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: December 31
Date of reporting period: June 30, 2025
 
 
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 filed herewith.
 
(b)           Not applicable.
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Image

Thrivent Conservative Allocation Fund

Class A: AAHYX

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the Thrivent Conservative Allocation Fund (the Fund) for the six months ended June 30, 2025.You can find additional information about the Fund at www.thriventmutualfunds.com/prospectus. You can also request this information by contacting us at 800-847-4836. 

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class
Cost of a $10k Investment
Cost Paid as a % of a $10k Investment
Class A
$47
0.93%Footnote Reference**
FootnoteDescription
Footnote**
Computed on an annualized basis for periods less than one year.

Fund Statistics

Total Net Assets
# of Portfolio Holdings
Portfolio Turnover Rate
Advisory Fees Paid
$980,177,638
2,016
31%
$2,523,712

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Thrivent Core Emerging Markets Debt Fund
7.4%
U.S. Treasury Notes
3.0%
Federal National Mortgage Association Conventional 30-Yr. Pass Through
1.5%
Thrivent Core International Equity Fund
1.3%
U.S. Treasury Notes
1.2%
Federal National Mortgage Association Conventional 30-Yr. Pass Through
0.9%
Federal National Mortgage Association Conventional 30-Yr. Pass Through
0.8%
Federal National Mortgage Association Conventional 30-Yr. Pass Through
0.8%
Federal Home Loan Mortgage Corporation Conventional 30-Yr. Pass Through
0.8%
U.S. Treasury Bonds
0.8%

Portfolio Composition (% of Portfolio)

Group By Asset Type Chart
Value
Value
Long-Term Fixed Income
67.0%
Common Stock
12.6%
Short-Term Investments
9.7%
Registered Investments Companies
9.2%
Preferred Stock
1.5%

Major Market Sectors (% of Net Assets)

Mortgage-Backed Securities
21.6%
Financials
11.2%
U.S. Affiliated Registered Investment Companies
8.6%
Collateralized Mortgage Obligations
6.6%
U.S. Government & Agencies
6.4%
Asset-Backed Securities
6.0%
Information Technology
5.7%
Consumer Discretionary
4.2%
Consumer Staples
3.4%
Materials
3.2%
An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thriventfunds.com/mutual-funds/fund-literature.html

Certain additional fund information is available on the Fund's website, including the Fund's prospectus, financial information, holdings, and proxy voting information.

Important data provider notices and terms available at www.thriventfunds.com/privacy-and-security/index-provider-notices.html

Thrivent Distributors, LLC, a registered broker-dealer and member of FINRA, is the distributor for Thrivent Mutual Funds. Thrivent Asset Management, LLC, an SEC-registered investment adviser, provides asset management services. Both entities are subsidiaries of Thrivent, the marketing name for Thrivent Financial for Lutherans.

Image

Thrivent Conservative Allocation Fund

Class S: THYFX

Semi-Annual Shareholder Report - June 30, 2025

This semi-annual shareholder report contains important information about the Thrivent Conservative Allocation Fund (the Fund) for the six months ended June 30, 2025.You can find additional information about the Fund at www.thriventmutualfunds.com/prospectus. You can also request this information by contacting us at 800-847-4836. 

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class
Cost of a $10k Investment
Cost Paid as a % of a $10k Investment
Class S
$35
0.70%Footnote Reference**
FootnoteDescription
Footnote**
Computed on an annualized basis for periods less than one year.

Fund Statistics

Total Net Assets
# of Portfolio Holdings
Portfolio Turnover Rate
Advisory Fees Paid
$980,177,638
2,016
31%
$2,523,712

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Thrivent Core Emerging Markets Debt Fund
7.4%
U.S. Treasury Notes
3.0%
Federal National Mortgage Association Conventional 30-Yr. Pass Through
1.5%
Thrivent Core International Equity Fund
1.3%
U.S. Treasury Notes
1.2%
Federal National Mortgage Association Conventional 30-Yr. Pass Through
0.9%
Federal National Mortgage Association Conventional 30-Yr. Pass Through
0.8%
Federal National Mortgage Association Conventional 30-Yr. Pass Through
0.8%
Federal Home Loan Mortgage Corporation Conventional 30-Yr. Pass Through
0.8%
U.S. Treasury Bonds
0.8%

Portfolio Composition (% of Portfolio)

Group By Asset Type Chart
Value
Value
Long-Term Fixed Income
67.0%
Common Stock
12.6%
Short-Term Investments
9.7%
Registered Investments Companies
9.2%
Preferred Stock
1.5%

Major Market Sectors (% of Net Assets)

Mortgage-Backed Securities
21.6%
Financials
11.2%
U.S. Affiliated Registered Investment Companies
8.6%
Collateralized Mortgage Obligations
6.6%
U.S. Government & Agencies
6.4%
Asset-Backed Securities
6.0%
Information Technology
5.7%
Consumer Discretionary
4.2%
Consumer Staples
3.4%
Materials
3.2%
An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thriventfunds.com/mutual-funds/fund-literature.html

Certain additional fund information is available on the Fund's website, including the Fund's prospectus, financial information, holdings, and proxy voting information.

Important data provider notices and terms available at www.thriventfunds.com/privacy-and-security/index-provider-notices.html

Thrivent Distributors, LLC, a registered broker-dealer and member of FINRA, is the distributor for Thrivent Mutual Funds. Thrivent Asset Management, LLC, an SEC-registered investment adviser, provides asset management services. Both entities are subsidiaries of Thrivent, the marketing name for Thrivent Financial for Lutherans.

Item 2. Code of Ethics
 
Not applicable to semi-annual report.
 
Item 3. Audit Committee Financial Expert
 
Not applicable to semi-annual report.
 
Item 4. Principal Accountant Fees and Services
 
Not applicable to semi-annual report.
 
Item 5. Audit Committee of Listed Registrants
 
(a)        Not applicable.
 
(b)        Not applicable.
 
Item 6. Investments
 
(a)          Registrant’s Schedule of Investments is included in the financial statements filed under Item 7 of this Form N-CSR.
 
(b)           Not applicable.
 
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
 
The registrant’s unaudited financial statements and financial highlights as of the end of the period covered by this report are included in this Form N-CSR.
Financial
Statements
and
Additional
Information
June
30,
2025
Thrivent
Mutual
Funds
Table
of
Contents
Schedule
of
Investments
Thrivent
Conservative
Allocation
Fund
2
Statement
of
Assets
and
Liabilities
39
Statement
of
Operations
40
Statement
of
Changes
in
Net
Assets
41
Notes
to
Financial
Statements
42
Financial
Highlights
56
Change
in
and
Disagreement
with
Accountants
(Item
8)
58
Proxy
Disclosures
(Item
9)
59
Remuneration
Paid
to
Directors,
Officers,
and
Others
(Item
10)
60
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Item
11)
61
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
2
Principal
Amount
Long-Term
Fixed
Income
68.0%
Value
Asset-Backed
Securities  6.0%
Anchorage
Capital
CLO
20,
Ltd.
$
850,000
7.470%, 
(TSFR3M
+
3.200%),
1/20/2035,
Ser.
2021-20A,
Class
DR
a,b
$
852,858
Anchorage
Capital
CLO
21,
Ltd.
1,225,000
6.170%, 
(TSFR3M
+
1.900%),
10/20/2034,
Ser.
2021-21A,
Class
CR
a,b
1,225,238
Avis
Budget
Rental
Car
Funding
AESOP,
LLC
925,000
5.240%, 
8/20/2029,
Ser.
2025-1A,
Class
B
a
934,710
Balboa
Bay
Loan
Funding,
Ltd.
750,000
6.220%, 
(TSFR3M
+
1.950%),
7/20/2034,
Ser.
2021-1A,
Class
CR
a,b
749,996
1,050,000
6.520%, 
(TSFR3M
+
2.250%),
1/20/2035,
Ser.
2021-2A,
Class
CR
a,b
1,050,272
Barings
Loan
Partners
CLO,
Ltd.
2
1,500,000
5.920%, 
(TSFR3M
+
1.650%),
1/20/2034,
Ser.
LP-
2A,
Class
CR
a,b
1,499,652
Battalion
CLO
XXI,
Ltd.
2,500,000
6.364%, 
(TSFR3M
+
2.000%),
7/15/2034,
Ser.
2021-21A,
Class
CR
a,b,c
2,500,000
Business
Jet
Securities,
LLC
742,349
4.455%, 
6/15/2037,
Ser.
2022-1A,
Class
A
a
729,678
1,469,545
6.197%, 
5/15/2039,
Ser.
2024-1A,
Class
A
a
1,501,138
CarVal
CLO,
Ltd.
1,700,000
7.972%, 
(TSFR3M
+
3.700%),
4/21/2034,
Ser.
2022-1A,
Class
D
a,b
1,702,975
Cascade
Funding
Mortgage
Trust,
LLC
572,389
4.250%, 
4/25/2033,
Ser.
2023-HB12,
Class
A
a,b
566,921
Dryden
72
CLO,
Ltd.
1,075,000
5.976%, 
(TSFR3M
+
1.650%),
5/15/2032,
Ser.
2019-72A,
Class
BRR
a,b
1,077,263
Hertz
Vehicle
Financing
III,
LLC
1,425,000
5.450%, 
9/25/2029,
Ser.
2025-1A,
Class
B
a
1,441,583
750,000
5.590%, 
12/26/2029,
Ser.
2025-3A,
Class
B
a
753,193
Hotwire
Funding,
LLC
1,500,000
5.893%, 
6/20/2054,
Ser.
2024-1A,
Class
A2
a
1,522,518
HTAP
Issuer
Trust
667,217
6.500%, 
4/25/2042,
Ser.
2024-2,
Class
A
a
661,456
LCM
41,
Ltd.
2,900,000
7.912%, 
(TSFR3M
+
3.600%),
4/15/2036,
Ser.
41A,
Class
D1R
a,b
2,900,000
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Asset-Backed
Securities  6.0%
-
continued
Marathon
CLO,
Ltd.
$
1,700,000
5.848%, 
(TSFR3M
+
1.550%),
4/15/2034,
Ser.
2021-16A,
Class
A2R
a,b,c
$
1,700,000
MetroNet
Infrastructure
Issuer,
LLC
1,500,000
6.230%, 
4/20/2054,
Ser.
2024-1A,
Class
A2
a
1,532,790
MFA
Trust
691,729
6.330%, 
9/25/2054,
Ser.
2024-NPL1,
Class
A1
d
693,586
Pagaya
AI
Debt
Grantor
Trust
640,882
5.092%, 
7/15/2032,
Ser.
2024-11,
Class
A
a
641,818
Pagaya
AI
Debt
Grantor
Trust
and
Pagaya
AI
Debt
Trust
522,741
6.093%, 
11/15/2031,
Ser.
2024-6,
Class
A
a
526,113
Palmer
Square
Loan
Funding,
Ltd.
250,000
5.956%, 
(TSFR3M
+
1.700%),
1/15/2033,
Ser.
2024-2A,
Class
B
a,b
250,285
825,000
5.921%, 
(TSFR3M
+
1.600%),
2/15/2033,
Ser.
2025-1A,
Class
B
a,b
817,790
Park
Blue
CLO,
Ltd.
1,700,000
6.495%, 
(TSFR3M
+
2.180%),
4/20/2038,
Ser.
2023-3A,
Class
CR
a,b
1,708,942
Point
Securitization
Trust
1,495,452
6.250%, 
6/25/2055,
Ser.
2025-1,
Class
A1
a
1,491,638
PRET,
LLC
1,650,000
8.232%, 
3/25/2055,
Ser.
2025-NPL2,
Class
A2
a,d
1,636,636
1,228,291
6.368%, 
4/25/2055,
Ser.
2025-NPL4,
Class
A1
a,d
1,234,553
1,322,904
6.996%, 
7/25/2054,
Ser.
2024-NPL4,
Class
A1
a,d
1,324,974
PRPM,
LLC
1,500,000
3.000%, 
5/25/2055,
Ser.
2025-RPL4,
Class
A2
a,d
1,326,138
Renaissance
Home
Equity
Loan
Trust
1,429,634
5.797%, 
8/25/2036,
Ser.
2006-2,
Class
AF3
d
505,536
RFS
Asset
Securitization
V,
LLC
1,350,000
6.049%, 
5/15/2032,
Ser.
2025-1,
Class
A
a
1,360,078
Rockford
Tower
CLO,
Ltd.
1,500,000
6.156%, 
(TSFR3M
+
1.900%),
1/15/2038,
Ser.
2021-3A,
Class
C1AR
a,b
1,504,010
Saxon
Asset
Securities
Trust
567,623
2.117%, 
8/25/2035,
Ser.
2004-2,
Class
MF2
b
506,431
Sculptor
CLO
XXVIII,
Ltd.
1,700,000
6.220%, 
(TSFR3M
+
1.950%),
1/20/2035,
Ser.
28A,
Class
CR
a,b
1,696,369
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
3
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Asset-Backed
Securities  6.0%
-
continued
Signal
Peak
CLO
1,
Ltd.
$
1,100,000
6.230%, 
(TSFR3M
+
1.950%),
4/17/2034,
Ser.
2014-1A,
Class
CR4
a,b
$
1,100,828
Stanwich
Mortgage
Loan
Company,
LLC
1,044
6.235%, 
10/16/2026,
Ser.
2021-NPB1,
Class
A1
a
1,044
Sunnova
Hestia
II
Issuer,
LLC
1,157,115
5.630%, 
7/20/2051,
Ser.
2024-GRID1,
Class
1A
a,e
1,155,876
Symphony
CLO
XX,
Ltd.
1,050,000
7.261%, 
(TSFR3M
+
3.000%),
1/16/2032,
Ser.
2018-20A,
Class
DR2
a,b
1,051,810
TCW
CLO,
Ltd.
1,400,000
6.082%, 
(TSFR3M
+
1.800%),
10/25/2035,
Ser.
2018-1A,
Class
BR3
a,b
1,400,813
Unlock
HEA
Trust
1,340,664
7.000%, 
10/25/2038,
Ser.
2023-1,
Class
A
a
1,344,252
1,304,826
7.000%, 
4/25/2039,
Ser.
2024-1,
Class
A
a
1,309,452
619,664
6.500%, 
10/25/2039,
Ser.
2024-2,
Class
A
a
616,356
Upstart
Securitization
Trust
11,428
6.770%, 
6/20/2033,
Ser.
2023-2,
Class
A
a
11,436
Vericrest
Opportunity
Loan
Transferee
1,353,964
8.826%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A2
a
1,353,828
1,697,070
8.949%, 
2/27/2051,
Ser.
2021-NPL3,
Class
A2
a
1,697,043
1,184,681
8.826%, 
4/25/2051,
Ser.
2021-NPL6,
Class
A2
a
1,184,374
350,589
8.949%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A2
a
350,240
1,790,778
8.826%, 
5/25/2051,
Ser.
2021-NPL9,
Class
A2
a
1,789,909
412,863
5.438%, 
12/26/2051,
Ser.
2021-NP12,
Class
A2
a,d
407,177
Veros
Auto
Receivables
Trust
1,010,663
5.310%, 
9/15/2028,
Ser.
2025-1,
Class
A
a
1,011,890
Whitebox
CLO
I,
Ltd.
500,000
6.275%, 
(TSFR3M
+
2.000%),
7/24/2036,
Ser.
2019-1A,
Class
CRR
a,b
500,373
Wind
River
CLO,
Ltd.
536,650
6.531%, 
(TSFR3M
+
2.262%),
7/20/2030,
Ser.
2013-1A,
Class
BRR
a,b
536,777
Total
58,950,616
Basic
Materials  0.7%
Alliance
Resource
Operating
Partners,
LP/Alliance
Resource
Finance
Corporation
167,000
8.625%, 
6/15/2029
a
177,501
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Basic
Materials  0.7%
-
continued
Alumina,
Pty.
Ltd.
$
200,000
6.125%, 
3/15/2030
a
$
203,012
ATI,
Inc.
268,000
7.250%, 
8/15/2030
280,838
Avient
Corporation
84,000
6.250%, 
11/1/2031
a
84,785
Axalta
Coating
Systems
Dutch
Holding
B
BV
163,000
7.250%, 
2/15/2031
a
171,849
Cascades,
Inc./Cascades
USA,
Inc.
167,000
6.750%, 
7/15/2030
a
167,820
Celanese
US
Holdings,
LLC
45,000
6.850%, 
11/15/2028
47,285
75,000
6.500%, 
4/15/2030
76,772
55,000
6.629%, 
7/15/2032
57,660
25,000
6.750%, 
4/15/2033
f
25,260
Cerdia
Finanz
GmbH
56,000
9.375%, 
10/3/2031
a
58,042
Chemours
Company
270,000
5.750%, 
11/15/2028
a
253,072
Cleveland-Cliffs,
Inc.
130,000
5.875%, 
6/1/2027
f
129,895
210,000
4.625%, 
3/1/2029
a
192,857
118,000
4.875%, 
3/1/2031
a
100,936
78,000
7.375%, 
5/1/2033
a
73,239
118,000
6.250%, 
10/1/2040
89,314
Consolidated
Energy
Finance
SA
324,000
5.625%, 
10/15/2028
a
277,755
CVR
Partners,
LP/CVR
Nitrogen
Finance
Corporation
90,000
6.125%, 
6/15/2028
a
89,886
Eastman
Chemical
Company
240,000
5.000%, 
8/1/2029
243,348
First
Quantum
Minerals,
Ltd.
70,000
6.875%, 
10/15/2027
a
70,097
96,000
9.375%, 
3/1/2029
a
101,889
FMC
Corporation
170,000
8.450%, 
11/1/2055
b
173,974
FMG
Resources
August
2006,
Pty.
Ltd.
118,000
5.875%, 
4/15/2030
a
119,477
Glencore
Funding,
LLC
196,000
4.000%, 
3/27/2027
a
194,396
Hecla
Mining
Company
160,000
7.250%, 
2/15/2028
161,253
Hudbay
Minerals,
Inc.
198,000
4.500%, 
4/1/2026
a
196,769
INEOS
Finance
plc
353,000
7.500%, 
4/15/2029
a,f
353,731
International
Flavors
&
Fragrances,
Inc.
83,000
1.230%, 
10/1/2025
a
82,195
Magnera
Corporation
179,000
7.250%, 
11/15/2031
a
168,779
Mercer
International,
Inc.
143,000
5.125%, 
2/1/2029
116,646
Methanex
Corporation
179,000
5.125%, 
10/15/2027
178,390
119,000
5.250%, 
12/15/2029
117,558
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
4
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Basic
Materials  0.7%
-
continued
Methanex
US
Operations,
Inc.
$
102,000
6.250%, 
3/15/2032
a
$
101,704
Mineral
Resources,
Ltd.
192,000
9.250%, 
10/1/2028
a
196,494
Newmont
Corporation/Newcrest
Finance,
Pty.
Ltd.
200,000
5.350%, 
3/15/2034
205,166
Novelis
Corporation
124,000
4.750%, 
1/30/2030
a
118,815
150,000
3.875%, 
8/15/2031
a
134,785
Olin
Corporation
104,000
6.625%, 
4/1/2033
a
102,359
Peabody
Energy
Corporation,
Convertible
346,000
3.250%, 
3/1/2028
355,861
Smurfit
Kappa
Treasury,
ULC
210,000
5.777%, 
4/3/2054
207,225
SNF
Group
SACA
231,000
3.375%, 
3/15/2030
a
213,154
Steel
Dynamics,
Inc.
114,000
5.250%, 
5/15/2035
114,121
SunCoke
Energy,
Inc.
278,000
4.875%, 
6/30/2029
a
258,728
Taseko
Mines,
Ltd.
248,000
8.250%, 
5/1/2030
a
259,626
Tronox
,
Inc.
124,000
4.625%, 
3/15/2029
a
107,001
Total
7,211,319
Capital
Goods  1.9%
Advanced
Drainage
Systems,
Inc.
242,000
6.375%, 
6/15/2030
a
247,507
AECOM
27,000
5.125%, 
3/15/2027
27,082
Albion
Financing
1
SARL/Aggreko
Holdings,
Inc.
96,000
7.000%, 
5/21/2030
a
97,971
Amrize
Finance
US,
LLC
131,000
5.400%, 
4/7/2035
a
132,921
Amsted
Industries,
Inc.
213,000
6.375%, 
3/15/2033
a
216,507
Array
Technologies,
Inc.,
Convertible
448,000
1.000%, 
12/1/2028
354,790
328,000
2.875%, 
7/1/2031
a
323,669
Axon
Enterprise,
Inc.
38,000
6.125%, 
3/15/2030
a
39,078
38,000
6.250%, 
3/15/2033
a
39,127
Axon
Enterprise,
Inc.,
Convertible
177,000
0.500%, 
12/15/2027
642,067
BAE
Systems
plc
200,000
5.500%, 
3/26/2054
a
197,376
Boeing
Company
136,000
6.858%, 
5/1/2054
148,881
222,000
2.196%, 
2/4/2026
218,535
197,000
3.250%, 
3/1/2028
190,266
293,000
5.150%, 
5/1/2030
298,303
68,000
6.528%, 
5/1/2034
73,884
Bombardier,
Inc.
258,000
7.250%, 
7/1/2031
a
270,823
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Capital
Goods  1.9%
-
continued
$
338,000
7.000%, 
6/1/2032
a,f
$
351,988
48,000
6.750%, 
6/15/2033
a
49,738
Brundage
-Bone
Concrete
Pumping
Holdings,
Inc.
75,000
7.500%, 
2/1/2032
a
74,339
Builders
FirstSource
,
Inc.
250,000
5.000%, 
3/1/2030
a
245,406
96,000
6.750%, 
5/15/2035
a
98,843
Camelot
Return
Merger
Sub,
Inc.
177,000
8.750%, 
8/1/2028
a
163,231
Canpack
SA/
Canpack
US,
LLC
366,000
3.875%, 
11/15/2029
a
342,807
Carrier
Global
Corporation
265,000
2.722%, 
2/15/2030
246,269
Chart
Industries,
Inc.
296,000
7.500%, 
1/1/2030
a
309,890
Clydesdale
Acquisition
Holdings,
Inc.
58,000
6.625%, 
4/15/2029
a
58,840
42,000
6.875%, 
1/15/2030
a
42,936
42,000
8.750%, 
4/15/2030
a
42,959
98,000
6.750%, 
4/15/2032
a
100,574
Crown
Cork
&
Seal
Company,
Inc.
142,000
7.375%, 
12/15/2026
147,509
Deere
&
Company
129,000
5.700%, 
1/19/2055
133,355
Eaton
Capital,
ULC
200,000
4.450%, 
5/9/2030
200,937
EMRLD
Borrower,
LP/Emerald
Co-
Issuer,
Inc.
252,000
6.625%, 
12/15/2030
a
257,587
ESAB
Corporation
98,000
6.250%, 
4/15/2029
a
100,338
Fluor
Corporation,
Convertible
391,000
1.125%, 
8/15/2029
512,992
General
Dynamics
Corporation
71,000
4.950%, 
8/15/2035
71,272
GFL
Environmental,
Inc.
230,000
4.000%, 
8/1/2028
a
223,083
Herc
Holdings,
Inc.
76,000
5.500%, 
7/15/2027
a
76,007
194,000
6.625%, 
6/15/2029
a
199,044
121,000
7.000%, 
6/15/2030
a
126,367
87,000
7.250%, 
6/15/2033
a
91,159
Honeywell
International,
Inc.
272,000
5.250%, 
3/1/2054
258,041
Howmet
Aerospace,
Inc.
205,000
6.750%, 
1/15/2028
215,931
Huntington
Ingalls
Industries,
Inc.
196,000
4.200%, 
5/1/2030
191,538
Ingersoll
Rand,
Inc.
226,000
5.176%, 
6/15/2029
232,003
68,000
5.700%, 
8/14/2033
71,209
JBT
Marel
Corporation,
Convertible
278,000
0.250%, 
5/15/2026
275,804
John
Deere
Capital
Corporation
144,000
3.900%, 
6/7/2032
138,693
67,000
5.150%, 
9/8/2033
69,243
L3Harris
Technologies,
Inc.
144,000
5.400%, 
1/15/2027
146,386
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
5
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Capital
Goods  1.9%
-
continued
Lockheed
Martin
Corporation
$
187,000
5.200%, 
2/15/2064
$
172,649
Martin
Marietta
Materials,
Inc.
111,000
5.150%, 
12/1/2034
111,515
Mirion
Technologies,
Inc.,
Convertible
426,000
0.250%, 
6/1/2030
a
490,113
MKS,
Inc.,
Convertible
837,000
1.250%, 
6/1/2030
824,863
Mueller
Water
Products,
Inc.
249,000
4.000%, 
6/15/2029
a
239,050
Nesco
Holdings
II,
Inc.
284,000
5.500%, 
4/15/2029
a
276,698
New
Enterprise
Stone
and
Lime
Company,
Inc.
359,000
5.250%, 
7/15/2028
a
359,952
Northrop
Grumman
Corporation
275,000
5.200%, 
6/1/2054
256,229
63,000
4.700%, 
3/15/2033
62,807
OI
European
Group
BV
251,000
4.750%, 
2/15/2030
a
241,448
Owens-Brockway
Glass
Container,
Inc.
216,000
6.625%, 
5/13/2027
a
216,099
Patrick
Industries,
Inc.,
Convertible
176,000
1.750%, 
12/1/2028
260,832
Quikrete
Holdings,
Inc.
377,000
6.375%, 
3/1/2032
a
387,677
QXO
Building
Products,
Inc.
145,000
6.750%, 
4/30/2032
a
149,379
Republic
Services,
Inc.
131,000
5.000%, 
12/15/2033
133,618
Resideo
Funding,
Inc.
246,000
6.500%, 
7/15/2032
a
252,025
Reworld
Holding
Corporation
111,000
4.875%, 
12/1/2029
a
105,599
Roller
Bearing
Company
of
America,
Inc.
192,000
4.375%, 
10/15/2029
a
185,923
RTX
Corporation
575,000
4.500%, 
6/1/2042
508,946
Sealed
Air
Corporation/Sealed
Air
Corporation
(US)
188,000
6.125%, 
2/1/2028
a
190,756
Siemens
Funding
BV
348,000
5.800%, 
5/28/2055
a
358,341
249,000
4.900%, 
5/28/2032
a
252,589
Smyrna
Ready
Mix
Concrete,
LLC
343,000
8.875%, 
11/15/2031
a
359,621
Spirit
AeroSystems
,
Inc.
443,000
4.600%, 
6/15/2028
435,465
60,000
9.750%, 
11/15/2030
a
66,171
SRM
Escrow
Issuer,
LLC
85,000
6.000%, 
11/1/2028
a
84,793
Standard
Industries,
Inc./NY
118,000
4.750%, 
1/15/2028
a
116,689
118,000
3.375%, 
1/15/2031
a
105,822
Textron,
Inc.
196,000
3.650%, 
3/15/2027
193,480
Trane
Technologies
Financing,
Ltd.
151,000
5.100%, 
6/13/2034
153,229
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Capital
Goods  1.9%
-
continued
TransDigm
,
Inc.
$
75,000
6.750%, 
8/15/2028
a
$
76,585
416,000
7.125%, 
12/1/2031
a
435,851
347,000
6.625%, 
3/1/2032
a
359,281
143,000
6.000%, 
1/15/2033
a
143,777
United
Rentals
North
America,
Inc.
310,000
4.000%, 
7/15/2030
295,826
Waste
Connections,
Inc.
70,000
3.200%, 
6/1/2032
63,911
Waste
Pro
USA,
Inc.
219,000
7.000%, 
2/1/2033
a
227,348
WESCO
Distribution,
Inc.
124,000
6.375%, 
3/15/2029
a
127,575
87,000
6.625%, 
3/15/2032
a
90,408
Total
18,758,045
Collateralized
Mortgage
Obligations  6.6%
A&D
Mortgage
Trust
305,533
6.498%, 
4/25/2069,
Ser.
2024-NQM2,
Class
A1
a,d
309,535
ACRA
Trust
651,943
5.912%, 
10/25/2064,
Ser.
2024-NQM1,
Class
A2
a,d
653,719
Alternative
Loan
Trust
524,923
6.000%, 
8/1/2036,
Ser.
2006-24CB,
Class
A9
267,218
Banc
of
America
Alternative
Loan
Trust
479,788
6.000%, 
11/25/2035,
Ser.
2005-10,
Class
3CB1
430,733
Banc
of
America
Mortgage
Securities
Trust
258,453
6.335%, 
9/25/2035,
Ser.
2005-H,
Class
3A1
b
245,371
Bear
Stearns
ARM
Trust
71,378
7.080%, 
(CMT
1Y
+
2.300%),
10/25/2035,
Ser.
2005-9,
Class
A1
b
67,575
CAFL
Issuer,
LLC
1,137,702
4.239%, 
3/28/2029,
Ser.
2021-RTL1,
Class
A1
a
1,136,900
CHNGE
Mortgage
Trust
1,126,957
3.757%, 
3/25/2067,
Ser.
2022-2,
Class
A1
a,b
1,096,423
949,305
6.000%, 
5/25/2067,
Ser.
2022-3,
Class
A1
a,b
950,772
745,423
6.525%, 
6/25/2058,
Ser.
2023-2,
Class
A1
a,d
748,173
663,952
5.820%, 
6/25/2067,
Ser.
2022-NQM1,
Class
A3
a,d
661,480
540,356
7.100%, 
7/25/2058,
Ser.
2023-3,
Class
A1
a,d
544,867
672,849
6.000%, 
10/25/2057,
Ser.
2022-4,
Class
A1
a,d
675,199
CIM
Trust
1,180,361
7.100%, 
4/25/2058,
Ser.
2023-I1,
Class
A3
a,d
1,186,214
Citigroup
Mortgage
Loan
Trust,
Inc.
80,790
5.500%, 
8/25/2034,
Ser.
2004-NCM2,
Class
1CB1
79,861
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
6
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Collateralized
Mortgage
Obligations  6.6%
-
continued
$
790,475
5.266%, 
4/25/2037,
Ser.
2007-AR5,
Class
1A1A
b
$
712,422
COLT
Mortgage
Loan
Trust
1,051,653
6.328%, 
12/25/2068,
Ser.
2024-INV1,
Class
A2
a,d
1,059,241
Countrywide
Alternative
Loan
Trust
395,151
5.000%, 
3/25/2035,
Ser.
2005-3CB,
Class
1A1
326,334
217,465
4.138%, 
10/25/2035,
Ser.
2005-43,
Class
4A1
b
186,206
139,369
5.500%, 
2/25/2036,
Ser.
2005-85CB,
Class
2A2
111,226
CSMC
Trust
598,246
6.392%, 
8/25/2067,
Ser.
2022-ATH3,
Class
A3
a,b
598,569
514,104
2.572%, 
11/25/2066,
Ser.
2022-NQM1,
Class
A2
a,b
450,648
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
626,585
5.250%, 
6/25/2035,
Ser.
2005-3,
Class
4A6
546,357
279,954
4.210%, 
8/25/2035,
Ser.
2005-AR1,
Class
2A3
b
247,899
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
2,337,152
4.000%, 
1/25/2051,
Ser.
5249,
Class
LA
2,304,779
1,394,397
Zero
Coupon, 
9/25/2053,
Ser.
5334,
Class
BO
1,131,112
5,735,338
1.500%, 
12/25/2050,
Ser.
5107,
Class
IO
g
557,291
226,819
3.000%, 
5/15/2027,
Ser.
4046,
Class
GI
g
3,327
332,300
3.000%, 
7/15/2027,
Ser.
4084,
Class
NI
g
6,784
411,701
3.000%, 
7/15/2027,
Ser.
4074,
Class
IO
g
8,443
172,358
2.500%, 
2/15/2028,
Ser.
4162,
Class
AI
g
3,196
370,300
2.500%, 
2/15/2028,
Ser.
4161,
Class
UI
g
7,495
631,287
2.500%, 
3/15/2028,
Ser.
4177,
Class
EI
g
14,099
976,811
3.500%, 
10/15/2032,
Ser.
4119,
Class
KI
g
75,573
640,954
3.000%, 
2/15/2033,
Ser.
4170,
Class
IG
g
42,006
761,930
3.000%, 
4/15/2033,
Ser.
4203,
Class
DI
g
29,778
Federal
Home
Loan
Mortgage
Corporation
STRIPS
1,262,599
3.500%, 
8/15/2035,
Ser.
345,
Class
C8
g
117,321
Federal
National
Mortgage
Association
-
REMIC
1,500,000
5.000%, 
1/25/2055,
Ser.
2024-103,
Class
YD
1,424,213
1,253,476
4.500%, 
6/25/2052,
Ser.
2022-43,
Class
MA
1,250,053
506,116
3.000%, 
7/25/2027,
Ser.
2012-73,
Class
DI
g
8,940
291,924
3.000%, 
7/25/2027,
Ser.
2012-74,
Class
AI
g
4,723
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Collateralized
Mortgage
Obligations  6.6%
-
continued
$
241,774
3.000%, 
8/25/2027,
Ser.
2012-95,
Class
HI
g
$
1,627
333,012
3.500%, 
9/25/2027,
Ser.
2012-98,
Class
YI
g
6,395
996,150
3.000%, 
11/25/2027,
Ser.
2012-121,
Class
BI
g
20,263
685,093
3.000%, 
12/25/2027,
Ser.
2012-139,
Class
DI
g
12,990
239,913
2.500%, 
1/25/2028,
Ser.
2012-152,
Class
AI
g
4,539
615,249
3.000%, 
1/25/2028,
Ser.
2012-147,
Class
EI
g
10,718
149,522
2.500%, 
2/25/2028,
Ser.
2013-46,
Class
CI
g
1,388
250,227
3.000%, 
2/25/2028,
Ser.
2013-2,
Class
GI
g
5,652
156,585
3.000%, 
4/25/2028,
Ser.
2013-30,
Class
DI
g
3,799
37,622
3.000%, 
11/25/2031,
Ser.
2013-69,
Class
IO
g
22
889,192
3.000%, 
2/25/2033,
Ser.
2013-1,
Class
YI
g
64,042
First
Horizon
Alternative
Mortgage
Securities
Trust
138,981
6.023%, 
3/25/2035,
Ser.
2005-AA2,
Class
1A1
b
135,584
125,395
5.400%, 
7/25/2035,
Ser.
2005-AA5,
Class
2A1
b
118,215
Flagstar
Mortgage
Trust
441,365
2.500%, 
9/25/2041,
Ser.
2021-9INV,
Class
A1
a,b
397,240
GCAT
Trust
1,125,000
5.500%, 
5/25/2055,
Ser.
2025-INV2,
Class
A12
a,b
1,098,584
1,008,919
4.250%, 
5/25/2067,
Ser.
2023-NQM4,
Class
A2
a,b
950,267
296,825
6.000%, 
9/25/2054,
Ser.
2024-INV3,
Class
A1
a,b
299,074
GMAC
Mortgage
Corporation
Loan
Trust
253,283
3.976%, 
5/25/2035,
Ser.
2005-AR2,
Class
4A
b
224,434
Government
National
Mortgage
Association
32,947
4.000%, 
1/16/2027,
Ser.
2012-3,
Class
IO
g
259
GS
Mortgage-Backed
Securities
Trust
865,747
5.500%, 
10/27/2053,
Ser.
2023-PJ3,
Class
A16
a,b
867,447
Home
RE,
Ltd.
1,550,000
8.905%, 
(SOFR30A
+
4.600%),
10/25/2033,
Ser.
2023-1,
Class
M1B
a,b
1,592,950
89,132
7.805%, 
(SOFR30A
+
3.500%),
10/25/2034,
Ser.
2022-1,
Class
M1B
a,b
89,253
IndyMac
IMJA
Mortgage
Loan
Trust
951,306
6.250%, 
11/25/2037,
Ser.
2007-A3,
Class
A1
373,094
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
7
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Collateralized
Mortgage
Obligations  6.6%
-
continued
J.P.
Morgan
Mortgage
Trust
$
677,731
2.774%, 
5/25/2052,
Ser.
2021-LTV2,
Class
A2
a,b
$
585,565
910,564
5.000%, 
10/25/2053,
Ser.
2023-3,
Class
A4A
a,b
904,629
67,148
6.500%, 
1/25/2035,
Ser.
2005-S1,
Class
1A2
69,992
328,010
5.308%, 
2/25/2036,
Ser.
2006-A1,
Class
2A2
b
228,831
LHOME
Mortgage
Trust
900,000
7.017%, 
1/25/2029,
Ser.
2024-RTL1,
Class
A1
a,d
907,489
750,000
6.900%, 
5/25/2029,
Ser.
2024-RTL3,
Class
A1
a,d
758,598
Merrill
Lynch
Alternative
Note
Asset
Trust
891,554
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
294,163
MFA
Trust
1,500,000
7.093%, 
2/25/2029,
Ser.
2024-RTL1,
Class
A1
a,d
1,505,004
MortgageIT
Securities
Corporation
Mortgage
Loan
Trust
1,562,902
4.894%, 
(TSFR1M
+
0.574%),
6/25/2047,
Ser.
2007-1,
Class
1A1
b
1,366,198
NYMT
Loan
Trust
1,000,000
7.154%, 
2/25/2029,
Ser.
2024-BPL1,
Class
A1
a,d
1,005,683
1,150,000
6.509%, 
5/25/2039,
Ser.
2024-BPL2,
Class
A1
a,d
1,162,323
PMT
Loan
Trust
1,301,490
6.000%, 
1/25/2060,
Ser.
2025-INV1,
Class
A1
a,b
1,312,964
1,325,000
5.500%, 
5/25/2056,
Ser.
2025-INV5,
Class
A12
a,b
1,291,555
1,000,000
6.000%, 
12/25/2059,
Ser.
2024-INV2,
Class
A10
a,b
1,004,380
PRET,
LLC
800,000
5.744%, 
6/25/2055,
Ser.
2025-NPL6,
Class
A1
a,c,d
800,055
350,000
8.956%, 
10/25/2054,
Ser.
2024-NPL7,
Class
A2
a,d
348,830
PRKCM
Trust
1,016,502
7.087%, 
6/25/2058,
Ser.
2023-AFC2,
Class
A3
a
1,020,040
1,011,928
7.627%, 
11/25/2058,
Ser.
2023-AFC4,
Class
A2
a,d
1,030,003
PRPM
Trust
1,124,000
6.271%, 
1/25/2068,
Ser.
2023-NQM1,
Class
M1
a,b
1,118,369
1,475,000
7.250%, 
11/25/2068,
Ser.
2023-NQM3,
Class
M1
a,b
1,499,257
PRPM,
LLC
1,054,960
4.000%, 
1/25/2054,
Ser.
2024-RCF1,
Class
A1
a,d
1,034,293
1,000,000
3.500%, 
5/25/2054,
Ser.
2024-RPL2,
Class
A2
a,d
933,677
749,853
5.689%, 
9/25/2029,
Ser.
2024-5,
Class
A1
a,d
750,337
463,814
5.699%, 
11/25/2029,
Ser.
2024-6,
Class
A1
a,d
464,898
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Collateralized
Mortgage
Obligations  6.6%
-
continued
$
750,000
8.835%, 
12/25/2029,
Ser.
2024-7,
Class
A2
a,d
$
754,083
1,458,945
6.469%, 
5/25/2030,
Ser.
2025-2,
Class
A1
a,d
1,457,300
RCO
IX
Mortgage,
LLC
1,023,165
6.513%, 
4/25/2030,
Ser.
2025-2,
Class
A1
a,d
1,027,567
Residential
Accredit
Loans,
Inc.
Trust
370,726
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
328,529
263,659
6.000%, 
1/25/2037,
Ser.
2007-QS1,
Class
1A1
209,691
501,482
6.250%, 
4/25/2037,
Ser.
2007-QS6,
Class
A6
425,954
Residential
Asset
Securitization
Trust
410,039
4.748%, 
1/25/2034,
Ser.
2004-IP1,
Class
A1
b
390,713
Residential
Funding
Mortgage
Security
I
Trust
354,424
6.000%, 
7/25/2037,
Ser.
2007-S7,
Class
A20
286,191
Roc
Mortgage
Trust
64,900
3.487%, 
8/25/2026,
Ser.
2021-RTL1,
Class
A1
a,b
64,678
1,250,000
5.589%, 
10/25/2039,
Ser.
2024-RTL1,
Class
A1
a,d
1,249,333
Saluda
Grade
Alternative
Mortgage
Trust
2,000,000
7.439%, 
7/25/2030,
Ser.
2024-RTL6,
Class
A1
a,d
2,009,720
Sequoia
Mortgage
Trust
381,371
3.579%, 
9/20/2046,
Ser.
2007-1,
Class
4A1
b
251,147
Structured
Adjustable
Rate
Mortgage
Loan
Trust
169,043
4.972%, 
7/25/2035,
Ser.
2005-15,
Class
4A1
b
148,243
Toorak
Mortgage
Trust
1,500,000
7.333%, 
2/25/2031,
Ser.
2024-1,
Class
A1
a,d
1,504,648
Triangle
Re,
Ltd.
1,137,316
7.705%, 
(SOFR30A
+
3.400%),
11/25/2033,
Ser.
2023-1,
Class
M1A
a,b
1,149,873
Verus
Securitization
Trust
1,771,072
5.776%, 
5/25/2070,
Ser.
2025-3,
Class
A2
a,d
1,780,991
1,000,281
2.491%, 
11/25/2066,
Ser.
2021-8,
Class
A3
a,b
898,513
992,809
6.560%, 
12/25/2067,
Ser.
2023-1,
Class
A2
a,d
992,920
Vontive
Mortgage
Trust
1,375,000
6.507%, 
3/25/2030,
Ser.
2025-RTL1,
Class
A1
a,d
1,388,755
WaMu
Mortgage
Pass-Through
Certificates
121,863
6.491%, 
5/25/2033,
Ser.
2003-AR4,
Class
A7
b
121,337
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
8
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Collateralized
Mortgage
Obligations  6.6%
-
continued
Washington
Mutual
Mortgage
Pass-Through
Certificates
$
295,300
6.000%, 
3/25/2035,
Ser.
2005-1,
Class
2A
$
256,799
Total
64,654,029
Commercial
Mortgage-Backed
Securities  1.1%
AMSR
Trust
1,850,000
3.655%, 
6/17/2042,
Ser.
2025-SFR1,
Class
B
a
1,735,055
BANK
2018-BNK12
1,000,000
4.474%, 
5/15/2061,
Ser.
2018-BN12,
Class
AS
b
982,723
BANK
2025-BNK49
7,493,581
0.834%, 
3/15/2058,
Ser.
2025-BNK49,
Class
XA
b,g
362,584
BBCMS
Mortgage
Trust
5,963,159
1.324%, 
9/15/2055,
Ser.
2022-C17,
Class
XA
b,g
392,739
FirstKey
Homes
Trust
1,400,000
1.968%, 
10/19/2037,
Ser.
2020-SFR2,
Class
D
a
1,380,663
HTAP
Issuer
Trust
1,416,235
6.500%, 
11/25/2042,
Ser.
2025-1,
Class
A
a
1,397,582
Progress
Residential
Trust
2,350,000
3.600%, 
4/17/2039,
Ser.
2022-SFR3,
Class
B
a
2,291,153
Silver
Hill
Trust
90,019
3.102%, 
11/25/2049,
Ser.
2019-1,
Class
A1
a,b
88,600
Velocity
Commercial
Capital
Loan
Trust
580,760
6.550%, 
1/25/2054,
Ser.
2024-1,
Class
A
a,b
587,714
489,856
6.650%, 
6/25/2054,
Ser.
2024-3,
Class
A
a,b
497,804
865,969
7.670%, 
11/25/2053,
Ser.
2023-4,
Class
A
a,b
885,764
Total
10,602,381
Communications
Services  2.1%
AMC
Networks,
Inc.
169,000
10.250%, 
1/15/2029
a
175,205
American
Tower
Corporation
125,000
1.450%, 
9/15/2026
120,748
191,000
5.500%, 
3/15/2028
196,308
136,000
5.800%, 
11/15/2028
141,885
196,000
3.800%, 
8/15/2029
190,564
191,000
5.000%, 
1/31/2030
194,702
324,000
4.900%, 
3/15/2030
328,593
AppLovin
Corporation
225,000
5.500%, 
12/1/2034
228,441
AT&T,
Inc.
224,000
5.700%, 
3/1/2057
215,784
258,000
6.050%, 
8/15/2056
263,293
688,000
3.550%, 
9/15/2055
464,227
136,000
5.400%, 
2/15/2034
139,879
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Communications
Services  2.1%
-
continued
Bell
Telephone
Company
of
Canada
$
165,000
7.000%, 
9/15/2055
b
$
167,359
134,000
5.100%, 
5/11/2033
134,110
Cable
One,
Inc.,
Convertible
289,000
Zero
Coupon, 
3/15/2026
273,423
CCO
Holdings,
LLC/CCO
Holdings
Capital
Corporation
284,000
5.125%, 
5/1/2027
a
283,086
42,000
5.000%, 
2/1/2028
a
41,613
16,000
4.750%, 
3/1/2030
a
15,501
695,000
4.500%, 
8/15/2030
a
662,599
291,000
4.250%, 
2/1/2031
a
271,844
204,000
4.750%, 
2/1/2032
a
193,499
360,000
4.250%, 
1/15/2034
a,f
320,467
Charter
Communications
Operating,
LLC/Charter
Communications
Operating
Capital
Corporation
196,000
5.050%, 
3/30/2029
197,868
199,000
6.550%, 
6/1/2034
212,325
Clear
Channel
Outdoor
Holdings,
Inc.
198,000
5.125%, 
8/15/2027
a
195,748
Comcast
Corporation
243,000
6.050%, 
5/15/2055
248,128
408,000
5.650%, 
6/1/2054
396,479
326,000
3.400%, 
4/1/2030
312,586
Crown
Castle,
Inc.
218,000
2.900%, 
3/15/2027
212,080
83,000
4.900%, 
9/1/2029
83,747
Deluxe
Corporation
144,000
8.125%, 
9/15/2029
a
148,618
Deutsche
Telekom
International
Finance
BV
368,000
8.750%, 
6/15/2030
434,455
DIRECTV
Financing,
LLC
49,000
8.875%, 
2/1/2030
a
48,049
DIRECTV
Financing,
LLC/DIRECTV
Financing
Co-Obligor,
Inc.
642,000
5.875%, 
8/15/2027
a
639,905
162,000
10.000%, 
2/15/2031
a
157,273
FiberCop
SPA
262,000
6.000%, 
9/30/2034
a
245,190
Frontier
Communications
Holdings,
LLC
223,000
5.875%, 
10/15/2027
a
223,085
Gray
Media,
Inc.
78,000
10.500%, 
7/15/2029
a,f
83,793
Iliad
Holding
SASU
131,000
8.500%, 
4/15/2031
a
140,121
160,000
7.000%, 
4/15/2032
a
163,933
LCPR
Senior
Secured
Financing
DAC
188,000
6.750%, 
10/15/2027
a
126,635
Level
3
Financing,
Inc.
51,000
3.625%, 
1/15/2029
a,f
43,605
95,000
4.875%, 
6/15/2029
a,f
88,706
106,884
11.000%, 
11/15/2029
a
122,605
212,000
6.875%, 
6/30/2033
a
215,715
McGraw-Hill
Education,
Inc.
355,000
5.750%, 
8/1/2028
a
357,139
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
9
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Communications
Services  2.1%
-
continued
Meta
Platforms,
Inc.
$
267,000
5.550%, 
8/15/2064
$
260,922
Nexstar
Media,
Inc.
145,000
5.625%, 
7/15/2027
a
144,661
155,000
4.750%, 
11/1/2028
a,f
150,979
Outfront
Media
Capital,
LLC/
Outfront
Media
Capital
Corporation
137,000
4.625%, 
3/15/2030
a,f
130,850
Paramount
Global
320,000
6.375%, 
3/30/2062
b
314,411
Playtika
Holding
Corporation
131,000
4.250%, 
3/15/2029
a
118,884
Rogers
Communications,
Inc.
250,000
5.250%, 
3/15/2082
a,b
247,839
75,000
7.000%, 
4/15/2055
b
76,677
278,000
7.125%, 
4/15/2055
b
281,782
204,000
5.000%, 
2/15/2029
206,890
Sinclair
Television
Group,
Inc.
50,000
8.125%, 
2/15/2033
a
50,511
Sirius
XM
Radio,
LLC
300,000
5.000%, 
8/1/2027
a
297,430
99,000
3.875%, 
9/1/2031
a
88,003
Snap,
Inc.,
Convertible
115,000
0.750%, 
8/1/2026
109,828
432,000
0.500%, 
5/1/2030
f
366,336
SoftBank
Corporation
250,000
5.332%, 
7/9/2035
*,c
250,000
Sprint
Capital
Corporation
424,000
6.875%, 
11/15/2028
455,180
208,000
8.750%, 
3/15/2032
252,323
Take-Two
Interactive
Software,
Inc.
137,000
5.600%, 
6/12/2034
142,171
TEGNA,
Inc.
246,000
4.625%, 
3/15/2028
239,073
Telecom
Italia
Capital
SA
45,000
6.000%, 
9/30/2034
45,078
Telenet
Finance
Luxembourg
Notes
SARL
400,000
5.500%, 
3/1/2028
a
395,794
TELUS
Corporation
173,000
6.625%, 
10/15/2055
b
174,034
T-Mobile
USA,
Inc.
137,000
5.500%, 
1/15/2055
129,880
260,000
5.250%, 
6/15/2055
237,446
275,000
3.375%, 
4/15/2029
264,591
108,000
5.125%, 
5/15/2032
110,138
Uniti
Group,
Inc.,
Convertible
197,000
7.500%, 
12/1/2027
a
217,291
Uniti
Group,
LP/
Uniti
Group
Finance
2019,
Inc./CSL
Capital,
LLC
375,000
4.750%, 
4/15/2028
a
367,532
117,000
6.500%, 
2/15/2029
a
113,084
Univision
Communications,
Inc.
48,000
8.000%, 
8/15/2028
a
48,709
233,000
4.500%, 
5/1/2029
a
211,844
177,000
7.375%, 
6/30/2030
a
173,944
98,000
8.500%, 
7/31/2031
a
98,109
Verizon
Communications,
Inc.
160,000
5.500%, 
2/23/2054
154,627
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Communications
Services  2.1%
-
continued
$
311,000
2.355%, 
3/15/2032
$
268,081
242,000
4.780%, 
2/15/2035
235,756
206,000
5.250%, 
4/2/2035
207,716
186,000
5.401%, 
7/2/2037
a
187,121
Viasat
,
Inc.
103,000
5.625%, 
4/15/2027
a
102,596
Virgin
Media
Finance
plc
150,000
5.000%, 
7/15/2030
a
137,078
Virgin
Media
Secured
Finance
plc
315,000
5.500%, 
5/15/2029
a
309,829
Virgin
Media
Vendor
Financing
Notes
IV
DAC
120,000
5.000%, 
7/15/2028
a
117,478
VMED
O2
UK
Financing
I
plc
124,000
7.750%, 
4/15/2032
a
128,854
Vodafone
Group
plc
176,000
5.125%, 
6/4/2081
b
133,156
129,000
5.875%, 
6/28/2064
124,022
410,000
7.000%, 
4/4/2079
b
427,771
VZ
Secured
Financing
BV
203,000
5.000%, 
1/15/2032
a
180,591
Warnermedia
Holdings,
Inc.
329,000
4.054%, 
3/15/2029
305,634
164,000
4.279%, 
3/15/2032
137,965
182,000
5.050%, 
3/15/2042
122,623
Windstream
Services,
LLC/
Windstream
Escrow
Finance
Corporation
135,000
8.250%, 
10/1/2031
a
141,384
Zegona
Finance
plc
129,000
8.625%, 
7/15/2029
a
137,708
Ziggo
BV
131,000
4.875%, 
1/15/2030
a
122,357
Total
20,575,489
Consumer
Cyclical  2.9%
1011778
B.C.,
ULC/New
Red
Finance,
Inc.
171,000
4.375%, 
1/15/2028
a
167,691
145,000
5.625%, 
9/15/2029
a
147,048
Adient
Global
Holdings,
Ltd.
68,000
8.250%, 
4/15/2031
a
71,451
100,000
7.500%, 
2/15/2033
a
102,260
ADT
Security
Corporation
187,000
4.875%, 
7/15/2032
a
179,386
Alimentation
Couche-Tard,
Inc.
225,000
5.617%, 
2/12/2054
a,f
213,207
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation/
Atlas
Luxco
4
SARL
260,000
4.625%, 
6/1/2028
a
252,132
197,000
4.625%, 
6/1/2028
a
191,222
Allison
Transmission,
Inc.
78,000
3.750%, 
1/30/2031
a
71,491
American
Axle
&
Manufacturing,
Inc.
345,000
5.000%, 
10/1/2029
f
315,719
American
Honda
Finance
Corporation
209,000
4.900%, 
1/10/2034
206,811
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
10
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Consumer
Cyclical  2.9%
-
continued
Asbury
Automotive
Group,
Inc.
$
209,000
5.000%, 
2/15/2032
a
$
198,857
Ashton
Woods
USA,
LLC/Ashton
Woods
Finance
Company
240,000
4.625%, 
8/1/2029
a
229,200
67,000
4.625%, 
4/1/2030
a
63,713
Aston
Martin
Capital
Holdings,
Ltd.
176,000
10.000%, 
3/31/2029
a
166,652
BCPE
Flavor
Debt
Merger
Sub,
LLC/BCPE
Flavor
Issuer,
Inc.
117,000
9.500%, 
7/1/2032
a,c
119,688
Beach
Acquisition
Bidco
,
LLC
210,000
10.000%, 
7/15/2033
a,c
217,668
Belron
UK
Finance
plc
133,000
5.750%, 
10/15/2029
a
134,110
Best
Buy
Company,
Inc.
131,000
1.950%, 
10/1/2030
114,836
Boyd
Gaming
Corporation
152,000
4.750%, 
6/15/2031
a
145,684
Boyne
USA,
Inc.
197,000
4.750%, 
5/15/2029
a
191,158
Brinker
International,
Inc.
90,000
8.250%, 
7/15/2030
a
95,921
Brookfield
Residential
Properties,
Inc./Brookfield
Residential
US,
LLC
201,000
4.875%, 
2/15/2030
a
179,411
Burlington
Stores,
Inc.,
Convertible
180,000
1.250%, 
12/15/2027
232,110
Caesars
Entertainment,
Inc.
443,000
4.625%, 
10/15/2029
a,f
422,859
148,000
6.500%, 
2/15/2032
a
151,865
111,000
6.000%, 
10/15/2032
a,f
108,859
Carnival
Corporation
173,000
5.750%, 
3/1/2027
a
174,428
64,000
6.125%, 
2/15/2033
a
65,482
Carnival
Corporation,
Convertible
410,000
5.750%, 
12/1/2027
901,795
Carvana
Company
39,533
9.000%,PIK
0.000%,
12/1/2028
a,h
40,548
107,000
9.000%, 
6/1/2031
a
126,751
Churchill
Downs,
Inc.
125,000
4.750%, 
1/15/2028
a
123,389
179,000
6.750%, 
5/1/2031
a
183,980
Clarios
Global,
LP/
Clarios
US
Finance
Company,
Inc.
80,000
6.750%, 
5/15/2028
a
82,116
Cracker
Barrel
Old
Country
Store,
Inc.,
Convertible
60,000
0.625%, 
6/15/2026
57,150
72,000
1.750%, 
9/15/2030
a
76,230
Cushman
&
Wakefield
US
Borrower,
LLC
60,000
6.750%, 
5/15/2028
a
60,512
Daimler
Trucks
Finance
North
America,
LLC
150,000
5.400%, 
9/20/2028
a
154,008
Dana,
Inc.
179,000
4.500%, 
2/15/2032
f
174,974
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Consumer
Cyclical  2.9%
-
continued
DraftKings
Holdings,
Inc.,
Convertible
$
735,000
Zero
Coupon, 
3/15/2028
$
657,458
eG
Global
Finance
plc
60,000
12.000%, 
11/30/2028
a
66,232
Expedia
Group,
Inc.
303,000
5.400%, 
2/15/2035
305,089
Expedia
Group,
Inc.,
Convertible
252,000
Zero
Coupon, 
2/15/2026
244,944
EZCORP,
Inc.,
Convertible
137,000
3.750%, 
12/15/2029
a
198,479
Ford
Motor
Company,
Convertible
516,000
Zero
Coupon, 
3/15/2026
509,808
Ford
Motor
Credit
Company,
LLC
225,000
5.850%, 
5/17/2027
226,712
250,000
2.900%, 
2/10/2029
227,318
225,000
7.122%, 
11/7/2033
233,513
Forestar
Group,
Inc.
75,000
6.500%, 
3/15/2033
a
75,569
FORVIA
SE
200,000
8.000%, 
6/15/2030
a,f
204,917
Gap,
Inc.
86,000
3.625%, 
10/1/2029
a
79,874
34,000
3.875%, 
10/1/2031
a
30,390
Garrett
Motion
Holdings,
Inc./
Garrett
LX
I
SARL
168,000
7.750%, 
5/31/2032
a
174,910
General
Motors
Company
191,000
5.350%, 
4/15/2028
193,904
General
Motors
Financial
Company,
Inc.
220,000
5.800%, 
6/23/2028
226,591
159,000
5.800%, 
1/7/2029
163,763
300,000
4.900%, 
10/6/2029
299,485
220,000
5.700%, 
9/30/2030
b,i
217,920
97,000
5.750%, 
2/8/2031
99,670
95,000
5.625%, 
4/4/2032
96,122
260,000
5.950%, 
4/4/2034
263,697
Genting
New
York,
LLC/GENNY
Capital,
Inc.
54,000
7.250%, 
10/1/2029
a
56,026
Global
Auto
Holdings,
Ltd./AAG
FH
UK,
Ltd.
48,000
11.500%, 
8/15/2029
a
46,966
81,000
8.750%, 
1/15/2032
a
69,052
GoDaddy
Operating
Company,
LLC/GD
Finance
Company,
Inc.
120,000
3.500%, 
3/1/2029
a
113,393
Goodyear
Tire
&
Rubber
Company
119,000
4.875%, 
3/15/2027
118,408
101,000
5.000%, 
7/15/2029
f
98,718
Group
1
Automotive,
Inc.
60,000
6.375%, 
1/15/2030
a
61,612
Harley-Davidson
Financial
Services,
Inc.
209,000
5.950%, 
6/11/2029
a
212,601
Hilton
Domestic
Operating
Company,
Inc.
216,000
4.875%, 
1/15/2030
215,029
60,000
4.000%, 
5/1/2031
a
56,413
341,000
3.625%, 
2/15/2032
a
308,897
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
11
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Consumer
Cyclical  2.9%
-
continued
Home
Depot,
Inc.
$
129,000
5.300%, 
6/25/2054
$
123,845
129,000
5.400%, 
6/25/2064
123,850
214,000
3.250%, 
4/15/2032
197,823
Hyundai
Capital
America
196,000
3.000%, 
2/10/2027
a
191,214
136,000
6.500%, 
1/16/2029
a
143,336
International
Game
Technology
plc
297,000
5.250%, 
1/15/2029
a
294,337
Jacobs
Entertainment,
Inc.
228,000
6.750%, 
2/15/2029
a
219,450
K
Hovnanian
Enterprises,
Inc.
44,000
11.750%, 
9/30/2029
a
47,699
KB
Home
360,000
4.800%, 
11/15/2029
350,592
27,000
4.000%, 
6/15/2031
25,064
L
Brands,
Inc.
409,000
6.625%, 
10/1/2030
a
421,535
130,000
6.875%, 
11/1/2035
134,827
Las
Vegas
Sands
Corporation
140,000
5.900%, 
6/1/2027
143,033
LCI
Industries,
Convertible
299,000
3.000%, 
3/1/2030
a
298,626
Lennar
Corporation
230,000
5.200%, 
7/30/2030
234,325
Life
Time,
Inc.
145,000
6.000%, 
11/15/2031
a
147,313
Light
&
Wonder
International,
Inc.
88,000
7.250%, 
11/15/2029
a
90,663
Live
Nation
Entertainment,
Inc.
133,000
4.750%, 
10/15/2027
a
131,554
Live
Nation
Entertainment,
Inc.,
Convertible
318,000
3.125%, 
1/15/2029
488,448
355,000
2.875%, 
1/15/2030
a
386,063
Macy's
Retail
Holdings,
LLC
104,000
5.875%, 
4/1/2029
a,f
102,933
120,000
6.125%, 
3/15/2032
a,f
114,405
Marriott
International,
Inc./MD
124,000
4.900%, 
4/15/2029
126,207
138,000
5.100%, 
4/15/2032
139,555
Marriott
Vacations
Worldwide
Corporation,
Convertible
192,000
Zero
Coupon, 
1/15/2026
185,468
330,000
3.250%, 
12/15/2027
307,230
Match
Group
Holdings
II,
LLC
101,000
4.125%, 
8/1/2030
a
94,454
Mattamy
Group
Corporation
178,000
5.250%, 
12/15/2027
a
177,144
McDonald's
Corporation
19,000
4.950%, 
8/14/2033
19,354
Melco
Resorts
Finance,
Ltd.
333,000
5.375%, 
12/4/2029
a
311,159
190,000
7.625%, 
4/17/2032
a
191,903
Meritage
Homes
Corporation
227,000
5.650%, 
3/15/2035
227,645
Meritage
Homes
Corporation,
Convertible
190,000
1.750%, 
5/15/2028
183,963
MGM
Resorts
International
133,000
6.125%, 
9/15/2029
135,280
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Consumer
Cyclical  2.9%
-
continued
Michaels
Companies,
Inc.
$
66,000
5.250%, 
5/1/2028
a
$
52,767
NCL
Corporation,
Ltd.
23,000
5.875%, 
3/15/2026
a
23,029
264,000
5.875%, 
2/15/2027
a
265,119
255,000
6.750%, 
2/1/2032
a
260,515
New
Home
Company,
Inc.
95,000
8.500%, 
11/1/2030
a
96,754
Nissan
Motor
Company,
Ltd.
147,000
4.810%, 
9/17/2030
a
134,861
PENN
Entertainment,
Inc.
148,000
4.125%, 
7/1/2029
a,f
137,138
Phinia
,
Inc.
135,000
6.625%, 
10/15/2032
a
137,104
Rakuten
Group,
Inc.
210,000
9.750%, 
4/15/2029
a
230,030
245,000
8.125%, 
12/15/2029
a,b,i
239,689
Raven
Acquisition
Holdings,
LLC
103,000
6.875%, 
11/15/2031
a
103,004
Resorts
World
Las
Vegas,
LLC/
RWLV
Capital,
Inc.
98,000
4.625%, 
4/16/2029
a
86,812
S&S
Holdings,
LLC
93,000
8.375%, 
10/1/2031
a
90,888
Scientific
Games
Holdings,
LP/
Scientific
Games
US
FinCo
,
Inc.
48,000
6.625%, 
3/1/2030
a
46,256
SeaWorld
Parks
and
Entertainment,
Inc.
289,000
5.250%, 
8/15/2029
a,f
282,465
Service
Corporation
International/
US
120,000
3.375%, 
8/15/2030
110,295
Six
Flags
Entertainment
Corporation
66,000
7.000%, 
7/1/2025
a,f
66,000
59,000
7.250%, 
5/15/2031
a,f
60,633
Six
Flags
Entertainment
Corporation/Canada's
Wonderland
Company/Magnum
Management
Corporation
60,000
5.375%, 
4/15/2027
59,935
165,000
5.250%, 
7/15/2029
161,584
Six
Flags
Entertainment
Corporation/Six
Flags
Theme
Parks,
Inc./Canada's
Wonderland
Company
60,000
6.625%, 
5/1/2032
a
61,886
Sonic
Automotive,
Inc.
148,000
4.875%, 
11/15/2031
a
140,670
Staples,
Inc.
105,000
10.750%, 
9/1/2029
a
99,375
Station
Casinos,
LLC
124,000
4.625%, 
12/1/2031
a
116,155
Stellantis
Finance
US,
Inc.
228,000
5.750%, 
3/18/2030
a
230,040
Tenneco,
Inc.
212,000
8.000%, 
11/17/2028
a
209,646
Toyota
Motor
Credit
Corporation
249,000
4.800%, 
5/15/2030
252,972
136,000
5.550%, 
11/20/2030
143,162
129,000
4.800%, 
1/5/2034
128,949
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
12
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Consumer
Cyclical  2.9%
-
continued
Tractor
Supply
Company
$
136,000
5.250%, 
5/15/2033
$
138,826
Uber
Technologies,
Inc.
187,000
5.350%, 
9/15/2054
174,426
235,000
4.800%, 
9/15/2034
230,826
Uber
Technologies,
Inc.,
Convertible
212,000
Zero
Coupon, 
12/15/2025
253,764
188,000
Zero
Coupon, 
5/15/2028
a
199,186
294,000
0.875%, 
12/1/2028
419,391
Vail
Resorts,
Inc.
66,000
5.625%, 
7/15/2030
a
66,000
Vail
Resorts,
Inc.,
Convertible
241,000
Zero
Coupon, 
1/1/2026
234,373
VICI
Properties,
LP/VICI
Note
Company,
Inc.
486,000
5.750%, 
2/1/2027
a
492,723
Victoria's
Secret
&
Company
296,000
4.625%, 
7/15/2029
a,f
276,219
Victra
Holdings,
LLC/
Victra
Finance
Corporation
88,000
8.750%, 
9/15/2029
a,f
92,196
Viking
Cruises,
Ltd.
364,000
5.875%, 
9/15/2027
a
364,203
Walgreens
Boots
Alliance,
Inc.
159,000
3.200%, 
4/15/2030
151,856
Wayfair,
LLC
64,000
7.250%, 
10/31/2029
a
64,029
112,000
7.750%, 
9/15/2030
a
112,695
Wyndham
Hotels
&
Resorts,
Inc.
207,000
4.375%, 
8/15/2028
a
202,501
Wynn
Resorts
Finance,
LLC/Wynn
Resorts
Capital
Corporation
289,000
7.125%, 
2/15/2031
a,f
308,207
Yum!
Brands,
Inc.
287,000
4.750%, 
1/15/2030
a
284,295
ZF
North
America
Capital,
Inc.
242,000
7.125%, 
4/14/2030
a
236,614
103,000
6.750%, 
4/23/2030
a
98,912
Total
28,005,124
Consumer
Non-Cyclical  3.0%
1261229
B.C.,
Ltd.
180,000
10.000%, 
4/15/2032
a
181,579
AbbVie,
Inc.
340,000
5.500%, 
3/15/2064
329,699
450,000
4.500%, 
5/14/2035
434,769
204,000
5.350%, 
3/15/2044
199,956
Acadia
Healthcare
Company,
Inc.
119,000
7.375%, 
3/15/2033
a
122,598
AdaptHealth
,
LLC
388,000
4.625%, 
8/1/2029
a,f
365,745
Albertsons
Companies,
Inc./
Safeway,
Inc./New
Albertsons,
LP/Albertsons,
LLC
100,000
4.625%, 
1/15/2027
a
99,371
407,000
3.500%, 
3/15/2029
a
385,584
Altria
Group,
Inc.
132,000
6.200%, 
11/1/2028
139,337
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Consumer
Non-Cyclical  3.0%
-
continued
Anheuser-Busch
InBev
Worldwide,
Inc.
$
412,000
5.000%, 
6/15/2034
$
420,568
AstraZeneca
Finance,
LLC
202,000
5.000%, 
2/26/2034
205,927
B&G
Foods,
Inc.
96,000
8.000%, 
9/15/2028
a
92,428
BAT
Capital
Corporation
264,000
6.250%, 
8/15/2055
267,385
172,000
6.343%, 
8/2/2030
185,344
140,000
7.750%, 
10/19/2032
161,813
Bausch
+
Lomb
Corporation
74,000
8.375%, 
10/1/2028
a
77,237
Becton,
Dickinson
and
Company
134,000
4.693%, 
2/13/2028
135,309
196,000
2.823%, 
5/20/2030
181,441
BellRing
Brands,
Inc.
77,000
7.000%, 
3/15/2030
a
80,184
BioMarin
Pharmaceutical,
Inc.,
Convertible
333,000
1.250%, 
5/15/2027
313,452
Bio-Rad
Laboratories,
Inc.
220,000
3.300%, 
3/15/2027
215,761
Bristol-Myers
Squibb
Company
272,000
5.550%, 
2/22/2054
265,360
135,000
5.750%, 
2/1/2031
143,822
67,000
5.900%, 
11/15/2033
71,827
Bunge,
Ltd.
Finance
Corporation
75,000
4.650%, 
9/17/2034
72,770
Campbell's
Company
442,000
5.400%, 
3/21/2034
448,888
Cargill,
Inc.
289,000
2.125%, 
11/10/2031
a
251,356
452,000
5.125%, 
2/11/2035
a
455,244
Cencora
,
Inc.
177,000
5.150%, 
2/15/2035
178,502
Central
Garden
&
Pet
Company
133,000
4.125%, 
10/15/2030
f
125,551
Champ
Acquisition
Corporation
165,000
8.375%, 
12/1/2031
a
175,333
Chefs'
Warehouse,
Inc.,
Convertible
316,000
2.375%, 
12/15/2028
491,696
CHS/Community
Health
Systems,
Inc.
298,000
5.625%, 
3/15/2027
a
293,524
95,000
6.875%, 
4/15/2029
a
75,748
174,000
4.750%, 
2/15/2031
a
148,750
169,000
10.875%, 
1/15/2032
a
179,118
Cigna
Group
136,000
5.600%, 
2/15/2054
130,477
181,000
2.400%, 
3/15/2030
165,166
Coca-Cola
Company
136,000
5.300%, 
5/13/2054
132,326
Concentra
Health
Services,
Inc.
105,000
6.875%, 
7/15/2032
a
108,713
Constellation
Brands,
Inc.
139,000
4.800%, 
1/15/2029
140,417
261,000
3.150%, 
8/1/2029
247,939
87,000
4.900%, 
5/1/2033
f
86,203
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
13
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Consumer
Non-Cyclical  3.0%
-
continued
CVS
Health
Corporation
$
272,000
6.050%, 
6/1/2054
$
266,571
266,000
6.750%, 
12/10/2054
b
266,579
120,000
5.000%, 
2/20/2026
120,157
102,000
4.300%, 
3/25/2028
101,581
408,000
4.780%, 
3/25/2038
374,433
435,000
6.000%, 
6/1/2044
429,954
DaVita,
Inc.
113,000
3.750%, 
2/15/2031
a
102,774
172,000
6.875%, 
9/1/2032
a
178,223
95,000
6.750%, 
7/15/2033
a
98,097
Diageo
Capital
plc
148,000
2.000%, 
4/29/2030
133,132
Edgewell
Personal
Care
Company
137,000
5.500%, 
6/1/2028
a
136,307
Eli
Lilly
&
Company
272,000
5.000%, 
2/9/2054
254,184
107,000
5.500%, 
2/12/2055
107,667
265,000
4.700%, 
2/27/2033
267,085
Embecta
Corporation
120,000
5.000%, 
2/15/2030
a,f
108,431
134,000
6.750%, 
2/15/2030
a,f
128,640
Encompass
Health
Corporation
155,000
4.500%, 
2/1/2028
153,605
Endo
Finance
Holdings,
Inc.
120,000
8.500%, 
4/15/2031
a,f
127,027
Energizer
Holdings,
Inc.
243,000
4.375%, 
3/31/2029
a
229,833
Envista
Holdings
Corporation,
Convertible
118,000
1.750%, 
8/15/2028
109,371
Fortrea
Holdings,
Inc.
47,000
7.500%, 
7/1/2030
a,f
42,543
GE
HealthCare
Technologies,
Inc.
216,000
6.377%, 
11/22/2052
232,722
General
Mills,
Inc.
53,000
4.950%, 
3/29/2033
53,072
Gilead
Sciences,
Inc.
131,000
5.250%, 
10/15/2033
135,523
Grifols
SA
45,000
4.750%, 
10/15/2028
a
43,260
HCA,
Inc.
125,000
5.950%, 
9/15/2054
121,482
252,000
5.250%, 
3/1/2030
258,349
245,000
5.750%, 
3/1/2035
251,951
Herbalife
Nutrition,
Ltd./HLF
Financing,
Inc.
156,000
7.875%, 
9/1/2025
a,f
156,048
HLF
Financing
SARL,
LLC/
Herbalife
International,
Inc.
114,000
4.875%, 
6/1/2029
a
95,857
Insulet
Corporation
59,000
6.500%, 
4/1/2033
a
61,513
Insulet
Corporation,
Convertible
248,000
0.375%, 
9/1/2026
348,300
Integer
Holdings
Corporation,
Convertible
126,000
2.125%, 
2/15/2028
188,559
523,000
1.875%, 
3/15/2030
a
543,397
IQVIA,
Inc.
190,000
6.250%, 
6/1/2032
a
194,981
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Consumer
Non-Cyclical  3.0%
-
continued
Jazz
Investments
I,
Ltd.,
Convertible
$
355,000
2.000%, 
6/15/2026
$
358,372
391,000
3.125%, 
9/15/2030
a
414,460
JBS
USA
Holding
Lux
SARL/JBS
USA
Food
Company/JBS
Lux
Company
SARL
348,000
2.500%, 
1/15/2027
338,506
165,000
3.625%, 
1/15/2032
150,874
JBS
USA
Holding
Lux
SARL/JBS
USA
Foods
Group
Holdings,
Inc./JBS
USA
Food
Company
307,000
6.375%, 
4/15/2066
a,c
309,263
JBS
USA
LUX
SARL/JBS
USA
Food
Company/JBS
USA
Foods
Group
225,000
5.950%, 
4/20/2035
a
233,095
Johnson
&
Johnson
272,000
5.250%, 
6/1/2054
269,831
KeHE
Distributors,
LLC/
KeHE
Finance
Corporation/
NextWave
Distribution,
Inc.
119,000
9.000%, 
2/15/2029
a
123,243
Kenvue
,
Inc.
267,000
4.850%, 
5/22/2032
270,211
Keurig
Dr
Pepper,
Inc.
160,000
3.200%, 
5/1/2030
150,854
264,000
5.300%, 
3/15/2034
270,216
Kraft
Heinz
Foods
Company
134,000
6.750%, 
3/15/2032
147,581
230,000
5.400%, 
3/15/2035
233,032
Lamb
Weston
Holdings,
Inc.
103,000
4.375%, 
1/31/2032
a
96,459
LifePoint
Health,
Inc.
83,000
9.875%, 
8/15/2030
a
89,782
151,000
11.000%, 
10/15/2030
a
166,583
35,000
10.000%, 
6/1/2032
a
36,108
L'Oreal
SA
200,000
5.000%, 
5/20/2035
a
203,360
Mars,
Inc.
43,000
5.650%, 
5/1/2045
a
43,104
Mattel,
Inc.
430,000
3.375%, 
4/1/2026
a
423,774
Medline
Borrower,
LP/Medline
Co-
Issuer,
Inc.
120,000
6.250%, 
4/1/2029
a
123,274
Medtronic
Global
Holdings
SCA
127,000
4.500%, 
3/30/2033
125,710
Mozart
Debt
Merger
Sub,
Inc.
205,000
3.875%, 
4/1/2029
a
196,644
271,000
5.250%, 
10/1/2029
a
268,888
Nestle
Capital
Corporation
150,000
5.100%, 
3/12/2054
a
141,573
Newell
Brands,
Inc.
124,000
6.375%, 
9/15/2027
125,665
123,000
6.625%, 
9/15/2029
121,754
62,000
6.375%, 
5/15/2030
60,315
Novartis
Capital
Corporation
318,000
4.700%, 
9/18/2054
284,789
Organon
&
Company/
Organon
Foreign
Debt
Co-Issuer
BV
164,000
4.125%, 
4/30/2028
a
157,731
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
14
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Consumer
Non-Cyclical  3.0%
-
continued
$
264,000
5.125%, 
4/30/2031
a
$
229,114
Owens
&
Minor,
Inc.
95,000
6.625%, 
4/1/2030
a,f
89,238
PepsiCo,
Inc.
258,000
5.250%, 
7/17/2054
250,059
Performance
Food
Group,
Inc.
179,000
4.250%, 
8/1/2029
a
172,601
133,000
6.125%, 
9/15/2032
a
136,050
Perrigo
Finance
Unlimited
Company
207,000
4.900%, 
6/15/2030
203,518
Philip
Morris
International,
Inc.
10,000
4.875%, 
2/15/2028
10,168
140,000
5.625%, 
11/17/2029
147,005
136,000
5.125%, 
2/13/2031
140,073
140,000
5.750%, 
11/17/2032
148,008
204,000
5.250%, 
2/13/2034
208,067
120,000
4.900%, 
11/1/2034
119,429
Post
Holdings,
Inc.
179,000
4.625%, 
4/15/2030
a
172,061
298,000
4.500%, 
9/15/2031
a
276,606
Post
Holdings,
Inc.,
Convertible
632,000
2.500%, 
8/15/2027
721,428
Prime
Healthcare
Services,
Inc.
227,000
9.375%, 
9/1/2029
a
225,298
Radiology
Partners,
Inc.
188,000
8.500%, 
7/15/2032
a
188,438
Roche
Holdings,
Inc.
203,000
5.218%, 
3/8/2054
a
196,883
200,000
2.076%, 
12/13/2031
a
174,084
Royalty
Pharma
plc
296,000
1.200%, 
9/2/2025
294,044
189,000
5.150%, 
9/2/2029
192,867
Simmons
Foods,
Inc.
287,000
4.625%, 
3/1/2029
a
270,978
Sotera
Health
Holdings,
LLC
124,000
7.375%, 
6/1/2031
a
129,015
Spectrum
Brands,
Inc.,
Convertible
370,000
3.375%, 
6/1/2029
335,405
Star
Parent,
Inc.
129,000
9.000%, 
10/1/2030
a
135,685
Stryker
Corporation
188,000
5.200%, 
2/10/2035
191,577
Sysco
Corporation
131,000
5.950%, 
4/1/2030
138,686
Takeda
Pharmaceutical
Company,
Ltd.
200,000
5.650%, 
7/5/2054
194,482
291,000
5.000%, 
11/26/2028
296,480
200,000
5.650%, 
7/5/2044
199,078
Tenet
Healthcare
Corporation
495,000
5.125%, 
11/1/2027
494,208
374,000
4.375%, 
1/15/2030
362,032
US
Acute
Care
Solutions,
LLC
185,000
9.750%, 
5/15/2029
a
190,816
Viterra
Finance
BV
275,000
3.200%, 
4/21/2031
a
252,544
Whirlpool
Corporation
166,000
6.500%, 
6/15/2033
166,532
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Consumer
Non-Cyclical  3.0%
-
continued
Winnebago
Industries,
Inc.,
Convertible
$
366,000
3.250%, 
1/15/2030
$
314,760
Wyeth,
LLC
326,000
6.500%, 
2/1/2034
363,438
Zoetis,
Inc.
202,000
5.600%, 
11/16/2032
213,273
Total
29,884,504
Energy  2.5%
Antero
Midstream
Partners,
LP/
Antero
Midstream
Finance
Corporation
254,000
5.375%, 
6/15/2029
a
252,091
APA
Corporation
201,000
4.375%, 
10/15/2028
a
193,327
Archrock
Partners,
LP/
Archrock
Partners
Finance
Corporation
141,000
6.250%, 
4/1/2028
a
141,467
Ascent
Resources
Utica
Holdings,
LLC/ARU
Finance
Corporation
121,000
5.875%, 
6/30/2029
a
121,206
95,000
6.625%, 
7/15/2033
a
96,377
Baytex
Energy
Corporation
143,000
8.500%, 
4/30/2030
a
143,087
Blue
Racer
Midstream,
LLC/Blue
Racer
Finance
Corporation
193,000
7.000%, 
7/15/2029
a
201,426
BP
Capital
Markets
America,
Inc.
187,000
4.812%, 
2/13/2033
186,750
200,000
5.227%, 
11/17/2034
203,490
BP
Capital
Markets
plc
242,000
4.875%, 
3/22/2030
b,i
239,492
274,000
6.450%, 
12/1/2033
b,i
280,099
Buckeye
Partners,
LP
170,000
4.500%, 
3/1/2028
a
167,435
134,000
6.875%, 
7/1/2029
a
138,827
California
Resources
Corporation
145,000
8.250%, 
6/15/2029
a
148,839
Cheniere
Energy
Partners,
LP
132,000
4.500%, 
10/1/2029
130,587
133,000
3.250%, 
1/31/2032
119,226
208,000
5.950%, 
6/30/2033
217,118
Cheniere
Energy,
Inc.
118,000
5.650%, 
4/15/2034
120,853
Civitas
Resources,
Inc.
57,000
8.375%, 
7/1/2028
a
58,363
214,000
8.750%, 
7/1/2031
a,f
216,377
143,000
9.625%, 
6/15/2033
a
146,601
CNX
Resources
Corporation
155,000
6.000%, 
1/15/2029
a
155,624
CNX
Resources
Corporation,
Convertible
219,000
2.250%, 
5/1/2026
575,313
Columbia
Pipelines
Holding
Company,
LLC
143,000
6.055%, 
8/15/2026
a
144,743
271,000
6.042%, 
8/15/2028
a
282,168
Comstock
Resources,
Inc.
133,000
6.750%, 
3/1/2029
a
132,588
252,000
5.875%, 
1/15/2030
a
244,772
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
15
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Energy  2.5%
-
continued
ConocoPhillips
Company
$
300,000
4.850%, 
1/15/2032
$
303,092
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
174,000
5.500%, 
6/15/2031
a
171,894
Crescent
Energy
Finance,
LLC
239,000
7.625%, 
4/1/2032
a
233,360
Delek
Logistics
Partners,
LP/
Delek
Logistics
Finance
Corporation
269,000
8.625%, 
3/15/2029
a
279,190
93,000
7.375%, 
6/30/2033
a
92,567
Diamond
Foreign
Asset
Company/
Diamond
Finance,
LLC
98,000
8.500%, 
10/1/2030
a
102,041
Diamondback
Energy,
Inc.
322,000
5.750%, 
4/18/2054
298,888
Eastern
Energy
Gas
Holdings,
LLC
330,000
5.800%, 
1/15/2035
343,404
Enbridge,
Inc.
260,000
7.375%, 
1/15/2083
b
267,493
263,000
7.625%, 
1/15/2083
b
277,337
204,000
5.950%, 
4/5/2054
201,897
66,000
5.700%, 
3/8/2033
68,428
Enerflex
,
Ltd.
80,000
9.000%, 
10/15/2027
a
82,493
Energy
Transfer,
LP
139,000
5.950%, 
5/15/2054
132,230
457,000
8.000%, 
5/15/2054
b
486,195
136,000
6.050%, 
9/1/2054
130,706
290,000
6.500%, 
11/15/2026
b,i
291,296
134,000
4.400%, 
3/15/2027
133,987
83,000
7.125%, 
5/15/2030
b,i
84,549
136,000
6.400%, 
12/1/2030
146,560
Enterprise
Products
Operating,
LLC
195,000
5.550%, 
2/16/2055
188,122
280,000
7.573%, 
(TSFR3M
+
3.248%),
8/16/2077
b
278,265
Excelerate
Energy,
LP
47,000
8.000%, 
5/15/2030
a
49,545
Genesis
Energy
LP/Genesis
Energy
Finance
Corporation
193,000
8.875%, 
4/15/2030
204,924
165,000
7.875%, 
5/15/2032
171,558
Harvest
Midstream
I,
LP
301,000
7.500%, 
9/1/2028
a
306,128
Hess
Midstream
Operations,
LP
269,000
4.250%, 
2/15/2030
a
258,636
Hilcorp
Energy
I,
LP/
Hilcorp
Finance
Company
258,000
5.750%, 
2/1/2029
a
254,643
119,000
6.000%, 
4/15/2030
a
115,685
104,000
6.250%, 
4/15/2032
a
99,307
Howard
Midstream
Energy
Partners,
LLC
338,000
7.375%, 
7/15/2032
a
355,474
ITT
Holdings,
LLC
262,000
6.500%, 
8/1/2029
a
249,149
Kinder
Morgan,
Inc.
256,000
5.950%, 
8/1/2054
251,233
Kodiak
Gas
Services,
LLC
150,000
7.250%, 
2/15/2029
a
155,162
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Energy  2.5%
-
continued
MEG
Energy
Corporation
$
104,000
5.875%, 
2/1/2029
a
$
103,894
MPLX,
LP
325,000
1.750%, 
3/1/2026
318,722
65,000
5.000%, 
3/1/2033
64,096
111,000
5.500%, 
6/1/2034
111,451
Nabors
Industries,
Inc.
119,000
7.375%, 
5/15/2027
a
117,512
190,000
9.125%, 
1/31/2030
a
181,926
NGL
Energy
Operating,
LLC/NGL
Energy
Finance
Corporation
99,000
8.125%, 
2/15/2029
a
100,020
148,000
8.375%, 
2/15/2032
a
148,444
Noble
Finance
II,
LLC
120,000
8.000%, 
4/15/2030
a
122,187
Northern
Oil
and
Gas,
Inc.
144,000
8.750%, 
6/15/2031
a
148,391
Northern
Oil
and
Gas,
Inc.,
Convertible
452,000
3.625%, 
4/15/2029
471,210
Occidental
Petroleum
Corporation
93,000
5.000%, 
8/1/2027
93,800
268,000
8.875%, 
7/15/2030
306,241
ONEOK,
Inc.
261,000
5.700%, 
11/1/2054
240,914
134,000
5.650%, 
11/1/2028
138,818
177,000
4.750%, 
10/15/2031
175,244
Ovintiv
,
Inc.
211,000
7.200%, 
11/1/2031
227,970
PBF
Holding
Company,
LLC/PBF
Finance
Corporation
197,000
6.000%, 
2/15/2028
188,399
Permian
Resources
Operating,
LLC
94,000
6.250%, 
2/1/2033
a
94,872
Permian
Resources
Operating,
LLC,
Convertible
109,000
3.250%, 
4/1/2028
262,744
Pioneer
Natural
Resources
Company
195,000
1.900%, 
8/15/2030
172,846
Plains
All
American
Pipeline,
LP/
PAA
Finance
Corporation
317,000
4.650%, 
10/15/2025
316,920
Prairie
Acquiror
,
LP
199,000
9.000%, 
8/1/2029
a
207,282
Precision
Drilling
Corporation
122,000
6.875%, 
1/15/2029
a
120,521
Range
Resources
Corporation
217,000
4.750%, 
2/15/2030
a
211,079
Rockies
Express
Pipeline,
LLC
310,000
4.950%, 
7/15/2029
a
304,326
Saturn
Oil
&
Gas,
Inc.
57,000
9.625%, 
6/15/2029
a,f
56,649
Schlumberger
Holdings
Corporation
81,000
4.300%, 
5/1/2029
a
80,975
SM
Energy
Company
185,000
6.500%, 
7/15/2028
186,617
83,000
7.000%, 
8/1/2032
a
81,788
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
16
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Energy  2.5%
-
continued
South
Bow
USA
Infrastructure
Holdings,
LLC
$
75,000
5.584%, 
10/1/2034
a
$
74,209
Suburban
Propane
Partners,
LP/
Suburban
Energy
Finance
Corporation
119,000
5.875%, 
3/1/2027
118,966
Sunoco,
LP
358,000
7.000%, 
5/1/2029
a
372,815
Sunoco,
LP/Sunoco
Finance
Corporation
171,000
5.875%, 
3/15/2028
171,458
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
330,000
5.500%, 
1/15/2028
a
328,062
180,000
7.375%, 
2/15/2029
a
185,001
Talos
Production,
Inc.
54,000
9.000%, 
2/1/2029
a
55,289
Targa
Resources
Corporation
170,000
6.125%, 
5/15/2055
166,305
Targa
Resources
Partners,
LP
359,000
4.875%, 
2/1/2031
356,120
TGNR
Intermediate
Holdings,
LLC
287,000
5.500%, 
10/15/2029
a
278,127
Tidewater,
Inc.
47,000
9.125%, 
7/15/2030
a,c
48,356
TotalEnergies
Capital
SA
408,000
5.488%, 
4/5/2054
392,624
TransCanada
Trust
600,000
5.875%, 
8/15/2076
b
600,946
Transocean,
Inc.
257,600
8.750%, 
2/15/2030
a
264,901
UGI
Corporation,
Convertible
169,000
5.000%, 
6/1/2028
232,877
USA
Compression
Partners,
LP/
USA
Compression
Finance
Corporation
209,000
7.125%, 
3/15/2029
a
214,211
Valaris
,
Ltd.
268,000
8.375%, 
4/30/2030
a
274,961
Var
Energi
ASA
200,000
5.875%, 
5/22/2030
a
204,898
Venture
Global
Calcasieu
Pass,
LLC
144,000
3.875%, 
8/15/2029
a
135,753
220,000
4.125%, 
8/15/2031
a
203,630
Venture
Global
LNG,
Inc.
445,000
8.125%, 
6/1/2028
a
459,927
181,000
9.000%, 
9/30/2029
a,b,i
175,968
300,000
8.375%, 
6/1/2031
a
311,591
198,000
9.875%, 
2/1/2032
a
213,833
Venture
Global
Plaquemines
LNG,
LLC
62,000
6.750%, 
1/15/2036
a
62,000
97,000
7.750%, 
5/1/2035
a
104,995
Vital
Energy,
Inc.
142,000
7.750%, 
7/31/2029
a,f
125,405
95,000
7.875%, 
4/15/2032
a,f
81,227
Williams
Companies,
Inc.
261,000
4.900%, 
3/15/2029
264,602
131,000
2.600%, 
3/15/2031
117,365
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Energy  2.5%
-
continued
$
97,000
5.600%, 
3/15/2035
$
99,711
Total
24,175,675
Financials  8.0%
200
Park
Funding
Trust
156,000
5.740%, 
2/15/2055
a
153,906
Acrisure
,
LLC/
Acrisure
Finance,
Inc.
84,000
4.250%, 
2/15/2029
a
80,617
118,000
7.500%, 
11/6/2030
a
121,898
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
210,000
6.950%, 
3/10/2055
b
218,230
200,000
6.500%, 
7/15/2025
200,128
150,000
6.100%, 
1/15/2027
153,329
207,000
5.750%, 
6/6/2028
214,152
362,000
3.000%, 
10/29/2028
344,868
281,000
5.375%, 
12/15/2031
287,175
Agree,
LP
137,000
5.625%, 
6/15/2034
140,433
Air
Lease
Corporation
270,000
4.650%, 
6/15/2026
b,i
268,444
162,000
3.125%, 
12/1/2030
149,701
Aircastle
,
Ltd.
249,000
5.250%, 
6/15/2026
a,b,i
246,460
163,000
2.850%, 
1/26/2028
a
155,189
Alliant
Holdings
Intermediate,
LLC/
Alliant
Holdings
Co-Issuer,
Inc.
121,000
4.250%, 
10/15/2027
a
118,774
150,000
6.750%, 
4/15/2028
a
152,491
168,000
7.000%, 
1/15/2031
a
173,781
Ally
Financial,
Inc.
390,000
4.700%, 
5/15/2026
b,i
376,550
405,000
8.000%, 
11/1/2031
461,141
188,000
6.700%, 
2/14/2033
f
195,884
American
Express
Company
255,000
3.550%, 
9/15/2026
b,i
249,045
10,000
6.338%, 
10/30/2026
b
10,059
American
Homes
4
Rent,
LP
122,000
4.950%, 
6/15/2030
123,245
American
International
Group,
Inc.
271,000
5.125%, 
3/27/2033
275,514
Americold
Realty
Operating
Partnership,
LP
214,000
5.600%, 
5/15/2032
215,048
Ameriprise
Financial,
Inc.
303,000
5.200%, 
4/15/2035
305,229
AmWINS
Group,
Inc.
99,000
6.375%, 
2/15/2029
a
100,904
117,000
4.875%, 
6/30/2029
a
113,702
Aon
North
America,
Inc.
272,000
5.750%, 
3/1/2054
268,040
Apollo
Debt
Solutions
BDC
214,000
6.700%, 
7/29/2031
222,375
Ares
Capital
Corporation
340,000
2.150%, 
7/15/2026
331,312
168,000
5.875%, 
3/1/2029
171,302
Ares
Strategic
Income
Fund
327,000
5.450%, 
9/9/2028
a
327,160
187,000
5.600%, 
2/15/2030
186,434
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
17
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Financials  8.0%
-
continued
Arthur
J.
Gallagher
&
Company
$
204,000
5.750%, 
7/15/2054
$
200,025
126,000
5.000%, 
2/15/2032
127,699
Assurant,
Inc.
193,000
6.100%, 
2/27/2026
194,030
Aviation
Capital
Group,
LLC
131,000
4.875%, 
10/1/2025
a
130,933
Avolon
Holdings
Funding,
Ltd.
278,000
5.750%, 
3/1/2029
a
285,582
299,000
5.375%, 
5/30/2030
a
304,580
Azorra
Finance,
Ltd.
258,000
7.750%, 
4/15/2030
a
269,029
Banco
Santander
Mexico
SA
200,000
5.621%, 
12/10/2029
a
203,700
Banco
Santander
SA
110,000
4.750%, 
11/12/2026
b,i
106,637
200,000
4.175%, 
3/24/2028
b
198,831
200,000
6.921%, 
8/8/2033
216,758
Bank
of
America
Corporation
325,000
6.125%, 
4/27/2027
b,i
330,252
278,000
4.376%, 
4/27/2028
b
277,942
392,000
3.593%, 
7/21/2028
b
385,983
230,000
5.819%, 
9/15/2029
b
239,595
523,000
3.974%, 
2/7/2030
b
514,793
323,000
5.162%, 
1/24/2031
b
331,059
454,000
2.687%, 
4/22/2032
b
407,431
204,000
2.572%, 
10/20/2032
b
179,798
290,000
2.972%, 
2/4/2033
b
259,691
207,000
5.468%, 
1/23/2035
b
212,659
529,000
5.425%, 
8/15/2035
b
528,844
141,000
3.846%, 
3/8/2037
b
129,028
Bank
of
Montreal
140,000
3.088%, 
1/10/2037
b
120,904
Bank
of
New
York
Mellon
Corporation
214,000
4.596%, 
7/26/2030
b
216,348
134,000
6.474%, 
10/25/2034
b
147,557
Barclays
plc
243,000
6.125%, 
12/15/2025
b,f,i
243,093
200,000
5.501%, 
8/9/2028
b
203,983
193,000
4.972%, 
5/16/2029
b
195,018
289,000
4.942%, 
9/10/2030
b
291,155
200,000
6.224%, 
5/9/2034
b
212,271
136,000
7.119%, 
6/27/2034
b
148,566
Belrose
Funding
Trust
II
240,000
6.792%, 
5/15/2055
a
245,326
BlackRock
Funding,
Inc.
136,000
5.250%, 
3/14/2054
130,425
Blackstone
Mortgage
Trust,
Inc.,
Convertible
41,000
5.500%, 
3/15/2027
39,811
Blackstone
Private
Credit
Fund
259,000
5.600%, 
11/22/2029
260,789
Blue
Owl
Credit
Income
Corporation
214,000
4.700%, 
2/8/2027
212,641
Blue
Owl
Technology
Finance
Corporation
68,000
4.750%, 
12/15/2025
a
67,819
350,000
6.100%, 
3/15/2028
a
351,896
68,000
6.750%, 
4/4/2029
69,349
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Financials  8.0%
-
continued
BNP
Paribas
SA
$
200,000
3.132%, 
1/20/2033
a,b
$
178,027
200,000
7.450%, 
6/27/2035
a,b,i
201,200
BPCE
SA
250,000
5.876%, 
1/14/2031
a,b
259,322
Brixmor
Operating
Partnership,
LP
262,000
2.250%, 
4/1/2028
247,833
Brookfield
Finance,
Inc.
181,000
5.813%, 
3/3/2055
176,998
Brown
&
Brown,
Inc.
91,000
6.250%, 
6/23/2055
93,803
77,000
5.550%, 
6/23/2035
78,520
Burford
Capital
Global
Finance,
LLC
286,000
9.250%, 
7/1/2031
a
301,003
Capital
One
Financial
Corporation
140,000
3.950%, 
9/1/2026
b,f,i
136,598
217,000
3.273%, 
3/1/2030
b
207,562
71,000
6.700%, 
11/29/2032
77,526
Capital
One
NA
260,000
5.974%, 
(USISOA05
+
1.730%),
8/9/2028
b
266,386
Capital
Southwest
Corporation,
Convertible
22,000
5.125%, 
11/15/2029
21,629
Centene
Corporation
544,000
3.000%, 
10/15/2030
486,075
Charles
Schwab
Corporation
255,000
0.900%, 
3/11/2026
248,891
300,000
4.000%, 
6/1/2026
b,i
295,495
135,000
6.136%, 
8/24/2034
b
146,067
CHL
Mortgage
Pass-Through
Trust
87,873
6.315%, 
12/20/2035,
Ser.
2005-HYB8,
Class
3A1
b
86,046
701,496
6.000%, 
11/25/2037,
Ser.
2007-18,
Class
1A2
301,075
Citadel,
LP
189,000
6.375%, 
1/23/2032
a
197,358
Citibank
NA
339,000
4.914%, 
5/29/2030
345,508
250,000
5.570%, 
4/30/2034
260,416
Citigroup,
Inc.
215,000
4.000%, 
12/10/2025
b,i
213,485
415,000
3.875%, 
2/18/2026
b,i
409,287
263,000
1.462%, 
6/9/2027
b
255,543
286,000
3.070%, 
2/24/2028
b
279,661
133,000
7.375%, 
5/15/2028
b,i
139,917
271,000
7.625%, 
11/15/2028
b,i
285,198
522,000
4.075%, 
4/23/2029
b
516,825
165,000
7.125%, 
8/15/2029
b,i
170,067
165,000
6.950%, 
2/15/2030
b,i
168,518
344,000
4.952%, 
5/7/2031
b
347,921
136,000
6.174%, 
5/25/2034
b
142,369
240,000
7.000%, 
8/15/2034
b,f,i
252,280
245,000
6.020%, 
1/24/2036
b
251,595
Citizens
Financial
Group,
Inc.
275,000
4.000%, 
10/6/2026
b,i
267,102
116,000
5.718%, 
7/23/2032
b
120,006
CNA
Financial
Corporation
272,000
5.125%, 
2/15/2034
272,422
Coinbase
Global,
Inc.,
Convertible
373,000
0.500%, 
6/1/2026
430,628
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
18
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Financials  8.0%
-
continued
$
344,000
0.250%, 
4/1/2030
$
449,092
Comerica,
Inc.
160,000
5.625%, 
7/1/2025
b,i
160,000
74,000
5.982%, 
1/30/2030
b
75,798
Commonwealth
Bank
of
Australia
156,000
2.688%, 
3/11/2031
a
139,107
COPT
Defense
Properties,
LP
265,000
2.250%, 
3/15/2026
259,946
COPT
Defense
Properties,
LP,
Convertible
77,000
5.250%, 
9/15/2028
a
86,902
Corebridge
Financial,
Inc.
272,000
6.375%, 
9/15/2054
b
271,097
196,000
6.875%, 
12/15/2052
b
202,192
134,000
6.050%, 
9/15/2033
141,053
123,000
5.750%, 
1/15/2034
127,787
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
390,758
5.200%, 
11/25/2035,
Ser.
2005-22,
Class
2A1
b
323,223
Cousins
Properties,
LP
70,000
5.375%, 
2/15/2032
70,729
Credit
Acceptance
Corporation
132,000
9.250%, 
12/15/2028
a
139,741
Credit
Agricole
SA
131,000
3.250%, 
1/14/2030
a
122,062
250,000
5.222%, 
5/27/2031
a,b
254,662
Credit
Suisse
Group
AG
130,000
7.250%, 
N/A
*,j
8,775
150,000
7.500%, 
N/A
*,j
10,125
Dai-ichi
Life
Insurance
Company,
Ltd.
325,000
6.200%, 
1/16/2035
a,b,i
327,949
Deutsche
Bank
AG/New
York,
NY
444,000
2.129%, 
11/24/2026
b
439,509
250,000
2.311%, 
11/16/2027
b
242,568
214,000
5.297%, 
5/9/2031
b
217,343
214,000
3.742%, 
1/7/2033
b
192,617
Digital
Realty
Trust,
LP,
Convertible
246,000
1.875%, 
11/15/2029
a
258,644
Drawbridge
Special
Opportunities
Fund,
LP
412,000
3.875%, 
2/15/2026
a
406,153
Elevance
Health,
Inc.
272,000
5.650%, 
6/15/2054
261,368
411,000
2.550%, 
3/15/2031
369,046
Encore
Capital
Group,
Inc.
160,000
9.250%, 
4/1/2029
a
170,149
60,000
8.500%, 
5/15/2030
a
64,356
Encore
Capital
Group,
Inc.,
Convertible
194,000
4.000%, 
3/15/2029
182,117
ERP
Operating,
LP
229,000
4.950%, 
6/15/2032
231,613
Extra
Space
Storage,
LP
135,000
2.400%, 
10/15/2031
117,296
Fairfax
Financial
Holdings,
Ltd.
204,000
6.350%, 
3/22/2054
206,611
Federal
Realty
OP,
LP,
Convertible
94,000
3.250%, 
1/15/2029
a
93,389
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Financials  8.0%
-
continued
Fifth
Third
Bancorp
$
118,000
4.500%, 
9/30/2025
b,i
$
117,530
144,000
4.772%, 
7/28/2030
b
144,893
Fifth
Third
Bank
NA
343,000
3.850%, 
3/15/2026
340,832
FirstCash
,
Inc.
294,000
5.625%, 
1/1/2030
a
293,160
Five
Corners
Funding
Trust
III
180,000
5.791%, 
2/15/2033
a
186,956
Freedom
Mortgage
Holdings,
LLC
274,000
9.250%, 
2/1/2029
a
284,598
118,000
9.125%, 
5/15/2031
a
121,632
45,000
8.375%, 
4/1/2032
a
45,485
FS
KKR
Capital
Corporation
132,000
2.625%, 
1/15/2027
126,575
FTAI
Aviation
Investors,
LLC
123,000
5.500%, 
5/1/2028
a
122,338
103,000
7.000%, 
5/1/2031
a
106,650
77,000
7.000%, 
6/15/2032
a
79,505
GGAM
Finance,
Ltd.
124,000
8.000%, 
6/15/2028
a
131,157
217,000
5.875%, 
3/15/2030
a
218,541
Global
Aircraft
Leasing
Company,
Ltd.
98,000
8.750%, 
9/1/2027
a
100,461
Global
Net
Lease,
Inc.
78,000
4.500%, 
9/30/2028
a
75,577
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership,
LP
167,000
3.750%, 
12/15/2027
a
159,489
goeasy
,
Ltd.
196,000
9.250%, 
12/1/2028
a
207,371
61,000
7.625%, 
7/1/2029
a
62,882
Goldman
Sachs
BDC,
Inc.
122,000
6.375%, 
3/11/2027
124,848
Goldman
Sachs
Group,
Inc.
190,000
7.379%, 
(H15T
5Y
+
3.623%),
8/10/2025
b,i
190,698
195,000
3.650%, 
8/10/2026
b,i
190,901
255,000
4.125%, 
11/10/2026
b,i
250,303
456,000
1.948%, 
10/21/2027
b
441,527
140,000
2.640%, 
2/24/2028
b
135,968
155,000
3.615%, 
3/15/2028
b
152,836
278,000
4.482%, 
8/23/2028
b
278,369
261,000
3.814%, 
4/23/2029
b
256,844
131,000
3.800%, 
3/15/2030
127,838
131,000
2.615%, 
4/22/2032
b
116,440
132,000
2.383%, 
7/21/2032
b
115,282
163,000
6.125%, 
11/10/2034
b,f,i
163,214
261,000
5.330%, 
7/23/2035
b
263,269
404,000
5.016%, 
10/23/2035
b
399,113
Hartford
Insurance
Group,
Inc.
130,000
2.800%, 
8/19/2029
122,285
125,000
6.713%, 
(TSFR3M
+
2.387%),
2/12/2047
a,b
116,250
HAT
Holdings
I,
LLC/HAT
Holdings
II,
LLC,
Convertible
75,000
3.750%, 
8/15/2028
a,f
86,550
Hercules
Capital,
Inc.,
Convertible
47,000
4.750%, 
9/1/2028
a
45,425
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
19
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Financials  8.0%
-
continued
HSBC
Holdings
plc
$
200,000
6.161%, 
3/9/2029
b
$
207,964
365,000
4.583%, 
6/19/2029
b
365,527
256,000
5.130%, 
3/3/2031
b
259,418
159,000
2.804%, 
5/24/2032
b
141,262
HUB
International,
Ltd.
180,000
7.250%, 
6/15/2030
a
188,106
Huntington
Bancshares,
Inc./OH
160,000
4.450%, 
10/15/2027
b,i
158,317
331,000
5.709%, 
2/2/2035
b
338,261
230,000
6.141%, 
11/18/2039
b
234,462
Huntington
Bank
Auto
Credit-
Linked
Notes
183,812
5.442%, 
10/20/2032,
Ser.
2024-2,
Class
B1
a
185,538
Icahn
Enterprises,
LP/Icahn
Enterprises
Finance
Corporation
114,000
6.250%, 
5/15/2026
113,190
314,000
5.250%, 
5/15/2027
304,244
ING
Groep
NV
258,000
1.726%, 
4/1/2027
b
252,702
Invitation
Homes
Operating
Partnership,
LP
227,000
2.000%, 
8/15/2031
193,279
Jane
Street
Group/JSG
Finance,
Inc.
191,000
4.500%, 
11/15/2029
a
185,288
62,000
7.125%, 
4/30/2031
a
65,234
103,000
6.125%, 
11/1/2032
a
103,983
145,000
6.750%, 
5/1/2033
a
149,090
Jefferies
Finance,
LLC/JFIN
Co-
Issuer
Corporation
120,000
5.000%, 
8/15/2028
a
116,001
151,000
6.625%, 
10/15/2031
a
150,456
Jefferson
Capital
Holdings,
LLC
99,000
6.000%, 
8/15/2026
a
98,512
247,000
9.500%, 
2/15/2029
a
260,721
JPMorgan
Chase
&
Company
295,000
3.650%, 
6/1/2026
b,i
290,211
371,000
1.045%, 
11/19/2026
b
365,991
392,000
4.005%, 
4/23/2029
b
388,551
133,000
2.069%, 
6/1/2029
b
124,744
160,000
6.500%, 
4/1/2030
b,i
165,244
523,000
4.493%, 
3/24/2031
b
522,343
140,000
2.963%, 
1/25/2033
b
125,836
145,000
4.912%, 
7/25/2033
b
145,839
140,000
5.717%, 
9/14/2033
b
145,922
149,000
5.350%, 
6/1/2034
b
153,294
147,000
6.254%, 
10/23/2034
b
159,766
69,000
5.336%, 
1/23/2035
b
70,630
228,000
5.766%, 
4/22/2035
b
239,534
144,000
5.502%, 
1/24/2036
b
148,320
259,000
5.534%, 
11/29/2045
b
259,577
KeyBank
NA/Cleveland,
OH
196,000
3.900%, 
4/13/2029
189,314
250,000
5.000%, 
1/26/2033
246,698
Kilroy
Realty,
LP
196,000
4.250%, 
8/15/2029
189,310
Kite
Realty
Group,
LP,
Convertible
13,000
0.750%, 
4/1/2027
a
13,423
Liberty
Mutual
Group,
Inc.
68,000
4.125%, 
12/15/2051
a,b
66,218
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Financials  8.0%
-
continued
Lincoln
National
Corporation
$
93,000
6.944%, 
(TSFR3M
+
2.619%),
8/18/2025
b,f
$
79,179
Lloyds
Banking
Group
plc
440,000
1.627%, 
5/11/2027
b
429,033
LPL
Holdings,
Inc.
293,000
4.900%, 
4/3/2028
295,226
M&T
Bank
Corporation
406,000
3.500%, 
9/1/2026
b,i
392,085
Macquarie
Airfinance
Holdings,
Ltd.
55,000
6.400%, 
3/26/2029
a
57,417
149,000
5.150%, 
3/17/2030
a
148,900
Macquarie
Group,
Ltd.
264,000
1.629%, 
9/23/2027
a,b
254,703
Marsh
&
McLennan
Companies,
Inc.
135,000
2.375%, 
12/15/2031
118,201
MetLife,
Inc.
160,000
6.350%, 
3/15/2055
b
164,340
220,000
3.850%, 
9/15/2025
b,i
218,863
205,000
5.875%, 
3/15/2028
b,f,i
209,008
261,000
6.400%, 
12/15/2036
273,311
Metropolitan
Life
Global
Funding
I
244,000
2.950%, 
4/9/2030
a
228,363
Mid-America
Apartments,
LP
261,000
4.200%, 
6/15/2028
260,540
Mitsubishi
UFJ
Financial
Group,
Inc.
260,000
1.538%, 
7/20/2027
b
252,265
Mizuho
Financial
Group,
Inc.
251,000
1.554%, 
7/9/2027
b
243,673
278,000
2.564%, 
9/13/2031
242,704
135,000
5.748%, 
7/6/2034
b
140,539
Molina
Healthcare,
Inc.
211,000
4.375%, 
6/15/2028
a
206,236
118,000
6.250%, 
1/15/2033
a
120,112
Morgan
Stanley
181,000
5.516%, 
11/19/2055
b
176,879
148,000
0.985%, 
12/10/2026
b
145,643
262,000
1.512%, 
7/20/2027
b
254,156
98,000
5.123%, 
2/1/2029
b
99,711
392,000
3.622%, 
4/1/2031
b
375,911
140,000
2.943%, 
1/21/2033
b
124,949
144,000
4.889%, 
7/20/2033
b
144,145
132,000
5.250%, 
4/21/2034
b
134,277
156,000
5.424%, 
7/21/2034
b
159,807
109,000
5.831%, 
4/19/2035
b
114,195
113,000
5.587%, 
1/18/2036
b
115,996
283,000
2.484%, 
9/16/2036
b
240,475
National
Securities
Clearing
Corporation
250,000
4.700%, 
5/20/2030
a
254,203
Nationstar
Mortgage
Holdings,
Inc.
59,000
5.500%, 
8/15/2028
a
58,612
186,000
5.125%, 
12/15/2030
a
188,247
49,000
7.125%, 
2/1/2032
a
50,896
NatWest
Group
plc
131,000
4.892%, 
5/18/2029
b
132,311
350,000
6.475%, 
6/1/2034
b
366,441
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
20
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Financials  8.0%
-
continued
Navient
Corporation
$
72,000
5.000%, 
3/15/2027
$
71,707
Neuberger
Berman
CLO,
Ltd.
1,650,000
7.518%, 
(TSFR3M
+
3.262%),
10/15/2029,
Ser.
2013-15A,
Class
DR2
a,b
1,651,518
New
Mountain
Finance
Corporation,
Convertible
39,000
7.500%, 
10/15/2025
39,099
New
York
Life
Global
Funding
134,000
4.550%, 
1/28/2033
a
131,144
137,000
5.000%, 
1/9/2034
a
137,908
Nippon
Life
Insurance
Company
675,000
5.950%, 
4/16/2054
a,b
680,051
NNN
REIT,
Inc.
131,000
2.500%, 
4/15/2030
119,285
Nomura
Holdings,
Inc.
200,000
2.172%, 
7/14/2028
186,700
227,000
5.783%, 
7/3/2034
234,835
Northwestern
Mutual
Life
Insurance
Company
50,000
6.170%, 
5/29/2055
a
52,213
Omega
Healthcare
Investors,
Inc.
267,000
5.200%, 
7/1/2030
268,499
OneMain
Finance
Corporation
183,000
3.500%, 
1/15/2027
179,159
99,000
6.750%, 
3/15/2032
100,862
405,000
7.125%, 
9/15/2032
419,284
Panther
Escrow
Issuer,
LLC
346,000
7.125%, 
6/1/2031
a
359,408
Park
Intermediate
Holdings,
LLC/
PK
Domestic
Property,
LLC/PK
Finance
Co-Issuer,
Inc.
328,000
4.875%, 
5/15/2029
a
317,801
Pebblebrook
Hotel
Trust,
Convertible
782,000
1.750%, 
12/15/2026
739,054
PennyMac
Financial
Services,
Inc.
144,000
6.875%, 
5/15/2032
a
147,236
Phoenix
Aviation
Capital,
Ltd.
151,000
9.250%, 
7/15/2030
a
156,396
Pine
Street
Trust
III
100,000
6.223%, 
5/15/2054
a
98,721
PNC
Bank
NA
130,000
2.700%, 
10/22/2029
121,305
PNC
Financial
Services
Group,
Inc.
196,000
6.200%, 
9/15/2027
b,i
199,702
145,000
5.582%, 
6/12/2029
b
150,165
241,000
6.250%, 
3/15/2030
b,i
247,803
134,000
6.875%, 
10/20/2034
b
149,799
PRA
Group,
Inc.
188,000
8.375%, 
2/1/2028
a
192,935
Prologis
Targeted
US
Logistics
Fund,
LP
196,000
5.250%, 
4/1/2029
a
201,358
128,000
5.250%, 
1/15/2035
a
128,592
Prologis,
LP
165,000
5.250%, 
3/15/2054
154,867
Provident
Financing
Trust
I
155,000
7.405%, 
3/15/2038
165,503
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Financials  8.0%
-
continued
Prudential
Financial,
Inc.
$
142,000
5.125%, 
3/1/2052
b
$
137,332
198,000
6.750%, 
3/1/2053
b
207,416
340,000
6.500%, 
3/15/2054
b
349,265
160,000
3.700%, 
10/1/2050
b
145,940
Realty
Income
Corporation
103,000
4.875%, 
6/1/2026
103,270
282,000
3.200%, 
1/15/2027
277,158
Regency
Centers,
LP
206,000
5.250%, 
1/15/2034
209,000
Reinsurance
Group
of
America,
Inc.
134,000
6.000%, 
9/15/2033
140,455
107,000
5.750%, 
9/15/2034
109,828
RenaissanceRe
Holdings,
Ltd.
303,000
5.800%, 
4/1/2035
311,310
Rexford
Industrial
Realty,
LP,
Convertible
98,000
4.375%, 
3/15/2027
a
97,020
180,000
4.125%, 
3/15/2029
a
175,860
RGA
Global
Funding
130,000
5.500%, 
1/11/2031
a
134,082
RHP
Hotel
Properties,
LP/RHP
Finance
Corporation
60,000
4.750%, 
10/15/2027
59,705
118,000
4.500%, 
2/15/2029
a
115,332
Rithm
Capital
Corporation
94,000
8.000%, 
7/15/2030
a
94,470
RLJ
Lodging
Trust,
LP
108,000
4.000%, 
9/15/2029
a
100,780
Rocket
Companies,
Inc.
143,000
6.375%, 
8/1/2033
a
146,318
Rocket
Mortgage,
LLC/Rocket
Mortgage
Co-Issuer,
Inc.
129,000
3.625%, 
3/1/2029
a
122,583
123,000
3.875%, 
3/1/2031
a
114,023
65,000
4.000%, 
10/15/2033
a
58,153
Royal
Bank
of
Canada
260,000
6.750%, 
8/24/2085
b
260,192
Ryan
Specialty,
LLC
62,000
4.375%, 
2/1/2030
a
59,967
80,000
5.875%, 
8/1/2032
a
80,629
Santander
Holdings
USA,
Inc.
144,000
2.490%, 
1/6/2028
b
139,395
Santander
UK
Group
Holdings
plc
262,000
1.673%, 
6/14/2027
b
254,495
Service
Properties
Trust
103,000
5.500%, 
12/15/2027
102,052
94,000
8.625%, 
11/15/2031
a
100,916
Simon
Property
Group,
LP
264,000
2.650%, 
7/15/2030
243,533
134,000
6.250%, 
1/15/2034
145,392
Sixth
Street
Lending
Partners
164,000
6.125%, 
7/15/2030
a
166,996
SLM
Corporation
29,000
6.500%, 
1/31/2030
30,439
Societe
Generale
SA
177,000
1.488%, 
12/14/2026
a,b
174,423
103,000
10.000%, 
11/14/2028
a,b,i
112,408
283,000
5.249%, 
5/22/2029
a,b
286,455
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
21
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Financials  8.0%
-
continued
Standard
Chartered
plc
$
206,000
2.608%, 
1/12/2028
a,b
$
200,065
200,000
5.545%, 
1/21/2029
a,b
204,288
Starwood
Property
Trust,
Inc.
49,000
6.500%, 
10/15/2030
a
50,590
Starwood
Property
Trust,
Inc.,
Convertible
258,000
6.750%, 
7/15/2027
275,544
State
Street
Corporation
137,000
6.700%, 
3/15/2029
b,i
143,068
144,000
4.421%, 
5/13/2033
b
141,329
Stonex
Escrow
Issuer,
LLC
169,000
6.875%, 
7/15/2032
a,c
170,700
Sumitomo
Life
Insurance
Company
420,000
3.375%, 
4/15/2081
a,b
378,320
Sumitomo
Mitsui
Financial
Group,
Inc.
200,000
5.716%, 
9/14/2028
207,938
200,000
5.766%, 
1/13/2033
210,382
Synchrony
Financial
104,000
5.935%, 
8/2/2030
b
106,858
125,000
7.250%, 
2/2/2033
130,793
Synovus
Bank
135,000
5.625%, 
2/15/2028
136,463
Toronto-Dominion
Bank
160,000
8.125%, 
10/31/2082
b
167,105
144,000
4.456%, 
6/8/2032
141,350
112,000
5.146%, 
9/10/2034
b
112,321
Truist
Bank
134,000
2.250%, 
3/11/2030
120,638
Truist
Financial
Corporation
282,000
6.047%, 
6/8/2027
b
285,789
132,000
1.887%, 
6/7/2029
b
122,836
490,000
5.100%, 
3/1/2030
b,i
484,700
263,000
5.153%, 
8/5/2032
b
268,112
201,000
5.711%, 
1/24/2035
b
208,347
U.S.
Bancorp
214,000
4.548%, 
7/22/2028
b
214,483
70,000
5.836%, 
6/12/2034
b
73,529
194,000
5.678%, 
1/23/2035
b
201,406
UBS
Group
AG
400,000
4.875%, 
2/12/2027
a,b,i
389,058
287,000
3.869%, 
1/12/2029
a,b
282,571
200,000
5.699%, 
2/8/2035
a,b
207,739
200,000
5.379%, 
9/6/2045
a,b
192,821
United
Wholesale
Mortgage,
LLC
325,000
5.500%, 
4/15/2029
a
315,463
UnitedHealth
Group,
Inc.
408,000
5.375%, 
4/15/2054
381,405
249,000
4.200%, 
5/15/2032
241,036
Ventas
Realty,
LP,
Convertible
201,000
3.750%, 
6/1/2026
240,296
Vornado
Realty,
LP
90,000
3.400%, 
6/1/2031
80,287
Wells
Fargo
&
Company
170,000
3.900%, 
3/15/2026
b,i
168,258
145,000
3.526%, 
3/24/2028
b
142,988
309,000
3.584%, 
5/22/2028
b
304,241
214,000
4.808%, 
7/25/2028
b
215,804
277,000
7.625%, 
9/15/2028
b,f,i
297,511
308,000
4.478%, 
4/4/2031
b
306,547
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Financials  8.0%
-
continued
$
93,000
5.389%, 
4/24/2034
b
$
95,162
187,000
5.557%, 
7/25/2034
b
192,989
132,000
6.491%, 
10/23/2034
b
144,280
552,000
5.499%, 
1/23/2035
b
566,086
Welltower
OP,
LLC,
Convertible
376,000
2.750%, 
5/15/2028
a
612,128
23,000
3.125%, 
7/15/2029
a
30,487
Westpac
Banking
Corporation
196,000
4.110%, 
7/24/2034
b
189,407
Willis
North
America,
Inc.
136,000
5.900%, 
3/5/2054
135,176
11,000
4.500%, 
9/15/2028
11,031
XHR,
LP
243,000
4.875%, 
6/1/2029
a
235,504
51,000
6.625%, 
5/15/2030
a
51,962
Zions
Bancorp
NA
250,000
6.816%, 
11/19/2035
b
259,702
Total
78,337,389
Foreign
Government  0.1%
NBN
Company,
Ltd.
235,000
2.625%, 
5/5/2031
a
211,824
Saudi
Arabian
Oil
Company
201,000
5.750%, 
7/17/2054
a
187,915
Teine
Energy,
Ltd.
250,000
6.875%, 
4/15/2029
a
248,623
Total
648,362
Mortgage-Backed
Securities  21.6%
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
666,187
2.000%, 
1/1/2052
535,429
3,600,909
6.000%, 
1/1/2055
3,721,361
7,298,489
2.500%, 
5/1/2051
6,105,344
5,357,334
3.500%, 
5/1/2052
4,865,556
4,034,307
4.000%, 
5/1/2052
3,782,793
5,566,147
5.000%, 
7/1/2053
5,494,856
7,944,558
5.500%, 
7/1/2053
8,002,718
434,467
5.000%, 
8/1/2053
429,871
1,667,764
5.500%, 
9/1/2053
1,686,749
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
3,218,794
2.500%, 
7/1/2030
3,111,345
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
4,090,029
3.500%, 
5/1/2040
3,913,945
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
9,195,868
3.000%, 
1/1/2052
8,029,893
897,930
2.000%, 
2/1/2051
721,689
1,377,137
2.000%, 
2/1/2051
1,106,841
4,181,910
2.500%, 
2/1/2051
3,515,509
5,667,181
2.500%, 
2/1/2051
4,702,426
10,342,166
2.000%, 
3/1/2051
8,229,506
5,469,815
4.000%, 
3/1/2051
5,167,522
10,175,424
3.000%, 
3/1/2052
8,829,117
8,300,919
2.000%, 
4/1/2051
6,578,438
6,061,958
3.000%, 
4/1/2051
5,281,594
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
22
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Mortgage-Backed
Securities  21.6%
-
continued
$
6,165,927
3.000%, 
5/1/2050
$
5,354,773
1,671,822
2.000%, 
5/1/2051
1,337,163
3,551,787
3.000%, 
5/1/2051
3,149,461
3,741,266
3.000%, 
6/1/2050
3,332,479
1,576,542
4.000%, 
6/1/2052
1,470,190
2,992,909
5.000%, 
6/1/2053
2,960,689
8,149,620
2.500%, 
7/1/2051
6,866,343
3,439,683
3.500%, 
7/1/2051
3,133,793
4,483,656
4.000%, 
7/1/2052
4,181,209
1,570,858
2.500%, 
8/1/2050
1,325,898
6,905,943
3.500%, 
8/1/2050
6,313,803
6,574,491
3.500%, 
8/1/2052
5,940,033
3,697,797
4.500%, 
8/1/2052
3,547,188
572,779
5.000%, 
8/1/2053
566,613
4,730,065
3.500%, 
9/1/2052
4,300,533
1,952,894
3.500%, 
9/1/2052
1,775,738
468,045
5.000%, 
9/1/2052
463,108
4,166,062
4.500%, 
9/1/2053
3,999,295
1,155,606
4.500%, 
9/1/2053
1,113,644
6,710,948
4.000%, 
10/1/2052
6,280,030
1,635,713
2.000%, 
11/1/2051
1,314,627
2,516,746
3.500%, 
11/1/2052
2,295,627
6,693,042
2.000%, 
12/1/2050
5,350,305
15,318,136
4.500%, 
12/1/2052
14,756,798
4,100,000
5.000%, 
7/1/2041
c
4,017,591
980,000
5.500%, 
7/1/2042
c
979,776
1,750,000
4.500%, 
7/1/2048
c
1,673,738
1,200,000
3.500%, 
7/1/2049
c
1,080,247
4,000,000
4.000%, 
7/1/2049
c
3,718,907
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
9,462,322
2.500%, 
3/1/2062
7,511,225
3,003,548
3.500%, 
7/1/2061
2,656,628
3,459,842
4.000%, 
12/1/2061
3,194,701
PRPM,
LLC
900,000
3.250%, 
4/25/2055,
Ser.
2025-RPL3,
Class
A3
a,d
821,810
1,389,591
6.255%, 
5/25/2030,
Ser.
2025-3,
Class
A1
a,d
1,397,337
Total
211,993,802
Technology  2.3%
Accenture
Capital,
Inc.
223,000
4.500%, 
10/4/2034
217,027
Adobe,
Inc.
330,000
5.300%, 
1/17/2035
344,952
Advanced
Micro
Devices,
Inc.
145,000
3.924%, 
6/1/2032
139,930
Akamai
Technologies,
Inc.,
Convertible
227,000
0.375%, 
9/1/2027
219,849
308,000
1.125%, 
2/15/2029
291,522
329,000
0.250%, 
5/15/2033
a
339,692
Alphabet,
Inc.
153,000
5.250%, 
5/15/2055
150,685
Analog
Devices,
Inc.
38,000
2.100%, 
10/1/2031
33,203
Apple,
Inc.
686,000
3.750%, 
9/12/2047
541,306
Block,
Inc.
424,000
6.500%, 
5/15/2032
437,451
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Technology  2.3%
-
continued
Block,
Inc.,
Convertible
$
70,000
0.250%, 
11/1/2027
$
62,475
Boost
Newco
Borrower,
LLC
303,000
7.500%, 
1/15/2031
a
321,639
Broadcom,
Inc.
146,000
4.000%, 
4/15/2029
a
144,007
130,000
4.800%, 
10/15/2034
128,429
CACI
International,
Inc.
63,000
6.375%, 
6/15/2033
a
65,013
Central
Parent,
Inc./CDK
Global,
Inc.
100,000
7.250%, 
6/15/2029
a
81,266
Cisco
Systems,
Inc.
272,000
5.350%, 
2/26/2064
262,510
Clarivate
Science
Holdings
Corporation
131,000
3.875%, 
7/1/2028
a
125,567
Cloud
Software
Group,
Inc.
577,000
6.500%, 
3/31/2029
a
582,374
CommScope
Technologies,
LLC
95,000
5.000%, 
3/15/2027
a
92,526
CommScope
,
LLC
99,000
4.750%, 
9/1/2029
a
96,652
99,000
9.500%, 
12/15/2031
a,f
103,674
Consensus
Cloud
Solutions,
Inc.
62,000
6.000%, 
10/15/2026
a
61,690
CoreWeave
,
Inc.
143,000
9.250%, 
6/1/2030
a
146,194
CSG
Systems
International,
Inc.,
Convertible
263,000
3.875%, 
9/15/2028
296,269
Dayforce
,
Inc.,
Convertible
385,000
0.250%, 
3/15/2026
370,370
Dell
International,
LLC/EMC
Corporation
214,000
4.750%, 
4/1/2028
216,505
Dell,
Inc.
182,000
6.500%, 
4/15/2038
193,864
Diebold
Nixdorf,
Inc.
77,000
7.750%, 
3/31/2030
a
81,689
Fair
Isaac
Corporation
168,000
6.000%, 
5/15/2033
a
169,540
Fiserv,
Inc.
266,000
5.350%, 
3/15/2031
275,786
65,000
5.600%, 
3/2/2033
67,399
266,000
5.450%, 
3/15/2034
272,465
213,000
5.150%, 
8/12/2034
213,779
Foundry
JV
Holdco,
LLC
200,000
5.900%, 
1/25/2033
a
207,336
Gen
Digital,
Inc.
149,000
7.125%, 
9/30/2030
a
154,638
50,000
6.250%, 
4/1/2033
a
51,342
Global
Payments,
Inc.
165,000
5.950%, 
8/15/2052
f
158,616
208,000
4.950%, 
8/15/2027
210,440
131,000
3.200%, 
8/15/2029
123,876
Global
Payments,
Inc.,
Convertible
442,000
1.500%, 
3/1/2031
f
394,706
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
23
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Technology  2.3%
-
continued
Helios
Software
Holdings,
Inc./ION
Corporate
Solutions
Finance
SARL
$
100,000
4.625%, 
5/1/2028
a
$
94,592
Hewlett
Packard
Enterprise
Company
187,000
4.850%, 
10/15/2031
186,516
IBM
International
Capital
Private,
Ltd.
213,000
5.300%, 
2/5/2054
199,299
II-VI,
Inc.
128,000
5.000%, 
12/15/2029
a
125,713
Intel
Corporation
378,000
4.900%, 
7/29/2045
320,618
InterDigital
,
Inc.,
Convertible
106,000
3.500%, 
6/1/2027
308,725
ION
Trading
Technologies
SARL
144,000
9.500%, 
5/30/2029
a
147,888
Iron
Mountain,
Inc.
339,000
4.875%, 
9/15/2027
a
337,071
150,000
4.875%, 
9/15/2029
a
147,363
57,000
5.250%, 
7/15/2030
a
56,220
380,000
4.500%, 
2/15/2031
a
362,060
Jabil,
Inc.
133,000
5.450%, 
2/1/2029
136,381
Marvell
Technology,
Inc.
132,000
2.950%, 
4/15/2031
120,212
Mastercard
,
Inc.
136,000
4.875%, 
5/9/2034
137,629
Microchip
Technology,
Inc.
84,000
5.050%, 
3/15/2029
85,339
Microchip
Technology,
Inc.,
Convertible
287,000
0.750%, 
6/1/2030
281,834
Micron
Technology,
Inc.
70,000
5.650%, 
11/1/2032
72,764
Moody's
Corporation
140,000
4.250%, 
8/8/2032
136,725
NCR
Atleos
Corporation
99,000
9.500%, 
4/1/2029
a
108,441
NCR
Voyix
Corporation
177,000
5.000%, 
10/1/2028
a
175,207
132,000
5.125%, 
4/15/2029
a
130,012
Neptune
Bidco
US,
Inc.
193,000
9.290%, 
4/15/2029
a
187,921
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
131,000
4.300%, 
6/18/2029
129,802
ON
Semiconductor
Corporation,
Convertible
341,000
Zero
Coupon, 
5/1/2027
403,710
504,000
0.500%, 
3/1/2029
465,797
Open
Text
Corporation
226,000
3.875%, 
12/1/2029
a
212,875
Open
Text
Holdings,
Inc.
240,000
4.125%, 
2/15/2030
a
226,828
Oracle
Corporation
255,000
5.375%, 
9/27/2054
233,105
482,000
6.900%, 
11/9/2052
536,148
140,000
6.150%, 
11/9/2029
149,379
327,000
2.950%, 
4/1/2030
305,368
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Technology  2.3%
-
continued
$
192,000
5.250%, 
2/3/2032
$
196,951
219,000
6.250%, 
11/9/2032
236,993
Paychex,
Inc.
76,000
5.600%, 
4/15/2035
78,558
PayPal
Holdings,
Inc.
272,000
5.500%, 
6/1/2054
266,782
Pitney
Bowes,
Inc.
62,000
6.875%, 
3/15/2027
a
62,564
Qualcomm,
Inc.
280,000
4.750%, 
5/20/2032
283,267
RingCentral,
Inc.
261,000
8.500%, 
8/15/2030
a
279,267
Rocket
Software,
Inc.
148,000
9.000%, 
11/28/2028
a
152,559
Sabre
GLBL,
Inc.
25,000
8.625%, 
6/1/2027
a
25,594
95,000
11.125%, 
7/15/2030
a
99,370
Seagate
HDD
Cayman
221,480
9.625%, 
12/1/2032
249,669
66,000
5.750%, 
12/1/2034
65,045
Semtech
Corporation,
Convertible
218,000
1.625%, 
11/1/2027
f
313,470
Sensata
Technologies
BV
188,000
4.000%, 
4/15/2029
a
178,803
Sensata
Technologies,
Inc.
52,000
4.375%, 
2/15/2030
a
49,645
69,000
3.750%, 
2/15/2031
a
62,895
Shift4
Payments,
Inc.,
Convertible
367,000
Zero
Coupon, 
12/15/2025
463,337
354,000
0.500%, 
8/1/2027
f
378,780
Shift4
Payments,
LLC/Shift4
Payments
Finance
Sub,
Inc.
201,000
6.750%, 
8/15/2032
a
208,752
SS&C
Technologies,
Inc.
249,000
5.500%, 
9/30/2027
a
249,218
51,000
6.500%, 
6/1/2032
a
52,944
Synaptics
,
Inc.,
Convertible
279,000
0.750%, 
12/1/2031
a,f
262,936
Synopsys,
Inc.
190,000
5.700%, 
4/1/2055
188,909
Texas
Instruments,
Inc.
136,000
5.150%, 
2/8/2054
128,162
UKG,
Inc.
132,000
6.875%, 
2/1/2031
a
136,960
Verint
Systems,
Inc.,
Convertible
177,000
0.250%, 
4/15/2026
f
169,300
Verisk
Analytics,
Inc.
114,000
5.250%, 
3/15/2035
114,646
Viavi
Solutions,
Inc.
98,000
3.750%, 
10/1/2029
a
91,572
Viavi
Solutions,
Inc.,
Convertible
198,000
1.625%, 
3/15/2026
199,237
Vishay
Intertechnology
,
Inc.,
Convertible
486,000
2.250%, 
9/15/2030
434,970
VMware,
LLC
262,000
1.400%, 
8/15/2026
253,402
370,000
4.700%, 
5/15/2030
371,469
192,000
2.200%, 
8/15/2031
166,644
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
24
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Technology  2.3%
-
continued
Western
Digital
Corporation,
Convertible
$
503,000
3.000%, 
11/15/2028
f
$
902,885
Xerox
Holdings
Corporation
23,000
5.000%, 
8/15/2025
a
22,879
180,000
5.500%, 
8/15/2028
a
137,314
Xerox
Holdings
Corporation,
Convertible
481,000
3.750%, 
3/15/2030
272,967
Ziff
Davis,
Inc.,
Convertible
33,000
1.750%, 
11/1/2026
31,309
118,000
3.625%, 
3/1/2028
a
110,035
Total
22,919,854
Transportation  0.5%
Air
Canada
103,000
3.875%, 
8/15/2026
a
101,960
American
Airlines,
Inc./
AAdvantage
Loyalty
IP,
Ltd.
176,000
5.500%, 
4/20/2026
a
175,596
186,560
5.750%, 
4/20/2029
a
186,396
Avianca
Midco
2
plc
200,000
9.625%, 
2/14/2030
a
184,460
Avis
Budget
Car
Rental,
LLC/Avis
Budget
Finance,
Inc.
156,000
5.375%, 
3/1/2029
a,f
150,353
Burlington
Northern
Santa
Fe,
LLC
136,000
5.500%, 
3/15/2055
134,663
Canadian
Pacific
Railway
Company
2,000
1.750%, 
12/2/2026
1,930
DCLI
Bidco
,
LLC
93,000
7.750%, 
11/15/2029
a
94,205
Delta
Air
Lines,
Inc.
288,000
4.375%, 
4/19/2028
286,443
230,000
5.250%, 
7/10/2030
231,476
Delta
Air
Lines,
Inc./
SkyMiles
IP,
Ltd.
49,606
4.500%, 
10/20/2025
a
49,486
ERAC
USA
Finance,
LLC
277,000
5.200%, 
10/30/2034
a
282,242
Greenbrier
Companies,
Inc.,
Convertible
205,000
2.875%, 
4/15/2028
217,567
JetBlue
Airways
Corporation/
JetBlue
Loyalty,
LP
58,000
9.875%, 
9/20/2031
a
56,427
Mileage
Plus
Holdings,
LLC/
Mileage
Plus
Intellectual
Property
Assets,
Ltd.
159,200
6.500%, 
6/20/2027
a
159,409
Norfolk
Southern
Corporation
195,000
4.450%, 
3/1/2033
190,786
OneSky
Flight,
LLC
172,000
8.875%, 
12/15/2029
a
179,093
Penske
Truck
Leasing
Company,
LP/PTL
Finance
Corporation
148,000
1.200%, 
11/15/2025
a
146,066
128,000
1.700%, 
6/15/2026
a
124,510
Rand
Parent,
LLC
256,000
8.500%, 
2/15/2030
a
257,065
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Transportation  0.5%
-
continued
RXO,
Inc.
$
95,000
7.500%, 
11/15/2027
a
$
97,245
Ryder
System,
Inc.
161,000
2.850%, 
3/1/2027
156,818
Southwest
Airlines
Company
133,000
5.125%, 
6/15/2027
134,189
Star
Leasing
Company,
LLC
99,000
7.625%, 
2/15/2030
a
98,171
Stena
International
SA
198,000
7.250%, 
1/15/2031
a
198,613
Union
Pacific
Corporation
125,000
5.600%, 
12/1/2054
124,330
United
Airlines,
Inc.
304,000
4.625%, 
4/15/2029
a
295,082
United
Parcel
Service,
Inc.
124,000
4.650%, 
10/15/2030
125,708
VistaJet
Malta
Finance
plc/Vista
Management
Holding,
Inc.
81,000
7.875%, 
5/1/2027
a
81,500
136,000
6.375%, 
2/1/2030
a,f
127,497
Total
4,649,286
U.S.
Government
&
Agencies  6.4%
U.S.
Treasury
Bonds
2,374,000
3.625%, 
5/15/2053
1,936,294
1,854,000
4.750%, 
11/15/2053
1,837,198
7,561,000
4.625%, 
2/15/2035
7,800,825
U.S.
Treasury
Notes
6,500,000
4.250%, 
12/31/2025
6,500,064
29,100,000
4.375%, 
7/31/2026
29,215,945
11,400,000
4.125%, 
7/31/2028
11,537,602
3,801,000
4.000%, 
2/28/2030
3,837,971
Total
62,665,899
Utilities  2.3%
AES
Corporation
165,000
7.600%, 
1/15/2055
b
169,884
254,000
3.950%, 
7/15/2030
a
241,485
Algonquin
Power
&
Utilities
Corporation
451,000
4.750%, 
1/18/2082
b
439,871
Alliant
Energy
Corporation,
Convertible
144,000
3.875%, 
3/15/2026
147,888
93,000
3.250%, 
5/30/2028
a
92,535
Ameren
Corporation
161,000
1.750%, 
3/15/2028
150,203
American
Electric
Power
Company,
Inc.
248,000
6.950%, 
12/15/2054
b
258,574
131,000
2.300%, 
3/1/2030
118,176
American
Water
Capital
Corporation
201,000
5.450%, 
3/1/2054
194,416
American
Water
Capital
Corporation,
Convertible
277,000
3.625%, 
6/15/2026
278,080
Arizona
Public
Service
Company
138,000
5.550%, 
8/1/2033
141,230
Atmos
Energy
Corporation
129,000
5.000%, 
12/15/2054
117,304
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
25
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Utilities  2.3%
-
continued
Calpine
Corporation
$
203,000
4.500%, 
2/15/2028
a
$
201,354
CenterPoint
Energy,
Inc.
144,000
7.000%, 
2/15/2055
b
150,713
83,000
6.700%, 
5/15/2055
b
83,764
198,000
1.450%, 
6/1/2026
192,494
197,000
2.650%, 
6/1/2031
175,641
CenterPoint
Energy,
Inc.,
Convertible
221,000
4.250%, 
8/15/2026
239,122
8,000
3.369%, 
9/15/2029
386,347
CMS
Energy
Corporation,
Convertible
155,000
3.375%, 
5/1/2028
164,765
Consolidated
Edison
Company
of
New
York,
Inc.
408,000
5.700%, 
5/15/2054
407,300
Constellation
Energy
Generation,
LLC
204,000
5.750%, 
3/15/2054
199,844
133,000
5.800%, 
3/1/2033
140,635
Dominion
Energy,
Inc.
217,000
6.875%, 
2/1/2055
b
228,281
217,000
7.000%, 
6/1/2054
b
232,826
240,000
4.350%, 
1/15/2027
b,i
235,664
161,000
3.375%, 
4/1/2030
153,003
DTE
Energy
Company
140,000
4.875%, 
6/1/2028
142,058
Duke
Energy
Carolinas,
LLC
420,000
5.400%, 
1/15/2054
403,926
Duke
Energy
Corporation
240,000
3.250%, 
1/15/2082
b
230,304
187,000
5.800%, 
6/15/2054
182,586
157,000
6.450%, 
9/1/2054
b
161,367
139,000
4.500%, 
8/15/2032
135,905
125,000
5.750%, 
9/15/2033
131,287
Duke
Energy
Corporation,
Convertible
402,000
4.125%, 
4/15/2026
425,316
Duke
Energy
Ohio,
Inc.
136,000
5.550%, 
3/15/2054
132,862
Edison
International
137,000
7.875%, 
6/15/2054
b,f
129,789
220,000
5.000%, 
12/15/2026
b,f,i
190,177
Enel
Finance
International
NV
226,000
5.125%, 
6/26/2029
a
230,207
Entergy
Corporation
130,000
1.900%, 
6/15/2028
121,568
Entergy
Louisiana,
LLC
178,000
5.800%, 
3/15/2055
178,021
Evergy
,
Inc.,
Convertible
239,000
4.500%, 
12/15/2027
279,511
Exelon
Corporation
540,000
5.600%, 
3/15/2053
518,945
130,000
4.050%, 
4/15/2030
127,887
Fells
Point
Funding
Trust
266,000
3.046%, 
1/31/2027
a
260,233
FirstEnergy
Corporation,
Convertible
77,000
4.000%, 
5/1/2026
77,424
277,000
3.625%, 
1/15/2029
a
280,324
236,000
3.875%, 
1/15/2031
a
238,714
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Utilities  2.3%
-
continued
Georgia
Power
Company
$
82,000
4.950%, 
5/17/2033
$
82,635
ITC
Holdings
Corporation
140,000
4.950%, 
9/22/2027
a
141,506
Jersey
Central
Power
&
Light
Company
280,000
2.750%, 
3/1/2032
a
245,460
Lightning
Power,
LLC
177,000
7.250%, 
8/15/2032
a
186,284
Long
Ridge
Energy,
LLC
151,000
8.750%, 
2/15/2032
a
156,852
MidAmerican
Energy
Company
553,000
5.300%, 
2/1/2055
526,008
National
Rural
Utilities
Cooperative
Finance
Corporation
137,000
4.850%, 
2/7/2029
139,457
NextEra
Energy
Capital
Holdings,
Inc.
258,000
5.900%, 
3/15/2055
258,814
210,000
3.800%, 
3/15/2082
b
201,218
331,000
6.750%, 
6/15/2054
b
343,403
130,000
2.250%, 
6/1/2030
117,076
113,000
5.300%, 
3/15/2032
116,395
NextEra
Energy
Capital
Holdings,
Inc.,
Convertible
174,000
3.000%, 
3/1/2027
197,838
NiSource,
Inc.
81,000
6.375%, 
3/31/2055
b
81,458
261,000
5.850%, 
4/1/2055
258,261
160,000
6.950%, 
11/30/2054
b
166,555
130,000
2.950%, 
9/1/2029
122,643
Northern
States
Power
Company/
MN
136,000
5.400%, 
3/15/2054
131,114
NRG
Energy,
Inc.
167,000
2.000%, 
12/2/2025
a
164,563
189,000
10.250%, 
3/15/2028
a,b,i
209,872
120,000
3.375%, 
2/15/2029
a
113,154
185,000
5.250%, 
6/15/2029
a
183,987
83,000
6.000%, 
2/1/2033
a
83,827
83,000
6.250%, 
11/1/2034
a
84,564
Oncor
Electric
Delivery
Company,
LLC
178,000
5.550%, 
6/15/2054
172,242
Pacific
Gas
and
Electric
Company
136,000
6.750%, 
1/15/2053
136,836
266,000
5.550%, 
5/15/2029
270,289
PG&E
Corporation
55,000
7.375%, 
3/15/2055
b
52,086
72,000
5.000%, 
7/1/2028
70,132
PG&E
Corporation,
Convertible
783,000
4.250%, 
12/1/2027
776,971
Pinnacle
West
Capital
Corporation,
Convertible
130,000
4.750%, 
6/15/2027
140,790
PPL
Capital
Funding,
Inc.
197,000
5.250%, 
9/1/2034
198,584
PPL
Capital
Funding,
Inc.,
Convertible
218,000
2.875%, 
3/15/2028
235,452
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
26
Principal
Amount
Long-Term
Fixed
Income  68.0%
Value
Utilities  2.3%
-
continued
San
Diego
Gas
&
Electric
Company
$
136,000
5.550%, 
4/15/2054
$
130,816
Sempra
162,000
6.550%, 
4/1/2055
b
153,617
162,000
6.625%, 
4/1/2055
b
156,708
160,000
6.400%, 
10/1/2054
b
151,892
162,000
6.875%, 
10/1/2054
b
163,367
162,000
4.875%, 
10/15/2025
b,i
161,332
Southern
California
Edison
Company
272,000
5.450%, 
6/1/2031
276,758
Southern
Company
170,000
5.700%, 
10/15/2032
178,568
300,000
4.850%, 
3/15/2035
293,269
149,000
4.000%, 
1/15/2051
b
148,139
432,000
3.750%, 
9/15/2051
b
426,048
Southern
Company,
Convertible
198,000
3.875%, 
12/15/2025
219,146
352,000
4.500%, 
6/15/2027
387,204
121,000
3.250%, 
6/15/2028
a
121,605
TerraForm
Power
Operating,
LLC
480,000
5.000%, 
1/31/2028
a
475,111
Virginia
Electric
and
Power
Company
184,000
5.350%, 
1/15/2054
172,829
Vistra
Corporation
118,000
8.000%, 
10/15/2026
a,b,i
120,861
129,000
7.000%, 
12/15/2026
a,b,i
130,552
Vistra
Operations
Company,
LLC
266,000
5.000%, 
7/31/2027
a
265,673
WEC
Energy
Group,
Inc.,
Convertible
182,000
3.375%, 
6/1/2028
182,273
193,000
4.375%, 
6/1/2027
217,395
188,000
4.375%, 
6/1/2029
216,482
Xcel
Energy,
Inc.
157,000
4.000%, 
6/15/2028
155,636
213,000
4.600%, 
6/1/2032
208,287
143,000
5.600%, 
4/15/2035
145,990
XPLR
Infrastructure
Operating
Partners,
LP
331,000
3.875%, 
10/15/2026
a
323,384
30,000
8.375%, 
1/15/2031
a,f
32,043
30,000
8.625%, 
3/15/2033
a,f
32,153
XPLR
Infrastructure,
LP,
Convertible
556,000
Zero
Coupon, 
11/15/2025
a
540,710
104,000
2.500%, 
6/15/2026
a,f
99,320
Total
22,773,304
Total
Long-Term
Fixed
Income
(cost
$675,491,105)
666,805,078
Shares
Common
Stock
12.8%
Value
Communications
Services  1.0%
3,091
Alphabet,
Inc.,
Class
A
544,727
15,295
Alphabet,
Inc.,
Class
C
2,713,180
8,486
AT&T,
Inc.
245,585
1,515
Cogent
Communications
Holdings
73,038
15,002
Comcast
Corporation
535,421
5,317
Meta
Platforms,
Inc.
3,924,425
Shares
Common
Stock  12.8%
Value
Communications
Services  1.0%
-
continued
636
Netflix,
Inc.
k
$
851,687
147
New
York
Times
Company
8,229
615
News
Corporation,
Class
A
18,278
461
Spotify
Technology
SA
k
353,744
494
T-Mobile
US,
Inc.
117,700
544
Tripadvisor
,
Inc.
k
7,099
2,945
Verizon
Communications,
Inc.
127,430
1,542
Walt
Disney
Company
191,223
34,121
Warner
Brothers
Discovery,
Inc.
k
391,027
Total
10,102,793
Consumer
Discretionary  1.3%
1,728
Advance
Auto
Parts,
Inc.
80,335
18,630
Amazon.com,
Inc.
k
4,087,236
3,779
Aptiv
plc
k
257,803
15
AutoZone,
Inc.
k
55,683
3,640
Best
Buy
Company,
Inc.
244,353
95
Booking
Holdings,
Inc.
549,978
447
Boot
Barn
Holdings,
Inc.
k
67,944
1,190
Build-A-Bear
Workshop,
Inc.
61,356
3,387
Champion
Homes,
Inc.
k
212,060
1,938
Columbia
Sportswear
Company
118,373
1,482
Crocs,
Inc.
k
150,097
3,684
D.R.
Horton,
Inc.
474,941
1,777
DoorDash
,
Inc.
k
438,048
1,556
Expedia
Group,
Inc.
262,466
1,237
Garmin,
Ltd.
258,187
134
Group
1
Automotive,
Inc.
58,519
1,196
Hilton
Worldwide
Holdings,
Inc.
318,543
1,635
Home
Depot,
Inc.
599,456
2,006
La-Z-Boy,
Inc.
74,563
2,118
Lowe's
Companies,
Inc.
469,921
702
Lululemon
Athletica
,
Inc.
k
166,781
306
Marriott
Vacations
Worldwide
Corporation
22,127
329
McDonald's
Corporation
96,124
588
Modine
Manufacturing
Company
k
57,918
23
NVR,
Inc.
k
169,870
5,430
O'Reilly
Automotive,
Inc.
k
489,406
109
Ross
Stores,
Inc.
13,906
1,076
SharkNinja
,
Inc.
k
106,513
1,862
Six
Flags
Entertainment
Corporation
k
56,661
16,034
Sony
Group
Corporation
ADR
f
417,365
4,351
Tesla,
Inc.
k
1,382,139
4,527
Wyndham
Hotels
&
Resorts,
Inc.
367,638
1,449
Wynn
Resorts,
Ltd.
135,728
Total
12,322,038
Consumer
Staples  0.4%
1,355
BJ's
Wholesale
Club
Holdings,
Inc.
k
146,110
274
Casey's
General
Stores,
Inc.
139,814
1,688
Church
&
Dwight
Company,
Inc.
162,234
1,570
Colgate-Palmolive
Company
142,713
110
Costco
Wholesale
Corporation
108,893
41,572
Coty,
Inc.
k
193,310
508
J
&
J
Snack
Foods
Corporation
57,612
1,441
John
B.
Sanfilippo
&
Son,
Inc.
91,129
21,760
Kenvue
,
Inc.
455,437
6,196
Keurig
Dr
Pepper,
Inc.
204,840
477
Lancaster
Colony
Corporation
82,411
767
Monster
Beverage
Corporation
k
48,045
1,146
Philip
Morris
International,
Inc.
208,721
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
27
Shares
Common
Stock  12.8%
Value
Consumer
Staples  0.4%
-
continued
3,042
Procter
&
Gamble
Company
$
484,651
8,591
Sysco
Corporation
650,682
960
Turning
Point
Brands,
Inc.
72,739
7,726
Unilever
plc
ADR
472,599
5,457
Walmart,
Inc.
533,586
Total
4,255,526
Energy  0.5%
2,581
Antero
Midstream
Corporation
48,910
1,078
Archrock
,
Inc.
26,767
4,010
Baker
Hughes
Company
153,743
589
Cheniere
Energy,
Inc.
143,433
7,866
ConocoPhillips
705,895
13,879
Devon
Energy
Corporation
441,491
18,977
Enterprise
Products
Partners,
LP
588,477
1,327
EOG
Resources,
Inc.
158,723
2,846
Expand
Energy
Corporation
332,811
11,081
Exxon
Mobil
Corporation
1,194,532
9,938
Halliburton
Company
202,536
2,791
Kinder
Morgan,
Inc.
82,055
1,924
Marathon
Petroleum
Corporation
319,596
1,389
Matador
Resources
Company
66,283
331
Noble
Corporation
plc
8,788
3,535
Shell
plc
ADR
248,899
2,390
TechnipFMC
plc
82,312
2,796
Williams
Companies,
Inc.
175,617
Total
4,980,868
Financials  2.1%
1,557
Allstate
Corporation
313,440
6,698
Ally
Financial,
Inc.
260,887
1,328
Amalgamated
Financial
Corporation
41,434
1,169
American
Express
Company
372,888
4,898
American
International
Group,
Inc.
419,220
747
Ameriprise
Financial,
Inc.
398,696
2,979
Arch
Capital
Group,
Ltd.
271,238
1,006
Associated
Banc-Corp
24,536
27,716
Bank
of
America
Corporation
1,311,521
105
Bank
of
Marin
Bancorp
2,398
1,766
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
78,198
5,114
Bank
of
New
York
Mellon
Corporation
465,937
389
BankUnited
,
Inc.
13,845
940
Berkshire
Hathaway,
Inc.
k
456,624
700
Berkshire
Hills
Bancorp,
Inc.
17,528
88
BlackRock,
Inc.
92,334
5,546
Bridgewater
Bancshares,
Inc.
k
88,237
188
Byline
Bancorp,
Inc.
5,025
4,626
Capital
One
Financial
Corporation
984,228
863
Cboe
Global
Markets,
Inc.
201,260
203
Central
Pacific
Financial
Corporation
5,690
13,459
Charles
Schwab
Corporation
1,227,999
1,872
Chubb,
Ltd.
542,356
893
Citigroup,
Inc.
76,012
299
CME
Group,
Inc.
82,410
563
Community
Trust
Bancorp,
Inc.
29,794
1,788
Donnelley
Financial
Solutions,
Inc.
k
110,230
20
Enact
Holdings,
Inc.
743
920
Enterprise
Financial
Services
Corporation
50,692
184
FactSet
Research
Systems,
Inc.
82,300
Shares
Common
Stock  12.8%
Value
Financials  2.1%
-
continued
537
Federal
Agricultural
Mortgage
Corporation
$
104,328
61
Financial
Institutions,
Inc.
1,566
983
First
Bancorp/Puerto
Rico
20,476
209
First
Citizens
BancShares
,
Inc./NC
408,902
82
First
Financial
Corporation
4,444
146
First
Mid-Illinois
Bancshares,
Inc.
5,474
894
Fiserv,
Inc.
k
154,135
2,383
Fulton
Financial
Corporation
42,989
2,042
Glacier
Bancorp,
Inc.
87,969
506
Great
Southern
Bancorp,
Inc.
29,743
536
Hometrust
Bancshares,
Inc.
20,052
426
Houlihan
Lokey
,
Inc.
76,659
180
Independent
Bank
Corporation/MI
5,834
5,491
Intercontinental
Exchange,
Inc.
1,007,434
6,653
JPMorgan
Chase
&
Company
1,928,771
23,890
KeyCorp
416,164
492
Kinsale
Capital
Group,
Inc.
238,079
1,233
M&T
Bank
Corporation
239,190
855
Marsh
&
McLennan
Companies,
Inc.
186,937
977
Mastercard
,
Inc.
549,015
5,538
MetLife,
Inc.
445,366
1,224
MidWestOne
Financial
Group,
Inc.
35,214
172
Moody's
Corporation
86,273
687
MSCI,
Inc.
396,220
4,056
Nasdaq,
Inc.
362,688
1,953
Northern
Trust
Corporation
247,621
2,112
Northwest
Bancshares,
Inc.
26,991
1,024
OceanFirst
Financial
Corporation
18,033
508
OFG
Bancorp
21,742
2,971
Old
National
Bancorp
63,401
1,461
Old
Second
Bancorp,
Inc.
25,918
65
PNC
Financial
Services
Group,
Inc.
12,117
393
Popular,
Inc.
43,313
1,146
Progressive
Corporation
305,822
1,160
Prosperity
Bancshares,
Inc.
81,478
2,266
Provident
Financial
Services,
Inc.
39,723
4,520
Radian
Group,
Inc.
162,810
1,814
RLI
Corporation
131,007
2,847
Robinhood
Markets,
Inc.
k
266,565
669
S&P
Global,
Inc.
352,757
3,048
Tradeweb
Markets,
Inc.
446,227
1,668
Triumph
Financial,
Inc.
k
91,923
1,257
Trustmark
Corporation
45,830
377
U.S.
Bancorp
17,059
3,630
Visa,
Inc.
1,288,832
19,897
Wells
Fargo
&
Company
1,594,148
4,238
Zions
Bancorp
NA
220,122
Total
20,385,061
Health
Care  1.4%
2,436
Abbott
Laboratories
331,320
2,435
AbbVie,
Inc.
451,985
4,132
ADMA
Biologics,
Inc.
k
75,244
2,917
Agilent
Technologies,
Inc.
344,235
622
Align
Technology,
Inc.
k
117,763
1,489
Amgen,
Inc.
415,744
11,236
Avantor
,
Inc.
k
151,237
3,324
BioMarin
Pharmaceutical,
Inc.
k
182,720
4,866
Boston
Scientific
Corporation
k
522,657
992
Cencora
,
Inc.
297,451
3,268
Centene
Corporation
k
177,387
137
Chemed
Corporation
66,709
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
28
Shares
Common
Stock  12.8%
Value
Health
Care  1.4%
-
continued
1,283
Cigna
Group
$
424,134
2,780
Concentra
Group
Holdings
Parent,
Inc.
57,185
416
Cooper
Companies,
Inc.
k
29,603
420
CorVel
Corporation
k
43,168
3,702
Danaher
Corporation
731,293
1,078
Eli
Lilly
&
Company
840,333
802
Encompass
Health
Corporation
98,349
3,738
Gilead
Sciences,
Inc.
414,432
751
IDEXX
Laboratories,
Inc.
k
402,791
1,284
Illumina,
Inc.
k
122,507
322
Insulet
Corporation
k
101,166
1,049
Intuitive
Surgical,
Inc.
k
570,037
7,042
Johnson
&
Johnson
1,075,666
2,232
Labcorp
Holdings,
Inc.
585,922
172
Medpace
Holdings,
Inc.
k
53,984
5,689
Medtronic
plc
495,910
10,244
Merck
&
Company,
Inc.
810,915
47
Mettler
-Toledo
International,
Inc.
k
55,212
1,490
Neurocrine
Biosciences,
Inc.
k
187,278
389
Penumbra,
Inc.
k
99,829
8,792
Progyny
,
Inc.
k
193,424
571
Repligen
Corporation
k
71,021
9,935
Sanofi
SA
ADR
479,960
670
STERIS
plc
160,947
3,088
Stevanato
Group
SPA
f
75,440
636
Stryker
Corporation
251,621
706
Thermo
Fisher
Scientific,
Inc.
286,255
1,685
Twist
Bioscience
Corporation
k
61,991
331
United
Therapeutics
Corporation
k
95,113
2,420
UnitedHealth
Group,
Inc.
754,967
876
Vertex
Pharmaceuticals,
Inc.
k
389,995
2,562
Viemed
Healthcare,
Inc.
k
17,703
531
Waters
Corporation
k
185,340
4,687
Zimmer
Biomet
Holdings,
Inc.
427,501
1,410
Zoetis,
Inc.
219,890
Total
14,005,334
Industrials  1.5%
8,126
Amentum
Holdings,
Inc.
k
191,855
1,833
AMETEK,
Inc.
331,700
67
Armstrong
World
Industries,
Inc.
10,884
1,271
Automatic
Data
Processing,
Inc.
391,977
219
Axon
Enterprise,
Inc.
k
181,319
4,854
Badger
Infrastructure
Solutions,
Ltd.
169,600
2,493
Barrett
Business
Services,
Inc.
103,933
636
BWX
Technologies,
Inc.
91,622
1,730
Caterpillar,
Inc.
671,603
38,417
CNH
Industrial
NV
497,884
25,654
CSX
Corporation
837,090
134
Curtiss-Wright
Corporation
65,466
1,641
Dayforce
,
Inc.
k
90,895
11,783
Delta
Air
Lines,
Inc.
579,488
1,185
Enerpac
Tool
Group
Corporation
48,064
1,193
Expeditors
International
of
Washington,
Inc.
136,300
13,688
Fastenal
Company
574,896
1,593
Ferguson
Enterprises,
Inc.
346,876
6,214
Flowserve
Corporation
325,303
4,122
Gates
Industrial
Corporation
plc
k
94,930
1,492
General
Dynamics
Corporation
435,157
1,629
General
Electric
Company
419,288
251
Graco
,
Inc.
21,579
Shares
Common
Stock  12.8%
Value
Industrials  1.5%
-
continued
116
Great
Lakes
Dredge
&
Dock
Corporation
k
$
1,414
2,209
Helios
Technologies,
Inc.
73,714
5,688
Hexcel
Corporation
321,315
2,683
Honeywell
International,
Inc.
624,817
1,367
Howmet
Aerospace,
Inc.
254,440
294
IES
Holdings,
Inc.
k
87,092
2,193
Ingersoll
Rand,
Inc.
182,414
2,711
Jacobs
Solutions,
Inc.
356,361
1,990
JB
Hunt
Transport
Services,
Inc.
285,764
334
Johnson
Controls
International
plc
35,277
1,923
Knight-Swift
Transportation
Holdings,
Inc.
85,054
1,104
Korn
Ferry
80,956
1,968
L3Harris
Technologies,
Inc.
493,653
504
Landstar
System,
Inc.
70,066
1,174
Leidos
Holdings,
Inc.
185,210
706
Lincoln
Electric
Holdings,
Inc.
146,368
81
Lockheed
Martin
Corporation
37,514
420
Masco
Corporation
27,031
5,958
Masterbrand,
Inc.
k
65,121
644
Miller
Industries,
Inc.
28,632
467
Moog,
Inc.
84,513
1,368
Old
Dominion
Freight
Line,
Inc.
222,026
819
Otis
Worldwide
Corporation
81,097
860
Parker-Hannifin
Corporation
600,684
634
Quanta
Services,
Inc.
239,703
450
Republic
Services,
Inc.
110,975
813
Rockwell
Automation,
Inc.
270,054
3,184
Schneider
National,
Inc.
76,894
4,543
Southwest
Airlines
Company
147,375
3,248
Timken
Company
235,642
1,292
Trane
Technologies
plc
565,134
1,279
Trex
Company,
Inc.
k
69,552
5,754
Uber
Technologies,
Inc.
k
536,848
724
UFP
Industries,
Inc.
71,937
190
Union
Pacific
Corporation
43,715
3,945
United
Parcel
Service,
Inc.
398,208
326
United
Rentals,
Inc.
245,608
1,272
Verisk
Analytics,
Inc.
396,228
329
Waste
Management,
Inc.
75,282
1,633
WNS
Holdings,
Ltd.
k
103,271
Total
14,634,668
Information
Technology  3.3%
184
Adobe,
Inc.
k
71,186
5,686
Amphenol
Corporation
561,493
471
Analog
Devices,
Inc.
112,108
19,102
Apple,
Inc.
3,919,157
1,819
Applied
Materials,
Inc.
333,004
4,400
Arista
Networks,
Inc.
k
450,164
1,632
Autodesk,
Inc.
k
505,218
7,316
Broadcom,
Inc.
2,016,656
1,298
CDW
Corporation
231,810
886
Ciena
Corporation
k
72,058
15,256
Cisco
Systems,
Inc.
1,058,461
1,723
Crane
NXT
Company
92,870
58
Credo
Technology
Group
Holding,
Ltd.
k
5,370
1,192
Datadog
,
Inc.
k
160,121
3,880
DocuSign,
Inc.
k
302,213
434
Fabrinet
k
127,891
4,594
Fortinet,
Inc.
k
485,678
2,007
Freshworks
,
Inc.
k
29,924
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
29
Shares
Common
Stock  12.8%
Value
Information
Technology  3.3%
-
continued
2,885
International
Business
Machines
Corporation
$
850,440
159
Intuit,
Inc.
125,233
2,112
JFrog
,
Ltd.
k
92,675
241
Keysight
Technologies,
Inc.
k
39,490
87
KLA
Corporation
77,929
218
Lam
Research
Corporation
21,220
342
Littelfuse
,
Inc.
77,542
2,937
Micron
Technology,
Inc.
361,985
13,908
Microsoft
Corporation
6,917,978
344
Monday.com,
Ltd.
k
108,181
761
Motorola
Solutions,
Inc.
319,970
476
NetApp,
Inc.
50,718
4,249
Nokia
Oyj
ADR
22,010
38,288
NVIDIA
Corporation
6,049,121
2,565
ON
Semiconductor
Corporation
k
134,432
298
Onto
Innovation,
Inc.
k
30,077
2,184
Oracle
Corporation
477,488
5,457
Palantir
Technologies,
Inc.
k
743,898
2,565
Pegasystems
,
Inc.
138,844
381
Plexus
Corporation
k
51,553
2,574
Qorvo
,
Inc.
k
218,558
4,958
Qualcomm,
Inc.
789,611
1,475
Salesforce,
Inc.
402,218
13,429
Samsung
Electronics
Company,
Ltd.
593,852
938
SAP
SE
ADR
285,246
943
ServiceNow
,
Inc.
k
969,480
2,451
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
ADR
555,127
4,531
TD
SYNNEX
Corporation
614,857
5,296
Trimble,
Inc.
k
402,390
3,587
TTM
Technologies,
Inc.
k
146,421
648
VeriSign,
Inc.
187,143
676
Zebra
Technologies
Corporation
k
208,451
Total
32,599,520
Materials  0.5%
1,171
Albemarle
Corporation
f
73,387
13,519
Amcor
plc
124,240
6,793
CF
Industries
Holdings,
Inc.
624,956
4,908
Corteva
,
Inc.
365,793
1,978
Crown
Holdings,
Inc.
203,694
4,642
DuPont
de
Nemours,
Inc.
318,395
2,423
Eastman
Chemical
Company
180,901
2,075
Ecolab,
Inc.
559,088
1,199
Greif,
Inc.
77,923
1,627
Ingevity
Corporation
k
70,107
5,658
Ivanhoe
Mines,
Ltd.
k
42,505
904
Linde
plc
424,139
4,596
Nucor
Corporation
595,366
1,970
Olin
Corporation
39,577
368
Packaging
Corporation
of
America
69,350
2,617
Steel
Dynamics,
Inc.
335,002
328
Vulcan
Materials
Company
85,549
1,249
West
Fraser
Timber
Company,
Ltd.
91,552
Total
4,281,524
Real
Estate  0.3%
400
Agree
Realty
Corporation
29,224
872
AvalonBay
Communities,
Inc.
177,452
1,636
Broadstone
Net
Lease,
Inc.
26,258
2,275
CBRE
Group,
Inc.
k
318,773
Shares
Common
Stock  12.8%
Value
Real
Estate  0.3%
-
continued
5,093
Crown
Castle,
Inc.
$
523,204
7,112
Cushman
and
Wakefield
plc
k
78,730
11,562
Essential
Properties
Realty
Trust,
Inc.
368,944
703
Extra
Space
Storage,
Inc.
103,650
3,762
First
Industrial
Realty
Trust,
Inc.
181,065
22,455
Healthcare
Realty
Trust,
Inc.
356,136
426
Innovative
Industrial
Properties,
Inc.
23,524
619
Kite
Realty
Group
Trust
14,020
2,035
Millrose
Properties,
Inc.
58,018
3,165
National
Storage
Affiliates
Trust
101,248
2,513
Outfront
Media,
Inc.
41,012
9,779
Sabra
Health
Care
REIT,
Inc.
180,325
1,131
SBA
Communications
Corporation
265,604
4,238
Tanger
,
Inc.
129,598
1,456
Terreno
Realty
Corporation
81,638
20,074
Uniti
Group,
Inc.
k
86,720
1,004
Zillow
Group,
Inc.,
Class
C
k
70,330
Total
3,215,473
Utilities  0.5%
6,416
AES
Corporation
67,496
2,434
Alliant
Energy
Corporation
147,184
569
American
Water
Works
Company,
Inc.
79,154
229
Black
Hills
Corporation
12,847
772
Brookfield
Infrastructure
Corporation
32,115
4,635
CenterPoint
Energy,
Inc.
170,290
927
Clearway
Energy,
Inc.,
Class
C
29,664
1,998
Constellation
Energy
Corporation
644,874
6,018
Duke
Energy
Corporation
710,124
2,710
Edison
International
139,836
9,688
Entergy
Corporation
805,266
4,087
NiSource,
Inc.
164,870
695
Northwestern
Energy
Group,
Inc.
35,653
8,809
PG&E
Corporation
122,797
2,282
Portland
General
Electric
Company
92,718
5,656
Public
Service
Enterprise
Group,
Inc.
476,122
937
Spire,
Inc.
68,392
12,168
UGI
Corporation
443,159
2,660
Vistra
Energy
Corporation
515,535
Total
4,758,096
Total
Common
Stock
(cost
$82,689,799)
125,540,901
Shares
Registered
Investment
Companies  
9.4%
Value
U.S.
Affiliated  
8.6%  
8,629,487
Thrivent
Core
Emerging
Markets
Debt
Fund
72,056,214
1,018,563
Thrivent
Core
International
Equity
Fund
12,507,958
Total
84,564,172
U.S.
Unaffiliated  
0.8%  
14,380
abrdn
Asia-Pacific
Income
Fund,
Inc.
228,930
43,059
abrdn
Income
Credit
Strategies
Fund
254,048
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
30
Shares
Registered
Investment
Companies  9.4%
Value
U.S.
Unaffiliated  
0.8%  -
continued
13,509
abrdn
Total
Dynamic
Dividend
Fund
$
119,690
27,364
AllianceBernstein
Global
High
Income
Fund,
Inc.
301,825
39,038
Allspring
Income
Opportunities
Fund
275,608
9,956
BlackRock
Capital
Allocation
Term
Trust
150,734
6,554
BlackRock
Core
Bond
Trust
63,705
27,083
BlackRock
Corporate
High
Yield
Fund,
Inc.
264,059
30,673
BlackRock
Credit
Allocation
Income
Trust
334,949
2,772
BlackRock
Debt
Strategies
Fund,
Inc.
29,272
4,227
BlackRock
Enhanced
Equity
Dividend
Trust
37,578
19,538
BlackRock
Enhanced
Global
Dividend
Trust
221,756
11,668
BlackRock
Enhanced
International
Dividend
Trust
67,557
9,168
BlackRock
Income
Trust,
Inc.
107,724
18,346
BlackRock
Multi-Sector
Income
Trust
267,852
23,695
Blackstone
Strategic
Credit
2027
Term
Fund
287,183
21,815
Cornerstone
Strategic
Investment
Fund,
Inc.
f
177,138
30,283
Eaton
Vance
Limited
Duration
Income
Fund
310,703
12,368
Eaton
Vance
Tax-Managed
Global
Diversified
Equity
Income
Fund
108,220
5,154
iShares
Preferred
and
Income
Securities
ETF
f
158,125
489
iShares
Russell
2000
Index
Fund
f
105,521
50,149
Nuveen
Credit
Strategies
Income
Fund
270,303
19,794
Nuveen
Preferred
Income
Opportunities
Fund
158,748
23,546
PGIM
Global
High
Yield
Fund,
Inc.
315,752
22,391
PGIM
High
Yield
Bond
Fund,
Inc.
317,280
8,874
Pimco
Dynamic
Income
Fund
168,340
16,611
PIMCO
High
Income
Fund
79,733
16,869
PIMCO
Income
Strategy
Fund
II
124,662
3,074
Tri-Continental
Corporation
97,323
13,602
Vanguard
Short-Term
Corporate
Bond
ETF
1,081,359
5,408
Virtus
Convertible
&
Income
Fund
76,794
19,867
Virtus
Dividend,
Interest
&
Premium
Strategy
Fund
246,351
4,526
Virtus
Equity
&
Convertible
Income
Fund
108,171
44,226
Voya
Global
Equity
Dividend
&
Premium
Opportunity
Fund
256,511
5,193
Western
Asset
Diversified
Income
Fund
77,064
67,749
Western
Asset
High
Income
Opportunity
Fund,
Inc.
269,641
Total
7,520,209
Total
Registered
Investment
Companies
(cost
$97,124,198)
92,084,381
Shares
Preferred
Stock
1.5%
Value
Basic
Materials  <0.1%
9,398
Albemarle
Corporation,
Convertible,
7.250%
$
301,676
Total
301,676
Capital
Goods  0.1%
17,002
Boeing
Company,
Convertible,
6.000%
1,156,136
Total
1,156,136
Communications
Services  0.1%
24,275
AT&T,
Inc.,
4.750%
i
463,652
15,250
Telephone
and
Data
Systems,
Inc.,
6.000%
i
269,925
Total
733,577
Financials  1.1%
10,000
AEGON
Funding
Company,
LLC,
5.100%
195,200
20,000
Allstate
Corporation,
5.100%
i
412,000
6,070
Apollo
Global
Management,
Inc.,
Convertible,
6.750%
454,339
6,482
Ares
Management
Corporation,
Convertible,
6.750%
343,546
7,800
Athene
Holding,
Ltd.,
5.625%
i
155,688
20,775
Bank
of
America
Corporation,
4.250%
i
359,407
16,050
Bank
of
America
Corporation,
4.375%
i
288,258
8,025
Bank
of
America
Corporation,
4.750%
i
156,166
16,050
Bank
of
America
Corporation,
5.000%
i
325,975
641
Bank
of
America
Corporation,
Convertible,
7.250%
i
777,533
3,900
Capital
One
Financial
Corporation,
4.800%
i
69,303
19,525
Capital
One
Financial
Corporation,
5.000%
i
369,022
3,900
Charles
Schwab
Corporation,
4.450%
i
73,866
2,750
Citizens
Financial
Group,
Inc.,
7.375%
i
71,335
6,425
Corebridge
Financial,
Inc.,
6.375%
147,775
9,000
Equitable
Holdings,
Inc.,
5.250%
i
183,870
7,800
Fifth
Third
Bancorp,
4.950%
i
153,348
7,800
Huntington
Bancshares,
Inc./OH,
4.500%
i
136,968
16,000
JPMorgan
Chase
&
Company,
4.200%
i
286,560
16,050
JPMorgan
Chase
&
Company,
4.625%
i
313,778
16,250
JPMorgan
Chase
&
Company,
4.750%
i
326,300
3,900
KeyCorp,
5.650%
i
82,485
15,950
KeyCorp,
6.200%
b,i
385,831
11,299
KKR
&
Company,
Inc.,
Convertible,
6.250%
605,626
3,900
MetLife,
Inc.,
4.750%
i
76,011
13,050
Morgan
Stanley,
4.250%
i
224,721
10,400
Morgan
Stanley,
5.850%
b,i
243,360
13,084
Morgan
Stanley,
7.125%
b,i
330,109
14,525
Public
Storage,
4.125%
i
240,825
5,025
Public
Storage,
4.625%
i
91,757
1,275
Public
Storage,
4.700%
i
23,486
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
31
Shares
Preferred
Stock  1.5%
Value
Financials  1.1%
-
continued
7,800
Regions
Financial
Corporation,
4.450%
i
$
134,004
3,900
Regions
Financial
Corporation,
5.700%
b,i
93,093
3,500
Synovus
Financial
Corporation,
8.397%
b,i
89,495
7,800
Truist
Financial
Corporation,
4.750%
i
147,888
13,100
U.S.
Bancorp,
4.000%
i
211,041
15,000
Wells
Fargo
&
Company,
4.250%
i
258,750
16,050
Wells
Fargo
&
Company,
4.375%
i
281,838
7,800
Wells
Fargo
&
Company,
4.700%
i
146,874
11,800
Wells
Fargo
&
Company,
4.750%
i
224,672
935
Wells
Fargo
&
Company,
Convertible,
7.500%
i
1,097,812
Total
10,589,915
Technology  0.1%
6,921
Hewlett
Packard
Enterprise
Company,
Convertible,
7.625%
407,509
6,655
Microchip
Technology,
Inc.,
Convertible,
7.500%
443,489
Total
850,998
Utilities  0.1%
23,000
CMS
Energy
Corporation,
4.200%
i
394,680
5,511
NextEra
Energy,
Inc.,
Convertible,
6.926%
219,007
1,992
Nextera
Energy,
Inc.,
Convertible,
7.234%
88,146
6,004
NextEra
Energy,
Inc.,
Convertible,
7.299%
282,729
13,600
Southern
Company,
4.950%
269,280
Total
1,253,842
Total
Preferred
Stock
(cost
$16,587,902)
14,886,144
Shares
Collateral
Held
for
Securities
Loaned
1.3%
Value
12,248,577
Thrivent
Cash
Management
Trust
12,248,577
Total
Collateral
Held
for
Securities
Loaned
(cost
$12,248,577)
12,248,577
Shares
or
Principal
Amount
Short-Term
Investments
9.8%
Value
Federal
Home
Loan
Bank
Discount
Notes
1,500,000
4.205%,
7/11/2025
l,m
1,498,088
600,000
4.200%,
7/28/2025
l,m
598,054
1,400,000
4.216%,
8/1/2025
l,m
1,394,748
100,000
4.215%,
8/11/2025
l,m
99,508
400,000
4.210%,
9/16/2025
l,m
396,360
500,000
4.200%,
9/26/2025
l,m
494,867
Federal
Home
Loan
Mortgage
Corporation
Discount
Notes
200,000
4.205%,
9/5/2025
l,m
198,437
500,000
4.180%,
9/22/2025
l,m
495,100
Shares
or
Principal
Amount
Short-Term
Investments  9.8%
Value
Federal
National
Mortgage
Association
Discount
Notes
100,000
4.145%,
7/21/2025
l,m
$
99,757
100,000
4.195%,
8/15/2025
l,m
99,461
800,000
4.200%,
8/22/2025
l,m
795,030
700,000
4.185%,
9/19/2025
l,m
693,385
State
Street
Institutional
U.S.
Government
Money
Market
Fund
65,052,424
4.268%
l
65,052,424
Thrivent
Core
Short-Term
Reserve
Fund
2,350,648
4.600%
23,506,479
U.S.
Treasury
Bills
200,000
4.204%,
7/10/2025
l,n
199,790
500,000
4.255%,
9/11/2025
l,n
495,753
Total
Short-Term
Investments
(cost
$96,118,078)
96,117,241
Total
Investments
(cost
$980,259,659)
102.8%
$1,007,682,322
Other
Assets
and
Liabilities,
Net
(2.8%)
(27,504,684)
Total
Net
Assets
100.0%
$980,177,638
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
June
30,
2025,
the
value
of
these
investments
was
$219,480,643
or
22.4%
of
total
net
assets.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
June
30,
2025.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
d
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
June
30,
2025.
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
interest
only
security.  Interest
only
securities
represent
the
right
to
receive
monthly
interest
payments
on
an
underlying
pool
of
mortgages
or
assets.  The
principal
shown
is
the
outstanding
par
amount
of
the
pool
as
of
the
end
of
the
period.
The
actual
effective
yield
of
the
security
is
different
than
the
stated
coupon
rate.
h
Denotes
payment-in-kind
security.  The
security
may
pay
an
interest
or
dividend
payment
with
additional
fixed
income
or
equity
securities
in
lieu
of,
or
in
addition
to
a
cash
payment.  The
cash
rate
and/or
payment-in-kind
rate
shown
are
as
of
June
30,
2025.
i
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
j
Defaulted
security.  Interest
is
not
being
accrued.
k
Non-income
producing
security.
l
The
interest
rate
shown
reflects
the
yield.
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
32
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
Conservative
Allocation
Fund
as
of
June
30,
2025
was
$268,900
or
0.03%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
June
30,
2025.
Security
Acquisition
Date
Cost
Credit
Suisse
Group
AG 
12/4/2013
$
150,000
Credit
Suisse
Group
AG 
5/17/2021
144,113
SoftBank
Corporation,
7/9/2035
6/30/2025
250,000
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Conservative
Allocation
Fund
as
of
June
30,
2025:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
10,685,880
Common
Stock
1,002,245
Total
lending
$11,688,125
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$12,248,577
Net
amounts
due
to
counterparty
$560,452
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
DAC
-
Designated
Activity
Company
ETF
-
Exchange
Traded
Fund
PIK
-
Payment-In-Kind
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
S&P
-
Standard
&
Poor's
Ser.
-
Series
STRIPS
-
Separate
Trading
of
Registered
Interest
and
Principal
of
Securities
Reference
Rate
Index:
CMT
1Y
-
Constant
Maturity
Treasury
Yield
1
Year
H15T
5Y
-
U.
S.
Treasury
Yield
Curve
Rate
Treasury
Note
Constant
Maturity
5
Year
SOFR30A
-
Secured
Overnight
Financing
Rate
30
Year
Average
TSFR1M
-
CME
Term
SOFR
1
Month
TSFR3M
-
CME
Term
SOFR
3
Month
USISOA05
-
USD
SOFR
Spread-Adjusted
ICE
Swap
Rate
5
Year
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
$
58,350,888
Gross
unrealized
depreciation
(33,184,706)
Net
unrealized
appreciation
(depreciation)
$
25,166,182
Cost
for
federal
income
tax
purposes
$
983,633,004
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
33
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
June
30,
2025,
in
valuing
Conservative
Allocation
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Asset-Backed
Securities
58,950,616
–
58,950,616
–
Basic
Materials
7,211,319
–
7,211,319
–
Capital
Goods
18,758,045
–
18,758,045
–
Collateralized
Mortgage
Obligations
64,654,029
–
64,654,029
–
Commercial
Mortgage-Backed
Securities
10,602,381
–
10,602,381
–
Communications
Services
20,575,489
–
20,575,489
–
Consumer
Cyclical
28,005,124
–
28,005,124
–
Consumer
Non-Cyclical
29,884,504
–
29,884,504
–
Energy
24,175,675
–
24,175,675
–
Financials
78,337,389
–
78,337,389
–
Foreign
Government
648,362
–
648,362
–
Mortgage-Backed
Securities
211,993,802
–
211,993,802
–
Technology
22,919,854
–
22,919,854
–
Transportation
4,649,286
–
4,649,286
–
U.S.
Government
&
Agencies
62,665,899
–
62,665,899
–
Utilities
22,773,304
–
22,773,304
–
Common
Stock
Communications
Services
10,102,793
10,102,793
–
–
Consumer
Discretionary
12,322,038
12,322,038
–
–
Consumer
Staples
4,255,526
4,255,526
–
–
Energy
4,980,868
4,980,868
–
–
Financials
20,385,061
20,385,061
–
–
Health
Care
14,005,334
14,005,334
–
–
Industrials
14,634,668
14,465,068
169,600
–
Information
Technology
32,599,520
32,005,668
593,852
–
Materials
4,281,524
4,239,019
42,505
–
Real
Estate
3,215,473
3,215,473
–
–
Utilities
4,758,096
4,758,096
–
–
Preferred
Stock
Basic
Materials
301,676
301,676
–
–
Capital
Goods
1,156,136
1,156,136
–
–
Communications
Services
733,577
733,577
–
–
Financials
10,589,915
10,589,915
–
–
Technology
850,998
850,998
–
–
Utilities
1,253,842
1,253,842
–
–
Registered
Investment
Companies
U.S.
Unaffiliated
7,520,209
7,520,209
–
–
Short-Term
Investments
72,610,762
65,052,424
7,558,338
–
Subtotal
Investments
in
Securities
$887,363,094
$212,193,721
$675,169,373
$–
Other
Investments  *
Total
U.S.
Affiliated
Registered
Investment
Cos.
84,564,172
Affiliated
Short-Term
Investments
23,506,479
Collateral
Held
for
Securities
Loaned
12,248,577
Subtotal
Other
Investments
$120,319,228
Total
Investments
at
Value
$1,007,682,322
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
34
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
June
30,
2025,
in
valuing
Conservative
Allocation
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
1,965,552
1,965,552
–
–
Total
Asset
Derivatives
$1,965,552
$1,965,552
$–
$–
Liability
Derivatives
Futures
Contracts
614,598
526,257
88,341
–
Total
Return
Swaps
5,067
–
5,067
–
Credit
Default
Swaps
229,023
–
229,023
–
Total
Liability
Derivatives
$848,688
$526,257
$322,431
$–
The
following
table
presents
Conservative
Allocation
Fund's
futures
contracts
held
as
of
June
30,
2025.
Investments
and/or
cash
totaling
$6,862,795
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Amount
Value
and
Unrealized
CBOT
2-Yr.
U.S.
Treasury
Note
13
September
2025
$
2,693,573
$
10,732
CME
E-mini
S&P
500
Index
236
September
2025
72,148,371
1,645,878
CME
Ultra
Long
Term
U.S.
Treasury
Bond
4
September
2025
454,449
22,051
ICE
mini
MSCI
EAFE
Index
108
September
2025
14,250,613
230,567
ICE
US
mini
MSCI
Emerging
Markets
Index
30
September
2025
1,793,926
56,324
Total
Futures
Long
Contracts
$
91,340,932
$
1,965,552
CBOT
U.S.
Long
Bond
(21)
September
2025
(
$
2,393,773)
(
$
31,070)
CME
E-mini
Russell
2000
Index
(43)
September
2025
(
4,639,528)
(
72,627)
CME
E-mini
S&P
Mid-Cap
400
Index
(16)
September
2025
(
4,854,420)
(
146,380)
CME
Euro
Foreign
Exchange
Currency
(65)
September
2025
(
9,340,570)
(
276,180)
Eurex
Euro
STOXX
50
Index
(231)
September
2025
(
14,409,533)
(
88,341)
Total
Futures
Short
Contracts
(
$
35,637,824)
($614,598)
Total
Futures
Contracts
$
55,703,108
$1,350,954
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
35
Reference
Description:
EFFR
-
Effective
Federal
Funds
Rate
S&P
-
Standard
&
Poor's
The
following
table
presents
Conservative
Allocation
Fund's
credit
default
swap
contracts
held
as
of
June
30,
2025.
Investments
totaling
$695,543
were
pledged
as
collateral
under
the
agreement
between
the
counterparty,
the
custodian
and
the
fund
for
open
swap
contracts.
Credit
Default
Swaps
Buy/Sell
Protection
1
Termination
Date
Notional
Principal
Amount
2
Upfront
Payments/
(Receipts)
Value
3
Unrealized
Gain/(Loss)
CDX
HY
44,
5
Year,
at
5.00%,
Quarterly
Buy
6/20/2030
$
11,735,000
$
–
(
$
229,023)
(
$
229,023)
Total
Credit
Default
Swaps
$–
($229,023)
($229,023)
1
As
the
buyer
of
protection,
Conservative
Allocation
Fund
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
As
the
seller
of
protection,
Conservative
Allocation
Fund
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
2
The
maximum
potential
amount
of
future
payments
Conservative
Allocation
Fund
could
be
required
to
make
as
the
seller
or
receive
as
the
buyer
of
protection.
3
The
values
for
credit
indexes
(CDX
or
LCDX)
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
liability
or
profit
for
the
credit
default
swap
contract
had
the
contract
been
closed
as
of
the
reporting
date.
When
protection
has
been
sold,
the
value
of
the
swap
will
increase
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
When
protection
has
been
purchased,
the
value
of
the
swap
will
increase
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
following
table
presents
Conservative
Allocation
Fund's
total
return
swap
contracts
held
as
of
June
30,
2025.
Total
Return
Swaps                
Reference
Entity
Fund
Pays
#
Fund
Receives
Counter-
party
Termination
Date
Notional
Principal
Amount
Value
Upfront
Payments/
(Receipts)
Unrealized
Gain/(Loss)
S&P
MidCap
400
Total
Return
Index
Swap
Total
Return
EFFR
1
day
+
45bps
Goldman
Sachs
&
Co.
LLC
8/6/2025
$
98,942
(
$
5,067)
$
–
(
$
5,067)
Total
Return
Swaps
(
$
5,067)
$
–
($5,067)
#
Payment
made
on
Termination
Date
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
36
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
June
30,
2025,
for
Conservative
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
1,932,769
Total
Equity
Contracts
1,932,769
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
32,783
Total
Interest
Rate
Contracts
32,783
Total
Asset
Derivatives
$1,965,552
Liability
Derivatives
Foreign
Exchange
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
276,180
Total
Foreign
Exchange
Contracts
276,180
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
307,348
Total
Return
Swaps
Net
Assets
-
Distributable
earnings/(accumulated
loss)
5,067
Total
Equity
Contracts
312,415
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
31,070
Total
Interest
Rate
Contracts
31,070
Credit
Contracts
Credit
Default
Swaps
Net
Assets
-
Distributable
earnings/(accumulated
loss)
229,023
Total
Credit
Contracts
229,023
Total
Liability
Derivatives
$848,688
*
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
June
30,
2025,
for
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
(378,413)
Total
Interest
Rate
Contracts
(378,413)
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
2,221,573
Total
Equity
Contracts
2,221,573
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(1,118,362)
Total
Foreign
Exchange
Contracts
(1,118,362)
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
(183,843)
Total
Credit
Contracts
(183,843)
Total
$540,955
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
37
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
June
30,
2025,
for
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
(490,961)
Total
Foreign
Exchange
Contracts
(490,961)
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
2,197,028
Total
Return
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
2,227
Total
Equity
Contracts
2,199,255
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(74,190)
Total
Interest
Rate
Contracts
(74,190)
Credit
Contracts
Credit
Default
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
(102,256)
Total
Credit
Contracts
(102,256)
Total
$1,531,848
The
following
table
presents
Conservative
Allocation
Fund's
average
volume
of
derivative
activity
during
the
period
ended
June
30,
2025.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$74,800,186
Futures
-
Short
(37,813,804)
Total
Return
Swaps
-
Short
(6,333)
Interest
Rate
Contracts
Futures
-
Long
6,128,623
Futures
-
Short
(4,390,893)
Foreign
Exchange
Contracts
Futures
-
Short
(13,164,264)
Credit
Contracts
Credit
Default
Swaps
-
Buy
Protection
(733,600)
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Conservative
Allocation
Fund,
is
as
follows:
Fund
Value
12/31/2024
Gross
Purchases
Gross
Sales
Value
6/30/2025
Shares
Held
at
6/30/2025
%
of
Net
Assets
6/30/2025
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$76,878
$2,203
$8,880
$72,056
8,629
7.3%
Core
International
Equity
10,415
–
5
12,508
1,019
1.3
Total
U.S.
Affiliated
Registered
Investment
Companies
87,293
84,564
8.6
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
4.600%
42,696
45,262
64,452
23,506
2,351
2.4
Total
Affiliated
Short-Term
Investments
42,696
23,506
2.4
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
9,942
74,285
71,978
12,249
12,249
1.3
Total
Collateral
Held
for
Securities
Loaned
9,942
12,249
1.3
Total
Value
$139,931
$120,319
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2025
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
38
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2025
-
6/30/2025
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
($1,836)
$3,692
$–
$2,203
Core
International
Equity
0
2,098
–
–
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
4.600%
1
(1)
–
515
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$2,718
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
28
Total
Affiliated
Income
from
Securities
Loaned,
Net
$28
Total
($1,835)
$5,789
$–
Thrivent
Mutual
Funds
Statement
of
Assets
and
Liabilities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
39
As
of
June
30,
2025
(unaudited)
Conservative
Allocation
Fund
(a)
Assets
Investments
in
unaffiliated
securities
at
cost
$855,221,297
Investments
in
affiliated
securities
at
cost
$125,038,362
Investments
in
unaffiliated
securities
at
value
(#)
$887,363,094
Investments
in
affiliated
securities
at
value
120,319,228
Foreign
Currency
124,487
(b)
Dividends
and
interest
receivable
5,925,886
Prepaid
expenses
28,695
Receivable
for:
Investments
sold
3,874,181
Investments
sold
on
a
delayed-delivery
basis
8,783,199
Fund
shares
sold
523,522
Variation
margin
on
open
future
contracts
424,227
Total
Assets
1,027,366,519
Liabilities
Distributions
payable
175,265
Accrued
expenses
101,334
Cash
overdraft
1,938,006
Payable
for:
Investments
purchased
5,279,103
Investments
purchased
on
a
delayed-delivery
basis
26,143,900
Return
of
collateral
for
securities
loaned
12,248,577
Fund
shares
redeemed
922,610
Variation
margin
on
open
future
contracts
125,845
Variation
margin
on
open
swap
contracts
34,454
Investment
advisory
fees
84,424
Administrative
fees
2,731
Distribution
fees
17,706
Transfer
agent
fees
49,027
Trustee
fees
1,034
Trustee
deferred
compensation
59,798
Swap
agreements,
at
value
5,067
Total
Liabilities
47,188,881
Net
Assets
Capital
stock
(beneficial
interest)
994,452,773
Distributable
earnings/(accumulated
loss)
(14,275,135)
Total
Net
Assets
$980,177,638
Class
S
Share
Capital
$548,141,204
Shares
of
beneficial
interest
outstanding
(Class
S)
76,894,092
Net
asset
value
per
share
$7.13
Class
A
Share
Capital
$432,036,434
Shares
of
beneficial
interest
outstanding
(Class
A)
59,829,030
Net
asset
value
per
share
$7.22
Maximum
public
offering
price
$7.56
(#)
Includes
securities
on
loan
of
11,688,125
(a)
Effective
February
28,
2025,
Diversified
Income
Plus
Fund
changed
its
name
to
Conservative
Allocation
Fund.
(b)
Foreign
currency
holdings,
cost
$124,487.
Thrivent
Mutual
Funds
Statement
of
Operations
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
40
For
the
six
months
ended
June
30,
2025
(unaudited)
Conservative
Allocation
Fund
(a)
Investment
Income
Dividends
$2,312,600
Taxable
interest
17,422,404
Affiliated
income
from
securities
loaned,
net
27,615
Income
from
affiliated
investments
515,088
Non
cash
income
from
affiliated
investments
2,202,876
Foreign
tax
withholding
(6,240)
Total
Investment
Income
22,474,343
Expenses
Adviser
fees
2,523,712
Administrative
service
fees
121,591
Audit
and
legal
fees
23,038
Custody
fees
31,456
Distribution
expenses
Class
A
534,244
Insurance
expenses
2,689
Printing
and
postage
expenses
Class
S
42,012
Printing
and
postage
expenses
Class
A
38,020
SEC
and
state
registration
expenses
31,601
Transfer
agent
fees
Class
S
250,512
Transfer
agent
fees
Class
A
155,919
Trustees'
fees
14,907
Other
expenses
68,729
Total
Expenses
Before
Reimbursement
3,838,430
Less:
Total
Net
Expenses
3,838,430
Net
Investment
Income/(Loss)
18,635,913
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
7,326,154
Affiliated
investments
(1,835,399)
Futures
contracts
724,798
Foreign
currency
transactions
1,718
Swap
agreements
(183,843)
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
8,263,159
Affiliated
investments
5,788,745
Futures
contracts
1,631,877
Foreign
currency
transactions
(272,395)
Swap
agreements
(100,029)
Net
Realized
and
Unrealized
Gains/(Losses)
21,344,785
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$39,980,698
(a)
Effective
February
28,
2025,
Diversified
Income
Plus
Fund
changed
its
name
to
Conservative
Allocation
Fund.
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
41
Conservative
Allocation
Fund
(a)
For
the
periods
ended
6/30/2025
(unaudited)
12/31/2024
Operations
Net
investment
income/(loss)
$18,635,913
$38,823,037
Net
realized
gains/(losses)
6,033,428
21,257,081
Change
in
net
unrealized
appreciation/(depreciation)
15,311,357
5,200,144
Net
Change
in
Net
Assets
Resulting
From
Operations
39,980,698
65,280,262
Distributions
to
Shareholders
From
income/realized
gains
Class
S
(10,941,316)
(22,431,407)
From
income/realized
gains
Class
A
(8,136,700)
(17,439,485)
Total
from
income/realized
gains
(19,078,016)
(39,870,892)
Total
Distributions
to
Shareholders
(19,078,016)
(39,870,892)
Capital
Stock
Transactions
Class
S  
Sold
51,901,605
81,138,220
Distributions
reinvested
10,557,116
21,622,664
Redeemed
(61,407,860)
(130,075,278)
Total
Class
S
Capital
Stock
Transactions
1,050,861
(27,314,394)
Class
A  
Sold
9,319,705
17,860,530
Distributions
reinvested
7,470,159
15,989,735
Redeemed
(34,373,149)
(75,690,553)
Total
Class
A
Capital
Stock
Transactions
(17,583,285)
(41,840,288)
Capital
Stock
Transactions
(16,532,424)
(69,154,682)
Net
Increase/(Decrease)
in
Net
Assets
4,370,258
(43,745,312)
Net
Assets,
Beginning
of
Period
975,807,380
1,019,552,692
Net
Assets,
End
of
Period
$980,177,638
$975,807,380
Capital
Stock
Share
Transactions
Class
S
shares
Sold
7,424,956
11,692,871
Distributions
reinvested
1,504,154
3,124,189
Redeemed
(8,792,852)
(18,813,842)
Total
Class
S
share
transactions
136,258
(3,996,782)
Class
A
shares
Sold
1,318,242
2,540,426
Distributions
reinvested
1,050,857
2,281,782
Redeemed
(4,861,246)
(10,832,172)
Total
Class
A
share
transactions
(2,492,147)
(6,009,964)
(a)
Effective
February
28,
2025,
Diversified
Income
Plus
Fund
changed
its
name
to
Conservative
Allocation
Fund.
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2025
(unaudited)
42
(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 23
separate
series
(each,
a
"Fund"
and,
collectively,
the
"Funds"),
each
with
its
own
investment
objective
and
policies.
The
Trust
currently
consists
of six
asset
allocation
Funds, nine
equity
Funds, seven
fixed-income
Funds,
and
one
money
market
Fund.
This
report
includes Conservative
Allocation, one of
the
Trust’s
23
Funds.
The
other
Funds
of
the
Trust
have
a
fiscal
year-end
of
October
31
and
are
presented
under
a
separate
shareholder
report.
On
February
28,
2025,
the
following
fund
name
change
took
effect:
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%
of
average
net
assets, a
reduced
fee
of
0.125%
or
no
fee. 
For
the
Fund
presented
under
this
shareholder
report,
Class
A
shares
have
an
annual
12b-1
fee
of
0.25%
and a
maximum
front-end
sales
load
of
4.50%.
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, Mid
Cap
Growth, Mid
Cap
Value, and Small
Cap
Growth offer
only
Class
S
Shares; each
of
the
other 19
Funds
of
the
Trust
offer
Class
A
and
Class
S
shares.
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
Fund
records
its investments
at
fair
value
using
market
quotations
when
they
are
readily
available
pursuant
to
Rule
2a-5. 
The
Fund's
investments
are
recorded
at
fair
value
determined
in
good
faith
when
market
quotations
are
not
readily
available. 
Securities
traded
on
U.S.
or
foreign
securities
exchanges
or
included
in
a
national
market
system
are
valued
at
the
last
sale
price
on
the
principal
exchange
as
of
the
close
of
regular
trading
on
such
exchange
or
the
official
closing price
of
the
national
market
system. 
Over-the-counter
securities
and
listed
securities
for
which
no
price
is
readily
available
are
valued
at
the
current
bid
price
considered
best
to
represent
the
value
at
that
time. 
Security
prices
are
based
on
quotes
that
are
obtained
from
an
independent
pricing
service
approved
by
the
Trust’s
Board
of
Trustees
(the
“Board”).
The
pricing
service,
in
determining
values
of
fixed-income
securities,
takes
into
consideration
such
factors
as
current
quotations
by
broker/dealers,
coupon,
maturity,
quality,
type
of
issue,
trading
characteristics,
and
other
yield
and
risk
factors
it
deems
relevant
in
determining
valuations.
Securities
which
cannot
be
valued
by
the
approved
pricing
service
are
valued
using
valuations obtained
from dealers
that
make
markets
in
the
securities.
Exchange-listed
options and
futures
contracts
are
valued
at
the
primary
exchange
settle
price.
Exchange
cleared
swap
agreements
are
valued
at
the
clearinghouse
end
of
day
price. 
Swap
agreements
not
cleared
on
exchanges
will
be
valued at
the
mid-price
from
the
primary
approved
pricing
service. 
Forward
foreign
currency exchange
contracts
are
marked-to-market
based
upon
foreign
currency
exchange
rates
provided
by the
pricing
service. 
Investments
in
open-ended
mutual
funds
are
valued
at
the
net
asset
value
at
the
close
of
each
business
day.
The
Board
has
chosen
the
Fund's
investment
Adviser
as
the
valuation
designee,
responsible
for
daily
valuation
of
the
Fund's
securities.
The
Adviser
has
formed
a Valuation
Committee
(the
“Committee”)
that
is
responsible
for
overseeing
the
Fund's
valuation
policies in
accordance
with
Valuation
Policies
and
Procedures. 
The
Committee
meets
on
a
monthly
and
on
an
as-needed
basis
to
review
price
challenges,
price
overrides,
stale
prices,
shadow
prices,
manual
prices,
money
market
pricing,
international
fair
valuation,
and
other
securities
requiring
fair
valuation.
The
Committee
monitors
for
significant
events
occurring
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
that
could
have
a
material
impact
on
the
value
of
any
securities
that
are
held
by
the
Fund.
Examples
of
such
events
include
trading
halts,
national
news/events,
and
issuer-specific
developments.
If
the
Committee
decides
that
such
events
warrant
using
fair
value
estimates,
the
Committee
will
take
such
events
into
consideration
in
determining
the
fair
value
of
such
securities.
If
market
quotations
or
prices
are
not
readily
available
or
determined
to
be
unreliable,
the
securities
Original
Fund
Name
Updated
Fund
Name
Diversified
Income
Plus
Fund
-->
Conservative
Allocation
Fund
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2025
(unaudited)
43
will
be
valued
at
fair
value
as
determined
in
good
faith
pursuant
to
procedures
adopted
by
the
Board.
In
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
(“GAAP”), the
various
inputs
used
to
determine
the
fair
value
of
the
Fund's
investments
are
summarized
in
three
broad
levels. Level
1
includes
quoted
prices
in
active
markets
for
identical
securities; typically
included
in
this
level
are
U.S.
equity
securities,
futures, options
and
registered
investment
company
funds.
Level
2
includes
other
significant
observable
inputs
such
as
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk;
typically
included
in
this
level
are
fixed
income
securities,
international
securities,
swaps
and
forward
contracts. 
Level
3
includes
significant
unobservable
inputs
such
as
the
Adviser’s
own
assumptions
and
broker
evaluations
in
determining
the
fair
value
of
investments.
The
valuation
levels
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
securities
or
other
investments. 
Investments
measured
using
net
asset
value
per
share
as
a
practical
expedient
for
fair
value
and
that
are
not
publicly
available-for-sale
are
not
categorized
within
the
fair
value
hierarchy.
Valuation
of
International
Securities
—
The
Funds
value
certain
foreign
securities
traded
on
foreign
exchanges
that
close
prior
to
the
close of
the
New
York
Stock
Exchange
using
a
fair
value
pricing
service. 
The
fair
value
pricing
service
uses
a
multi-factor
model
that
may
take
into
account
the
local
close,
relevant
general
and
sector
indices,
currency
fluctuation,
prices
of
other
securities
(including
ADRs,
New
York
registered
shares,
and
ETFs),
and
futures,
as
applicable,
to
determine
price
adjustments
for
each
security
in
order
to
reflect
the
effects
of
post-closing
events. 
The
Board
has
authorized
the
Adviser
to
make
fair
valuation
determinations
pursuant
to
policies
approved
by
the
Board.
Foreign
Currency
Translation 
—
The
accounting
records
of
each
Fund
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
that
are
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
daily
closing
rates
of
exchange.
Foreign
currency
amounts
related
to
the
purchase
or
sale
of
securities
and
income
and
expenses
are
translated
at
the
exchange
rate
on
the
transaction
date.
Net
realized
and
unrealized
currency
gains
and
losses
are
recorded
from
closed currency
contracts,
disposition
of foreign
currencies,
exchange
gains
or
losses
between
the
trade
date
and
settlement
date
on
securities
transactions,
and
other
translation
gains
or
losses
on
dividends,
interest
income
and
foreign
withholding
taxes.
The
Funds
do
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement
of
Operations.
For
federal
income
tax
purposes,
the
Funds
treat
the
effect
of
changes
in
foreign
exchange
rates
arising
from
actual
foreign
currency
transactions
and
the
changes
in
foreign
exchange
rates
between
the
trade
date
and
settlement
date
as
ordinary
income.
Federal
Income
Taxes 
—
No
provision
has
been
made
for
income
taxes
because
the 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 the
Fund
to
distribute
an
amount
sufficient
to
avoid
imposition
of
any
federal
excise
tax.
The
Fund,
accordingly,
anticipates
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. The
Fund
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
Fund
(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
Fund
include
U.S.
Federal
and
certain
state
jurisdictions
as
well
as
certain
foreign
countries.
The
Fund's
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
Fund
has
no
examinations
in
progress
and
none
are
expected
at
this
time.
As
of
June
30,
2025,
the
Adviser
has
reviewed
all
open
tax
years
and
major
jurisdictions
and
concluded
that
there
is
no
effect
to
the
Fund's
tax
liability,
financial
position
or
results
of
operations.
There
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
income
tax
positions
taken
or
expected
to
be
taken
in
future
tax
returns.
The
Fund
is 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
in
the
Statement
of
Operations.
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2025
(unaudited)
44
The
Fund
pays
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 
—
Net
investment
income
is
distributed
to
each
shareholder
as
a
dividend. 
Dividends
from
Conservative
Allocation
are
declared
and
paid
monthly. It
is
possible
that
such
dividends
may
be
reclassified
as
return
of
capital
or
capital
gains
after
year
end.
Such
determination
cannot
be
made
until
tax
information
is
received
from
the
real
estate
investments
of
the
Fund.
Net
realized
gains
from
securities
transactions,
if
any,
are
paid
at
least
annually
after
the
close
of
the
fiscal
year.
In
addition,
the
Fund
may
claim
a
portion
of
the
payment
made
to redeeming
shareholders
as
a
distribution
for
income
tax
purposes. 
Derivative
Financial
Instruments 
— The 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. The Fund
may
use
derivatives
for
hedging
(attempting
to
offset
a
potential
loss
in
one
position
by
establishing
an
interest
in
an
opposite
position).
This
includes
the
use
of
currency-
based
derivatives
to
manage
the
risk
of
its
positions in
foreign
securities.
The
Fund
may
also
use
derivatives
for
replication
of
a
certain
asset
class
or
speculation
(investing
for
potential
income
or
capital
gain).
These
contracts
may
be
transacted
on
an
exchange
or
over-the-counter
("OTC").
A
derivative
may
incur
a loss
if
the
value
of
the
derivative
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
derivative.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
derivative
contract.
A
Fund’s
risk
of
loss
from
the
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
such
Fund.
With
exchange
traded
futures
and
centrally
cleared
swaps,
there
is
minimal
counterparty
credit
risk
to
the
Fund
because
the
exchange’s
clearinghouse,
as
counterparty
to
such
derivatives,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
derivative;
thus,
the
credit
risk
is
limited
to
the
failure
of
the
clearinghouse.
However,
credit
risk
still
exists
in
exchange
traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
broker’s
customer
accounts.
While
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
broker
for
all
its
clients,
U.S.
bankruptcy
laws
will
typically
allocate
that
shortfall
on
a
pro-rata
basis
across
all
of
the
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund.
Using
derivatives
to
hedge
can
guard
against
potential
risks,
but
it
also
adds
to
the
Fund's
expenses
and
can
eliminate
some
opportunities
for
gains.
In
addition,
a
derivative
used
for
mitigating
exposure
or
replication
may
not
accurately
track
the
value
of
the
underlying
asset.
Another
risk
with
derivatives
is
that
some
types
can
amplify
a
gain
or
loss,
potentially
earning
or
losing
substantially
more
money
than
the
actual
cost
of
the
derivative.
In
order
to
define
their
contractual
rights
and
to
secure
rights
that
will
help
the
Fund
mitigate its
counterparty
risk,
the
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
a
Fund
and
a
counterparty
that
governs
OTC
derivatives
and
foreign
exchange
contracts
and
typically
includes,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, the
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivatives'
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
a
default
(close-out
netting)
including
the
bankruptcy
or
insolvency
of
the
counterparty.
Note,
however,
that
bankruptcy
and
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
and
margin
requirements
vary
by
type
of
derivative.
Margin
requirements
are
established
by
the
broker
or
clearinghouse
for
exchange
traded
and
centrally
cleared
derivatives
(futures,
options,
and
centrally
cleared
swaps).
Brokers
can
ask
for
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2025
(unaudited)
45
margining
in
excess
of
the
minimum requirements in
certain
situations.
Collateral
terms
are
contract
specific
for
OTC
derivatives
(foreign
currency
exchange
contracts,
options
and
swaps).
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark
to
market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund
and
the
counterparty.
For
financial
reporting
purposes,
non-cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
has
been
noted
in
the
Schedule
of
Investments.
To
the
extent
amounts
due
to a
Fund
from
its
counterparties
are
not
fully
collateralized,
contractually
or
otherwise,
the
Fund
bears
the
risk
of
loss
from
counterparty
nonperformance.
The
Fund
attempts
to
mitigate
counterparty
risk
by
only
entering
into
agreements
with
counterparties
that it
believes
has
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Options
—
The
Fund may
buy
put
and
call
options
and
write
put
and
covered
call
options.
The
Fund
intends
to
use
such
derivative
instruments
as
hedges
to
facilitate
buying
or
selling
securities
or
to
provide
protection
against
adverse
movements
in
security
prices
or
interest
rates.
The
Fund
may
also
enter
into
options
contracts
to
protect
against
adverse
foreign
exchange
rate
fluctuations.
Option
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded. The
Fund
will
realize
a
gain
or
loss
upon
expiration
or
closing
of
the
option
transaction.
When
an
option
is
exercised,
the
proceeds
upon
sale
for
a
written
call
option
or
the
cost
of
a
security
for
purchased
put
and
call
options
is
adjusted
by
the
amount
of
premium
received
or
paid.
Buying
put
options
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
security
while
buying
call
options
tends
to
increase
a
Fund’s
exposure
to
the
underlying
security.
The
risk
associated
with
purchasing
put
and
call
options
is
limited
to
the
premium
paid.
There
is
no
significant
counterparty
risk
on
exchange-traded
options
as
the
exchange
guarantees
the
contract
against
default.
Writing
put
options
tends
to
increase
a
Fund’s
exposure
to
the
underlying
security
while
writing
call
options
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
security.
The
writer
of
an
option
has
no
control
over
whether
the
underlying
security
may
be
bought
or
sold,
and
therefore
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
underlying
security.
The
counterparty
risk
for
purchased
options
arises
when
a
Fund
has
purchased
an
option,
exercises
that
option,
and
the
counterparty
doesn’t
buy
from
the
Fund
or
sell
to
the
Fund
the
underlying
asset
as
required.
In
the
case
where
a
Fund
has
written
an
option,
the
Fund
doesn’t
have
counterparty
risk.
Counterparty
risk
on
purchased
over-the-counter
options
is
partially
mitigated
by
the
Fund’s
collateral
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 June
30,
2025,
the
Fund
did
not
engage
in options.
Futures
Contracts 
— The
Fund
may
use
futures
contracts
to
manage
the
exposure
to
interest
rate
and
market
or
currency
fluctuations.
Gains
or
losses
on
futures
contracts
can
offset
changes
in
the
yield
of
securities.
When
a
futures
contract
is
opened,
cash
or
other
investments
equal
to
the
required
“initial
margin
deposit”
are
held
on
deposit
with
and
pledged
to
the
broker.
Additional
securities
held
by
the
Fund
may
be
earmarked
to
cover
open
futures
contracts. A
futures
contract’s
daily
change
in
value
(“variation
margin”)
is
either
paid
to
or
received
from
the
broker,
and
is
recorded
as
an
unrealized
gain
or
loss.
When
the
contract
is
closed,
realized
gain
or
loss
is
recorded
equal
to
the
difference
between
the
value
of
the
contract
when
opened
and
the
value
of
the
contract
when
closed.
Futures
contracts
involve,
to
varying
degrees,
risk
of
loss
in
excess
of
the
variation
margin
disclosed
in
the
Statement
of
Assets
and
Liabilities.
Exchange-traded
futures
have
no
significant
counterparty
risk
as
the
exchange
guarantees
the
contracts
against
default.
During
the six
months
ended
June
30,
2025,
Conservative
Allocation
used
treasury
futures
to
manage
the
duration
and
yield
curve
exposure
of
the
respective
Fund
versus its
benchmark;
used
equity
futures
to
manage
exposure
to
the
equities
market;
and
used
foreign
exchange
futures
to
hedge
the
currency
risk.
Swap
Agreements
—
The
Fund may
enter
into
swap
transactions,
which
involve
swapping
one
or
more
investment
characteristics
of
a
security
or
a
basket
of
securities
with
another
party.
Such
transactions
include
market
risk,
risk
of
default
by
the
other
party
to
the
transaction,
risk
of
imperfect
correlation
and
manager
risk
and
may
involve
commissions
or
other
costs.
Swap
transactions
generally
do
not
involve
delivery
of
securities,
other
underlying
assets
or
principal.
Accordingly,
the
risk
of
loss
with
respect
to
swap
transactions
is
generally
limited
to
the
net
amount
of
payments
that
the
Fund
is
contractually
obligated
to
make,
or
in
the
case
of
the
counterparty
defaulting,
the
net
amount
of
payments
that
the
Fund
is
contractually
entitled
to
receive.
Risks
of
loss
may
exceed
amounts
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
there
is
a
default
by
the
counterparty,
the
Fund
may
have
contractual
remedies
pursuant
to
the
agreements
related
to
the
transaction.
The
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded.
Swap
agreements
are
valued
at
the
clearinghouse
end
of
day
prices
as
furnished
by
an
independent
pricing
service.
The
pricing
service
takes
into
account
such
factors
as
swap
curves,
default
probabilities,
recent
trades,
recovery
rates
and
other
factors
it
deems
relevant
in
determining
valuations.
Daily
fluctuations
in
the
value
of
the
centrally
cleared
credit
default
contracts
are
recorded
in
variation
margin
in
the
Statement
of
Assets
and
Liabilities
and
recorded
as
unrealized
gain
or
loss.
The
Fund
accrues
for
the
periodic
payment
and
amortizes
upfront
payments,
if
any,
on
swap
agreements
on
a
daily
basis
with
the
net
amount
recorded
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Receipts
and
payments
received
or
made
as
a
result
of
a
credit
event
or
termination
of
the
contract
are
also
recognized
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Collateral,
in
the
form
of
cash
or
securities,
may
be
required
to
be
held
with
the
Fund’s
custodian,
or
a
third
party,
in
connection
with
these
agreements.
Certain
swap
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2025
(unaudited)
46
agreements
are
over-the-counter.
In
these
types
of
transactions,
the
Fund
is
exposed
to
counterparty
risk,
which
is
the
discounted
net
amount
of
payments
owed
to
the
Fund.
This
risk
is
partially
mitigated
by
the
Fund’s
collateral
posting
requirements.
As
the
swap
increases
in
value
to
the
Fund,
the
Fund
receives
collateral
from
the
counterparty.
Certain
interest
rate
and
credit
default
index
swaps
must
be
cleared
through
a
clearinghouse
or
central
counterparty.
Credit
Default
Swaps
—
A
credit
default
swap
("CDS") is
a
swap
agreement
between
two
parties
to
exchange
the
credit
risk
of
a
particular
issuer,
basket
of
securities
or
reference
entity.
In
a
CDS
transaction,
a
buyer
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
The
seller
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
CDS
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
A
buyer
of
a
CDS
is
said
to
buy
protection
whereas
a
seller
of
a
CDS
is
said
to
sell
protection.
The
Fund
may
be
either
the
protection
seller
or
the
protection
buyer.
Certain
Funds
enter
into
credit
default
derivative
contracts
directly
through
CDSs or
through
credit
default
swap
indices
("CDX
Indices").
CDX
Indices
are
static
pools
of
equally
weighted
CDSs
referencing
corporate
bonds
and/or
loans
designed
to
increase
or
decrease
diversified
credit
exposure
to
these
asset
classes.
Funds
sell
default
protection
and
assume
long-risk
positions
in
individual
credits
or
indices.
Index
positions
are
entered
into
to
gain
exposure
to
the
corporate
bond
and/or
loan
markets
in
a
cost-efficient
and
diversified
structure.
In
the
event
that
a
position
defaults,
by
going
into
bankruptcy
and
failing
to
pay
interest
or
principal
on
borrowed
money,
within
any CDX
Indices
held,
the
maximum
potential
amount
of
future
payments
required
would
be
equal
to
the
pro-rata
share
of
that
position
within
the
index
based
on
the
notional
amount
of
the
index.
In
the
event
of
a
default
under
a
CDS
contract,
the
maximum
potential
amount
of
future
payments
would
be
the
notional
amount.
Funds
buy
default
protection
in
order
to
reduce
their
overall
credit
exposure
to
the
corporate
bond
and/or
loan
markets
in
a
cost-
efficient
and
diversified
structure.
If
a
default
event
as
specified
in
the
CDS
reference
entity
agreement
occurs,
the
Fund
has
the
option
to
receive
a
cash
payment
in
exchange
for
the
credit
loss
of
the
reference
entity
obligation
as
of
the
date
of
the
credit
event.
A
realized
gain
or
loss
is
recorded
upon
a
default
event
or
the
maturity
or
termination
of
the
CDS
agreement.
For
CDS,
the
default
events
could
be
bankruptcy
and
failing
to
pay
interest
or
principal
on
borrowed
money
or
a
restructuring.
A
restructuring
is
a
change
in
the
underlying
obligations
which
could
include
a
reduction
in
interest
or
principal,
maturity
extension
and
subordination
to
other
obligations.
During
the six
months
ended
June
30,
2025,
Conservative
Allocation
used
CDX
Indices
(comprised
of
CDSs)
to
help
manage
credit
risk
exposures
within
the
Fund.
Total Return
Swaps
—
A
total return
swap
is
a
swap
agreement
between
two
parties
to
exchange
the
total
return
of
a
particular
reference
asset.
A
total
return
swap
involves
commitments
to
pay
interest
in
exchange
for
a
market
linked
return
based
on
a
notional
amount.
To
the
extent
that
the
total
return
of
the
security,
group
of
securities,
or
index
underlying
the
transactions
exceeds
or
fall
short
of
the
offsetting
interest
obligation,
the
Funds
will
receive
a
payment
from
or
make
a
payment
to
the
counterparty.
The
Funds
may
take
a
"long"
or
"short"
position
with
respect
to
the
underlying
referenced
asset.
During
the
six
months
ended June
30,
2025,
Conservative
Allocation
used
total return
swaps
to
manage
exposure
to
the
equities
market. 
For
financial
reporting
purposes,
the
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements
in
the
Statement
of
Assets
and
Liabilities.
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. 
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2025
(unaudited)
47
The
following
table
presents
the
gross
and
net
information
about
liabilities
subject
to
master
netting
arrangements,
as
presented
in the
Statement
of
Assets
and
Liabilities:
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
Fund.
Pursuant
to
the
Agreement, loaned
securities
are
typically
initially
collateralized equal
to
at
least
102%
of
the
market
value
of U.S.
securities
and
105% of
the
market
value
of non-U.S.
securities.
Daily
market
fluctuations
could
cause
the
value
of
loaned
securities
to
be
more
or
less
than
the
value
of
the
collateral
received. 
Any
additional
collateral
is
adjusted
and
settled
on
the
next
business
day. 
The
Trust
has
the
ability
to
recall
the
loans
at
any
time
and
could
do
so
in
order
to
vote
proxies
or
sell
the
loaned
securities. 
All
cash
collateral
received
is
invested
in
Thrivent
Cash
Management
Trust.
The
Fund
receives dividends
and
interest
that would
have
been
earned
on
the
securities
loaned
while
simultaneously
seeking
to
earn
income
on
the
investment
of
cash
collateral.
Amounts
earned
on
investments
in
Thrivent
Cash
Management
Trust,
net
of
rebates,
fees
paid
to
GSAL
for
services
provided
and
any
other
securities
lending
expenses,
are
included
in
affiliated
income
from
securities
loaned,
net on
the
Statement
of
Operations. 
By
investing
any
cash
collateral
it
receives
in
these
transactions, the
Fund
could
realize
additional
gains
or
losses.
If
the
borrower
fails
to
return
the
securities
or
the
invested
collateral
has
declined
in
value, the
Fund
could
lose
money. 
Generally,
in
the
event
of
borrower
default, the Fund
has
the
right
to
use
the
collateral
to
offset
any
losses
incurred. 
However,
in
the
event the
Fund
is
delayed
or
prevented
from
exercising
its
right
to
dispose
of
the
collateral,
there
may
be
a
potential
loss. 
Some
of
these
losses
may
be
indemnified
by
the
lending
agent. 
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 
— The
Fund
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,
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Fund
Gross
Amounts
of
Recognized
Liabilities
Gross
Amounts
Offset
Net
Amounts
of
Recognized
Liabilities
Financial
Instruments
Cash
Collateral
Pledged
Non-Cash
Collateral
Pledged
(**)
Net
Amount
Conservative
Allocation
Total
Return
swap
5,067
–
5,067
–
–
–
5,067
(#)
(**)
Excess
of
collateral
pledged
to
the
counterparty
may
not
be
shown
for
financial
reporting
purposes.
(#)
Net
total
return
swap
amounts
represent
the
net
amount
payable
to
the
counterparty
in
the
event
of
a
default.
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2025
(unaudited)
48
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.
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 
—
In
the
event
of
adversary
action
proceedings
where the
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
June
30,
2025, the
Fund
did
not
report
an
accrual
for contingent
liabilities.
Litigation 
—
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date. 
If
the
Fund
no
longer
owns
the
applicable
securities,
the
proceeds
are
recorded
as
realized
gains. 
Bank Loans
(Leveraged Loans) 
—
Certain
Funds
may
invest
in
bank
loans,
which
are
senior
secured
loans
that
are
made
by
banks
or
other
lending
institutions
to
companies
that
are
typically
rated
below
investment
grade. 
A Fund
may
invest
in
multiple
series
or
tranches
of
a
bank
loan,
with
varying
terms
and
different
associated
risks. 
Transactions
in
bank
loan
securities
may
settle
on
a
delayed
basis,
which
may
result
in
the
proceeds
of
the
sale
to
not
be
readily
available
for
a Fund
to
make
additional
investments. 
Interest
rates
of
bank
loan
securities
typically
reset
periodically,
as
the
rates
are
tied
to
a
reference
index
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
June
30,
2025,
the
Fund
had
no
unfunded
bank
loan
commitments.
Line
of
Credit 
— The
Fund, along
with
other
portfolios
managed
by
the
investment
adviser
or
an
affiliate,
participates
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
Effective Rate
or
the Overnight
Bank Funding
Rate
plus,
in
each
case,
0.10%
plus
a
margin
of 1.25%. 
Each
borrowing
under
the
line
of
credit
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
16,
2025
unless
extended
by
mutual
agreement
of
State
Street
Bank
and
Trust
Company
and
the
Funds. 
The
Fund
had
no
borrowings
during
the six
months
ended
June
30,
2025.
Other 
—
For
financial
statement
purposes,
investment
security
transactions
are
accounted
for
on
the
trade
date.
Realized
gains
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2025
(unaudited)
49
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, the
Fund
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: 
Expense
Reimbursements 
— Subject
to
certain
limitations, the
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 incurred
by
the
Fund
as
a
result
of
its
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%
of
average
net
assets, a
reduced
fee
of
0.125%
or
no
fee. 
For
the
Fund
presented
under
this
shareholder
report,
Class
A
shares
have
an annual 12b-1
fee of
0.25%.  
Sales
Charges
and
Other
Fees 
—
For
the six
months
ended
June
30,
2025,
Thrivent
Investment
Management
Inc. ("Thrivent
Investment
Mgt.")
and
Thrivent
Distributors,
LLC
received
$8,757
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
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
June
30,
2025,
Thrivent
Asset
Mgt.
received
aggregate
fees
for
accounting
and
administrative
personnel
and
services
of $118,860
from
the
Fund
covered
in
this
shareholder
report.
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
June
30,
2025,
Thrivent
Investor
Services
received
$410,345 for
transfer
agent
services
from
the
Fund
covered
in
this
shareholder
report.  
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
Funds.
Participants
in
the
plan
may
designate
their
deferred
Trustee’s
fees
as
if
invested
in a series
of
Thrivent
Mutual
Funds. Money
Market
is
not
eligible
for
the
deferred
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’s
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 $14,379
in
fees
from
the
Fund
covered
in
this
shareholder
report
for
the
six
months
ended
June
30,
2025.
In
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
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
Conservative
Allocation
0.550%
0.550%
0.550%
0.550%
0.550%
0.500%
0.500%
0.475%
0.475%
0.450%
0.425%
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2025
(unaudited)
50
ratio
of
the
underlying
funds
in
which
they
invest. This
contractual
provision
may
be
terminated
upon
the
mutual
agreement
between
the
independent
Trustees
of
the
Trust
and
the
Adviser. 
Interfund
Lending 
—
The
Fund
may
participate
in
an
interfund
lending
program
(the
"Program")
pursuant
to
an
exemptive
order
issued
by
the
SEC. 
The
Program permits
the
Fund
to borrow
cash
for
temporary
purposes
from Thrivent
Core
Short-Term
Reserve. 
Interest
is
charged
to the
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 June
30,
2025, the Fund
did
not borrow
cash
through
the
Program. 
(4)
SEGMENT
REPORTING
In
accordance
with
FASB
Accounting
Standards
Update
("ASU")
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures
("ASU
2023-07"),
management
evaluates
the
Fund's
business
activities
to
determine
the
segment
reporting
needed
for
the
Fund.
The
intent
of
ASU
2023-07
is
to
enable
investors
to
better
understand
an
entity's
overall
performance
and
to
assess
its
potential
future
cash
flows
through
improved
segment
disclosures.
An
operating
segment
is
defined
in
Topic
280
as
a
component
of
a
public
entity
that
engages
in
business
activities
from
which
it
may
recognize
revenues
and
incur
expenses,
has
operating
results
that
are
regularly
reviewed
by
the
public
entity’s
chief
operating
decision
maker
(CODM)
to
make
decisions
about
resources
to
be
allocated
to
the
segment
and
assess
its
performance,
and
has
discrete
financial
information
available.
The
Principal
Officers
of
the
Fund,
consisting
of
the
President
as
the
Principal
Executive
Officer
and
the
Treasurer
as
the
Principal
Financial
and
Accounting
Officer,
jointly
act
as
the
Fund's
CODMs.
Management
has
determined
that
each
Fund
is
a
single
operating
segment
because
the
CODMs
monitor
the
net
increase
or
decrease
in
net
assets
resulting
from
operations
of
each
Fund
as
a
whole
and
the
Fund's
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
terms
of
their
respective
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Fund's
portfolio
managers
as
a
team.
As
investment
companies,
the
Fund
primarily
engages
in
investing
in
securities
to
generate
a
return
on
investment
for
shareholders.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
in
the
Fund's
Schedule
of
Investments,
Statement
of
Changes
in
Net
Assets
and
Financial
Highlights.
Fund
net
assets
are
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
as
“Total
Net
Assets”
and
significant
fund
expenses
are
listed
on
the
accompanying
Statement
of
Operations.
(5)
TAX
INFORMATION
Distributions are
based
on
amounts
calculated
in
accordance
with
applicable
federal
income
tax
regulations,
which
may
differ
from
GAAP. 
To
the
extent
these
differences
are
permanent
in
nature,
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
June
30,
2025,
the
tax
basis
balance
has
not
yet
been
determined.
At
December
31,
2024,
the
Fund
had
accumulated
the
following
capital
loss
carryover: 
To
the
extent
that
the
Fund
realizes
net
capital
gains,
taxable
distributions
will
be
reduced
by
any
unused
capital
loss
carryovers
as
permitted
by
the
Internal
Revenue
Code.
(6)
SECURITY
TRANSACTIONS 
Purchases
and
Sales
of
Investment
Securities 
—
For
the
six
months
ended
June
30,
2025,
the
cost
of
purchases
and
the
proceeds
from
sales
of
investment
securities,
other
than
U.S.
Government
and
short-term
securities,
were
as
follows:
Purchases
and
Sales
of
U.S.
Government
Securities
were: 
Investments
in
Restricted
Securities 
—
The
Fund
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
June
30,
2025,
the
Fund
held
restricted
securities: 
The
Fund
has
no
right
to
require
registration
of
unregistered
securities. 
(7)
SECURITY
TRANSACTIONS
WITH
AFFILIATED
FUNDS
The Fund
is
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
Fund
Capital
Loss
Carryover
Conservative
Allocation
$
47,358,196
In
thousands
Fund
Purchases
Sales/
Paydowns
Conservative
Allocation
$154,191
$191,167
In
thousands
Fund
Purchases
Sales/
Paydowns
Conservative
Allocation
$129,911
$143,640
Fund
Number
of
Securities
Percent
of
Fund's
Net
Assets
Conservative
Allocation
3
0.03%
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2025
(unaudited)
51
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
June
30,
2025, the
Fund
did
not
engage
in
these
types
of
transactions. 
(8)
RELATED
PARTY
TRANSACTIONS
As
of
June
30,
2025, no
related
parties held
shares
in
excess
of
5%
of
the
Fund
covered
in
this
shareholder
report.
Subscription
and
redemption
activity
by
concentrated
accounts
may
have
a
significant
effect
on
the
operation
of
the
Fund.
In
the
case
of
a
large
redemption,
the
Fund
may
be
forced
to
sell
investments
at
inopportune
times,
resulting
in
additional
losses
for
the
Fund.
(9)
SUBSEQUENT
EVENTS
The
Adviser
of
the
Fund
has
evaluated
the
impact
of
subsequent
events
through
the
date
the
financial
statements
were
issued,
and has
determined
that
no
additional
items
require
disclosure.
(10) MARKET
RISK
Over
time,
securities
markets
generally
tend
to
move
in
cycles
with
periods
when
security
prices
rise
and
periods
when
security
prices
decline. 
The
value
of
a
Fund's
investments
may
move
with
these
cycles
and,
in
some
instances,
increase
or
decrease
more
than
the
applicable
market(s)
as
measured
by
the
Fund's
benchmark
index(es).
The
securities
markets
may
also
decline
because
of
factors
that
affect
a
particular
industry
or
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 June
30,
2025,
the
Fund
had
no
portfolio
concentration
greater
than
25%
in any
market
sector.
(11)
SIGNIFICANT
RISKS
Investing
in
the
Fund
involves
risks. 
The
following
is
an
alphabetical
list
of
significant
risks
in
investing
in
the
Fund.   
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.
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.
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
Fund
and
its
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
Fund’s
ability
to
calculate
their
NAV,
corrupting
data
or
preventing
parties
from
sharing
information
necessary
for
the
Fund’s
operation,
preventing
or
slowing
trades,
stopping
shareholders
from
making
transactions,
potentially
subjecting
the
Fund
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
Fund
may
invest,
which
could
result
in
material
adverse
consequences
for
such
issuers
and
may
cause
the
Fund’s
investments
in
such
companies
to
lose
value.
While
the
Fund’s
service
providers
have
established
business
continuity
and
incident
response plans
in
the
event
of
such
cyber
incidents,
there
are
inherent
limitations
in
such
plans
and
systems.
Additionally,
the
Fund
cannot
control
the
cybersecurity
plans
and
systems
put
in
place
by
their
service
providers
or
any
other
third
parties
whose
operations
may
affect
the
Fund
or
its
shareholders.
Although
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
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2025
(unaudited)
52
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.
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.
The
use
of
derivatives
involves
the
risks
associated
with
the
securities
or
other
assets
underlying
those
derivatives,
including
the
risk
of
changes
in
the
value
of
the
underlying
assets
between
the
date
that
the
Fund
enters
into
the
derivatives
transaction
and
the
date
that
the
Fund
closes
out
that
transaction.
When
a
Fund
enters
into
a
futures
contract,
for
example,
it
commits
to
purchasing
or
selling
a
particular
security
at
a
future
date
at
a
specified
price.
Changes
in
the
value
of
the
underlying
security
between
the
time
that
the
Fund
enters
into
the
futures
contract
and
the
time
the
Fund
has
to
purchase
or
sell
the
security
may
cause
the
Fund
to
have
to
purchase
the
security
at
a
price
which
is
greater
than,
or
to
sell
the
security
at
a
price
which
is
lower
than,
the
security’s
then-current
market
value.
When
a
Fund
enters
into
an
interest
rate
swap,
it
agrees
with
another
party
to
exchange
their
respective
interest
rate
exposures
on
a
similar
principal
amount
(e.g.,
exchanging
fixed
rate
interest
payments
on
a
specific
principal
amount
for
floating
rate
interest
payments
on
that
same
principal
amount,
or
vice
versa).
If
interest
rates
change
in
a
manner
or
to
a
degree
not
anticipated
by
the
Fund,
the
Fund
could
end
up
receiving
less
interest
on
its
investment
than
if
the
Fund
had
not
entered
into
the
swap
agreement.
When
a
Fund
enters
into
a
credit
default
swap,
it
agrees
with
another
party
to
transfer
the
credit
exposure
of
one
or
more
underlying
debt
obligations.
The
purchaser
of
the
credit
default
swap
agrees
to
pay
the
seller
a
fixed
premium
for
a
specific
term,
in
exchange
for
which
the
seller
agrees
to
make
a
contingent
payment
to
the
buyer
in
the
event
the
issuer
of
the
underlying
debt
obligations
defaults
or
upon
the
occurrence
of
another
credit
event
specified
in
the
swap
agreement.
If
the
specified
credit
event
does
not
occur
during
the
term
of
the
credit
default
swap,
the
swap’s
purchaser
will
have
paid
the
fixed
premiums
and
received
no
return
on
the
swap
agreement.
Conversely,
if
the
specified
credit
event
does
occur
during
the
swap’s
term,
the
swap’s
seller
may
have
to
make
a
payment
to
the
purchaser
which
exceeds
the
value
of
the
premiums
that
were
received
by
the
seller.
The
use
of
derivatives
may
also
involve
risks
which
differ
from,
or
are
potentially
greater
than,
the
risks
associated
with
investing
directly
in
the
underlying
reference
asset.
For
example,
the
use
by
a
Fund
of
privately
negotiated,
over-the-counter
(“OTC”)
derivatives
contracts,
including
interest
rates
swaps
and
credit
default
swaps,
exposes
the
Fund
to
the
risk
that
the
counterparty
to
the
OTC
derivatives
contract
will
be
unable
or
unwilling
to
make
timely
payments
under
the
contract
or
otherwise
honor
its
obligations.
There
can
be
no
assurance
that
a
counterparty
will
meet
its
obligations,
especially
during
periods
of
adverse
market
conditions.
The
market
for
certain
types
of
derivative
instruments
may
also
be
less
liquid
than
the
market
for
the
underlying
reference
asset,
making
it
difficult
for
a
Fund
to
value
its
derivative
investments
or
sell
those
investments
at
an
acceptable
price. 
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. The
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
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2025
(unaudited)
53
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
generally
do
not
move
in
the
same
direction
at
the
same
time
and
are
generally
more
volatile
than
most
debt
securities.
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. 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.
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.
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
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.
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.
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
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2025
(unaudited)
54
regulatory
events,
economic
downturn,
government
shutdowns,
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.
Mortgage-Backed
and
Other
Asset-Backed
Securities
Risk
—
The
value
of
mortgage-backed
and
asset-backed
securities are
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
are
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.
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 are
borne
by
the
Fund.
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 are
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 are
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
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.
Regulatory
Risk
—
Legal,
tax,
and
regulatory
developments
may
adversely
affect
the
Fund.
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
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2025
(unaudited)
55
to
take
extraordinary
actions
in
the
event
of
market
emergencies.
The
regulatory
environment
for
the
Fund
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
Fund’s
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.
Thrivent
Mutual
Funds
Financial
Highlights
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
56
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
Conservative
Allocation
Fund
(d)
Class
S
Shares
Period
Ended
6/30/2025
(unaudited)
$
6.98
$
0.14
$
0.15
$
0.29
$
(0.14)
$
–
Year
Ended
12/31/2024
6.80
0.28
0.19
0.47
(0.29)
–
Year
Ended
12/31/2023
6.45
0.27
0.36
0.63
(0.28)
–
Year
Ended
12/31/2022
7.62
0.21
(1.16)
(0.95)
(0.22)
–
Year
Ended
12/31/2021
7.63
0.18
0.32
0.50
(0.18)
(0.33)
Year
Ended
12/31/2020
7.34
0.20
0.30
0.50
(0.21)
–
Class
A
Shares
Period
Ended
6/30/2025
(unaudited)
7.07
0.13
0.15
0.28
(0.13)
–
Year
Ended
12/31/2024
6.88
0.27
0.19
0.46
(0.27)
–
Year
Ended
12/31/2023
6.53
0.27
0.35
0.62
(0.27)
–
Year
Ended
12/31/2022
7.70
0.20
(1.17)
(0.97)
(0.20)
–
Year
Ended
12/31/2021
7.71
0.16
0.32
0.48
(0.16)
(0.33)
Year
Ended
12/31/2020
7.42
0.19
0.29
0.48
(0.19)
–
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
fund
shares.
(b)
Total
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)
Effective
February
28,
2025,
Diversified
Income
Plus
Fund
changed
its
name
to
Conservative
Allocation
Fund.
*
**
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.
57
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)
$
(0.14)
$
7.13
4.24%
$
548.1
0.70%
3.99%
0.70%
3.99%
31%
(0.29)
6.98
7.01%
535.5
0.68%
4.02%
0.68%
4.02%
50%
(0.28)
6.80
10.05%
549.2
0.68%
4.15%
0.68%
4.15%
80%
(0.22)
6.45
(12.55)%
571.1
0.69%
3.07%
0.69%
3.07%
278%
(0.51)
7.62
6.55%
679.1
0.68%
2.28%
0.68%
2.28%
268%
(0.21)
7.63
7.01%
504.0
0.71%
2.83%
0.71%
2.83%
156%
(0.13)
7.22
4.07%
432.0
0.93%
3.75%
0.93%
3.75%
31%
(0.27)
7.07
6.81%
440.3
0.93%
3.78%
0.93%
3.78%
50%
(0.27)
6.88
9.65%
470.4
0.93%
3.90%
0.93%
3.90%
80%
(0.20)
6.53
(12.64)%
495.4
0.94%
2.82%
0.94%
2.82%
278%
(0.49)
7.70
6.22%
623.5
0.93%
2.01%
0.93%
2.01%
268%
(0.19)
7.71
6.67%
609.6
0.95%
2.58%
0.95%
2.58%
156%
58
Change
in
and
Disagreement
with
Accountants
None
during
the
reporting
period.
59
Proxy
Disclosures
None
during
the
reporting
period.
60
Remuneration
Paid
to
Directors,
Officers,
and
Others
The
information
is
disclosed
in
the
Statement
of
Operations
and
as
part
of
the
Fees
and
Compensation
Paid
to
Affiliates
section
of
the
Notes
to
Financial
Statements
included
in
Item
7
of
this
Form
N-CSR.
61
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
None
during
the
reporting
period.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
 
None during the reporting period.
 
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
 
None during the reporting period.
 
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
 
The information is disclosed in the Statement of Operations and as part of the Fees and Compensation Paid to Affiliates section of the Notes to Financial Statements included in Item 7 of this Form N-CSR.
 
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
 
None during the reporting period.
 
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
 
Not applicable.
 
Item 13. Portfolio Managers of Closed-End Management Investment Companies
 
Not applicable.
 
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
 
Not applicable.
 
Item 15.  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 since the registrant last provided disclosure in response to this Item.
 
Item 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
 
Not applicable.
 
Item 18. Recovery of Erroneously Awarded Compensation.
 
Not applicable.
 
 
Item 19. 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 to semi-annual report.
 
(a)(2)     Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed: Not applicable.
 
(a)(3)     A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT filed herewith.
 
(a)(4)     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)(5)     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-99.906 CERT filed herewith.
 
 
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:  August 28, 2025                                                                   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:  August 28, 2025                                                                   By: /s/ Michael W. Kremenak                                      
      Michael W. Kremenak
      President
      (principal executive officer)
 
 
 
Date:  August 28, 2025                                                                   By: /s/ Sarah L. Bergstrom                                           
      Sarah L. Bergstrom
      Treasurer and Principal Accounting Officer
      (principal financial officer)