044
750,000
6.125%,
3/1/2057,
Ser.
E
811,670
Northern
Indiana
Commuter
Transportation
District
Industrial
Rev.
1,000,000
5.000%,
1/1/2054
1,046,813
St.
Joseph
County,
IN
Economic
Development
Rev.
(St.
Mary's
College)
3,705,000
5.000%,
4/1/2043,
Ser.
2019
3,795,280
Valparaiso,
IN
Exempt
Fac.
Rev.
Refg.
(Pratt
Paper,
LLC)
350,000
5.000%,
1/1/2054,
AMT
c,e
354,253
Total
16,307,265
Iowa
(1.1%)
Ames,
IA
Rev.
Refg.
(Mary
Greeley
Medical
Center)
4,430,000
5.000%,
6/15/2032
4,544,785
Iowa
Finance
Auth.
Rev.
(Lifespace
Communities,
Inc.)
6,350,000
5.000%,
5/15/2043,
Ser.
A
5,775,750
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
283
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Iowa
(1.1%)
-
continued
Iowa
Higher
Education
Loan
Auth.
Fac.
Rev.
(Des
Moines
University)
$
2,500,000
4.000%,
10/1/2050
$
2,093,286
650,000
5.375%,
10/1/2052
662,401
Total
13,076,222
Kansas
(0.5%)
Lenexa,
KS
Health
Care
Fac.
Rev.
Refg.
(Lakeview
Village,
Inc.)
2,750,000
5.000%,
5/15/2039,
Ser.
A
2,687,446
Overland
Park,
KS
Sales
Tax
Special
Obligation
Rev.
(Bluhawk
Sports
Park)
350,000
6.500%,
11/15/2042,
Ser.
A
c
355,079
University
of
Kansas
Hospital
Auth.
Health
Fac.
Rev.
Refg.
3,410,000
5.000%,
3/1/2047,
Ser.
A
3,459,489
Total
6,502,014
Kentucky
(0.8%)
Hazard,
KY
Healthcare
Rev.
(Appalachian
Regional
Healthcare)
1,000,000
4.000%,
7/1/2041
917,630
Louisville
&
Jefferson
County,
KY
Metropolitan
Government
Hospital
Rev.
(University
of
Louisville
Health)
8,000,000
5.000%,
5/15/2052,
Ser.
A
8,232,646
Paducah,
KY
Electric
Plant
Board
Rev.
(AGM
Insured)
750,000
5.000%,
10/1/2035,
Ser.
A
b
765,763
Total
9,916,039
Louisiana
(1.1%)
East
Baton
Rouge,
LA
Industrial
Development
Board
Rev.
(ExxonMobil)
2,660,000
3.820%,
8/1/2035,
Ser.
A
a
2,660,000
Louisiana
Local
Government
Environmental
Fac.
and
Community
Development
Auth.
Rev.
(Caddo-Bossier
Parishes
Port
Commission)
(AGM
Insured)
850,000
5.000%,
4/1/2053,
Ser.
B
b
871,946
Louisiana
Public
Fac.
Auth.
Rev.
(University
of
New
Orleans
Research
&
Technology
Foundation,
Inc.
Student
Housing)
(AGM
Insured)
1,355,000
5.000%,
9/1/2030
b,f
1,359,381
800,000
5.000%,
9/1/2031
b,f
802,587
Louisiana
Stadium
and
Exposition
District
Rev.
Refg.
2,000,000
5.250%,
7/1/2053,
Ser.
A
2,140,059
1,500,000
5.000%,
7/1/2048,
Ser.
A
1,583,891
New
Orleans,
LA
Aviation
Board
Rev.
2,500,000
5.000%,
1/1/2040,
Ser.
B,
AMT
2,499,835
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Louisiana
(1.1%)
-
continued
Port
of
New
Orleans,
LA
Board
of
Commissioners
Port
Fac.
Rev.
Refg.
(AGM
Insured)
$
1,500,000
5.000%,
4/1/2043,
Ser.
B,
AMT
b
$
1,519,257
Total
13,436,956
Maine
(0.1%)
Maine
Health
and
Higher
Educational
Fac.
Auth.
Rev.
Refg.
(University
of
New
England)
1,000,000
4.000%,
7/1/2046,
Ser.
A
949,704
Total
949,704
Maryland
(0.5%)
Baltimore
County,
MD
Rev.
Refg.
(Oak
Crest
Village,
Inc.
Fac.)
2,000,000
4.000%,
1/1/2050
1,679,069
Maryland
Economic
Development
Corporation
Student
Housing
Rev.
(Morgan
State
University)
1,000,000
5.750%,
7/1/2053,
Ser.
A
1,073,775
1,325,000
6.000%,
7/1/2058,
Ser.
A
1,443,157
Maryland
Health
and
Higher
Educational
Fac.
Auth.
Rev.
(Loyola
University)
1,000,000
5.000%,
10/1/2045
995,481
Maryland
Health
and
Higher
Educational
Fac.
Auth.
Rev.
Refg.
(Frederick
Health
System)
200,000
4.000%,
7/1/2050
180,954
600,000
5.250%,
7/1/2053
619,557
200,000
4.000%,
7/1/2045
185,470
Total
6,177,463
Massachusetts
(3.5%)
Massachusetts
Bay
Transportation
Auth.
Sales
Tax
Rev.
(NATL-RE
Insured)
5,000,000
5.500%,
7/1/2025,
Ser.
B
b
5,118,351
Massachusetts
Development
Finance
Agency
Rev.
(Merrimack
College)
800,000
5.000%,
7/1/2052
794,859
Massachusetts
Development
Finance
Agency
Rev.
Refg.
(Boston
Medical
Center)
4,000,000
5.250%,
7/1/2052,
Ser.
G
4,203,762
Massachusetts
Development
Finance
Agency
Rev.
Refg.
(Northeastern
University)
2,750,000
5.000%,
10/1/2044
2,997,801
Massachusetts
Development
Finance
Agency
Rev.
Refg.
(Southcoast
Health
System
Obligated
Group)
500,000
4.000%,
7/1/2046,
Ser.
G
449,044
Massachusetts
G.O.
11,125,000
5.000%,
9/1/2048,
Ser.
E
11,526,346
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
284
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Massachusetts
(3.5%)
-
continued
Massachusetts
Health
&
Educational
Fac.
Auth.
Rev.
(Massachusetts
Institute
of
Technology)
$
9,295,000
5.250%,
7/1/2033,
Ser.
L
$
11,223,682
Massachusetts
Health
&
Educational
Fac.
Auth.
Rev.
(Tufts
University)
5,400,000
5.500%,
2/15/2028,
Ser.
M
5,862,258
Total
42,176,103
Michigan
(3.5%)
Grand
Valley
State
University,
MI
General
Rev.
Refg.
650,000
5.000%,
12/1/2029,
Ser.
B
653,703
Grand
Valley
State
University,
MI
Rev.
1,850,000
5.000%,
12/1/2031,
Ser.
A
1,861,805
Great
Lakes
Water
Auth.,
MI
Sewage
Disposal
System
Rev.
5,000,000
5.500%,
7/1/2052,
Ser.
B
5,417,741
Great
Lakes
Water
Auth.,
MI
Water
Supply
System
Rev.
10,000,000
5.000%,
7/1/2046,
Ser.
A
10,143,462
Michigan
Finance
Auth.
Higher
Education
Fac.
Limited
Obligation
Rev.
Refg.
(Calvin
University)
1,300,000
4.000%,
9/1/2050
1,111,565
2,110,000
4.000%,
9/1/2046
1,871,565
Michigan
Strategic
Fund
Limited
Obligation
Rev.
(I-75
Improvement)
535,000
5.000%,
12/31/2033,
AMT
553,553
7,775,000
5.000%,
12/31/2043,
AMT
7,802,678
5,110,000
5.000%,
6/30/2048,
AMT
5,111,657
Saginaw,
MI
City
School
District
U.T.G.O.
2,500,000
4.000%,
5/1/2050
2,338,156
Wayne
County,
MI
Airport
Auth.
Rev.
(Detroit
Metropolitan
Wayne
County
Airport)
(AGM
Insured)
3,965,000
5.250%,
12/1/2048,
Ser.
A
b
4,352,635
1,750,000
5.500%,
12/1/2048,
Ser.
B,
AMT
b
1,901,885
Total
43,120,405
Minnesota
(4.1%)
Bethel,
MN
Housing
and
Health
Care
Fac.
Rev.
Refg.
500,000
6.250%,
3/1/2054,
Ser.
A
481,658
Deephaven,
MN
Charter
School
Lease
Rev.
(Eagle
Ridge
Academy)
2,360,000
5.000%,
7/1/2043,
Ser.
A
2,283,250
Duluth,
MN
Economic
Development
Auth.
Health
Care
Fac.
Rev.
(St.
Luke's
Hospital
of
Duluth
Obligated
Group)
2,500,000
5.250%,
6/15/2052,
Ser.
B
2,556,993
2,500,000
5.250%,
6/15/2047,
Ser.
B
2,571,949
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Minnesota
(4.1%)
-
continued
Ham
Lake,
MN
Charter
School
Lease
Rev.
(DaVinci
Academy
of
Arts
and
Science)
$
340,000
5.000%,
7/1/2036,
Ser.
A
$
321,908
Minneapolis,
MN
Health
Care
System
Rev.
Refg.
(Fairview
Health
Services)
5,000,000
5.000%,
11/15/2049,
Ser.
A
4,878,761
Minneapolis,
MN
Student
Housing
Rev.
(Riverton
Community
Housing)
500,000
5.000%,
8/1/2053
c
470,717
Minneapolis-St.
Paul,
MN
Metropolitan
Airports
Commission
Rev.
Refg.
1,500,000
4.250%,
1/1/2052,
Ser.
A
1,433,485
1,045,000
5.250%,
1/1/2047,
Ser.
B,
AMT
1,100,536
Minnesota
Agricultural
and
Economic
Development
Board
Health
Care
Fac.
Rev.
(HealthPartners
Obligated
Group)
2,500,000
5.250%,
1/1/2054
2,660,431
Minnesota
Higher
Education
Fac.
Auth.
Rev.
(University
of
St.
Thomas)
1,500,000
5.000%,
10/1/2052,
Ser.
A
1,547,998
4,000,000
5.000%,
10/1/2052,
Ser.
B
4,127,996
1,000,000
5.000%,
10/1/2040
1,044,341
Minnesota
Higher
Education
Fac.
Auth.
Rev.
Refg.
(Gustavus
Adolphus
College)
4,250,000
5.000%,
10/1/2047
4,295,056
Minnesota
Higher
Education
Fac.
Auth.
Rev.
Refg.
(St.
Catherine
University)
1,015,000
5.000%,
10/1/2045,
Ser.
A
1,004,781
Minnesota
Municipal
Power
Agency
Electric
Rev.
200,000
5.000%,
10/1/2029
200,823
150,000
5.000%,
10/1/2030
150,740
200,000
5.000%,
10/1/2032
200,938
175,000
5.000%,
10/1/2033
175,813
1,500,000
5.000%,
10/1/2047
1,510,555
North
Oaks,
MN
Senior
Housing
Rev.
Refg.
(Waverly
Gardens)
4,000,000
5.000%,
10/1/2047
3,892,218
Rochester,
MN
Health
Care
Fac.
Rev.
Refg.
(Mayo
Clinic)
3,000,000
5.000%,
11/15/2057
3,190,003
St.
Joseph,
MN
Senior
Housing
&
Healthcare
Rev.
(Woodcrest
of
Country
Manor)
1,275,000
5.000%,
7/1/2055,
Ser.
A
1,035,142
St.
Paul,
MN
Housing
&
Redevelopment
Auth.
Health
Care
Fac.
Rev.
Refg.
(HealthPartners)
5,945,000
5.000%,
7/1/2032,
Ser.
A
6,005,760
St.
Paul,
MN
Housing
&
Redevelopment
Auth.
Health
Care
Rev.
Refg.
(Fairview
Health
Services)
1,945,000
5.000%,
11/15/2047,
Ser.
A
1,956,988
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
285
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Minnesota
(4.1%)
-
continued
St.
Paul,
MN
Housing
&
Redevelopment
Auth.
Rev.
Refg.
(Rossy
&
Richard
Shaller
Family
Sholom
East
Campus)
$
1,000,000
5.000%,
10/1/2043
$
822,445
Wayzata,
MN
Senior
Housing
Rev.
Refg.
(Folkestone
Senior
Living
Community)
500,000
5.000%,
8/1/2049
492,208
Woodbury,
MN
Charter
School
Lease
Rev.
Refg.
(MSA
Building
Company)
250,000
4.000%,
12/1/2050
187,720
Total
50,601,213
Mississippi
(0.4%)
Medical
Center
Educational
Building
Corporation
Rev.
(Colony
Park
Teaching
Campus)
5,000,000
4.000%,
6/1/2053,
Ser.
A
4,623,957
Total
4,623,957
Missouri
(1.2%)
Kansas
City,
MO
Industrial
Development
Auth.
Airport
Rev.
(Kansas
City
International
Airport
Terminal
Modernization)
1,800,000
5.000%,
3/1/2046,
Ser.
B,
AMT
1,823,133
Kansas
City,
MO
Industrial
Development
Auth.
Airport
Rev.
(Kansas
City
International
Airport)
(AGM
Insured)
5,000,000
4.000%,
3/1/2050,
Ser.
A,
AMT
b
4,590,574
Lee's
Summit,
MO
Industrial
Development
Auth.
Senior
Living
Fac.
Rev.
Refg.
(John
Knox
Village)
500,000
5.750%,
8/15/2059,
Ser.
A
e
501,869
1,200,000
5.000%,
8/15/2042,
Ser.
A
1,103,981
Missouri
Health
and
Educational
Fac.
Auth.
Health
Fac.
Rev.
(Mercy
Health)
2,000,000
5.000%,
12/1/2052
2,093,842
Missouri
Health
and
Educational
Fac.
Auth.
Rev.
Refg.
(Lake
Regional
Health
System)
1,200,000
4.000%,
2/15/2051
967,458
Ozark,
MO
R-6
School
District
C.O.P
530,000
5.000%,
4/1/2042
544,067
250,000
5.000%,
4/1/2045
255,503
Taney
County,
MO
Industrial
Development
Auth.
Sales
Tax
Rev.
(Big
Cedar
Infrastructure)
2,750,000
6.000%,
10/1/2049
c
2,668,044
Total
14,548,471
Montana
(0.6%)
Missoula,
MT
Water
Systems
Rev.
830,000
5.000%,
7/1/2038,
Ser.
A
874,639
800,000
5.000%,
7/1/2039,
Ser.
A
841,814
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Montana
(0.6%)
-
continued
Montana
Fac.
Finance
Auth.
Health
Care
Fac.
Rev.
(Montana
Children's
Home
and
Hospital)
$
4,000,000
4.000%,
7/1/2050,
Ser.
A
$
2,589,042
1,000,000
4.000%,
7/1/2044
720,095
Montana
Fac.
Finance
Auth.
Health
Fac.
Rev.
Refg.
(Bozeman
Deaconess
Health
Services
Obligated
Group)
2,750,000
4.000%,
6/1/2045,
Ser.
A
2,514,548
Total
7,540,138
Nebraska
(1.8%)
Dodge
County,
NE
School
District
No.
1
U.T.G.O.
(Fremont
Public
Schools)
(AGM
Insured)
3,000,000
5.000%,
12/15/2048
b
3,183,252
Douglas
County,
NE
Hospital
Auth.
No.
2
Health
Fac.
Rev.
(Children's
Hospital)
2,105,000
5.000%,
11/15/2047
2,127,154
Omaha,
NE
Public
Power
District
Electric
Rev.
8,150,000
5.000%,
2/1/2045,
Ser.
A
8,159,003
8,275,000
5.000%,
2/1/2046,
Ser.
A
8,734,737
Total
22,204,146
Nevada
(0.5%)
Carson
City,
NV
Hospital
Rev.
Refg.
(Carson
Tahoe
Regional
Medical
Center)
1,500,000
5.000%,
9/1/2042,
Ser.
A
1,514,730
3,250,000
5.000%,
9/1/2047,
Ser.
A
3,259,650
Las
Vegas,
NV
Convention
and
Visitors
Auth.
Convention
Center
Expansion
and
Renovation
Rev.
1,000,000
5.000%,
7/1/2049,
Ser.
A
1,055,385
Las
Vegas,
NV
Special
Improvement
District
No.
817
Special
Assessment
(Summerlin
Village
29)
100,000
6.000%,
6/1/2053
101,641
350,000
6.000%,
6/1/2048
356,757
Total
6,288,163
New
Hampshire
(0.5%)
National
Finance
Auth.,
NH
Rev.
(Presbyterian
Senior
Living)
750,000
5.250%,
7/1/2048,
Ser.
A
758,880
New
Hampshire
Health
and
Education
Fac.
Auth.
Rev.
(BAM
Insured)
5,000,000
5.000%,
8/1/2059,
Ser.
A
b
5,157,503
Total
5,916,383
New
Jersey
(3.0%)
Camden
County,
NJ
Improvement
Auth.
School
Rev.
(Kipp:
Cooper
Norcross
Academy
-
2022)
400,000
6.000%,
6/15/2052
423,608
750,000
6.000%,
6/15/2047
799,434
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
286
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
New
Jersey
(3.0%)
-
continued
New
Jersey
Economic
Development
Auth.
Rev.
$
1,485,000
5.000%,
6/15/2043,
Ser.
EEE
f
$
1,614,380
2,515,000
5.000%,
6/15/2043,
Ser.
EEE
2,591,117
New
Jersey
Economic
Development
Auth.
Social
Rev.
(School
Improvements)
300,000
4.000%,
6/15/2050,
Ser.
QQQ
279,246
New
Jersey
Health
Care
Fac.
Financing
Auth.
Rev.
(RWJ
Barnabas
Health)
3,015,000
4.000%,
7/1/2051,
Ser.
A
2,808,566
New
Jersey
Transportation
Trust
Fund
Auth.
Rev.
10,000,000
4.000%,
6/15/2050,
Ser.
BB
9,264,479
500,000
5.500%,
6/15/2050,
Ser.
CC
542,796
1,000,000
5.250%,
6/15/2033,
Ser.
AA
1,016,447
1,645,000
5.250%,
6/15/2034,
Ser.
AA
1,670,966
New
Jersey
Transportation
Trust
Fund
Auth.
Rev.
Refg.
2,000,000
5.000%,
12/15/2039,
Ser.
A
2,106,004
New
Jersey
Turnpike
Auth.
Rev.
1,000,000
4.125%,
1/1/2054,
Ser.
B
963,331
Ocean
County,
NJ
Utilities
Auth.
Waste
Water
Rev.
(NATL-RE
Insured)
3,180,000
5.250%,
1/1/2025
b
3,212,701
Tobacco
Settlement
Financing
Corporation,
NJ
Rev.
Refg.
8,950,000
5.250%,
6/1/2046,
Ser.
A
9,264,788
Total
36,557,863
New
York
(7.9%)
Buffalo
&
Erie
County,
NY
Industrial
Land
Development
Corporation
Rev.
1,500,000
5.000%,
8/1/2047,
Ser.
A
1,403,817
Build
NYC
Resource
Corporation,
NY
Rev.
(East
Harlem
Scholars
Academy
Charter
School)
345,000
5.750%,
6/1/2052
c
350,985
Build
NYC
Resource
Corporation,
NY
Rev.
(Global
Community
Charter
School)
1,275,000
5.000%,
6/15/2052,
Ser.
A
1,224,659
Build
NYC
Resource
Corporation,
NY
Rev.
(Unity
Preparatory
Charter
School
of
Brooklyn)
1,075,000
5.500%,
6/15/2053,
Ser.
A
c
1,067,147
Metropolitan
Transportation
Auth.,
NY
Rev.
2,750,000
5.000%,
11/15/2045,
Ser.
A-2
a
2,946,532
Monroe
County,
NY
Industrial
Development
Corporation
Rev.
(True
North
Rochester
Preparatory
Charter
School)
1,000,000
5.000%,
6/1/2050,
Ser.
A
c
948,170
New
York
City,
NY
G.O.
2,250,000
4.500%,
5/1/2049,
Ser.
D-1
2,267,749
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
New
York
(7.9%)
-
continued
New
York
City,
NY
Municipal
Water
Finance
Auth.
Water
and
Sewer
System
Rev.
$
17,000,000
4.000%,
6/15/2051,
Ser.
AA-1
$
16,252,947
160,000
3.800%,
6/15/2035,
Ser.
BB-2
a
160,000
4,000,000
4.125%,
6/15/2047,
Ser.
DD
3,904,509
New
York
City,
NY
Transitional
Finance
Auth.
Building
Aid
Rev.
16,625,000
5.000%,
7/15/2043,
Ser
S-1
17,339,406
New
York
City,
NY
Transitional
Finance
Auth.
Future
Tax
Secured
Rev.
3,000,000
4.000%,
5/1/2053,
Ser.
A-1
2,817,340
New
York
Dormitory
Auth.
Personal
Income
Tax
Rev.
Refg.
8,320,000
5.000%,
2/15/2043,
Ser.
B
8,577,971
10,000
5.000%,
2/15/2043,
Ser.
B
f
10,640
New
York
Dormitory
Auth.
Rev.
Refg.
(Yeshiva
University)
1,500,000
5.000%,
7/15/2050,
Ser.
A
1,467,436
2,200,000
5.000%,
7/15/2042,
Ser.
A
2,217,226
New
York
Transportation
Development
Corporation
Exempt
Fac.
Rev.
(State
Thruway
Service
Areas)
750,000
4.000%,
4/30/2053,
AMT
603,341
New
York
Transportation
Development
Corporation
Special
Fac.
Rev.
(John
F.
Kennedy
International
Airport
Terminal
One)
3,000,000
6.000%,
6/30/2054,
AMT
3,287,579
New
York
Transportation
Development
Corporation
Special
Fac.
Rev.
(LaGuardia
Airport
)
775,000
5.000%,
1/1/2036,
AMT
792,645
New
York
Transportation
Development
Corporation
Special
Fac.
Rev.
(Laguardia
Airport
Terminal
C&D
Redevelopment)
500,000
6.000%,
4/1/2035,
AMT
566,523
750,000
5.625%,
4/1/2040,
AMT
814,972
New
York
Transportation
Development
Corporation
Special
Fac.
Rev.
(Terminal
4
John
F.
Kennedy
International
Airport)
1,000,000
5.000%,
12/1/2039,
AMT
1,051,269
1,000,000
5.000%,
12/1/2040,
AMT
1,044,698
1,000,000
5.000%,
12/1/2041,
AMT
1,040,406
600,000
5.000%,
12/1/2042,
AMT
621,919
New
York
Urban
Development
Corporation
Rev.
15,000,000
4.000%,
3/15/2045,
Ser.
A
14,540,926
Oneida
Indian
Nation,
NY
Tax
Rev.
250,000
6.000%,
9/1/2043,
Ser.
B
c
263,860
Port
Auth.
of
New
York
&
New
Jersey
Rev.
Refg.
5,000,000
5.000%,
9/15/2034,
Ser.
207,
AMT
5,212,220
1,715,000
5.000%,
9/15/2048,
Ser.
207,
AMT
1,735,796
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
287
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
New
York
(7.9%)
-
continued
Triborough,
NY
Bridge
&
Tunnel
Auth.
Rev.
$
1,000,000
5.250%,
11/15/2045,
Ser.
A
$
1,013,318
Troy,
NY
Capital
Resource
Corporation
Rev.
Refg.
(Rensselaer
Polytecnic
Institute)
750,000
5.000%,
9/1/2039,
Ser.
A
792,877
Total
96,338,883
North
Carolina
(1.3%)
Appalachian
State
University,
NC
Rev.
2,510,000
5.000%,
5/1/2044
2,604,446
Charlotte,
NC
Airport
Rev.
(Charlotte
Douglas
International
Airport)
1,500,000
5.000%,
7/1/2042,
Ser.
A
1,548,029
Charlotte,
NC
Airport
Rev.
Refg.
(Charlotte
Douglas
International
Airport)
2,500,000
4.250%,
7/1/2052,
Ser.
B,
AMT
2,376,691
Greater
Asheville,
NC
Regional
Airport
Auth.
Rev.
(AGM
Insured)
750,000
5.250%,
7/1/2053,
AMT
b
788,796
1,000,000
5.250%,
7/1/2048,
AMT
b
1,061,114
North
Carolina
Medical
Care
Commission
Health
Care
Fac.
Rev.
(Presbyterian
Homes)
1,250,000
5.000%,
10/1/2050,
Ser.
A
1,264,297
North
Carolina
Medical
Care
Commission
Retirement
Fac.
First
Mortgage
Rev.
(The
United
Methodist
Retirement
Homes)
750,000
5.125%,
10/1/2054,
Ser.
A
762,217
North
Carolina
Medical
Care
Commission
Retirement
Fac.
Rev.
Refg.
(Plantation
Village,
Inc.)
1,500,000
4.000%,
1/1/2052,
Ser.
A
1,143,624
North
Carolina
Turnpike
Auth.
Rev.
(Triangle
Expressway
System)
(AGM
Insured)
4,250,000
5.000%,
1/1/2049
b
4,380,232
Total
15,929,446
North
Dakota
(0.5%)
Grand
Forks,
ND
Health
Care
System
Rev.
(Altru
Health
System)
(AGM
Insured)
250,000
5.000%,
12/1/2053,
Ser.
A
b
254,657
250,000
5.000%,
12/1/2048,
Ser.
A
b
257,020
Horace,
ND
Refg.
Improvement
U.T.G.O.
1,800,000
5.000%,
5/1/2048,
Ser.
A
1,699,057
University
of
North
Dakota
C.O.P.
(Infrastructure
Energy
Improvement)
3,775,000
5.000%,
4/1/2048,
Ser.
A
3,863,996
Total
6,074,730
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Ohio
(3.9%)
Akron
Bath
and
Copley
Joint
Township,
OH
Hospital
Fac.
Rev.
Refg.
(Summa
Health
System)
$
1,600,000
4.000%,
11/15/2037
$
1,471,974
American
Municipal
Power
Ohio,
Inc.
Rev.
(Greenup
Hydroelectric)
1,000,000
5.000%,
2/15/2041,
Ser.
A
1,009,464
Bowling
Green
State
University,
OH
Rev.
Refg.
500,000
4.000%,
6/1/2045,
Ser.
A
481,289
Buckeye
Tobacco
Settlement
Financing
Auth.,
OH
Rev.
Refg.
14,485,000
5.000%,
6/1/2055,
Ser.
B-2
13,112,827
Hamilton
County,
OH
Healthcare
Rev.
(Life
Enriching
Communities)
1,000,000
5.750%,
1/1/2053,
Ser.
A
1,023,187
Montgomery
County,
OH
Hospital
Fac.
Improvement
Rev.
Refg.
(Kettering
Health
Network
Obligated
Group)
800,000
4.000%,
8/1/2051
701,299
Montgomery
County,
OH
Hospital
Fac.
Rev.
Refg.
(Dayton
Children's
Hospital)
1,500,000
4.000%,
8/1/2046
1,397,258
Ohio
Higher
Educational
Fac.
Commission
Rev.
(Dayton
University)
2,565,000
5.000%,
12/1/2035,
Ser.
A
2,603,505
Ohio
Higher
Educational
Fac.
Commission
Rev.
(Kenyon
College)
3,025,000
5.000%,
7/1/2042
3,100,144
Ohio
Higher
Educational
Fac.
Commission
Rev.
Refg.
(University
of
Findlay)
2,400,000
5.000%,
3/1/2034
2,312,527
Ohio
Turnpike
Commission
Rev.
8,945,000
5.700%,
2/15/2034,
Ser.
A-4
10,380,292
Ohio
Turnpike
Commission
Rev.
Refg.
(NATL-RE
Insured)
10,000,000
5.500%,
2/15/2026,
Ser.
A
b
10,272,587
Total
47,866,353
Oklahoma
(0.9%)
Oklahoma
Turnpike
Auth.
Rev.
2,500,000
5.000%,
1/1/2042,
Ser.
A
2,529,960
5,665,000
5.000%,
1/1/2047,
Ser.
C
5,798,052
Oklahoma
Water
Resources
Board
Loan
Program
Rev.
2,005,000
5.000%,
10/1/2040,
Ser.
A
2,047,066
Osage
County,
OK
Industrial
Auth.
Rev.
1,000,000
6.500%,
9/1/2040
1,058,733
Total
11,433,811
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
288
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Oregon
(1.6%)
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
$
326,934
Clackamas
County,
OR
School
District
No.
62C
U.T.G.O.
3,500,000
5.000%,
6/15/2049,
Ser.
B
3,630,682
Multnomah
&
Clackamas
Counties,
OR
School
District
G.O.
520,000
Zero
Coupon,
6/15/2035,
Ser.
A
322,458
Port
of
Portland,
OR
Airport
Rev.
(Portland
International
Airport)
5,000,000
5.000%,
7/1/2052,
Ser.
28,
AMT
5,137,101
Port
of
Portland,
OR
Airport
Rev.
Refg.
(Portland
International
Airport)
4,750,000
5.000%,
7/1/2044,
Ser.
25B,
AMT
4,857,423
Salem,
OR
Hospital
Fac.
Auth.
Rev.
Refg.
(Capital
Manor)
400,000
4.000%,
5/15/2057
294,630
Salem-Keizer
School
District
No.
24J,
Marion
and
Polk
Counties,
OR
G.O.
5,000,000
Zero
Coupon,
6/15/2028,
Ser.
B
4,316,570
Warm
Springs,
OR
Reservation
Confederated
Tribes
Hydroelectric
Rev.
Refg.
(Pelton-
Round
Butte)
800,000
5.000%,
11/1/2039,
Ser.
B
c
844,997
Total
19,730,795
Pennsylvania
(4.0%)
Allegheny
County,
PA
Airport
Auth.
Rev.
(Pittsburgh
International
Airport)
1,650,000
5.000%,
1/1/2051,
Ser.
A,
AMT
1,677,701
Allegheny
County,
PA
Airport
Auth.
Rev.
(Pittsburgh
International
Airport)
(AGM
Insured)
1,500,000
5.500%,
1/1/2053,
Ser.
A,
AMT
b
1,606,270
4,500,000
5.500%,
1/1/2048,
Ser.
A,
AMT
b
4,859,680
Berks
County,
PA
Industrial
Development
Auth.
Healthcare
Fac.
Rev.
Refg.
(Highlands
at
Wyomissing)
460,000
5.000%,
5/15/2043
f
474,679
410,000
5.000%,
5/15/2048
f
423,084
Cumberland
County,
PA
Municipal
Auth.
Rev.
(Diakon
Lutheran
Social
Ministries)
670,000
5.000%,
1/1/2038
671,430
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Pennsylvania
(4.0%)
-
continued
Northampton
County,
PA
General
Purpose
Auth.
Hospital
Rev.
Refg.
(St.
Luke's
University
Health
Network)
$
8,330,000
5.250%,
8/15/2053,
Ser.
A-1
$
8,904,262
Pennsylvania
Economic
Development
Financing
Auth.
Rev.
(Penndot
Major
Bridges
Package
One)
1,500,000
6.000%,
6/30/2061,
AMT
1,644,778
Pennsylvania
Economic
Development
Financing
Auth.
Rev.
(Presbyterian
Senior
Living)
1,000,000
5.250%,
7/1/2049,
Ser.
B-1
1,009,842
Pennsylvania
Economic
Development
Financing
Auth.
Rev.
(Villanova
University)
2,200,000
4.000%,
8/1/2054
2,080,786
Pennsylvania
Economic
Development
Financing
Auth.
Rev.
Refg.
(Presbyterian
Senior
Living)
1,000,000
4.000%,
7/1/2046
863,264
Pennsylvania
Economic
Development
Financing
Auth.
Rev.
Refg.
(UPMC)
2,000,000
5.000%,
2/15/2047,
Ser.
A
2,093,759
Pennsylvania
Turnpike
Commission
Turnpike
Rev.
1,000,000
4.000%,
12/1/2050,
Ser.
A
928,590
Pennsylvania
Turnpike
Commission
Turnpike
Rev.
(AGM
Insured)
10,440,000
6.250%,
6/1/2033,
Ser.
C
b
11,079,830
Pennsylvania
Turnpike
Commission
Turnpike
Rev.
(BAM
Insured)
6,090,000
Zero
Coupon,
12/1/2041,
Ser.
A-3
b
2,682,563
Pennsylvania
Turnpike
Commission
Turnpike
Rev.
Refg.
7,000,000
5.250%,
12/1/2053,
Ser.
A
7,504,685
Total
48,505,203
Puerto
Rico
(0.5%)
Puerto
Rico
Sales
Tax
Financing
Corporation
Rev.
1,000,000
4.750%,
7/1/2053,
Ser.
A-1
973,907
5,296,000
4.550%,
7/1/2040,
Ser.
A-1
5,297,691
Total
6,271,598
South
Carolina
(1.3%)
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
2,075,781
South
Carolina
Jobs
Economic
Development
Auth.
Hospital
Rev.
(AnMed
Health)
5,000,000
5.250%,
2/1/2053
5,310,130
4,500,000
4.250%,
2/1/2048
4,412,993
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
289
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
South
Carolina
(1.3%)
-
continued
South
Carolina
Jobs
Economic
Development
Auth.
Rev.
(Bishop
Gadsden
Episcopal
Retirement
Community)
$
2,460,000
5.000%,
4/1/2054,
Ser.
A
$
2,240,197
South
Carolina
Jobs
Economic
Development
Auth.
Rev.
Refg.
(Life
Communities,
Inc.)
2,000,000
5.000%,
11/15/2047,
Ser.
C
2,017,715
Total
16,056,816
South
Dakota
(0.1%)
Lincoln
County,
SD
Economic
Development
Rev.
(Augustana
College
Association)
850,000
4.000%,
8/1/2051
677,838
South
Dakota
Board
of
Regents
Housing
&
Auxiliary
Fac.
System
Rev.
1,000,000
5.000%,
4/1/2033,
Ser.
B
1,004,155
Total
1,681,993
Tennessee
(0.2%)
Metropolitan
Government
of
Nashville
and
Davidson
County,
TN
Health
and
Educational
Fac.
Rev.
(Trevecca
Nazarene
University)
1,430,000
4.000%,
10/1/2051,
Ser.
B
1,110,852
Metropolitan
Nashville,
TN
Airport
Auth.
Rev.
1,000,000
5.500%,
7/1/2052,
Ser.
B,
AMT
1,067,450
Total
2,178,302
Texas
(12.3%)
Arlington,
TX
Higher
Education
Finance
Corporation
Education
Rev.
(Cypress
Christian
School)
1,000,000
6.000%,
6/1/2053
c
1,011,977
750,000
6.250%,
6/1/2063
c
765,386
Arlington,
TX
Higher
Education
Finance
Corporation
Education
Rev.
(Great
Hearts
America)
(PSF-GTD
Insured)
3,180,000
4.000%,
8/15/2055,
Ser.
A
b
2,783,714
Austin,
TX
Airport
System
Rev.
1,000,000
5.000%,
11/15/2052,
AMT
1,028,490
Central
Texas
Regional
Mobility
Auth.
Rev.
1,000,000
4.000%,
1/1/2051,
Ser.
B
929,737
500,000
5.000%,
1/1/2045,
Ser.
E
518,741
1,000,000
5.000%,
1/1/2046,
Ser.
B
1,040,834
Clifton,
TX
Higher
Education
Finance
Corporation
Education
Rev.
(IDEA
Public
Schools)
1,000,000
5.000%,
8/15/2042
1,000,152
2,000,000
6.000%,
8/15/2043
2,002,107
Clifton,
TX
Higher
Education
Finance
Corporation
Education
Rev.
(IDEA
Public
Schools)
(PSF-
GTD
Insured)
3,000,000
4.000%,
8/15/2050,
Ser.
T
b
2,832,952
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Texas
(12.3%)
-
continued
$
1,000,000
5.000%,
8/15/2036,
Ser.
A
b
$
1,020,778
4,605,000
5.000%,
8/15/2039
b
4,612,977
Clifton,
TX
Higher
Education
Finance
Corporation
Education
Rev.
(International
Leadership
of
Texas,
Inc.)
(PSF-GTD
Insured)
3,500,000
4.250%,
8/15/2052
b
3,399,673
Dallas
and
Fort
Worth,
TX
International
Airport
Rev.
Refg.
2,000,000
4.000%,
11/1/2045,
Ser.
B
1,927,989
Denton,
TX
Independent
School
District
U.T.G.O.
(PSF-GTD
Insured)
2,580,000
5.000%,
8/15/2053
b
2,734,666
Galveston,
TX
Wharves
&
Terminal
Rev.
1,000,000
6.000%,
8/1/2043,
AMT
1,101,922
Georgetown,
TX
Utility
System
Rev.
(AGM
Insured)
7,000,000
4.250%,
8/15/2047
b
6,773,642
Greater
Texoma,
TX
Utility
Auth.
Contract
Rev.
(City
of
Sherman)
(AGM
Insured)
6,000,000
4.250%,
10/1/2053
b
5,699,417
Harris
County,
TX
Cultural
Education
Fac.
Finance
Corporation
Rev.
(First
Mortgage
Brazos
Presbyterian
Homes,
Inc.)
230,000
5.000%,
1/1/2033,
Ser.
A
218,490
Harris
County,
TX
Cultural
Education
Fac.
Finance
Corporation
Rev.
Refg.
(Memorial
Hermann
Health
System)
7,000,000
4.125%,
7/1/2052,
Ser.
A
6,419,801
Hidalgo
County,
TX
Regional
Mobility
Auth.
Toll
&
Vehicle
Registration
Rev.
400,000
4.000%,
12/1/2041,
Ser.
A
374,481
Houston,
TX
Airport
System
Rev.
Refg.
(AGM
Insured)
5,250,000
4.500%,
7/1/2053,
Ser.
A,
AMT
b
5,090,063
3,000,000
5.250%,
7/1/2053,
Ser.
A,
AMT
b
3,157,480
Houston,
TX
Water
and
Sewer
System
Rev.
Refg.
(AGM
Insured)
10,000,000
5.750%,
12/1/2032,
Ser.
A
b,f
12,148,085
Irving,
TX
Rev.
Refg.
2,325,000
5.000%,
8/15/2043
2,284,719
Lake
Travis,
TX
Independent
School
District
U.T.G.O.
Refg.
(PSF-GTD
Insured)
255,000
5.000%,
2/15/2031
b,f
265,918
Lower
Colorado
River,
TX
Auth.
Rev.
Refg.
(LCRA
Transmission
Services
Corporation)
(AGM
Insured)
6,000,000
5.500%,
5/15/2053
b
6,542,922
2,000,000
5.500%,
5/15/2048
b
2,189,760
Midland
County,
TX
Hospital
District
Rev.
(BAM
Insured)
1,250,000
5.250%,
5/15/2054,
Ser.
A
b
1,337,273
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
290
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Texas
(12.3%)
-
continued
New
Hope
Cultural
Education
Fac.
Finance
Corporation,
TX
Retirement
Fac.
Rev.
(Army
Retirement
Residence
Foundation)
$
1,500,000
5.750%,
7/15/2052
$
1,404,755
New
Hope
Cultural
Education
Fac.
Finance
Corporation,
TX
Student
Housing
Rev.
(Collegiate
Housing
College
Station
I,
LLC
-
Texas
A&M
University)
1,000,000
5.000%,
4/1/2029,
Ser.
A
1,000,189
North
East
Independent
School
District,
Bexar
County,
TX
U.T.G.O.
Refg.
(PSF-GTD
Insured)
5,000,000
5.250%,
2/1/2028
b
5,364,468
2,000,000
5.250%,
2/1/2029
b
2,189,428
North
Texas
Tollway
Auth.
System
Rev.
Refg.
(AGC
Insured)
5,000,000
Zero
Coupon,
1/1/2028,
Ser.
D
b
4,373,091
Port
Freeport,
TX
Rev.
3,700,000
5.000%,
6/1/2049,
Ser.
A,
AMT
3,720,523
Red
River
Education
Finance
Corporation,
TX
Higher
Education
Rev.
Refg.
(St.
Edwards
University)
2,130,000
5.000%,
6/1/2046
2,013,427
San
Antonio,
TX
Education
Fac.
Corporation
Rev.
(Hallmark
University)
280,000
5.000%,
10/1/2031,
Ser.
A
266,091
San
Antonio,
TX
Electric
and
Gas
Systems
Rev.
Refg.
3,000,000
5.500%,
2/1/2050,
Ser.
A
3,310,292
San
Antonio,
TX
Water
System
Rev.
7,875,000
5.000%,
5/15/2039,
Ser.
A
8,248,463
Southwest
Texas
Higher
Education
Auth.
Rev.
Refg.
(Southern
Methodist
University)
600,000
5.000%,
10/1/2039
619,404
600,000
5.000%,
10/1/2040
617,906
700,000
5.000%,
10/1/2041
719,613
Tarrant
County,
TX
Cultural
Education
Fac.
Finance
Corporation
Hospital
Rev.
(Baylor
Scott
and
White
Health)
500,000
5.000%,
11/15/2051,
Ser.
D
514,570
750,000
5.500%,
11/15/2047,
Ser.
D
820,494
Tarrant
County,
TX
Cultural
Education
Fac.
Finance
Corporation
Hospital
Rev.
Refg.
(Hendrick
Medical
Center)
2,640,000
5.000%,
9/1/2030
2,644,948
Tarrant
County,
TX
Cultural
Education
Fac.
Finance
Corporation
Rev.
Refg.
(Trinity
Terrace)
765,000
5.000%,
10/1/2044,
Ser.
A-1
720,855
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Texas
(12.3%)
-
continued
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
III
Rev.
Refg.
$
1,000,000
5.000%,
12/15/2031
$
1,047,090
Texas
Private
Activity
Bond
Surface
Transportation
Corporation
Rev.
(North
Tarrant
Express)
3,000,000
5.500%,
12/31/2058,
AMT
3,215,207
Texas
Private
Activity
Bond
Surface
Transportation
Corporation
Rev.
(Segment
3C)
15,380,000
5.000%,
6/30/2058,
AMT
15,476,242
Texas
Private
Activity
Bond
Surface
Transportation
Corporation
Rev.
Refg.
(LBJ
Infrastructure
Group,
LLC)
500,000
4.000%,
12/31/2039,
Ser.
A
497,197
4,275,000
4.000%,
6/30/2040,
Ser.
A
4,205,180
Texas
Technical
College
System
Rev.
(Financing
System
Improvement)
(AGM
Insured)
3,000,000
6.000%,
8/1/2054,
Ser.
A
b
3,367,913
Waco,
TX
Educational
Finance
Corporation
Rev.
(Baylor
University)
2,605,000
4.000%,
3/1/2051
2,367,476
Total
149,938,968
Utah
(2.0%)
Intermountain
Power
Agency,
UT
Power
Supply
Rev.
Refg.
250,000
5.000%,
7/1/2044,
Ser.
A
268,435
2,000,000
5.000%,
7/1/2045,
Ser.
A
2,142,056
Jordan
Valley,
UT
Water
Conservancy
District
Rev.
3,420,000
5.000%,
10/1/2044,
Ser.
A
3,579,996
3,000,000
5.000%,
10/1/2049,
Ser.
A
3,102,376
Lehi,
UT
Franchise
and
Sales
Tax
Rev.
(Broadband)
(AGM
Insured)
1,825,000
4.000%,
2/1/2048
b
1,722,792
Orem,
UT
G.O.
6,880,000
5.000%,
12/1/2046
7,198,651
Salt
Lake
City,
UT
Airport
Rev.
1,000,000
5.000%,
7/1/2042,
Ser.
A,
AMT
1,013,873
1,000,000
5.250%,
7/1/2048,
Ser.
A,
AMT
1,021,634
1,125,000
5.250%,
7/1/2048,
Ser.
A,
AMT
1,191,145
Utah
Charter
School
Finance
Auth.
Rev.
(Utah
Charter
Acadamies)
800,000
5.000%,
10/15/2048
803,993
Utah
County,
UT
Hospital
Rev.
(IHC
Health
Services,
Inc.)
1,610,000
5.000%,
5/15/2045,
Ser.
A
1,610,567
Utah
Infrastructure
Agency
Telecommunication
Rev.
350,000
6.000%,
10/15/2047
373,821
Total
24,029,339
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
291
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
$
3,062,313
1,000,000
5.000%,
12/1/2036,
Ser.
A
1,017,336
Total
4,079,649
Virginia
(2.5%)
Fairfax
County,
VA
Industrial
Development
Auth.
Health
Care
Rev.
Refg.
(Inova
Health
System)
5,000,000
4.000%,
5/15/2042
4,902,279
James
City
County,
VA
Economic
Development
Auth.
Residential
Care
Fac.
Rev.
(Williamsburg
Landing)
650,000
6.875%,
12/1/2058,
Ser.
A
703,731
Roanoke,
VA
Economic
Development
Auth.
Hospital
Rev.
Refg.
(Carilion
Clinic
Obligated
Group)
5,000,000
4.000%,
7/1/2051,
Ser.
A
4,680,154
Virginia
Small
Business
Financing
Auth.
Rev.
(Transform
66
P3)
610,000
5.000%,
12/31/2047,
AMT
613,855
6,575,000
5.000%,
12/31/2049,
AMT
6,603,154
10,610,000
5.000%,
12/31/2052,
AMT
10,633,866
Virginia
Small
Business
Financing
Auth.
Rev.
Refg.
(95
Express
Lanes,
LLC)
500,000
4.000%,
1/1/2048,
AMT
439,867
Virginia
Small
Business
Financing
Auth.
Rev.
Refg.
(Elizabeth
River
Crossings
OpCo,
LLC)
500,000
4.000%,
1/1/2039,
AMT
483,347
1,000,000
4.000%,
1/1/2040,
AMT
955,104
Total
30,015,357
Washington
(2.1%)
FYI
Properties,
WA
Lease
Rev.
Refg.
(Washington
DIS)
5,000,000
5.000%,
6/1/2038
5,228,661
Grant
County,
WA
Public
Hospital
District
No.
2
U.T.G.O.
(Quincy
Valley
Medical
Center)
3,250,000
5.000%,
12/1/2044
3,187,443
Kalispel
Tribe
of
Indians,
WA
Rev.
750,000
5.250%,
1/1/2038,
Ser.
A
*
764,191
Port
of
Seattle,
WA
Rev.
1,000,000
5.000%,
4/1/2044,
AMT
1,021,357
Skagit
County,
WA
Public
Hospital
District
No.
1
Hospital
Rev.
(Skagit
Regional
Health)
1,750,000
5.500%,
12/1/2054
1,835,561
Snohomish
County,
WA
Housing
Auth.
Rev.
3,005,000
5.000%,
4/1/2041
3,063,461
Washington
Health
Care
Fac.
Auth.
Rev.
(Seattle
Cancer
Care
Alliance)
650,000
4.000%,
12/1/2045
c
595,206
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Washington
(2.1%)
-
continued
Washington
Health
Care
Fac.
Auth.
Rev.
Refg.
(Seattle
Cancer
Care
Alliance)
$
2,000,000
4.000%,
9/1/2050
$
1,768,042
2,000,000
5.000%,
9/1/2055,
Ser.
2020
2,043,111
Washington
Higher
Education
Fac.
Auth.
Rev.
(Seattle
University)
500,000
4.000%,
5/1/2050
438,654
450,000
4.000%,
5/1/2045
409,818
Washington
Housing
Finance
Commission
Nonprofit
Housing
Rev.
Refg.
(Emerald
Heights)
1,200,000
5.000%,
7/1/2048,
Ser.
A
1,211,937
Washington
Housing
Finance
Commission
Nonprofit
Rev.
(Radford
Court
and
Nordheim
Court
Portfolio)
1,000,000
5.500%,
7/1/2059
e
1,042,399
Washington
Housing
Finance
Commission
Nonprofit
Rev.
Refg.
(Seattle
Academy
of
Arts
and
Sciences)
1,340,000
6.125%,
7/1/2053
c
1,449,228
1,250,000
6.250%,
7/1/2059
c
1,355,211
Total
25,414,280
West
Virginia
(1.1%)
West
Virginia
Hospital
Finance
Auth.
Rev.
(West
Virginia
University
Health
System
Obligated
Group)
2,000,000
4.375%,
6/1/2053,
Ser.
A
1,911,447
2,000,000
4.250%,
6/1/2047,
Ser.
A
1,932,235
West
Virginia
Parkways
Auth.
Turnpike
Toll
Rev.
10,000,000
4.000%,
6/1/2051
9,409,274
Total
13,252,956
Wisconsin
(2.5%)
Public
Finance
Auth.,
WI
Charter
School
Rev.
(Quality
Education
Academy)
475,000
6.250%,
7/15/2053,
Ser.
A
c
491,725
750,000
6.500%,
7/15/2063,
Ser.
A
c
781,500
Public
Finance
Auth.,
WI
Education
Rev.
(Unity
Classical
Charter
School;
A
Challenge
Foundation
Academy)
500,000
6.875%,
7/1/2053
c
514,431
750,000
7.000%,
7/1/2058
c
771,368
Public
Finance
Auth.,
WI
Hospital
Rev.
Refg.
(WakeMed
Hospital)
2,000,000
5.000%,
10/1/2044,
Ser.
A
2,060,338
Public
Finance
Auth.,
WI
Hotel
Rev.
(Grand
Hyatt
San
Antonio
Hotel
Acquisition)
1,000,000
5.000%,
2/1/2052,
Ser.
A
976,094
Public
Finance
Auth.,
WI
Proj.
Rev.
(CFP3
-
Eastern
Michigan
University
Student
Housing)
(BAM
Insured)
1,000,000
5.500%,
7/1/2052,
Ser.
A-1
b
1,068,859
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
292
Principal
Amount
Long-Term
Fixed
Income
(98.8%)
Value
Wisconsin
(2.5%)
-
continued
Public
Finance
Auth.,
WI
Retirement
Communities
Rev.
(Acts
Retirement
-
Life
Communities,
Inc.)
$
3,000,000
5.000%,
11/15/2041,
Ser.
A
$
3,094,354
Public
Finance
Auth.,
WI
Rev.
(AFCO
Airport
Real
Estate
Group)
400,000
5.250%,
7/1/2053,
AMT
391,642
920,000
5.500%,
7/1/2043,
AMT
958,774
Public
Finance
Auth.,
WI
Rev.
(Fargo-Moorhead
Metropolitan
Area
Flood
Risk
Management)
2,500,000
4.000%,
3/31/2056,
AMT
2,011,183
4,000,000
4.000%,
9/30/2051,
AMT
3,291,406
Public
Finance
Auth.,
WI
Student
Housing
Rev.
(CHF-Manoa,
LLC)
2,000,000
5.750%,
7/1/2063,
Ser.
A
c
2,089,236
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
(Bellin
Memorial
Hospital,
Inc.)
1,250,000
5.500%,
12/1/2052,
Ser.
A
1,343,253
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
(Thedacare,
Inc.)
1,195,000
5.000%,
12/15/2039
1,198,294
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
(Three
Pillars
Senior
Living
Communities)
1,000,000
4.000%,
8/15/2055,
Ser.
A
716,843
500,000
5.750%,
8/15/2059,
Ser.
A
502,263
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
Refg.
(Ascension
Health
Credit
Group)
5,000,000
5.000%,
11/15/2039,
Ser.
A
5,081,762
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
Refg.
(Benevolent
Corporation
Cedar
Community)
870,000
5.000%,
6/1/2037
825,099
Wisconsin
Health
&
Educational
Fac.
Auth.
Rev.
Refg.
(Marshfield
Clinic
Health
Systems,
Inc.)
2,000,000
5.000%,
2/15/2047,
Ser.
C
1,932,855
Total
30,101,279
Wyoming
(<0.1%)
Lincoln
County,
WY
Pollution
Control
Rev.
Refg.
(ExxonMobil)
105,000
3.820%,
10/1/2044
a
105,000
Total
105,000
Total
Long-Term
Fixed
Income
(cost
$1,237,843,496)
1,206,756,755
Principal
Amount
Short-Term
Investments
(
<0.1%
)
g
Value
Federal
Home
Loan
Bank
Discount
Notes
$
400,000
5.225%,
6/7/2024
h
$
397,773
Total
Short-Term
Investments
(cost
$397,852)
397,773
Total
Investments
(cost
$1,238,241,348)
98.8%
$1,207,154,528
Other
Assets
and
Liabilities,
Net
1.2%
14,108,615
Total
Net
Assets
100.0%
$1,221,263,143
a
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2024.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
b
To
reduce
certain
risks
associated
with
securities
issued
by
municipalities,
which
may
include
but
are
not
limited
to
economic
development
in
a
specific
industry
or
municipality,
the
principal
and/or
interest
payments
are
guaranteed
by
the
bond
insurance
company
or
government
agency
identified.
c
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2024,
the
value
of
these
investments
was
$27,430,079
or
2.2%
of
total
net
assets.
d
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
April
30,
2024.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
f
Denotes
securities
that
have
been
pre-refunded
or
escrowed
to
maturity.
Under
such
an
arrangement,
money
is
deposited
into
an
irrevocable
escrow
account
and
is
used
to
purchase
U.S.
Treasury
securities
or
government
agency
securities
with
maturing
principal
and
interest
earnings
sufficient
to
pay
all
debt
service
requirements
of
the
pre-
refunded
bonds.
g
The
interest
rate
shown
reflects
the
yield.
h
All
or
a
portion
of
the
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
Municipal
Bond
Fund
as
of
April
30,
2024
was
$764,191
or
0.06%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
April
30,
2024.
Security
Acquisition
Date
Cost
Kalispel
Tribe
of
Indians,
WA
Rev.,
1/1/2038
5/17/2018
$
737,768
Municipal
Bond
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
293
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
Proj.
-
Project
PSF-GTD
-
Permanent
School
Fund
Guarantee
Program
Refg.
-
Refunding
Rev.
-
Revenue
Ser.
-
Series
U.T.G.O.
-
Unlimited
Tax
General
Obligation
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
$
23,147,960
Gross
unrealized
depreciation
(59,517,582)
Net
unrealized
appreciation
(depreciation)
$
(36,369,622)
Cost
for
federal
income
tax
purposes
$
1,243,524,150
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
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
228,811,493
–
228,811,493
–
Electric
Revenue
41,115,321
–
41,115,321
–
Escrowed/Pre-refunded
17,098,754
–
17,098,754
–
General
Obligation
87,607,685
–
87,607,685
–
Health
Care
261,128,950
–
261,128,950
–
Housing
Finance
24,923,221
–
24,923,221
–
Industrial
Development
Revenue
31,637,008
–
31,637,008
–
Other
Revenue
58,168,285
–
58,168,285
–
Tax
Revenue
62,388,377
–
62,388,377
–
Transportation
304,475,581
–
304,475,581
–
Water
&
Sewer
89,402,080
–
89,402,080
–
Short-Term
Investments
397,773
–
397,773
–
Total
Investments
at
Value
$1,207,154,528
$–
$1,207,154,528
$–
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
for
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
(171,002)
Total
Interest
Rate
Contracts
(171,002)
Total
($171,002)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
for
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
1,096,935
Total
Interest
Rate
Contracts
1,096,935
Total
$1,096,935
The
following
table
presents
Municipal
Bond
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2024.
Derivative
Risk
Category
Average
Notional
Value
Interest
Rate
Contracts
Futures
-
Long
$3,409,569
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
294
Principal
Amount
Long-Term
Fixed
Income
(
80
.0
%
)
Value
Asset-Backed
Securities
(9.8%)
510
Asset
Backed
Trust
$
500,000
3.967%, 
5/25/2061,
Ser.
2021-NPL1,
Class
A2
a,b
$
462,903
522,347
2.116%, 
6/25/2061,
Ser.
2021-NPL2,
Class
A1
a,b
502,187
1,000,000
4.090%, 
6/25/2061,
Ser.
2021-NPL2,
Class
A2
a,b
933,177
720
East
CLO,
Ltd.
900,000
9.575%, 
(TSFR3M
+
4.250%),
1/20/2036,
Ser.
2022-1A,
Class
C
a,c
908,271
Affirm
Asset
Securitization
Trust
1,200,000
4.300%, 
5/17/2027,
Ser.
2022-A,
Class
1A
a
1,198,986
1,250,000
6.610%, 
1/18/2028,
Ser.
2023-A,
Class
A
a
1,255,803
1,000,000
6.820%, 
9/15/2028,
Ser.
2023-B,
Class
A
a
1,010,271
773,899
7.110%, 
11/15/2028,
Ser.
2023-X1,
Class
A
a
776,879
1,800,000
5.610%, 
2/15/2029,
Ser.
2024-A,
Class
A
a
1,782,418
AMSR
Trust
1,079,000
2.352%, 
6/17/2038,
Ser.
2021-SFR1,
Class
C
a
926,879
Anchorage
Capital
CLO
16,
Ltd.
1,550,000
7.988%, 
(TSFR3M
+
2.662%),
1/19/2035,
Ser.
2020-16A,
Class
CR
a,c
1,549,940
Anchorage
Capital
CLO
21,
Ltd.
1,500,000
7.986%, 
(TSFR3M
+
2.662%),
10/20/2034,
Ser.
2021-21A,
Class
C
a,c
1,499,991
Ares
XL
CLO,
Ltd.
1,150,000
8.390%, 
(TSFR3M
+
3.062%),
1/15/2029,
Ser.
2016-40A,
Class
CRR
a,c
1,145,547
Barings
CLO,
Ltd.
1,250,000
8.736%, 
(TSFR3M
+
3.412%),
1/20/2032,
Ser.
2016-2A,
Class
DR2
a,c
1,251,544
Business
Jet
Securities,
LLC
1,127,137
4.455%, 
6/15/2037,
Ser.
2022-1A,
Class
A
a
1,085,354
1,500,000
6.197%, 
5/15/2039,
Ser.
2024-1A,
Class
A
a
1,490,466
CarVal
CLO
I,
Ltd.
1,225,000
7.174%, 
(TSFR3M
+
1.850%),
7/16/2031,
Ser.
2018-1A,
Class
BR
a,c
1,224,957
CarVal
CLO,
Ltd.
1,100,000
9.025%, 
(TSFR3M
+
3.700%),
4/21/2034,
Ser.
2022-1A,
Class
D
a,c
1,101,251
Cascade
Funding
Mortgage
Trust,
LLC
515,556
4.250%, 
4/25/2033,
Ser.
2023-HB12,
Class
A
a,c
503,658
CIFC
Funding,
Ltd.
1,000,000
7.036%, 
(TSFR3M
+
1.712%),
4/20/2034,
Ser.
2015-4A,
Class
A2R2
a,c
1,001,002
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Asset-Backed
Securities
(9.8%)
-
continued
College
Avenue
Student
Loans,
LLC
$
196,776
7.081%, 
(TSFR1M
+
1.764%),
11/26/2046,
Ser.
2017-A,
Class
A1
a,c
$
198,422
Dryden
36
Senior
Loan
Fund
950,000
7.640%, 
(TSFR3M
+
2.312%),
4/15/2029,
Ser.
2014-36A,
Class
CR3
a,c
950,054
Education
Funding
Trust
735,538
2.790%, 
7/25/2041,
Ser.
2020-A,
Class
A
a
662,502
FirstKey
Homes
Trust
2,310,000
1.968%, 
10/19/2037,
Ser.
2020-SFR2,
Class
D
a
2,157,465
FRTKL
Trust
500,000
1.922%, 
9/17/2038,
Ser.
2021-SFR1,
Class
C
a
449,371
GMAC
Mortgage
Corporation
Loan
Trust
51,617
5.931%, 
(TSFR1M
+
0.614%),
8/25/2035,
Ser.
2005-HE1,
Class
A2
c,d
27,769
Home
Equity
Asset
Trust
1,151,047
6.751%, 
(TSFR1M
+
1.434%),
8/25/2033,
Ser.
2003-2,
Class
M1
c
1,096,945
Home
Partners
of
America
Trust
1,274,336
2.078%, 
9/17/2041,
Ser.
2021-1,
Class
C
a
1,049,935
Long
Beach
Mortgage
Loan
Trust
930,618
6.931%, 
(TSFR1M
+
1.614%),
9/25/2034,
Ser.
2004-5,
Class
M3
c
929,280
Madison
Park
Funding
XVIII,
Ltd.
1,850,000
7.486%, 
(TSFR3M
+
2.162%),
10/21/2030,
Ser.
2015-18A,
Class
CRR
a,c
1,850,416
MetroNet
Infrastructure
Issuer,
LLC
1,500,000
6.230%, 
4/20/2054,
Ser.
2024-1A,
Class
A2
a
1,480,927
Myers
Park
CLO,
Ltd.
1,275,000
6.986%, 
(TSFR3M
+
1.662%),
10/20/2030,
Ser.
2018-1A,
Class
A2
a,c
1,275,089
Neuberger
Berman
CLO,
Ltd.
1,500,000
8.590%, 
(TSFR3M
+
3.262%),
10/15/2029,
Ser.
2013-15A,
Class
DR2
a,c
1,490,611
OZLM
XVII,
Ltd.
1,600,000
7.325%, 
(TSFR3M
+
2.000%),
7/20/2030,
Ser.
2017-17A,
Class
BRR
a,c
1,599,957
Pagaya
AI
Debt
Trust
497,375
7.556%, 
7/15/2030,
Ser.
2023-1,
Class
A
a
499,568
Pagaya
AI
Technology
in
Housing
Trust
1,100,000
4.250%, 
8/25/2025,
Ser.
2022-1,
Class
B
a
1,061,204
2,000,000
4.250%, 
8/25/2025,
Ser.
2022-1,
Class
A
a
1,943,796
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
295
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Asset-Backed
Securities
(9.8%)
-
continued
Preston
Ridge
Partners
Mortgage
Trust,
LLC
$
1,150,000
3.474%, 
7/25/2026,
Ser.
2021-6,
Class
A2
a,b
$
1,060,955
Pretium
Mortgage
Credit
Partners,
LLC
750,000
5.438%, 
1/25/2052,
Ser.
2022-NPL1,
Class
A2
a,b
691,575
1,485,114
7.143%, 
3/25/2054,
Ser.
2024-RN1,
Class
A1
a,b
1,467,025
850,000
3.844%, 
6/27/2060,
Ser.
2021-NPL2,
Class
A2
a,b
741,136
925,000
3.721%, 
7/25/2051,
Ser.
2021-NPL3,
Class
A2
a,b
807,457
577,311
2.487%, 
10/25/2051,
Ser.
2021-NPL5,
Class
A1
a,b
558,069
Progress
Residential
Trust
1,200,000
3.600%, 
4/17/2039,
Ser.
2022-SFR3,
Class
B
a
1,120,587
RCO
VII
Mortgage,
LLC
1,582,004
7.021%, 
1/25/2029,
Ser.
2024-1,
Class
A1
a,b
1,567,895
Renaissance
Home
Equity
Loan
Trust
389,900
5.797%, 
8/25/2036,
Ser.
2006-2,
Class
AF3
b
145,211
Rockford
Tower
CLO,
Ltd.
1,000,000
7.231%, 
(TSFR3M
+
1.912%),
8/20/2032,
Ser.
2019-2A,
Class
BR
a,c
999,956
Saxon
Asset
Securities
Trust
335,414
3.140%, 
8/25/2035,
Ser.
2004-2,
Class
MF2
c
274,009
Sculptor
CLO,
Ltd.
1,870,000
7.986%, 
(TSFR3M
+
2.662%),
1/20/2035,
Ser.
28A,
Class
C
a,c
1,864,001
Shackleton
CLO,
Ltd.
930,000
7.786%, 
(TSFR3M
+
2.462%),
10/20/2034,
Ser.
2021-16A,
Class
C
a,c
931,444
Silver
Point
CLO
2,
Ltd.
800,000
8.025%, 
(TSFR3M
+
2.700%),
4/20/2035,
Ser.
2023-2A,
Class
A2
a,c
804,060
Sound
Point
CLO,
Ltd.
1,550,000
7.836%, 
(TSFR3M
+
2.512%),
1/20/2032,
Ser.
2019-1A,
Class
CR
a,c
1,535,701
Stanwich
Mortgage
Loan
Company,
LLC
1,368,013
2.735%, 
10/16/2026,
Ser.
2021-NPB1,
Class
A1
a,b
1,305,065
Stratus
Static
CLO,
Ltd.
1,500,000
7.218%, 
(TSFR3M
+
1.900%),
10/20/2031,
Ser.
2022-3A,
Class
BR
a,c
1,500,314
Unlock
HEA
Trust
1,387,623
7.000%, 
10/25/2038,
Ser.
2023-1,
Class
A
a
1,345,711
1,596,857
7.000%, 
4/25/2039,
Ser.
2024-1,
Class
A
a
1,540,935
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Asset-Backed
Securities
(9.8%)
-
continued
Upstart
Securitization
Trust
$
611,019
6.770%, 
6/20/2033,
Ser.
2023-2,
Class
A
a
$
611,172
VCAT
Asset
Securitization,
LLC
306,082
4.826%, 
12/26/2050,
Ser.
2021-NPL1,
Class
A2
a,b
305,559
Vericrest
Opportunity
Loan
Transferee
1,168,612
4.826%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A2
a,b
1,028,481
1,474,067
4.949%, 
2/27/2051,
Ser.
2021-NPL3,
Class
A2
a,b
1,301,715
1,512,090
4.826%, 
4/25/2051,
Ser.
2021-NPL6,
Class
A2
a,b
1,286,311
226,860
4.949%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A2
a,b
198,029
408,871
5.116%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A1
a,b
398,785
1,104,424
4.826%, 
5/25/2051,
Ser.
2021-NPL9,
Class
A2
a,b
925,285
250,000
5.438%, 
12/26/2051,
Ser.
2021-NP12,
Class
A2
a,b
203,080
Whitebox
CLO
III,
Ltd.
1,500,000
7.790%, 
(TSFR3M
+
2.462%),
10/15/2034,
Ser.
2021-3A,
Class
C
a,c
1,500,020
Whitebox
CLO
IV,
Ltd.
1,500,000
7.925%, 
(TSFR3M
+
2.600%),
4/20/2036,
Ser.
2023-4A,
Class
B
a,c
1,515,335
Wind
River
CLO,
Ltd.
750,000
7.586%, 
(TSFR3M
+
2.262%),
7/20/2030,
Ser.
2013-1A,
Class
BRR
a,c
750,185
Total
70,619,858
Basic
Materials
(1.7%)
Anglo
American
Capital
plc
200,000
3.875%, 
3/16/2029
a
184,720
ATI,
Inc.
343,000
7.250%, 
8/15/2030
350,881
ATI,
Inc.,
Convertible
131,000
3.500%, 
6/15/2025
505,464
Axalta
Coating
Systems
Dutch
Holding
B
BV
286,000
7.250%, 
2/15/2031
a
291,684
Cascades,
Inc./Cascades
USA,
Inc.
364,000
5.125%, 
1/15/2026
a
352,473
Chemours
Company
720,000
5.750%, 
11/15/2028
a
661,229
Cleveland-Cliffs,
Inc.
425,000
5.875%, 
6/1/2027
420,441
380,000
4.625%, 
3/1/2029
a,e
351,636
Consolidated
Energy
Finance
SA
969,000
5.625%, 
10/15/2028
a
818,813
Ecolab,
Inc.
194,000
2.125%, 
2/1/2032
156,324
First
Quantum
Minerals,
Ltd.
208,000
6.875%, 
10/15/2027
a
200,071
FMC
Corporation
167,000
5.150%, 
5/18/2026
164,938
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
296
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Basic
Materials
(1.7%)
-
continued
Glencore
Funding,
LLC
$
161,000
5.893%, 
4/4/2054
a
$
152,409
220,000
4.000%, 
3/27/2027
a
210,196
350,000
6.125%, 
10/6/2028
a
354,422
Hecla
Mining
Company
190,000
7.250%, 
2/15/2028
189,199
Hudbay
Minerals,
Inc.
465,000
4.500%, 
4/1/2026
a
449,722
Illuminate
Buyer,
LLC/Illuminate
Holdings
IV,
Inc.
198,000
9.000%, 
7/1/2028
a
193,852
INEOS
Finance
plc
333,000
7.500%, 
4/15/2029
a
334,549
International
Flavors
&
Fragrances,
Inc.
261,000
1.230%, 
10/1/2025
a
244,312
Mercer
International,
Inc.
198,000
5.125%, 
2/1/2029
172,934
Methanex
Corporation
255,000
4.250%, 
12/1/2024
251,430
249,000
5.125%, 
10/15/2027
239,481
166,000
5.250%, 
12/15/2029
157,358
Mineral
Resources,
Ltd.
96,000
9.250%, 
10/1/2028
a
100,640
Mosaic
Company
249,000
5.375%, 
11/15/2028
246,909
Newmont
Corporation/Newcrest
Finance,
Pty.
Ltd.
253,000
5.350%, 
3/15/2034
a
246,786
Novelis
Corporation
315,000
3.250%, 
11/15/2026
a
294,514
140,000
4.750%, 
1/30/2030
a
128,103
175,000
3.875%, 
8/15/2031
a
148,192
Nutrien,
Ltd.
292,000
4.000%, 
12/15/2026
280,762
OCI
NV
309,000
4.625%, 
10/15/2025
a
301,135
Olin
Corporation
267,000
5.125%, 
9/15/2027
257,764
Peabody
Energy
Corporation,
Convertible
144,000
3.250%, 
3/1/2028
186,912
SCIL
IV,
LLC/SCIL
USA
Holdings,
LLC
342,000
5.375%, 
11/1/2026
a
328,242
Smurfit
Kappa
Treasury,
ULC
249,000
5.777%, 
4/3/2054
a
238,124
SNF
Group
SACA
462,000
3.375%, 
3/15/2030
a
397,268
SunCoke
Energy,
Inc.
552,000
4.875%, 
6/30/2029
a
487,407
Taseko
Mines,
Ltd.
342,000
8.250%, 
5/1/2030
a
347,464
Tronox,
Inc.
169,000
4.625%, 
3/15/2029
a
150,763
United
States
Steel
Corporation
524,000
6.875%, 
3/1/2029
524,684
Westlake
Corporation
148,000
3.600%, 
8/15/2026
141,307
Total
12,215,514
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Capital
Goods
(3.3%)
AAR
Escrow
Issuer,
LLC
$
407,000
6.750%, 
3/15/2029
a
$
409,198
Advanced
Drainage
Systems,
Inc.
340,000
6.375%, 
6/15/2030
a
338,008
Amcor
Finance
USA,
Inc.
158,000
5.625%, 
5/26/2033
156,727
Amsted
Industries,
Inc.
382,000
5.625%, 
7/1/2027
a
371,373
50,000
4.625%, 
5/15/2030
a
44,959
BAE
Systems
plc
200,000
5.500%, 
3/26/2054
a
190,971
Boeing
Company
161,000
6.858%, 
5/1/2054
a
161,436
479,000
5.930%, 
5/1/2060
418,687
561,000
2.196%, 
2/4/2026
523,287
220,000
3.250%, 
3/1/2028
197,179
510,000
5.150%, 
5/1/2030
482,353
81,000
6.528%, 
5/1/2034
a
81,583
Bombardier,
Inc.
378,000
7.875%, 
4/15/2027
a
375,644
219,000
6.000%, 
2/15/2028
a
213,566
Brand
Industrial
Services,
Inc.
382,000
10.375%, 
8/1/2030
a
409,924
Builders
FirstSource,
Inc.
285,000
5.000%, 
3/1/2030
a
266,856
Camelot
Return
Merger
Sub,
Inc.
166,000
8.750%, 
8/1/2028
a
163,195
Canpack
SA/Canpack
US,
LLC
681,000
3.875%, 
11/15/2029
a
596,758
Carrier
Global
Corporation
252,000
2.722%, 
2/15/2030
217,442
Chart
Industries,
Inc.
501,000
7.500%, 
1/1/2030
a
512,426
Chart
Industries,
Inc.,
Convertible
118,000
1.000%, 
11/15/2024
290,941
Clean
Harbors,
Inc.
339,000
6.375%, 
2/1/2031
a
335,846
Clydesdale
Acquisition
Holdings,
Inc.
67,000
6.625%, 
4/15/2029
a
66,832
Covanta
Holding
Corporation
260,000
4.875%, 
12/1/2029
a
227,917
Crown
Cork
&
Seal
Company,
Inc.
423,000
7.375%, 
12/15/2026
436,514
EMRLD
Borrower,
LP/Emerald
Co-
Issuer,
Inc.
506,000
6.625%, 
12/15/2030
a
501,466
EquipmentShare.com,
Inc.
171,000
8.625%, 
5/15/2032
a
173,979
ESAB
Corporation
318,000
6.250%, 
4/15/2029
a
316,807
Fluor
Corporation,
Convertible
304,000
1.125%, 
8/15/2029
a
330,600
GFL
Environmental,
Inc.
352,000
4.000%, 
8/1/2028
a
319,047
709,000
3.500%, 
9/1/2028
a
637,329
Greenbrier
Companies,
Inc.,
Convertible
192,000
2.875%, 
4/15/2028
205,920
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
297
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Capital
Goods
(3.3%)
-
continued
H&E
Equipment
Services,
Inc.
$
814,000
3.875%, 
12/15/2028
a
$
720,299
Herc
Holdings,
Inc.
429,000
5.500%, 
7/15/2027
a
416,668
Honeywell
International,
Inc.
325,000
5.250%, 
3/1/2054
308,053
Howmet
Aerospace,
Inc.
280,000
6.750%, 
1/15/2028
289,080
Huntington
Ingalls
Industries,
Inc.
221,000
4.200%, 
5/1/2030
202,989
Ingersoll
Rand,
Inc.
80,000
5.700%, 
8/14/2033
79,460
John
Deere
Capital
Corporation
286,000
4.500%, 
1/16/2029
278,183
165,000
4.700%, 
6/10/2030
160,708
138,000
3.900%, 
6/7/2032
125,764
79,000
5.150%, 
9/8/2033
78,188
L3Harris
Technologies,
Inc.
169,000
5.400%, 
1/15/2027
168,700
Lockheed
Martin
Corporation
220,000
5.200%, 
2/15/2064
204,249
Miter
Brands
Acquisition
Holdco,
Inc./MIWD
Borrower,
LLC
102,000
6.750%, 
4/1/2032
a
101,299
MIWD
Holdco
II,
LLC
200,000
5.500%, 
2/1/2030
a
181,131
Mueller
Water
Products,
Inc.
281,000
4.000%, 
6/15/2029
a
254,252
Nesco
Holdings
II,
Inc.
505,000
5.500%, 
4/15/2029
a
470,051
New
Enterprise
Stone
and
Lime
Company,
Inc.
620,000
5.250%, 
7/15/2028
a
582,386
Northrop
Grumman
Corporation
327,000
5.200%, 
6/1/2054
300,375
82,000
4.700%, 
3/15/2033
77,702
OI
European
Group
BV
554,000
4.750%, 
2/15/2030
a
505,970
Otis
Worldwide
Corporation
166,000
2.056%, 
4/5/2025
160,509
Owens-Brockway
Glass
Container,
Inc.
271,000
6.625%, 
5/13/2027
a
270,776
Pactiv
Evergreen
Group
360,000
4.375%, 
10/15/2028
a
331,311
Parker-Hannifin
Corporation
167,000
4.250%, 
9/15/2027
161,532
Patrick
Industries,
Inc.,
Convertible
89,000
1.750%, 
12/1/2028
104,459
Republic
Services,
Inc.
124,000
3.950%, 
5/15/2028
117,895
156,000
5.000%, 
12/15/2033
150,230
Roller
Bearing
Company
of
America,
Inc.
376,000
4.375%, 
10/15/2029
a
339,815
Rolls-Royce
plc
233,000
5.750%, 
10/15/2027
a
230,444
RTX
Corporation
248,000
5.750%, 
1/15/2029
251,909
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Capital
Goods
(3.3%)
-
continued
Sealed
Air
Corporation/Sealed
Air
Corporation
(US)
$
419,000
6.125%, 
2/1/2028
a
$
413,895
Smyrna
Ready
Mix
Concrete,
LLC
454,000
8.875%, 
11/15/2031
a
478,127
Spirit
AeroSystems,
Inc.
505,000
9.750%, 
11/15/2030
a
558,654
SRM
Escrow
Issuer,
LLC
283,000
6.000%, 
11/1/2028
a
273,761
Summit
Materials,
LLC/Summit
Materials
Finance
Corporation
131,000
7.250%, 
1/15/2031
a
134,581
Textron,
Inc.
221,000
3.650%, 
3/15/2027
209,578
TransDigm,
Inc.
850,000
5.500%, 
11/15/2027
826,042
551,000
7.125%, 
12/1/2031
a
561,510
474,000
6.625%, 
3/1/2032
a
473,194
Trivium
Packaging
Finance
237,000
5.500%, 
8/15/2026
a
232,911
United
Rentals
North
America,
Inc.
610,000
4.875%, 
1/15/2028
584,703
310,000
4.000%, 
7/15/2030
276,287
Veralto
Corporation
167,000
5.350%, 
9/18/2028
a
165,692
Waste
Connections,
Inc.
70,000
3.200%, 
6/1/2032
59,577
WESCO
Distribution,
Inc.
325,000
7.250%, 
6/15/2028
a
330,141
170,000
6.375%, 
3/15/2029
a
168,878
119,000
6.625%, 
3/15/2032
a
118,443
Total
23,465,131
Collateralized
Mortgage
Obligations
(9.2%)
A&D
Mortgage
Trust
1,225,000
6.701%, 
4/25/2069,
Ser.
2024-NQM2,
Class
A2
a,b
1,222,136
1,370,983
6.733%, 
7/25/2068,
Ser.
2023-NQM3,
Class
A1
a,b
1,373,682
Angel
Oak
Mortgage
Trust
1,766,197
5.985%, 
1/25/2069,
Ser.
2024-2,
Class
A1
a,b
1,750,166
Arroyo
Mortgage
Trust
1,500,000
3.269%, 
12/25/2056,
Ser.
2022-1,
Class
A1B
a,b
1,295,086
Banc
of
America
Alternative
Loan
Trust
741,746
6.000%, 
11/25/2035,
Ser.
2005-10,
Class
3CB1
620,465
Banc
of
America
Mortgage
Securities
Trust
140,823
5.145%, 
9/25/2035,
Ser.
2005-H,
Class
2A1
c
122,483
200,669
5.237%, 
9/25/2035,
Ser.
2005-H,
Class
3A1
c
183,277
CAFL
Issuer,
LLC
1,035,006
2.239%, 
3/28/2029,
Ser.
2021-RTL1,
Class
A1
a,b
996,045
CHL
Mortgage
Pass-Through
Trust
83,903
5.841%, 
12/20/2035,
Ser.
2005-HYB8,
Class
3A1
c
80,605
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
298
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Collateralized
Mortgage
Obligations
(9.2%)
-
continued
$
204,686
6.000%, 
4/25/2037,
Ser.
2007-3,
Class
A18
$
95,557
136,457
6.000%, 
4/25/2037,
Ser.
2007-3,
Class
A33
63,705
590,021
6.000%, 
11/25/2037,
Ser.
2007-18,
Class
1A2
248,025
CHNGE
Mortgage
Trust
1,334,377
3.757%, 
3/25/2067,
Ser.
2022-2,
Class
A1
a,c
1,232,048
718,413
5.000%, 
5/25/2067,
Ser.
2022-3,
Class
A1
a,c
693,241
752,007
6.525%, 
6/25/2058,
Ser.
2023-2,
Class
A1
a,b
742,108
1,445,125
5.820%, 
6/25/2067,
Ser.
2022-NQM1,
Class
A3
a,b
1,410,353
985,656
7.100%, 
7/25/2058,
Ser.
2023-3,
Class
A1
a,b
979,216
992,487
6.000%, 
10/25/2057,
Ser.
2022-4,
Class
A1
a,b
969,374
CIM
Trust
1,086,984
7.100%, 
4/25/2058,
Ser.
2023-I1,
Class
A3
a,b
1,077,252
Citigroup
Mortgage
Loan
Trust,
Inc.
233,788
5.500%, 
8/25/2034,
Ser.
2004-NCM2,
Class
1CB1
216,914
914,444
5.211%, 
4/25/2037,
Ser.
2007-AR5,
Class
1A1A
c
783,198
COLT
Mortgage
Loan
Trust
1,207,665
6.328%, 
12/25/2068,
Ser.
2024-INV1,
Class
A2
a,b
1,198,517
Countrywide
Alternative
Loan
Trust
258,768
5.000%, 
3/25/2035,
Ser.
2005-3CB,
Class
1A1
204,328
359,018
5.500%, 
5/25/2035,
Ser.
2005-J3,
Class
1A5
281,373
340,957
5.500%, 
10/25/2035,
Ser.
2005-46CB,
Class
A8
238,452
101,803
5.500%, 
2/25/2036,
Ser.
2005-85CB,
Class
2A2
76,787
176,927
7.000%, 
10/25/2037,
Ser.
2007-24,
Class
A10
61,874
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
212,626
4.695%, 
11/25/2035,
Ser.
2005-22,
Class
2A1
c
169,040
Credit
Suisse
Mortgage
Trust
726,866
6.567%, 
8/25/2067,
Ser.
2022-ATH3,
Class
A3
a,c
712,027
295,420
2.572%, 
11/25/2066,
Ser.
2022-NQM1,
Class
A2
a,c
242,699
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
498,721
5.250%, 
6/25/2035,
Ser.
2005-3,
Class
4A6
430,692
Federal
Home
Loan
Mortgage
Corporation
1,064,956
3.500%, 
8/15/2035,
Ser.
345,
Class
C8
f
108,223
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
697,277
4.000%, 
1/25/2051,
Ser.
5249,
Class
LA
656,402
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Collateralized
Mortgage
Obligations
(9.2%)
-
continued
$
1,242,002
Zero
Coupon, 
9/25/2053,
Ser.
5334,
Class
BO
$
952,159
12,382,778
1.500%, 
12/25/2050,
Ser.
5107,
Class
IO
f
986,890
383,067
3.000%, 
5/15/2027,
Ser.
4046,
Class
GI
f
9,865
410,555
3.000%, 
7/15/2027,
Ser.
4084,
Class
NI
f
12,673
902,651
3.500%, 
10/15/2032,
Ser.
4119,
Class
KI
f
80,617
1,005,053
3.000%, 
4/15/2033,
Ser.
4203,
Class
DI
f
45,910
Federal
National
Mortgage
Association
-
REMIC
820,705
4.500%, 
6/25/2052,
Ser.
2022-43,
Class
MA
791,205
315,179
3.000%, 
7/25/2027,
Ser.
2012-73,
Class
DI
f
8,619
463,545
3.000%, 
7/25/2027,
Ser.
2012-74,
Class
AI
f
12,911
626,119
3.000%, 
8/25/2027,
Ser.
2012-95,
Class
HI
f
12,654
1,269,226
3.000%, 
11/25/2027,
Ser.
2012-121,
Class
BI
f
41,694
1,021,969
3.000%, 
12/25/2027,
Ser.
2012-139,
Class
DI
f
31,196
330,458
2.500%, 
1/25/2028,
Ser.
2012-152,
Class
AI
f
9,620
877,216
3.000%, 
1/25/2028,
Ser.
2012-147,
Class
EI
f
24,210
287,290
3.000%, 
2/25/2028,
Ser.
2013-2,
Class
GI
f
9,757
1,025,767
3.000%, 
3/25/2028,
Ser.
2013-18,
Class
IL
f
26,032
585,334
2.500%, 
6/25/2028,
Ser.
2013-87,
Class
IW
f
19,326
517,604
3.000%, 
11/25/2031,
Ser.
2013-69,
Class
IO
f
9,478
778,739
3.000%, 
2/25/2033,
Ser.
2013-1,
Class
YI
f
62,475
752,819
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
727,572
First
Horizon
Alternative
Mortgage
Securities
Trust
108,701
6.359%, 
7/25/2035,
Ser.
2005-AA5,
Class
2A1
c
97,277
Flagstar
Mortgage
Trust
1,471,381
3.000%, 
3/25/2050,
Ser.
2020-1INV,
Class
A3
a,c
1,208,502
1,655,471
2.500%, 
8/25/2051,
Ser.
2021-6INV,
Class
A4
a,c
1,272,966
758,712
2.500%, 
9/25/2041,
Ser.
2021-9INV,
Class
A1
a,c
650,481
GCAT
Trust
1,252,269
6.500%, 
1/25/2054,
Ser.
2024-INV1,
Class
2A2
a,c
1,252,514
868,630
4.250%, 
5/25/2067,
Ser.
2023-NQM4,
Class
A2
a,c
783,167
1,191,060
5.730%, 
8/25/2067,
Ser.
2022-NQM4,
Class
A3
a,b
1,172,813
GMAC
Mortgage
Corporation
Loan
Trust
367,495
3.877%, 
5/25/2035,
Ser.
2005-AR2,
Class
4A
c
302,140
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
299
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Collateralized
Mortgage
Obligations
(9.2%)
-
continued
$
4,663
4.053%, 
9/19/2035,
Ser.
2005-AR5,
Class
5A1
c
$
4,028
GS
Mortgage-Backed
Securities
Trust
1,535,399
5.500%, 
10/27/2053,
Ser.
2023-PJ3,
Class
A16
a,c
1,491,376
Home
RE,
Ltd.
1,400,000
9.930%, 
(SOFR30A
+
4.600%),
10/25/2033,
Ser.
2023-1,
Class
M1B
a,c
1,452,751
700,000
8.830%, 
(SOFR30A
+
3.500%),
10/25/2034,
Ser.
2022-1,
Class
M1B
a,c
714,727
IndyMac
IMJA
Mortgage
Loan
Trust
281,231
6.250%, 
11/25/2037,
Ser.
2007-A3,
Class
A1
119,960
IndyMac
INDA
Mortgage
Loan
Trust
1,494,888
3.598%, 
8/25/2036,
Ser.
2006-AR1,
Class
A1
c
1,143,762
J.P.
Morgan
Alternative
Loan
Trust
317,831
4.960%, 
3/25/2036,
Ser.
2006-A1,
Class
2A1
c
239,384
J.P.
Morgan
Mortgage
Trust
433,340
2.774%, 
5/25/2052,
Ser.
2021-LTV2,
Class
A2
a,c
345,472
1,067,908
5.000%, 
10/25/2053,
Ser.
2023-3,
Class
A4A
a,c
1,030,206
185,845
5.546%, 
7/25/2035,
Ser.
2007-A1,
Class
2A1
c
174,013
LHOME
Mortgage
Trust
433,737
3.363%, 
9/25/2026,
Ser.
2021-RTL3,
Class
A1
a
428,293
1,400,000
7.628%, 
11/25/2028,
Ser.
2023-RTL4,
Class
A1
a,b
1,412,777
1,700,000
7.017%, 
1/25/2029,
Ser.
2024-RTL1,
Class
A1
a,b
1,702,596
1,225,000
7.128%, 
3/25/2029,
Ser.
2024-RTL2,
Class
A1
a,b
1,224,187
Merrill
Lynch
Alternative
Note
Asset
Trust
505,916
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
180,750
MFRA
Trust
279,310
3.875%, 
9/25/2056,
Ser.
2022-CHM1,
Class
A1
a,b
261,749
1,800,000
7.093%, 
2/25/2029,
Ser.
2024-RTL1,
Class
A1
a,b
1,785,876
Morgan
Stanley
Residential
Mortgage
Loan
Trust
1,225,000
6.500%, 
8/25/2045,
Ser.
2024-INV2,
Class
A1
a,c
1,220,981
MortgageIT
Securities
Corporation
Mortgage
Loan
Trust
1,614,087
5.891%, 
(TSFR1M
+
0.574%),
6/25/2047,
Ser.
2007-1,
Class
1A1
c
1,319,984
NYMT
Loan
Trust
1,150,000
7.154%, 
2/25/2029,
Ser.
2024-BPL1,
Class
A1
a,b
1,130,984
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Collateralized
Mortgage
Obligations
(9.2%)
-
continued
Preston
Ridge
Partners
Mortgage
Trust,
LLC
$
1,364,605
4.000%, 
1/25/2054,
Ser.
2024-RCF1,
Class
A1
a,b
$
1,295,730
1,186,617
7.026%, 
3/25/2029,
Ser.
2024-2,
Class
A1
a,b
1,184,026
Pretium
Mortgage
Credit
Partners,
LLC
1,737,256
7.021%, 
2/25/2054,
Ser.
2024-NPL2,
Class
A1
a,b
1,722,408
1,350,000
7.520%, 
4/27/2054,
Ser.
2024-NPL3,
Class
A1
a
1,349,999
PRKCM
Trust
336,454
7.087%, 
6/25/2058,
Ser.
2023-AFC2,
Class
A3
a
333,665
753,874
7.627%, 
11/25/2058,
Ser.
2023-AFC4,
Class
A2
a,b
764,426
Residential
Accredit
Loans,
Inc.
Trust
283,973
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
235,101
345,912
6.000%, 
1/25/2037,
Ser.
2007-QS1,
Class
1A1
257,005
184,991
6.250%, 
4/25/2037,
Ser.
2007-QS6,
Class
A6
144,139
Residential
Funding
Mortgage
Security
I
Trust
211,112
6.000%, 
7/25/2037,
Ser.
2007-S7,
Class
A20
156,316
ROC
Securities
Trust
Series
1,092,305
3.487%, 
8/25/2026,
Ser.
2021-RTL1,
Class
A1
a,c
1,088,018
Saluda
Grade
Alternative
Mortgage
Trust
1,750,000
7.762%, 
4/25/2030,
Ser.
2024-RTL5,
Class
A1
a,b
1,758,755
Sequoia
Mortgage
Trust
188,547
3.791%, 
9/20/2046,
Ser.
2007-1,
Class
4A1
c
126,383
Structured
Adjustable
Rate
Mortgage
Loan
Trust
100,671
4.577%, 
7/25/2035,
Ser.
2005-15,
Class
4A1
c
84,031
Toorak
Mortgage
Corporation,
Ltd.
277,329
3.240%, 
6/25/2024,
Ser.
2021-1,
Class
A1
a
274,449
Toorak
Mortgage
Trust
1,300,000
7.333%, 
2/25/2031,
Ser.
2024-1,
Class
A1
a,b
1,286,708
Triangle
Re,
Ltd.
1,000,000
8.730%, 
(SOFR30A
+
3.400%),
11/25/2033,
Ser.
2023-1,
Class
M1A
a,c
1,020,151
34,197
7.230%, 
(SOFR30A
+
1.900%),
2/25/2034,
Ser.
2021-3,
Class
M1A
a,c
34,209
TVC
Mortgage
Trust
1,000,000
8.250%, 
11/25/2027,
Ser.
2023-RTL1,
Class
A1
a,b
997,161
Verus
Securitization
Trust
1,863,695
2.137%, 
10/25/2066,
Ser.
2021-7,
Class
A2
a,c
1,555,050
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
300
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Collateralized
Mortgage
Obligations
(9.2%)
-
continued
$
785,223
2.491%, 
11/25/2066,
Ser.
2021-8,
Class
A3
a,c
$
648,166
1,018,272
6.560%, 
12/25/2067,
Ser.
2023-1,
Class
A2
a,b
1,013,900
315,528
2.226%, 
5/25/2060,
Ser.
2020-2,
Class
A1
a,c
312,088
Washington
Mutual
Mortgage
Pass-Through
Certificates
315,467
6.000%, 
3/25/2035,
Ser.
2005-1,
Class
2A
252,608
Total
66,428,421
Commercial
Mortgage-Backed
Securities
(0.6%)
BANK
2022-BNK39
13,431,410
0.531%, 
2/15/2055,
Ser.
2022-BNK39,
Class
XA
c,f
348,992
BANK5
2023-5YR1
850,000
6.624%, 
4/15/2056,
Ser.
2023-5YR1,
Class
AS
c
855,109
BBCMS
Mortgage
Trust
7,121,595
1.325%, 
9/15/2055,
Ser.
2022-C17,
Class
XA
c,f
526,953
Velocity
Commercial
Capital
Loan
Trust
976,169
6.550%, 
1/25/2054,
Ser.
2024-1,
Class
A
a,c
969,453
1,133,799
7.670%, 
11/25/2053,
Ser.
2023-4,
Class
A
a,c
1,152,392
Total
3,852,899
Communications
Services
(3.9%)
Altice
Financing
SA
376,000
5.750%, 
8/15/2029
a
279,283
AMC
Networks,
Inc.
85,000
10.250%, 
1/15/2029
a
84,845
American
Tower
Corporation
247,000
4.400%, 
2/15/2026
241,481
144,000
1.450%, 
9/15/2026
130,866
243,000
5.500%, 
3/15/2028
241,778
160,000
5.800%, 
11/15/2028
161,023
192,000
3.800%, 
8/15/2029
175,629
AT&T,
Inc.
792,000
3.550%, 
9/15/2055
516,541
433,000
4.300%, 
2/15/2030
406,975
158,000
5.400%, 
2/15/2034
154,373
Bell
Telephone
Company
of
Canada
345,000
5.550%, 
2/15/2054
324,938
157,000
5.100%, 
5/11/2033
150,514
Cable
One,
Inc.,
Convertible
84,000
1.125%, 
3/15/2028
61,874
CCO
Holdings,
LLC/CCO
Holdings
Capital
Corporation
250,000
5.500%, 
5/1/2026
a
244,933
515,000
5.125%, 
5/1/2027
a
482,644
463,000
5.000%, 
2/1/2028
a
421,645
311,000
6.375%, 
9/1/2029
a
285,088
1,090,000
4.750%, 
3/1/2030
a
905,730
328,000
4.250%, 
2/1/2031
a
256,707
109,000
4.750%, 
2/1/2032
a
85,721
417,000
4.250%, 
1/15/2034
a
302,121
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Communications
Services
(3.9%)
-
continued
CenterPoint
Energy,
Inc.,
Convertible
$
5,766
3.369%, 
9/15/2029
$
170,039
Charter
Communications
Operating,
LLC/Charter
Communications
Operating
Capital
Corporation
147,000
6.150%, 
11/10/2026
147,362
221,000
5.050%, 
3/30/2029
208,730
Cimpress
plc
342,000
7.000%, 
6/15/2026
339,353
Clear
Channel
Outdoor
Holdings,
Inc.
83,000
7.875%, 
4/1/2030
a
81,378
Clear
Channel
Worldwide
Holdings,
Inc.
700,000
5.125%, 
8/15/2027
a
648,846
Comcast
Corporation
476,000
3.400%, 
4/1/2030
428,763
Connect
Finco
SARL/Connect
US
Finco,
LLC
261,000
6.750%, 
10/1/2026
a
252,775
Crown
Castle,
Inc.
205,000
2.900%, 
3/15/2027
189,968
CSC
Holdings,
LLC
234,000
11.750%, 
1/31/2029
a
207,891
945,000
6.500%, 
2/1/2029
a
704,800
363,000
4.125%, 
12/1/2030
a
230,586
Deutsche
Telekom
International
Finance
BV
499,000
8.750%, 
6/15/2030
575,374
DIRECTV
Financing,
LLC/DIRECTV
Financing
Co-Obligor,
Inc.
1,153,000
5.875%, 
8/15/2027
a
1,074,685
Frontier
Communications
Holdings,
LLC
553,000
5.875%, 
10/15/2027
a
530,415
240,000
8.750%, 
5/15/2030
a
244,351
GCI,
LLC
625,000
4.750%, 
10/15/2028
a
557,528
Gray
Television,
Inc.
425,000
4.750%, 
10/15/2030
a,e
256,563
283,000
5.375%, 
11/15/2031
a
170,112
Iliad
Holding
SASU
614,000
6.500%, 
10/15/2026
a
610,994
270,000
8.500%, 
4/15/2031
*,g
272,034
Intelsat
Jackson
Holdings
SA
441,000
6.500%, 
3/15/2030
a
422,100
Lamar
Media
Corporation
267,000
3.625%, 
1/15/2031
228,285
LCPR
Senior
Secured
Financing
DAC
652,000
6.750%, 
10/15/2027
a
604,290
Level
3
Financing,
Inc.
166,327
10.500%, 
4/15/2029
a
165,986
166,328
11.000%, 
11/15/2029
a
169,738
237,000
10.500%, 
5/15/2030
a,e
234,848
McGraw-Hill
Education,
Inc.
333,000
5.750%, 
8/1/2028
a
308,815
Meta
Platforms,
Inc.
169,000
3.850%, 
8/15/2032
153,439
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
301
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Communications
Services
(3.9%)
-
continued
News
Corporation
$
482,000
3.875%, 
5/15/2029
a
$
434,111
NTT
Finance
Corporation
177,000
1.162%, 
4/3/2026
a
163,008
Outfront
Media
Capital,
LLC/
Outfront
Media
Capital
Corporation
205,000
4.625%, 
3/15/2030
a
180,988
Paramount
Global
150,000
6.250%, 
2/28/2057
c
131,503
469,000
6.375%, 
3/30/2062
c
433,758
Playtika
Holding
Corporation
419,000
4.250%, 
3/15/2029
a
360,572
Rogers
Communications,
Inc.
125,000
5.250%, 
3/15/2082
a,c
118,818
266,000
5.000%, 
2/15/2029
258,846
438,000
5.300%, 
2/15/2034
419,893
Scripps
Escrow
II,
Inc.
102,000
3.875%, 
1/15/2029
a
75,347
Sinclair
Television
Group,
Inc.
612,000
4.125%, 
12/1/2030
a
424,189
Sirius
XM
Radio,
Inc.
372,000
5.000%, 
8/1/2027
a
351,313
485,000
4.000%, 
7/15/2028
a
432,339
100,000
4.125%, 
7/1/2030
a
84,806
Sprint
Capital
Corporation
511,000
6.875%, 
11/15/2028
535,112
220,000
8.750%, 
3/15/2032
259,763
TEGNA,
Inc.
169,000
4.750%, 
3/15/2026
a
163,201
516,000
4.625%, 
3/15/2028
465,015
Telecom
Italia
Capital
SA
437,000
6.000%, 
9/30/2034
367,965
Telecom
Italia
SPA/Milano
209,000
5.303%, 
5/30/2024
a
208,465
Telenet
Finance
Luxembourg
Notes
SARL
400,000
5.500%, 
3/1/2028
a
376,800
T-Mobile
USA,
Inc.
160,000
5.500%, 
1/15/2055
150,213
338,000
3.375%, 
4/15/2029
306,723
United
States
Cellular
Corporation
115,000
6.700%, 
12/15/2033
112,218
Uniti
Group,
Inc.,
Convertible
110,000
7.500%, 
12/1/2027
a
116,726
Uniti
Group,
LP/Uniti
Group
Finance,
Inc./CSL
Capital,
LLC
513,000
4.750%, 
4/15/2028
a
449,927
Univision
Communications,
Inc.
543,000
4.500%, 
5/1/2029
a
472,367
Urban
One,
Inc.
102,000
7.375%, 
2/1/2028
a
82,760
Verizon
Communications,
Inc.
207,000
5.500%, 
2/23/2054
196,585
247,000
2.100%, 
3/22/2028
218,705
552,000
3.150%, 
3/22/2030
487,153
296,000
2.355%, 
3/15/2032
236,167
Viasat,
Inc.
272,000
6.500%, 
7/15/2028
a,e
207,920
Virgin
Media
Finance
plc
195,000
5.000%, 
7/15/2030
a
159,694
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Communications
Services
(3.9%)
-
continued
Virgin
Media
Secured
Finance
plc
$
421,000
5.500%, 
5/15/2029
a
$
382,664
Vodafone
Group
plc
164,000
7.000%, 
4/4/2079
c
166,397
VZ
Secured
Financing
BV
678,000
5.000%, 
1/15/2032
a
571,105
Walt
Disney
Company
123,000
3.800%, 
3/22/2030
114,219
Warnermedia
Holdings,
Inc.
253,000
3.638%, 
3/15/2025
248,084
599,000
4.054%, 
3/15/2029
546,398
Windstream
Escrow,
LLC/
Windstream
Escrow
Finance
Corporation
183,000
7.750%, 
8/15/2028
a
176,327
Zayo
Group
Holdings,
Inc.
204,000
4.000%, 
3/1/2027
a
162,376
Ziggo
Bond
Company
BV
199,000
5.125%, 
2/28/2030
a,e
165,120
Ziggo
BV
183,000
4.875%, 
1/15/2030
a
160,133
Total
28,240,550
Consumer
Cyclical
(5.7%)
1011778
B.C.,
ULC/New
Red
Finance,
Inc.
700,000
4.375%, 
1/15/2028
a
650,973
Adient
Global
Holdings,
Ltd.
83,000
7.000%, 
4/15/2028
a
83,851
270,000
8.250%, 
4/15/2031
a,e
280,380
Alimentation
Couche-Tard,
Inc.
279,000
5.617%, 
2/12/2054
a
266,793
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation
89,000
6.625%, 
7/15/2026
a
88,765
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation/
Atlas
Luxco
4
SARL
765,000
4.625%, 
6/1/2028
a
687,142
Allison
Transmission,
Inc.
276,000
3.750%, 
1/30/2031
a
236,242
Amazon.com,
Inc.
147,000
1.500%, 
6/3/2030
119,926
312,000
4.700%, 
12/1/2032
303,013
American
Axle
&
Manufacturing,
Inc.
400,000
6.875%, 
7/1/2028
396,974
475,000
5.000%, 
10/1/2029
e
428,567
American
Honda
Finance
Corporation
245,000
5.650%, 
11/15/2028
248,341
356,000
5.850%, 
10/4/2030
364,517
241,000
4.900%, 
1/10/2034
229,548
Anywhere
Real
Estate
Group,
LLC/Anywhere
Co-Issuer
Corporation
91,000
7.000%, 
4/15/2030
a,e
79,847
Arko
Corporation
310,000
5.125%, 
11/15/2029
a
249,808
Asbury
Automotive
Group,
Inc.
288,000
5.000%, 
2/15/2032
a
256,034
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
302
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Consumer
Cyclical
(5.7%)
-
continued
Ashton
Woods
USA,
LLC/Ashton
Woods
Finance
Company
$
280,000
4.625%, 
8/1/2029
a
$
253,237
228,000
4.625%, 
4/1/2030
a
203,744
Aston
Martin
Capital
Holdings,
Ltd.
216,000
10.000%, 
3/31/2029
a
211,549
Beazer
Homes
USA,
Inc.
286,000
7.500%, 
3/15/2031
a
282,690
Best
Buy
Company,
Inc.
147,000
1.950%, 
10/1/2030
119,011
Booking
Holdings,
Inc.,
Convertible
106,000
0.750%, 
5/1/2025
194,446
Boyd
Gaming
Corporation
430,000
4.750%, 
6/15/2031
a
380,768
Boyne
USA,
Inc.
274,000
4.750%, 
5/15/2029
a
249,323
Brookfield
Residential
Properties,
Inc./Brookfield
Residential
US,
LLC
310,000
6.250%, 
9/15/2027
a
298,116
Burlington
Stores,
Inc.,
Convertible
180,000
2.250%, 
4/15/2025
187,470
73,000
1.250%, 
12/15/2027
a
79,314
Caesars
Entertainment,
Inc.
240,000
8.125%, 
7/1/2027
a
243,239
1,100,000
4.625%, 
10/15/2029
a
981,570
202,000
6.500%, 
2/15/2032
a
199,019
Carnival
Corporation
381,000
7.625%, 
3/1/2026
a
383,363
759,000
5.750%, 
3/1/2027
a
740,755
401,000
4.000%, 
8/1/2028
a
366,636
172,000
6.000%, 
5/1/2029
a
166,675
Cedar
Fair,
LP
454,000
5.250%, 
7/15/2029
423,831
Cedar
Fair,
LP/Canada's
Wonderland
Company/Magnum
Management
Corporation/
Millennium
Operations,
LLC
83,000
5.375%, 
4/15/2027
80,552
Churchill
Downs,
Inc.
265,000
4.750%, 
1/15/2028
a
250,376
202,000
6.750%, 
5/1/2031
a
200,535
Cinemark
USA,
Inc.
501,000
5.875%, 
3/15/2026
a
494,689
Clarios
Global,
LP/Clarios
US
Finance
Company,
Inc.
251,000
8.500%, 
5/15/2027
a
251,331
600,000
6.750%, 
5/15/2028
a
601,222
Cushman
&
Wakefield
US
Borrower,
LLC
83,000
6.750%, 
5/15/2028
a
81,844
D.R.
Horton,
Inc.
69,000
2.600%, 
10/15/2025
65,948
Daimler
Trucks
Finance
North
America,
LLC
150,000
5.400%, 
9/20/2028
a
149,263
Dana,
Inc.
166,000
5.625%, 
6/15/2028
159,950
245,000
4.500%, 
2/15/2032
207,860
eG
Global
Finance
plc
83,000
12.000%, 
11/30/2028
a
85,681
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Consumer
Cyclical
(5.7%)
-
continued
Expedia
Group,
Inc.
$
220,000
3.250%, 
2/15/2030
$
194,063
Expedia
Group,
Inc.,
Convertible
235,000
Zero
Coupon, 
2/15/2026
215,856
Ford
Motor
Company,
Convertible
388,000
Zero
Coupon, 
3/15/2026
386,254
Ford
Motor
Credit
Company,
LLC
255,000
2.900%, 
2/10/2029
220,131
275,000
7.122%, 
11/7/2033
286,145
Forestar
Group,
Inc.
173,000
3.850%, 
5/15/2026
a
164,186
Gap,
Inc.
120,000
3.625%, 
10/1/2029
a
101,539
General
Motors
Financial
Company,
Inc.
124,000
1.200%, 
10/15/2024
121,452
544,000
2.900%, 
2/26/2025
531,311
135,000
2.750%, 
6/20/2025
130,393
250,000
5.800%, 
6/23/2028
250,516
204,000
5.800%, 
1/7/2029
203,507
150,000
5.700%, 
9/30/2030
c,h
140,380
121,000
5.750%, 
2/8/2031
119,554
306,000
5.950%, 
4/4/2034
299,303
Genuine
Parts
Company
165,000
6.500%, 
11/1/2028
171,348
GoDaddy
Operating
Company,
LLC/GD
Finance
Company,
Inc.
166,000
3.500%, 
3/1/2029
a
147,201
Goodyear
Tire
&
Rubber
Company
166,000
4.875%, 
3/15/2027
159,165
315,000
5.000%, 
7/15/2029
e
285,696
Hanesbrands,
Inc.
191,000
4.875%, 
5/15/2026
a
184,736
186,000
9.000%, 
2/15/2031
a,e
185,106
Hilton
Domestic
Operating
Company,
Inc.
763,000
4.875%, 
1/15/2030
717,243
83,000
4.000%, 
5/1/2031
a
72,728
395,000
3.625%, 
2/15/2032
a
331,927
Hilton
Grand
Vacations
Borrower
Escrow,
LLC/Hilton
Grand
Vacations
Borrower
Escrow,
Inc.
593,000
5.000%, 
6/1/2029
a
539,365
Home
Depot,
Inc.
208,000
3.250%, 
4/15/2032
180,854
Hyatt
Hotels
Corporation
165,000
5.750%, 
1/30/2027
165,794
Hyundai
Capital
America
118,000
5.500%, 
3/30/2026
a
117,264
221,000
3.000%, 
2/10/2027
a
205,466
166,000
6.500%, 
1/16/2029
a
171,003
Hyundai
Capital
Services,
Inc.
200,000
5.125%, 
2/5/2027
a
196,306
International
Game
Technology
plc
545,000
5.250%, 
1/15/2029
a
514,782
Jacobs
Entertainment,
Inc.
268,000
6.750%, 
2/15/2029
a
254,227
Jaguar
Land
Rover
Automotive
plc
200,000
5.500%, 
7/15/2029
a
188,188
KB
Home
395,000
4.800%, 
11/15/2029
366,839
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
303
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Consumer
Cyclical
(5.7%)
-
continued
Kohl's
Corporation
$
131,000
4.625%, 
5/1/2031
$
108,000
L
Brands,
Inc.
880,000
6.625%, 
10/1/2030
a
879,343
100,000
6.875%, 
11/1/2035
99,335
Lennar
Corporation
138,000
4.750%, 
5/30/2025
136,431
Light
&
Wonder
International,
Inc.
457,000
7.250%, 
11/15/2029
a
460,911
Live
Nation
Entertainment,
Inc.
185,000
4.750%, 
10/15/2027
a
174,357
Live
Nation
Entertainment,
Inc.,
Convertible
144,000
2.000%, 
2/15/2025
147,341
254,000
3.125%, 
1/15/2029
275,184
Lowe's
Companies,
Inc.
335,000
4.500%, 
4/15/2030
320,441
Macy's
Retail
Holdings,
LLC
420,000
5.875%, 
4/1/2029
a,e
404,952
165,000
6.125%, 
3/15/2032
a
156,076
Marriott
International,
Inc./MD
165,000
4.900%, 
4/15/2029
160,597
220,000
4.625%, 
6/15/2030
209,063
Marriott
Vacations
Worldwide
Corporation,
Convertible
162,000
Zero
Coupon, 
1/15/2026
149,980
290,000
3.250%, 
12/15/2027
264,625
Mattamy
Group
Corporation
373,000
5.250%, 
12/15/2027
a
357,114
McDonald's
Corporation
152,000
4.950%, 
8/14/2033
146,964
Melco
Resorts
Finance,
Ltd.
459,000
5.375%, 
12/4/2029
a
408,699
425,000
7.625%, 
4/17/2032
a
415,735
Mercedes-Benz
Finance
North
America,
LLC
221,000
1.450%, 
3/2/2026
a
205,712
200,000
5.200%, 
8/3/2026
a
199,220
Michaels
Companies,
Inc.
244,000
5.250%, 
5/1/2028
a
206,516
NCL
Corporation,
Ltd.
203,000
5.875%, 
3/15/2026
a
198,904
396,000
5.875%, 
2/15/2027
a
386,840
Nordstrom,
Inc.
160,000
4.375%, 
4/1/2030
142,801
225,000
4.250%, 
8/1/2031
194,066
PENN
Entertainment,
Inc.
415,000
4.125%, 
7/1/2029
a,e
347,616
PetSmart,
Inc./PetSmart
Finance
Corporation
690,000
4.750%, 
2/15/2028
a
636,765
260,000
7.750%, 
2/15/2029
a
247,126
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
540,000
5.750%, 
4/15/2026
a
533,208
370,000
6.250%, 
1/15/2028
a
361,459
QVC,
Inc.
104,000
4.375%, 
9/1/2028
79,973
Raising
Cane's
Restaurants,
LLC
194,000
9.375%, 
5/1/2029
a
208,067
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Consumer
Cyclical
(5.7%)
-
continued
Rakuten
Group,
Inc.
$
248,000
11.250%, 
2/15/2027
a
$
257,548
285,000
9.750%, 
4/15/2029
a
282,245
Royal
Caribbean
Cruises,
Ltd.
731,000
4.250%, 
7/1/2026
a
701,898
416,000
9.250%, 
1/15/2029
a
444,271
301,000
7.250%, 
1/15/2030
a
309,537
SeaWorld
Parks
and
Entertainment,
Inc.
398,000
5.250%, 
8/15/2029
a
366,983
Service
Corporation
International/
US
166,000
3.375%, 
8/15/2030
140,816
Six
Flags
Entertainment
Corporation/Six
Flags
Theme
Parks,
Inc.
83,000
6.625%, 
5/1/2032
a,g
82,669
Six
Flags
Theme
Parks,
Inc.
161,000
7.000%, 
7/1/2025
a
161,350
Staples,
Inc.
450,000
7.500%, 
4/15/2026
a
433,853
Station
Casinos,
LLC
383,000
4.625%, 
12/1/2031
a
335,713
Target
Corporation
307,000
2.350%, 
2/15/2030
264,052
Tenneco,
Inc.
551,000
8.000%, 
11/17/2028
a
514,834
Toyota
Motor
Credit
Corporation
162,000
5.550%, 
11/20/2030
163,617
175,000
4.800%, 
1/5/2034
166,307
Tractor
Supply
Company
151,000
5.250%, 
5/15/2033
147,592
Tripadvisor,
Inc.
102,000
7.000%, 
7/15/2025
a
102,040
Uber
Technologies,
Inc.,
Convertible
189,000
Zero
Coupon, 
12/15/2025
196,087
227,000
0.875%, 
12/1/2028
a
254,467
Vail
Resorts,
Inc.,
Convertible
281,000
Zero
Coupon, 
1/1/2026
255,007
VICI
Properties,
LP/VICI
Note
Company,
Inc.
496,000
5.750%, 
2/1/2027
a
491,836
Victoria's
Secret
&
Company
390,000
4.625%, 
7/15/2029
a
306,409
Viking
Cruises,
Ltd.
851,000
5.875%, 
9/15/2027
a
825,101
Volkswagen
Group
of
America
Finance,
LLC
68,000
3.350%, 
5/13/2025
a
66,388
Wabash
National
Corporation
500,000
4.500%, 
10/15/2028
a
449,269
Walgreens
Boots
Alliance,
Inc.
288,000
3.200%, 
4/15/2030
247,005
WASH
Multifamily
Acquisition,
Inc.
227,000
5.750%, 
4/15/2026
a
220,079
Wyndham
Hotels
&
Resorts,
Inc.
255,000
4.375%, 
8/15/2028
a
233,814
Wynn
Resorts
Finance,
LLC/Wynn
Resorts
Capital
Corporation
150,000
7.125%, 
2/15/2031
a
152,139
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
304
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Consumer
Cyclical
(5.7%)
-
continued
Yum!
Brands,
Inc.
$
507,000
4.750%, 
1/15/2030
a
$
474,463
ZF
North
America
Capital,
Inc.
274,000
7.125%, 
4/14/2030
a
280,161
Total
40,635,527
Consumer
Non-Cyclical
(4.8%)
1375209
B.C.,
Ltd.
165,000
9.000%, 
1/30/2028
a,e
161,984
AbbVie,
Inc.
406,000
5.500%, 
3/15/2064
391,447
247,000
5.350%, 
3/15/2044
238,869
AdaptHealth,
LLC
736,000
4.625%, 
8/1/2029
a
620,096
Albertsons
Companies,
Inc./
Safeway,
Inc./New
Albertsons,
LP/Albertsons,
LLC
522,000
4.625%, 
1/15/2027
a
498,763
556,000
3.500%, 
3/15/2029
a
490,596
Altria
Group,
Inc.
166,000
6.200%, 
11/1/2028
170,111
Amgen,
Inc.
247,000
5.150%, 
3/2/2028
244,806
392,000
5.250%, 
3/2/2030
388,543
Anheuser-Busch
InBev
Worldwide,
Inc.
295,000
4.750%, 
1/23/2029
290,084
487,000
5.000%, 
6/15/2034
470,615
Archer-Daniels-Midland
Company
155,000
4.500%, 
8/15/2033
144,178
AstraZeneca
Finance,
LLC
299,000
1.750%, 
5/28/2028
261,720
258,000
5.000%, 
2/26/2034
250,973
BAT
Capital
Corporation
202,000
6.343%, 
8/2/2030
207,106
113,000
5.834%, 
2/20/2031
112,956
141,000
7.750%, 
10/19/2032
156,377
93,000
6.000%, 
2/20/2034
92,425
Bausch
+
Lomb
Corporation
96,000
8.375%, 
10/1/2028
a
99,144
Bausch
Health
Companies,
Inc.
266,000
5.500%, 
11/1/2025
a
247,766
612,000
4.875%, 
6/1/2028
a
395,339
Becton,
Dickinson
and
Company
165,000
4.693%, 
2/13/2028
160,547
221,000
2.823%, 
5/20/2030
190,458
BellRing
Brands,
Inc.
282,000
7.000%, 
3/15/2030
a
285,364
BioMarin
Pharmaceutical,
Inc.,
Convertible
190,000
1.250%, 
5/15/2027
185,155
Bio-Rad
Laboratories,
Inc.
204,000
3.300%, 
3/15/2027
191,619
Bristol-Myers
Squibb
Company
331,000
5.550%, 
2/22/2054
319,454
166,000
5.750%, 
2/1/2031
169,697
82,000
5.900%, 
11/15/2033
84,520
Campbell
Soup
Company
526,000
5.400%, 
3/21/2034
513,142
Cargill,
Inc.
288,000
2.125%, 
11/10/2031
a
229,933
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Consumer
Non-Cyclical
(4.8%)
-
continued
Catalent
Pharma
Solutions,
Inc.
$
203,000
3.125%, 
2/15/2029
a
$
193,750
Central
Garden
&
Pet
Company
565,000
4.125%, 
10/15/2030
493,531
Charles
River
Laboratories
International,
Inc.
200,000
4.000%, 
3/15/2031
a
174,449
Cheplapharm
Arzneimittel
GmbH
70,000
5.500%, 
1/15/2028
a
65,670
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
484,000
4.625%, 
11/15/2028
a
447,970
CHS/Community
Health
Systems,
Inc.
379,000
5.625%, 
3/15/2027
a
347,028
117,000
8.000%, 
12/15/2027
a
114,518
500,000
6.000%, 
1/15/2029
a
436,220
335,000
5.250%, 
5/15/2030
a
273,891
220,000
4.750%, 
2/15/2031
a
171,719
Cigna
Group
167,000
5.600%, 
2/15/2054
157,293
213,000
2.400%, 
3/15/2030
179,580
Constellation
Brands,
Inc.
163,000
4.800%, 
1/15/2029
158,504
295,000
3.150%, 
8/1/2029
263,195
110,000
4.900%, 
5/1/2033
103,760
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US,
LLC
468,000
4.750%, 
1/15/2029
a
436,259
235,000
6.625%, 
7/15/2030
a
235,142
CVS
Health
Corporation
168,000
5.000%, 
2/20/2026
166,323
115,000
4.300%, 
3/25/2028
110,349
158,000
5.300%, 
6/1/2033
152,755
488,000
4.780%, 
3/25/2038
429,676
Diageo
Capital
plc
129,000
2.000%, 
4/29/2030
107,403
250,000
5.625%, 
10/5/2033
254,497
Edgewell
Personal
Care
Company
340,000
5.500%, 
6/1/2028
a
328,087
Eli
Lilly
&
Company
328,000
5.000%, 
2/9/2054
305,023
310,000
4.700%, 
2/27/2033
297,941
Embecta
Corporation
155,000
6.750%, 
2/15/2030
a
132,494
Encompass
Health
Corporation
860,000
4.500%, 
2/1/2028
807,243
Endo
Finance
Holdings,
Inc.
165,000
8.500%, 
4/15/2031
a
167,651
Energizer
Holdings,
Inc.
180,000
4.750%, 
6/15/2028
a
163,551
435,000
4.375%, 
3/31/2029
a
384,269
Envista
Holdings
Corporation,
Convertible
81,000
1.750%, 
8/15/2028
a
68,850
Fortrea
Holdings,
Inc.
136,000
7.500%, 
7/1/2030
a,e
137,186
General
Mills,
Inc.
62,000
4.950%, 
3/29/2033
e
59,388
Gilead
Sciences,
Inc.
160,000
5.250%, 
10/15/2033
157,736
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
305
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Consumer
Non-Cyclical
(4.8%)
-
continued
Grifols
SA
$
479,000
4.750%, 
10/15/2028
a,e
$
386,859
Herbalife
Nutrition,
Ltd./HLF
Financing,
Inc.
41,000
7.875%, 
9/1/2025
a
39,327
HLF
Financing
SARL,
LLC/
Herbalife
International,
Inc.
308,000
4.875%, 
6/1/2029
a
180,919
Imperial
Brands
Finance
plc
127,000
3.125%, 
7/26/2024
a
126,102
Integer
Holdings
Corporation,
Convertible
254,000
2.125%, 
2/15/2028
353,060
Jazz
Investments
I,
Ltd.,
Convertible
252,000
2.000%, 
6/15/2026
242,550
Jazz
Securities
DAC
268,000
4.375%, 
1/15/2029
a
243,834
JBS
USA
Holding
Lux
SARL/JBS
USA
Food
Company/JBS
Lux
Company
SARL
395,000
2.500%, 
1/15/2027
361,965
173,000
3.625%, 
1/15/2032
144,078
170,000
6.750%, 
3/15/2034
a
173,439
KeHE
Distributors,
LLC/KeHE
Finance
Corporation/NextWave
Distribution,
Inc.
163,000
9.000%, 
2/15/2029
a
164,584
Kenvue,
Inc.
85,000
5.000%, 
3/22/2030
83,973
Keurig
Dr
Pepper,
Inc.
272,000
3.200%, 
5/1/2030
240,871
344,000
5.300%, 
3/15/2034
334,954
Kraft
Heinz
Foods
Company
152,000
6.750%, 
3/15/2032
164,380
Kroger
Company
124,000
4.500%, 
1/15/2029
119,580
Legacy
LifePoint
Health,
LLC
205,000
4.375%, 
2/15/2027
a
191,985
LifePoint
Health,
Inc.
325,000
9.875%, 
8/15/2030
a
338,422
196,000
11.000%, 
10/15/2030
a
208,621
Mattel,
Inc.
415,000
3.375%, 
4/1/2026
a
395,149
McKesson
Corporation
490,000
1.300%, 
8/15/2026
446,505
Medline
Borrower,
LP/Medline
Co-
Issuer,
Inc.
341,000
6.250%, 
4/1/2029
a
338,819
Medtronic
Global
Holdings
SCA
160,000
4.500%, 
3/30/2033
150,718
ModivCare
Escrow
Issuer,
Inc.
161,000
5.000%, 
10/1/2029
a,e
111,846
ModivCare,
Inc.
129,000
5.875%, 
11/15/2025
a
125,815
Mozart
Debt
Merger
Sub,
Inc.
449,000
3.875%, 
4/1/2029
a
402,228
318,000
5.250%, 
10/1/2029
a
296,051
Nestle
Capital
Corporation
200,000
5.100%, 
3/12/2054
a
186,645
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Consumer
Non-Cyclical
(4.8%)
-
continued
Newell
Brands,
Inc.
$
172,000
6.375%, 
9/15/2027
e
$
167,723
171,000
6.625%, 
9/15/2029
165,165
Organon
&
Company/Organon
Foreign
Debt
Co-Issuer
BV
465,000
4.125%, 
4/30/2028
a
423,502
471,000
5.125%, 
4/30/2031
a
407,274
Owens
&
Minor,
Inc.
463,000
6.625%, 
4/1/2030
a,e
449,244
Performance
Food
Group,
Inc.
249,000
4.250%, 
8/1/2029
a
223,198
Perrigo
Finance
Unlimited
Company
275,000
3.150%, 
6/15/2030
251,990
Pfizer
Investment
Enterprises,
Private
Ltd.
246,000
4.450%, 
5/19/2026
241,797
Philip
Morris
International,
Inc.
322,000
4.875%, 
2/15/2028
316,500
141,000
5.625%, 
11/17/2029
142,191
174,000
5.125%, 
2/13/2031
169,077
141,000
5.750%, 
11/17/2032
141,956
256,000
5.250%, 
2/13/2034
246,950
Post
Holdings,
Inc.
249,000
4.625%, 
4/15/2030
a
224,877
388,000
4.500%, 
9/15/2031
a
341,155
Post
Holdings,
Inc.,
Convertible
261,000
2.500%, 
8/15/2027
291,929
Primo
Water
Holdings,
Inc.
401,000
4.375%, 
4/30/2029
a
366,016
Procter
&
Gamble
Company
122,000
1.200%, 
10/29/2030
96,668
Roche
Holdings,
Inc.
250,000
5.218%, 
3/8/2054
a
238,083
141,000
1.930%, 
12/13/2028
a
122,245
200,000
2.076%, 
12/13/2031
a
159,899
Royalty
Pharma
plc
343,000
1.200%, 
9/2/2025
323,011
Scotts
Miracle-Gro
Company
199,000
4.500%, 
10/15/2029
177,473
Simmons
Foods,
Inc.
664,000
4.625%, 
3/1/2029
a
572,904
Spectrum
Brands,
Inc.
257,000
5.000%, 
10/1/2029
a
250,396
205,000
5.500%, 
7/15/2030
a
199,061
Star
Parent,
Inc.
320,000
9.000%, 
10/1/2030
a
334,736
Sysco
Corporation
128,000
5.950%, 
4/1/2030
130,817
Takeda
Pharmaceutical
Company,
Ltd.
297,000
5.000%, 
11/26/2028
291,582
Tenet
Healthcare
Corporation
1,105,000
5.125%, 
11/1/2027
1,069,004
185,000
6.125%, 
10/1/2028
182,679
404,000
6.750%, 
5/15/2031
a
404,801
Teva
Pharmaceutical
Finance
Netherlands
III
BV
375,000
3.150%, 
10/1/2026
347,407
Topgolf
Callaway
Brands
Corporation,
Convertible
87,000
2.750%, 
5/1/2026
98,223
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
306
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Consumer
Non-Cyclical
(4.8%)
-
continued
Unilever
Capital
Corporation
$
225,000
5.000%, 
12/8/2033
$
220,467
US
Acute
Care
Solutions,
LLC
171,000
6.375%, 
3/1/2026
a
173,138
Viterra
Finance
BV
324,000
3.200%, 
4/21/2031
a
273,085
Winnebago
Industries,
Inc.,
Convertible
145,000
3.250%, 
1/15/2030
a
142,318
Wyeth,
LLC
382,000
6.500%, 
2/1/2034
411,375
Zoetis,
Inc.
236,000
5.600%, 
11/16/2032
237,250
Total
34,327,133
Energy
(4.5%)
Antero
Midstream
Partners,
LP/
Antero
Midstream
Finance
Corporation
330,000
5.375%, 
6/15/2029
a
314,016
Antero
Resources
Corporation
179,000
5.375%, 
3/1/2030
a
170,186
Apache
Corporation
239,000
4.375%, 
10/15/2028
223,688
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
585,000
6.250%, 
4/1/2028
a
573,102
Ascent
Resources
Utica
Holdings,
LLC/ARU
Finance
Corporation
338,000
8.250%, 
12/31/2028
a
344,883
Baytex
Energy
Corporation
338,000
8.500%, 
4/30/2030
a
352,403
Borr
IHC,
Ltd./Borr
Finance,
LLC
414,000
10.375%, 
11/15/2030
a
429,951
BP
Capital
Markets
America,
Inc.
614,000
4.234%, 
11/6/2028
589,746
259,000
4.812%, 
2/13/2033
247,576
BP
Capital
Markets
plc
191,000
4.875%, 
3/22/2030
c,h
178,403
208,000
6.450%, 
12/1/2033
c,h
209,847
Buckeye
Partners,
LP
233,000
4.500%, 
3/1/2028
a
217,029
CGG
SA
83,000
8.750%, 
4/1/2027
a
77,671
Cheniere
Energy
Partners,
LP
146,000
4.500%, 
10/1/2029
136,604
146,000
3.250%, 
1/31/2032
121,978
259,000
5.950%, 
6/30/2033
e
258,296
Cheniere
Energy,
Inc.
158,000
5.650%, 
4/15/2034
a
154,631
Civitas
Resources,
Inc.
266,000
8.375%, 
7/1/2028
a
277,487
113,000
8.625%, 
11/1/2030
a
120,247
410,000
8.750%, 
7/1/2031
a
434,904
CNX
Resources
Corporation
195,000
6.000%, 
1/15/2029
a
188,933
CNX
Resources
Corporation,
Convertible
161,000
2.250%, 
5/1/2026
302,020
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Energy
(4.5%)
-
continued
Columbia
Pipelines
Holding
Company,
LLC
$
167,000
6.055%, 
8/15/2026
a
$
167,569
317,000
6.042%, 
8/15/2028
a
319,870
Comstock
Resources,
Inc.
331,000
6.750%, 
3/1/2029
a
311,440
235,000
6.750%, 
3/1/2029
a
223,746
330,000
5.875%, 
1/15/2030
a
300,555
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
175,000
5.500%, 
6/15/2031
a
160,814
Crescent
Energy
Finance,
LLC
204,000
9.250%, 
2/15/2028
a
215,518
509,000
7.625%, 
4/1/2032
a
510,899
Delek
Logistics
Partners,
LP/Delek
Logistics
Finance
Corporation
370,000
8.625%, 
3/15/2029
a
372,800
Diamond
Foreign
Asset
Company/
Diamond
Finance,
LLC
128,000
8.500%, 
10/1/2030
a
133,887
Diamondback
Energy,
Inc.
381,000
5.750%, 
4/18/2054
363,725
DT
Midstream,
Inc.
264,000
4.125%, 
6/15/2029
a
239,281
Enbridge,
Inc.
175,000
7.375%, 
1/15/2083
c
171,592
175,000
7.625%, 
1/15/2083
c
174,231
244,000
5.950%, 
4/5/2054
236,273
78,000
5.700%, 
3/8/2033
77,105
Enerflex,
Ltd.
267,000
9.000%, 
10/15/2027
a
273,414
Energy
Transfer,
LP
161,000
5.950%, 
5/15/2054
151,738
402,000
8.000%, 
5/15/2054
c,e
413,979
175,000
6.750%, 
5/15/2025
c,h
170,796
169,000
4.400%, 
3/15/2027
163,710
169,000
6.400%, 
12/1/2030
174,052
Enterprise
Products
Operating,
LLC
148,000
4.150%, 
10/16/2028
141,390
178,000
8.573%, 
(TSFR3M
+
3.248%),
8/16/2077
c
177,115
EQM
Midstream
Partners,
LP
931,000
4.750%, 
1/15/2031
a
850,685
Genesis
Energy
LP/Genesis
Energy
Finance
Corporation
515,000
8.875%, 
4/15/2030
532,923
Harvest
Midstream
I,
LP
392,000
7.500%, 
9/1/2028
a
393,074
249,487
7.500%, 
5/15/2032
a,g
249,796
Hess
Midstream
Operations,
LP
374,000
4.250%, 
2/15/2030
a
337,533
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
262,000
5.750%, 
2/1/2029
a
251,685
166,000
6.000%, 
4/15/2030
a
158,943
564,000
6.250%, 
4/15/2032
a
544,562
Howard
Midstream
Energy
Partners,
LLC
253,000
6.750%, 
1/15/2027
a
249,605
ITT
Holdings,
LLC
475,000
6.500%, 
8/1/2029
a
429,029
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
307
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Energy
(4.5%)
-
continued
Kodiak
Gas
Services,
LLC
$
204,000
7.250%, 
2/15/2029
a
$
205,471
Laredo
Petroleum,
Inc.
581,000
7.750%, 
7/31/2029
a
584,806
Marathon
Oil
Corporation
148,000
4.400%, 
7/15/2027
142,452
MEG
Energy
Corporation
440,000
5.875%, 
2/1/2029
a
425,698
MPLX,
LP
370,000
1.750%, 
3/1/2026
344,785
82,000
5.000%, 
3/1/2033
77,118
Nabors
Industries,
Inc.
166,000
7.375%, 
5/15/2027
a
164,515
423,000
9.125%, 
1/31/2030
a
436,191
National
Fuel
Gas
Company
296,000
5.500%, 
1/15/2026
293,787
New
Fortress
Energy,
Inc.
137,000
6.750%, 
9/15/2025
a
135,317
136,000
8.750%, 
3/15/2029
a,e
132,634
NGL
Energy
Operating,
LLC/NGL
Energy
Finance
Corporation
135,000
8.125%, 
2/15/2029
a
137,149
203,000
8.375%, 
2/15/2032
a
206,279
Noble
Finance
II,
LLC
165,000
8.000%, 
4/15/2030
a
170,015
Northern
Oil
and
Gas,
Inc.
338,000
8.750%, 
6/15/2031
a
355,543
Northern
Oil
and
Gas,
Inc.,
Convertible
211,000
3.625%, 
4/15/2029
260,226
NuStar
Logistics,
LP
330,000
6.375%, 
10/1/2030
326,248
Occidental
Petroleum
Corporation
330,000
8.875%, 
7/15/2030
377,299
ONEOK,
Inc.
222,000
2.200%, 
9/15/2025
211,467
164,000
5.550%, 
11/1/2026
163,830
157,000
5.650%, 
11/1/2028
157,499
Ovintiv,
Inc.
201,000
5.650%, 
5/15/2028
e
200,820
160,000
6.250%, 
7/15/2033
161,273
PBF
Holding
Company,
LLC/PBF
Finance
Corporation
256,000
6.000%, 
2/15/2028
249,674
Permian
Resources
Operating,
LLC
256,000
7.000%, 
1/15/2032
a
260,970
Permian
Resources
Operating,
LLC,
Convertible
79,000
3.250%, 
4/1/2028
223,703
Pioneer
Natural
Resources
Company
184,000
1.900%, 
8/15/2030
150,966
Pioneer
Natural
Resources
Company,
Convertible
95,000
0.250%, 
5/15/2025
278,445
Plains
All
American
Pipeline,
LP
41,000
9.679%, 
(TSFR3M
+
4.372%),
6/3/2024
c,h
40,537
Plains
All
American
Pipeline,
LP/
PAA
Finance
Corporation
314,000
4.650%, 
10/15/2025
308,618
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Energy
(4.5%)
-
continued
Prairie
Acquiror,
LP
$
272,000
9.000%, 
8/1/2029
a
$
277,824
Precision
Drilling
Corporation
420,000
6.875%, 
1/15/2029
a
415,642
Range
Resources
Corporation
271,000
4.750%, 
2/15/2030
a
249,527
Rockcliff
Energy
II,
LLC
360,000
5.500%, 
10/15/2029
a
331,832
Rockies
Express
Pipeline,
LLC
424,000
4.950%, 
7/15/2029
a
389,798
Schlumberger
Holdings
Corporation
93,000
4.300%, 
5/1/2029
a
88,830
SM
Energy
Company
200,000
6.500%, 
7/15/2028
198,374
Southwestern
Energy
Company
250,000
4.750%, 
2/1/2032
225,141
Suburban
Propane
Partners,
LP/
Suburban
Energy
Finance
Corporation
166,000
5.875%, 
3/1/2027
163,546
Suncor
Energy,
Inc.
160,000
7.150%, 
2/1/2032
174,316
Sunoco,
LP
498,000
7.000%, 
5/1/2029
a
505,762
Sunoco,
LP/Sunoco
Finance
Corporation
236,000
5.875%, 
3/15/2028
230,307
337,000
4.500%, 
4/30/2030
303,250
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
580,000
5.500%, 
1/15/2028
a
550,664
248,000
7.375%, 
2/15/2029
a
248,272
Talos
Production,
Inc.
177,000
9.000%, 
2/1/2029
a
186,746
Targa
Resources
Partners,
LP
355,000
4.875%, 
2/1/2031
332,235
Teine
Energy,
Ltd.
320,000
6.875%, 
4/15/2029
a
310,905
TotalEnergies
Capital
SA
489,000
5.488%, 
4/5/2054
475,808
TransCanada
Trust
342,000
5.875%, 
8/15/2076
c
327,859
Transocean,
Inc.
163,800
8.750%, 
2/15/2030
a
170,791
USA
Compression
Partners,
LP/
USA
Compression
Finance
Corporation
291,000
7.125%, 
3/15/2029
a
289,139
Valaris,
Ltd.
344,000
8.375%, 
4/30/2030
a
353,775
Venture
Global
Calcasieu
Pass,
LLC
640,000
3.875%, 
8/15/2029
a
565,461
250,000
4.125%, 
8/15/2031
a
218,193
Venture
Global
LNG,
Inc.
615,000
8.125%, 
6/1/2028
a
628,818
689,000
8.375%, 
6/1/2031
a
707,060
441,000
9.875%, 
2/1/2032
a
470,594
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
308
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Energy
(4.5%)
-
continued
Williams
Companies,
Inc.
$
370,000
4.900%, 
3/15/2029
$
359,623
147,000
2.600%, 
3/15/2031
121,708
Total
32,622,070
Financials
(12.9%)
Acrisure,
LLC/Acrisure
Finance,
Inc.
117,000
4.250%, 
2/15/2029
a
104,815
AerCap
Holdings
NV
164,000
5.875%, 
10/10/2079
c
161,949
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
220,000
6.500%, 
7/15/2025
221,576
150,000
6.100%, 
1/15/2027
151,170
243,000
5.750%, 
6/6/2028
242,789
384,000
3.000%, 
10/29/2028
342,483
Air
Lease
Corporation
133,000
2.300%, 
2/1/2025
129,250
48,000
3.375%, 
7/1/2025
46,651
189,000
4.650%, 
6/15/2026
c,h
178,138
147,000
3.125%, 
12/1/2030
125,831
Aircastle,
Ltd.
240,000
5.250%, 
6/15/2026
a,c,h
226,759
147,000
2.850%, 
1/26/2028
a
130,974
Alliant
Holdings
Intermediate,
LLC/
Alliant
Holdings
Co-Issuer,
Inc.
164,000
4.250%, 
10/15/2027
a
152,980
378,000
6.750%, 
4/15/2028
a
377,601
168,000
7.000%, 
1/15/2031
a
168,526
Ally
Financial,
Inc.
217,000
5.750%, 
11/20/2025
e
215,229
328,000
4.700%, 
5/15/2026
c,h
278,446
148,000
8.000%, 
11/1/2031
160,235
258,000
6.700%, 
2/14/2033
253,094
American
Express
Company
210,000
3.550%, 
9/15/2026
c,h
191,601
320,000
6.338%, 
10/30/2026
c
322,554
485,000
2.550%, 
3/4/2027
448,686
American
Homes
4
Rent,
LP
156,000
2.375%, 
7/15/2031
123,611
American
International
Group,
Inc.
317,000
5.125%, 
3/27/2033
304,057
AmWINS
Group,
Inc.
135,000
6.375%, 
2/15/2029
a
133,365
401,000
4.875%, 
6/30/2029
a
364,542
Aon
North
America,
Inc.
328,000
5.750%, 
3/1/2054
317,087
Arbor
Realty
Trust,
Inc.,
Convertible
13,000
7.500%, 
8/1/2025
12,690
Ares
Capital
Corporation
70,000
4.250%, 
3/1/2025
68,864
371,000
2.150%, 
7/15/2026
340,671
194,000
5.875%, 
3/1/2029
190,192
Arthur
J.
Gallagher
&
Company
246,000
5.750%, 
7/15/2054
233,677
Assurant,
Inc.
239,000
6.100%, 
2/27/2026
238,965
Australia
&
New
Zealand
Banking
Group,
Ltd.
338,000
2.950%, 
7/22/2030
a,c
324,604
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Financials
(12.9%)
-
continued
Aviation
Capital
Group,
LLC
$
142,000
4.875%, 
10/1/2025
a
$
138,925
Avolon
Holdings
Funding,
Ltd.
309,000
4.250%, 
4/15/2026
a
297,158
321,000
5.750%, 
3/1/2029
a
315,814
BAC
Capital
Trust
XIV
138,000
5.991%, 
(TSFR3M
+
0.662%),
5/17/2024
c,h
113,896
Banco
Santander
Mexico
SA
87,000
5.375%, 
4/17/2025
a
86,435
Banco
Santander
SA
82,000
4.750%, 
11/12/2026
c,h
70,143
200,000
5.294%, 
8/18/2027
196,847
200,000
4.175%, 
3/24/2028
c
190,282
200,000
6.921%, 
8/8/2033
203,275
Bank
of
America
Corporation
285,000
4.200%, 
8/26/2024
283,548
711,000
6.250%, 
9/5/2024
c,h
708,687
150,000
6.100%, 
3/17/2025
c,h
149,735
339,000
1.319%, 
6/19/2026
c
322,150
735,000
1.197%, 
10/24/2026
c
686,617
220,000
6.125%, 
4/27/2027
c,h
217,398
218,000
1.734%, 
7/22/2027
c
200,001
283,000
4.376%, 
4/27/2028
c
273,532
442,000
3.593%, 
7/21/2028
c
415,469
218,000
4.948%, 
7/22/2028
c
213,855
370,000
5.819%, 
9/15/2029
c
372,177
824,000
3.974%, 
2/7/2030
c
765,897
525,000
2.687%, 
4/22/2032
c
432,566
216,000
2.572%, 
10/20/2032
c
174,250
275,000
2.972%, 
2/4/2033
c
227,028
241,000
5.468%, 
1/23/2035
c
234,365
140,000
3.846%, 
3/8/2037
c
120,573
Bank
of
Montreal
356,000
5.266%, 
12/11/2026
353,975
235,000
5.203%, 
2/1/2028
233,452
140,000
3.088%, 
1/10/2037
c
111,278
Bank
of
New
York
Mellon
Corporation
165,000
6.317%, 
10/25/2029
c
170,515
218,000
4.596%, 
7/26/2030
c
209,740
165,000
6.474%, 
10/25/2034
c
174,177
Bank
of
Nova
Scotia
294,000
4.900%, 
6/4/2025
c,h
287,236
148,000
1.050%, 
3/2/2026
136,485
Barclays
plc
193,000
6.125%, 
12/15/2025
c,h
185,520
562,000
2.852%, 
5/7/2026
c
544,495
200,000
5.501%, 
8/9/2028
c
197,144
223,000
4.972%, 
5/16/2029
c
215,156
200,000
6.224%, 
5/9/2034
c
200,535
160,000
7.119%, 
6/27/2034
c
164,979
Berkshire
Hathaway
Finance
Corporation
428,000
2.875%, 
3/15/2032
365,777
BlackRock
Funding,
Inc.
162,000
5.250%, 
3/14/2054
152,919
Blackstone
Mortgage
Trust,
Inc.,
Convertible
41,000
5.500%, 
3/15/2027
36,798
Blue
Owl
Capital
Corporation
II
163,000
8.450%, 
11/15/2026
a
166,298
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
309
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Financials
(12.9%)
-
continued
Blue
Owl
Credit
Income
Corporation
$
209,000
4.700%, 
2/8/2027
$
197,512
Blue
Owl
Technology
Finance
Corporation
73,000
4.750%, 
12/15/2025
a
70,001
221,000
3.750%, 
6/17/2026
a
204,245
Blue
Owl
Technology
Finance
Corporation
II
80,000
6.750%, 
4/4/2029
a
77,087
BNP
Paribas
SA
199,000
2.819%, 
11/19/2025
a,c
195,453
200,000
3.132%, 
1/20/2033
a,c
165,825
BPCE
SA
133,000
2.375%, 
1/14/2025
a
129,694
Bread
Financial
Holdings,
Inc.
203,000
9.750%, 
3/15/2029
a
211,108
Bread
Financial
Holdings,
Inc.,
Convertible
134,000
4.250%, 
6/15/2028
a
152,760
Brixmor
Operating
Partnership,
LP
245,000
2.250%, 
4/1/2028
214,208
Brookfield
Property
REIT,
Inc./BPR
Cumulus,
LLC/BPR
Nimbus,
LLC/GGSI
Sellco,
LLC
109,000
4.500%, 
4/1/2027
a
96,805
Burford
Capital
Global
Finance,
LLC
393,000
9.250%, 
7/1/2031
a
409,372
Camden
Property
Trust
187,000
4.900%, 
1/15/2034
175,744
Canadian
Imperial
Bank
of
Commerce
212,000
3.945%, 
8/4/2025
207,642
197,000
5.926%, 
10/2/2026
198,841
Capital
One
Financial
Corporation
82,000
3.950%, 
9/1/2026
c,e,h
70,658
206,000
3.273%, 
3/1/2030
c
181,875
Capital
One
NA
199,000
2.280%, 
1/28/2026
c
193,325
Castlelake
Aviation
Finance
DAC
264,000
5.000%, 
4/15/2027
a
254,068
Centene
Corporation
637,000
3.000%, 
10/15/2030
533,971
323,000
2.625%, 
8/1/2031
258,445
Charles
Schwab
Corporation
328,000
5.375%, 
6/1/2025
c,h
324,352
324,000
0.900%, 
3/11/2026
298,056
203,000
4.000%, 
6/1/2026
c,h
187,038
166,000
5.875%, 
8/24/2026
167,560
200,000
2.000%, 
3/20/2028
176,601
300,000
4.000%, 
12/1/2030
c,h
244,162
158,000
6.136%, 
8/24/2034
c
160,209
Citibank
NA
250,000
5.570%, 
4/30/2034
249,115
Citigroup,
Inc.
116,000
5.000%, 
9/12/2024
c,h
114,902
332,000
5.500%, 
9/13/2025
331,175
150,000
4.000%, 
12/10/2025
c,h
143,217
320,000
3.875%, 
2/18/2026
c,h
300,379
170,000
4.150%, 
11/15/2026
c,h
156,058
522,000
1.122%, 
1/28/2027
c
481,730
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Financials
(12.9%)
-
continued
$
974,000
1.462%, 
6/9/2027
c
$
891,802
285,000
3.070%, 
2/24/2028
c
265,993
89,000
7.375%, 
5/15/2028
c,e,h
91,260
204,000
7.625%, 
11/15/2028
c,h
210,527
589,000
4.075%, 
4/23/2029
c
556,510
156,000
6.174%, 
5/25/2034
c
154,821
Citizens
Financial
Group,
Inc.
162,000
4.000%, 
10/6/2026
c,h
138,834
CNA
Financial
Corporation
145,000
3.950%, 
5/15/2024
144,914
341,000
5.125%, 
2/15/2034
321,732
Coinbase
Global,
Inc.,
Convertible
196,000
0.500%, 
6/1/2026
196,605
220,000
0.250%, 
4/1/2030
a
198,693
Comerica,
Inc.
78,000
5.625%, 
7/1/2025
c,h
75,127
92,000
5.982%, 
1/30/2030
c
89,340
Commonwealth
Bank
of
Australia
177,000
2.688%, 
3/11/2031
a
143,667
Cooperatieve
Rabobank
UA
135,000
1.339%, 
6/24/2026
a,c
128,254
COPT
Defense
Properties,
LP
292,000
2.250%, 
3/15/2026
273,686
COPT
Defense
Properties,
LP,
Convertible
39,000
5.250%, 
9/15/2028
a
40,112
Corebridge
Financial,
Inc.
131,000
6.875%, 
12/15/2052
c
129,684
161,000
6.050%, 
9/15/2033
a
160,984
147,000
5.750%, 
1/15/2034
144,405
Credit
Acceptance
Corporation
308,000
9.250%, 
12/15/2028
a
326,557
Credit
Agricole
SA
156,000
8.125%, 
12/23/2025
a,c,h
157,950
147,000
3.250%, 
1/14/2030
a
127,813
Credit
Suisse
Group
AG
83,000
7.250%, 
N/A
a,i
9,130
167,000
7.500%, 
N/A
*,i
18,370
Dai-ichi
Life
Insurance
Company,
Ltd.
285,000
5.100%, 
10/28/2024
a,c,h
283,989
Deutsche
Bank
AG/New
York,
NY
502,000
2.129%, 
11/24/2026
c
472,321
280,000
2.311%, 
11/16/2027
c
254,717
230,000
6.819%, 
11/20/2029
c
236,387
209,000
3.742%, 
1/7/2033
c
167,977
Discover
Bank
295,000
5.974%, 
(USISOA05
+
1.730%),
8/9/2028
c
286,382
Discover
Financial
Services
72,000
6.700%, 
11/29/2032
73,774
Diversified
Healthcare
Trust
197,000
Zero
Coupon, 
1/15/2026
a
169,409
Drawbridge
Special
Opportunities
Fund,
LP
660,000
3.875%, 
2/15/2026
a
622,291
Elevance
Health,
Inc.
204,000
5.350%, 
10/15/2025
203,289
452,000
2.550%, 
3/15/2031
375,495
Enact
Holdings,
Inc.
253,000
6.500%, 
8/15/2025
a
252,772
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
310
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Financials
(12.9%)
-
continued
Encore
Capital
Group,
Inc.
$
93,000
9.250%, 
4/1/2029
a
$
95,013
Encore
Capital
Group,
Inc.,
Convertible
96,000
4.000%, 
3/15/2029
84,384
Extra
Space
Storage,
LP
180,000
5.900%, 
1/15/2031
180,885
144,000
2.400%, 
10/15/2031
114,328
Fairfax
Financial
Holdings,
Ltd.
245,000
6.350%, 
3/22/2054
a
242,208
Federal
Realty
OP,
LP,
Convertible
114,000
3.250%, 
1/15/2029
a
110,751
Fifth
Third
Bancorp
148,000
4.500%, 
9/30/2025
c,h
141,090
145,000
4.772%, 
7/28/2030
c
136,766
Fifth
Third
Bank
NA
398,000
3.850%, 
3/15/2026
382,299
First
Horizon
Bank
220,000
5.750%, 
5/1/2030
e
203,048
FirstCash,
Inc.
329,000
5.625%, 
1/1/2030
a
310,028
Five
Corners
Funding
Trust
III
220,000
5.791%, 
2/15/2033
a
220,010
Fortress
Transportation
and
Infrastructure
Investors,
LLC
166,000
9.750%, 
8/1/2027
a
171,379
47,000
5.500%, 
5/1/2028
a
45,110
307,000
7.000%, 
5/1/2031
a
308,659
Freedom
Mortgage
Corporation
159,000
7.625%, 
5/1/2026
a
158,287
128,000
12.000%, 
10/1/2028
a
136,992
Freedom
Mortgage
Holdings,
LLC
135,000
9.250%, 
2/1/2029
a
135,715
FS
KKR
Capital
Corporation
146,000
3.400%, 
1/15/2026
138,035
146,000
2.625%, 
1/15/2027
131,414
GGAM
Finance,
Ltd.
336,000
7.750%, 
5/15/2026
a
341,334
170,000
8.000%, 
6/15/2028
a
175,072
136,000
6.875%, 
4/15/2029
a
135,872
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership,
LP
499,000
3.750%, 
12/15/2027
a
424,962
goeasy,
Ltd.
260,000
9.250%, 
12/1/2028
a
274,519
83,000
7.625%, 
7/1/2029
a
82,983
Goldman
Sachs
BDC,
Inc.
177,000
6.375%, 
3/11/2027
177,693
Goldman
Sachs
Group,
Inc.
155,000
5.500%, 
8/10/2024
c,h
153,824
141,000
3.500%, 
4/1/2025
138,190
203,000
4.250%, 
10/21/2025
198,697
206,000
0.855%, 
2/12/2026
c
197,866
250,000
3.650%, 
8/10/2026
c,h
227,327
170,000
4.125%, 
11/10/2026
c,h
157,160
429,000
1.948%, 
10/21/2027
c
391,709
141,000
2.640%, 
2/24/2028
c
130,060
573,000
3.615%, 
3/15/2028
c
542,175
284,000
4.482%, 
8/23/2028
c
274,380
294,000
3.814%, 
4/23/2029
c
274,859
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Financials
(12.9%)
-
continued
$
148,000
3.800%, 
3/15/2030
$
135,383
148,000
2.615%, 
4/22/2032
c
121,174
146,000
2.383%, 
7/21/2032
c
116,840
Hartford
Financial
Services
Group,
Inc.
148,000
2.800%, 
8/19/2029
129,895
216,000
7.694%, 
(TSFR3M
+
2.387%),
2/12/2047
a,c
191,700
HAT
Holdings
I,
LLC/HAT
Holdings
II,
LLC,
Convertible
12,000
Zero
Coupon, 
5/1/2025
a
12,307
172,000
3.750%, 
8/15/2028
a
186,792
HSBC
Holdings
plc
82,000
6.375%, 
3/30/2025
c,h
81,027
148,000
2.633%, 
11/7/2025
c
145,388
162,000
1.645%, 
4/18/2026
c
155,428
164,000
1.589%, 
5/24/2027
c
150,261
260,000
2.251%, 
11/22/2027
c
237,831
200,000
6.161%, 
3/9/2029
c
202,261
413,000
4.583%, 
6/19/2029
c
393,809
157,000
4.600%, 
12/17/2030
c,h
129,188
176,000
2.804%, 
5/24/2032
c
143,576
HUB
International,
Ltd.
480,000
7.250%, 
6/15/2030
a
487,041
Huntington
Bancshares,
Inc./OH
226,000
4.450%, 
10/15/2027
c,h
200,238
440,000
5.709%, 
2/2/2035
c
421,829
Icahn
Enterprises,
LP/Icahn
Enterprises
Finance
Corporation
237,000
6.375%, 
12/15/2025
232,754
279,000
6.250%, 
5/15/2026
271,346
354,000
5.250%, 
5/15/2027
325,059
ING
Groep
NV
292,000
1.726%, 
4/1/2027
c
270,246
200,000
6.083%, 
9/11/2027
c
200,936
Intercontinental
Exchange,
Inc.
208,000
4.350%, 
6/15/2029
198,530
Intesa
Sanpaolo
SPA
206,000
4.198%, 
6/1/2032
a,c
168,847
Invitation
Homes
Operating
Partnership,
LP
223,000
2.000%, 
8/15/2031
172,349
J.P.
Morgan
Chase
&
Company
150,000
8.868%, 
(TSFR3M
+
3.562%),
5/1/2024
c,h
150,000
406,000
5.000%, 
8/1/2024
c,h
403,982
244,000
4.600%, 
2/1/2025
c,h
240,011
478,000
1.561%, 
12/10/2025
c
465,474
145,000
2.083%, 
4/22/2026
c
139,797
185,000
3.650%, 
6/1/2026
c,h
173,084
471,000
1.045%, 
11/19/2026
c
438,313
294,000
1.578%, 
4/22/2027
c
271,301
265,000
2.947%, 
2/24/2028
c
246,666
442,000
4.005%, 
4/23/2029
c
417,298
146,000
2.069%, 
6/1/2029
c
127,584
589,000
4.493%, 
3/24/2031
c
557,824
141,000
2.963%, 
1/25/2033
c
117,155
147,000
4.912%, 
7/25/2033
c
139,760
142,000
5.717%, 
9/14/2033
c
141,464
172,000
5.350%, 
6/1/2034
c
167,264
159,000
6.254%, 
10/23/2034
c
164,657
81,000
5.336%, 
1/23/2035
c
78,515
273,000
5.766%, 
4/22/2035
c
273,183
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
311
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Financials
(12.9%)
-
continued
J.P.
Morgan
Chase
Bank
NA
$
365,000
5.110%, 
12/8/2026
$
362,575
Jane
Street
Group/JSG
Finance,
Inc.
103,000
4.500%, 
11/15/2029
a
93,685
Jefferies
Finance,
LLC/JFIN
Co-
Issuer
Corporation
135,000
5.000%, 
8/15/2028
a
121,461
Jefferson
Capital
Holdings,
LLC
135,000
6.000%, 
8/15/2026
a
132,710
338,000
9.500%, 
2/15/2029
a
343,901
KeyBank
NA/Cleveland,
OH
221,000
3.900%, 
4/13/2029
194,095
300,000
5.000%, 
1/26/2033
269,023
Kilroy
Realty,
LP
255,000
4.250%, 
8/15/2029
227,483
114,000
6.250%, 
1/15/2036
107,073
Kite
Realty
Group,
LP
81,000
5.500%, 
3/1/2034
77,269
Ladder
Capital
Finance
Holdings,
LLLP/Ladder
Capital
Finance
Corporation
170,000
4.250%, 
2/1/2027
a
157,413
283,000
4.750%, 
6/15/2029
a
252,564
Liberty
Mutual
Group,
Inc.
93,000
4.125%, 
12/15/2051
a,c
84,648
Lincoln
National
Corporation
135,000
7.938%, 
(TSFR3M
+
2.619%),
5/17/2024
c
103,324
Lloyds
Banking
Group
plc
806,000
1.627%, 
5/11/2027
c
739,731
M&T
Bank
Corporation
298,000
3.500%, 
9/1/2026
c,h
231,846
Macquarie
Airfinance
Holdings,
Ltd.
486,000
6.400%, 
3/26/2029
a
484,594
Macquarie
Group,
Ltd.
293,000
1.629%, 
9/23/2027
a,c
265,361
Manufacturers
&
Traders
Trust
Company
313,000
4.700%, 
1/27/2028
296,326
Marsh
&
McLennan
Companies,
Inc.
151,000
2.375%, 
12/15/2031
122,597
MetLife,
Inc.
300,000
3.850%, 
9/15/2025
c,h
286,725
135,000
5.875%, 
3/15/2028
c,h
131,193
176,000
6.400%, 
12/15/2036
175,204
Metropolitan
Life
Global
Funding
I
285,000
2.950%, 
4/9/2030
a
247,068
Mid-America
Apartments,
LP
295,000
4.200%, 
6/15/2028
282,759
Mitsubishi
UFJ
Financial
Group,
Inc.
162,000
1.412%, 
7/17/2025
153,930
290,000
1.538%, 
7/20/2027
c
265,146
Mizuho
Financial
Group,
Inc.
425,000
1.554%, 
7/9/2027
c
389,040
288,000
2.564%, 
9/13/2031
229,063
158,000
5.748%, 
7/6/2034
c
157,372
Molina
Healthcare,
Inc.
332,000
4.375%, 
6/15/2028
a
307,916
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Financials
(12.9%)
-
continued
Morgan
Stanley
$
124,000
2.720%, 
7/22/2025
c
$
123,051
291,000
1.164%, 
10/21/2025
c
284,334
95,000
5.000%, 
11/24/2025
94,010
100,000
2.630%, 
2/18/2026
c
97,439
294,000
2.188%, 
4/28/2026
c
283,558
251,000
0.985%, 
12/10/2026
c
232,427
294,000
1.593%, 
5/4/2027
c
270,976
290,000
1.512%, 
7/20/2027
c
264,828
102,000
5.123%, 
2/1/2029
c
100,384
1,041,000
3.622%, 
4/1/2031
c
935,656
141,000
2.943%, 
1/21/2033
c
116,387
146,000
4.889%, 
7/20/2033
c
137,557
155,000
5.250%, 
4/21/2034
c
148,730
181,000
5.424%, 
7/21/2034
c
175,631
129,000
5.831%, 
4/19/2035
c
128,948
284,000
2.484%, 
9/16/2036
c
219,079
MPT
Operating
Partnership,
LP/
MPT
Finance
Corporation
376,000
5.250%, 
8/1/2026
e
342,469
99,000
4.625%, 
8/1/2029
e
74,082
Nasdaq,
Inc.
167,000
5.350%, 
6/28/2028
166,133
Nationstar
Mortgage
Holdings,
Inc.
336,000
6.000%, 
1/15/2027
a
329,242
NatWest
Group
plc
147,000
4.892%, 
5/18/2029
c
141,715
220,000
3.754%, 
11/1/2029
c
217,186
425,000
6.475%, 
6/1/2034
c
426,784
Navient
Corporation
100,000
5.000%, 
3/15/2027
94,275
Necessity
Retail
REIT,
Inc./
American
Finance
Operating
Partner,
LP
108,000
4.500%, 
9/30/2028
a
92,124
New
York
Life
Global
Funding
159,000
4.550%, 
1/28/2033
a
148,628
168,000
5.000%, 
1/9/2034
a
160,489
Nippon
Life
Insurance
Company
500,000
5.950%, 
4/16/2054
a,c
486,163
415,000
5.100%, 
10/16/2044
a,c
412,298
NNN
REIT,
Inc.
147,000
2.500%, 
4/15/2030
123,350
Nomura
Holdings,
Inc.
218,000
2.172%, 
7/14/2028
188,911
Northern
Trust
Corporation
210,000
4.000%, 
5/10/2027
202,758
Omega
Healthcare
Investors,
Inc.
150,000
4.750%, 
1/15/2028
142,402
147,000
3.375%, 
2/1/2031
122,750
OneMain
Finance
Corporation
639,000
3.500%, 
1/15/2027
587,885
1,146,000
3.875%, 
9/15/2028
1,008,727
Panther
Escrow
Issuer,
LLC
477,000
7.125%, 
6/1/2031
a
479,474
Park
Intermediate
Holdings,
LLC
537,000
4.875%, 
5/15/2029
a
491,374
Pebblebrook
Hotel
Trust,
Convertible
339,000
1.750%, 
12/15/2026
296,252
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
312
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Financials
(12.9%)
-
continued
Pine
Street
Trust
I
$
148,000
4.572%, 
2/15/2029
a
$
138,066
PNC
Bank
NA
148,000
2.700%, 
10/22/2029
126,325
PNC
Financial
Services
Group,
Inc.
272,000
5.671%, 
10/28/2025
c
271,752
200,000
3.400%, 
9/15/2026
c,h
172,418
175,000
6.200%, 
9/15/2027
c,h
171,553
169,000
5.582%, 
6/12/2029
c
168,241
178,000
6.250%, 
3/15/2030
c,h
167,338
170,000
6.875%, 
10/20/2034
c
180,440
PRA
Group,
Inc.
84,000
7.375%, 
9/1/2025
a
83,612
259,000
8.375%, 
2/1/2028
a
252,649
Principal
Life
Global
Funding
II
218,000
1.250%, 
8/16/2026
a
197,143
Prologis
Targeted
US
Logistics
Fund,
LP
265,000
5.250%, 
4/1/2029
a
259,954
Prologis,
LP
192,000
5.250%, 
3/15/2054
175,259
228,000
3.375%, 
12/15/2027
213,358
Provident
Financing
Trust
I
78,000
7.405%, 
3/15/2038
83,695
Prudential
Financial,
Inc.
141,000
5.125%, 
3/1/2052
c
130,077
133,000
6.750%, 
3/1/2053
c
135,665
507,000
6.500%, 
3/15/2054
c
499,524
75,000
3.700%, 
10/1/2050
c
64,131
Public
Storage
Operating
Company
157,000
5.100%, 
8/1/2033
152,096
QBE
Insurance
Group,
Ltd.
81,000
5.875%, 
5/12/2025
a,c,h
80,036
Quicken
Loans,
LLC
365,000
3.875%, 
3/1/2031
a
309,465
Realty
Income
Corporation
147,000
4.875%, 
6/1/2026
145,113
329,000
3.200%, 
1/15/2027
309,186
173,000
3.950%, 
8/15/2027
165,289
Redwood
Trust,
Inc.,
Convertible
17,000
7.750%, 
6/15/2027
16,139
Regency
Centers,
LP
243,000
5.250%, 
1/15/2034
232,335
Regions
Financial
Corporation
160,000
2.250%, 
5/18/2025
154,121
156,000
5.750%, 
6/15/2025
c,e,h
152,905
Reinsurance
Group
of
America,
Inc.
157,000
6.000%, 
9/15/2033
157,656
RGA
Global
Funding
188,000
5.500%, 
1/11/2031
a
184,955
RHP
Hotel
Properties,
LP/RHP
Finance
Corporation
83,000
4.750%, 
10/15/2027
78,878
323,000
7.250%, 
7/15/2028
a
328,007
RLJ
Lodging
Trust,
LP
279,000
4.000%, 
9/15/2029
a
241,976
Rocket
Mortgage,
LLC/Rocket
Mortgage
Co-Issuer,
Inc.
390,000
3.625%, 
3/1/2029
a
343,575
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Financials
(12.9%)
-
continued
Santander
Holdings
USA,
Inc.
$
137,000
2.490%, 
1/6/2028
c
$
124,141
Santander
UK
Group
Holdings
plc
286,000
1.673%, 
6/14/2027
c
260,738
Service
Properties
Trust
160,000
7.500%, 
9/15/2025
161,181
82,000
5.250%, 
2/15/2026
78,875
261,000
8.625%, 
11/15/2031
a
274,113
Simon
Property
Group,
LP
244,000
2.650%, 
7/15/2030
208,172
164,000
6.250%, 
1/15/2034
169,543
SLM
Corporation
170,000
4.200%, 
10/29/2025
164,342
Societe
Generale
SA
148,000
2.625%, 
10/16/2024
a
145,600
165,000
1.488%, 
12/14/2026
a,c
153,190
240,000
8.500%, 
3/25/2034
a,c,h
228,353
Standard
Chartered
plc
85,000
6.000%, 
7/26/2025
a,c,h
83,155
200,000
2.608%, 
1/12/2028
a,c
183,395
Starwood
Property
Trust,
Inc.,
Convertible
156,000
6.750%, 
7/15/2027
159,432
State
Street
Corporation
169,000
5.272%, 
8/3/2026
168,487
104,000
6.700%, 
3/15/2029
c,h
104,088
138,000
4.421%, 
5/13/2033
c
127,465
Sumitomo
Life
Insurance
Company
320,000
3.375%, 
4/15/2081
a,c
270,088
Sumitomo
Mitsui
Financial
Group,
Inc.
200,000
2.174%, 
1/14/2027
183,425
550,000
5.716%, 
9/14/2028
554,814
221,000
2.142%, 
9/23/2030
178,434
200,000
5.766%, 
1/13/2033
201,754
Sumitomo
Mitsui
Trust
Bank,
Ltd.
135,000
1.050%, 
9/12/2025
a
126,796
Summit
Hotel
Properties,
Inc.,
Convertible
130,000
1.500%, 
2/15/2026
113,620
Synchrony
Financial
141,000
4.250%, 
8/15/2024
140,251
173,000
7.250%, 
2/2/2033
168,806
Synovus
Bank
155,000
5.625%, 
2/15/2028
148,033
Toronto-Dominion
Bank
100,000
8.125%, 
10/31/2082
c
102,830
350,000
5.264%, 
12/11/2026
348,597
165,000
5.156%, 
1/10/2028
163,644
246,000
5.523%, 
7/17/2028
246,810
138,000
4.456%, 
6/8/2032
128,032
Truist
Bank
147,000
2.250%, 
3/11/2030
119,115
Truist
Financial
Corporation
330,000
6.047%, 
6/8/2027
c
331,747
121,000
1.887%, 
6/7/2029
c
103,371
345,000
5.100%, 
3/1/2030
c,h
311,662
234,000
5.711%, 
1/24/2035
c
227,094
U.S.
Bancorp
205,000
5.727%, 
10/21/2026
c
204,930
218,000
4.548%, 
7/22/2028
c
210,897
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
313
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Financials
(12.9%)
-
continued
$
82,000
5.836%, 
6/12/2034
c
$
81,052
224,000
5.678%, 
1/23/2035
c
218,828
UBS
AG
265,000
5.125%, 
5/15/2024
264,604
UBS
Group
AG
122,000
2.593%, 
9/11/2025
a,c
120,489
250,000
2.193%, 
6/5/2026
a,c
239,838
275,000
4.875%, 
2/12/2027
a,c,h
246,919
200,000
6.327%, 
12/22/2027
a,c
202,485
269,000
3.869%, 
1/12/2029
a,c
250,815
200,000
5.699%, 
2/8/2035
a,c
193,936
UDR,
Inc.
296,000
3.000%, 
8/15/2031
250,795
United
Wholesale
Mortgage,
LLC
106,000
5.500%, 
11/15/2025
a
104,268
365,000
5.500%, 
4/15/2029
a
339,081
UnitedHealth
Group,
Inc.
486,000
5.375%, 
4/15/2054
461,645
283,000
4.200%, 
5/15/2032
260,973
USB
Realty
Corporation
156,000
6.737%, 
(TSFR3M
+
1.409%),
1/15/2027
a,c,h
121,556
Ventas
Realty,
LP
126,000
3.750%, 
5/1/2024
126,000
Ventas
Realty,
LP,
Convertible
166,000
3.750%, 
6/1/2026
a
165,087
Vornado
Realty,
LP
124,000
3.400%, 
6/1/2031
96,321
Wells
Fargo
&
Company
245,000
2.406%, 
10/30/2025
c
240,796
335,000
3.900%, 
3/15/2026
c,h
317,744
346,000
2.188%, 
4/30/2026
c
333,592
100,000
6.090%, 
(TSFR3M
+
0.762%),
1/15/2027
c
97,148
138,000
3.526%, 
3/24/2028
c
130,225
294,000
3.584%, 
5/22/2028
c
276,756
218,000
4.808%, 
7/25/2028
c
212,417
187,000
7.625%, 
9/15/2028
c,e,h
195,533
649,000
4.478%, 
4/4/2031
c
609,832
108,000
5.389%, 
4/24/2034
c
104,078
157,000
5.557%, 
7/25/2034
c
153,034
166,000
6.491%, 
10/23/2034
c
172,828
636,000
5.499%, 
1/23/2035
c
617,802
Wells
Fargo
Bank
NA
291,000
4.811%, 
1/15/2026
287,749
Welltower
OP,
LLC,
Convertible
264,000
2.750%, 
5/15/2028
a
295,970
Westpac
Banking
Corporation
221,000
4.110%, 
7/24/2034
c
201,212
Willis
North
America,
Inc.
164,000
5.900%, 
3/5/2054
157,267
295,000
4.500%, 
9/15/2028
281,688
XHR,
LP
169,000
6.375%, 
8/15/2025
a
168,814
187,000
4.875%, 
6/1/2029
a
170,686
Total
92,803,356
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Foreign
Government
(<0.1%)
NBN
Company,
Ltd.
$
265,000
2.625%, 
5/5/2031
a
$
220,838
Total
220,838
Mortgage-Backed
Securities
(12.4%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
481,209
2.000%, 
1/1/2052
368,258
3,742,778
2.500%, 
5/1/2051
2,995,140
1,958,685
3.500%, 
5/1/2052
1,689,994
1,415,495
4.000%, 
5/1/2052
1,277,292
3,282,241
5.000%, 
7/1/2053
3,131,693
235,689
5.000%, 
8/1/2053
225,768
1,068,547
5.500%, 
9/1/2053
1,044,494
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
1,416,104
2.500%, 
7/1/2030
1,318,847
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
2,800,000
4.500%, 
5/1/2039
g
2,707,100
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
1,058,119
3.500%, 
5/1/2040
956,256
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
3,274,766
3.000%, 
1/1/2052
2,728,569
240,159
2.000%, 
2/1/2051
183,856
389,243
2.000%, 
2/1/2051
297,989
1,687,649
2.500%, 
2/1/2051
1,338,719
3,255,664
2.000%, 
3/1/2051
2,469,630
4,441,039
4.000%, 
3/1/2051
4,051,378
3,366,046
3.000%, 
3/1/2052
2,790,283
2,641,515
2.000%, 
4/1/2051
2,007,928
2,020,170
3.000%, 
4/1/2051
1,680,369
2,085,478
3.000%, 
5/1/2050
1,750,826
455,475
2.000%, 
5/1/2051
346,935
216,963
3.000%, 
6/1/2050
184,111
1,312,003
4.000%, 
6/1/2052
1,175,898
1,418,486
5.000%, 
6/1/2053
1,355,533
2,469,461
2.500%, 
7/1/2051
1,983,383
253,461
3.500%, 
7/1/2051
222,062
3,664,938
4.000%, 
7/1/2052
3,284,953
862,682
3.500%, 
8/1/2050
757,721
1,759,136
3.500%, 
8/1/2052
1,518,003
3,909,961
4.500%, 
8/1/2052
3,620,222
310,568
5.000%, 
8/1/2053
296,785
526,908
3.500%, 
9/1/2052
458,533
1,778,073
3.500%, 
9/1/2052
1,547,263
270,482
5.000%, 
9/1/2052
256,930
2,703,397
4.500%, 
9/1/2053
2,496,700
949,700
4.500%, 
9/1/2053
882,147
2,393,009
4.000%, 
10/1/2052
2,149,607
452,377
2.000%, 
11/1/2051
345,050
685,494
3.500%, 
11/1/2052
599,156
1,855,471
2.000%, 
12/1/2050
1,417,917
3,460,587
4.500%, 
12/1/2052
3,214,678
8,800,000
5.500%, 
5/1/2041
g
8,540,848
1,450,000
6.000%, 
5/1/2041
g
1,436,520
4,500,000
3.500%, 
5/1/2049
g
3,878,274
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
314
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Mortgage-Backed
Securities
(12.4%)
-
continued
$
4,500,000
4.000%, 
5/1/2049
g
$
4,024,462
4,900,000
4.500%, 
5/1/2049
g
4,514,930
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
2,096,710
2.500%, 
3/1/2062
1,630,000
1,215,033
3.500%, 
7/1/2061
1,029,713
1,228,137
4.000%, 
12/1/2061
1,085,113
Total
89,267,836
Technology
(3.2%)
Advanced
Micro
Devices,
Inc.
138,000
3.924%, 
6/1/2032
126,031
Akamai
Technologies,
Inc.,
Convertible
136,000
0.125%, 
5/1/2025
153,408
132,000
0.375%, 
9/1/2027
133,914
115,000
1.125%, 
2/15/2029
a
113,102
Analog
Devices,
Inc.
72,000
2.100%, 
10/1/2031
58,229
Apple,
Inc.
278,000
1.650%, 
2/8/2031
224,834
799,000
3.750%, 
9/12/2047
618,511
Block,
Inc.,
Convertible
59,000
0.125%, 
3/1/2025
58,363
365,000
0.250%, 
11/1/2027
298,205
Boost
Newco
Borrower,
LLC
422,000
7.500%, 
1/15/2031
a
435,543
Broadcom
Corporation/Broadcom
Cayman
Finance,
Ltd.
221,000
3.875%, 
1/15/2027
212,081
Broadcom,
Inc.
137,000
4.000%, 
4/15/2029
a
128,106
Central
Parent,
Inc./CDK
Global,
Inc.
208,000
7.250%, 
6/15/2029
a
210,277
Cisco
Systems,
Inc.
325,000
5.350%, 
2/26/2064
309,313
Clarivate
Science
Holdings
Corporation
183,000
3.875%, 
7/1/2028
a
166,641
Cloud
Software
Group,
Inc.
886,000
6.500%, 
3/31/2029
a
840,330
Consensus
Cloud
Solutions,
Inc.
85,000
6.000%, 
10/15/2026
a,e
80,588
CoreLogic,
Inc.
102,000
4.500%, 
5/1/2028
a
88,253
CSG
Systems
International,
Inc.,
Convertible
187,000
3.875%, 
9/15/2028
a
176,950
Dayforce,
Inc.,
Convertible
48,000
0.250%, 
3/15/2026
43,536
Dell
International,
LLC/EMC
Corporation
99,000
5.300%, 
10/1/2029
98,004
Dell,
Inc.
231,000
6.500%, 
4/15/2038
240,802
Dye
&
Durham,
Ltd.
256,000
8.625%, 
4/15/2029
a
258,502
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Technology
(3.2%)
-
continued
Euronet
Worldwide,
Inc.,
Convertible
$
157,000
0.750%, 
3/15/2049
$
152,054
Fiserv,
Inc.
237,000
2.750%, 
7/1/2024
235,750
341,000
5.350%, 
3/15/2031
336,136
80,000
5.600%, 
3/2/2033
79,261
341,000
5.450%, 
3/15/2034
333,296
Gen
Digital,
Inc.
14,000
6.750%, 
9/30/2027
a
14,052
203,000
7.125%, 
9/30/2030
a,e
205,094
Global
Payments,
Inc.
192,000
5.950%, 
8/15/2052
183,499
64,000
2.650%, 
2/15/2025
62,421
213,000
4.950%, 
8/15/2027
208,732
147,000
3.200%, 
8/15/2029
129,700
Global
Payments,
Inc.,
Convertible
358,000
1.500%, 
3/1/2031
a
355,852
Helios
Software
Holdings,
Inc./ION
Corporate
Solutions
Finance
SARL
249,000
8.750%, 
5/1/2029
a,g
249,493
IBM
International
Capital
Private,
Ltd.
250,000
5.300%, 
2/5/2054
228,029
II-VI,
Inc.
154,000
5.000%, 
12/15/2029
a
142,074
Intel
Corporation
344,000
5.600%, 
2/21/2054
323,707
308,000
5.125%, 
2/10/2030
304,802
InterDigital,
Inc.,
Convertible
243,000
3.500%, 
6/1/2027
329,192
Iron
Mountain,
Inc.
102,000
4.875%, 
9/15/2027
a
97,341
605,000
5.000%, 
7/15/2028
a
570,142
440,000
4.875%, 
9/15/2029
a
406,017
568,000
4.500%, 
2/15/2031
a
500,987
Jabil,
Inc.
155,000
5.450%, 
2/1/2029
152,751
Marvell
Technology,
Inc.
147,000
2.950%, 
4/15/2031
123,568
Mastercard,
Inc.
137,000
2.000%, 
11/18/2031
110,320
Microchip
Technology,
Inc.
117,000
5.050%, 
3/15/2029
114,993
Microchip
Technology,
Inc.,
Convertible
354,000
0.125%, 
11/15/2024
380,550
Micron
Technology,
Inc.
179,000
5.300%, 
1/15/2031
175,643
Moody's
Corporation
141,000
4.250%, 
8/8/2032
129,944
NCR
Atleos
Corporation
136,000
9.500%, 
4/1/2029
a
144,567
NCR
Voyix
Corporation
509,000
5.125%, 
4/15/2029
a
467,726
Neptune
Bidco
US,
Inc.
346,000
9.290%, 
4/15/2029
a
326,581
Newfold
Digital
Holdings
Group,
Inc.
102,000
11.750%, 
10/15/2028
a
109,572
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
315
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Technology
(3.2%)
-
continued
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
$
70,000
2.700%, 
5/1/2025
$
68,009
147,000
4.300%, 
6/18/2029
138,766
ON
Semiconductor
Corporation,
Convertible
222,000
Zero
Coupon, 
5/1/2027
316,794
100,000
0.500%, 
3/1/2029
96,500
Open
Text
Corporation
285,000
3.875%, 
12/1/2029
a
249,433
570,000
4.125%, 
2/15/2030
a
500,624
Oracle
Corporation
556,000
6.900%, 
11/9/2052
603,642
141,000
6.150%, 
11/9/2029
145,412
494,000
2.950%, 
4/1/2030
429,069
208,000
6.250%, 
11/9/2032
215,756
PayPal
Holdings,
Inc.
149,000
2.850%, 
10/1/2029
132,279
253,000
2.300%, 
6/1/2030
213,508
Pitney
Bowes,
Inc.
85,000
6.875%, 
3/15/2027
a,e
76,609
Progress
Software
Corporation,
Convertible
89,000
1.000%, 
4/15/2026
89,223
34,000
3.500%, 
3/1/2030
a
33,099
PTC,
Inc.
215,000
3.625%, 
2/15/2025
a
210,578
305,000
4.000%, 
2/15/2028
a
282,558
RingCentral,
Inc.
317,000
8.500%, 
8/15/2030
a
322,551
Rocket
Software,
Inc.
205,000
9.000%, 
11/28/2028
a,g
205,777
S&P
Global,
Inc.
138,000
2.900%, 
3/1/2032
116,726
Salesforce.com,
Inc.
421,000
1.950%, 
7/15/2031
339,780
Seagate
HDD
Cayman
201,000
8.500%, 
7/15/2031
a
214,609
372,170
9.625%, 
12/1/2032
417,483
Semtech
Corporation,
Convertible
108,000
1.625%, 
11/1/2027
129,762
42,000
4.000%, 
11/1/2028
a
83,183
Sensata
Technologies
BV
400,000
4.000%, 
4/15/2029
a
358,113
Sensata
Technologies,
Inc.
384,000
3.750%, 
2/15/2031
a
324,510
Shift4
Payments,
LLC/Shift4
Payments
Finance
Sub,
Inc.
140,000
4.625%, 
11/1/2026
a
134,796
SK
Hynix,
Inc.
300,000
5.500%, 
1/16/2027
a,e
296,257
SS&C
Technologies,
Inc.
485,000
5.500%, 
9/30/2027
a
471,429
Texas
Instruments,
Inc.
167,000
5.150%, 
2/8/2054
156,534
UKG,
Inc.
338,000
6.875%, 
2/1/2031
a
338,644
Verint
Systems,
Inc.,
Convertible
203,000
0.250%, 
4/15/2026
185,035
Viavi
Solutions,
Inc.
375,000
3.750%, 
10/1/2029
a
314,892
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Technology
(3.2%)
-
continued
Viavi
Solutions,
Inc.,
Convertible
$
51,000
1.625%, 
3/15/2026
$
47,526
Vishay
Intertechnology,
Inc.,
Convertible
326,000
2.250%, 
9/15/2030
a
311,982
VMware,
LLC
291,000
1.400%, 
8/15/2026
264,629
189,000
2.200%, 
8/15/2031
149,416
Western
Digital
Corporation,
Convertible
345,000
3.000%, 
11/15/2028
a
521,123
Xerox
Holdings
Corporation
41,000
5.000%, 
8/15/2025
a
39,836
485,000
5.500%, 
8/15/2028
a
420,840
Xerox
Holdings
Corporation,
Convertible
167,000
3.750%, 
3/15/2030
a
143,208
Xilinx,
Inc.
80,000
2.375%, 
6/1/2030
67,987
Ziff
Davis,
Inc.,
Convertible
210,000
1.750%, 
11/1/2026
189,919
Total
23,125,775
Transportation
(0.9%)
Air
Canada
165,000
3.875%, 
8/15/2026
a
156,523
Air
Transport
Services
Group,
Inc.,
Convertible
153,000
3.875%, 
8/15/2029
a
123,655
American
Airlines
Group,
Inc.
116,000
3.750%, 
3/1/2025
a
112,864
American
Airlines,
Inc./
AAdvantage
Loyalty
IP,
Ltd.
906,667
5.500%, 
4/20/2026
a
896,149
166,340
5.750%, 
4/20/2029
a
160,640
Avis
Budget
Car
Rental,
LLC/Avis
Budget
Finance,
Inc.
203,000
5.375%, 
3/1/2029
a
180,565
Canadian
Pacific
Railway
Company
300,000
1.750%, 
12/2/2026
273,631
Delta
Air
Lines,
Inc.
276,000
4.375%, 
4/19/2028
e
264,043
Delta
Air
Lines,
Inc./SkyMiles
IP,
Ltd.
166,315
4.500%, 
10/20/2025
a
164,024
ERAC
USA
Finance,
LLC
194,000
3.850%, 
11/15/2024
a
191,989
334,000
5.200%, 
10/30/2034
a
322,601
Hawaiian
Brand
Intellectual
Property,
Ltd.
268,000
5.750%, 
1/20/2026
a
251,354
Hertz
Corporation
111,000
5.000%, 
12/1/2029
a,e
76,223
Mileage
Plus
Holdings,
LLC
258,050
6.500%, 
6/20/2027
a
258,486
Norfolk
Southern
Corporation
232,000
4.450%, 
3/1/2033
215,995
Penske
Truck
Leasing
Company,
LP/PTL
Finance
Corporation
135,000
1.200%, 
11/15/2025
a
125,662
195,000
5.750%, 
5/24/2026
a
195,060
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
316
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Transportation
(0.9%)
-
continued
$
148,000
1.700%, 
6/15/2026
a
$
135,888
Rand
Parent,
LLC
351,000
8.500%, 
2/15/2030
a,e
347,110
RXO,
Inc.
401,000
7.500%, 
11/15/2027
a
406,249
Ryder
System,
Inc.
124,000
2.850%, 
3/1/2027
115,378
Southwest
Airlines
Company
147,000
5.125%, 
6/15/2027
144,903
Southwest
Airlines
Company,
Convertible
283,000
1.250%, 
5/1/2025
277,340
Stena
International
SA
270,000
7.250%, 
1/15/2031
a
270,218
United
Airlines,
Inc.
371,000
4.375%, 
4/15/2026
a
356,859
VistaJet
Malta
Finance
plc/Vista
Management
Holding,
Inc.
103,000
7.875%, 
5/1/2027
a
91,598
451,000
6.375%, 
2/1/2030
a,e
348,999
Total
6,464,006
U.S.
Government
&
Agencies
(4.3%)
U.S.
Treasury
Bonds
2,800,000
4.750%, 
11/15/2053
2,785,562
6,000,000
3.375%, 
8/15/2042
4,894,922
U.S.
Treasury
Notes
3,500,000
4.250%, 
12/31/2025
3,450,918
3,700,000
4.125%, 
7/31/2028
3,608,512
1,700,000
4.125%, 
11/15/2032
1,632,266
13,092,000
3.375%, 
5/15/2033
11,831,895
3,000,000
4.500%, 
11/15/2033
2,955,937
Total
31,160,012
Utilities
(2.8%)
AEP
Texas,
Inc.
140,000
4.700%, 
5/15/2032
129,800
AES
Corporation
239,000
3.950%, 
7/15/2030
a
213,169
Algonquin
Power
&
Utilities
Corporation
160,000
4.750%, 
1/18/2082
c
138,775
Alliant
Energy
Corporation,
Convertible
114,000
3.875%, 
3/15/2026
111,492
Ameren
Corporation
148,000
1.750%, 
3/15/2028
128,934
American
Electric
Power
Company,
Inc.
172,000
5.200%, 
1/15/2029
169,241
147,000
2.300%, 
3/1/2030
122,041
78,000
5.625%, 
3/1/2033
76,244
American
Water
Capital
Corporation
256,000
5.450%, 
3/1/2054
241,447
American
Water
Capital
Corporation,
Convertible
153,000
3.625%, 
6/15/2026
a
148,869
Arizona
Public
Service
Company
162,000
5.550%, 
8/1/2033
158,801
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Utilities
(2.8%)
-
continued
Atmos
Energy
Corporation
$
170,000
5.900%, 
11/15/2033
$
174,456
Calpine
Corporation
379,000
4.500%, 
2/15/2028
a
353,936
CenterPoint
Energy,
Inc.
127,000
2.500%, 
9/1/2024
125,496
182,000
1.450%, 
6/1/2026
167,387
220,000
2.650%, 
6/1/2031
181,336
CenterPoint
Energy,
Inc.,
Convertible
207,000
4.250%, 
8/15/2026
a
204,827
CMS
Energy
Corporation,
Convertible
178,000
3.375%, 
5/1/2028
a
174,084
Constellation
Energy
Generation,
LLC
244,000
5.750%, 
3/15/2054
229,590
153,000
5.800%, 
3/1/2033
152,924
Dominion
Energy,
Inc.
126,000
3.071%, 
8/15/2024
124,892
160,000
4.350%, 
1/15/2027
c,h
146,503
148,000
3.375%, 
4/1/2030
131,097
DTE
Energy
Company
211,000
4.220%, 
11/1/2024
209,143
163,000
4.875%, 
6/1/2028
158,583
Duke
Energy
Carolinas,
LLC
480,000
5.400%, 
1/15/2054
450,842
Duke
Energy
Corporation
200,000
3.250%, 
1/15/2082
c
174,715
82,000
4.875%, 
9/16/2024
c,h
81,254
328,000
2.450%, 
6/1/2030
276,307
142,000
4.500%, 
8/15/2032
130,730
158,000
5.750%, 
9/15/2033
157,387
Duke
Energy
Corporation,
Convertible
386,000
4.125%, 
4/15/2026
381,849
Duke
Energy
Ohio,
Inc.
164,000
5.550%, 
3/15/2054
154,815
Edison
International
104,000
7.875%, 
6/15/2054
c
105,686
183,000
4.950%, 
4/15/2025
181,418
450,000
5.000%, 
12/15/2026
c,h
422,867
Enel
Finance
International
NV
286,000
1.375%, 
7/12/2026
a
261,444
Entergy
Corporation
136,000
0.900%, 
9/15/2025
127,510
148,000
1.900%, 
6/15/2028
128,427
Evergy,
Inc.
127,000
2.450%, 
9/15/2024
125,321
Evergy,
Inc.,
Convertible
259,000
4.500%, 
12/15/2027
a
259,032
Eversource
Energy
299,000
4.600%, 
7/1/2027
289,981
Exelon
Corporation
663,000
5.600%, 
3/15/2053
627,711
147,000
4.050%, 
4/15/2030
135,671
Fells
Point
Funding
Trust
269,000
3.046%, 
1/31/2027
a
250,218
FirstEnergy
Corporation,
Convertible
355,000
4.000%, 
5/1/2026
a
350,385
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
317
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Utilities
(2.8%)
-
continued
Georgia
Power
Company
$
87,000
4.950%, 
5/17/2033
$
82,824
ITC
Holdings
Corporation
142,000
4.950%, 
9/22/2027
a
139,017
Jersey
Central
Power
&
Light
Company
288,000
2.750%, 
3/1/2032
a
233,914
MidAmerican
Energy
Company
638,000
5.300%, 
2/1/2055
593,083
National
Rural
Utilities
Cooperative
Finance
Corporation
173,000
4.850%, 
2/7/2029
169,137
NextEra
Energy
Capital
Holdings,
Inc.
165,000
3.800%, 
3/15/2082
c
149,264
161,000
6.051%, 
3/1/2025
161,319
242,000
5.749%, 
9/1/2025
242,155
147,000
2.250%, 
6/1/2030
122,022
NextEra
Energy
Capital
Holdings,
Inc.,
Convertible
91,000
3.000%, 
3/1/2027
a
99,190
NextEra
Energy
Partners,
LP,
Convertible
284,000
Zero
Coupon, 
11/15/2025
a
253,612
NiSource,
Inc.
148,000
2.950%, 
9/1/2029
130,718
Northern
States
Power
Company/
MN
166,000
5.400%, 
3/15/2054
157,450
NRG
Energy,
Inc.
137,000
2.000%, 
12/2/2025
a
128,186
135,000
10.250%, 
3/15/2028
a,c,h
145,546
141,000
3.375%, 
2/15/2029
a
123,651
210,000
5.250%, 
6/15/2029
a
198,617
NRG
Energy,
Inc.,
Convertible
158,000
2.750%, 
6/1/2048
282,820
Pacific
Gas
and
Electric
Company
164,000
6.750%, 
1/15/2053
169,077
341,000
5.550%, 
5/15/2029
337,248
323,000
6.950%, 
3/15/2034
341,355
PG&E
Corporation
459,000
5.000%, 
7/1/2028
437,348
PG&E
Corporation,
Convertible
420,000
4.250%, 
12/1/2027
a
420,630
PPL
Capital
Funding,
Inc.,
Convertible
216,000
2.875%, 
3/15/2028
204,660
Public
Service
Enterprise
Group,
Inc.
173,000
5.875%, 
10/15/2028
174,672
147,000
1.600%, 
8/15/2030
115,944
San
Diego
Gas
&
Electric
Company
164,000
5.550%, 
4/15/2054
156,662
Sempra
225,000
4.125%, 
4/1/2052
c
203,460
156,000
4.875%, 
10/15/2025
c,h
151,773
Southern
California
Edison
Company
72,000
5.950%, 
11/1/2032
73,247
Southern
Company
141,000
4.475%, 
8/1/2024
140,450
Principal
Amount
Long-Term
Fixed
Income
(80.0%)
Value
Utilities
(2.8%)
-
continued
$
425,000
5.700%, 
10/15/2032
$
425,833
135,000
4.000%, 
1/15/2051
c
128,779
306,000
3.750%, 
9/15/2051
c
280,453
Southern
Company,
Convertible
374,000
3.875%, 
12/15/2025
373,626
Talen
Energy
Supply,
LLC
328,000
8.625%, 
6/1/2030
a
347,035
TerraForm
Power
Operating,
LLC
860,000
5.000%, 
1/31/2028
a
802,526
Virginia
Electric
and
Power
Company
286,000
5.350%, 
1/15/2054
265,265
Vistra
Corporation
165,000
7.000%, 
12/15/2026
a,c,h
162,983
Vistra
Operations
Company,
LLC
280,000
5.125%, 
5/13/2025
a
275,801
1,050,000
5.000%, 
7/31/2027
a
999,314
Xcel
Energy,
Inc.
154,000
4.000%, 
6/15/2028
144,866
210,000
4.600%, 
6/1/2032
192,684
Total
19,984,853
Total
Long-Term
Fixed
Income
(cost
$600,945,622)
575,433,779
Shares
Registered
Investment
Companies
(
13
.4
%
)
Value
U.S.
Affiliated  (9.0%)
8,207,073
Thrivent
Core
Emerging
Markets
Debt
Fund
64,589,668
Total
64,589,668
U.S.
Unaffiliated  (4.4%)
88,594
Aberdeen
Asia-Pacific
Income
Fund,
Inc.
221,485
32,400
AllianceBernstein
Global
High
Income
Fund,
Inc.
336,960
44,107
Allspring
Income
Opportunities
Fund
284,490
9,519
BlackRock
Core
Bond
Trust
98,141
32,169
BlackRock
Corporate
High
Yield
Fund,
Inc.
310,753
31,184
BlackRock
Credit
Allocation
Income
Trust
315,582
4,160
BlackRock
Debt
Strategies
Fund,
Inc.
44,429
4,600
BlackRock
Enhanced
Equity
Dividend
Trust
36,892
30,789
BlackRock
Enhanced
Global
Dividend
Trust
309,737
14,700
BlackRock
Enhanced
International
Dividend
Trust
77,322
1,100
BlackRock
Floating
Rate
Income
Strategies
Fund,
Inc.
14,300
6,299
BlackRock
Income
Trust,
Inc.
70,801
11,744
BlackRock
Multi-Sector
Income
Trust
179,682
23,990
Blackstone
Strategic
Credit
2027
Term
Fund
282,602
30,816
Eaton
Vance
Limited
Duration
Income
Fund
289,362
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
318
Shares
Registered
Investment
Companies
(13.4%)
Value
U.S.
Unaffiliated  (4.4%)-
continued
7,830
Eaton
Vance
Tax-Managed
Global
Diversified
Equity
Income
Fund
$
62,640
24,839
First
Trust
High
Income
Long/Short
Fund
289,623
5,773
Invesco
Dynamic
Credit
Opportunities
Fund
j
60,380
75,000
Invesco
Preferred
ETF
849,000
215,358
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
7,739,967
21,989
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
e
2,308,625
36,913
iShares
Preferred
and
Income
Securities
ETF
1,142,826
66,875
Nuveen
Credit
Strategies
Income
Fund
369,150
18,105
Nuveen
Preferred
Income
Opportunities
Fund
127,459
27,664
PGIM
Global
High
Yield
Fund,
Inc.
318,413
28,836
PGIM
High
Yield
Bond
Fund,
Inc.
361,603
7,929
Pimco
Dynamic
Income
Fund
e
150,730
86,973
SPDR
Bloomberg
High
Yield
Bond
ETF
e
8,125,887
2,113
Tri-Continental
Corporation
62,524
65,669
Vanguard
Intermediate-Term
Corporate
Bond
ETF
e
5,145,823
14,125
Vanguard
Short-Term
Corporate
Bond
ETF
1,081,551
10,000
Virtus
Convertible
&
Income
Fund
31,600
18,338
Virtus
Dividend,
Interest
&
Premium
Strategy
Fund
219,689
2,180
Virtus
Equity
&
Convertible
Income
Fund
47,393
45,505
Voya
Global
Equity
Dividend
&
Premium
Opportunity
Fund
233,441
70,173
Western
Asset
High
Income
Opportunity
Fund,
Inc.
260,342
Total
31,861,204
Total
Registered
Investment
Companies
(cost
$108,358,650)
96,450,872
Shares
Collateral
Held
for
Securities
Loaned
(
2
.8
%
)
Value
19,775,190
Thrivent
Cash
Management
Trust
19,775,190
Total
Collateral
Held
for
Securities
Loaned
(cost
$19,775,190)
19,775,190
Shares
Preferred
Stock
(
1
.0
%
)
Value
Basic
Materials
(0.1%)
8,599
Albemarle
Corporation,
Convertible,
7.250%
k
471,827
Total
471,827
Communications
Services
(0.1%)
23,300
AT&T,
Inc.,
4.750%
h
457,612
12,500
Telephone
and
Data
Systems,
Inc.,
6.000%
h
188,000
Total
645,612
Energy
(<0.1%)
5,600
Energy
Transfer,
LP,
7.600%
c,h
139,664
Shares
Preferred
Stock
(1.0%)
Value
Energy
(<0.1%)
-
continued
5,255
Nustar
Logistics,
LP,
12.324%
c
$
133,267
Total
272,931
Financials
(0.7%)
5,825
AEGON
Funding
Company,
LLC,
5.100%
122,500
12,700
Allstate
Corporation,
5.100%
h
272,288
5,834
Apollo
Global
Management,
Inc.,
Convertible,
6.750%
355,757
18,900
Bank
of
America
Corporation,
4.250%
h
345,870
392
Bank
of
America
Corporation,
Convertible,
7.250%
h
450,800
14,275
Capital
One
Financial
Corporation,
5.000%
h
275,793
5,775
Equitable
Holdings,
Inc.,
5.250%
h
125,895
14,500
J.P.
Morgan
Chase
&
Company,
4.200%
h
275,790
12,500
J.P.
Morgan
Chase
&
Company,
4.750%
h
266,375
10,650
KeyCorp,
6.200%
c,h
238,560
8,650
Morgan
Stanley,
4.250%
h
160,631
5,500
Morgan
Stanley,
5.850%
c,h
131,780
13,100
Morgan
Stanley,
7.125%
c,h
330,513
7,000
Public
Storage,
3.950%
h
120,470
11,475
Public
Storage,
4.125%
h
210,107
2,450
Public
Storage,
4.625%
h
50,421
625
Public
Storage,
4.700%
h
12,931
2,650
Regions
Financial
Corporation,
5.700%
c,h
57,929
1,400
Synovus
Financial
Corporation,
5.875%
c,h
34,776
8,600
U.S.
Bancorp,
4.000%
h
148,436
15,500
Wells
Fargo
&
Company,
4.250%
h
286,440
10,000
Wells
Fargo
&
Company,
4.750%
h
203,700
453
Wells
Fargo
&
Company,
Convertible,
7.500%
h
518,884
Total
4,996,646
Utilities
(0.1%)
17,600
CMS
Energy
Corporation,
4.200%
h
325,600
7,970
NextEra
Energy,
Inc.,
Convertible,
6.926%
324,778
12,000
Southern
Company,
4.950%
256,440
Total
906,818
Total
Preferred
Stock
(cost
$8,459,130)
7,293,834
Shares
Common
Stock
(
<0.1%
)
Value
Communications
Services
(<0.1%)
925
Tripadvisor,
Inc.
k
24,355
4,895
Windstream
Services,
LLC
k
59,964
Total
84,319
Consumer
Discretionary
(<0.1%)
33
Booking
Holdings,
Inc.
113,917
961
Ford
Motor
Company
11,676
Total
125,593
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
319
Shares
Common
Stock
(<0.1%)
Value
Energy
(<0.1%)
1,538
Permian
Resources
Corporation
$
25,761
Total
25,761
Health
Care
(<0.1%)
1,023
Varex
Imaging
Corporation
k
16,624
Total
16,624
Information
Technology
(<0.1%)
43
RingCentral,
Inc.
k
1,274
Total
1,274
Real
Estate
(<0.1%)
346
Kite
Realty
Group
Trust
7,543
Total
7,543
Total
Common
Stock
(cost
$199,516)
261,114
Shares
or
Principal
Amount
Short-Term
Investments
(
8
.6
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
500,000
5.210%,
5/21/2024
l,m
498,462
Thrivent
Core
Short-Term
Reserve
Fund
6,099,144
5.580%
60,991,439
U.S.
Treasury
Bills
300,000
5.232%,
5/16/2024
l,n
299,340
Total
Short-Term
Investments
(cost
$61,770,281)
61,789,241
Total
Investments
(cost
$799,508,389)
105.8%
$
761,004,030
Other
Assets
and
Liabilities,
Net
(5.8%)
(
41,682,586
)
Total
Net
Assets
100.0%
$
719,321,444
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,
2024,
the
value
of
these
investments
was
$276,441,597
or
38.4%
of
total
net
assets.
b
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,
2024.
c
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2024.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
d
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
e
All
or
a
portion
of
the
security
is
on
loan.
f
Denotes
interest
only
security.  Interest
only
securities
represent
the
right
to
receive
monthly
interest
payments
on
an
underlying
pool
of
mortgages
or
assets.  The
principal
shown
is
the
outstanding
par
amount
of
the
pool
as
of
the
end
of
the
period.
The
actual
effective
yield
of
the
security
is
different
than
the
stated
coupon
rate.
g
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
h
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
i
Defaulted
security.  Interest
is
not
being
accrued.
j
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
k
Non-income
producing
security.
l
The
interest
rate
shown
reflects
the
yield.
m
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
n
All
or
a
portion
of
the
security
is
pledged
as
collateral
under
the
agreement
between
the
counterparty,
the
custodian
and
the
fund
for
open
swap
contracts.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Opportunity
Income
Plus
Fund
as
of
April
30,
2024
was
$290,404
or
0.04%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
April
30,
2024.
Security
Acquisition
Date
Cost
Credit
Suisse
Group
AG,
12/29/2049
2/4/2016
$
175,749
Iliad
Holding
SASU,
4/15/2031
4/30/2024
270,000
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Opportunity
Income
Plus
Fund
as
of
April
30,
2024:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
7,679,392
Common
Stock
11,252,542
Total
lending
$18,931,934
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$19,775,190
Net
amounts
due
to
counterparty
$843,256
Definitions:
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
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.
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
320
Reference
Rate
Index:
SOFR30A
-
Secured
Overnight
Financing
Rate
30
Year
Average
TSFR1M
-
CME
Term
SOFR
1
Month
TSFR3M
-
CME
Term
SOFR
3
Month
USISOA05
-
USD
SOFR
Spread-Adjusted
ICE
Swap
Rate
5
Year
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
$
5,127,951
Gross
unrealized
depreciation
(
45,887,473
)
Net
unrealized
appreciation
(depreciation)
$
(
40,759,522
)
Cost
for
federal
income
tax
purposes
$
801,390,727
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
321
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Opportunity
Income
Plus
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Asset-Backed
Securities
70,619,858
–
70,619,858
–
Basic
Materials
12,215,514
–
12,215,514
–
Capital
Goods
23,465,131
–
23,465,131
–
Collateralized
Mortgage
Obligations
66,428,421
–
66,428,421
–
Commercial
Mortgage-Backed
Securities
3,852,899
–
3,852,899
–
Communications
Services
28,240,550
–
28,240,550
–
Consumer
Cyclical
40,635,527
–
40,635,527
–
Consumer
Non-Cyclical
34,327,133
–
34,327,133
–
Energy
32,622,070
–
32,622,070
–
Financials
92,803,356
–
92,803,356
–
Foreign
Government
220,838
–
220,838
–
Mortgage-Backed
Securities
89,267,836
–
89,267,836
–
Technology
23,125,775
–
23,125,775
–
Transportation
6,464,006
–
6,464,006
–
U.S.
Government
&
Agencies
31,160,012
–
31,160,012
–
Utilities
19,984,853
–
19,984,853
–
Registered
Investment
Companies
U.S.
Unaffiliated
31,861,204
31,800,824
–
60,380
Preferred
Stock
Basic
Materials
471,827
471,827
–
–
Communications
Services
645,612
645,612
–
–
Energy
272,931
272,931
–
–
Financials
4,996,646
4,996,646
–
–
Utilities
906,818
906,818
–
–
Common
Stock
Communications
Services
84,319
24,355
59,964
–
Consumer
Discretionary
125,593
125,593
–
–
Energy
25,761
25,761
–
–
Health
Care
16,624
16,624
–
–
Information
Technology
1,274
1,274
–
–
Real
Estate
7,543
7,543
–
–
Short-Term
Investments
797,802
–
797,802
–
Subtotal
Investments
in
Securities
$
615,647,733
$
39,295,808
$
576,291,545
$
60,380
Other
Investments  *
Total
U.S.
Affiliated
Registered
Investment
Cos.
64,589,668
Affiliated
Short-Term
Investments
60,991,439
Collateral
Held
for
Securities
Loaned
19,775,190
Subtotal
Other
Investments
$
145,356,297
Total
Investments
at
Value
$
761,004,030
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Opportunity
Income
Plus
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Credit
Default
Swaps
55,910
–
55,910
–
Total
Asset
Derivatives
$
55,910
$
–
$
55,910
$
–
Liability
Derivatives
Futures
Contracts
428,735
428,735
–
–
Total
Liability
Derivatives
$
428,735
$
428,735
$
–
$
–
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
322
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
The
following
table
presents
Opportunity
Income
Plus
Fund's
futures
contracts
held
as
of
April
30,
2024.
Investments
and/or
cash
totaling
$498,462
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
265
June
2024
$
54,132,641
(
$
428,735
)
Total
Futures
Long
Contracts
$
54,132,641
(
$
428,735
)
Total
Futures
Contracts
$
54,132,641
(
$
428,735
)
The
following
table
presents
Opportunity
Income
Plus
Fund's
swaps
contracts
held
as
of
April
30,
2024.
Investments
totaling
$299,340
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
42,
5
Year,
at
5.00%,
Quarterly
Buy
6/20/2029
$
5,500,000
$
–
$
55,910
$
55,910
Total
Credit
Default
Swaps
$
–
$
55,910
$
55,910
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.
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2024,
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
Credit
Contracts
Credit
Default
Swaps
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
55,910
Total
Credit
Contracts
55,910
Total
Asset
Derivatives
$
55,910
Liability
Derivatives
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
428,735
Total
Interest
Rate
Contracts
428,735
Total
Liability
Derivatives
$
428,735
*
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.
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
323
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
(
248,975
)
Total
Interest
Rate
Contracts
(
248,975
)
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
(
395,259
)
Total
Credit
Contracts
(
395,259
)
Total
(
$
644,234
)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2024,
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
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
834,286
Total
Interest
Rate
Contracts
834,286
Credit
Contracts
Credit
Default
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
(
19,045
)
Total
Credit
Contracts
(
19,045
)
Total
$
815,241
The
following
table
presents
Opportunity
Income
Plus
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2024.
Derivative
Risk
Category
Average
Notional
Value
Interest
Rate
Contracts
Futures
-
Long
$
37,708,241
Credit
Contracts
Credit
Default
Swaps
-
Buy
Protection
(
283,753
)
Opportunity
Income
Plus
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
324
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
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$
58,278
$
1,901
$
400
$
64,590
8,207
9.0%
Total
U.S.
Affiliated
Registered
Investment
Companies
58,278
64,590
9.0
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
39,410
253,506
231,925
60,991
6,099
8.5
Total
Affiliated
Short-Term
Investments
39,410
60,991
8.5
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
13,199
143,547
136,971
19,775
19,775
2.8
Total
Collateral
Held
for
Securities
Loaned
13,199
19,775
2.8
Total
Value
$
110,887
$
145,356
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
($75)
$4,886
$
–
$1,901
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
–
–
–
1,690
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$3,591
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
61
Total
Affiliated
Income
from
Securities
Loaned,
Net
$61
Total
($75)
$4,886
$
–
Small
Cap
Growth
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
325
Shares
Common
Stock
(
98
.2
%
)
Value
Communications
Services
(2.7%)
155,961
Cargurus,
Inc.
a
$
3,502,884
149,875
QuinStreet,
Inc.
a
2,711,239
Total
6,214,123
Consumer
Discretionary
(10.7%)
41,382
Boot
Barn
Holdings,
Inc.
a
4,405,941
27,311
Columbia
Sportswear
Company
2,174,775
15,239
Grand
Canyon
Education,
Inc.
a
1,981,375
13,917
Meritage
Homes
Corporation
2,306,604
36,995
Modine
Manufacturing
Company
a
3,426,847
38,900
Skyline
Champion
Corporation
a
2,917,111
127,677
Stoneridge,
Inc.
a
1,912,601
24,333
Texas
Roadhouse,
Inc.
3,912,260
163,438
ThredUp,
Inc.
a
261,501
2,836
Wingstop,
Inc.
1,091,264
Total
24,390,279
Consumer
Staples
(5.9%)
39,899
Celsius
Holdings,
Inc.
a
2,843,602
29,375
e.l.f.
Beauty,
Inc.
a
4,774,319
24,770
J
&
J
Snack
Foods
Corporation
3,400,673
12,672
Lancaster
Colony
Corporation
2,417,944
Total
13,436,538
Energy
(2.6%)
7,936
Gulfport
Energy
Corporation
a
1,259,522
32,746
Matador
Resources
Company
2,040,076
102,234
TechnipFMC
plc
2,619,235
Total
5,918,833
Financials
(8.4%)
49,522
Glacier
Bancorp,
Inc.
1,791,706
34,546
Hamilton
Lane,
Inc.
3,859,479
33,966
Houlihan
Lokey,
Inc.
4,330,325
6,950
Kinsale
Capital
Group,
Inc.
2,524,588
21,515
RLI
Corporation
3,041,145
52,400
Triumph
Financial,
Inc.
a
3,686,864
Total
19,234,107
Health
Care
(16.3%)
3,019
Argenx
SE
ADR
a
1,133,635
10,487
Ascendis
Pharma
AS
ADR
a
1,451,820
3,879
Chemed
Corporation
2,203,272
59,102
Enovis
Corporation
a
3,264,203
66,629
Globus
Medical,
Inc.
a
3,317,458
20,312
Haemonetics
Corporation
a
1,867,688
33,653
Halozyme
Therapeutics,
Inc.
a
1,282,179
32,891
HealthEquity,
Inc.
a
2,595,429
19,433
Immunocore
Holdings
plc
ADR
a
1,148,102
10,077
Inspire
Medical
Systems,
Inc.
a
2,435,208
25,260
Natera,
Inc.
a
2,346,149
122,578
Option
Care
Health,
Inc.
a
3,663,856
177,620
Paragon
28,
Inc.
a
1,637,656
69,075
Progyny,
Inc.
a
2,214,545
15,838
Repligen
Corporation
a
2,600,600
182,165
scPharmaceuticals,
Inc.
a
814,278
71,974
Vericel
Corporation
a
3,301,447
Total
37,277,525
Industrials
(19.4%)
100,868
Badger
Infrastructure
Solutions,
Ltd.
3,293,514
Shares
Common
Stock
(98.2%)
Value
Industrials
(19.4%)
-
continued
28,263
Beacon
Roofing
Supply,
Inc.
a
$
2,784,753
32,452
Casella
Waste
Systems,
Inc.
a
2,933,661
11,086
Curtiss-Wright
Corporation
2,809,414
133,541
ExlService
Holdings,
Inc.
a
3,872,689
57,732
Flowserve
Corporation
2,722,641
51,981
Fluor
Corporation
a
2,096,394
52,678
Helios
Technologies,
Inc.
2,375,778
252,362
Janus
International
Group,
Inc.
a
3,636,537
12,780
Lincoln
Electric
Holdings,
Inc.
2,805,593
15,568
Middleby
Corporation
a
2,163,485
6,584
Saia,
Inc.
a
2,612,729
47,080
Schneider
National,
Inc.
973,614
16,903
Simpson
Manufacturing
Company,
Inc.
2,939,263
18,333
SiteOne
Landscape
Supply,
Inc.
a
2,876,264
22,868
Timken
Company
2,040,283
34,974
WillScot
Mobile
Mini
Holdings
Corporation
a
1,292,639
Total
44,229,251
Information
Technology
(26.2%)
29,649
Agilysys,
Inc.
a
2,462,349
32,532
ASGN,
Inc.
a
3,137,711
33,568
Ciena
Corporation
a
1,551,849
9,766
CyberArk
Software,
Ltd.
a
2,336,515
40,648
Descartes
Systems
Group,
Inc.
a
3,771,728
19,302
Fabrinet
a
3,340,597
156,401
Grid
Dynamics
Holdings,
Inc.
a
1,528,038
36,277
Guidewire
Software,
Inc.
a
4,004,981
26,101
Hackett
Group,
Inc.
566,131
70,337
JFrog,
Ltd.
a
2,805,040
54,387
Lattice
Semiconductor
Corporation
a
3,730,948
14,165
Littelfuse,
Inc.
3,267,016
19,039
Nova,
Ltd.
a
3,234,726
20,639
Onto
Innovation,
Inc.
a
3,828,328
58,982
PDF
Solutions,
Inc.
a
1,774,178
19,632
Silicon
Laboratories,
Inc.
a
2,385,092
66,724
Sprout
Social,
Inc.
a
3,366,226
18,210
SPS
Commerce,
Inc.
a
3,166,173
151,730
TTM
Technologies,
Inc.
a
2,265,329
97,855
Varonis
Systems,
Inc.
a
4,281,156
38,079
Workiva,
Inc.
a
3,000,625
Total
59,804,736
Materials
(3.1%)
17,299
Louisiana-Pacific
Corporation
1,266,114
201,971
Ranpak
Holdings
Corporation
a
1,462,270
69,139
Summit
Materials,
Inc.
a
2,689,507
97,400
Tronox
Holdings
plc
1,654,826
Total
7,072,717
Real
Estate
(2.9%)
46,017
Agree
Realty
Corporation
2,633,093
14,203
FirstService
Corporation
2,087,841
58,062
National
Storage
Affiliates
Trust
2,034,492
Total
6,755,426
Total
Common
Stock
(cost
$190,759,411)
224,333,535
Small
Cap
Growth
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
326
Shares
Short-Term
Investments
(
0
.2
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
49,427
5.580%
$
494,269
Total
Short-Term
Investments
(cost
$494,269)
494,269
Total
Investments
(cost
$191,253,680)
98.4%
$
224,827,804
Other
Assets
and
Liabilities,
Net
1.6%
3,648,587
Total
Net
Assets
100.0%
$
228,476,391
a
Non-income
producing
security.
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
plc
-
Public
Limited
Company
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
$
39,685,445
Gross
unrealized
depreciation
(
8,414,238
)
Net
unrealized
appreciation
(depreciation)
$
31,271,207
Cost
for
federal
income
tax
purposes
$
193,556,597
Small
Cap
Growth
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
327
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
in
valuing
Small
Cap
Growth
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
6,214,123
6,214,123
–
–
Consumer
Discretionary
24,390,279
24,390,279
–
–
Consumer
Staples
13,436,538
13,436,538
–
–
Energy
5,918,833
5,918,833
–
–
Financials
19,234,107
19,234,107
–
–
Health
Care
37,277,525
37,277,525
–
–
Industrials
44,229,251
40,935,737
3,293,514
–
Information
Technology
59,804,736
59,804,736
–
–
Materials
7,072,717
7,072,717
–
–
Real
Estate
6,755,426
6,755,426
–
–
Subtotal
Investments
in
Securities
$
224,333,535
$
221,040,021
$
3,293,514
$
–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
494,269
Subtotal
Other
Investments
$
494,269
Total
Investments
at
Value
$
224,827,804
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Small
Cap
Growth
Fund,
is
as
follows:
Fund
Value
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$
4,140
$
40,294
$
43,940
$
494
49
0.2%
Total
Affiliated
Short-Term
Investments
4,140
494
0.2
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
4,598
4,598
–
–
–
Total
Collateral
Held
for
Securities
Loaned
–
–
–
Total
Value
$
4,140
$
494
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$–
$–
$
–
$132
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$132
Cash
Management
Trust-
Collateral
Investment  
–
–
–
0
Total
Affiliated
Income
from
Securities
Loaned,
Net
$0
Total
$–
$–
$
–
Small
Cap
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
328
Shares
Common
Stock
(
98
.5
%
)
Value
Communications
Services
(1.7%)
392,637
Cogent
Communications
Holdings
$
25,199,442
1,370,231
QuinStreet,
Inc.
a
24,787,479
Total
49,986,921
Consumer
Discretionary
(11.1%)
194,043
Boot
Barn
Holdings,
Inc.
a
20,659,758
340,696
Brunswick
Corporation
27,473,725
464,091
Columbia
Sportswear
Company
36,955,566
1,602,854
Cooper-Standard
Holdings,
Inc.
a
24,732,037
161,494
Grand
Canyon
Education,
Inc.
a
20,997,450
106,772
Meritage
Homes
Corporation
17,696,391
1,284,926
Savers
Value
Village,
Inc.
a
21,226,978
835,944
SharkNinja,
Inc.
53,734,480
298,333
Skyline
Champion
Corporation
a
22,371,992
1,502,432
Stoneridge,
Inc.
a
22,506,431
207,884
Texas
Roadhouse,
Inc.
33,423,590
2,233,558
ThredUp,
Inc.
a
3,573,693
311,676
Wyndham
Hotels
&
Resorts,
Inc.
22,911,303
Total
328,263,394
Consumer
Staples
(6.4%)
518,137
BJ's
Wholesale
Club
Holdings,
Inc.
a
38,694,471
435,871
John
B.
Sanfilippo
&
Son,
Inc.
43,456,339
225,466
Lancaster
Colony
Corporation
43,021,167
1,088,630
Pilgrim's
Pride
Corporation
a
39,212,453
894,265
Turning
Point
Brands,
Inc.
25,790,603
Total
190,175,033
Energy
(3.8%)
338,324
Chesapeake
Energy
Corporation
30,408,561
401,084
Matador
Resources
Company
24,987,533
1,858,005
NOV,
Inc.
34,354,513
910,999
TechnipFMC
plc
23,339,794
Total
113,090,401
Financials
(15.3%)
1,712,952
Ally
Financial,
Inc.
65,691,709
765,860
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
26,039,240
1,791,471
Bridgewater
Bancshares,
Inc.
a
19,491,205
2,336,648
F.N.B.
Corporation
31,170,884
711,137
Glacier
Bancorp,
Inc.
25,728,937
639,203
Heartland
Financial
USA,
Inc.
26,916,838
406,982
Houlihan
Lokey,
Inc.
51,886,135
126,847
Kinsale
Capital
Group,
Inc.
46,077,173
503,150
Prosperity
Bancshares,
Inc.
31,180,206
393,569
RLI
Corporation
55,630,978
501,636
Triumph
Financial,
Inc.
a
35,295,109
176,059
Voya
Financial,
Inc.
12,000,181
452,819
Western
Alliance
Bancorp
25,733,704
Total
452,842,299
Health
Care
(8.1%)
845,660
Enovis
Corporation
a
46,705,802
430,487
Haemonetics
Corporation
a
39,583,280
941,131
Halozyme
Therapeutics,
Inc.
a
35,857,091
211,411
Masimo
Corporation
a
28,415,753
1,592,492
Option
Care
Health,
Inc.
a
47,599,586
674,508
Progyny,
Inc.
a
21,624,726
2,236,995
Viemed
Healthcare,
Inc.
a
18,320,989
Total
238,107,227
Shares
Common
Stock
(98.5%)
Value
Industrials
(20.7%)
1,254,721
Air
Lease
Corporation
$
63,037,183
1,936,966
Badger
Infrastructure
Solutions,
Ltd.
63,245,285
257,690
Cimpress
plc
a
21,973,226
113,896
Curtiss-Wright
Corporation
28,863,524
936,598
ExlService
Holdings,
Inc.
a
27,161,342
929,475
Fluor
Corporation
a
37,485,727
618,698
Greenbrier
Companies,
Inc.
30,557,494
718,095
Helios
Technologies,
Inc.
32,386,085
2,672,252
Janus
International
Group,
Inc.
a
38,507,151
2,165,064
Masterbrand,
Inc.
a
36,091,617
508,616
Maximus,
Inc.
40,831,693
708,189
Miller
Industries,
Inc.
34,495,886
202,826
Moog,
Inc.
32,263,532
1,381,408
Schneider
National,
Inc.
28,567,517
84,822
Simpson
Manufacturing
Company,
Inc.
14,749,698
435,909
Tennant
Company
50,774,680
346,241
Timken
Company
30,891,622
Total
611,883,262
Information
Technology
(16.5%)
283,880
ASGN,
Inc.
a
27,380,226
444,730
Ciena
Corporation
a
20,559,868
834,937
Cohu,
Inc.
a
25,315,290
188,387
Fabrinet
a
32,604,138
194,293
FormFactor,
Inc.
a
8,663,525
1,560,346
Gilat
Satellite
Networks,
Ltd.
a
7,723,713
391,488
Guidewire
Software,
Inc.
a
43,220,275
98,993
Insight
Enterprises,
Inc.
a
18,073,152
650,282
JFrog,
Ltd.
a
25,933,246
1,978,097
Knowles
Corporation
a
31,313,275
114,236
Littelfuse,
Inc.
26,347,391
129,547
Onto
Innovation,
Inc.
a
24,029,673
438,324
Plexus
Corporation
a
44,275,107
181,151
Silicon
Laboratories,
Inc.
a
22,008,035
212,845
Sprout
Social,
Inc.
a
10,738,030
4,547,663
TTM
Technologies,
Inc.
a
67,896,609
84,007
Universal
Display
Corporation
13,271,426
459,529
Varonis
Systems,
Inc.
a
20,104,394
224,348
Workiva,
Inc.
a
17,678,622
Total
487,135,995
Materials
(7.4%)
680,947
Alcoa
Corporation
23,928,478
282,434
Carpenter
Technology
Corporation
24,204,594
235,134
Greif,
Inc.
14,409,011
705,825
Ingevity
Corporation
a
36,095,890
2,454,131
Ivanhoe
Mines,
Ltd.
a
33,264,871
2,432,594
Tronox
Holdings
plc
41,329,772
150,748
United
States
Lime
&
Minerals,
Inc.
46,731,880
Total
219,964,496
Real
Estate
(5.2%)
544,938
Agree
Realty
Corporation
31,181,353
4,187,252
Cushman
and
Wakefield
plc
a
40,406,982
2,067,568
Independence
Realty
Trust,
Inc.
32,605,547
1,373,131
National
Storage
Affiliates
Trust
48,114,510
Total
152,308,392
Utilities
(2.3%)
282,257
ALLETE,
Inc.
16,715,260
230,275
Northwestern
Energy
Group,
Inc.
11,615,071
Small
Cap
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
329
Shares
Common
Stock
(98.5%)
Value
Utilities
(2.3%)
-
continued
476,396
Portland
General
Electric
Company
$
20,594,599
316,581
Spire,
Inc.
19,561,540
Total
68,486,470
Total
Common
Stock
(cost
$2,504,858,831)
2,912,243,890
Shares
Registered
Investment
Companies
(
0
.9
%
)
Value
U.S.
Unaffiliated  (0.9%)
323,915
SPDR
S&P
Biotech
ETF
b
27,409,688
Total
27,409,688
Total
Registered
Investment
Companies
(cost
$27,100,360)
27,409,688
Shares
Collateral
Held
for
Securities
Loaned
(
0
.9
%
)
Value
26,846,825
Thrivent
Cash
Management
Trust
26,846,825
Total
Collateral
Held
for
Securities
Loaned
(cost
$26,846,825)
26,846,825
Shares
Short-Term
Investments
(
0
.5
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
1,423,964
5.580%
14,239,639
Total
Short-Term
Investments
(cost
$14,239,639)
14,239,639
Total
Investments
(cost
$2,573,045,655)
100.8%
$
2,980,740,042
Other
Assets
and
Liabilities,
Net
(0.8%)
(
22,404,129
)
Total
Net
Assets
100.0%
$
2,958,335,913
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,
2024:
Securities
Lending
Transactions
Common
Stock
$
26,037,574
Total
lending
$26,037,574
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$26,846,825
Net
amounts
due
to
counterparty
$809,251
Definitions:
ETF
-
Exchange
Traded
Fund
plc
-
Public
Limited
Company
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
$
485,778,726
Gross
unrealized
depreciation
(
93,810,541
)
Net
unrealized
appreciation
(depreciation)
$
391,968,185
Cost
for
federal
income
tax
purposes
$
2,588,771,857
Small
Cap
Stock
Fund
Schedule
of
Investments
as
of
April
30,
2024
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
330
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2024,
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
49,986,921
49,986,921
–
–
Consumer
Discretionary
328,263,394
328,263,394
–
–
Consumer
Staples
190,175,033
190,175,033
–
–
Energy
113,090,401
113,090,401
–
–
Financials
452,842,299
452,842,299
–
–
Health
Care
238,107,227
238,107,227
–
–
Industrials
611,883,262
548,637,977
63,245,285
–
Information
Technology
487,135,995
487,135,995
–
–
Materials
219,964,496
186,699,625
33,264,871
–
Real
Estate
152,308,392
152,308,392
–
–
Utilities
68,486,470
68,486,470
–
–
Registered
Investment
Companies
U.S.
Unaffiliated
27,409,688
27,409,688
–
–
Subtotal
Investments
in
Securities
$
2,939,653,578
$
2,843,143,422
$
96,510,156
$
–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
14,239,639
Collateral
Held
for
Securities
Loaned
26,846,825
Subtotal
Other
Investments
$
41,086,464
Total
Investments
at
Value
$
2,980,740,042
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Small
Cap
Stock
Fund,
is
as
follows:
Fund
Value
10/31/2023
Gross
Purchases
Gross
Sales
Value
4/30/2024
Shares
Held
at
4/30/2024
%
of
Net
Assets
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$
19,490
$
636,124
$
641,374
$
14,240
1,424
0.5%
Total
Affiliated
Short-Term
Investments
19,490
14,240
0.5
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
18,906
303,413
295,472
26,847
26,847
0.9
Total
Collateral
Held
for
Securities
Loaned
18,906
26,847
0.9
Total
Value
$
38,396
$
41,087
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2023
-
4/30/2024
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.580%
$–
$–
$
–
$1,950
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$1,950
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
75
Total
Affiliated
Income
from
Securities
Loaned,
Net
$75
Total
$–
$–
$
–
Thrivent
Mutual
Funds
Statement
of
Assets
and
Liabilities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
332
As
of
April
30,
2024
(unaudited)
Aggressive
Allocation
Fund
Balanced
Income
Plus
Fund
Global
Stock
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$1,008,834,826
$301,063,347
$1,500,351,015
Investments
in
affiliated
securities
at
cost
$1,025,881,779
$93,058,596
$103,476,330
Investments
in
unaffiliated
securities
at
value
(#)
$1,218,110,058
$327,631,138
$1,860,329,551
Investments
in
affiliated
securities
at
value
1,273,663,235
91,389,209
101,894,172
Cash
88,000
5,075
67,758
Foreign
Currency
—
—
206,737
(a)
Initial
margin
deposit
on
open
future
contracts
—
47,200
—
Dividends
and
interest
receivable
2,939,614
1,597,337
4,791,865
Prepaid
expenses
22,416
19,665
18,624
Prepaid
trustee
fees
11,876
1,871
7,807
Receivable
for:
Investments
sold
4,934,212
1,075,391
6,167,456
Investments
sold
on
a
delayed-delivery
basis
—
1,584,144
—
Fund
shares
sold
1,029,178
196,613
139,397
Expense
reimbursements
58,601
—
—
Variation
margin
on
open
future
contracts
5,413,824
476,459
3,868,100
Variation
margin
on
open
swap
contracts
—
4,802
—
Total
Assets
2,506,271,014
424,028,904
1,977,491,467
Liabilities
Distributions
payable
—
—
—
Accrued
expenses
87,141
39,093
67,577
Cash
overdraft
—
—
—
Payable
for:
Investments
purchased
4,976,335
1,147,774
6,589,812
Investments
purchased
on
a
delayed-delivery
basis
26,584,113
12,704,020
—
Return
of
collateral
for
securities
loaned
103,515
6,271,011
9,644,115
Foreign
capital
gain
tax
liability
—
—
—
Fund
shares
redeemed
1,717,703
196,312
798,500
Variation
margin
on
open
future
contracts
8,566,828
495,413
7,547,675
Investment
advisory
fees
246,534
30,444
150,391
Administrative
fees
5,780
941
4,591
Distribution
fees
41,325
7,847
52,204
Transfer
agent
fees
184,882
27,104
104,729
Trustee
deferred
compensation
63,736
41,202
250,476
Expense
reimbursements
—
2
—
Contingent
liabilities^
—
—
—
Mortgage
dollar
roll
deferred
revenue
179
136
—
Total
Liabilities
42,578,071
20,961,299
25,210,070
Net
Assets
Capital
stock
(beneficial
interest)
1,925,743,301
380,083,337
1,493,642,615
Distributable
earnings/(accumulated
loss)
537,949,642
22,984,268
458,638,782
Total
Net
Assets
$2,463,692,943
$403,067,605
$1,952,281,397
Class
S
Share
Capital
$1,267,475,469
$174,649,507
$443,089,107
Shares
of
beneficial
interest
outstanding
(Class
S)
69,430,750
13,190,640
16,271,586
Net
asset
value
per
share
$18.26
$13.24
$27.23
Class
A
Share
Capital
$1,196,217,474
$228,418,098
$1,509,192,290
Shares
of
beneficial
interest
outstanding
(Class
A)
66,367,052
17,201,341
56,285,084
Net
asset
value
per
share
$18.02
$13.28
$26.81
Maximum
public
offering
price
$18.87
$13.91
$28.07
(#)
Includes
securities
on
loan
of
97,675
5,848,329
8,887,618
(a)
Foreign
currency
holdings,
cost
$207,954.
(b)
Foreign
currency
holdings,
cost
$434,475.
^
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.
333
Government
Bond
Fund
High
Income
Municipal
Bond
Fund
High
Yield
Fund
Income
Fund
International
Allocation
Fund
Large
Cap
Growth
Fund
Large
Cap
Value
Fund
$33,264,357
$39,571,588
$682,816,841
$1,077,392,917
$614,734,984
$1,633,368,971
$1,687,365,620
$1,641,190
$—
$55,017,735
$25,940,216
$30,713,654
$53,725,160
$64,458,483
$31,327,830
$37,393,578
$649,383,653
$992,454,829
$706,436,518
$2,627,963,245
$2,231,055,637
1,641,190
—
55,023,224
25,940,216
30,713,654
53,744,449
64,480,083
—
19,562
13,884
—
805
—
—
—
—
—
—
429,262
(b)
—
—
—
—
—
—
—
—
—
131,173
545,335
9,538,277
11,779,550
5,597,805
898,545
2,977,604
18,778
11,864
23,241
26,563
21,879
21,693
30,484
1,319
1,320
2,661
3,466
1,319
7,844
6,399
405,816
—
4,069,498
3,580,897
1,411,972
13,366,051
7,182,448
24,425
—
542,012
—
—
—
—
900
58,027
339,548
3,509,607
39,844
1,682,733
1,374,528
2,644
2,869
—
—
—
—
—
—
2,344
—
—
23,680
—
—
—
—
—
—
—
—
—
33,554,075
38,034,899
718,935,998
1,037,295,128
744,676,738
2,697,684,560
2,307,107,183
1,078
15,354
672,022
115,422
—
—
—
21,268
25,857
33,540
72,847
106,434
107,799
132,400
—
—
—
434
—
—
—
—
—
10,813,351
4,375,000
1,527,073
17,203,853
14,725,105
2,306,624
425,280
5,895,078
1,448,913
—
—
—
—
—
32,759,983
17,772,915
—
—
11,552,550
—
—
—
—
450,382
—
—
49,673
5,700
434,737
535,973
109,663
1,135,268
569,980
5,344
—
—
115,625
760,938
—
—
1,703
2,553
35,228
46,427
68,244
235,829
141,619
72
87
1,545
2,341
1,740
6,295
5,350
33
—
10,849
7,589
3,681
16,482
10,405
1,979
1,104
30,439
26,470
21,589
85,295
43,189
14,118
5,761
71,931
80,264
76,770
70,844
81,534
—
—
—
—
4,191
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2,401,892
481,696
50,758,703
24,600,220
3,130,705
18,861,665
27,262,132
45,249,761
41,975,731
807,611,502
1,171,703,644
698,922,946
1,615,869,618
1,555,691,637
(14,097,578)
(4,422,528)
(139,434,207)
(159,008,736)
42,623,087
1,062,953,277
724,153,414
$31,152,183
$37,553,203
$668,177,295
$1,012,694,908
$741,546,033
$2,678,822,895
$2,279,845,051
$29,192,933
$37,553,203
$349,355,990
$790,163,192
$634,993,522
$2,202,321,910
$1,978,607,317
3,433,339
4,002,023
84,921,187
100,705,645
61,423,598
115,822,011
67,950,588
$8.50
$9.38
$4.11
$7.85
$10.34
$19.01
$29.12
$1,959,250
$—
$318,821,305
$222,531,716
$106,552,511
$476,500,985
$301,237,734
230,639
—
77,526,139
28,341,004
10,365,985
29,677,742
10,442,676
$8.49
$—
$4.11
$7.85
$10.28
$16.06
$28.85
$8.66
$—
$4.30
$8.22
$10.76
$16.82
$30.21
—
—
31,602,832
17,075,174
—
—
11,209,451
Thrivent
Mutual
Funds
Statement
of
Assets
and
Liabilities
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
334
As
of
April
30,
2024
(unaudited)
Limited
Maturity
Bond
Fund
Low
Volatility
Equity
Fund
Mid
Cap
Growth
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$1,284,346,641
$20,700,051
$26,366,738
Investments
in
affiliated
securities
at
cost
$11,548,606
$683,075
$485,157
Investments
in
unaffiliated
securities
at
value
(#)
$1,247,549,855
$22,983,431
$31,864,780
Investments
in
affiliated
securities
at
value
11,548,606
683,075
485,157
Cash
257,472
—
—
Foreign
Currency
—
5,285
(a)
—
Initial
margin
deposit
on
open
future
contracts
—
117,971
—
Dividends
and
interest
receivable
10,282,098
100,028
7,398
Prepaid
expenses
27,883
11,533
12,625
Prepaid
trustee
fees
5,097
1,319
1,319
Receivable
for:
Investments
sold
—
788,008
—
Investments
sold
on
a
delayed-delivery
basis
—
—
—
Fund
shares
sold
1,305,784
55
31,646
Expense
reimbursements
—
—
4,424
Variation
margin
on
open
future
contracts
—
—
—
Total
Assets
1,270,976,795
24,690,705
32,407,349
Liabilities
Distributions
payable
35,421
—
—
Accrued
expenses
87,964
27,219
23,428
Payable
for:
Investments
purchased
2,350,000
644,328
—
Investments
purchased
on
a
delayed-delivery
basis
6,455,468
—
—
Return
of
collateral
for
securities
loaned
11,548,606
—
9,191
Fund
shares
redeemed
2,265,978
38,481
36,517
Variation
margin
on
open
future
contracts
—
3,712
—
Investment
advisory
fees
47,675
1,988
3,366
Administrative
fees
2,894
56
76
Distribution
fees
3,965
—
—
Transfer
agent
fees
38,890
2,491
6,655
Trustee
deferred
compensation
82,200
5,767
5,219
Expense
reimbursements
—
393
—
Contingent
liabilities^
—
—
—
Mortgage
dollar
roll
deferred
revenue
—
—
—
Total
Liabilities
22,919,061
724,435
84,452
Net
Assets
Capital
stock
(beneficial
interest)
1,306,548,433
20,854,014
30,485,638
Distributable
earnings/(accumulated
loss)
(58,490,699)
3,112,256
1,837,259
Total
Net
Assets
$1,248,057,734
$23,966,270
$32,322,897
Class
S
Share
Capital
$1,015,663,141
$23,966,270
$32,322,897
Shares
of
beneficial
interest
outstanding
(Class
S)
83,750,928
1,887,274
2,354,077
Net
asset
value
per
share
$12.13
$12.70
$13.73
Class
A
Share
Capital
$232,394,593
$—
$—
Shares
of
beneficial
interest
outstanding
(Class
A)
19,157,085
—
—
Net
asset
value
per
share
$12.13
$—
$—
Maximum
public
offering
price
$12.13
$—
$—
(#)
Includes
securities
on
loan
of
11,084,766
—
8,632
(a)
Foreign
currency
holdings,
cost
$5,303.
(b)
Foreign
currency
holdings,
cost
$4.
^
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.
335
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
$2,847,333,567
$34,474,448
$1,421,583,008
$1,438,982,859
$540,279,543
$2,405,648,216
$1,238,241,348
$125,006,148
$579,173
$1,640,389,524
$2,268,165,798
$476,938,783
$—
$—
$3,893,903,753
$38,049,547
$1,533,063,821
$1,608,740,075
$534,571,895
$2,405,648,216
$1,207,154,528
125,034,286
579,173
2,066,892,667
2,821,508,437
571,191,895
—
—
—
387
7,912
107,295
4,379
8,949
30,448
—
—
—
4
(b)
—
—
—
—
—
45,300
—
34,600
—
—
2,883,624
32,783
8,223,291
7,244,542
3,621,888
6,015,368
17,242,676
43,517
12,638
28,345
28,152
14,320
86,875
19,960
17,285
1,319
17,084
21,264
5,152
10,723
5,740
4,415,332
433,750
10,849,627
7,939,558
5,910,739
—
—
—
—
149,797
126,751
534,265
—
—
3,401,110
2,449
1,884,847
1,426,877
195,677
11,146,397
249,274
—
2,661
99,540
139,350
23,439
4,656
2,375
—
—
7,183,948
9,274,004
1,212,520
—
—
4,029,698,907
39,114,707
3,628,446,179
4,456,556,309
1,117,320,769
2,422,921,184
1,224,705,001
—
—
—
—
—
108,426
389,528
198,765
23,872
81,040
110,226
50,407
74,537
61,454
6,765,632
293,574
5,963,632
7,788,957
1,133,329
8,310,559
—
—
—
54,765,731
31,251,041
27,296,124
—
1,887,225
6,810,075
—
11,248,582
5,742,132
4,807,240
—
—
2,313,962
1,644
1,801,335
1,625,558
838,353
5,616,451
823,330
—
—
10,159,075
13,264,780
2,222,663
—
—
331,379
4,031
301,455
402,625
87,059
75,208
68,533
9,461
91
8,299
10,307
2,523
5,522
2,831
50,014
—
65,923
83,737
20,309
—
28,913
120,531
3,872
165,095
248,516
54,599
98,361
31,636
193,837
5,219
102,833
120,741
46,255
—
148,408
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
176
99
48
—
—
16,793,656
332,303
84,663,176
60,648,719
36,558,909
14,289,064
3,441,858
2,892,342,932
34,070,579
2,931,944,598
3,576,260,245
1,010,999,136
2,408,576,512
1,329,363,927
1,120,562,319
4,711,825
611,838,405
819,647,345
69,762,724
55,608
(108,100,784)
$4,012,905,251
$38,782,404
$3,543,783,003
$4,395,907,590
$1,080,761,860
$2,408,632,120
$1,221,263,143
$2,570,458,921
$38,782,404
$1,630,906,898
$1,969,322,879
$489,893,529
$1,721,310,702
$373,617,894
72,298,233
2,342,125
107,490,117
118,427,792
39,693,950
1,721,246,446
36,926,233
$35.55
$16.56
$15.17
$16.63
$12.34
$1.00
$10.12
$1,442,446,330
$—
$1,912,876,105
$2,426,584,711
$590,868,331
$687,321,418
$847,645,249
48,057,586
—
126,497,669
147,482,216
48,044,657
687,294,625
83,774,919
$30.01
$—
$15.12
$16.45
$12.30
$1.00
$10.12
$31.42
$—
$15.83
$17.23
$12.88
$1.00
$10.60
6,388,461
—
10,882,791
5,478,796
4,620,828
—
—
Thrivent
Mutual
Funds
Statement
of
Assets
and
Liabilities
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
336
As
of
April
30,
2024
(unaudited)
Opportunity
Income
Plus
Fund
Small
Cap
Growth
Fund
Small
Cap
Stock
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$642,940,724
$190,759,411
$2,531,959,191
Investments
in
affiliated
securities
at
cost
$156,567,665
$494,269
$41,086,464
Investments
in
unaffiliated
securities
at
value
(#)
$615,647,733
$224,333,535
$2,939,653,578
Investments
in
affiliated
securities
at
value
145,356,297
494,269
41,086,464
Cash
—
—
20,447
Dividends
and
interest
receivable
5,353,167
33,043
1,186,007
Prepaid
expenses
20,959
17,319
38,032
Prepaid
trustee
fees
3,348
1,319
13,646
Receivable
for:
Investments
sold
2,276,551
4,841,992
8,831,369
Investments
sold
on
a
delayed-delivery
basis
6,973,081
—
—
Fund
shares
sold
629,868
351,307
5,618,644
Expense
reimbursements
—
5,114
—
Variation
margin
on
open
swap
contracts
28,864
—
—
Total
Assets
776,289,868
230,077,898
2,996,448,187
Liabilities
Distributions
payable
94,748
—
—
Accrued
expenses
78,010
41,538
262,915
Cash
overdraft
566,539
—
—
Payable
for:
Investments
purchased
2,247,813
1,103,910
7,338,131
Investments
purchased
on
a
delayed-delivery
basis
33,550,542
—
—
Return
of
collateral
for
securities
loaned
19,775,190
—
26,846,825
Fund
shares
redeemed
453,103
413,246
3,213,640
Variation
margin
on
open
future
contracts
74,531
—
—
Investment
advisory
fees
42,599
25,394
250,022
Administrative
fees
1,665
545
6,947
Distribution
fees
5,534
—
18,414
Transfer
agent
fees
23,410
11,113
64,720
Trustee
deferred
compensation
54,659
5,761
110,660
Contingent
liabilities^
—
—
—
Mortgage
dollar
roll
deferred
revenue
81
—
—
Total
Liabilities
56,968,424
1,601,507
38,112,274
Net
Assets
Capital
stock
(beneficial
interest)
833,364,619
229,895,849
2,720,794,155
Distributable
earnings/(accumulated
loss)
(114,043,175)
(1,419,458)
237,541,758
Total
Net
Assets
$719,321,444
$228,476,391
$2,958,335,913
Class
S
Share
Capital
$557,245,015
$228,476,391
$2,425,365,676
Shares
of
beneficial
interest
outstanding
(Class
S)
63,336,314
13,697,326
81,373,118
Net
asset
value
per
share
$8.80
$16.68
$29.81
Class
A
Share
Capital
$162,076,429
$—
$532,970,237
Shares
of
beneficial
interest
outstanding
(Class
A)
18,423,539
—
24,501,653
Net
asset
value
per
share
$8.80
$—
$21.75
Maximum
public
offering
price
$9.21
$—
$22.77
(#)
Includes
securities
on
loan
of
18,931,934
—
26,037,574
^
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.
338
For
the
six
months
ended
April
30,
2024
(unaudited)
Aggressive
Allocation
Fund
Balanced
Income
Plus
Fund
Global
Stock
Fund
Investment
Income
Dividends
$6,716,001
$1,218,918
$16,466,929
Taxable
interest
2,711,289
4,618,869
8,200,701
Tax-Exempt
interest
—
—
—
Income
from
mortgage
dollar
rolls
6,549
1,070
—
Affiliated
income
from
securities
loaned,
net
712
22,741
24,477
Income
from
affiliated
investments
10,451,767
993,253
—
Non
cash
income
—
—
2,846
Non
cash
income
from
affiliated
investments
14,106,113
1,581,679
2,375,436
Foreign
tax
withholding
(15,622)
(2,360)
(945,607)
Total
Investment
Income
33,976,809
8,434,170
26,124,782
Expenses
Adviser
fees
8,564,857
1,111,364
5,351,206
Administrative
service
fees
238,789
72,685
201,278
Audit
and
legal
fees
46,971
20,483
20,489
Custody
fees
41,492
29,251
97,191
Distribution
expenses
Class
A
1,461,759
289,096
1,861,533
Insurance
expenses
4,746
2,337
4,309
Pricing
service
fees
—
—
—
Printing
and
postage
expenses
Class
S
146,776
15,217
11,706
Printing
and
postage
expenses
Class
A
77,561
19,436
124,822
SEC
and
state
registration
expenses
63,074
19,796
35,987
Transfer
agent
fees
Class
S
850,995
73,319
70,508
Transfer
agent
fees
Class
A
446,338
103,439
675,620
Trustees'
fees
51,379
12,662
60,566
Other
expenses
20,568
51,845
41,607
Total
Expenses
Before
Reimbursement
12,015,305
1,820,930
8,556,822
Less:
Reimbursement
from
adviser
(2,045,084)
(38,209)
—
Total
Net
Expenses
9,970,221
1,782,721
8,556,822
Net
Investment
Income/(Loss)
24,006,588
6,651,449
17,567,960
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
30,457,592
5,040,101
63,079,672
Affiliated
investments
3,612,921
(45,938)
(950,404)
In-kind
redemptions
—
—
—
Distributions
of
realized
capital
gains
from
affiliated
investments
13,186,064
—
—
Futures
contracts
38,141,597
(920,108)
36,886,031
Foreign
currency
transactions
1,822
29
(61,198)
Swap
agreements
11,286
(69,950)
11,286
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
141,574,358
24,865,941
183,089,940
Affiliated
investments
123,272,572
4,668,649
12,921,506
Futures
contracts
2,977,820
1,085,781
9,730,260
Foreign
currency
transactions
66,020
12,486
(32,822)
Swap
agreements
—
(4,415)
—
Foreign
capital
gain
tax
liability
—
—
—
Net
Realized
and
Unrealized
Gains/(Losses)
353,302,052
34,632,576
304,674,271
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$377,308,640
$41,284,025
$322,242,231
(a)
Includes
foreign
capital
gain
taxes
paid
of
$183,742.
Thrivent
Mutual
Funds
Statement
of
Operations
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
339
Government
Bond
Fund
High
Income
Municipal
Bond
Fund
High
Yield
Fund
Income
Fund
International
Allocation
Fund
Large
Cap
Growth
Fund
Large
Cap
Value
Fund
$—
$—
$537,433
$—
$11,966,333
$10,095,925
$26,092,233
1,340,417
4,205
21,683,173
22,707,206
209,250
26
34
—
866,645
—
—
—
—
—
—
—
—
—
—
—
—
—
—
128,950
99,187
7,077
—
11,946
245,586
—
395,381
623,943
958,022
1,502,347
1,203,746
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(1,139,234)
(55,072)
(81,207)
1,586,003
870,850
22,744,937
23,430,336
12,001,448
11,543,226
27,226,752
146,881
92,336
1,299,041
1,637,553
2,543,478
8,193,048
4,896,428
44,576
41,473
95,391
120,761
103,229
256,381
223,310
18,398
18,255
20,120
20,784
34,146
24,563
24,171
3,558
1,251
6,129
6,728
213,157
11,642
27,287
1,265
—
401,845
283,069
134,601
570,203
367,395
1,886
1,804
2,737
3,115
2,875
4,652
4,490
—
22,113
—
—
—
—
—
5,122
5,559
25,213
27,110
10,003
71,101
37,349
2,202
—
30,634
24,976
20,931
29,625
21,103
15,127
9,252
26,845
53,424
21,605
67,741
52,362
22,199
16,744
137,725
285,060
41,102
724,189
635,060
2,281
—
148,804
119,914
130,990
201,224
140,875
6,906
5,777
20,476
23,608
15,214
36,731
34,011
14,019
7,872
31,378
28,198
82,262
16,284
15,908
284,420
222,436
2,246,338
2,634,300
3,353,593
10,207,384
6,479,749
(90,981)
(111,633)
—
—
(81,896)
—
—
193,439
110,803
2,246,338
2,634,300
3,271,697
10,207,384
6,479,749
1,392,564
760,047
20,498,599
20,796,036
8,729,751
1,335,842
20,747,003
(2,938,244)
(445,208)
(13,401,805)
(8,527,128)
21,351,635
(a)
77,155,256
89,224,090
6,574
—
—
23,495
—
—
990
—
—
—
—
—
—
71,795,706
—
—
—
—
—
—
—
(57,633)
2,947
—
926,074
4,845,568
—
—
—
—
—
—
(123,385)
—
1,433
—
—
(1,034,051)
(1,383,589)
—
—
—
6,601,557
3,632,030
42,829,484
51,619,445
76,326,182
447,413,377
178,920,879
(6,575)
—
—
(23,495)
—
—
(990)
86,451
(5,565)
—
1,121,766
342,753
—
—
—
—
—
—
(33,223)
—
(5,609)
—
—
(212,873)
(284,830)
—
—
—
—
—
—
—
(337,891)
—
—
3,692,130
3,184,204
28,180,755
43,471,738
102,371,639
524,568,633
339,936,499
$5,084,694
$3,944,251
$48,679,354
$64,267,774
$111,101,390
$525,904,475
$360,683,502
Thrivent
Mutual
Funds
Statement
of
Operations
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
340
For
the
six
months
ended
April
30,
2024
(unaudited)
Limited
Maturity
Bond
Fund
Low
Volatility
Equity
Fund
Mid
Cap
Growth
Fund
Investment
Income
Dividends
$82,250
$335,564
$71,731
Taxable
interest
25,117,685
1,670
—
Tax-Exempt
interest
—
—
—
Income
from
mortgage
dollar
rolls
—
—
—
Affiliated
income
from
securities
loaned,
net
22,035
757
222
Income
from
affiliated
investments
—
20,819
15,268
Non
cash
income
from
affiliated
investments
—
—
—
Foreign
tax
withholding
—
(17,673)
—
Total
Investment
Income
25,221,970
341,137
87,221
Expenses
Adviser
fees
1,775,356
75,488
114,363
Administrative
service
fees
146,377
40,472
40,926
Audit
and
legal
fees
21,963
18,766
18,630
Custody
fees
8,353
13,649
4,408
Distribution
expenses
Class
A
147,329
—
—
Insurance
expenses
3,756
1,799
1,790
Printing
and
postage
expenses
Class
S
48,862
6,688
9,594
Printing
and
postage
expenses
Class
A
29,820
—
—
SEC
and
state
registration
expenses
45,311
9,308
10,598
Transfer
agent
fees
Class
S
501,232
16,938
41,441
Transfer
agent
fees
Class
A
129,901
—
—
Trustees'
fees
32,582
5,778
5,697
Other
expenses
35,335
11,937
7,822
Total
Expenses
Before
Reimbursement
2,926,177
200,823
255,269
Less:
Reimbursement
from
adviser
—
(81,300)
(118,034)
Total
Net
Expenses
2,926,177
119,523
137,235
Net
Investment
Income/(Loss)
22,295,793
221,614
(50,014)
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
(3,928,129)
720,957
111,252
Affiliated
investments
—
—
—
Class
action
settlements
—
—
—
Distributions
of
realized
capital
gains
from
affiliated
investments
—
—
—
Futures
contracts
—
68,915
—
Foreign
currency
transactions
—
129
—
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
32,367,379
1,480,126
4,846,364
Affiliated
investments
—
—
—
Futures
contracts
—
11,832
—
Foreign
currency
transactions
—
(1,430)
—
Net
Realized
and
Unrealized
Gains/(Losses)
28,439,250
2,280,529
4,957,616
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$50,735,043
$2,502,143
$4,907,602
(*)
Class
action
settlement
proceeds
related
to
GSE
Bonds
Antitrust
Litigation.  
Thrivent
Mutual
Funds
Statement
of
Operations
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
341
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
$23,441,531
$397,136
$5,945,092
$7,294,284
$858,582
$66,180
$—
40
—
15,069,838
9,037,439
8,471,671
60,564,355
44,426
—
—
—
—
—
—
24,705,551
—
—
4,303
2,484
2,100
—
—
2,769
—
21,001
13,677
11,584
—
—
3,410,323
20,403
13,808,384
17,383,096
3,172,087
—
—
—
—
22,343,789
31,777,756
8,102,388
—
—
—
—
(10,569)
(12,664)
(805)
—
—
26,854,663
417,539
57,181,838
65,496,072
20,617,607
60,630,535
24,749,977
11,886,749
143,857
10,764,219
13,606,399
3,203,145
2,658,129
2,539,554
377,308
41,594
334,514
386,065
131,197
228,052
143,568
28,354
18,650
50,318
51,559
44,237
22,777
21,722
30,080
1,708
40,387
40,697
32,936
12,660
6,069
1,769,400
—
2,377,245
2,988,177
753,931
—
1,087,557
6,938
1,800
6,488
7,104
3,367
3,887
3,673
115,010
7,984
103,393
156,011
35,582
115,084
15,574
80,429
—
104,315
135,307
41,723
86,672
41,753
70,391
9,795
72,568
112,764
34,731
168,268
32,808
1,298,616
35,072
600,474
859,631
175,596
359,497
170,192
544,627
—
553,210
784,689
196,715
271,088
171,298
89,549
5,698
78,276
91,243
26,705
38,594
42,944
24,869
7,922
53,756
55,063
45,894
12,648
81,340
16,322,320
274,080
15,139,163
19,274,709
4,725,759
3,977,356
4,358,052
—
(101,452)
(3,482,622)
(4,866,519)
(866,413)
(163,545)
(101,173)
16,322,320
172,628
11,656,541
14,408,190
3,859,346
3,813,811
4,256,879
10,532,343
244,911
45,525,297
51,087,882
16,758,261
56,816,724
20,493,098
69,004,216
1,293,719
24,753,447
25,931,183
1,622,563
18,250
(5,647,925)
—
—
3,411,205
5,591,484
765,104
—
—
—
—
—
—
—
4,596(*)
—
—
—
22,426,050
32,467,721
4,916,521
—
—
—
—
31,201,355
34,881,076
5,559,643
—
(171,002)
—
(248)
28
2,797
(30)
—
—
681,889,933
4,167,892
127,869,197
153,297,653
32,789,237
—
96,689,820
—
—
190,302,013
270,607,027
47,912,821
—
—
—
—
8,492,102
5,367,613
2,417,602
—
1,096,935
—
—
103,767
117,654
33,848
—
—
750,894,149
5,461,363
408,559,164
528,264,208
96,017,309
22,846
91,967,828
$761,426,492
$5,706,274
$454,084,461
$579,352,090
$112,775,570
$56,839,570
$112,460,926
Thrivent
Mutual
Funds
Statement
of
Operations
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
342
For
the
six
months
ended
April
30,
2024
(unaudited)
Opportunity
Income
Plus
Fund
Small
Cap
Growth
Fund
Small
Cap
Stock
Fund
Investment
Income
Dividends
$968,148
$590,507
$15,878,907
Taxable
interest
15,050,523
2
18,057
Income
from
mortgage
dollar
rolls
3,512
—
—
Affiliated
income
from
securities
loaned,
net
60,644
131
74,585
Income
from
affiliated
investments
1,689,962
131,815
1,949,922
Non
cash
income
from
affiliated
investments
1,901,067
—
—
Foreign
tax
withholding
—
(5,001)
(74,810)
Total
Investment
Income
19,673,856
717,454
17,846,661
Expenses
Adviser
fees
1,537,018
905,965
8,464,898
Administrative
service
fees
98,373
57,743
271,680
Audit
and
legal
fees
20,218
19,056
24,592
Custody
fees
18,188
7,059
31,413
Distribution
expenses
Class
A
208,332
—
656,607
Insurance
expenses
2,725
2,038
4,899
Printing
and
postage
expenses
Class
S
29,835
31,496
130,330
Printing
and
postage
expenses
Class
A
18,391
—
37,650
SEC
and
state
registration
expenses
33,277
16,618
160,657
Transfer
agent
fees
Class
S
316,927
189,693
1,387,074
Transfer
agent
fees
Class
A
96,011
—
277,135
Trustees'
fees
20,000
5,777
61,658
Other
expenses
57,753
8,297
18,720
Total
Expenses
Before
Reimbursement
2,457,048
1,243,742
11,527,313
Less:
Reimbursement
from
adviser
—
(159,081)
—
Total
Net
Expenses
2,457,048
1,084,661
11,527,313
Net
Investment
Income/(Loss)
17,216,808
(367,207)
6,319,348
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
(7,245,184)
1,743,022
(78,708,152)
Affiliated
investments
(74,813)
—
—
Futures
contracts
(248,975)
—
—
Foreign
currency
transactions
—
(154)
(5,015)
Swap
agreements
(395,259)
—
—
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
27,994,415
40,585,262
557,995,660
Affiliated
investments
4,885,560
—
—
Futures
contracts
834,286
—
—
Foreign
currency
transactions
—
21
—
Swap
agreements
(19,045)
—
—
Net
Realized
and
Unrealized
Gains/(Losses)
25,730,985
42,328,151
479,282,493
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$42,947,793
$41,960,944
$485,601,841
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
344
Aggressive
Allocation
Fund
Balanced
Income
Plus
Fund
For
the
periods
ended
4/30/2024
(unaudited)
10/31/2023
4/30/2024
(unaudited)
10/31/2023
Operations
Net
investment
income/(loss)
$24,006,588
$24,894,743
$6,651,449
$12,435,972
Net
realized
gains/(losses)
85,411,282
49,441,071
4,004,134
(5,377,959)
Change
in
net
unrealized
appreciation/(depreciation)
267,890,770
12,717,592
30,628,442
6,502,345
Net
Change
in
Net
Assets
Resulting
From
Operations
377,308,640
87,053,406
41,284,025
13,560,358
Distributions
to
Shareholders
From
income/realized
gains
Class
S
(42,820,105)
(22,179,217)
(3,015,057)
(5,250,789)
From
income/realized
gains
Class
A
(41,551,589)
(23,931,846)
(3,762,414)
(6,719,736)
Total
from
income/realized
gains
(84,371,694)
(46,111,063)
(6,777,471)
(11,970,525)
Total
Distributions
to
Shareholders
(84,371,694)
(46,111,063)
(6,777,471)
(11,970,525)
Capital
Stock
Transactions
Class
S  
Sold
167,861,316
239,562,937
15,746,164
29,386,571
Distributions
reinvested
42,762,009
22,145,520
2,912,015
5,058,890
Redeemed
(102,247,568)
(130,548,574)
(19,742,929)
(36,042,099)
Total
Class
S
Capital
Stock
Transactions
108,375,757
131,159,883
(1,084,750)
(1,596,638)
Class
A  
Sold
40,490,375
66,894,064
5,817,575
9,767,168
Distributions
reinvested
41,448,928
23,886,139
3,658,474
6,532,609
Redeemed
(63,190,000)
(101,835,574)
(20,200,408)
(29,980,392)
Total
Class
A
Capital
Stock
Transactions
18,749,303
(11,055,371)
(10,724,359)
(13,680,615)
Capital
Stock
Transactions
127,125,060
120,104,512
(11,809,109)
(15,277,253)
Net
Increase/(Decrease)
in
Net
Assets
420,062,006
161,046,855
22,697,445
(13,687,420)
Net
Assets,
Beginning
of
Period
2,043,630,937
1,882,584,082
380,370,160
394,057,580
Net
Assets,
End
of
Period
$2,463,692,943
$2,043,630,937
$403,067,605
$380,370,160
Capital
Stock
Share
Transactions
Class
S
shares
Sold
9,314,105
14,635,351
1,186,477
2,330,924
Distributions
reinvested
2,425,710
1,423,868
217,045
404,717
Redeemed
(5,678,508)
(7,954,825)
(1,495,739)
(2,864,607)
Total
Class
S
share
transactions
6,061,307
8,104,394
(92,217)
(128,966)
Class
A
shares
Sold
2,280,653
4,139,421
439,822
773,371
Distributions
reinvested
2,382,616
1,554,254
271,974
521,355
Redeemed
(3,550,964)
(6,283,965)
(1,528,169)
(2,375,833)
Total
Class
A
share
transactions
1,112,305
(590,290)
(816,373)
(1,081,107)
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
345
Global
Stock
Fund
Government
Bond
Fund
High
Income
Municipal
Bond
Fund
High
Yield
Fund
4/30/2024
(unaudited)
10/31/2023
4/30/2024
(unaudited)
10/31/2023
4/30/2024
(unaudited)
10/31/2023
4/30/2024
(unaudited)
10/31/2023
$17,567,960
$32,205,786
$1,392,564
$2,757,471
$760,047
$1,281,385
$20,498,599
$37,946,106
98,965,387
70,544,905
(2,989,303)
(4,056,063)
(442,261)
(1,223,811)
(14,435,856)
(14,763,458)
205,708,884
38,871,356
6,681,433
246,871
3,626,465
810,609
42,616,611
9,739,560
322,242,231
141,622,047
5,084,694
(1,051,721)
3,944,251
868,183
48,679,354
32,922,208
(23,469,674)
(12,045,184)
(1,355,717)
(2,687,340)
(760,046)
(1,281,386)
(10,822,275)
(20,304,073)
(79,189,192)
(41,870,284)
(36,845)
(70,130)
–
–
(9,513,403)
(18,403,866)
(102,658,866)
(53,915,468)
(1,392,562)
(2,757,470)
(760,046)
(1,281,386)
(20,335,678)
(38,707,939)
(102,658,866)
(53,915,468)
(1,392,562)
(2,757,470)
(760,046)
(1,281,386)
(20,335,678)
(38,707,939)
10,362,917
12,950,633
3,665,948
15,977,041
4,076,878
9,799,623
25,673,785
61,688,610
23,409,601
11,998,027
1,215,376
2,679,260
677,913
1,161,194
9,572,858
17,879,539
(10,385,720)
(14,963,802)
(58,390,377)
(16,655,390)
(5,294,525)
(6,695,236)
(40,166,929)
(64,661,094)
23,386,798
9,984,858
(53,509,053)
2,000,911
(539,734)
4,265,581
(4,920,286)
14,907,055
12,753,898
22,931,909
–
–
–
–
5,918,351
13,384,310
78,207,663
41,350,659
35,440
67,788
–
–
7,097,541
13,703,340
(80,694,354)
(132,349,329)
(201,981)
(456,391)
–
–
(20,639,664)
(38,922,814)
10,267,207
(68,066,761)
(166,541)
(388,603)
–
–
(7,623,772)
(11,835,164)
33,654,005
(58,081,903)
(53,675,594)
1,612,308
(539,734)
4,265,581
(12,544,058)
3,071,891
253,237,370
29,624,676
(49,983,462)
(2,196,883)
2,644,471
3,852,378
15,799,618
(2,713,840)
1,699,044,027
1,669,419,351
81,135,645
83,332,528
34,908,732
31,056,354
652,377,677
655,091,517
$1,952,281,397
$1,699,044,027
$31,152,183
$81,135,645
$37,553,203
$34,908,732
$668,177,295
$652,377,677
385,652
524,378
421,038
1,816,160
433,427
1,071,784
6,203,978
15,239,009
890,071
520,394
138,999
305,896
71,844
127,094
2,306,844
4,425,380
(387,214)
(615,581)
(6,688,747)
(1,911,298)
(567,181)
(731,772)
(9,727,460)
(16,011,593)
888,509
429,191
(6,128,710)
210,758
(61,910)
467,106
(1,216,638)
3,652,796
482,463
949,740
–
–
–
–
1,430,211
3,311,820
3,021,879
1,819,041
4,068
7,734
–
–
1,710,998
3,392,407
(3,060,192)
(5,481,282)
(23,603)
(52,313)
–
–
(4,995,236)
(9,636,284)
444,150
(2,712,501)
(19,535)
(44,579)
–
–
(1,854,027)
(2,932,057)
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
346
C
Income
Fund
International
Allocation
Fund
For
the
periods
ended
4/30/2024
(unaudited)
10/31/2023
4/30/2024
(unaudited)
10/31/2023
Operations
Net
investment
income/(loss)
$20,796,036
$36,620,838
$8,729,751
$20,630,629
Net
realized
gains/(losses)
(8,961,148)
(43,261,358)
26,073,818
(6,883,663)
Change
in
net
unrealized
appreciation/(depreciation)
52,432,886
32,648,902
76,297,821
81,420,040
Net
Change
in
Net
Assets
Resulting
From
Operations
64,267,774
26,008,382
111,101,390
95,167,006
Distributions
to
Shareholders
From
income/realized
gains
Class
S
(16,130,247)
(27,254,266)
(20,035,878)
(14,754,826)
From
income/realized
gains
Class
A
(4,579,879)
(8,736,614)
(2,936,931)
(1,758,145)
Total
from
income/realized
gains
(20,710,126)
(35,990,880)
(22,972,809)
(16,512,971)
Total
Distributions
to
Shareholders
(20,710,126)
(35,990,880)
(22,972,809)
(16,512,971)
Capital
Stock
Transactions
Class
S  
Sold
144,715,732
126,566,476
2,653,503
9,214,328
Distributions
reinvested
15,932,994
26,865,060
20,031,769
14,705,561
Redeemed
(62,359,512)
(107,659,310)
(51,727,376)
(148,792,939)
In-kind
redemptions
–
–
–
–
Total
Class
S
Capital
Stock
Transactions
98,289,214
45,772,226
(29,042,104)
(124,873,050)
Class
A  
Sold
10,249,175
15,280,045
1,557,381
3,096,788
Distributions
reinvested
4,118,955
7,835,835
2,873,520
1,717,426
Redeemed
(18,653,575)
(38,073,621)
(8,830,572)
(13,645,464)
Total
Class
A
Capital
Stock
Transactions
(4,285,445)
(14,957,741)
(4,399,671)
(8,831,250)
Capital
Stock
Transactions
94,003,769
30,814,485
(33,441,775)
(133,704,300)
Net
Increase/(Decrease)
in
Net
Assets
137,561,417
20,831,987
54,686,806
(55,050,265)
Net
Assets,
Beginning
of
Period
875,133,491
854,301,504
686,859,227
741,909,492
Net
Assets,
End
of
Period
$1,012,694,908
$875,133,491
$741,546,033
$686,859,227
Capital
Stock
Share
Transactions
Class
S
shares
Sold
18,097,631
16,069,688
260,741
958,555
Distributions
reinvested
1,989,344
3,415,146
1,963,899
1,635,769
Redeemed
(7,822,228)
(13,710,487)
(4,870,660)
(15,666,789)
In-kind
redemptions
–
–
–
–
Total
Class
S
share
transactions
12,264,747
5,774,347
(2,646,020)
(13,072,465)
Class
A
shares
Sold
1,279,897
1,935,698
152,491
325,407
Distributions
reinvested
513,917
994,979
283,105
191,891
Redeemed
(2,338,082)
(4,851,447)
(868,012)
(1,440,942)
Total
Class
A
share
transactions
(544,268)
(1,920,770)
(432,416)
(923,644)
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
347
Large
Cap
Growth
Fund
Large
Cap
Value
Fund
Limited
Maturity
Bond
Fund
Low
Volatility
Equity
Fund
4/30/2024
(unaudited)
10/31/2023
4/30/2024
(unaudited)
10/31/2023
4/30/2024
(unaudited)
10/31/2023
4/30/2024
(unaudited)
10/31/2023
$1,335,842
$3,783,246
$20,747,003
$39,721,342
$22,295,793
$40,324,955
$221,614
$553,845
77,155,256
76,593,882
161,022,219
38,214,173
(3,928,129)
(13,686,700)
790,001
510,751
447,413,377
285,645,281
178,914,280
(67,765,352)
32,367,379
40,123,368
1,490,528
376,373
525,904,475
366,022,409
360,683,502
10,170,163
50,735,043
66,761,623
2,502,143
1,440,969
(59,397,075)
(96,356,512)
(63,714,225)
(96,462,756)
(18,498,661)
(33,335,170)
(1,078,813)
(781,288)
(15,130,834)
(26,208,208)
(9,361,419)
(17,004,838)
(4,030,097)
(7,578,428)
–
–
(74,527,909)
(122,564,720)
(73,075,644)
(113,467,594)
(22,528,758)
(40,913,598)
(1,078,813)
(781,288)
(74,527,909)
(122,564,720)
(73,075,644)
(113,467,594)
(22,528,758)
(40,913,598)
(1,078,813)
(781,288)
179,500,401
264,773,008
252,743,095
241,711,157
118,890,205
254,963,177
1,861,131
5,225,958
59,328,563
96,258,278
63,677,386
96,387,762
18,345,195
33,021,015
1,072,928
777,054
(161,630,308)
(150,611,743)
(136,035,647)
(166,414,334)
(196,760,990)
(370,050,065)
(6,433,064)
(9,794,258)
–
–
(89,708,108)
–
–
–
–
–
77,198,656
210,419,543
90,676,726
171,684,585
(59,525,590)
(82,065,873)
(3,499,005)
(3,791,246)
29,881,561
36,469,488
6,862,155
18,746,557
22,176,060
33,810,563
–
–
14,941,885
25,832,502
9,185,147
16,684,149
3,929,141
7,377,915
–
–
(28,958,613)
(40,012,031)
(22,441,296)
(40,923,351)
(39,832,823)
(90,826,642)
–
–
15,864,833
22,289,959
(6,393,994)
(5,492,645)
(13,727,622)
(49,638,164)
–
–
93,063,489
232,709,502
84,282,732
166,191,940
(73,253,212)
(131,704,037)
(3,499,005)
(3,791,246)
544,440,055
476,167,191
371,890,590
62,894,509
(45,046,927)
(105,856,012)
(2,075,675)
(3,131,565)
2,134,382,840
1,658,215,649
1,907,954,461
1,845,059,952
1,293,104,661
1,398,960,673
26,041,945
29,173,510
$2,678,822,895
$2,134,382,840
$2,279,845,051
$1,907,954,461
$1,248,057,734
$1,293,104,661
$23,966,270
$26,041,945
9,630,339
17,534,838
8,992,732
9,151,509
9,804,032
21,446,616
146,611
424,387
3,427,416
7,549,669
2,279,354
3,726,865
1,509,468
2,774,340
85,561
63,844
(8,545,377)
(10,067,827)
(4,741,338)
(6,349,492)
(16,236,079)
(31,123,343)
(505,689)
(790,317)
–
–
(3,243,243)
–
–
–
–
–
4,512,378
15,016,680
3,287,505
6,528,882
(4,922,579)
(6,902,387)
(273,517)
(302,086)
1,903,989
2,861,724
243,858
715,424
1,828,053
2,842,538
–
–
1,021,319
2,378,676
332,015
651,176
323,296
619,728
–
–
(1,852,072)
(3,185,232)
(808,126)
(1,576,428)
(3,289,816)
(7,638,751)
–
–
1,073,236
2,055,168
(232,253)
(209,828)
(1,138,467)
(4,176,485)
–
–
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
348
Mid
Cap
Growth
Fund
Mid
Cap
Stock
Fund
For
the
periods
ended
4/30/2024
(unaudited)
10/31/2023
4/30/2024
(unaudited)
10/31/2023
Operations
Net
investment
income/(loss)
$(50,014)
$(88,504)
$10,532,343
$15,637,665
Net
realized
gains/(losses)
111,252
(1,761,695)
69,004,216
46,965,492
Change
in
net
unrealized
appreciation/(depreciation)
4,846,364
922,631
681,889,933
(222,659,008)
Net
Change
in
Net
Assets
Resulting
From
Operations
4,907,602
(927,568)
761,426,492
(160,055,851)
Distributions
to
Shareholders
From
income/realized
gains
Class
S
–
–
(38,114,594)
(58,545,604)
From
income/realized
gains
Class
A
–
–
(21,786,462)
(41,269,141)
Total
from
income/realized
gains
–
–
(59,901,056)
(99,814,745)
Total
Distributions
to
Shareholders
–
–
(59,901,056)
(99,814,745)
Capital
Stock
Transactions
Class
S  
Sold
6,211,974
10,223,106
285,697,722
757,077,304
Distributions
reinvested
–
–
36,785,918
56,909,692
Redeemed
(3,912,123)
(4,443,555)
(482,952,232)
(456,184,769)
Total
Class
S
Capital
Stock
Transactions
2,299,851
5,779,551
(160,468,592)
357,802,227
Class
A  
Sold
–
–
27,482,974
58,555,487
Distributions
reinvested
–
–
21,511,040
40,779,738
Redeemed
–
–
(87,050,140)
(140,978,027)
Total
Class
A
Capital
Stock
Transactions
–
–
(38,056,126)
(41,642,802)
Capital
Stock
Transactions
2,299,851
5,779,551
(198,524,718)
316,159,425
Net
Increase/(Decrease)
in
Net
Assets
7,207,453
4,851,983
503,000,718
56,288,829
Net
Assets,
Beginning
of
Period
25,115,444
20,263,461
3,509,904,533
3,453,615,704
Net
Assets,
End
of
Period
$32,322,897
$25,115,444
$4,012,905,251
$3,509,904,533
Capital
Stock
Share
Transactions
Class
S
shares
Sold
454,929
823,298
8,289,552
23,526,496
Distributions
reinvested
–
–
1,075,472
1,837,820
Redeemed
(289,273)
(361,063)
(13,949,866)
(14,171,359)
Total
Class
S
share
transactions
165,656
462,235
(4,584,842)
11,192,957
Class
A
shares
Sold
–
–
934,983
2,144,775
Distributions
reinvested
–
–
745,408
1,554,485
Redeemed
–
–
(2,992,601)
(5,176,333)
Total
Class
A
share
transactions
–
–
(1,312,210)
(1,477,073)
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
349
Mid
Cap
Value
Fund
Moderate
Allocation
Fund
Moderately
Aggressive
Allocation
Fund
Moderately
Conservative
Allocation
Fund
4/30/2024
(unaudited)
10/31/2023
4/30/2024
(unaudited)
10/31/2023
4/30/2024
(unaudited)
10/31/2023
4/30/2024
(unaudited)
10/31/2023
$244,911
$438,965
$45,525,297
$64,632,287
$51,087,882
$56,039,211
$16,758,261
$28,121,738
1,293,471
(388,128)
81,792,085
37,617,128
98,874,261
72,254,739
12,863,801
(3,443,821)
4,167,892
(1,808,111)
326,767,079
32,997,687
429,389,947
30,076,075
83,153,508
7,565,922
5,706,274
(1,757,274)
454,084,461
135,247,102
579,352,090
158,370,025
112,775,570
32,243,839
(375,936)
(660,441)
(37,146,540)
(29,393,312)
(59,525,874)
(41,460,132)
(8,139,751)
(12,740,809)
–
–
(42,970,070)
(33,666,767)
(83,228,434)
(64,438,498)
(9,340,588)
(14,940,093)
(375,936)
(660,441)
(80,116,610)
(63,060,079)
(142,754,308)
(105,898,630)
(17,480,339)
(27,680,902)
(375,936)
(660,441)
(80,116,610)
(63,060,079)
(142,754,308)
(105,898,630)
(17,480,339)
(27,680,902)
5,901,774
23,818,964
177,242,983
273,177,762
443,978,113
304,728,024
50,731,819
90,541,530
375,034
658,541
37,029,033
29,271,491
59,422,612
41,402,758
8,096,097
12,663,902
(6,060,607)
(8,643,735)
(167,598,908)
(243,659,958)
(154,002,022)
(211,282,810)
(70,926,737)
(116,999,075)
216,201
15,833,770
46,673,108
58,789,295
349,398,703
134,847,972
(12,098,821)
(13,793,643)
–
–
56,216,636
91,749,025
69,468,162
111,864,279
16,248,866
27,573,179
–
–
42,703,045
33,417,443
82,920,756
64,180,574
9,239,740
14,779,832
–
–
(129,214,215)
(222,666,639)
(141,382,297)
(228,696,146)
(59,944,839)
(94,138,180)
–
–
(30,294,534)
(97,500,171)
11,006,621
(52,651,293)
(34,456,233)
(51,785,169)
216,201
15,833,770
16,378,574
(38,710,876)
360,405,324
82,196,679
(46,555,054)
(65,578,812)
5,546,539
13,416,055
390,346,425
33,476,147
797,003,106
134,668,074
48,740,177
(61,015,875)
33,235,865
19,819,810
3,153,436,578
3,119,960,431
3,598,904,484
3,464,236,410
1,032,021,683
1,093,037,558
$38,782,404
$33,235,865
$3,543,783,003
$3,153,436,578
$4,395,907,590
$3,598,904,484
$1,080,761,860
$1,032,021,683
367,052
1,538,010
11,750,807
19,630,367
26,375,634
20,115,881
4,102,014
7,731,546
22,552
44,458
2,461,766
2,129,279
3,668,895
2,855,991
647,911
1,090,154
(372,822)
(570,392)
(11,145,633)
(17,482,700)
(9,376,027)
(13,927,636)
(5,761,636)
(9,982,464)
16,782
1,012,076
3,066,940
4,276,946
20,668,502
9,044,236
(1,011,711)
(1,160,764)
–
–
3,762,204
6,616,035
4,260,464
7,475,085
1,320,362
2,357,782
–
–
2,851,654
2,441,896
5,174,977
4,471,257
742,132
1,277,184
–
–
(8,652,248)
(16,063,339)
(8,705,292)
(15,225,203)
(4,882,523)
(8,057,282)
–
–
(2,038,390)
(7,005,408)
730,149
(3,278,861)
(2,820,029)
(4,422,316)
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
350
Money
Market
Fund
Municipal
Bond
Fund
For
the
periods
ended
4/30/2024
(unaudited)
10/31/2023
4/30/2024
(unaudited)
10/31/2023
Operations
Net
investment
income/(loss)
$56,816,724
$63,707,604
$20,493,098
$40,917,834
Net
realized
gains/(losses)
22,846
28,430
(5,818,927)
(17,857,019)
Change
in
net
unrealized
appreciation/(depreciation)
–
129,175
97,786,755
(1,950,121)
Net
Change
in
Net
Assets
Resulting
From
Operations
56,839,570
63,865,209
112,460,926
21,110,694
Distributions
to
Shareholders
From
income/realized
gains
Class
S
(40,168,103)
(41,187,115)
(6,548,659)
(12,790,915)
From
income/realized
gains
Class
A
(16,648,620)
(22,520,489)
(14,376,000)
(29,702,251)
Total
from
income/realized
gains
(56,816,723)
(63,707,604)
(20,924,659)
(42,493,166)
Total
Distributions
to
Shareholders
(56,816,723)
(63,707,604)
(20,924,659)
(42,493,166)
Capital
Stock
Transactions
Class
S  
Sold
1,094,420,980
1,767,155,330
44,990,670
73,802,170
Distributions
reinvested
39,242,737
40,518,839
6,196,222
12,208,899
Redeemed
(817,486,501)
(939,031,035)
(45,981,015)
(94,277,962)
Total
Class
S
Capital
Stock
Transactions
316,177,216
868,643,134
5,205,877
(8,266,893)
Class
A  
Sold
278,609,116
475,704,180
11,285,033
26,037,716
Distributions
reinvested
16,307,142
22,203,228
12,489,612
25,829,225
Redeemed
(224,235,617)
(290,855,713)
(70,353,687)
(131,732,461)
Total
Class
A
Capital
Stock
Transactions
70,680,641
207,051,695
(46,579,042)
(79,865,520)
Capital
Stock
Transactions
386,857,857
1,075,694,829
(41,373,165)
(88,132,413)
Net
Increase/(Decrease)
in
Net
Assets
386,880,704
1,075,852,434
50,163,102
(109,514,885)
Net
Assets,
Beginning
of
Period
2,021,751,416
945,898,982
1,171,100,041
1,280,614,926
Net
Assets,
End
of
Period
$2,408,632,120
$2,021,751,416
$1,221,263,143
$1,171,100,041
Capital
Stock
Share
Transactions
Class
S
shares
Sold
1,094,420,980
1,767,155,330
4,415,893
7,339,132
Distributions
reinvested
39,242,737
40,518,839
605,002
1,218,808
Redeemed
(817,486,500)
(939,031,034)
(4,520,597)
(9,394,390)
Total
Class
S
share
transactions
316,177,217
868,643,135
500,298
(836,450)
Class
A
shares
Sold
278,609,115
475,704,181
1,108,582
2,588,996
Distributions
reinvested
16,307,142
22,203,228
1,219,463
2,577,620
Redeemed
(224,235,616)
(290,855,713)
(6,920,572)
(13,153,839)
Total
Class
A
share
transactions
70,680,641
207,051,696
(4,592,527)
(7,987,223)
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
351
Opportunity
Income
Plus
Fund
Small
Cap
Growth
Fund
Small
Cap
Stock
Fund
4/30/2024
(unaudited)
10/31/2023
4/30/2024
(unaudited)
10/31/2023
4/30/2024
(unaudited)
10/31/2023
$17,216,808
$31,559,595
$(367,207)
$(368,384)
$6,319,348
$12,000,555
(7,964,231)
(27,300,663)
1,742,868
(22,994,767)
(78,713,167)
(84,437,583)
33,695,216
17,975,769
40,585,283
(1,853,035)
557,995,660
(131,119,706)
42,947,793
22,234,701
41,960,944
(25,216,186)
485,601,841
(203,556,734)
(13,415,010)
(23,442,366)
–
–
(10,110,574)
(110,291,716)
(3,922,366)
(8,364,873)
–
–
(2,293,615)
(58,434,840)
(17,337,376)
(31,807,239)
–
–
(12,404,189)
(168,726,556)
(17,337,376)
(31,807,239)
–
–
(12,404,189)
(168,726,556)
111,815,630
134,124,233
39,264,378
107,624,657
744,173,577
1,280,714,475
13,141,894
22,932,275
–
–
9,678,496
106,801,957
(68,000,505)
(118,858,425)
(43,177,187)
(39,027,943)
(519,597,647)
(569,878,727)
56,957,019
38,198,083
(3,912,809)
68,596,714
234,254,426
817,637,705
3,684,896
9,228,256
–
–
14,428,687
36,298,830
3,598,250
7,686,354
–
–
2,268,196
57,810,100
(17,232,566)
(32,119,432)
–
–
(42,829,821)
(52,346,312)
(9,949,420)
(15,204,822)
–
–
(26,132,938)
41,762,618
47,007,599
22,993,261
(3,912,809)
68,596,714
208,121,488
859,400,323
72,618,016
13,420,723
38,048,135
43,380,528
681,319,140
487,117,033
646,703,428
633,282,705
190,428,256
147,047,728
2,277,016,773
1,789,899,740
$719,321,444
$646,703,428
$228,476,391
$190,428,256
$2,958,335,913
$2,277,016,773
12,626,552
15,296,544
2,398,910
6,902,776
25,737,814
46,617,018
1,475,614
2,617,459
–
–
325,000
4,070,546
(7,674,704)
(13,578,387)
(2,639,304)
(2,536,226)
(18,067,556)
(20,794,428)
6,427,462
4,335,616
(240,394)
4,366,550
7,995,258
29,893,136
415,140
1,050,344
–
–
685,207
1,785,495
404,189
877,118
–
–
104,285
3,013,435
(1,945,498)
(3,669,509)
–
–
(2,058,690)
(2,600,181)
(1,126,169)
(1,742,047)
–
–
(1,269,198)
2,198,749
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
352
(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
and
Thrivent
Multidimensional
Income 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.
Share
Classes
— The
Trust
may
issue
an
unlimited
number
of
shares
in
one
or
more
series
as
the
Board
may
authorize.
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
and
Limited
Maturity
Bond,
which
have
a
12b-1
fee
of
0.125%,
and
Money
Market,
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
classes. High
Income
Municipal
Bond, Low
Volatility
Equity, Mid
Cap
Growth,
Mid
Cap
Value,
Multidimensional
Income,
and Small
Cap
Growth
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
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 
—
The
Funds
record
their
investments
at
fair
value
using
market
quotations
when
they
are
readily
available
pursuant
to
Rule
2a-5. 
The
Funds'
investments
are
recorded
at
fair
value
determined
in
good
faith
when
market
quotations
are
not
readily
available. 
Securities
traded
on
U.S.
or
foreign
securities
exchanges
or
included
in
a
national
market
system
are
valued
at
the
last
sale
price
on
the
principal
exchange
as
of
the
close
of
regular
trading
on
such
exchange
or
the
official
closing
price
of
the
national
market
system.  Over-the-counter
securities
and
listed
securities
for
which
no
price
is
readily
available
are
valued
at
the
current
bid
price
considered
best
to
represent
the
value
at
that
time.
Security
prices
are
based
on
quotes
that
are
obtained
from
an
independent
pricing
service
approved
by
the
Trust’s
Board
of
Trustees
(the
“Board”).
The
pricing
service,
in
determining
values
of
fixed-income
securities,
takes
into
consideration
such
factors
as
current
quotations
by
broker/dealers,
coupon,
maturity,
quality,
type
of
issue,
trading
characteristics,
and
other
yield
and
risk
factors
it
deems
relevant
in
determining
valuations.
Securities
which
cannot
be
valued
by
the
approved
pricing
service
are
valued
using
valuations
obtained
from
dealers
that
make
markets
in
the
securities.
Exchange-listed
options and
futures
contracts
are
valued
at
the
primary
exchange
settle
price. 
Exchange
cleared
swap
agreements are
valued at the
clearinghouse
end
of
day
price. 
Swap
agreements
not
cleared
on
exchanges will
be
valued at
the
mid-price
from
the
primary
approved pricing
service. 
Forward
foreign
currency
exchange
contracts
are
marked-to-market
based
upon
foreign
currency
exchange
rates
provided
by
the
pricing
service.
Investments
in
open-ended
mutual
funds
are
valued
at
the
net
asset
value
at
the
close
of
each
business
day.
Thrivent
Money
Market
seeks
to
maintain
a stable
net
asset
value
of
$1.00
per
share,
pursuant
to
procedures
established
by
the
Board,
and
generally
utilizes
the
amortized
cost
method. 
Valuing securities
held
by
Thrivent
Money
Market
on
the
basis
of
amortized
cost
(which
approximates
market
value)
involves
a constant
amortization
of
premium
or
accretion
of discount
to
maturity.
Thrivent
Money
Market
will
not
value
a
security
at
amortized
cost,
but
will
instead
make
a
fair
value
determination
of
each
security,
if
it
determines
that
amortized
cost
is
not
approximately
the
same
as
the
fair
value
of
the
security. 
The
Board
has
chosen
the
Funds'
investment
Adviser
as
the
valuation
designee,
responsible
for daily
valuation
of
the
Funds'
securities.
The
Adviser
has
formed
a
Valuation
Committee
(the
“Committee”)
that
is
responsible
for
overseeing
the
Funds'
valuation
policies
in
accordance
with
Valuation
Policies
and
Procedures.
The
Committee
meets
on
a
monthly
and
on
an
as-needed
basis
to
review
price
challenges,
price
overrides,
stale
prices,
shadow
prices,
manual
prices,
money
market
pricing,
international
fair
valuation,
and
other
securities
requiring
fair
valuation. 
Certain
Funds
may
invest
in
Private
Equity Funds
("Private
Funds"),
which
are
fair
valued
by
the
Funds
pursuant
to
valuation
procedures
designed
by
the
Committee.  Private
Funds
are
typically
valued
at
an
amount
equal
to
the
Net
Asset
Value
(NAV)
of
a
fund's
investment
in
the Private
Fund
when
this
information
is
readily
available
to
the
fund. 
This
is
commonly
referred
to
as
using
the
NAV
as
a
practical
expedient,
which
allows
for
the
estimation
of
the
fair
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
353
value
of
an
investment
in
an investment
company
based
on
the
NAV
of
the
investment
company,
if
it
is
calculated
in
a
manner
consistent
with
ASC
946. 
The
Committee
has
determined
that
for
the
Private
Funds
held
by
the
Funds,
if
the
NAV
of
the
Private
Fund
is
not
readily
available
for
the
daily
pricing
needs
of
the
Funds,
the
Committee,
pursuant
to
the
valuation
procedures,
will
adjust
the
daily
value
of
the Private
Fund
via
a
model
utilizing
unobservable
inputs. 
The
Committee
monitors
for
significant
events
occurring
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
that
could
have
a
material
impact
on
the
value
of
any
securities
that
are
held
by
the
Funds.
Examples
of
such
events
include
trading
halts,
national
news/events,
and
issuer-specific
developments.
If
the
Committee
decides
that
such
events
warrant
using
fair
value
estimates,
the
Committee
will
take
such
events
into
consideration
in
determining
the
fair
value
of
such
securities.
If
market
quotations
or
prices
are
not
readily
available
or
determined
to
be
unreliable,
the
securities
will
be
valued
at
fair
value
as
determined
in
good
faith
pursuant
to
procedures
adopted
by
the
Board.
In
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
("GAAP"),
the
various
inputs
used
to
determine
the
fair
value
of
the
Funds’
investments
are
summarized
in
three
broad
levels.  Level
1
includes
quoted
prices
in
active
markets
for
identical
securities,
typically
included
in
this
level
are
U.S.
equity
securities,
futures,
options
and
registered
investment
company
funds.  Level
2
includes
other
significant
observable
inputs
such
as
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk,
typically
included
in
this
level
are
fixed
income
securities,
international
securities,
swaps
and
forward
contracts.  Level
3
includes
significant
unobservable
inputs
such
as
the
Adviser’s
own
assumptions
and
broker
evaluations
in
determining
the
fair
value
of
investments.
The
valuation
levels
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
securities
or
other
investments. 
Investments
measured
using
net
asset
value
per
share
as
a
practical
expedient
for
fair
value
and
that
are
not
publicly
available
for
sale
are
not
categorized
within
the
fair
value
hierarchy.
Valuation
of
International
Securities
—
The
Funds
value
certain
foreign
securities
traded
on
foreign
exchanges
that
close
prior
to
the
close of
the
New
York
Stock
Exchange
using
a
fair
value
pricing
service. 
The
fair
value
pricing
service
uses
a
multi-factor
model
that
may
take
into
account
the
local
close,
relevant
general
and
sector
indices,
currency
fluctuation,
prices
of
other
securities
(including
ADRs,
New
York
registered
shares,
and
ETFs),
and
futures,
as
applicable,
to
determine
price
adjustments
for
each
security
in
order
to
reflect
the
effects
of
post-closing
events. 
The
Board
has
authorized
the
Adviser
to
make
fair
valuation
determinations
pursuant
to
policies
approved
by
the
Board.
Foreign
Currency
Translation 
—
The
accounting
records
of
each
Fund
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
that
are
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
daily
closing
rates
of
exchange.
Foreign
currency
amounts
related
to
the
purchase
or
sale
of
securities
and
income
and
expenses
are
translated
at
the
exchange
rate
on
the
transaction
date.
Net
realized
and
unrealized
currency
gains
and
losses
are
recorded
from
closed currency
contracts,
disposition
of foreign
currencies,
exchange
gains
or
losses
between
the
trade
date
and
settlement
date
on
securities
transactions,
and
other
translation
gains
or
losses
on
dividends,
interest
income
and
foreign
withholding
taxes.
The
Funds
do
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement
of
Operations.
For
federal
income
tax
purposes,
the
Funds
treat
the
effect
of
changes
in
foreign
exchange
rates
arising
from
actual
foreign
currency
transactions
and
the
changes
in
foreign
exchange
rates
between
the
trade
date
and
settlement
date
as
ordinary
income.
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,
and
certain
state
jurisdictions
as
well
as
certain
foreign
countries.
The Funds'
federal
income
tax
returns
are
subject
to
examination
for
a
period
of
three
years
after
the
filing
of
the
return
for
the
tax
period.
State
returns
may
be
subject
to
examination
for
an
additional
year
depending
on
the
jurisdiction.
The Funds
have
no
examinations
in
progress
and
none
are
expected
at
this
time.
As
of April
30,
2024,
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
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
354
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.
Taxes
paid
on
foreign
capital
gains,
if
any,
are
included
in
the
net
realized
gains/(losses)
on
investments
on
the
Statement
of
Operations.
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
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. 
In
addition,
the
Funds
may
claim
a
portion
of
the
payment
made
to
redeeming
shareholders
as
a
distribution
for
income
tax
purposes. 
The
dividend
distribution
schedule
is
as
follows:
*
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 loss
if
the
value
of
the
derivative
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
derivative.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
derivative
contract.
A
Fund’s
risk
of
loss
from
the
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
such
Fund.
With
exchange
traded
futures
and
centrally
cleared
swaps,
there
is
minimal
counterparty
credit
risk
to
the
Funds
because
the
exchange’s
clearinghouse,
as
counterparty
to
such
derivatives,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
derivative;
thus,
the
credit
risk
is
limited
to
the
failure
of
the
clearinghouse.
However,
credit
risk
still
exists
in
exchange
traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
broker’s
customer
accounts.
While
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
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,
2024
(unaudited)
355
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
broker
for
all
its
clients,
U.S.
bankruptcy
laws
will
typically
allocate
that
shortfall
on
a
pro-rata
basis
across
all
of
the
broker’s
customers,
potentially
resulting
in
losses to
the
Funds.
Using
derivatives
to
hedge
can
guard
against
potential
risks,
but
it
also
adds
to
the
Funds'
expenses
and
can
eliminate
some
opportunities
for
gains.
In
addition,
a
derivative
used
for mitigating
exposure or
replication
may
not
accurately
track
the
value
of
the
underlying
asset.
Another
risk
with
derivatives
is
that
some
types
can
amplify
a
gain
or
loss,
potentially
earning
or
losing
substantially
more
money
than
the
actual
cost
of
the
derivative.
 In
order
to
define
their
contractual
rights
and
to
secure
rights
that
will
help
the
Funds
mitigate
their
counterparty
risk,
the
Funds
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
a
Fund
and
a
counterparty
that
governs
OTC
derivatives
and
foreign
exchange
contracts
and
typically
includes,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement,
each
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivatives'
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
a
default
(close-out
netting)
including
the
bankruptcy
or
insolvency
of
the
counterparty.
Note,
however,
that
bankruptcy
and
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
and
margin
requirements
vary
by
type
of
derivative.
Margin
requirements
are
established
by
the
broker
or
clearinghouse
for
exchange
traded
and
centrally
cleared
derivatives
(futures,
options,
and
centrally
cleared
swaps).
Brokers
can
ask
for
margining
in
excess
of
the
minimum requirements in
certain
situations.
Collateral
terms
are
contract
specific
for
OTC
derivatives
(foreign
currency
exchange
contracts,
options
and
swaps).
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark
to
market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund
and
the
counterparty.
For
financial
reporting
purposes,
non-cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
has
been
noted
in
the
Schedule
of
Investments.
To
the
extent
amounts
due
to a
Fund
from
its
counterparties
are
not
fully
collateralized,
contractually
or
otherwise,
the
Fund
bears
the
risk
of
loss
from
counterparty
nonperformance.
The
Funds
attempt
to
mitigate
counterparty
risk
by
only
entering
into
agreements
with
counterparties
that
they
believe
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Options 
—
All
Funds,
with
the
exception
of the
Money
Market
Fund, may
buy
put
and
call
options
and
write
put
and
covered
call
options.
The
Funds
intend
to
use
such
derivative
instruments
as
hedges
to
facilitate
buying
or
selling
securities
or
to
provide
protection
against
adverse
movements
in
security
prices
or
interest
rates.
The
Funds
may
also
enter
into
options
contracts
to
protect
against
adverse
foreign
exchange
rate
fluctuations.
Option
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded.
A
Fund
will
realize
a
gain
or
loss
upon
expiration
or
closing
of
the
option
transaction.
When
an
option
is
exercised,
the
proceeds
upon
sale
for
a
written
call
option
or
the
cost
of
a
security
for
purchased
put
and
call
options
is
adjusted
by
the
amount
of
premium
received
or
paid.
Buying
put
options
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
security
while
buying
call
options
tends
to
increase
a
Fund’s
exposure
to
the
underlying
security.
The
risk
associated
with
purchasing
put
and
call
options
is
limited
to
the
premium
paid.
There
is
no
significant
counterparty
risk
on
exchange-traded
options
as
the
exchange
guarantees
the
contract
against
default.
Writing
put
options
tends
to
increase
a
Fund’s
exposure
to
the
underlying
security
while
writing
call
options
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
security.
The
writer
of
an
option
has
no
control
over
whether
the
underlying
security
may
be
bought
or
sold,
and
therefore
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
underlying
security.
The
counterparty
risk
for
purchased
options
arises
when
a
Fund
has
purchased
an
option,
exercises
that
option,
and
the
counterparty
doesn’t
buy
from
the
Fund
or
sell
to
the
Fund
the
underlying
asset
as
required.
In
the
case
where
a
Fund
has
written
an
option,
the
Fund
doesn’t
have
counterparty
risk.
Counterparty
risk
on
purchased
over-the-counter
options
is
partially
mitigated
by
the
Fund’s
collateral
posting
requirements.
As
the
option
increases
in
value
to
the
Fund,
the
Fund
receives
collateral
from
the
counterparty.
Risks
of
loss
may
exceed
amounts
recognized
on
the
Statement
of
Assets
and
Liabilities.
During
the six
months
ended
April
30,
2024,
none
of
the
Funds
invested
in
options.
Futures
Contracts 
—
All
Funds,
with
the
exception
of
the
Money
Market
Fund, may
use
futures
contracts
to
manage
the
exposure
to
interest
rate
and
market
or
currency
fluctuations.
Gains
or
losses
on
futures
contracts
can
offset
changes
in
the
yield
of
securities.
When
a
futures
contract
is
opened,
cash
or
other
investments
equal
to
the
required
“initial
margin
deposit”
are
held
on
deposit
with
and
pledged
to
the
broker.
Additional
securities
held
by
the
Funds
may
be
earmarked
to
cover
open
futures
contracts. A
futures
contract’s
daily
change
in
value
(“variation
margin”)
is
either
paid
to
or
received
from
the
broker,
and
is
recorded
as
an
unrealized
gain
or
loss.
When
the
contract
is
closed,
realized
gain
or
loss
is
recorded
equal
to
the
difference
between
the
value
of
the
contract
when
opened
and
the
value
of
the
contract
when
closed.
Futures
contracts
involve,
to
varying
degrees,
risk
of
loss
in
excess
of
the
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
356
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 six
months
ended April
30,
2024, Aggressive
Allocation,
Balanced
Income
Plus,
Government
Bond,
High
Income
Municipal
Bond, Income, Moderate
Allocation,
Moderately
Aggressive
Allocation,
Moderately
Conservative
Allocation, Municipal
Bond,
and
Opportunity
Income
Plus
used
treasury
futures
to
manage
the
duration
and yield
curve
exposure
of
the
Fund
versus
the
benchmark.
During
the six
months
ended April
30,
2024,
Aggressive
Allocation,
Balanced
Income
Plus, Global
Stock,
International
Allocation,
Low
Volatility
Equity,
Moderate
Allocation,
Moderately
Aggressive
Allocation, and
Moderately
Conservative
Allocation used
equity
futures
to
manage
exposure
to
the
equities
markets.
During
the six
months
ended April
30,
2024,
Aggressive
Allocation,
Balanced
Income
Plus,
Moderate
Allocation,
Moderately
Aggressive
Allocation,
and
Moderately
Conservative
Allocation
used
foreign
exchange
futures
to
hedge
currency
risk. 
Swap
Agreements 
—
All
Funds,
with
the
exception
of
the
Money
Market
Fund, may enter
into
swap
transactions,
which
involve
swapping
one
or
more
investment
characteristics
of
a
security
or
a
basket
of
securities
with
another
party.
Such
transactions
include
market
risk,
risk
of
default
by
the
other
party
to
the
transaction,
risk
of
imperfect
correlation
and
manager
risk
and
may
involve
commissions
or
other
costs.
Swap
transactions
generally
do
not
involve
delivery
of
securities,
other
underlying
assets
or
principal.
Accordingly,
the
risk
of
loss
with
respect
to
swap
transactions
is
generally
limited
to
the
net
amount
of
payments
that
the
Fund
is
contractually
obligated
to
make,
or
in
the
case
of
the
counterparty
defaulting,
the
net
amount
of
payments
that
the
Fund
is
contractually
entitled
to
receive.
Risks
of
loss
may
exceed
amounts
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
there
is
a
default
by
the
counterparty,
the
Fund
may
have
contractual
remedies
pursuant
to
the
agreements
related
to
the
transaction.
The
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded.
Swap
agreements
are
valued
at
the
clearinghouse
end
of
day
prices
as
furnished by
an
independent
pricing
service.
The
pricing
service
takes
into
account
such
factors
as
swap
curves,
default
probabilities,
recent
trades,
recovery
rates
and
other
factors
it
deems
relevant
in
determining
valuations.
Daily
fluctuations
in
the
value
of
the
centrally
cleared
credit
default
contracts
are
recorded
in
variation
margin
in
the
Statement
of
Assets
and
Liabilities
and
recorded
as
unrealized
gain
or
loss.
The
Fund
accrues
for
the
periodic
payment
and
amortizes
upfront
payments,
if
any,
on
swap
agreements
on
a
daily
basis
with
the
net
amount
recorded
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Receipts
and
payments
received
or
made
as
a
result
of
a
credit
event
or
termination
of
the
contract
are
also
recognized
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Collateral,
in
the
form
of
cash
or
securities,
may
be
required
to
be
held
with
the
Fund’s
custodian,
or
a
third
party,
in
connection
with
these
agreements.
Certain swap
agreements
are
over-the-counter. In
these
types
of
transactions,
the
Fund
is
exposed
to
counterparty
risk,
which
is
the
discounted
net
amount
of
payments
owed
to
the
Fund.
This
risk
is
partially
mitigated
by
the
Fund’s
collateral
posting
requirements.
As
the
swap
increases
in
value
to
the
Fund,
the
Fund
receives
collateral
from
the
counterparty.  Certain
interest
rate
and
credit
default
index
swaps
must
be
cleared
through
a
clearinghouse
or
central
counterparty.
Credit
Default
Swaps 
—
A
credit
default
swap
is
a
swap
agreement
between
two
parties
to
exchange
the
credit
risk
of
a
particular
issuer,
basket
of
securities
or
reference
entity.
In
a
credit
default
swap
transaction,
a
buyer
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
The
seller
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
A
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
of
the
reference
entity
obligation
as
of
the
date
of
the
credit
event. 
A
realized
gain
or
loss
is
recorded
upon
a
default
event
or
the
maturity
or
termination
of
the
CDS
agreement. 
For
CDS,
the
default
events
could
be
bankruptcy
and
failing
to
pay
interest
or
principal
on
borrowed
money
or
a
restructuring.
A
restructuring
is
a
change
in
the
underlying
obligations
which
could
include
a
reduction
in
interest
or
principal,
maturity
extension and
subordination
to
other
obligations.
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
357
During
the
six
months
ended April
30,
2024,
Balanced
Income
Plus, High
Yield,
Income, and
Opportunity
Income
Plus
used
CDX
Indexes
(comprised
of
credit
default
swaps)
to
help
manage
credit
risk
exposures
within
the
Fund.
Total
Rate
of
Return
Swaps
—
A
total
rate
of
return
swap
is
a
swap
agreement
between
two
parties
to
exchange
the
total
return
of
a
particular
reference
asset.
A
total
return
swap
involves
commitments
to
pay
interest
in
exchange
for
a
market
linked
return
based
on
a
notional
amount.
To
the
extent
that
the
total
return
of
the
security,
group
of
securities,
or
index
underlying
the
transactions
exceeds
or
fall
short
of
the
offsetting
interest
obligation,
the
Funds
will
receive
a
payment
from
or
make
a
payment
to
the
counterparty.
The
Funds
may
take
a
"long"
or
"short"
position
with
respect
to
the
underlying
referenced
asset.
During
the
six
months
ended
April
30,
2024,
Aggressive
Allocation
and
Global
Stock
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
table
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
table.
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:
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. 
These
purchase
and
sale
transactions
may
increase
portfolio
turnover
rate. 
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
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
Money
Market
Repurchase
Agreements
130,000,000
–
130,000,000
130,000,000
–
–
–
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
358
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.
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,
2024, Money
Market
Fund
engaged
in
this
type
of
investment.
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
are
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
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Contingent
Liabilities
—
International
Allocation received
proceeds
of
$69,181.42
on
September
19,
2022 in
connection
with
a
Settlement
Agreement
with
Satyam
Computer
Services
Ltd.,
which
has
now
merged
with
Tech
Mahindra
Limited
(“Tech
Mahindra”).
As
part
of
the
Settlement
Agreement, International
Allocation must
indemnify
Tech
Mahindra
for
any
tax
liability
owed
in
relation
to
the
settlement
payments,
up
to
a
maximum
of
$31,566.22,
or
50%
of
the
gross
settlement
consideration
paid
to
the
Fund.
This
loss
contingency
has
not
been
accrued
as
a
liability
because
the
amount
of
potential
indemnity
and
the
likelihood
of
loss
cannot
be
reasonably
estimated
and
management
does
not
expect
that
the
Fund’s
assets
will
be
subject
to
a
loss
contingency.
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. 
For
the six
months
ended
April
30,
2024,
no
contingent
liabilities
were
reported.
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
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
359
tranches
of
a
bank
loan,
with
varying
terms
and
different
associated
risks. 
Transactions
in
bank
loan
securities
may
settle
on
a
delayed
basis,
which
may
result
in
the
proceeds
of
the
sale
to
not
be
readily
available
for
a Fund
to
make
additional
investments. 
Interest
rates
of
bank
loan
securities
typically
reset
periodically,
as
the
rates
are
tied
to
a
reference
index
rate,
plus
a
premium. 
Income
is
recorded
daily
on
bank
loan
securities. 
On
an
ongoing
basis,
a Fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
of
the
bank
loan. 
This
commitment
fee
is
accrued
as
income
over
the
term
of
the
bank
loan. 
A Fund
may
receive
consent
and
amendment
fees
for
accepting
an
amendment
to
the
current
terms
of
a
bank
loan. 
Consent
and
amendment
fees
are
accrued
as
income
when
the
changes
to
the
bank
loan
are
immaterial
and
to
capital
when
the
changes
are
material.
All
or
a
portion
of
these
bank
loan
commitments
may
be
unfunded.
A
Fund
is
obligated
to
fund
these
commitments
at
the
borrower’s
discretion.
Therefore,
the
Fund
must
have
funds
sufficient
to
cover
its
contractual
obligation.
These
unfunded
bank
loan
commitments,
which
are
marked-to-market
daily,
are
presented
in
the
Schedule
of
Investments
and
included
in
Payable
for
investments
purchased
on
a
delayed-delivery
basis
on
the
Statement
of
Assets
and
Liabilities.
As
of
April
30,
2024,
the
Funds
have
the
following
unfunded
bank
loan
commitments:
Private
Equity
Funds
—
Typically,
when
a
fund
invests
in
a
Private Fund,
the
Fund
makes
a
commitment
to
invest
a
specified
amount
of
capital
in
the
applicable
Private Fund.
The
capital
commitment
may
be
drawn
by
the
general
partner
of
the
Private Fund
either
all
at
once
or
through
a
series
of
capital
calls
at
the
discretion
of
the
general
partner.
Thus,
an
unfunded
capital
commitment
represents
the
portion
of
the
Fund’s
overall
capital
commitment
that
has
not
yet
been
called
by
the
general
partner.
Unfunded
commitments
may
subject
the
Fund
to
certain
risks.
For
example,
the
Fund
may
be
required
to:
liquidate
other
portfolio
investments,
potentially
at
inopportune
times,
to
obtain
the
cash
needed
to
satisfy
its
obligations
with
respect
to
a
capital
call
or
borrow
under
a
credit
facility
which
may
result
in
additional
expenses
to
the
Fund.
Management
recognizes
these
risks
as
potentially
detrimental
to
the
overall
strategy
and
so
the
Fund
will
generally
maintain
with
its
custodian
cash
and/or,
liquid
investments
having
an
aggregate
value
at
least
equal
to
the
par
value
of
unfunded
capital
commitments. 
As
of
April
30,
2024,
the
unfunded
capital
commitments
were
as
follows:
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 Overnight
Bank
Funding
Rate
plus,
in
each
case,
0.10%
plus
a
margin
of 1.25%. 
Each
borrowing
under
the
credit
facility
matures
no
later
than
30
calendar
days
after
the
date
of
the
borrowing. 
Each
participating Fund
pays
a commitment
fee
in
proportion
to
their
respective
net
assets. 
The
line
of
credit
agreement
shall
expire
on December
17,
2024
unless
extended
by
mutual
agreement
of
State
Street
Bank
and
Trust
Company
and
the
Funds. 
The
Funds
had
no
borrowings
during
the six
months
ended April
30,
2024.
Fund/Borrower
Unfunded
Loan
Commitments
Thrivent
High
Yield
Fund
Cedar
Fair,
LP,
Term
Loan
$457,853
HLF
Financing
SARL,
LLC,
Term
Loan
$456,225
Truist
Insurance
Holdings,
LLC,
Term
Loan
$1,611,000
Total
$2,525,078
Fund
Total
Commitments
Unfunded
Commitments
Percent
Funded
Aggressive
Allocation
80,000,000
68,790,936
14.01%
Moderate
Allocation
92,000,000
78,227,321
14.97%
Moderately
Aggressive
Allocation
101,000,000
86,797,664
14.06%
Moderately
Conservative
Allocation
24,000,000
20,330,117
15.29%
297,000,000
254,146,038
14.43%
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
360
In-kind
Redemptions
—  During
the six
months ended
April
30,
2024, Goldman
Sachs
Asset
Management
LP redeemed
their
shares
in-kind
(“in-kind
redemption”)
of
Large
Cap Value
(the
"underlying
fund").
The
underlying
fund
distributed
fund
securities
and
cash
as
payment
for
the
redemption
of
these
fund
shares.
For
financial
reporting
purposes,
the
underlying
fund
recognizes
gain
on
these
transactions
to
the
extent
the
value
of
the
distributed
securities
on
the
date
of
redemption
exceeds
the
cost
of
those
securities;
they
recognize
a
loss
if
the
cost
exceeds
the
value.
Gains
or
losses
on
in-kind
redemptions
are
not
recognized
for
tax
purposes.
The
realized
gains
or
losses
below
are
included
in
the
Statement
of
Operations
of
the
underlying
fund
as
net
realized
gains/losses
on
in-kind
redemptions.
The
in-kind
amounts
and
shares
redeemed
are
included
in
the
Capital
Stock
Transactions
of
the
Statement
of
Changes
in
Net
Assets
of
the
underlying
fund.
These
in-kind
transactions
were
conducted
at
market
value.
The
transactions
were
as
follows:
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:
Underlying
Fund
Underlying
Shares
Redeemed
Date
In-kind
Amount
Realized
Gain/(Loss)
Large
Cap
Value
 3,243,243.243
1/12/2024
$89,708,108
$71,795,706
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
$1,500
to
$2,000M 
Over $2,000M 
International
Allocation
0.700%
 0.650%
 0.625% 
0.600%
0.600% 
Money
Market
0.250%
0.250%
0.250%
0.200%
0.200%
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%
0.450%
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
0.675%
0.675%
0.675%
0.675%
0.675%
0.675%
0.675%
0.625%
0.600%
0.600%
0.600%
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%
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%
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
361
Expense
Reimbursements 
— For
the
six
months
ended
April
30,
2024, contractual
expense
reimbursements,
as
a
percentage of
net
assets,
were
in
effect:
For
the
six
months
ended
April
30,
2024,
contractual
expense
reimbursements
to
limit
expenses
to
the
following
percentages
were
in
effect:
*Prior
expense
cap
of
0.99%
on
Class A expired
on
December
31,
2023.
**Prior
expense
cap
of
0.75%
expired
on
February
29,
2024.
***Expense
cap
of
1.04%
was
effective
on
February
29,
2024.
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,
but
may
recoup
amounts
reimbursed
or
waived
in
prior
months
within
the
same
fiscal
year. 
Acquired
fund
fees
and
expenses
incurred
by
the
Funds
by
investing
in
other
open-ended
funds
are
excluded
from
reimbursements
accrued
by
the
Funds.
Subject
to
certain
limitations,
all
Funds
in
the
Trust
except
for
Money
Market
Fund
may
invest in
other
Funds, 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
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
related
to
an
investment
in
these
funds.
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
and
Limited
Maturity
Bond,
which
have
a
12b-1
fee
of
0.125%,
and
Money
Market,
which
does
not
have
a
12b-1
fee. 
Sales
Charges
and
Other
Fees 
—
For
the
six
months
ended
April
30,
2024,
Thrivent
Investment
Management
Inc.
("Thrivent
Investment
Mgt.")
and
Thrivent
Distributors,
LLC
received $350,332
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. Each
Fund
pays a
fee equal
to
the sum of
$80,000 ($70,000
prior
to
January
1,
2024)
plus
0.017%
of
the
Fund's
average
daily
net
assets
to
Thrivent
Asset
Mgt.
These
fees
are
accrued
daily
and
paid
monthly. For
the
six
months
ended
April
30,
2024,
Thrivent
Asset
Mgt.
received
aggregate
fees
for
accounting
and
administrative
personnel
and
services
of $3,616,765
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,
2024,
Thrivent
Investor
Services
received $13,974,669
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
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 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 $482,162
in
fees from
the
Trust
for
the
Funds
covered
in
this
shareholder
report
for
the
six
months
ended
April
30,
2024.
In
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
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%
Fund
Class
A
Class
S
Expiration
Date
Money
Market
0.05%
N/A
2/28/2025
Fund
Class
A
Class
S
Expiration
Date
Balanced
Income
Plus
0.97%*
N/A
2/28/2025
Government
Bond
0.80%**
0.52%
2/28/2025
High
Income
Municipal
Bond
N/A
0.60%
2/28/2025
International
Allocation
1.17%
N/A
2/28/2025
Large
Cap
Growth
1.04%***
N/A
2/28/2025
Low
Volatility
Equity
N/A
0.95%
2/28/2025
Mid
Cap
Growth
N/A
0.90%
2/28/2025
Mid
Cap
Value
N/A
0.90%
2/28/2025
Municipal
Bond
N/A
0.51%
2/28/2025
Small
Cap
Growth
N/A
0.95%
2/28/2025
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
362
addition,
the
Trust
reimbursed
independent
Trustees
for
reasonable
expenses
incurred
in
relation
to
attendance
at
Board
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.  This
contractual
provision
may
be
terminated
upon
the
mutual
agreement
between
the
Independent
Trustees
of
the Trust
and
the
Adviser. 
For
the
six
months
ended
April
30,
2024,
the
following
expense
reimbursements,
as
a
percentage
of
net
assets,
were
in
effect:
Aggressive
Allocation
0.17%
0.17%
2/28/2025
Moderate
Allocation
0.20%
0.20%
2/28/2025
Moderately
Aggressive
0.24%
0.24%
2/28/2025
Allocation
Moderately
Conservative
0.16%
0.16%
2/28/2025
Allocation
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. 
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 six
months
ended April
30,
2024,
none
of
the Funds borrowed
cash
through
the
Program. 
(4)
FEDERAL
INCOME
TAX
INFORMATION
Distributions
are
based
on
amounts
calculated
in
accordance
with
the
applicable
federal
income
tax
regulations,
which may
differ
from
GAAP. 
To
the
extent
that
these
differences
are
permanent
in
nature,
GAAP
requires
such
amounts
to
be
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
the
amount
of
distributions,
on
a
tax
basis
and
components
of
distributable
earnings,
are
finalized. 
Therefore,
as
of
April
30,
2024,
the
tax
basis
balance
has
not
yet
been
determined. 
At
October
31,
2023,
the
following
Funds
had
accumulated
net capital
loss
carryovers 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,
2024,
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
Class
A
Class
S
Expiration
Date
Fund
Capital
Loss
Carryover
Balanced
Income
Plus
$
5,654,086
Global
Stock
*
6,119,701
Government
Bond
9,351,471
High
Income
Municipal
Bond
1,805,002
High
Yield
86,751,486
Income
65,478,493
International
Allocation
*
74,412,125
Limited
Maturity
Bond
16,124,536
Mid
Cap
Growth
3,406,625
Mid
Cap
Value
203,638
Moderately
Conservative
Allocation
29,165,733
Municipal
Bond
65,361,899
Opportunity
Income
Plus
65,151,098
Small
Cap
Growth
33,631,403
Small
Cap
Stock
74
,
452
,
983
In
thousands
Fund
Purchases
Sales/
Paydowns
Aggressive
Allocation
$392,566
$320,714
Balanced
Income
Plus
78,372
97,383
Global
Stock
475,564
478,111
Government
Bond
–
4,015
High
Income
Municipal
Bond
11,108
12,107
High
Yield
187,460
192,263
Income
219,405
129,067
International
Allocation
326,328
370,960
Large
Cap
Growth
577,067
558,039
Large
Cap
Value
460,845
374,241
Limited
Maturity
Bond
273,679
328,026
Low
Volatility
Equity
11,558
16,173
Mid
Cap
Growth
11,453
9,202
Mid
Cap
Stock
939,685
1,136,568
Mid
Cap
Value
11,527
11,613
Moderate
Allocation
362,700
420,013
Moderately
Aggressive
Allocation
607,384
459,959
Moderately
Conservative
Allocation
92,837
156,684
Municipal
Bond
135,102
177,100
Opportunity
Income
Plus
192,017
174,177
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
363
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,
2024,
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
engage
in securities
transactions
with affiliated
funds
or
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 six
months
ended April
30,
2024, the
following
Funds
engaged
in
purchase
transactions pursuant
to Rule
17a-7
of
the
1940
Act. 
These
transaction
amounts were
greater
than
0.045%
of
the
respective
fund's
net
assets:
During
the six
months ended
April
30,
2024,
the
following
Funds
engaged
in sale
transactions
pursuant
to
Rule
17a-7
of
the
1940
Act.
These
transaction
amounts
were
greater
than
0.045%
of
the
respective
fund's
net
assets: 
(7)
RELATED
PARTY
TRANSACTIONS
As
of
April
30,
2024,
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,
2024,
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
In
thousands
Fund
Purchases
Sales/
Paydowns
Small
Cap
Growth
79,203
82,715
Small
Cap
Stock
826,993
612,693
In
thousands
Fund
Purchases
Sales/
Paydowns
Aggressive
Allocation
$174,428
$171,870
Balanced
Income
Plus
69,267
61,583
Government
Bond
154,291
204,053
Income
75,088
54,921
Limited
Maturity
Bond
20,797
36,531
Moderate
Allocation
358,561
320,939
Moderately
Aggressive
Allocation
179,116
157,302
Moderately
Conservative
Allocation
189,637
175,727
Opportunity
Income
Plus
195,686
183,984
Fund
Number
of
Securities
Percent
of
Fund's
Net
Assets
Aggressive
Allocation
3
0.59%
Balanced
Income
Plus
1
0.00%
High
Yield
4
0.20%
Income
1
0.01%
Limited
Maturity
Bond
1
0.01%
Moderate
Allocation
3
0.50%
Moderately
Aggressive
Allocation
3
0.42%
Moderately
Conservative
Allocation
3
0.44%
Municipal
Bond
1
0.06%
Opportunity
Income
Plus
2
0.04%
Fund
Purchase
Amount
Aggressive
Allocation
 $24,235,063
Moderately
Aggressive
Allocation
43,627,705
Small
Cap
Stock
52,154,133
Fund
Sales
Proceeds
 Realized
Gain/(Loss)
Aggressive
Allocation
$3,658,782
$243,138
Balanced
Income
Plus
1,433,809
84,376
Moderate
Allocation
810,407
64,730
Moderately
Aggressive
Allocation
2,749,744
193,890
Moderately
Conservative
Allocation
377,980
24,996
Fund
Shares
Percent
of
Fund's
Outstanding
Shares
Moderately
Aggressive
Allocation
14,216,140
5.
4
%
Fund
Shares
Percent
of
Fund's
Outstanding
Shares
Aggressive
Allocation
1
3
,
347
,
673
9.
8
%
Income
8,571,734
6.6%
Moderate
Allocation
11
,
955
,
327
5
.
1
%
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
364
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
market
sector, or
due
to
impacts
from
domestic
or
global
events,
including the
spread
of
infectious
illness,
public
health
threats,
war,
terrorism,
natural
disasters or
similar
events.
As
of April
30,
2024,
the
following
Funds
had
portfolio
concentration
greater
than
25%
in
certain
sectors.
(10)
SIGNIFICANT
RISKS
Investing
in
the
Funds
involves
risks. 
The
following
is
an
alphabetical
list
of
significant
risks
in
investing
in
the
Funds. 
The
risks
applicable
to
each
Fund
are
listed
in
the
Portfolio
Perspectives
section
above.
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
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.
Conflicts
of
Interest
Risk 
—
An
investment
in
the
Fund
is
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,
privacy,
fraud,
business
disruption,
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
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
cybersecurity
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.
Although
Fund
Sector
%
of
Total
Net
Assets
Government
Bond
U.S
Govt.
&
Agencies
39.5%
Government
Bond
Mortgage-Backed
Securities
37.1%
High
Income
Municipal
Bond
Education
29.1%
Income
Financials
34.8%
Large
Cap
Growth
Information
Technology
39.7%
Limited
Maturity
Bond
Financials
33.0%
Mid
Cap
Growth
Information
Technology
27.5%
Small
Cap
Growth
Information
Technology
26.2%
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
365
each
Fund
attempts
to
minimize
such
failures
through
controls
and
oversight,
it
is
not
possible
to
identify
all
of
the
operational
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,
options,
credit
default
swaps,
and
total
return
swaps)
involves
additional
risks
and
transaction
costs
which
could
leave
a
Fund
in
a
worse
position
than
if
it
had
not
used
these
instruments.
Changes
in
the
value
of
the
derivative
may
not
correlate
as
intended
with
the
underlying
asset,
rate
or
index,
and
a
Fund
could
lose
much
more
than
the
original
amount
invested.
Derivatives
can
be
highly
volatile,
illiquid
and
difficult
to
value.
Derivatives
are
also
subject
to
the
risk
that
the
other
party
in
the
transaction
will
not
fulfill
its
contractual
obligations.
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
risks
and
volatility
of
investing
in
foreign
securities
is
increased
in
connection
with
investments
in
emerging
markets.
The
economic,
political
and
market
structures
of
developing
countries
in
emerging
markets,
in
most
cases,
are
not
as
strong
as
the
structures
in
the
U.S.
or
other
developed
countries
in
terms
of
wealth,
stability,
liquidity
and
transparency.
A
Fund
may
not
achieve
its
investment
objective
and
portfolio
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,
and
the
risks
of
such
events
are
heightened
within
emerging
market
countries.
Fund
performance
may
also
be
negatively
affected
by
portfolio
exposure
to
countries
and
corporations
domiciled
in,
or
with
revenue
exposures
to,
countries
with
less
developed
or
unreliable
legal,
tax,
regulatory,
accounting,
recordkeeping
and
corporate
governance
systems
and
standards.
In
particular,
there
may
be
less
publicly
available
and
transparent
information
about
issuers
in
emerging
markets
than
would
be
available
about
issuers
in
more
developed
capital
markets
because
such
issuers
may
not
be
subject
to
accounting,
auditing
and
financial
reporting
standards
and
requirements
comparable
to
those
to
which
U.S.
companies
are
subject.
Emerging
markets
may
also
have
differing
legal
systems,
many
of
which
provide
fewer
security
holder
rights
and
practical
remedies
to
pursue
claims
than
are
available
for
securities
of
companies
in
the
U.S.
or
other
developed
countries,
including
class
actions
or
fraud
claims.
Significant
buying
or
selling
actions
by
a
few
major
investors
may
also
heighten
the
volatility
of
emerging
market
securities.
Equity
Security
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,
geographic
region,
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
particular
country
or
geographic
region
or
one
or
more
related
sectors
or
industries
which
would
make
the
Fund
more
vulnerable
to
adverse
developments
affecting
such
countries,
geographic
regions,
sectors
or
industries.
Equity
securities
are
generally
more
volatile
than
most
debt
securities.
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
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
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
366
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.
Certain
events
in
foreign
markets
may
adversely
affect
foreign
and
domestic
issuers,
including
interruptions
in
the
global
supply
chain,
market
closures,
war,
terrorism,
natural
disasters
and
outbreak
of
infectious
diseases.
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,
which
may
be
negatively
impacted
by
rising
levels
of
indebtedness.
It
is
possible
that
issuers
of
U.S.
government
securities
will
not
have
the
funds
to
meet
their
payments
obligations
in
the
future.
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.
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
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
in
general
economic
conditions,
inflation,
and
monetary
policies,
such
as
certain
types
of
interest
rate
changes
by
the
Federal
Reserve
could
affect
interest
rates
and
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
367
the
value
of
some
securities.
During
periods
of
low
interest
rates
or
when
inflation
rates
are
high
or
rising,
the
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates.
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
(“Affiliated
Funds”).
From
time
to
time,
one
or
more
of
the
Affiliated
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
Affiliated
Funds
since
Affiliated
Funds
that
experience
redemptions
as
a
result
of
reallocations
or
rebalancings
may
have
to
sell
Fund
securities
and
since
Affiliated
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
Affiliated
Fund.
While
it
is
impossible
to
predict
the
overall
impact
of
these
transactions
over
time,
the
performance
of
an
Affiliated
Fund
may
be
adversely
affected
if
the
Affiliated
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
Affiliated
Funds,
a
redemption
or
reallocation
by
a
Thrivent
Asset
Allocation
Fund
away
from
an
Affiliated
Fund
could
cause
the
Affiliated
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
in
assessing
the
potential
of
the
investments
in
which
the
Fund
invests.
The
assessment
of
potential
Fund
investments
may
prove
incorrect,
resulting
in
losses
or
poor
performance,
even
in
rising
markets.
There
is
also
no
guarantee
that
the
Adviser
will
be
able
to
effectively
implement
the
Fund’s
investment
objective.
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.
Also,
some
leveraged
loans
are
known
as
“covenant
lite”
loans,
which
have
contractual
provisions
that
are
more
favorable
to
borrowers
and
provide
less
protection
for
lenders
such
as
the
Fund.
As
a
result,
the
Fund
could
experience
relatively
greater
difficulty
or
delays
in
enforcing
its
rights
on
its
holdings
of
covenant
lite
loans
than
its
holdings
of
loans
with
financial
maintenance
covenants,
which
may
result
in
losses.
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.
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.
To
the
extent
that
dealers
do
not
maintain
inventories
of
bonds
that
keep
pace
with
the
growth
of
the
bond
markets
over
time,
relatively
low
levels
of
dealer
inventories
could
lead
to
decreased
liquidity
and
increased
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.
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
the
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
market
sector,
or
due
to
impacts
from
domestic
or
global
events,
including
regulatory
events,
economic
downturn,
government
shutdowns,
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
368
the
spread
of
infectious
illness
such
as
the
outbreak
of
COVID-19,
public
health
crises,
war,
terrorism,
social
unrest,
recessions,
natural
disasters
or
similar
events.
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
a
bank
account
and
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Fund’s
sponsor
is
not
required
to
reimburse
the
Fund
for
losses,
and
you
should
not
expect
that
the
sponsor
will
provide
financial
support
to
the
Fund
at
any
time,
including
during
periods
of
market
stress.
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
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.
Mortgage-backed
securities
are
also
subject
to
extension
risk,
which
is
the
risk
that
when
interest
rates
rise,
certain
mortgage-backed
securities
will
be
paid
in
full
by
the
issuer
more
slowly
than
anticipated.
This
can
cause
the
market
value
of
the
security
to
fall
because
the
market
may
view
its
interest
rate
as
low
for
a
longer-term
investment.
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,
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.
In
addition,
other
funds
may
be
subject
to
additional
fees
and
expenses
that
will
be
borne
by
the
Fund.
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
—
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
relating
to
these
and
other
market
factors,
and
the
models
may
not
take
into
account
certain
factors,
or
perform
as
intended,
and
may
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
369
result
in
a
decline
in
the
value
of
the
Fund’s
portfolio.
Among
other
risks,
results
generated
by
such
models
may
be
impaired
by
errors
in
human
judgment,
data
imprecision,
software
or
other
technology
systems
malfunctions,
or
programming
flaws.
Such
models
may
not
perform
as
expected
or
may
underperform
in
periods
of
market
volatility.
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
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.
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.
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,
which
are
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.
Repurchase
Agreement Risk
—
If
the
seller
of
a
repurchase
agreement
defaults
or
is
otherwise
unable
to
fulfill
its
obligations,
the
Fund
may
incur
losses
as
a
result
of
selling
the
underlying
securities,
enforcing
its
rights,
or
a
decline
in
the
value
of
collateral.
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
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
April
30,
2024
(unaudited)
370
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.
372
Per
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
text
Net
Realized
Gain
on
Investments
Aggressive
Allocation
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
$
15.99
$
0.19
$
2.74
$
2.93
$
(0.25)
$
(0.41)
Year
Ended
10/31/2023
15.65
0.21
0.52
0.73
(0.13)
(0.26)
Year
Ended
10/31/2022
21.04
0.14
(3.54)
(3.40)
(0.22)
(1.77)
Year
Ended
10/31/2021
15.58
0.06
5.95
6.01
(0.08)
(0.47)
Year
Ended
10/31/2020
15.77
0.11
0.71
0.82
(0.16)
(0.85)
Year
Ended
10/31/2019
15.68
0.13
1.24
1.37
(0.16)
(1.12)
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
15.79
0.17
2.69
2.86
(0.22)
(0.41)
Year
Ended
10/31/2023
15.45
0.19
0.52
0.71
(0.11)
(0.26)
Year
Ended
10/31/2022
20.79
0.09
(3.47)
(3.38)
(0.19)
(1.77)
Year
Ended
10/31/2021
15.41
0.03
5.88
5.91
(0.06)
(0.47)
Year
Ended
10/31/2020
15.60
0.08
0.71
0.79
(0.13)
(0.85)
Year
Ended
10/31/2019
15.51
0.11
1.22
1.33
(0.12)
(1.12)
Balanced
Income
Plus
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
12.13
0.23
1.11
1.34
(0.23)
–
Year
Ended
10/31/2023
12.10
0.41
0.02
0.43
(0.40)
–
Year
Ended
10/31/2022
15.30
0.32
(2.41)
(2.09)
(0.32)
(0.79)
Year
Ended
10/31/2021
12.60
0.24
2.71
2.95
(0.25)
–
Year
Ended
10/31/2020
12.66
0.29
(0.07)
0.22
(0.28)
–
Year
Ended
10/31/2019
12.90
0.34
0.58
0.92
(0.38)
(0.78)
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
12.17
0.21
1.12
1.33
(0.22)
–
Year
Ended
10/31/2023
12.13
0.38
0.02
0.40
(0.36)
–
Year
Ended
10/31/2022
15.33
0.29
(2.41)
(2.12)
(0.29)
(0.79)
Year
Ended
10/31/2021
12.63
0.21
2.70
2.91
(0.21)
–
Year
Ended
10/31/2020
12.69
0.26
(0.07)
0.19
(0.25)
–
Year
Ended
10/31/2019
12.93
0.31
0.58
0.89
(0.35)
(0.78)
(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
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
(c)
Portfolio
turnover
rate
may
include
mortgage
dollar
roll
purchase
and
sale
transactions
which
may
increase
portfolio
turnover
rates.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.  
*
**
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.
373
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
(c)
$
(0.66)
$
18.26
18.60%
$
1,267.5
0.76%
2.11%
0.93%
1.94%
25%
(0.39)
15.99
4.76%
1,013.5
0.77%
1.28%
0.95%
1.10%
43%
(1.99)
15.65
(17.80)%
865.1
0.77%
0.67%
0.96%
0.49%
42%
(0.55)
21.04
39.35%
887.9
0.74%
0.29%
0.94%
0.09%
50%
(1.01)
15.58
5.25%
543.6
0.78%
0.68%
0.98%
0.48%
48%
(1.28)
15.77
9.80%
445.1
0.76%
0.87%
0.97%
0.66%
58%
(0.63)
18.02
18.47%
1,196.2
0.94
%
1.96%
1.11%
1.79%
25%
(0.37)
15.79
4.63%
1,030.1
0.94%
1.14%
1.12%
0.96%
43%
(1.96)
15.45
(17.92)%
1,017.5
0.93%
0.54%
1.12%
0.35%
42%
(0.53)
20.79
39.05%
1,261.7
0.91%
0.15%
1.11%
(0.05)%
50%
(0.98)
15.41
5.12%
951.7
0.95%
0.57%
1.15%
0.37%
48%
(1.24)
15.60
9.60%
955.0
0.94%
0.74%
1.15%
0.52%
58%
(0.23)
13.24
11.03%
174.6
0.76%
3.42%
0.76%
3.42%
40%
(0.40)
12.13
3.46%
161.1
0.76%
3.23%
0.76%
3.23%
77%
(1.11)
12.10
(14.55)%
162.3
0.74%
2.42%
0.74%
2.42%
211%
(0.25)
15.30
23.56%
171.7
0.75%
1.64%
0.75%
1.64%
157%
(0.28)
12.60
1.88%
108.5
0.78%
2.30%
0.78%
2.30%
85%
(1.16)
12.66
7.92%
140.1
0.77%
2.75%
0.77%
2.75%
113%
(0.22)
13.28
10.88%
228.4
0.98%
3.20%
1.01%
3.17%
40%
(0.36)
12.17
3.28%
219.2
1.00%
2.99%
1.01%
2.98%
77%
(1.08)
12.13
(14.75)%
231.8
1.00%
2.16%
1.00%
2.16%
211%
(0.21)
15.33
23.19%
283.4
1.01%
1.41%
1.01%
1.41%
157%
(0.25)
12.63
1.61%
235.0
1.04%
2.04%
1.04%
2.04%
85%
(1.13)
12.69
7.60%
250.2
1.04%
2.49%
1.04%
2.49%
113%
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
374
Per
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
text
Net
Realized
Gain
on
Investments
Global
Stock
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
$
24.16
$
0.27
$
4.30
$
4.57
$
(0.52)
$
(0.98)
Year
Ended
10/31/2023
23.00
0.51
1.45
1.96
(0.30)
(0.50)
Year
Ended
10/31/2022
33.09
0.30
(6.17)
(5.87)
(0.32)
(3.90)
Year
Ended
10/31/2021
24.14
0.23
9.62
9.85
(0.27)
(0.63)
Year
Ended
10/31/2020
26.46
0.24
0.64
0.88
(0.41)
(2.79)
Year
Ended
10/31/2019
26.88
0.43
1.46
1.89
(0.39)
(1.92)
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
23.77
0.22
4.24
4.46
(0.44)
(0.98)
Year
Ended
10/31/2023
22.64
0.43
1.42
1.85
(0.22)
(0.50)
Year
Ended
10/31/2022
32.65
0.20
(6.08)
(5.88)
(0.23)
(3.90)
Year
Ended
10/31/2021
23.82
0.14
9.51
9.65
(0.19)
(0.63)
Year
Ended
10/31/2020
26.16
0.15
0.62
0.77
(0.32)
(2.79)
Year
Ended
10/31/2019
26.59
0.34
1.45
1.79
(0.30)
(1.92)
Government
Bond
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
8.27
0.17
0.23
0.40
(0.17)
–
Year
Ended
10/31/2023
8.64
0.28
(0.37)
(0.09)
(0.28)
–
Year
Ended
10/31/2022
10.08
0.18
(1.44)
(1.26)
(0.18)
–
Year
Ended
10/31/2021
10.53
0.11
(0.23)
(0.12)
(0.11)
(0.22)
Year
Ended
10/31/2020
10.11
0.15
0.44
0.59
(0.15)
(0.02)
Year
Ended
10/31/2019
9.47
0.20
0.64
0.84
(0.20)
–
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
8.27
0.16
0.22
0.38
(0.16)
–
Year
Ended
10/31/2023
8.64
0.26
(0.37)
(0.11)
(0.26)
–
Year
Ended
10/31/2022
10.07
0.16
(1.43)
(1.27)
(0.16)
–
Year
Ended
10/31/2021
10.53
0.09
(0.24)
(0.15)
(0.09)
(0.22)
Year
Ended
10/31/2020
10.11
0.14
0.44
0.58
(0.14)
(0.02)
Year
Ended
10/31/2019
9.47
0.19
0.64
0.83
(0.19)
–
High
Income
Municipal
Bond
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
8.59
0.19
0.79
0.98
(0.19)
–
Year
Ended
10/31/2023
8.63
0.34
(0.04)
0.30
(0.34)
–
Year
Ended
10/31/2022
10.95
0.28
(2.32)
(2.04)
(0.28)
–
Year
Ended
10/31/2021
10.29
0.31
0.66
0.97
(0.31)
–
Year
Ended
10/31/2020
10.66
0.30
(0.36)
(0.06)
(0.31)
–
Year
Ended
10/31/2019
9.86
0.31
0.81
1.12
(0.32)
–
(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
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
(c)
Portfolio
turnover
rate
may
include
mortgage
dollar
roll
purchase
and
sale
transactions
which
may
increase
portfolio
turnover
rates.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.  
*
**
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.
375
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
(c)
$
(1.50)
$
27.23
19.23%
$
443.1
0.64%
2.08%
0.64%
2.08%
30%
(0.80)
24.16
8.72%
371.6
0.66%
2.07%
0.66%
2.07%
62%
(4.22)
23.00
(20.24)%
343.9
0.65%
1.18%
0.65%
1.18%
58%
(0.90)
33.09
41.67%
429.9
0.64%
0.78%
0.64%
0.78%
60%
(3.20)
24.14
3.18%
301.3
0.66%
1.10%
0.66%
1.10%
59%
(2.31)
26.46
8.12%
296.7
0.65%
1.75%
0.65%
1.75%
73%
(1.42)
26.81
19.06%
1,509.2
0.96%
1.76%
0.96%
1.76%
30%
(0.72)
23.77
8.34%
1,327.5
0.98%
1.75%
0.98%
1.75%
62%
(4.13)
22.64
(20.51)%
1,325.5
0.97%
0.85%
0.97%
0.85%
58%
(0.82)
32.65
41.28%
1,802.8
0.96%
0.45%
0.96%
0.45%
60%
(3.11)
23.82
2.78%
1,383.1
1.02%
0.75%
1.02%
0.75%
59%
(2.22)
26.16
7.73%
1,478.5
1.01%
1.39%
1.01%
1.39%
73%
(0.17)
8.50
4.78%
29.2
0.52%
3.80%
0.76%
3.56%
227%
(0.28)
8.27
(1.21)%
79.1
0.53%
3.16%
0.70%
2.99%
230%
(0.18)
8.64
(12.60)%
80.8
0.59%
1.89%
0.68%
1.80%
372%
(0.33)
10.08
(1.21)%
104.5
0.65%
1.07%
0.65%
1.07%
427%
(0.17)
10.53
5.88%
83.9
0.73%
1.39%
0.73%
1.39%
322%
(0.20)
10.11
8.95%
49.9
0.75%
2.04%
0.77%
2.02%
274%
(0.16)
8.49
4.53%
2.0
0.77%
3.64%
1.29%
3.11%
227%
(0.26)
8.27
(1.43)%
2.1
0.75%
2.91%
1.21%
2.45%
230%
(0.16)
8.64
(12.68)%
2.5
0.77%
1.69%
1.18%
1.28%
372%
(0.31)
10.07
(1.50)%
3.6
0.85%
0.86%
1.09%
0.62%
427%
(0.16)
10.53
5.76%
4.1
0.85%
1.32%
1.08%
1.10%
322%
(0.19)
10.11
8.84%
4.5
0.85%
1.94%
1.06%
1.73%
274%
(0.19)
9.38
11.43%
37.6
0.60%
4.12%
1.20%
3.51%
30%
(0.34)
8.59
3.36%
34.9
0.60%
3.77%
1.22%
3.15%
72%
(0.28)
8.63
(18.90)%
31.1
0.60%
2.77%
1.20%
2.18%
49%
(0.31)
10.95
9.51%
33.6
0.60%
2.80%
1.37%
2.03%
47%
(0.31)
10.29
(0.56)%
18.2
0.61%
2.99%
1.62%
1.98%
94%
(0.32)
10.66
11.51%
13.8
0.66%
3.07%
2.36%
1.37%
93%
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
376
Per
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
text
Net
Realized
Gain
on
Investments
High
Yield
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
$
3.94
$
0.13
$
0.17
$
0.30
$
(0.13)
$
–
Year
Ended
10/31/2023
3.98
0.23
(0.03)
0.20
(0.24)
–
Year
Ended
10/31/2022
4.68
0.22
(0.70)
(0.48)
(0.22)
–
Year
Ended
10/31/2021
4.49
0.22
0.19
0.41
(0.22)
–
Year
Ended
10/31/2020
4.73
0.24
(0.24)
0.00
(0.24)
–
Year
Ended
10/31/2019
4.64
0.26
0.09
0.35
(0.26)
–
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
3.94
0.12
0.17
0.29
(0.12)
–
Year
Ended
10/31/2023
3.97
0.22
(0.02)
0.20
(0.23)
–
Year
Ended
10/31/2022
4.67
0.20
(0.69)
(0.49)
(0.21)
–
Year
Ended
10/31/2021
4.49
0.20
0.18
0.38
(0.20)
–
Year
Ended
10/31/2020
4.73
0.22
(0.23)
(0.01)
(0.23)
–
Year
Ended
10/31/2019
4.63
0.25
0.10
0.35
(0.25)
–
Income
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
7.46
0.17
0.39
0.56
(0.17)
–
Year
Ended
10/31/2023
7.53
0.32
(0.07)
0.25
(0.32)
–
Year
Ended
10/31/2022
9.79
0.27
(2.09)
(1.82)
(0.28)
(0.16)
Year
Ended
10/31/2021
9.98
0.27
0.08
0.35
(0.27)
(0.27)
Year
Ended
10/31/2020
9.55
0.29
0.47
0.76
(0.29)
(0.04)
Year
Ended
10/31/2019
8.70
0.32
0.85
1.17
(0.32)
–
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
7.46
0.16
0.39
0.55
(0.16)
–
Year
Ended
10/31/2023
7.53
0.30
(0.08)
0.22
(0.29)
–
Year
Ended
10/31/2022
9.80
0.25
(2.11)
(1.86)
(0.25)
(0.16)
Year
Ended
10/31/2021
9.99
0.25
0.07
0.32
(0.24)
(0.27)
Year
Ended
10/31/2020
9.56
0.26
0.47
0.73
(0.26)
(0.04)
Year
Ended
10/31/2019
8.70
0.29
0.86
1.15
(0.29)
–
(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
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
(c)
Portfolio
turnover
rate
may
include
mortgage
dollar
roll
purchase
and
sale
transactions
which
may
increase
portfolio
turnover
rates.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.  
*
**
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.
377
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
(c)
$
(0.13)
$
4.11
7.55%
$
349.4
0.54%
6.24%
0.54%
6.24%
29%
(0.24)
3.94
4.99%
339.6
0.54%
5.78%
0.54%
5.78%
28%
(0.22)
3.98
(10.45)%
327.9
0.53%
5.01%
0.53%
5.01%
37%
(0.22)
4.68
9.15%
422.8
0.52%
4.62%
0.52%
4.62%
64%
(0.24)
4.49
0.11%
401.2
0.53%
5.22%
0.53%
5.22%
62%
(0.26)
4.73
7.79%
342.1
0.54%
5.55%
0.54%
5.55%
42%
(0.12)
4.11
7.41%
318.8
0.81%
5.97%
0.81%
5.97%
29%
(0.23)
3.94
4.97%
312.8
0.81%
5.51%
0.81%
5.51%
28%
(0.21)
3.97
(10.73)%
327.1
0.80%
4.75%
0.80%
4.75%
37%
(0.20)
4.67
8.63%
402.6
0.79%
4.36%
0.79%
4.36%
64%
(0.23)
4.49
(0.16)%
407.1
0.80%
4.96%
0.80%
4.96%
62%
(0.25)
4.73
7.74%
437.9
0.80%
5.30%
0.80%
5.30%
42%
(0.17)
7.85
7.51%
790.2
0.47%
4.36%
0.47%
4.36%
20%
(0.32)
7.46
3.12%
659.6
0.47%
4.09%
0.47%
4.09%
48%
(0.44)
7.53
(19.20)%
622.3
0.46%
3.14%
0.46%
3.14%
39%
(0.54)
9.79
3.51%
833.6
0.46%
2.78%
0.46%
2.78%
54%
(0.33)
9.98
8.11%
732.9
0.46%
2.98%
0.46%
2.98%
105%
(0.32)
9.55
13.66%
598.6
0.46%
3.49%
0.46%
3.49%
99%
(0.16)
7.85
7.35%
222.5
0.77%
4.06%
0.77%
4.06%
20%
(0.29)
7.46
2.82%
215.6
0.77%
3.79%
0.77%
3.79%
48%
(0.41)
7.53
(19.52)%
232.0
0.75%
2.84%
0.75%
2.84%
39%
(0.51)
9.80
3.23%
327.9
0.74%
2.50%
0.74%
2.50%
54%
(0.30)
9.99
7.79%
337.9
0.75%
2.69%
0.75%
2.69%
105%
(0.29)
9.56
13.43%
313.7
0.77%
3.19%
0.77%
3.19%
99%
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
378
Per
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
text
Net
Realized
Gain
on
Investments
International
Allocation
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
$
9.18
$
0.12
$
1.35
$
1.47
$
(0.31)
$
–
Year
Ended
10/31/2023
8.36
0.27
0.74
1.01
(0.19)
–
Year
Ended
10/31/2022
12.21
0.19
(2.97)
(2.78)
(0.26)
(0.81)
Year
Ended
10/31/2021
9.19
0.18
3.01
3.19
(0.17)
–
Year
Ended
10/31/2020
10.23
0.14
(0.92)
(0.78)
(0.26)
–
Year
Ended
10/31/2019
9.87
0.23
0.67
0.90
(0.22)
(0.32)
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
9.12
0.11
1.33
1.44
(0.28)
–
Year
Ended
10/31/2023
8.29
0.25
0.73
0.98
(0.15)
–
Year
Ended
10/31/2022
12.13
0.15
(2.97)
(2.82)
(0.21)
(0.81)
Year
Ended
10/31/2021
9.13
0.15
2.98
3.13
(0.13)
–
Year
Ended
10/31/2020
10.16
0.12
(0.93)
(0.81)
(0.22)
–
Year
Ended
10/31/2019
9.80
0.20
0.65
0.85
(0.17)
(0.32)
Large
Cap
Growth
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
15.74
0.01
3.79
3.80
–
(0.53)
Year
Ended
10/31/2023
13.91
0.03
2.79
2.82
–
(0.99)
Year
Ended
10/31/2022
21.57
(0.05)
(6.40)
(6.45)
–
(1.21)
Year
Ended
10/31/2021
16.30
(0.08)
6.54
6.46
–
(1.19)
Year
Ended
10/31/2020
12.82
(0.02)
4.13
4.11
–
(0.63)
Year
Ended
10/31/2019
12.47
0.01
1.48
1.49
–
(1.14)
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
13.38
–
3.21
3.21
–
(0.53)
Year
Ended
10/31/2023
12.01
0.02
2.34
2.36
–
(0.99)
Year
Ended
10/31/2022
18.84
(0.07)
(5.55)
(5.62)
–
(1.21)
Year
Ended
10/31/2021
14.42
(0.10)
5.71
5.61
–
(1.19)
Year
Ended
10/31/2020
11.45
(0.04)
3.64
3.60
–
(0.63)
Year
Ended
10/31/2019
11.30
(0.02)
1.31
1.29
–
(1.14)
(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
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
(c)
Portfolio
turnover
rate
may
include
mortgage
dollar
roll
purchase
and
sale
transactions
which
may
increase
portfolio
turnover
rates.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.  
*
**
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.
379
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
(c)
$
(0.31)
$
10.34
16.09%
$
635.0
0.81%
2.34%
0.81%
2.34%
45%
(0.19)
9.18
12.15%
588.4
0.80%
2.64%
0.81%
2.62%
92%
(1.07)
8.36
(24.90)%
644.7
0.81%
2.03%
0.81%
2.03%
90%
(0.17)
12.21
34.98%
849.7
0.82%
1.55%
0.82%
1.55%
124%
(0.26)
9.19
(7.90)%
632.9
0.81%
1.47%
0.81%
1.47%
105%
(0.54)
10.23
9.84%
743.0
0.87%
2.45%
0.87%
2.45%
106%
(0.28)
10.28
15.79%
106.6
1.17%
1.98%
1.32%
1.83%
45%
(0.15)
9.12
11.89%
98.5
1.16%
2.32%
1.34%
2.14%
92%
(1.02)
8.29
(25.28)%
97.2
1.20%
1.62%
1.34%
1.48%
90%
(0.13)
12.13
34.52%
143.6
1.20%
1.17%
1.34%
1.03%
124%
(0.22)
9.13
(8.21)%
117.0
1.20%
1.07%
1.38%
0.89%
105%
(0.49)
10.16
9.36%
144.3
1.27%
2.04%
1.43%
1.89%
106%
(0.53)
19.01
24.48%
2,202.3
0.75%
0.15%
0.75%
0.15%
22%
(0.99)
15.74
21.97%
1,751.7
0.76%
0.25%
0.76%
0.25%
52%
(1.21)
13.91
(31.65)%
1,339.4
0.76%
(0.25)%
0.76%
(0.25)%
51%
(1.19)
21.57
41.62%
1,799.2
0.76%
(0.38)%
0.76%
(0.38)%
40%
(0.63)
16.30
33.39%
1,136.4
0.77%
(0.08)%
0.77%
(0.08)%
44%
(1.14)
12.82
13.49%
839.6
0.79%
0.08%
0.79%
0.08%
58%
(0.53)
16.06
24.38%
476.5
1.02%
(0.12)%
1.02%
(0.12)%
22%
(0.99)
13.38
21.60%
382.7
1.06%
(0.04)%
1.06%
(0.04)%
52%
(1.21)
12.01
(31.84)%
318.8
1.06%
(0.55)%
1.06%
(0.55)%
51%
(1.19)
18.84
41.13%
480.2
1.06%
(0.67)%
1.06%
(0.67)%
40%
(0.63)
14.42
32.91%
351.2
1.12%
(0.42)%
1.12%
(0.42)%
44%
(1.14)
11.45
13.09%
259.0
1.14%
(0.26)%
1.17%
(0.29)%
58%
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
380
Per
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
text
Net
Realized
Gain
on
Investments
Large
Cap
Value
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
$
25.36
$
0.27
$
4.46
$
4.73
$
(0.47)
$
(0.50)
Year
Ended
10/31/2023
26.77
0.53
(0.32)
0.21
(0.47)
(1.15)
Year
Ended
10/31/2022
30.00
0.52
(1.52)
(1.00)
(0.36)
(1.87)
Year
Ended
10/31/2021
20.59
0.40
10.54
10.94
(0.35)
(1.18)
Year
Ended
10/31/2020
22.70
0.43
(2.10)
(1.67)
(0.44)
–
Year
Ended
10/31/2019
22.90
0.43
0.89
1.32
(0.35)
(1.17)
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
25.10
0.24
4.40
4.64
(0.39)
(0.50)
Year
Ended
10/31/2023
26.51
0.47
(0.34)
0.13
(0.39)
(1.15)
Year
Ended
10/31/2022
29.73
0.41
(1.49)
(1.08)
(0.27)
(1.87)
Year
Ended
10/31/2021
20.42
0.30
10.47
10.77
(0.28)
(1.18)
Year
Ended
10/31/2020
22.51
0.37
(2.10)
(1.73)
(0.36)
–
Year
Ended
10/31/2019
22.71
0.36
0.88
1.24
(0.27)
(1.17)
Limited
Maturity
Bond
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
11.87
0.21
0.27
0.48
(0.22)
–
Year
Ended
10/31/2023
11.65
0.35
0.23
0.58
(0.36)
–
Year
Ended
10/31/2022
12.65
0.21
(0.98)
(0.77)
(0.22)
(0.01)
Year
Ended
10/31/2021
12.67
0.19
(0.02)
0.17
(0.19)
–
Year
Ended
10/31/2020
12.52
0.28
0.15
0.43
(0.28)
–
Year
Ended
10/31/2019
12.30
0.33
0.22
0.55
(0.33)
–
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
11.87
0.20
0.27
0.47
(0.21)
–
Year
Ended
10/31/2023
11.66
0.34
0.21
0.55
(0.34)
–
Year
Ended
10/31/2022
12.65
0.19
(0.97)
(0.78)
(0.20)
(0.01)
Year
Ended
10/31/2021
12.67
0.17
(0.02)
0.15
(0.17)
–
Year
Ended
10/31/2020
12.53
0.25
0.14
0.39
(0.25)
–
Year
Ended
10/31/2019
12.30
0.30
0.24
0.54
(0.31)
–
Low
Volatility
Equity
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
12.05
0.15
1.06
1.21
(0.35)
(0.21)
Year
Ended
10/31/2023
11.85
0.25
0.27
0.52
(0.17)
(0.15)
Year
Ended
10/31/2022
14.16
0.15
(1.65)
(1.50)
(0.15)
(0.66)
Year
Ended
10/31/2021
11.58
0.16
2.62
2.78
(0.20)
–
Year
Ended
10/31/2020
12.20
0.18
(0.57)
(0.39)
(0.14)
(0.09)
Year
Ended
10/31/2019
10.85
0.14
1.52
1.66
(0.13)
(0.18)
(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
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
(c)
Portfolio
turnover
rate
may
include
mortgage
dollar
roll
purchase
and
sale
transactions
which
may
increase
portfolio
turnover
rates.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.  
*
**
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.
381
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
(c)
$
(0.97)
$
29.12
18.84%
$
1,978.6
0.56%
1.94%
0.56%
1.94%
18%
(1.62)
25.36
0.75%
1,640.0
0.56%
2.08%
0.56%
2.08%
21%
(2.23)
26.77
(3.61)%
1,556.5
0.55%
1.96%
0.55%
1.96%
21%
(1.53)
30.00
55.43%
1,520.4
0.54%
1.56%
0.54%
1.56%
23%
(0.44)
20.59
(7.61)%
869.6
0.54%
2.00%
0.54%
2.00%
34%
(1.52)
22.70
6.61%
927.3
0.54%
2.03%
0.54%
2.03%
19%
(0.89)
28.85
18.66%
301.2
0.85%
1.66%
0.85%
1.66%
18%
(1.54)
25.10
0.46%
267.9
0.85%
1.79%
0.85%
1.79%
21%
(2.14)
26.51
(3.89)%
288.6
0.85%
1.65%
0.85%
1.65%
21%
(1.46)
29.73
54.89%
296.5
0.86%
1.25%
0.86%
1.25%
23%
(0.36)
20.42
(7.90)%
193.5
0.91%
1.64%
0.91%
1.64%
34%
(1.44)
22.51
6.22%
225.1
0.90%
1.67%
0.90%
1.67%
19%
(0.22)
12.13
4.02%
1,015.7
0.43%
3.54%
0.43%
3.54%
23%
(0.36)
11.87
5.01%
1,052.2
0.43%
2.98%
0.43%
2.98%
53%
(0.23)
11.65
(6.16)%
1,113.7
0.42%
1.69%
0.42%
1.69%
50%
(0.19)
12.65
1.31%
1,346.8
0.41%
1.45%
0.41%
1.45%
169%
(0.28)
12.67
3.45%
1,025.0
0.43%
2.19%
0.43%
2.19%
153%
(0.33)
12.52
4.51%
729.2
0.43%
2.63%
0.43%
2.63%
109%
(0.21)
12.13
3.94%
232.4
0.59%
3.38%
0.59%
3.38%
23%
(0.34)
11.87
4.76%
240.9
0.58%
2.82%
0.58%
2.82%
53%
(0.21)
11.66
(6.22)%
285.3
0.57%
1.54%
0.57%
1.54%
50%
(0.17)
12.65
1.16%
365.9
0.56%
1.31%
0.56%
1.31%
169%
(0.25)
12.67
3.20%
342.2
0.60%
2.03%
0.60%
2.03%
153%
(0.31)
12.53
4.40%
292.0
0.61%
2.45%
0.61%
2.45%
109%
(0.56)
12.70
10.12%
24.0
0.95%
1.76%
1.60%
1.12%
47%
(0.32)
12.05
4.38%
26.0
0.95%
1.84%
1.42%
1.37%
88%
(0.81)
11.85
(11.33)%
29.2
0.95%
1.28%
1.41%
0.82%
76%
(0.20)
14.16
24.25%
29.5
0.95%
1.15%
1.43%
0.67%
75%
(0.23)
11.58
(3.33)%
28.5
0.98%
1.68%
1.44%
1.21%
72%
(0.31)
12.20
15.75%
19.3
1.20%
1.59%
1.96%
0.83%
58%
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
382
Per
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
text
Net
Realized
Gain
on
Investments
Mid
Cap
Growth
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
$
11.48
$
(0.02)
$
2.27
$
2.25
$
–
$
–
Year
Ended
10/31/2023
11.74
(0.03)
(0.23)
(0.26)
–
–
Year
Ended
10/31/2022
17.34
(0.05)
(5.05)
(5.10)
–
(0.50)
Year
Ended
10/31/2021
12.65
(0.07)
5.18
5.11
–
(0.42)
Year
Ended
10/31/2020
(d)
10.00
(0.05)
2.70
2.65
–
–
Mid
Cap
Stock
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
29.59
0.12
6.34
6.46
(0.15)
(0.35)
Year
Ended
10/31/2023
31.71
0.13
(1.38)
(1.25)
(0.11)
(0.76)
Year
Ended
10/31/2022
41.63
0.05
(5.87)
(5.82)
(0.04)
(4.06)
Year
Ended
10/31/2021
(e)
28.04
0.05
14.62
14.67
(0.09)
(0.99)
Year
Ended
10/31/2020
27.10
0.10
1.61
1.71
(0.10)
(0.67)
Year
Ended
10/31/2019
28.06
0.01
1.71
1.72
(0.11)
(2.57)
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
25.02
0.05
5.38
5.43
(0.09)
(0.35)
Year
Ended
10/31/2023
26.95
0.07
(1.19)
(1.12)
(0.05)
(0.76)
Year
Ended
10/31/2022
36.05
0.04
(5.08)
(5.04)
–
(4.06)
Year
Ended
10/31/2021
24.40
(0.04)
12.71
12.67
(0.03)
(0.99)
Year
Ended
10/31/2020
23.68
0.01
1.42
1.43
(0.04)
(0.67)
Year
Ended
10/31/2019
24.87
0.06
1.36
1.42
(0.04)
(2.57)
Mid
Cap
Value
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
14.29
0.10
2.33
2.43
(0.16)
–
Year
Ended
10/31/2023
15.09
0.20
(0.55)
(0.35)
(0.13)
(0.32)
Year
Ended
10/31/2022
16.16
0.14
(0.55)
(0.41)
(0.04)
(0.62)
Year
Ended
10/31/2021
10.20
0.07
5.97
6.04
(0.08)
–
Year
Ended
10/31/2020
(d)
10.00
0.05
0.15
0.20
–
–
(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
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
(c)
Portfolio
turnover
rate
may
include
mortgage
dollar
roll
purchase
and
sale
transactions
which
may
increase
portfolio
turnover
rates.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.  
(d)
(e)
Since
fund
inception,
February
28,
2020.
Per
share
amounts
have
been
calculated
using
the
average
shares
method.
*
**
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.
383
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
(c)
$
–
$
13.73
19.60%
$
32.3
0.90%
(0.33)%
1.67%
(1.10)%
31%
–
11.48
(2.21)%
25.1
0.90%
(0.36)%
1.82%
(1.28)%
42%
(0.50)
11.74
(30.15)%
20.3
0.90%
(0.50)%
2.08%
(1.69)%
33%
(0.42)
17.34
41.11%
19.3
0.92%
(0.58)%
2.33%
(1.99)%
61%
–
12.65
26.50%
6.0
1.00%
(0.62)%
3.60%
(3.23)%
57%
(0.50)
35.55
21.92%
2,570.5
0.74%
0.61%
0.74%
0.61%
24%
(0.87)
29.59
(4.05)%
2,274.6
0.75%
0.50%
0.75%
0.50%
32%
(4.10)
31.71
(15.41)%
2,083.1
0.75%
0.29%
0.75%
0.29%
27%
(1.08)
41.63
53.40%
2,148.8
0.74%
0.14%
0.74%
0.14%
48%
(0.77)
28.04
6.37%
1,100.6
0.76%
0.37%
0.76%
0.37%
40%
(2.68)
27.10
7.25%
1,081.0
0.77%
0.50%
0.77%
0.50%
28%
(0.44)
30.01
21.80%
1,442.4
0.97%
0.39%
0.97%
0.39%
24%
(0.81)
25.02
(4.28)%
1,235.3
0.97%
0.28%
0.97%
0.28%
32%
(4.06)
26.95
(15.62)%
1,370.5
0.97%
0.07%
0.97%
0.07%
27%
(1.02)
36.05
53.09%
1,651.7
0.98%
(0.11)%
0.98%
(0.11)%
48%
(0.71)
24.40
6.08%
1,146.3
1.04%
0.10%
1.04%
0.10%
40%
(2.61)
23.68
6.89%
1,174.7
1.04%
0.22%
1.04%
0.22%
28%
(0.16)
16.56
17.00%
38.8
0.90%
1.28%
1.43%
0.75%
31%
(0.45)
14.29
(2.40)%
33.2
0.90%
1.42%
1.56%
0.76%
43%
(0.66)
15.09
(2.70)%
19.8
0.90%
1.07%
2.04%
(0.07)%
31%
(0.08)
16.16
59.38%
12.0
0.92%
0.53%
2.73%
(1.28)%
36%
–
10.20
2.00%
5.0
1.00%
0.75%
3.80%
(2.04)%
58%
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
384
Per
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
text
Net
Realized
Gain
on
Investments
Moderate
Allocation
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
$
13.56
$
0.20
$
1.76
$
1.96
$
(0.21)
$
(0.14)
Year
Ended
10/31/2023
13.26
0.29
0.30
0.59
(0.29)
–
Year
Ended
10/31/2022
16.94
0.20
(2.81)
(2.61)
(0.27)
(0.80)
Year
Ended
10/31/2021
14.33
0.18
3.05
3.23
(0.18)
(0.44)
Year
Ended
10/31/2020
14.19
0.21
0.67
0.88
(0.22)
(0.52)
Year
Ended
10/31/2019
13.41
0.25
1.11
1.36
(0.27)
(0.31)
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
13.52
0.19
1.75
1.94
(0.20)
(0.14)
Year
Ended
10/31/2023
13.22
0.26
0.30
0.56
(0.26)
–
Year
Ended
10/31/2022
16.89
0.16
(2.80)
(2.64)
(0.23)
(0.80)
Year
Ended
10/31/2021
14.29
0.14
3.05
3.19
(0.15)
(0.44)
Year
Ended
10/31/2020
14.15
0.18
0.66
0.84
(0.18)
(0.52)
Year
Ended
10/31/2019
13.37
0.21
1.12
1.33
(0.24)
(0.31)
Moderately
Aggressive
Allocation
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
14.82
0.21
2.20
2.41
(0.29)
(0.31)
Year
Ended
10/31/2023
14.61
0.25
0.42
0.67
(0.18)
(0.28)
Year
Ended
10/31/2022
18.97
0.18
(3.27)
(3.09)
(0.27)
(1.00)
Year
Ended
10/31/2021
15.31
0.13
4.24
4.37
(0.15)
(0.56)
Year
Ended
10/31/2020
15.38
0.17
0.72
0.89
(0.20)
(0.76)
Year
Ended
10/31/2019
14.75
0.20
1.25
1.45
(0.23)
(0.59)
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
14.65
0.20
2.17
2.37
(0.26)
(0.31)
Year
Ended
10/31/2023
14.45
0.22
0.41
0.63
(0.15)
(0.28)
Year
Ended
10/31/2022
18.78
0.13
(3.23)
(3.10)
(0.23)
(1.00)
Year
Ended
10/31/2021
15.16
0.10
4.20
4.30
(0.12)
(0.56)
Year
Ended
10/31/2020
15.24
0.15
0.70
0.85
(0.17)
(0.76)
Year
Ended
10/31/2019
14.62
0.17
1.23
1.40
(0.19)
(0.59)
(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
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
(c)
Portfolio
turnover
rate
may
include
mortgage
dollar
roll
purchase
and
sale
transactions
which
may
increase
portfolio
turnover
rates.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.  
*
**
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.
385
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
(c)
$
(0.35)
$
15.17
14.61%
$
1,630.9
0.54%
2.73%
0.74%
2.53%
24%
(0.29)
13.56
4.42%
1,416.0
0.56%
2.10%
0.75%
1.91%
41%
(1.07)
13.26
(16.35)%
1,328.1
0.56%
1.32%
0.74%
1.14%
96%
(0.62)
16.94
23.07%
1,456.3
0.54%
1.08%
0.74%
0.89%
120%
(0.74)
14.33
6.40%
973.0
0.58%
1.48%
0.76%
1.30%
117%
(0.58)
14.19
10.57%
712.2
0.57%
1.78%
0.77%
1.59%
145%
(0.34)
15.12
14.45%
1,912.9
0.77%
2.51%
0.97%
2.31%
24%
(0.26)
13.52
4.19%
1,737.4
0.79%
1.88%
0.98%
1.69%
41%
(1.03)
13.22
(16.54)%
1,791.8
0.79%
1.10%
0.98%
0.91%
96%
(0.59)
16.89
22.78%
2,246.9
0.78%
0.88%
0.97%
0.68%
120%
(0.70)
14.29
6.16%
1,888.6
0.81%
1.32%
0.99%
1.14%
117%
(0.55)
14.15
10.34%
1,884.8
0.80%
1.59%
1.00%
1.39%
145%
(0.60)
16.63
16.48%
1,969.3
0.58%
2.59%
0.82%
2.35%
18%
(0.46)
14.82
4.68%
1,448.5
0.60%
1.63%
0.83%
1.39%
34%
(1.27)
14.61
(17.47)%
1,296.1
0.60%
1.03%
0.83%
0.80%
62%
(0.71)
18.97
29.32%
1,399.0
0.59%
0.72%
0.83%
0.48%
76%
(0.96)
15.31
6.00%
924.3
0.63%
1.18%
0.85%
0.96%
81%
(0.82)
15.38
10.62%
782.5
0.62%
1.36%
0.86%
1.12%
98%
(0.57)
16.45
16.38%
2,426.6
0.79%
2.43%
1.03%
2.19%
18%
(0.43)
14.65
4.43%
2,150.4
0.80%
1.45%
1.03%
1.22%
34%
(1.23)
14.45
(17.66)%
2,168.1
0.80%
0.86%
1.03%
0.62%
62%
(0.68)
18.78
29.10%
2,740.2
0.79%
0.56%
1.03%
0.32%
76%
(0.93)
15.16
5.77%
2,234.1
0.83%
1.03%
1.05%
0.81%
81%
(0.78)
15.24
10.36%
2,251.4
0.83%
1.21%
1.06%
0.98%
98%
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
386
Per
Share
Outstanding
Throughout
Each
Period
*
O
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
text
Net
Realized
Gain
on
Investments
Moderately
Conservative
Allocation
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
$
11.29
$
0.20
$
1.05
$
1.25
$
(0.20)
$
–
Year
Ended
10/31/2023
11.27
0.32
0.01
0.33
(0.31)
–
Year
Ended
10/31/2022
13.97
0.22
(2.36)
(2.14)
(0.26)
(0.30)
Year
Ended
10/31/2021
12.80
0.19
1.49
1.68
(0.19)
(0.32)
Year
Ended
10/31/2020
12.74
0.23
0.47
0.70
(0.23)
(0.41)
Year
Ended
10/31/2019
12.02
0.27
0.93
1.20
(0.29)
(0.19)
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
11.25
0.18
1.06
1.24
(0.19)
–
Year
Ended
10/31/2023
11.23
0.29
0.01
0.30
(0.28)
–
Year
Ended
10/31/2022
13.92
0.19
(2.35)
(2.16)
(0.23)
(0.30)
Year
Ended
10/31/2021
12.76
0.16
1.48
1.64
(0.16)
(0.32)
Year
Ended
10/31/2020
12.70
0.20
0.47
0.67
(0.20)
(0.41)
Year
Ended
10/31/2019
11.98
0.24
0.93
1.17
(0.26)
(0.19)
Money
Market
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
1.00
0.03
–
0.03
(0.03)
–
Year
Ended
10/31/2023
1.00
0.04
–
0.04
(0.04)
–
Year
Ended
10/31/2022
1.00
0.01
–
0.01
(0.01)
–
Year
Ended
10/31/2021
1.00
–
–
–
–
–
Year
Ended
10/31/2020
1.00
0.01
–
0.01
(0.01)
–
Year
Ended
10/31/2019
1.00
0.02
–
0.02
(0.02)
–
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
1.00
0.03
–
0.03
(0.03)
–
Year
Ended
10/31/2023
1.00
0.04
–
0.04
(0.04)
–
Year
Ended
10/31/2022
1.00
0.01
–
0.01
(0.01)
–
Year
Ended
10/31/2021
1.00
–
–
–
–
–
Year
Ended
10/31/2020
1.00
0.01
–
0.01
(0.01)
–
Year
Ended
10/31/2019
1.00
0.02
–
0.02
(0.02)
–
(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
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
(c)
Portfolio
turnover
rate
may
include
mortgage
dollar
roll
purchase
and
sale
transactions
which
may
increase
portfolio
turnover
rates.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.  
*
**
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.
387
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
(c)
$
(0.20)
$
12.34
11.20%
$
489.9
0.57%
3.20%
0.73%
3.04%
29%
(0.31)
11.29
2.88%
459.6
0.58%
2.67%
0.73%
2.53%
49%
(0.56)
11.27
(15.80)%
471.9
0.58%
1.76%
0.72%
1.62%
140%
(0.51)
13.97
13.40%
525.5
0.58%
1.37%
0.72%
1.22%
159%
(0.64)
12.80
5.69%
350.0
0.59%
1.81%
0.73%
1.66%
146%
(0.48)
12.74
10.33%
267.1
0.58%
2.18%
0.73%
2.03%
182%
(0.19)
12.30
11.01%
590.9
0.81
%
2.96%
0.97%
2.80%
29%
(0.28)
11.25
2.63%
572.4
0.82%
2.43%
0.97%
2.29%
49%
(0.53)
11.23
(16.00)%
621.1
0.82%
1.52%
0.96%
1.38%
140%
(0.48)
13.92
13.09%
797.2
0.81%
1.16%
0.96%
1.01%
159%
(0.61)
12.76
5.45%
725.8
0.83%
1.60%
0.97%
1.46%
146%
(0.45)
12.70
10.09%
701.9
0.82%
1.98%
0.98%
1.83%
182%
(0.03)
1.00
2.55%
1,721.3
0.34%
5.09%
0.34%
5.09%
N/A
(0.04)
1.00
4.56%
1,405.1
0.37%
4.63%
0.37%
4.63%
N/A
(0.01)
1.00
0.67%
536.4
0.40%
0.85%
0.41%
0.84%
N/A
–
1.00
0.00%
276.0
0.11%
0.00%
0.50%
(0.40)%
N/A
(0.01)
1.00
0.56%
355.5
0.33%
0.52%
0.49%
0.35%
N/A
(0.02)
1.00
1.97%
298.1
0.40%
1.94%
0.50%
1.84%
N/A
(0.03)
1.00
2.56%
687.3
0.34%
5.09%
0.39%
5.04%
N/A
(0.04)
1.00
4.55%
616.6
0.39%
4.52%
0.44%
4.47%
N/A
(0.01)
1.00
0.61%
409.5
0.44%
0.65%
0.50%
0.58%
N/A
–
1.00
0.00%
349.4
0.11%
(0.01)%
0.59%
(0.49)%
N/A
(0.01)
1.00
0.52%
399.4
0.37%
0.49%
0.61%
0.25%
N/A
(0.02)
1.00
1.87%
359.4
0.50%
1.85%
0.64%
1.71%
N/A
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
388
Per
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
text
Net
Realized
Gain
on
Investments
Municipal
Bond
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
$
9.38
$
0.18
$
0.74
$
0.92
$
(0.18)
$
–
Year
Ended
10/31/2023
9.58
0.33
(0.19)
0.14
(0.34)
–
Year
Ended
10/31/2022
11.51
0.30
(1.91)
(1.61)
(0.32)
–
Year
Ended
10/31/2021
11.42
0.34
0.08
0.42
(0.33)
–
Year
Ended
10/31/2020
11.47
0.34
(0.04)
0.30
(0.35)
–
Year
Ended
10/31/2019
10.89
0.37
0.59
0.96
(0.38)
–
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
9.38
0.16
0.75
0.91
(0.17)
–
Year
Ended
10/31/2023
9.58
0.30
(0.18)
0.12
(0.32)
–
Year
Ended
10/31/2022
11.51
0.27
(1.90)
(1.63)
(0.30)
–
Year
Ended
10/31/2021
11.42
0.29
0.11
0.40
(0.31)
–
Year
Ended
10/31/2020
11.47
0.30
(0.02)
0.28
(0.33)
–
Year
Ended
10/31/2019
10.89
0.33
0.61
0.94
(0.36)
–
Opportunity
Income
Plus
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
8.46
0.22
0.34
0.56
(0.22)
–
Year
Ended
10/31/2023
8.57
0.43
(0.11)
0.32
(0.43)
–
Year
Ended
10/31/2022
10.13
0.34
(1.54)
(1.20)
(0.36)
–
Year
Ended
10/31/2021
9.97
0.30
0.16
0.46
(0.30)
–
Year
Ended
10/31/2020
10.11
0.34
(0.14)
0.20
(0.34)
–
Year
Ended
10/31/2019
9.96
0.42
0.15
0.57
(0.42)
–
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
8.46
0.21
0.34
0.55
(0.21)
–
Year
Ended
10/31/2023
8.57
0.40
(0.10)
0.30
(0.41)
–
Year
Ended
10/31/2022
10.13
0.32
(1.55)
(1.23)
(0.33)
–
Year
Ended
10/31/2021
9.97
0.27
0.16
0.43
(0.27)
–
Year
Ended
10/31/2020
10.11
0.32
(0.14)
0.18
(0.32)
–
Year
Ended
10/31/2019
9.96
0.39
0.15
0.54
(0.39)
–
(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
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
(c)
Portfolio
turnover
rate
may
include
mortgage
dollar
roll
purchase
and
sale
transactions
which
may
increase
portfolio
turnover
rates.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.  
*
**
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.
389
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
(c)
$
(0.18)
$
10.12
9.80%
$
373.6
0.51%
3.49%
0.56%
3.43%
11%
(0.34)
9.38
1.32%
341.8
0.52%
3.29%
0.56%
3.26%
37%
(0.32)
9.58
(14.22)%
357.1
0.54%
2.81%
0.54%
2.81%
42%
(0.33)
11.51
3.73%
440.0
0.54%
2.72%
0.54%
2.72%
16%
(0.35)
11.42
2.68%
335.4
0.54%
2.86%
0.54%
2.86%
29%
(0.38)
11.47
8.98%
285.4
0.54%
3.14%
0.54%
3.14%
31%
(0.17)
10.12
9.66%
847.6
0.76%
3.24%
0.76%
3.24%
11%
(0.32)
9.38
1.08%
829.3
0.76%
3.06%
0.76%
3.06%
37%
(0.30)
9.58
(14.40)%
923.5
0.74%
2.61%
0.74%
2.61%
42%
(0.31)
11.51
3.52%
1,186.3
0.74%
2.49%
0.74%
2.49%
16%
(0.33)
11.42
2.48%
1,215.5
0.74%
2.68%
0.74%
2.68%
29%
(0.36)
11.47
8.76%
1,253.7
0.75%
2.99%
0.75%
2.99%
31%
(0.22)
8.80
6.61%
557.2
0.63%
4.94%
0.63%
4.94%
54%
(0.43)
8.46
3.68%
481.4
0.64%
4.88%
0.64%
4.88%
81%
(0.36)
8.57
(12.07)%
450.7
0.62%
3.63%
0.62%
3.63%
175%
(0.30)
10.13
4.65%
615.3
0.60%
2.96%
0.60%
2.96%
228%
(0.34)
9.97
2.10%
534.7
0.61%
3.46%
0.61%
3.46%
186%
(0.42)
10.11
5.85%
408.8
0.62%
4.16%
0.62%
4.16%
186%
(0.21)
8.80
6.47%
162.1
0.89%
4.68%
0.89%
4.68%
54%
(0.41)
8.46
3.42%
165.3
0.90%
4.62%
0.90%
4.62%
81%
(0.33)
8.57
(12.29)%
182.5
0.88%
3.38%
0.88%
3.38%
175%
(0.27)
10.13
4.38%
233.3
0.86%
2.69%
0.86%
2.69%
228%
(0.32)
9.97
1.83%
238.6
0.88%
3.19%
0.88%
3.19%
186%
(0.39)
10.11
5.57%
246.7
0.89%
3.90%
0.89%
3.90%
186%
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
390
Per
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
text
Net
Realized
Gain
on
Investments
Small
Cap
Growth
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
$
13.66
$
(0.03)
$
3.05
$
3.02
$
–
$
–
Year
Ended
10/31/2023
15.36
(0.00)
(1.70)
(1.70)
–
–
Year
Ended
10/31/2022
20.48
(0.09)
(4.57)
(4.66)
–
(0.46)
Year
Ended
10/31/2021
14.80
(0.07)
6.14
6.07
–
(0.39)
Year
Ended
10/31/2020
10.87
(0.04)
4.03
3.99
–
(0.06)
Year
Ended
10/31/2019
10.57
(0.05)
0.55
0.50
–
(0.20)
Small
Cap
Stock
Fund
Class
S
Shares
Period
Ended
4/30/2024
(unaudited)
24.70
0.07
5.18
5.25
(0.14)
–
Year
Ended
10/31/2023
29.22
0.15
(2.14)
(1.99)
(0.11)
(2.42)
Year
Ended
10/31/2022
35.75
0.09
(2.96)
(2.87)
(0.18)
(3.48)
Year
Ended
10/31/2021
(d)
23.03
0.08
13.11
13.19
(0.18)
(0.29)
Year
Ended
10/31/2020
(d)
24.44
0.13
0.55
0.68
(0.11)
(1.98)
Year
Ended
10/31/2019
(d)
26.35
0.10
1.05
1.15
–
(3.06)
Class
A
Shares
Period
Ended
4/30/2024
(unaudited)
18.04
0.01
3.79
3.80
(0.09)
–
Year
Ended
10/31/2023
22.04
0.11
(1.62)
(1.51)
(0.07)
(2.42)
Year
Ended
10/31/2022
27.87
0.08
(2.31)
(2.23)
(0.12)
(3.48)
Year
Ended
10/31/2021
18.04
(0.01)
10.26
10.25
(0.13)
(0.29)
Year
Ended
10/31/2020
19.58
0.05
0.45
0.50
(0.06)
(1.98)
Year
Ended
10/31/2019
21.82
0.04
0.78
0.82
–
(3.06)
(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
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
(c)
(d)
Portfolio
turnover
rate
may
include
mortgage
dollar
roll
purchase
and
sale
transactions
which
may
increase
portfolio
turnover
rates.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.  
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.
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
391
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
(c)
$
–
$
16.68
22.11%
$
228.5
0.95%
(0.32)%
1.09%
(0.46)%
36%
–
13.66
(11.07)%
190.4
0.95%
(0.19)%
1.14%
(0.38)%
64%
(0.46)
15.36
(23.18)%
147.0
0.95%
(0.57)%
1.16%
(0.78)%
53%
(0.39)
20.48
41.54%
181.4
0.95%
(0.55)%
1.21%
(0.81)%
42%
(0.06)
14.80
36.84%
18.6
1.03%
(0.58)%
2.47%
(2.02)%
49%
(0.20)
10.87
5.03%
8.4
1.22%
(0.60)%
3.76%
(3.14)%
48%
(0.14)
29.81
21.24%
2,425.4
0.80%
0.50%
0.80%
0.50%
23%
(2.53)
24.70
(7.29)%
1,812.2
0.81%
0.60%
0.81%
0.60%
48%
(3.66)
29.22
(8.92)%
1,270.5
0.82%
0.45%
0.82%
0.45%
42%
(0.47)
35.75
57.77%
877.9
0.80%
0.23%
0.80%
0.23%
46%
(2.09)
23.03
2.57%
271.5
0.83%
0.58%
0.83%
0.58%
67%
(3.06)
24.44
5.87%
259.8
0.83%
0.43%
0.83%
0.43%
57%
(0.09)
21.75
21.07%
533.0
1.03%
0.30%
1.03%
0.30%
23%
(2.49)
18.04
(7.53)%
464.9
1.04%
0.39%
1.04%
0.39%
48%
(3.60)
22.04
(9.15)%
519.4
1.05%
0.20%
1.05%
0.20%
42%
(0.42)
27.87
57.37%
591.9
1.07%
(0.01)%
1.07%
(0.01)%
46%
(2.04)
18.04
2.27%
393.4
1.14%
0.27%
1.14%
0.27%
67%
(3.06)
19.58
5.53%
415.5
1.14%
0.13%
1.14%
0.13%
57%
392
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,
or
visit
thriventmutualfunds.com/prospectus
to
access
it
online.
In
addition,
you
may
review
a
report
of
how
the
Trust
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30
by
visiting
thriventmutualfunds.com/prospectus
or
SEC.gov
where
it
is
filed
on
Form
N-PX.
Quarterly
Schedule
of
Investments
The
Trust
files
its
Schedule
of
Investments
on
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.
The
Trust’s
most
recent
Schedule
of
Investments
can
be
found
at
SEC.gov.
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
with
respect
to
the
Funds
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
effect
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
February
27-28,
2024,
the
LRM
Committee,
on
behalf
of
the
Program
Administrator,
provided
the
Report
to
the
Board
for
the
period
from
January
1,
2023
through
December
31,
2023
(the
“Reporting
Period”).
The
Report
summarized
the
operation
of
the
Liquidity
Program
and
the
information
and
factors
considered
by
the
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
during
normal
and
stressed
periods
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.
There
were
no
material
changes
to
the
Liquidity
Program
during
the
Reporting
Period.
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.
393
Additional
Information
(unaudited)
Board
Approval
of
Advisory
Agreement
Section
15(c)
of
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
requires
that
a
fund’s
investment
advisory
agreement
be
approved
initially
by
the
fund’s
board
of
trustees.
Section
15(c)
also
requires
that
the
continuation
of
the
agreement,
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
a
meeting
of
the
board
called
for
the
purpose
of
voting
on
such
approval.
At
its
meeting
on
November
14-15,
2023
(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”).
In
connection
with
its
evaluation
of
the
agreement
with
the
Adviser,
the
Board
reviewed
a
broad
range
of
information
requested
for
this
purpose
and
considered
a
variety
of
factors,
including
the
following:
1.
The
nature,
extent,
and
quality
of
the
services
provided
by
the
Adviser;
2.
The
performance
of
each
Fund;
3.
The
advisory
fee
and
net
operating
expense
ratio
of
each
Fund
compared
to
a
peer
group;
4.
The
cost
of
services
provided
and
profit
realized
by
the
Adviser;
5.
The
extent
to
which
economies
of
scale
may
be
realized
as
the
Funds
grow;
6.
Whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
the
Funds’
shareholders;
7.
Other
benefits
realized
by
the
Adviser
and
its
affiliates
from
their
relationship
with
the
Trust;
and
8.
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
16
to
November
14,
2023
to
consider
information
relevant
to
the
annual
contract
renewal
process
furnished
by
the
Adviser
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;
performance
volatility
based
on
standard
deviation;
overall
Morningstar
ratings
of
the
Funds;
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;
and
estimates
of
the
cost
of
services
and
profit
realized
by
the
Adviser
and
its
affiliates
that
provide
services
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
annual
contract
renewal
process,
the
Board
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
Advisory
Agreement.
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
Agreement
for
the
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.
394
Additional
Information
(unaudited)
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
and
administrator.
During
these
meetings,
management
reported
on
the
investment
management,
portfolio
trading
and
compliance
services
provided
to
the
Funds.
During
the
annual
contract
renewal
process,
the
Board
considered
the
specific
services
provided
under
the
Advisory
Agreement.
The
Board
considered
information
relating
to
the
investment
experience
and
qualifications
of
the
portfolio
managers
of
the
Adviser
overseeing
investments
for
the
Funds.
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
or
one
of
its
Committees
the
opportunity
to
evaluate
the
abilities
of
the
portfolio
managers
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. 
The
Independent
Trustees
also
met,
including
in
executive
session,
with
and
received
periodic
reports
from
the
Trust’s
Chief
Compliance
Officer,
the
Trust’s
independent
accounting
firm,
and
representatives
from
the
internal
audit
department
of
the
Adviser
(Business
Risk
Management). 
The
Board
noted
that
the
Chief
Compliance
Officer
met
regularly
between
quarterly
meetings
with
the
Chair
of
the
Ethics
and
Compliance
Committee
and
the
Chairs
of
other
Committees
communicated
with
Adviser
representatives
between
quarterly
meetings.
The
Board
noted
that
investment
management
staff
of
the
Adviser
and
the
Trust’s
Chief
Compliance
Officer
follow
up
on
any
additional
questions
or
concerns
that
arise
during
quarterly
meetings
and
then
report
the
results
of
the
follow
up
to
the
Board
or
one
of
its
Committees.
The
Board
considered
the
adequacy
of
the
Adviser’s
resources
used
to
provide
services
to
the
Trust
pursuant
to
the
Advisory
Agreement.
The
Adviser
reviewed
with
the
Board
the
Adviser’s
process
for
overseeing
the
portfolio
management
teams
of
each
Fund.
In
addition,
the
Adviser
reviewed
with
the
Board
the
Adviser’s
continued
investments
in
technology
and
personnel.
The
Adviser
discussed
with
the
Board
steps
taken
to
continue
to
strengthen
its
compliance
program.
The
Adviser
discussed
with
the
Board
the
operations
of
the
Adviser
and
other
service
providers
to
the
Funds
with
the
hybrid
working
environment
and
responses
to
changes
in
market
conditions.
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
supported
renewal
of
the
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
Morningstar
peer
universe,
Morningstar
ratings,
comparisons
to
benchmark
index
returns,
and
risk
metrics.
At
each
quarterly
Board
meeting,
members
of
the
Adviser’s
senior
investment
team
reviewed
with
the
Board
information
on
the
economic
and
market
environment
and
risk
management.
The
Board
considered
investment
performance
for
each
Fund,
to
the
extent
applicable,
over
the
one-,
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.
Although
the
Board
conducted
its
review
on
a
Fund-by-Fund
basis,
it
noted
that
47%
of
the
Class
A
Funds
and
42%
of
Class
S
Funds
ranked
better
than
median
in
their
respective
category
for
the
three-year
period
ended
June
30,
2023.
The
Board
also
considered
risk
metrics,
including
standard
deviations
of
return.
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.
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
noted
that
the
majority
of
the
Funds’
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’
advisory
fees
for
both
Class
A
and
Class
S
shares
was
36%
(on
a
scale
of
1-99%,
with
1%
being
the
lowest
fee).
The
Board
reviewed
information
prepared
by
MPI
comparing
each
Fund’s
overall
expense
ratio
with
the
expense
ratio
of
its
peer
group.
The
Board
considered
the
fee
waivers
and
expense
limitations
which
are
reviewed
by
the
Board
and
the
Adviser
on
an
annual
basis.
Although
the
Board
conducted
its
review
on
a
Fund-by-Fund
basis,
it
noted
that
the
average
ranking
of
the
Funds’
expense
ratios
for
their
395
Additional
Information
(unaudited)
Class
A
shares
was
35%
and
the
average
ranking
of
the
Funds’
expense
ratios
for
their
Class
S
shares
was
27%
(on
a
scale
of
1-99%,
with
1%
being
the
lowest
expenses).
The
Board
reviewed
information
comparing
each
Fund’s
advisory
fee
and
overall
expense
ratio
with
the
fee
and
expense
information
for
the
relevant
Morningstar
peer
universe.
With
respect
to
the
asset
allocation
Funds,
the
Board
reviewed
information
prepared
by
the
Adviser
and
MPI
regarding
changes
in
the
Morningstar
peer
universes,
the
methodology
used
by
MPI
to
select
the
MPI
peer
groups
for
net
expense
ratio
comparison
purposes,
changes
to
methodology
and
the
reasons
for
the
changes,
and
differences
between
the
Thrivent
Funds
and
many
of
the
funds
in
the
peer
groups.
The
Board
considered
this
information
in
its
evaluation
of
the
rankings
of
the
asset
allocation
Funds,
which
were
above
the
peer
group
medians.
On
the
basis
of
its
review,
the
Board
concluded
that
the
advisory
fees
charged
under
the
Advisory
Agreement
were
reasonable.
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
also
received
a
report
from
an
independent
accountant
confirming
certain
calculations.
The
Board
considered
the
profitability
of
the
Adviser
both
overall
and
on
a
Fund-by-Fund
basis.
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.
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.
Other
Benefits
to
the
Adviser
and
its
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,
research
received
by
the
Adviser
generated
from
soft
dollar
commissions
for
portfolio
trading,
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
fund
advisers.
Based
on
the
factors
discussed
above,
the
Contracts
Committee
unanimously
recommended
approval
of
the
Advisory
Agreement,
and
the
Board,
including
all
of
the
Independent
Trustees
voting
separately,
approved
the
Advisory
Agreement.
23459SAR
R6-24
4321
North
Ballard
Rd.
Appleton,
WI
54919-0001
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