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: December 31, 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.

Thrivent Conservative Allocation Fund

Class A: AAHYX

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the Thrivent Conservative Allocation Fund (the Fund) for the 12 months ended December 31, 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. This report describes changes to the Fund that occurred during the period.

How did the Fund perform over the past 12 months?

For the 12 months ended December 31, 2025, Conservative Allocation Fund (excluding sales charge) earned a return of 9.57%, underperforming the average return of its peer group, the Morningstar Conservative Allocation category, which returned 9.59%. The Fund’s broad-based benchmark, MSCI All Country World Index - USD Net Returns, earned a return of 22.34% over the same period. The Fund may use futures and swaps to manage market, interest rate, and credit exposures, as well as to manage cash flows. These instruments, in aggregate, had a positive impact on performance for the year.

The key factors that contributed to the Fund's performance over the past 12 months include:

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Share Class	Cost of a $10K Investment	Cost Paid as a % of a $10K Investment
Class A	$97	0.92%

How did the Fund perform over the past 10 years?

	Class A (including max sales charge) Footnote Reference1	MSCI All Country World Index - USD Net Returns	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index	Bloomberg U.S. Mortgage-Backed Securities Index	MSCI World Index - USD Net Returns
12/15	9,550	10,000	10,000	10,000	10,000	10,000
12/16	10,190	10,786	10,265	11,409	10,167	10,751
12/17	11,105	13,372	10,628	12,199	10,419	13,159
12/18	10,760	12,113	10,629	11,969	10,522	12,013
12/19	12,172	15,335	11,556	13,786	11,191	15,337
12/20	12,984	17,828	12,423	14,843	11,624	17,776
12/21	13,792	21,133	12,232	15,533	11,503	21,654
12/22	12,049	17,252	10,641	13,890	10,144	17,726
12/23	13,212	21,082	11,229	15,634	10,656	21,942
12/24	14,112	24,769	11,369	16,692	10,784	26,039
12/25	15,462	30,302	12,199	18,158	11,710	31,532

Asset Sector

Top Contributors

Least Contributors

• 

  U.S. Government & Agencies 

• 

  Financials

• 

  Information Technology

• 

  Consumer Discretionary

• 

  Collateralized Loan Obligations

• 

  Real Estate 

Individual Holdings

Top Contributors

Least Contributors

• 

  NVIDIA Corporation

• 

  Alphabet Inc. Class C

• 

  Microsoft Corporation

• 

  UnitedHealth Group Incorporated

• 

  Deckers Outdoor Corporation

• 

  Salesforce, Inc.

Average Annual Total Returns *	1 year	5 year	10 year
Class A (excluding sales charge)Footnote Reference1	9.57%	3.55%	4.94%
Class A (including max sales charge)Footnote Reference1	4.68%	2.61%	4.45%
MSCI All Country World Index - USD Net Returns	22.34%	11.19%	11.72%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index	8.78%	4.11%	6.15%
Bloomberg U.S. Mortgage-Backed Securities Index	8.58%	0.15%	1.59%
MSCI World Index - USD Net Returns	21.09%	12.15%	12.17%

* Total returns assume reinvestment of all dividends and capital gains. At various times, the Fund's adviser may have waived certain fees and/or reimbursed expenses, without which total returns would have been lower.

¹ The Fund's past performance is not a good predictor of the Fund's future performance. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 800-847-4836 or visit www.thriventfunds.com/mutual-funds/performance-summary.html for performance results current to the most recent month-end.

Fund Statistics

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Advisory Fees Paid
$913,171,185	1,997	70%	$5,144,855

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Thrivent Core Emerging Markets Debt Fund	7.3%
U.S. Treasury Notes	2.9%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.6%
Thrivent Core International Equity Fund	1.5%
U.S. Treasury Notes	1.2%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.1%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.0%
NVIDIA Corporation	0.9%
Microsoft Corporation	0.9%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.8%

Portfolio Composition (% of Portfolio)

Value	Value
Long-Term Fixed Income	65.7%
Common Stock	17.5%
Registered Investments Companies	9.5%
Short-Term Investments	5.9%
Preferred Stock	1.4%

Major Market Sectors (% of Net Assets)

Mortgage-Backed Securities	20.6%
Financials	10.9%
U.S. Affiliated Registered Investment Companies	8.8%
Collateralized Mortgage Obligations	7.3%
Information Technology	7.2%
Asset-Backed Securities	6.9%
U.S. Government & Agencies	6.1%
Consumer Discretionary	4.2%
Communications Services	3.7%
Consumer Staples	3.3%

Material Fund Changes

This is a summary of certain changes of the Fund since December 31, 2024.  For more complete information, you may review the Fund's next prospectus which will be available at thriventmutualfunds.com/prospectus or upon request at 800-847-4836.

• Effective February 28, 2025, the Fund's name was changed from Thrivent Diversified Income Plus Fund to Thrivent Conservative Allocation Fund to better reflect its investment strategies.

Changes in or Disagreements with Accountants

There were no changes to the Fund's auditor or disagreements with them for the year ended December 31, 2025.

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.

Thrivent Conservative Allocation Fund - Class A: AAHYX

Annual Shareholder Report - December 31, 2025

Thrivent Conservative Allocation Fund

Class S: THYFX

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the Thrivent Conservative Allocation Fund (the Fund) for the 12 months ended December 31, 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. This report describes changes to the Fund that occurred during the period.

How did the Fund perform over the past 12 months?

For the 12 months ended December 31, 2025, Conservative Allocation Fund earned a return of 9.88%, outperforming the average return of its peer group, the Morningstar Conservative Allocation category, which returned 9.59%. The Fund’s broad-based benchmark, MSCI All Country World Index - USD Net Returns, earned a return of 22.34% over the same period. The Fund may use futures and swaps to manage market, interest rate, and credit exposures, as well as to manage cash flows. These instruments, in aggregate, had a positive impact on performance for the year.

The key factors that contributed to the Fund's performance over the past 12 months include:

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Share Class	Cost of a $10K Investment	Cost Paid as a % of a $10K Investment
Class S	$73	0.69%

How did the Fund perform over the past 10 years?

	Class SFootnote Reference1	MSCI All Country World Index - USD Net Returns	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index	Bloomberg U.S. Mortgage-Backed Securities Index	MSCI World Index - USD Net Returns
12/15	10,000	10,000	10,000	10,000	10,000	10,000
12/16	10,691	10,786	10,265	11,409	10,167	10,751
12/17	11,675	13,372	10,628	12,199	10,419	13,159
12/18	11,339	12,113	10,629	11,969	10,522	12,013
12/19	12,857	15,335	11,556	13,786	11,191	15,337
12/20	13,758	17,828	12,423	14,843	11,624	17,776
12/21	14,660	21,133	12,232	15,533	11,503	21,654
12/22	12,819	17,252	10,641	13,890	10,144	17,726
12/23	14,107	21,082	11,229	15,634	10,656	21,942
12/24	15,097	24,769	11,369	16,692	10,784	26,039
12/25	16,588	30,302	12,199	18,158	11,710	31,532

Asset Sector

Top Contributors

Least Contributors

• 

  U.S. Government & Agencies 

• 

  Financials

• 

  Information Technology

• 

  Consumer Discretionary

• 

  Collateralized Loan Obligations

• 

  Real Estate 

Individual Holdings

Top Contributors

Least Contributors

• 

  NVIDIA Corporation

• 

  Alphabet Inc. Class C

• 

  Microsoft Corporation

• 

  UnitedHealth Group Incorporated

• 

  Deckers Outdoor Corporation

• 

  Salesforce, Inc.

Average Annual Total Returns *	1 year	5 year	10 year
Class SFootnote Reference1	9.88%	3.81%	5.19%
MSCI All Country World Index - USD Net Returns	22.34%	11.19%	11.72%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index	8.78%	4.11%	6.15%
Bloomberg U.S. Mortgage-Backed Securities Index	8.58%	0.15%	1.59%
MSCI World Index - USD Net Returns	21.09%	12.15%	12.17%

* Total returns assume reinvestment of all dividends and capital gains. At various times, the Fund's adviser may have waived certain fees and/or reimbursed expenses, without which total returns would have been lower.

¹ The Fund's past performance is not a good predictor of the Fund's future performance. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 800-847-4836 or visit www.thriventfunds.com/mutual-funds/performance-summary.html for performance results current to the most recent month-end.

Fund Statistics

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Advisory Fees Paid
$913,171,185	1,997	70%	$5,144,855

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Thrivent Core Emerging Markets Debt Fund	7.3%
U.S. Treasury Notes	2.9%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.6%
Thrivent Core International Equity Fund	1.5%
U.S. Treasury Notes	1.2%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.1%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.0%
NVIDIA Corporation	0.9%
Microsoft Corporation	0.9%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.8%

Portfolio Composition (% of Portfolio)

Value	Value
Long-Term Fixed Income	65.7%
Common Stock	17.5%
Registered Investments Companies	9.5%
Short-Term Investments	5.9%
Preferred Stock	1.4%

Major Market Sectors (% of Net Assets)

Mortgage-Backed Securities	20.6%
Financials	10.9%
U.S. Affiliated Registered Investment Companies	8.8%
Collateralized Mortgage Obligations	7.3%
Information Technology	7.2%
Asset-Backed Securities	6.9%
U.S. Government & Agencies	6.1%
Consumer Discretionary	4.2%
Communications Services	3.7%
Consumer Staples	3.3%

Material Fund Changes

This is a summary of certain changes of the Fund since December 31, 2024.  For more complete information, you may review the Fund's next prospectus which will be available at thriventmutualfunds.com/prospectus or upon request at 800-847-4836.

• Effective February 28, 2025, the Fund's name was changed from Thrivent Diversified Income Plus Fund to Thrivent Conservative Allocation Fund to better reflect its investment strategies.

Changes in or Disagreements with Accountants

There were no changes to the Fund's auditor or disagreements with them for the year ended December 31, 2025.

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.

Thrivent Conservative Allocation Fund - Class S: THYFX

Annual Shareholder Report - December 31, 2025

Item 2. Code of Ethics

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments made to or waivers granted under the code of ethics during the period covered by this report. The registrant’s code of ethics is filed herewith pursuant to Item 19(a)(1) of this Form N-CSR.

Item 3. Audit Committee Financial Expert

Registrant’s board of trustees has determined that Robert J. Chersi, an independent trustee, is the Audit Committee Financial Expert.

Item 4. Principal Accountant Fees and Services

(a) through (d)

Thrivent Conservative Allocation Fund a series of Thrivent Mutual Funds, a Massachusetts business trust (the “Trust”). The Trust, as of the date of filing this Form N-CSR, contains a total of 22 series (the “Series”), including the Funds. This Form N-CSR relates to the annual report of each Fund.

The following table presents the aggregate fees billed to the Funds for the respective fiscal years ended December 31, 2024 and December 31, 2025 by the Funds’ independent public accountants, PricewaterhouseCoopers LLP (“PwC”), for professional services rendered for the audit of the Funds’ annual financial statements and fees billed for other services rendered by PwC during those periods.

Fiscal Years Ended	12/31/2024	12/31/2025
Audit Fees	$28,609	$28,348
Audit-Related Fees(1)	$0	$0
Tax Fees(2)	$8,322	$7,913
All Other Fees(3)	$0	$0
Total	$36,931	$36,261

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees. 

⁽²⁾ Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation.  These fees include payments for tax return compliance services, excise distribution review services, and other tax related matters. 

⁽³⁾ All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. These figures are also reported in the response to Item 4(g) below.

The following table presents the aggregate fees billed to all Series of the Trust (other than the Funds) with fiscal years ending on October 31 for the fiscal years ended October 31, 2024 and October 31, 2025 by PwC for professional services rendered for the audit of the annual financial statements of the applicable Series and fees billed for other services rendered by PwC during those periods.

Fiscal Years Ended	10/31/2024	10/31/2025
Audit Fees	$629,391	$648,952
Audit-Related Fees(1)	$0	$0
Tax Fees(2)	$196,680	$174,097
All Other Fees(3)	$0	$0
Total	$826,071	$823,049

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.

⁽²⁾ Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation.  These fees include payments for tax return compliance services, excise distribution review services, and other tax related matters. 

⁽³⁾ All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. These figures are also reported in response to Item 4(g) below.

(e)        Registrant’s audit committee charter, adopted in February 2010, provides that the audit committee (comprised of the independent Trustees of registrant) is responsible for pre‑approval of all auditing services performed for the registrant.  The audit committee also is responsible for pre-approval (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Securities Exchange Act of 1934) of all non-auditing services performed for the registrant or an affiliate of registrant.  In addition, registrant’s audit committee charter permits a designated member of the audit committee to pre-approve, between meetings, one or more audit or non-audit service projects, subject to an expense limit and notification to the audit committee at the next committee meeting.  Registrant’s audit committee pre-approved all fees described above that PwC billed to registrant. 

(f)            Less than 50% of the hours billed by PwC for auditing services to registrant for the fiscal year ended December 31, 2025 was for work performed by persons other than full-time permanent employees of PwC.

(g)        The aggregate non-audit fees billed by PwC to registrant and to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for the fiscal years set forth below are disclosed in the table below. These figures are also reported in response to Item 4(d) above.

Fiscal Year Ended	10/31/2024	12/31/2024	10/31/2025	12/31/2025
Registrant(1)	$0	$0	$0	$0
Adviser	$0	$0	$0	$0

(h)        Registrant’s audit committee has considered the non-audit services provided to the registrant and registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser as described above and determined that these services do not compromise PwC’s independence.

(i)         Not applicable.

(j)         Not applicable.

Item 5. Audit Committee of Listed Registrants

(a)        Not applicable.

(b)        Not applicable.

Item 6. Investments

(a)          Registrant’s Schedules of Investments are 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 audited 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

December

31,

2025

Thrivent

Mutual

Funds

Table

of

Contents

Report

of

Independent

Registered

Public

Accounting

Firm

2

Schedule

of

Investments

Thrivent

Conservative

Allocation

Fund

3

Statement

of

Assets

and

Liabilities

39

Statement

of

Operations

40

Statement

of

Changes

in

Net

Assets

41

Notes

to

Financial

Statements

43

Financial

Highlights

56

Federal

Tax

Information

58

Changes

in

and

Disagreements

with

Accountants

(Item

8)

59

Proxy

Disclosures

(Item

9)

60

Remuneration

Paid

to

Directors,

Officers,

and

Oth-

ers

(Item

10)

61

Statement

Regarding

Basis

for

Approval

of

Invest-

ment

Advisory

Contract

(Item

11)

62

2

To

the

Board

of

Trustees

of

Thrivent

Mutual

Funds

and

Shareholders

of

Thrivent

Conservative

Allocation

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Thrivent

Conservative

Allocation

Fund

(one

of

the

funds

constituting

Thrivent

Mutual

Funds,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

February 17,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Thrivent

Financial

investment

company

complex

since

1987.

Report

of

Independent

Registered

Public

Accounting

Firm

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

3

Principal

Amount

Long-Term

Fixed

Income

66.0%

Value

Asset-Backed

Securities  6.9%

AGL

CLO

13,

Ltd.

$

500,000

5.684%, 

(TSFR3M

+

1.800%),

10/20/2034,

Ser.

2021-13A,

Class

CR

a,b

$

500,087

Anchorage

Capital

CLO

20,

Ltd.

850,000

7.084%, 

(TSFR3M

+

3.200%),

1/20/2035,

Ser.

2021-20A,

Class

DR

a,b

849,081

Anchorage

Capital

CLO

21,

Ltd.

1,225,000

5.784%, 

(TSFR3M

+

1.900%),

10/20/2034,

Ser.

2021-21A,

Class

CR

a,b

1,226,028

Avis

Budget

Rental

Car

Funding

AESOP,

LLC

925,000

5.240%, 

8/20/2029,

Ser.

2025-1A,

Class

B

a

940,302

1,750,000

4.770%, 

2/20/2032,

Ser.

2025-4A,

Class

B

a

1,741,353

Balboa

Bay

Loan

Funding,

Ltd.

750,000

5.834%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-1A,

Class

CR

a,b

748,890

1,050,000

6.134%, 

(TSFR3M

+

2.250%),

1/20/2035,

Ser.

2021-2A,

Class

CR

a,b

1,050,463

Barings

CLO,

Ltd.

1,150,000

5.784%, 

(TSFR3M

+

1.900%),

1/18/2035,

Ser.

2021-3A,

Class

CR

a,b

1,150,442

Barings

Loan

Partners

CLO,

Ltd.

2

1,500,000

5.534%, 

(TSFR3M

+

1.650%),

1/20/2034,

Ser.

LP-

2A,

Class

CR

a,b

1,497,114

Battalion

CLO

XI,

Ltd.

2,000,000

5.815%, 

(TSFR3M

+

1.950%),

4/24/2034,

Ser.

2017-11A,

Class

CR2

a,b

1,997,170

Battalion

CLO

XIV,

Ltd.

1,825,000

5.884%, 

(TSFR3M

+

0.200%),

1/20/2035,

Ser.

2019-14A,

Class

CR2

a,b

1,824,943

Battalion

CLO

XXI,

Ltd.

2,500,000

5.905%, 

(TSFR3M

+

2.000%),

7/15/2034,

Ser.

2021-21A,

Class

CR

a,b

2,495,205

Business

Jet

Securities,

LLC

630,880

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

a

627,268

CarVal

CLO

VI-C,

Ltd.

1,700,000

7.570%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

a,b

1,701,902

Dryden

72

CLO,

Ltd.

1,075,000

5.502%, 

(TSFR3M

+

1.650%),

5/15/2032,

Ser.

2019-72A,

Class

BRR

a,b

1,077,035

Hertz

Vehicle

Financing

III,

LLC

1,425,000

5.450%, 

9/25/2029,

Ser.

2025-1A,

Class

B

a

1,444,916

750,000

5.590%, 

12/26/2029,

Ser.

2025-3A,

Class

B

a

761,771

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Asset-Backed

Securities  6.9%

-

continued

$

750,000

5.140%, 

5/25/2032,

Ser.

2025-6A,

Class

B

a

$

745,632

Hotwire

Funding,

LLC

1,500,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

1,525,547

HTAP

Issuer

Trust

643,017

6.500%, 

4/25/2042,

Ser.

2024-2,

Class

A

a

642,361

Kennedy

Lewis

CLO

3,

Ltd.

1,000,000

5.090%, 

(TSFR3M

+

1.400%),

10/20/2036,

Ser.

3A,

Class

A2R3

a,b

1,000,801

LCM

41,

Ltd.

2,900,000

7.505%, 

(TSFR3M

+

3.600%),

4/15/2036,

Ser.

41A,

Class

D1R

a,b

2,905,243

MetroNet

Infrastructure

Issuer,

LLC

1,000,000

5.400%, 

8/20/2055,

Ser.

2025-2A,

Class

A2

a

1,014,094

550,000

5.163%, 

12/20/2055,

Ser.

2025-4A,

Class

A2

a

550,936

MFA

Trust

639,891

6.330%, 

9/25/2054,

Ser.

2024-NPL1,

Class

A1

c

640,787

Octagon

Investment

Partners

50,

Ltd.

2,150,000

5.905%, 

(TSFR3M

+

2.000%),

1/15/2035,

Ser.

2020-4A,

Class

CR2

a,b

2,150,871

Pagaya

AI

Debt

Grantor

Trust

422,811

5.092%, 

7/15/2032,

Ser.

2024-11,

Class

A

a

424,717

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

357,465

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

359,232

Palmer

Square

Loan

Funding,

Ltd.

250,000

5.605%, 

(TSFR3M

+

1.700%),

1/15/2033,

Ser.

2024-2A,

Class

B

a,b

250,087

825,000

5.452%, 

(TSFR3M

+

1.600%),

2/15/2033,

Ser.

2025-1A,

Class

B

a,b

816,790

Park

Blue

CLO,

Ltd.

1,700,000

6.064%, 

(TSFR3M

+

2.180%),

4/20/2038,

Ser.

2023-3A,

Class

CR

a,b

1,705,794

Point

Securitization

Trust

1,419,161

6.250%, 

6/25/2055,

Ser.

2025-1,

Class

A1

a

1,424,746

PPM

CLO

3,

Ltd.

500,000

5.932%, 

(TSFR3M

+

2.050%),

7/17/2034,

Ser.

2019-3A,

Class

CR2

a,b

500,173

PRET,

LLC

1,650,000

8.232%, 

3/25/2055,

Ser.

2025-NPL2,

Class

A2

a,c

1,654,017

1,086,760

6.368%, 

4/25/2055,

Ser.

2025-NPL4,

Class

A1

a,c

1,092,064

PRPM,

LLC

1,500,000

3.000%, 

5/25/2055,

Ser.

2025-RPL4,

Class

A2

a,c

1,375,266

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

4

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Asset-Backed

Securities  6.9%

-

continued

$

825,000

8.569%, 

7/25/2030,

Ser.

2025-5,

Class

A2

a,c

$

824,248

Renaissance

Home

Equity

Loan

Trust

1,429,635

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

c

484,943

RFS

Asset

Securitization

V,

LLC

1,350,000

6.049%, 

5/15/2032,

Ser.

2025-1,

Class

A

a

1,365,674

Rockford

Tower

CLO,

Ltd.

1,850,000

5.834%, 

(TSFR3M

+

1.950%),

7/20/2034,

Ser.

2021-2A,

Class

CR

a,b

1,850,076

1,500,000

5.805%, 

(TSFR3M

+

1.900%),

1/15/2038,

Ser.

2021-3A,

Class

C1AR

a,b

1,502,070

Saxon

Asset

Securities

Trust

567,623

2.825%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

518,974

Sculptor

CLO

XXVIII,

Ltd.

1,700,000

5.834%, 

(TSFR3M

+

1.950%),

1/20/2035,

Ser.

28A,

Class

CR

a,b

1,699,082

Signal

Peak

CLO

1,

Ltd.

1,100,000

5.832%, 

(TSFR3M

+

1.950%),

4/17/2034,

Ser.

2014-1A,

Class

CR4

a,b

1,100,183

Sunnova

Hestia

II

Issuer,

LLC

1,128,787

5.630%, 

7/20/2051,

Ser.

2024-GRID1,

Class

1A

a,d

1,121,346

Symphony

CLO

XX,

Ltd.

1,050,000

6.894%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

1,051,387

Unlock

HEA

Trust

1,322,542

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

1,324,610

1,223,416

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

1,222,298

584,274

6.500%, 

10/25/2039,

Ser.

2024-2,

Class

A

a

584,993

Veros

Auto

Receivables

Trust

622,361

5.310%, 

9/15/2028,

Ser.

2025-1,

Class

A

a

624,490

VOLT

C,

LLC

1,867,276

8.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a

1,871,618

VOLT

CVI,

LLC

424,217

9.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,c

425,197

VOLT

XCIV,

LLC

549,169

8.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

a

549,316

VOLT

XCIX,

LLC

61,338

8.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a

61,293

VOLT

XCVII,

LLC

846,047

8.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a

846,255

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Asset-Backed

Securities  6.9%

-

continued

Zayo

Issuer,

LLC

$

1,675,000

5.570%, 

10/20/2055,

Ser.

2025-3A,

Class

A2

a

$

1,670,944

Total

63,112,125

Basic

Materials  0.7%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

167,000

8.625%, 

6/15/2029

a

176,047

Alumina,

Pty.

Ltd.

200,000

6.125%, 

3/15/2030

a

206,581

Avient

Corporation

76,000

6.250%, 

11/1/2031

a

78,117

Axalta

Coating

Systems

Dutch

Holding

B

BV

163,000

7.250%, 

2/15/2031

a

171,902

Carpenter

Technology

Corporation

67,000

5.625%, 

3/1/2034

a

68,054

Cascades,

Inc./Cascades

USA,

Inc.

167,000

6.750%, 

7/15/2030

a

173,471

Celanese

US

Holdings,

LLC

29,000

6.850%, 

11/15/2028

30,338

75,000

6.500%, 

4/15/2030

e

75,375

55,000

6.629%, 

7/15/2032

57,234

198,000

6.750%, 

4/15/2033

e

196,961

Cerdia

Finanz

GmbH

56,000

9.375%, 

10/3/2031

a

57,890

Chemours

Company

281,000

4.625%, 

11/15/2029

a

254,088

Cleveland-Cliffs,

Inc.

210,000

4.625%, 

3/1/2029

a

206,772

118,000

4.875%, 

3/1/2031

a

113,221

78,000

7.375%, 

5/1/2033

a

81,123

118,000

6.250%, 

10/1/2040

102,433

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

90,000

6.125%, 

6/15/2028

a

90,244

Eastman

Chemical

Company

240,000

5.000%, 

8/1/2029

244,855

First

Quantum

Minerals,

Ltd.

72,000

9.375%, 

3/1/2029

a

75,817

86,000

8.625%, 

6/1/2031

a

90,502

FMC

Corporation

170,000

8.450%, 

11/1/2055

b

134,556

Fortescue

Treasury,

Pty.

Ltd.

59,000

5.875%, 

4/15/2030

a

60,673

Hecla

Mining

Company

89,000

7.250%, 

2/15/2028

89,561

INEOS

Finance

plc

153,000

7.500%, 

4/15/2029

a

132,908

LYB

International

Finance

III,

LLC

77,000

5.125%, 

1/15/2031

77,286

Magnera

Corporation

123,000

7.250%, 

11/15/2031

a

120,744

Mercer

International,

Inc.

143,000

5.125%, 

2/1/2029

e

91,202

Methanex

Corporation

119,000

5.250%, 

12/15/2029

120,086

25,000

5.650%, 

12/1/2044

22,349

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

5

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Basic

Materials  0.7%

-

continued

Methanex

US

Operations,

Inc.

$

102,000

6.250%, 

3/15/2032

a

$

105,026

Mineral

Resources,

Ltd.

192,000

9.250%, 

10/1/2028

a

201,504

36,000

7.000%, 

4/1/2031

a

37,541

Mosaic

Company

309,000

4.600%, 

11/15/2030

309,610

Novelis

Corporation

124,000

4.750%, 

1/30/2030

a

119,784

Olin

Corporation

104,000

6.625%, 

4/1/2033

a

103,217

Olympus

Water

US

Holding

Corporation

77,000

7.250%, 

2/15/2033

a

77,381

Peabody

Energy

Corporation,

Convertible

237,000

3.250%, 

3/1/2028

397,568

Qnity

Electronics,

Inc.

229,000

5.750%, 

8/15/2032

a

234,140

Smurfit

Kappa

Treasury,

ULC

210,000

5.777%, 

4/3/2054

210,975

SNF

Group

SACA

231,000

3.375%, 

3/15/2030

a

215,863

Solstice

Advanced

Materials,

Inc.

91,000

5.625%, 

9/30/2033

a

91,800

Steel

Dynamics,

Inc.

114,000

5.250%, 

5/15/2035

116,584

SunCoke

Energy,

Inc.

136,000

4.875%, 

6/30/2029

a

126,279

Taseko

Mines,

Ltd.

122,000

8.250%, 

5/1/2030

a

129,593

WR

Grace

Holdings,

LLC

132,000

6.625%, 

8/15/2032

a

133,686

Total

6,010,941

Capital

Goods  1.8%

Advanced

Drainage

Systems,

Inc.

82,000

6.375%, 

6/15/2030

a

83,851

AECOM

185,000

6.000%, 

8/1/2033

a

189,599

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

96,000

7.000%, 

5/21/2030

a

100,196

Amphenol

Corporation

279,000

5.300%, 

11/15/2055

266,533

Amrize

Finance

US,

LLC

131,000

5.400%, 

4/7/2035

135,093

Amsted

Industries,

Inc.

106,000

6.375%, 

3/15/2033

a

109,179

AptarGroup,

Inc.

116,000

4.750%, 

3/30/2031

116,819

Ardagh

Metal

Packaging

Finance

USA,

LLC/Ardagh

Metal

Packaging

Finance

plc

56,000

6.250%, 

1/30/2031

a

57,275

Array

Technologies,

Inc.,

Convertible

247,000

1.000%, 

12/1/2028

223,656

242,000

2.875%, 

7/1/2031

a

349,085

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Capital

Goods  1.8%

-

continued

ATI,

Inc.

$

140,000

7.250%, 

8/15/2030

$

147,907

Axon

Enterprise,

Inc.

38,000

6.125%, 

3/15/2030

a

39,229

38,000

6.250%, 

3/15/2033

a

39,532

Axon

Enterprise,

Inc.,

Convertible

172,000

0.500%, 

12/15/2027

432,494

BAE

Systems

plc

200,000

5.500%, 

3/26/2054

a

200,356

Boeing

Company

136,000

6.858%, 

5/1/2054

152,747

197,000

3.250%, 

3/1/2028

193,350

293,000

5.150%, 

5/1/2030

301,060

68,000

6.528%, 

5/1/2034

75,232

Bombardier,

Inc.

79,000

7.250%, 

7/1/2031

a

84,186

338,000

7.000%, 

6/1/2032

a

357,145

48,000

6.750%, 

6/15/2033

a

50,735

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

75,000

7.500%, 

2/1/2032

a

76,539

Builders

FirstSource,

Inc.

250,000

5.000%, 

3/1/2030

a

249,266

41,000

4.250%, 

2/1/2032

a

39,041

96,000

6.750%, 

5/15/2035

a

100,369

BWX

Technologies,

Inc.,

Convertible

745,000

Zero

Coupon, 

11/1/2030

a

709,985

Canpack

SA/Canpack

US,

LLC

215,000

3.875%, 

11/15/2029

a

205,705

Carrier

Global

Corporation

265,000

2.722%, 

2/15/2030

249,488

Chart

Industries,

Inc.

101,000

7.500%, 

1/1/2030

a

105,267

Clydesdale

Acquisition

Holdings,

Inc.

58,000

6.625%, 

4/15/2029

a

59,012

42,000

6.875%, 

1/15/2030

a

43,050

42,000

8.750%, 

4/15/2030

a

42,701

98,000

6.750%, 

4/15/2032

a

100,771

Deere

&

Company

129,000

5.700%, 

1/19/2055

133,328

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

252,000

6.625%, 

12/15/2030

a

262,461

EquipmentShare.com,

Inc.

120,000

9.000%, 

5/15/2028

a

124,702

42,000

8.625%, 

5/15/2032

a

44,363

Fluor

Corporation,

Convertible

365,000

1.125%, 

8/15/2029

415,808

GFL

Environmental,

Inc.

230,000

4.000%, 

8/1/2028

a

226,872

Greenbrier

Companies,

Inc.,

Convertible

241,000

2.875%, 

4/15/2028

258,906

Herc

Holdings,

Inc.

194,000

6.625%, 

6/15/2029

a

201,391

22,000

5.750%, 

3/15/2031

a

22,327

110,000

7.250%, 

6/15/2033

a

116,642

22,000

6.000%, 

3/15/2034

a

22,293

Honeywell

International,

Inc.

272,000

5.250%, 

3/1/2054

257,066

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

6

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Capital

Goods  1.8%

-

continued

Howmet

Aerospace,

Inc.

$

77,000

4.550%, 

11/15/2032

$

77,343

Huntington

Ingalls

Industries,

Inc.

196,000

4.200%, 

5/1/2030

194,134

JBT

Marel

Corporation,

Convertible

280,000

0.250%, 

5/15/2026

285,936

359,000

0.375%, 

9/15/2030

a

371,745

Lockheed

Martin

Corporation

187,000

5.200%, 

2/15/2064

173,230

Martin

Marietta

Materials,

Inc.

111,000

5.150%, 

12/1/2034

113,254

Mirion

Technologies,

Inc.,

Convertible

303,000

0.250%, 

6/1/2030

a

375,114

243,000

Zero

Coupon, 

10/1/2031

a,e

262,440

Mueller

Water

Products,

Inc.

87,000

4.000%, 

6/15/2029

a

84,603

New

Enterprise

Stone

and

Lime

Company,

Inc.

189,000

5.250%, 

7/15/2028

a

188,842

Northrop

Grumman

Corporation

275,000

5.200%, 

6/1/2054

257,076

63,000

4.700%, 

3/15/2033

63,613

OI

European

Group

BV

251,000

4.750%, 

2/15/2030

a

242,872

Owens-Brockway

Glass

Container,

Inc.

116,000

6.625%, 

5/13/2027

a

116,412

Patrick

Industries,

Inc.,

Convertible

175,000

1.750%, 

12/1/2028

e

296,975

Quikrete

Holdings,

Inc.

377,000

6.375%, 

3/1/2032

a

392,412

QXO

Building

Products,

Inc.

145,000

6.750%, 

4/30/2032

a

151,441

Republic

Services,

Inc.

37,000

5.000%, 

12/15/2033

38,255

Resideo

Funding,

Inc.

90,000

6.500%, 

7/15/2032

a

92,118

Reworld

Holding

Corporation

111,000

4.875%, 

12/1/2029

a

106,691

Roller

Bearing

Company

of

America,

Inc.

82,000

4.375%, 

10/15/2029

a

80,680

RTX

Corporation

575,000

4.500%, 

6/1/2042

519,778

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

188,000

6.125%, 

2/1/2028

a

191,123

Siemens

Funding

BV

198,000

5.800%, 

5/28/2055

a

206,994

Smyrna

Ready

Mix

Concrete,

LLC

280,000

8.875%, 

11/15/2031

a

299,497

Spirit

AeroSystems,

Inc.

353,000

4.600%, 

6/15/2028

353,409

SRM

Escrow

Issuer,

LLC

85,000

6.000%, 

11/1/2028

a

85,393

Standard

Building

Solutions,

Inc.

209,000

6.250%, 

8/1/2033

a

213,501

89,000

5.875%, 

3/15/2034

a

89,260

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Capital

Goods  1.8%

-

continued

Standard

Industries,

Inc./NY

$

118,000

4.750%, 

1/15/2028

a

$

117,682

118,000

3.375%, 

1/15/2031

a

108,109

Synergy

Infrastructure

Holdings,

LLC

67,000

7.875%, 

12/1/2030

a

69,460

Trane

Technologies

Financing,

Ltd.

151,000

5.100%, 

6/13/2034

154,575

TransDigm,

Inc.

75,000

6.750%, 

8/15/2028

a

76,321

416,000

7.125%, 

12/1/2031

a

437,204

347,000

6.625%, 

3/1/2032

a

361,025

23,000

6.250%, 

1/31/2034

a

23,867

129,000

6.750%, 

1/31/2034

a

134,377

United

Rentals

North

America,

Inc.

310,000

4.000%, 

7/15/2030

300,507

134,000

5.375%, 

11/15/2033

a

133,905

Waste

Connections,

Inc.

70,000

3.200%, 

6/1/2032

65,145

Waste

Pro

USA,

Inc.

82,000

7.000%, 

2/1/2033

a

84,404

WESCO

Distribution,

Inc.

124,000

6.375%, 

3/15/2029

a

128,051

87,000

6.625%, 

3/15/2032

a

90,842

Total

15,982,227

Collateralized

Mortgage

Obligations  7.3%

A&D

Mortgage

Trust

266,920

6.498%, 

4/25/2069,

Ser.

2024-NQM2,

Class

A1

a,c

270,224

ACRA

Trust

556,327

5.912%, 

10/25/2064,

Ser.

2024-NQM1,

Class

A2

a,c

559,578

Alternative

Loan

Trust

521,079

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

258,971

Banc

of

America

Alternative

Loan

Trust

447,550

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

403,657

Banc

of

America

Mortgage

Securities

Trust

246,073

5.583%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

234,783

Bear

Stearns

ARM

Trust

66,536

6.420%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

64,406

Bellemeade

Re,

Ltd.

540,000

6.374%, 

(SOFR30A

+

2.500%),

10/25/2035,

Ser.

2025-1,

Class

M1B

a,b

543,192

CAFL

Issuer,

LLC

587,680

4.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a

557,672

CFST

Mortgage

Trust

500,000

5.882%, 

10/25/2030,

Ser.

2025-RTL1,

Class

A1

a,c

504,647

CHNGE

Mortgage

Trust

1,052,218

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,b

1,036,672

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

7

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Collateralized

Mortgage

Obligations  7.3%

-

continued

$

530,000

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,c

$

530,750

614,932

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,c

612,918

408,648

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,c

410,314

CIM

Trust

1,069,539

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

a,c

1,070,917

Citigroup

Mortgage

Loan

Trust,

Inc.

78,483

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

77,917

773,631

5.126%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

698,810

COLT

Mortgage

Loan

Trust

900,821

6.328%, 

12/25/2068,

Ser.

2024-INV1,

Class

A2

a,c

907,978

Countrywide

Alternative

Loan

Trust

375,349

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

309,608

214,237

4.135%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

184,733

134,370

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

106,432

CSMC

Trust

488,231

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,b

432,739

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

597,412

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

522,618

251,499

4.086%, 

8/25/2035,

Ser.

2005-AR1,

Class

2A3

b

222,428

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

1,568,964

7.874%, 

(SOFR30A

+

4.000%),

1/25/2026,

Ser.

5567,

Class

MB

b

1,600,735

2,079,981

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

2,066,570

1,775,000

5.250%, 

2/25/2055,

Ser.

5508,

Class

AY

1,791,569

3,702,528

1.500%, 

3/25/2051,

Ser.

5092,

Class

IC

f

325,175

1,450,000

5.250%, 

3/25/2055,

Ser.

5519,

Class

CL

1,444,180

1,100,000

5.000%, 

5/25/2055,

Ser.

5537,

Class

KM

1,077,994

1,204,452

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

980,468

5,565,631

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

f

538,310

2,737,295

2.000%, 

12/25/2050,

Ser.

5051,

Class

WI

f

360,415

118,229

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

f

1,151

265,770

3.000%, 

7/15/2027,

Ser.

4074,

Class

IO

f

4,186

230,774

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

f

3,574

101,721

2.500%, 

2/15/2028,

Ser.

4162,

Class

AI

f

1,507

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Collateralized

Mortgage

Obligations  7.3%

-

continued

$

262,045

2.500%, 

2/15/2028,

Ser.

4161,

Class

UI

f

$

4,173

463,973

2.500%, 

3/15/2028,

Ser.

4177,

Class

EI

f

8,979

883,027

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

f

63,538

554,370

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

f

33,316

614,491

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

f

22,091

Federal

Home

Loan

Mortgage

Corporation

STRIPS

1,168,020

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

f

104,084

Federal

National

Mortgage

Association

-

REMIC

1,500,000

5.000%, 

1/25/2055,

Ser.

2024-103,

Class

YD

1,491,482

2,000,000

5.000%, 

4/25/2055,

Ser.

2025-15,

Class

BD

1,956,273

1,971,374

5.500%, 

8/25/2054,

Ser.

2024-50,

Class

DB

2,002,504

1,100,000

5.000%, 

8/25/2055,

Ser.

2025-69,

Class

DL

1,075,397

1,951,257

2.000%, 

12/25/2050,

Ser.

2020-89,

Class

IM

f

260,764

344,778

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

f

4,540

170,760

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

f

1,896

220,629

3.500%, 

9/25/2027,

Ser.

2012-98,

Class

YI

f

3,123

660,963

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

f

10,133

433,371

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

f

6,021

160,548

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

f

2,315

388,281

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

f

4,968

64,282

2.500%, 

2/25/2028,

Ser.

2013-46,

Class

CI

f

256

178,471

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

f

3,186

115,452

3.000%, 

4/25/2028,

Ser.

2013-30,

Class

DI

f

2,255

782,569

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

f

52,707

First

Horizon

Alternative

Mortgage

Securities

Trust

129,301

6.012%, 

3/25/2035,

Ser.

2005-AA2,

Class

1A1

b

126,631

115,950

5.176%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

109,047

Flagstar

Mortgage

Trust

412,163

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,b

374,582

GCAT

Trust

1,125,000

5.500%, 

5/25/2055,

Ser.

2025-INV2,

Class

A12

a,b

1,124,533

953,273

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,b

906,260

259,694

6.000%, 

9/25/2054,

Ser.

2024-INV3,

Class

A1

a,b

264,483

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

8

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Collateralized

Mortgage

Obligations  7.3%

-

continued

GMAC

Mortgage

Corporation

Loan

Trust

$

247,945

Zero

Coupon, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

$

221,924

Government

National

Mortgage

Association

9,539

4.000%, 

1/16/2027,

Ser.

2012-3,

Class

IO

f

39

GS

Mortgage-Backed

Securities

Trust

773,977

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

778,069

Home

RE,

Ltd.

1,206,840

8.465%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

1,237,334

IndyMac

IMJA

Mortgage

Loan

Trust

951,758

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

357,690

J.P.

Morgan

Mortgage

Trust

651,604

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,b

563,822

900,000

5.055%, 

6/25/2056,

Ser.

2025-12MPR,

Class

A1D

a,c

897,241

795,878

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

793,458

65,471

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

68,340

318,665

5.119%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

218,088

LHOME

Mortgage

Trust

900,000

7.017%, 

1/25/2029,

Ser.

2024-RTL1,

Class

A1

a,c

903,350

750,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a,c

756,739

Merrill

Lynch

Alternative

Note

Asset

Trust

891,163

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

278,723

MFA

Trust

1,500,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,c

1,505,707

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

1,504,907

4.306%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

1,323,454

NYMT

Loan

Trust

1,000,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,c

1,002,924

PMT

Loan

Trust

1,200,263

6.000%, 

1/25/2060,

Ser.

2025-INV1,

Class

A1

a,b

1,222,393

1,325,000

5.500%, 

5/25/2056,

Ser.

2025-INV5,

Class

A12

a,b

1,323,945

1,000,000

6.000%, 

12/25/2059,

Ser.

2024-INV2,

Class

A10

a,b

1,014,784

PRET,

LLC

739,477

5.744%, 

6/25/2055,

Ser.

2025-NPL6,

Class

A1

a,c

742,345

1,100,000

7.507%, 

8/25/2055,

Ser.

2025-NPL9,

Class

A2

a,c

1,102,304

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Collateralized

Mortgage

Obligations  7.3%

-

continued

PRKCM

Trust

$

836,916

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

$

837,820

817,564

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,c

827,006

PRPM

Trust

1,124,000

6.208%, 

1/25/2068,

Ser.

2023-NQM1,

Class

M1

a,b

1,120,104

1,475,000

7.250%, 

11/25/2068,

Ser.

2023-NQM3,

Class

M1

a,b

1,495,605

PRPM,

LLC

947,332

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,c

936,601

1,000,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,c

960,409

434,332

5.699%, 

11/25/2029,

Ser.

2024-6,

Class

A1

a,c

434,505

750,000

8.835%, 

12/25/2029,

Ser.

2024-7,

Class

A2

a,c

750,445

1,556,006

6.469%, 

5/25/2030,

Ser.

2025-2,

Class

A1

a,c

1,558,909

RCO

IX

Mortgage,

LLC

925,055

6.513%, 

4/25/2030,

Ser.

2025-2,

Class

A1

a,c

928,016

246,300

5.310%, 

10/25/2030,

Ser.

2025-4,

Class

A1

a,c

246,393

Residential

Accredit

Loans,

Inc.

Trust

354,850

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

316,848

256,307

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

205,207

479,158

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

409,772

Residential

Asset

Securitization

Trust

395,152

4.554%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

377,167

Residential

Funding

Mortgage

Security

I

Trust

347,335

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

282,615

Saluda

Grade

Alternative

Mortgage

Trust

2,000,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,c

2,011,740

Sequoia

Mortgage

Trust

372,700

3.544%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

243,419

Structured

Adjustable

Rate

Mortgage

Loan

Trust

155,898

4.600%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

137,317

Toorak

Mortgage

Trust

1,500,000

7.333%, 

2/25/2031,

Ser.

2024-1,

Class

A1

a,c

1,503,362

Triangle

Re,

Ltd.

694,815

7.274%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

700,138

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

9

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Collateralized

Mortgage

Obligations  7.3%

-

continued

Verus

Securitization

Trust

$

932,300

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,b

$

843,666

923,692

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

a,c

920,602

Vontive

Mortgage

Trust

1,375,000

6.507%, 

3/25/2030,

Ser.

2025-RTL1,

Class

A1

a,c

1,396,962

WaMu

Mortgage

Pass-Through

Certificates

102,018

6.451%, 

5/25/2033,

Ser.

2003-AR4,

Class

A7

b

102,488

Washington

Mutual

Mortgage

Pass-Through

Certificates

283,522

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

249,148

Total

66,846,272

Commercial

Mortgage-Backed

Securities  0.7%

BANK

7,479,975

0.625%, 

3/15/2058,

Ser.

2025-BNK49,

Class

XA

b,f

351,519

1,000,000

4.341%, 

5/15/2061,

Ser.

2018-BN12,

Class

AS

b

985,095

BBCMS

Mortgage

Trust

5,952,505

1.149%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,f

367,695

1,600,000

5.382%, 

9/15/2058,

Ser.

2025-5C37,

Class

AS

b

1,632,580

HTAP

Issuer

Trust

1,347,831

6.500%, 

11/25/2042,

Ser.

2025-1,

Class

A

a

1,348,563

Silver

Hill

Trust

17,191

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,b

17,130

Velocity

Commercial

Capital

Loan

Trust

500,137

6.550%, 

1/25/2054,

Ser.

2024-1,

Class

A

a,b

505,213

416,980

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,b

427,992

759,795

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

a,b

772,953

Total

6,408,740

Communications

Services  1.9%

AMC

Networks,

Inc.

169,000

10.250%, 

1/15/2029

a

177,215

American

Tower

Corporation

125,000

1.450%, 

9/15/2026

122,719

191,000

5.500%, 

3/15/2028

196,514

196,000

3.800%, 

8/15/2029

192,981

191,000

5.000%, 

1/31/2030

195,575

324,000

4.900%, 

3/15/2030

330,912

AT&T,

Inc.

224,000

5.700%, 

3/1/2057

214,655

258,000

6.050%, 

8/15/2056

259,516

688,000

3.550%, 

9/15/2055

457,962

Bell

Telephone

Company

of

Canada

165,000

7.000%, 

9/15/2055

b

173,388

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Communications

Services  1.9%

-

continued

Cable

One,

Inc.,

Convertible

$

144,000

Zero

Coupon, 

3/15/2026

e

$

141,840

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

284,000

5.125%, 

5/1/2027

a

283,610

42,000

5.000%, 

2/1/2028

a

41,668

695,000

4.500%, 

8/15/2030

a

654,351

291,000

4.250%, 

2/1/2031

a

267,385

204,000

4.750%, 

2/1/2032

a

186,444

204,000

4.250%, 

1/15/2034

a,e

173,456

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

174,000

6.700%, 

12/1/2055

166,829

199,000

6.550%, 

6/1/2034

209,299

Comcast

Corporation

243,000

6.050%, 

5/15/2055

e

240,007

408,000

5.650%, 

6/1/2054

382,338

Crown

Castle,

Inc.

200,000

2.900%, 

3/15/2027

197,119

83,000

4.900%, 

9/1/2029

84,288

Deluxe

Corporation

144,000

8.125%, 

9/15/2029

a

151,701

Deutsche

Telekom

International

Finance

BV

368,000

8.750%, 

6/15/2030

429,385

DIRECTV

Financing,

LLC

49,000

8.875%, 

2/1/2030

a

49,659

136,000

8.875%, 

2/1/2030

a

137,604

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

264,000

5.875%, 

8/15/2027

a

265,550

162,000

10.000%, 

2/15/2031

a

165,572

FiberCop

SPA

262,000

6.000%, 

9/30/2034

a

248,204

Frontier

Communications

Holdings,

LLC

223,000

5.875%, 

10/15/2027

a

223,720

Getty

Images,

Inc.

130,000

10.500%, 

11/15/2030

a

131,074

Gray

Media,

Inc.

70,000

10.500%, 

7/15/2029

a

75,274

92,000

7.250%, 

8/15/2033

a

94,008

Iliad

Holding

SAS

131,000

8.500%, 

4/15/2031

a

140,989

130,000

7.000%, 

4/15/2032

a

133,985

Level

3

Financing,

Inc.

51,000

3.625%, 

1/15/2029

a,e

47,068

95,000

4.875%, 

6/15/2029

a,e

92,387

212,000

6.875%, 

6/30/2033

a

216,935

207,000

7.000%, 

3/31/2034

a

213,328

83,000

8.500%, 

1/15/2036

a

84,991

McGraw-Hill

Education,

Inc.

186,000

5.750%, 

8/1/2028

a

186,960

Meta

Platforms,

Inc.

267,000

5.550%, 

8/15/2064

247,668

258,000

5.625%, 

11/15/2055

247,621

258,000

5.500%, 

11/15/2045

250,523

Nexstar

Media,

Inc.

155,000

4.750%, 

11/1/2028

a

153,875

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

10

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Communications

Services  1.9%

-

continued

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

$

137,000

4.625%, 

3/15/2030

a,e

$

133,732

Paramount

Global

220,000

6.375%, 

3/30/2062

b

204,245

Rogers

Communications,

Inc.

115,000

5.250%, 

3/15/2082

a,b

114,950

75,000

7.000%, 

4/15/2055

b

78,465

165,000

7.125%, 

4/15/2055

b

173,744

204,000

5.000%, 

2/15/2029

207,867

Scripps

Escrow

II,

Inc.

69,000

3.875%, 

1/15/2029

a

63,490

Sinclair

Television

Group,

Inc.

50,000

8.125%, 

2/15/2033

a

52,221

Sirius

XM

Radio,

LLC

300,000

5.000%, 

8/1/2027

a

300,731

99,000

3.875%, 

9/1/2031

a

91,172

Snap,

Inc.

92,000

6.875%, 

3/15/2034

a

94,725

Snap,

Inc.,

Convertible

163,000

0.125%, 

3/1/2028

147,727

488,000

0.500%, 

5/1/2030

425,536

SoftBank

Corporation

250,000

5.332%, 

7/9/2035

a

250,522

Sprint

Capital

Corporation

208,000

8.750%, 

3/15/2032

251,546

Take-Two

Interactive

Software,

Inc.

137,000

5.600%, 

6/12/2034

142,986

Telecom

Italia

Capital

SA

45,000

6.000%, 

9/30/2034

e

46,189

Telenet

Finance

Luxembourg

Notes

SARL

200,000

5.500%, 

3/1/2028

a

198,854

TELUS

Corporation

242,000

6.625%, 

10/15/2055

b

246,947

T-Mobile

USA,

Inc.

137,000

5.500%, 

1/15/2055

129,754

260,000

5.250%, 

6/15/2055

236,852

275,000

3.375%, 

4/15/2029

268,021

108,000

5.125%, 

5/15/2032

111,140

209,000

4.950%, 

11/15/2035

207,788

Uniti

Group,

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital,

LLC

215,000

4.750%, 

4/15/2028

a

213,678

Univision

Communications,

Inc.

48,000

8.000%, 

8/15/2028

a

49,712

135,000

4.500%, 

5/1/2029

a,e

129,678

177,000

7.375%, 

6/30/2030

a

179,911

98,000

8.500%, 

7/31/2031

a

102,374

Verizon

Communications,

Inc.

92,000

5.875%, 

11/30/2055

90,896

155,000

6.000%, 

11/30/2065

152,978

206,000

5.250%, 

4/2/2035

209,376

232,000

5.000%, 

1/15/2036

230,031

186,000

5.401%, 

7/2/2037

a

187,992

Viasat,

Inc.

103,000

5.625%, 

4/15/2027

a

102,852

Virgin

Media

Finance

plc

150,000

5.000%, 

7/15/2030

a

132,241

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Communications

Services  1.9%

-

continued

Virgin

Media

Secured

Finance

plc

$

115,000

5.500%, 

5/15/2029

a

$

113,293

Virgin

Media

Vendor

Financing

Notes

IV

DAC

165,000

5.000%, 

7/15/2028

a

161,884

VMED

O2

UK

Financing

I

plc

124,000

7.750%, 

4/15/2032

a

129,220

Vodafone

Group

plc

176,000

5.125%, 

6/4/2081

b

138,129

410,000

7.000%, 

4/4/2079

b

434,318

VZ

Secured

Financing

BV

203,000

5.000%, 

1/15/2032

a

183,705

WarnerMedia

Holdings,

Inc.

91,000

5.141%, 

3/15/2052

59,955

376,000

4.054%, 

3/15/2029

363,893

143,000

4.279%, 

3/15/2032

125,528

303,000

5.050%, 

3/15/2042

213,236

Windstream

Services,

LLC

113,000

7.500%, 

10/15/2033

a

115,837

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

135,000

8.250%, 

10/1/2031

a

141,719

Zegona

Finance

plc

129,000

8.625%, 

7/15/2029

a

136,828

Ziggo

BV

131,000

4.875%, 

1/15/2030

a

123,825

Total

17,740,445

Consumer

Cyclical  2.6%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

171,000

4.375%, 

1/15/2028

a

169,922

145,000

5.625%, 

9/15/2029

a

147,637

Adient

Global

Holdings,

Ltd.

68,000

8.250%, 

4/15/2031

a,e

71,501

100,000

7.500%, 

2/15/2033

a,e

103,205

ADT

Security

Corporation

187,000

4.875%, 

7/15/2032

a

181,124

Advance

Auto

Parts,

Inc.

138,000

7.000%, 

8/1/2030

a

138,731

59,000

7.375%, 

8/1/2033

a

59,234

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

260,000

4.625%, 

6/1/2028

a

255,817

197,000

4.625%, 

6/1/2028

a

194,306

Allison

Transmission,

Inc.

78,000

3.750%, 

1/30/2031

a

73,446

American

Axle

&

Manufacturing,

Inc.

222,000

5.000%, 

10/1/2029

e

213,847

91,000

6.375%, 

10/15/2032

a

92,680

91,000

7.750%, 

10/15/2033

a

92,691

American

Honda

Finance

Corporation

209,000

4.900%, 

1/10/2034

209,964

Asbury

Automotive

Group,

Inc.

88,000

5.000%, 

2/15/2032

a

85,518

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

89,000

4.625%, 

8/1/2029

a

84,852

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

11

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Consumer

Cyclical  2.6%

-

continued

Aston

Martin

Capital

Holdings,

Ltd.

$

176,000

10.000%, 

3/31/2029

a

$

163,811

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

117,000

9.500%, 

7/1/2032

a

111,811

Beach

Acquisition

Bidco,

LLC

115,000

10.000%, 

7/15/2033

a

126,935

Belron

UK

Finance

plc

133,000

5.750%, 

10/15/2029

a

135,818

Best

Buy

Company,

Inc.

28,000

1.950%, 

10/1/2030

25,164

Block

Financial,

LLC

301,000

5.375%, 

9/15/2032

302,940

Boyd

Gaming

Corporation

152,000

4.750%, 

6/15/2031

a

148,502

Brightstar

Lottery

plc

242,000

5.250%, 

1/15/2029

a

241,450

Brightstar

Lottery

plc/Brightstar

Global

Solutions

Corporation

89,000

5.750%, 

1/15/2033

a

88,362

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

112,000

4.875%, 

2/15/2030

a

104,323

Burlington

Stores,

Inc.,

Convertible

193,000

1.250%, 

12/15/2027

e

285,833

Caesars

Entertainment,

Inc.

178,000

4.625%, 

10/15/2029

a

170,744

148,000

6.500%, 

2/15/2032

a

151,615

111,000

6.000%, 

10/15/2032

a,e

107,942

Carnival

Corporation

90,000

5.125%, 

5/1/2029

a

90,998

303,000

5.750%, 

8/1/2032

a

310,963

64,000

6.125%, 

2/15/2033

a

66,086

Carvana

Company

199,490

9.000%, 

6/1/2031

a

225,110

CBRE

Services,

Inc.

206,000

4.900%, 

1/15/2033

206,990

Churchill

Downs,

Inc.

79,000

4.750%, 

1/15/2028

a

78,706

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

42,000

1.750%, 

9/15/2030

a

31,567

Cushman

&

Wakefield

US

Borrower,

LLC

60,000

6.750%, 

5/15/2028

a

60,319

Daimler

Truck

Finance

North

America,

LLC

150,000

5.400%, 

9/20/2028

a

154,653

Dana,

Inc.

179,000

4.500%, 

2/15/2032

e

171,823

DraftKings

Holdings,

Inc.,

Convertible

758,000

Zero

Coupon, 

3/15/2028

692,433

Dream

Finders

Homes,

Inc.

136,000

6.875%, 

9/15/2030

a

136,767

eG

Global

Finance

plc

60,000

12.000%, 

11/30/2028

a

65,213

Expedia

Group,

Inc.

303,000

5.400%, 

2/15/2035

310,790

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Consumer

Cyclical  2.6%

-

continued

Expedia

Group,

Inc.,

Convertible

$

186,000

Zero

Coupon, 

2/15/2026

$

207,483

EZCORP,

Inc.,

Convertible

151,000

3.750%, 

12/15/2029

a

280,180

Ford

Motor

Company,

Convertible

413,000

Zero

Coupon, 

3/15/2026

428,900

Ford

Motor

Credit

Company,

LLC

225,000

5.850%, 

5/17/2027

228,418

250,000

2.900%, 

2/10/2029

234,937

225,000

7.122%, 

11/7/2033

241,664

Forestar

Group,

Inc.

75,000

6.500%, 

3/15/2033

a

76,488

FORVIA

SE

200,000

8.000%, 

6/15/2030

a

214,181

87,000

6.750%, 

9/15/2033

a

89,834

Gap,

Inc.

86,000

3.625%, 

10/1/2029

a

81,482

34,000

3.875%, 

10/1/2031

a

31,426

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

168,000

7.750%, 

5/31/2032

a

178,562

General

Motors

Company

191,000

5.350%, 

4/15/2028

195,657

General

Motors

Financial

Company,

Inc.

75,000

5.750%, 

9/30/2027

b,g

74,066

220,000

5.800%, 

6/23/2028

227,973

159,000

5.800%, 

1/7/2029

165,774

300,000

4.900%, 

10/6/2029

304,753

60,000

5.700%, 

9/30/2030

b,g

60,245

97,000

5.750%, 

2/8/2031

102,025

95,000

5.625%, 

4/4/2032

98,916

260,000

5.950%, 

4/4/2034

272,110

Genting

New

York,

LLC/GENNY

Capital,

Inc.

54,000

7.250%, 

10/1/2029

a

55,380

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

71,000

8.375%, 

1/15/2029

a

69,757

96,000

11.500%, 

8/15/2029

a

100,531

81,000

8.750%, 

1/15/2032

a

77,772

Goodyear

Tire

&

Rubber

Company

119,000

4.875%, 

3/15/2027

119,196

101,000

5.000%, 

7/15/2029

e

99,794

Group

1

Automotive,

Inc.

60,000

6.375%, 

1/15/2030

a

61,740

Hilton

Domestic

Operating

Company,

Inc.

216,000

4.875%, 

1/15/2030

216,728

60,000

4.000%, 

5/1/2031

a

57,443

147,000

3.625%, 

2/15/2032

a

136,457

94,000

5.750%, 

9/15/2033

a

96,201

Home

Depot,

Inc.

129,000

5.300%, 

6/25/2054

123,389

129,000

5.400%, 

6/25/2064

123,285

214,000

3.250%, 

4/15/2032

201,454

Hyundai

Capital

America

196,000

3.000%, 

2/10/2027

a

193,786

136,000

6.500%, 

1/16/2029

a

143,974

Jacobs

Entertainment,

Inc.

228,000

6.750%, 

2/15/2029

a

223,406

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

12

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Consumer

Cyclical  2.6%

-

continued

K

Hovnanian

Enterprises,

Inc.

$

68,000

8.000%, 

4/1/2031

a

$

69,399

KB

Home

190,000

4.800%, 

11/15/2029

189,243

Kingpin

Intermediate

Holdings,

LLC

72,000

7.250%, 

10/15/2032

a

68,065

L

Brands,

Inc.

185,000

6.625%, 

10/1/2030

a

189,143

130,000

6.875%, 

11/1/2035

131,517

Las

Vegas

Sands

Corporation

75,000

5.900%, 

6/1/2027

76,496

104,000

5.625%, 

6/15/2028

106,631

Lennar

Corporation

230,000

5.200%, 

7/30/2030

236,455

Life

Time,

Inc.

145,000

6.000%, 

11/15/2031

a

148,554

Light

&

Wonder

International,

Inc.

88,000

7.250%, 

11/15/2029

a

90,382

Lindblad

Expeditions,

LLC

92,000

7.000%, 

9/15/2030

a

95,973

Lithia

Motors,

Inc.

89,000

4.625%, 

12/15/2027

a

88,865

Live

Nation

Entertainment,

Inc.

133,000

4.750%, 

10/15/2027

a

133,271

Live

Nation

Entertainment,

Inc.,

Convertible

183,000

3.125%, 

1/15/2029

265,899

236,000

2.875%, 

1/15/2030

247,918

266,000

2.875%, 

10/15/2031

a

261,345

Macy's

Retail

Holdings,

LLC

47,000

7.375%, 

8/1/2033

a

49,818

Marriott

International,

Inc./MD

138,000

5.100%, 

4/15/2032

142,116

Marriott

Ownership

Resorts,

Inc.

365,000

6.500%, 

10/1/2033

a

350,147

Marriott

Vacations

Worldwide

Corporation,

Convertible

165,000

3.250%, 

12/15/2027

156,750

Match

Group

Holdings

II,

LLC

101,000

4.125%, 

8/1/2030

a

95,598

83,000

6.125%, 

9/15/2033

a

83,994

Mattamy

Group

Corporation

111,000

6.000%, 

12/15/2033

a

110,014

McDonald's

Corporation

19,000

4.950%, 

8/14/2033

19,600

Melco

Resorts

Finance,

Ltd.

133,000

5.375%, 

12/4/2029

a

131,644

190,000

7.625%, 

4/17/2032

a

199,843

87,000

6.500%, 

9/24/2033

a

87,223

MercadoLibre,

Inc.

200,000

4.900%, 

1/15/2033

198,018

Meritage

Homes

Corporation

227,000

5.650%, 

3/15/2035

e

231,921

Meritage

Homes

Corporation,

Convertible

129,000

1.750%, 

5/15/2028

126,871

MGM

Resorts

International

133,000

6.125%, 

9/15/2029

136,680

Michaels

Companies,

Inc.

66,000

5.250%, 

5/1/2028

a

63,450

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Consumer

Cyclical  2.6%

-

continued

Millrose

Properties,

Inc.

$

115,000

6.375%, 

8/1/2030

a

$

117,671

61,000

6.250%, 

9/15/2032

a

61,548

Muvico,

LLC

74,715

9.000%,PIK

6.000%,

2/19/2029

a,e,h

81,044

NCL

Corporation,

Ltd.

255,000

6.750%, 

2/1/2032

a

261,100

114,000

6.250%, 

9/15/2033

a

113,952

New

Home

Company,

Inc.

95,000

8.500%, 

11/1/2030

a

97,836

Nissan

Motor

Acceptance

Company,

LLC

180,000

5.625%, 

9/29/2028

a

180,507

180,000

6.125%, 

9/30/2030

a

180,025

Nissan

Motor

Company,

Ltd.

147,000

4.810%, 

9/17/2030

a

138,548

PetSmart,

LLC/PetSmart

Finance

Corporation

254,000

7.500%, 

9/15/2032

a

258,492

Phinia,

Inc.

135,000

6.625%, 

10/15/2032

a

139,785

Rakuten

Group,

Inc.

210,000

9.750%, 

4/15/2029

a

234,877

245,000

8.125%, 

12/15/2029

a,b,g

252,343

Raven

Acquisition

Holdings,

LLC

103,000

6.875%, 

11/15/2031

a

106,125

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

98,000

4.625%, 

4/16/2029

a

87,345

S&S

Holdings,

LLC

93,000

8.375%, 

10/1/2031

a

89,115

Service

Corporation

International/

US

120,000

3.375%, 

8/15/2030

112,212

Six

Flags

Entertainment

Corporation/Canada's

Wonderland

Company/Magnum

Management

Corporation

60,000

5.375%, 

4/15/2027

59,769

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

60,000

6.625%, 

5/1/2032

a,e

60,505

Staples,

Inc.

116,000

10.750%, 

9/1/2029

a

115,325

Station

Casinos,

LLC

81,000

4.625%, 

12/1/2031

a

76,793

Stellantis

Financial

Services

US

Corporation

200,000

5.400%, 

9/15/2030

a

203,082

Taylor

Morrison

Communities,

Inc.

67,000

5.750%, 

11/15/2032

a

68,936

Tenneco,

Inc.

212,000

8.000%, 

11/17/2028

a

212,678

Toyota

Motor

Credit

Corporation

129,000

4.800%, 

1/5/2034

131,515

Uber

Technologies,

Inc.

235,000

4.800%, 

9/15/2034

234,932

199,000

4.800%, 

9/15/2035

197,949

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

13

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Consumer

Cyclical  2.6%

-

continued

Uber

Technologies,

Inc.,

Convertible

$

193,000

Zero

Coupon, 

5/15/2028

a

$

187,963

290,000

0.875%, 

12/1/2028

376,130

Vail

Resorts,

Inc.

66,000

5.625%, 

7/15/2030

a

67,073

VICI

Properties,

LP/VICI

Note

Company,

Inc.

486,000

5.750%, 

2/1/2027

a

491,455

Victoria's

Secret

&

Company

45,000

4.625%, 

7/15/2029

a,e

43,627

Victra

Holdings,

LLC/Victra

Finance

Corporation

88,000

8.750%, 

9/15/2029

a

92,841

Viking

Cruises,

Ltd.

337,000

5.875%, 

10/15/2033

a

342,211

Wayfair,

LLC

64,000

7.250%, 

10/31/2029

a

66,795

90,000

6.750%, 

11/15/2032

a

92,527

Wynn

Macau,

Ltd.

200,000

6.750%, 

2/15/2034

a

202,574

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

289,000

7.125%, 

2/15/2031

a

312,723

Yum!

Brands,

Inc.

287,000

4.750%, 

1/15/2030

a

287,228

ZF

North

America

Capital,

Inc.

152,000

7.125%, 

4/14/2030

a

153,175

103,000

6.750%, 

4/23/2030

a

101,782

Total

24,112,466

Consumer

Non-Cyclical  2.7%

1261229

B.C.,

Ltd.

180,000

10.000%, 

4/15/2032

a

187,203

AbbVie,

Inc.

340,000

5.500%, 

3/15/2064

330,085

450,000

4.500%, 

5/14/2035

441,625

204,000

5.350%, 

3/15/2044

201,597

Acadia

Healthcare

Company,

Inc.

119,000

7.375%, 

3/15/2033

a,e

120,190

AdaptHealth,

LLC

388,000

4.625%, 

8/1/2029

a

376,022

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

100,000

4.625%, 

1/15/2027

a

99,904

407,000

3.500%, 

3/15/2029

a

390,880

45,000

5.500%, 

3/31/2031

a

45,474

112,000

5.750%, 

3/31/2034

a

112,453

Altria

Group,

Inc.

132,000

6.200%, 

11/1/2028

139,404

Amneal

Pharmaceuticals,

LLC

46,000

6.875%, 

8/1/2032

a

48,590

Anheuser-Busch

InBev

Worldwide,

Inc.

593,000

5.450%, 

1/23/2039

613,905

BAT

Capital

Corporation

140,000

7.750%, 

10/19/2032

163,525

Bausch

+

Lomb

Corporation

74,000

8.375%, 

10/1/2028

a

77,238

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Consumer

Non-Cyclical  2.7%

-

continued

Becton,

Dickinson

and

Company

$

134,000

4.693%, 

2/13/2028

$

135,772

196,000

2.823%, 

5/20/2030

184,745

BellRing

Brands,

Inc.

77,000

7.000%, 

3/15/2030

a

79,608

BioMarin

Pharmaceutical,

Inc.,

Convertible

228,000

1.250%, 

5/15/2027

218,401

Bristol-Myers

Squibb

Company

135,000

5.750%, 

2/1/2031

144,397

33,000

5.900%, 

11/15/2033

36,059

Bunge,

Ltd.

Finance

Corporation

275,000

3.200%, 

4/21/2031

258,772

75,000

4.650%, 

9/17/2034

73,588

Cargill,

Inc.

116,000

5.375%, 

10/23/2055

a

111,639

77,000

2.125%, 

11/10/2031

a

68,194

452,000

5.125%, 

2/11/2035

a

464,499

Cencora,

Inc.

177,000

5.150%, 

2/15/2035

180,904

Central

Garden

&

Pet

Company

133,000

4.125%, 

10/15/2030

e

127,471

Champ

Acquisition

Corporation

73,000

8.375%, 

12/1/2031

a

78,848

Chefs'

Warehouse,

Inc.,

Convertible

211,000

2.375%, 

12/15/2028

319,918

CHS/Community

Health

Systems,

Inc.

95,000

6.875%, 

4/15/2029

a

84,550

152,000

10.875%, 

1/15/2032

a

165,899

185,000

9.750%, 

1/15/2034

a

194,311

Cigna

Group

136,000

5.600%, 

2/15/2054

131,889

181,000

2.400%, 

3/15/2030

167,984

312,000

4.875%, 

9/15/2032

316,060

289,000

5.250%, 

1/15/2036

294,204

Conagra

Brands,

Inc.

231,000

5.750%, 

8/1/2035

e

235,884

Concentra

Health

Services,

Inc.

105,000

6.875%, 

7/15/2032

a

109,809

Constellation

Brands,

Inc.

139,000

4.800%, 

1/15/2029

141,237

87,000

4.900%, 

5/1/2033

87,399

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

70,000

5.600%, 

1/15/2031

a

70,637

CVS

Health

Corporation

272,000

6.050%, 

6/1/2054

270,432

425,000

6.750%, 

12/10/2054

b

443,857

2,000

4.300%, 

3/25/2028

2,007

408,000

4.780%, 

3/25/2038

385,116

435,000

6.000%, 

6/1/2044

437,138

DaVita,

Inc.

113,000

3.750%, 

2/15/2031

a

104,398

172,000

6.875%, 

9/1/2032

a

179,046

95,000

6.750%, 

7/15/2033

a

98,505

Edgewell

Personal

Care

Company

137,000

5.500%, 

6/1/2028

a

137,143

Eli

Lilly

&

Company

272,000

5.000%, 

2/9/2054

254,085

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

14

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Consumer

Non-Cyclical  2.7%

-

continued

$

107,000

5.500%, 

2/12/2055

$

107,091

220,000

4.550%, 

10/15/2032

223,047

Embecta

Corporation

134,000

6.750%, 

2/15/2030

a,e

131,871

Encompass

Health

Corporation

155,000

4.500%, 

2/1/2028

154,731

Endo

Finance

Holdings,

Inc.

120,000

8.500%, 

4/15/2031

a

126,833

Energizer

Holdings,

Inc.

159,000

6.000%, 

9/15/2033

a

152,514

Envista

Holdings

Corporation,

Convertible

118,000

1.750%, 

8/15/2028

113,133

General

Mills,

Inc.

53,000

4.950%, 

3/29/2033

53,768

Genmab

AS/Genmab

Finance,

LLC

222,000

6.250%, 

12/15/2032

a

227,516

Grifols

SA

45,000

4.750%, 

10/15/2028

a

44,442

HCA,

Inc.

125,000

5.950%, 

9/15/2054

123,487

252,000

5.250%, 

3/1/2030

260,146

232,000

4.600%, 

11/15/2032

229,899

245,000

5.750%, 

3/1/2035

257,154

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

173,000

12.250%, 

4/15/2029

a

186,795

114,000

4.875%, 

6/1/2029

a,e

107,060

Insulet

Corporation

59,000

6.500%, 

4/1/2033

a

61,501

Integer

Holdings

Corporation,

Convertible

105,000

2.125%, 

2/15/2028

118,178

584,000

1.875%, 

3/15/2030

a

539,032

IQVIA,

Inc.

190,000

6.250%, 

6/1/2032

a

198,534

Jazz

Investments

I,

Ltd.,

Convertible

281,000

2.000%, 

6/15/2026

324,836

301,000

3.125%, 

9/15/2030

400,631

Jazz

Securities

DAC

111,000

4.375%, 

1/15/2029

a

109,481

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

165,000

3.625%, 

1/15/2032

154,402

JBS

USA

Holding

Lux

SARL/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Company

230,000

6.375%, 

4/15/2066

a

229,006

JBS

USA

LUX

SARL/JBS

USA

Food

Company/JBS

USA

Foods

Group

225,000

5.950%, 

4/20/2035

a

236,585

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

119,000

9.000%, 

2/15/2029

a

124,914

Kenvue,

Inc.

267,000

4.850%, 

5/22/2032

273,028

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Consumer

Non-Cyclical  2.7%

-

continued

Kraft

Heinz

Foods

Company

$

134,000

6.750%, 

3/15/2032

$

147,816

101,000

5.000%, 

6/4/2042

92,677

Lamb

Weston

Holdings,

Inc.

103,000

4.375%, 

1/31/2032

a

98,126

LCI

Industries,

Convertible

301,000

3.000%, 

3/1/2030

a

355,933

LifePoint

Health,

Inc.

83,000

9.875%, 

8/15/2030

a

89,366

151,000

11.000%, 

10/15/2030

a

165,592

35,000

10.000%, 

6/1/2032

a

37,173

L'Oreal

SA

200,000

5.000%, 

5/20/2035

a

204,428

Mars,

Inc.

43,000

5.650%, 

5/1/2045

a

43,345

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

120,000

6.250%, 

4/1/2029

a

124,051

Merck

&

Company,

Inc.

253,000

5.550%, 

12/4/2055

249,619

Mozart

Debt

Merger

Sub,

Inc.

205,000

3.875%, 

4/1/2029

a

200,143

271,000

5.250%, 

10/1/2029

a

272,465

Newell

Brands,

Inc.

124,000

6.375%, 

9/15/2027

124,675

168,000

6.625%, 

9/15/2029

167,388

102,000

6.375%, 

5/15/2030

e

99,609

89,000

7.500%, 

4/1/2046

74,272

Novartis

Capital

Corporation

318,000

4.700%, 

9/18/2054

283,477

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

264,000

5.125%, 

4/30/2031

a,e

218,644

Performance

Food

Group,

Inc.

179,000

4.250%, 

8/1/2029

a

175,005

92,000

6.125%, 

9/15/2032

a

94,844

Perrigo

Finance

Unlimited

Company

207,000

4.900%, 

6/15/2030

200,249

89,000

6.125%, 

9/30/2032

86,692

Pfizer,

Inc.

155,000

4.500%, 

11/15/2032

155,357

Philip

Morris

International,

Inc.

31,000

5.625%, 

11/17/2029

32,590

31,000

5.750%, 

11/17/2032

33,131

204,000

5.250%, 

2/13/2034

210,857

Post

Holdings,

Inc.

88,000

4.625%, 

4/15/2030

a

85,691

298,000

4.500%, 

9/15/2031

a

282,518

134,000

6.500%, 

3/15/2036

a

134,181

Post

Holdings,

Inc.,

Convertible

408,000

2.500%, 

8/15/2027

439,008

Prime

Healthcare

Services,

Inc.

227,000

9.375%, 

9/1/2029

a

238,350

Radiology

Partners,

Inc.

67,000

8.500%, 

7/15/2032

a

69,991

Roche

Holdings,

Inc.

203,000

5.218%, 

3/8/2054

a

196,699

200,000

2.076%, 

12/13/2031

a

176,921

Royalty

Pharma

plc

189,000

5.150%, 

9/2/2029

194,233

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

15

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Consumer

Non-Cyclical  2.7%

-

continued

$

127,000

5.200%, 

9/25/2035

$

127,642

Simmons

Foods,

Inc.

143,000

4.625%, 

3/1/2029

a

137,772

Sotera

Health

Holdings,

LLC

124,000

7.375%, 

6/1/2031

a

130,054

Spectrum

Brands,

Inc.,

Convertible

266,000

3.375%, 

6/1/2029

251,237

Star

Parent,

Inc.

129,000

9.000%, 

10/1/2030

a

137,670

Stryker

Corporation

188,000

5.200%, 

2/10/2035

193,031

Surgery

Center

Holdings,

Inc.

83,000

7.250%, 

4/15/2032

a

83,952

Sysco

Corporation

131,000

5.950%, 

4/1/2030

138,918

Takeda

Pharmaceutical

Company,

Ltd.

200,000

5.650%, 

7/5/2054

196,133

291,000

5.000%, 

11/26/2028

297,792

200,000

5.650%, 

7/5/2044

201,284

Tenet

Healthcare

Corporation

374,000

4.375%, 

1/15/2030

366,959

134,000

5.500%, 

11/15/2032

a

135,837

US

Acute

Care

Solutions,

LLC

219,000

9.750%, 

5/15/2029

a

220,624

Whirlpool

Corporation

79,000

6.500%, 

6/15/2033

76,607

Winnebago

Industries,

Inc.,

Convertible

315,000

3.250%, 

1/15/2030

295,313

Wyeth,

LLC

326,000

6.500%, 

2/1/2034

365,875

Zoetis,

Inc.

38,000

5.600%, 

11/16/2032

40,351

Total

24,664,282

Energy  2.2%

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

84,000

5.375%, 

6/15/2029

a

84,002

APA

Corporation

201,000

4.375%, 

10/15/2028

200,576

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

141,000

6.250%, 

4/1/2028

a

141,809

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

121,000

5.875%, 

6/30/2029

a

121,317

95,000

6.625%, 

7/15/2033

a

98,329

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

193,000

7.000%, 

7/15/2029

a

201,282

Boardwalk

Pipelines,

LP

310,000

5.375%, 

2/15/2036

311,538

BP

Capital

Markets

America,

Inc.

187,000

4.812%, 

2/13/2033

189,380

BP

Capital

Markets

plc

242,000

4.875%, 

3/22/2030

b,g

240,750

274,000

6.450%, 

12/1/2033

b,g

291,214

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Energy  2.2%

-

continued

Buckeye

Partners,

LP

$

134,000

6.875%, 

7/1/2029

a

$

139,388

California

Resources

Corporation

145,000

8.250%, 

6/15/2029

a

151,667

Cheniere

Energy

Partners,

LP

132,000

4.500%, 

10/1/2029

132,278

133,000

3.250%, 

1/31/2032

122,498

208,000

5.950%, 

6/30/2033

220,558

Cheniere

Energy,

Inc.

118,000

5.650%, 

4/15/2034

122,411

Civitas

Resources,

Inc.

57,000

8.375%, 

7/1/2028

a

58,732

214,000

8.750%, 

7/1/2031

a

222,004

CNX

Resources

Corporation

155,000

6.000%, 

1/15/2029

a

156,044

CNX

Resources

Corporation,

Convertible

222,000

2.250%, 

5/1/2026

635,142

Columbia

Pipelines

Holding

Company,

LLC

143,000

6.055%, 

8/15/2026

a

144,314

271,000

6.042%, 

8/15/2028

a

281,631

Comstock

Resources,

Inc.

133,000

6.750%, 

3/1/2029

a

132,733

252,000

5.875%, 

1/15/2030

a

245,109

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

174,000

5.500%, 

6/15/2031

a

172,141

Crescent

Energy

Finance,

LLC

142,000

7.750%, 

7/31/2029

a

141,731

119,000

7.625%, 

4/1/2032

a

115,373

147,000

7.875%, 

4/15/2032

a

144,837

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

97,000

8.625%, 

3/15/2029

a

101,672

93,000

7.375%, 

6/30/2033

a

94,902

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

98,000

8.500%, 

10/1/2030

a

103,816

Diamondback

Energy,

Inc.

322,000

5.750%, 

4/18/2054

304,302

Eastern

Energy

Gas

Holdings,

LLC

330,000

5.800%, 

1/15/2035

348,440

Enbridge,

Inc.

260,000

7.375%, 

1/15/2083

b

266,919

263,000

7.625%, 

1/15/2083

b

285,424

204,000

5.950%, 

4/5/2054

206,509

66,000

5.700%, 

3/8/2033

69,517

Energy

Transfer,

LP

229,000

6.500%, 

2/15/2056

b

228,242

139,000

5.950%, 

5/15/2054

131,723

165,000

8.000%, 

5/15/2054

b

176,130

136,000

6.050%, 

9/1/2054

130,793

83,000

7.125%, 

5/15/2030

b,g

84,988

136,000

6.400%, 

12/1/2030

146,909

Enterprise

Products

Operating,

LLC

195,000

5.550%, 

2/16/2055

188,976

Excelerate

Energy,

LP

47,000

8.000%, 

5/15/2030

a

49,667

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

16

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Energy  2.2%

-

continued

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

$

193,000

8.875%, 

4/15/2030

$

203,098

165,000

7.875%, 

5/15/2032

171,998

Harvest

Midstream

I,

LP

208,000

7.500%, 

9/1/2028

a

211,110

Hess

Midstream

Operations,

LP

131,000

4.250%, 

2/15/2030

a

128,129

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

258,000

5.750%, 

2/1/2029

a

255,258

119,000

6.000%, 

4/15/2030

a

115,633

Howard

Midstream

Energy

Partners,

LLC

108,000

7.375%, 

7/15/2032

a

113,959

139,000

6.625%, 

1/15/2034

a

142,800

ITT

Holdings,

LLC

262,000

6.500%, 

8/1/2029

a

251,429

Kinder

Morgan,

Inc.

256,000

5.950%, 

8/1/2054

254,332

Kodiak

Gas

Services,

LLC

91,000

6.500%, 

10/1/2033

a

92,930

46,000

6.750%, 

10/1/2035

a

47,298

MPLX,

LP

231,000

4.800%, 

2/15/2031

233,426

65,000

5.000%, 

3/1/2033

65,305

111,000

5.500%, 

6/1/2034

113,241

Nabors

Industries,

Inc.

190,000

9.125%, 

1/31/2030

a

198,656

134,000

7.625%, 

11/15/2032

a

131,705

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

99,000

8.125%, 

2/15/2029

a

102,758

148,000

8.375%, 

2/15/2032

a

153,264

Noble

Finance

II,

LLC

120,000

8.000%, 

4/15/2030

a

124,670

Northern

Oil

and

Gas,

Inc.

144,000

8.750%, 

6/15/2031

a

145,382

Northern

Oil

and

Gas,

Inc.,

Convertible

559,000

3.625%, 

4/15/2029

538,597

Occidental

Petroleum

Corporation

268,000

8.875%, 

7/15/2030

309,889

ONEOK,

Inc.

261,000

5.700%, 

11/1/2054

243,235

134,000

5.650%, 

11/1/2028

139,170

177,000

4.750%, 

10/15/2031

177,940

Ovintiv,

Inc.

211,000

7.200%, 

11/1/2031

232,939

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

197,000

6.000%, 

2/15/2028

195,126

52,000

7.875%, 

9/15/2030

a

50,078

Permian

Resources

Operating,

LLC

66,000

6.250%, 

2/1/2033

a

67,701

Phillips

66

Company

164,000

6.200%, 

3/15/2056

b

163,328

Pioneer

Natural

Resources

Company

195,000

1.900%, 

8/15/2030

176,610

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Energy  2.2%

-

continued

Prairie

Acquiror,

LP

$

81,000

9.000%, 

8/1/2029

a

$

84,193

Precision

Drilling

Corporation

122,000

6.875%, 

1/15/2029

a

123,374

Rockies

Express

Pipeline,

LLC

171,000

4.950%, 

7/15/2029

a

170,626

Santos

Finance,

Ltd.

116,000

5.750%, 

11/13/2035

a

115,356

Saturn

Oil

&

Gas,

Inc.

57,000

9.625%, 

6/15/2029

a,e

56,197

Schlumberger

Holdings

Corporation

81,000

4.300%, 

5/1/2029

a

81,365

SESI,

LLC

90,000

7.875%, 

9/30/2030

a

88,600

SM

Energy

Company

102,000

6.500%, 

7/15/2028

e

103,103

83,000

7.000%, 

8/1/2032

a

81,595

South

Bow

USA

Infrastructure

Holdings,

LLC

75,000

5.584%, 

10/1/2034

75,743

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

119,000

5.875%, 

3/1/2027

119,101

Sunoco,

LP

156,000

7.000%, 

5/1/2029

a

162,701

182,000

5.875%, 

3/15/2034

a

181,984

Sunoco,

LP/Sunoco

Finance

Corporation

171,000

5.875%, 

3/15/2028

171,418

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

87,000

5.500%, 

1/15/2028

a

87,047

180,000

7.375%, 

2/15/2029

a

186,041

228,000

6.750%, 

3/15/2034

a

227,994

Talos

Production,

Inc.

54,000

9.000%, 

2/1/2029

a

56,086

Targa

Resources

Partners,

LP

359,000

4.875%, 

2/1/2031

361,195

TGNR

Intermediate

Holdings,

LLC

138,000

5.500%, 

10/15/2029

a

136,652

TotalEnergies

Capital

SA

408,000

5.488%, 

4/5/2054

394,503

TransCanada

Trust

200,000

5.875%, 

8/15/2076

b

200,245

Transocean

International,

Ltd.

61,000

8.250%, 

5/15/2029

a

61,479

81,000

8.750%, 

2/15/2030

a

84,638

UGI

Corporation,

Convertible

130,000

5.000%, 

6/1/2028

184,210

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

57,000

7.125%, 

3/15/2029

a

59,001

136,000

6.250%, 

10/1/2033

a

137,631

Valaris,

Ltd.

88,000

8.375%, 

4/30/2030

a

91,561

Var

Energi

ASA

200,000

5.875%, 

5/22/2030

a

208,182

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

17

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Energy  2.2%

-

continued

Venture

Global

LNG,

Inc.

$

445,000

8.125%, 

6/1/2028

a

$

450,742

511,000

9.000%, 

9/30/2029

a,b,g

403,552

300,000

8.375%, 

6/1/2031

a

298,328

198,000

9.875%, 

2/1/2032

a

204,548

Venture

Global

Plaquemines

LNG,

LLC

62,000

6.125%, 

12/15/2030

a

63,137

130,000

6.500%, 

1/15/2034

a

133,151

62,000

6.500%, 

6/15/2034

a

63,351

97,000

7.750%, 

5/1/2035

a

106,210

201,000

6.750%, 

1/15/2036

a

205,882

Western

Midstream

Operating,

LP

172,000

4.800%, 

3/1/2031

171,928

Williams

Companies,

Inc.

261,000

4.900%, 

3/15/2029

266,439

131,000

2.600%, 

3/15/2031

119,593

97,000

5.600%, 

3/15/2035

100,878

Total

20,368,271

Financials  7.2%

200

Park

Funding

Trust

156,000

5.740%, 

2/15/2055

a

155,168

Acrisure,

LLC/Acrisure

Finance,

Inc.

36,000

4.250%, 

2/15/2029

a

35,107

42,000

7.500%, 

11/6/2030

a

43,749

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

210,000

6.950%, 

3/10/2055

b

220,046

207,000

5.750%, 

6/6/2028

214,323

281,000

5.375%, 

12/15/2031

291,031

Agree,

LP

137,000

5.625%, 

6/15/2034

143,207

Air

Lease

Corporation

270,000

4.650%, 

6/15/2026

b,g

266,320

162,000

3.125%, 

12/1/2030

150,122

Aircastle,

Ltd.

249,000

5.250%, 

6/15/2026

a,b,g

247,762

163,000

2.850%, 

1/26/2028

a

158,374

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

121,000

4.250%, 

10/15/2027

a

120,231

150,000

6.750%, 

4/15/2028

a

152,726

168,000

7.000%, 

1/15/2031

a

174,296

Ally

Financial,

Inc.

390,000

4.700%, 

5/15/2026

b,g

386,037

405,000

8.000%, 

11/1/2031

459,677

81,000

6.700%, 

2/14/2033

e

84,657

American

Express

Company

255,000

3.550%, 

9/15/2026

b,g

251,490

American

Homes

4

Rent,

LP

122,000

4.950%, 

6/15/2030

124,441

American

International

Group,

Inc.

271,000

5.125%, 

3/27/2033

278,706

Americold

Realty

Operating

Partnership,

LP

214,000

5.600%, 

5/15/2032

215,447

Ameriprise

Financial,

Inc.

303,000

5.200%, 

4/15/2035

309,354

AmWINS

Group,

Inc.

99,000

6.375%, 

2/15/2029

a

101,813

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Financials  7.2%

-

continued

$

117,000

4.875%, 

6/30/2029

a

$

115,063

Aon

North

America,

Inc.

272,000

5.750%, 

3/1/2054

270,620

Apollo

Debt

Solutions

BDC

214,000

6.700%, 

7/29/2031

225,811

Ares

Capital

Corporation

168,000

5.875%, 

3/1/2029

172,340

Ares

Strategic

Income

Fund

327,000

5.450%, 

9/9/2028

a

329,733

Arthur

J.

Gallagher

&

Company

204,000

5.750%, 

7/15/2054

200,558

Atlas

Warehouse

Lending

Company,

LP

250,000

4.950%, 

11/15/2030

a

250,831

Avolon

Holdings

Funding,

Ltd.

278,000

5.750%, 

3/1/2029

a

287,461

299,000

5.375%, 

5/30/2030

a

306,955

115,000

4.700%, 

1/30/2031

a

114,260

Azorra

Finance,

Ltd.

258,000

7.750%, 

4/15/2030

a

272,427

Banco

Santander

Mexico

SA

200,000

5.621%, 

12/10/2029

a

207,800

Banco

Santander

SA

200,000

4.175%, 

3/24/2028

b

200,070

200,000

6.921%, 

8/8/2033

221,559

Bank

of

America

Corporation

275,000

6.125%, 

4/27/2027

b,g

279,095

278,000

4.376%, 

4/27/2028

b

279,109

230,000

5.819%, 

9/15/2029

b

239,909

523,000

3.974%, 

2/7/2030

b

520,055

323,000

5.162%, 

1/24/2031

b

333,450

454,000

2.687%, 

4/22/2032

b

416,615

204,000

2.572%, 

10/20/2032

b

183,988

290,000

2.972%, 

2/4/2033

b

265,206

529,000

5.425%, 

8/15/2035

b

541,022

141,000

3.846%, 

3/8/2037

b

132,785

Bank

of

Montreal

140,000

3.088%, 

1/10/2037

b

125,994

Bank

of

New

York

Mellon

Corporation

165,000

5.950%, 

12/20/2030

b,g

167,521

Bank

of

Nova

Scotia

197,000

6.875%, 

10/27/2085

b

201,978

Barclays

plc

200,000

5.501%, 

8/9/2028

b

204,335

193,000

4.972%, 

5/16/2029

b

196,200

289,000

4.942%, 

9/10/2030

b

294,727

200,000

6.224%, 

5/9/2034

b

215,061

136,000

7.119%, 

6/27/2034

b

152,282

200,000

5.860%, 

8/11/2046

b

204,877

Belrose

Funding

Trust

II

240,000

6.792%, 

5/15/2055

a

249,202

BlackRock

Funding,

Inc.

136,000

5.250%, 

3/14/2054

130,343

Blackstone

Mortgage

Trust,

Inc.,

Convertible

41,000

5.500%, 

3/15/2027

40,406

Blackstone

Private

Credit

Fund

259,000

5.600%, 

11/22/2029

261,441

219,000

5.050%, 

9/10/2030

215,671

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Financials  7.2%

-

continued

Blackstone

Reg

Finance

Company,

LLC

$

97,000

4.950%, 

2/15/2036

$

96,291

Blue

Owl

Credit

Income

Corporation

214,000

4.700%, 

2/8/2027

213,158

Blue

Owl

Technology

Finance

Corporation

350,000

6.100%, 

3/15/2028

a

352,080

68,000

6.750%, 

4/4/2029

e

69,550

Boston

Properties,

LP,

Convertible

184,000

2.000%, 

10/1/2030

a

177,652

Brixmor

Operating

Partnership,

LP

7,000

2.250%, 

4/1/2028

6,721

Brookfield

Asset

Management,

Ltd.

39,000

6.077%, 

9/15/2055

39,866

Brookfield

Finance,

Inc.

181,000

5.813%, 

3/3/2055

178,557

Brown

&

Brown,

Inc.

91,000

6.250%, 

6/23/2055

94,623

77,000

5.550%, 

6/23/2035

78,952

Burford

Capital

Global

Finance,

LLC

86,000

9.250%, 

7/1/2031

a

88,546

93,000

7.500%, 

7/15/2033

a

88,746

Capital

One

Financial

Corporation

140,000

3.950%, 

9/1/2026

b,e,g

138,317

71,000

6.700%, 

11/29/2032

78,575

Charles

Schwab

Corporation

300,000

4.000%, 

6/1/2026

b,g

298,167

135,000

6.136%, 

8/24/2034

b

147,146

310,000

4.914%, 

11/14/2036

b

307,918

CHL

Mortgage

Pass-Through

Trust

67,074

6.219%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

66,202

701,276

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

298,482

Citadel,

LP

189,000

6.375%, 

1/23/2032

a

200,596

Citibank

NA

250,000

5.570%, 

4/30/2034

264,427

Citigroup,

Inc.

263,000

1.462%, 

6/9/2027

b

259,985

286,000

3.070%, 

2/24/2028

b

282,725

133,000

7.375%, 

5/15/2028

b,g

139,534

124,000

7.625%, 

11/15/2028

b,g

130,016

522,000

4.075%, 

4/23/2029

b

521,641

165,000

7.125%, 

8/15/2029

b,g

170,110

165,000

6.950%, 

2/15/2030

b,g

170,111

305,000

6.875%, 

8/15/2030

b,g

316,927

316,000

6.625%, 

2/15/2031

b,g

321,142

344,000

4.952%, 

5/7/2031

b

351,356

136,000

6.174%, 

5/25/2034

b

144,430

210,000

7.000%, 

8/15/2034

b,g

221,480

245,000

6.020%, 

1/24/2036

b

256,611

Citizens

Financial

Group,

Inc.

175,000

4.000%, 

10/6/2026

b,e,g

174,076

116,000

5.718%, 

7/23/2032

b

121,615

CNA

Financial

Corporation

272,000

5.125%, 

2/15/2034

273,585

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Financials  7.2%

-

continued

Coinbase

Global,

Inc.,

Convertible

$

156,000

0.500%, 

6/1/2026

$

155,610

215,000

Zero

Coupon, 

10/1/2029

a

199,477

132,000

0.250%, 

4/1/2030

135,036

223,000

Zero

Coupon, 

10/1/2032

a

199,474

Comerica,

Inc.

74,000

5.982%, 

1/30/2030

b

77,198

Commonwealth

Bank

of

Australia

156,000

2.688%, 

3/11/2031

a

142,061

COPT

Defense

Properties,

LP

265,000

2.250%, 

3/15/2026

263,827

COPT

Defense

Properties,

LP,

Convertible

62,000

5.250%, 

9/15/2028

a

69,301

Corebridge

Financial,

Inc.

247,000

6.375%, 

9/15/2054

b

248,888

121,000

6.875%, 

12/15/2052

b

123,908

134,000

6.050%, 

9/15/2033

142,193

123,000

5.750%, 

1/15/2034

128,595

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

361,862

4.792%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

298,110

Cousins

Properties,

LP

70,000

5.375%, 

2/15/2032

72,080

Credit

Agricole

SA

131,000

3.250%, 

1/14/2030

a

124,520

250,000

4.818%, 

9/25/2033

a,b

249,673

Credit

Suisse

Group

AG

130,000

7.250%, 

N/A

*,i

33,800

150,000

7.500%, 

N/A

*,i

39,000

Dai-ichi

Life

Insurance

Company,

Ltd.

165,000

6.200%, 

1/16/2035

a,b,g

172,359

Deutsche

Bank

AG/New

York,

NY

250,000

2.311%, 

11/16/2027

b

245,947

214,000

5.297%, 

5/9/2031

b

219,257

150,000

4.950%, 

8/4/2031

b

151,516

214,000

3.742%, 

1/7/2033

b

198,775

Digital

Realty

Trust,

LP,

Convertible

201,000

1.875%, 

11/15/2029

a

203,814

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

Corporation

546,000

5.950%, 

9/17/2030

a

520,796

Elevance

Health,

Inc.

272,000

5.650%, 

6/15/2054

264,535

13,000

2.550%, 

3/15/2031

11,869

Encore

Capital

Group,

Inc.

160,000

9.250%, 

4/1/2029

a

168,600

Encore

Capital

Group,

Inc.,

Convertible

155,000

4.000%, 

3/15/2029

170,190

EPR

Properties

305,000

4.750%, 

11/15/2030

302,624

ERP

Operating,

LP

229,000

4.950%, 

6/15/2032

234,152

Essential

Properties,

LP

93,000

5.400%, 

12/1/2035

93,171

Federal

Realty

OP,

LP,

Convertible

94,000

3.250%, 

1/15/2029

a

94,893

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Financials  7.2%

-

continued

Fifth

Third

Bancorp

$

144,000

4.772%, 

7/28/2030

b

$

145,725

Fifth

Third

Bank

NA

343,000

3.850%, 

3/15/2026

342,732

First

Citizens

BancShares,

Inc./NC

312,000

5.600%, 

9/5/2035

b

311,457

FirstCash,

Inc.

117,000

5.625%, 

1/1/2030

a

117,435

Five

Corners

Funding

Trust

III

180,000

5.791%, 

2/15/2033

a

189,761

Franklin

BSP

Capital

Corporation

221,000

6.000%, 

10/2/2030

a

218,966

Freedom

Mortgage

Holdings,

LLC

89,000

6.875%, 

5/1/2031

a

89,054

118,000

9.125%, 

5/15/2031

a

126,739

45,000

8.375%, 

4/1/2032

a

47,370

92,000

7.875%, 

4/1/2033

a

95,272

FS

KKR

Capital

Corporation

132,000

2.625%, 

1/15/2027

128,357

FTAI

Aviation

Investors,

LLC

123,000

5.500%, 

5/1/2028

a

123,108

103,000

7.000%, 

5/1/2031

a

108,468

77,000

7.000%, 

6/15/2032

a

80,947

GGAM

Finance,

Ltd.

124,000

8.000%, 

6/15/2028

a

131,312

142,000

5.875%, 

3/15/2030

a

144,100

Global

Aircraft

Leasing

Company,

Ltd.

98,000

8.750%, 

9/1/2027

a

101,631

Global

Net

Lease,

Inc.

78,000

4.500%, 

9/30/2028

a

76,462

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

167,000

3.750%, 

12/15/2027

a

162,608

goeasy,

Ltd.

40,000

9.250%, 

12/1/2028

a

41,129

61,000

7.625%, 

7/1/2029

a

60,318

187,000

6.875%, 

2/15/2031

a

174,918

Goldman

Sachs

BDC,

Inc.

122,000

6.375%, 

3/11/2027

124,539

301,000

5.650%, 

9/9/2030

302,071

Goldman

Sachs

Group,

Inc.

190,000

7.379%, 

(H15T

5Y

+

3.623%),

2/10/2026

b,g

190,333

195,000

3.650%, 

8/10/2026

b,g

192,198

255,000

4.125%, 

11/10/2026

b,g

252,550

140,000

2.640%, 

2/24/2028

b

137,816

278,000

4.482%, 

8/23/2028

b

279,951

261,000

3.814%, 

4/23/2029

b

259,469

131,000

2.615%, 

4/22/2032

b

119,448

132,000

2.383%, 

7/21/2032

b

118,221

163,000

6.125%, 

11/10/2034

b,g

165,274

261,000

5.330%, 

7/23/2035

b

268,167

139,000

4.939%, 

10/21/2036

b

137,988

Goldman

Sachs

Private

Credit

Corporation

116,000

5.375%, 

1/31/2029

a

116,461

Hartford

Insurance

Group,

Inc.

130,000

2.800%, 

8/19/2029

124,287

125,000

6.238%, 

(TSFR3M

+

2.387%),

2/12/2047

a,b

118,278

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Financials  7.2%

-

continued

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

$

75,000

3.750%, 

8/15/2028

a,e

$

95,340

Hercules

Capital,

Inc.,

Convertible

47,000

4.750%, 

9/1/2028

a

47,085

Highwoods

Realty,

LP

116,000

5.350%, 

1/15/2033

115,913

HSBC

Holdings

plc

200,000

6.161%, 

3/9/2029

b

208,219

365,000

4.583%, 

6/19/2029

b

368,372

256,000

5.130%, 

3/3/2031

b

262,360

159,000

2.804%, 

5/24/2032

b

145,466

312,000

5.741%, 

9/10/2036

b

321,170

Huntington

Bancshares,

Inc./OH

160,000

4.450%, 

10/15/2027

b,g

157,342

230,000

6.141%, 

11/18/2039

b

239,675

Huntington

Bank

Auto

Credit-

Linked

Notes

138,965

5.442%, 

10/20/2032,

Ser.

2024-2,

Class

B1

a

140,456

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

38,000

6.250%, 

5/15/2026

37,974

314,000

5.250%, 

5/15/2027

309,684

Invitation

Homes

Operating

Partnership,

LP

227,000

2.000%, 

8/15/2031

198,273

278,000

4.950%, 

1/15/2033

282,037

Jane

Street

Group/JSG

Finance,

Inc.

191,000

4.500%, 

11/15/2029

a

188,108

62,000

7.125%, 

4/30/2031

a

65,148

103,000

6.125%, 

11/1/2032

a

104,809

99,000

6.750%, 

5/1/2033

a

103,336

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

120,000

5.000%, 

8/15/2028

a

115,532

151,000

6.625%, 

10/15/2031

a

148,595

Jefferson

Capital

Holdings,

LLC

99,000

6.000%, 

8/15/2026

a

98,704

247,000

9.500%, 

2/15/2029

a

259,395

JPMorgan

Chase

&

Company

392,000

4.005%, 

4/23/2029

b

391,622

133,000

2.069%, 

6/1/2029

b

127,002

160,000

6.500%, 

4/1/2030

b,g

166,258

523,000

4.493%, 

3/24/2031

b

527,546

140,000

2.963%, 

1/25/2033

b

128,475

145,000

4.912%, 

7/25/2033

b

147,713

140,000

5.717%, 

9/14/2033

b

148,007

149,000

5.350%, 

6/1/2034

b

154,812

147,000

6.254%, 

10/23/2034

b

161,397

69,000

5.336%, 

1/23/2035

b

71,513

228,000

5.766%, 

4/22/2035

b

242,955

144,000

5.502%, 

1/24/2036

b

150,497

290,000

4.810%, 

10/22/2036

b

287,960

259,000

5.534%, 

11/29/2045

b

262,946

KeyBank

NA/Cleveland,

OH

196,000

3.900%, 

4/13/2029

192,338

Kilroy

Realty,

LP

210,000

5.875%, 

10/15/2035

210,963

Kite

Realty

Group,

LP,

Convertible

13,000

0.750%, 

4/1/2027

a

13,675

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Financials  7.2%

-

continued

Liberty

Mutual

Group,

Inc.

$

68,000

4.125%, 

12/15/2051

a,b

$

67,051

Lincoln

National

Corporation

93,000

6.471%, 

(TSFR3M

+

2.619%),

2/17/2026

b

80,509

Lloyds

Banking

Group

plc

225,000

4.425%, 

11/4/2031

b

224,298

LPL

Holdings,

Inc.

293,000

4.900%, 

4/3/2028

297,279

M&T

Bank

Corporation

406,000

3.500%, 

9/1/2026

b,g

393,354

Macquarie

AirFinance

Holdings,

Ltd.

55,000

6.400%, 

3/26/2029

a

57,634

149,000

5.150%, 

3/17/2030

a

151,044

Macquarie

Bank,

Ltd.

303,000

5.642%, 

8/13/2036

a,b

307,109

Marsh

&

McLennan

Companies,

Inc.

135,000

2.375%, 

12/15/2031

121,074

MetLife,

Inc.

160,000

6.350%, 

3/15/2055

b

168,729

205,000

5.875%, 

3/15/2028

b,g

208,846

261,000

6.400%, 

12/15/2036

273,838

Mitsubishi

UFJ

Financial

Group,

Inc.

260,000

1.538%, 

7/20/2027

b

256,361

Mizuho

Financial

Group,

Inc.

278,000

2.564%, 

9/13/2031

248,995

135,000

5.748%, 

7/6/2034

b

142,993

Molina

Healthcare,

Inc.

84,000

4.375%, 

6/15/2028

a

82,609

118,000

6.250%, 

1/15/2033

a

120,297

Morgan

Stanley

181,000

5.516%, 

11/19/2055

b

178,907

2,000

1.512%, 

7/20/2027

b

1,972

98,000

5.123%, 

2/1/2029

b

100,042

140,000

2.943%, 

1/21/2033

b

127,777

144,000

4.889%, 

7/20/2033

b

146,073

132,000

5.250%, 

4/21/2034

b

135,902

156,000

5.424%, 

7/21/2034

b

162,289

109,000

5.831%, 

4/19/2035

b

115,830

113,000

5.587%, 

1/18/2036

b

118,083

283,000

2.484%, 

9/16/2036

b

248,846

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

104,000

8.500%, 

2/15/2032

a

111,065

Nationwide

Building

Society

200,000

5.537%, 

7/14/2036

a,b

206,550

NatWest

Group

plc

131,000

4.892%, 

5/18/2029

b

133,204

350,000

6.475%, 

6/1/2034

b

367,471

Navient

Corporation

72,000

5.000%, 

3/15/2027

72,156

New

York

Life

Global

Funding

137,000

5.000%, 

1/9/2034

a

139,209

Nippon

Life

Insurance

Company

675,000

5.950%, 

4/16/2054

a,b

702,861

Nomura

Holdings,

Inc.

200,000

2.172%, 

7/14/2028

190,349

227,000

5.783%, 

7/3/2034

239,583

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Financials  7.2%

-

continued

Northwestern

Mutual

Life

Insurance

Company

$

50,000

6.170%, 

5/29/2055

a

$

53,065

Omega

Healthcare

Investors,

Inc.

267,000

5.200%, 

7/1/2030

271,721

OneMain

Finance

Corporation

86,000

3.500%, 

1/15/2027

85,161

99,000

6.750%, 

3/15/2032

101,665

405,000

7.125%, 

9/15/2032

420,763

Osaic

Holdings,

Inc.

139,000

6.750%, 

8/1/2032

a

145,202

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

142,000

4.875%, 

5/15/2029

a

138,661

Pebblebrook

Hotel

Trust,

Convertible

127,000

1.750%, 

12/15/2026

122,555

309,000

1.625%, 

1/15/2030

a

299,885

PennyMac

Financial

Services,

Inc.

46,000

7.125%, 

11/15/2030

a

48,357

144,000

6.875%, 

5/15/2032

a

150,753

46,000

6.750%, 

2/15/2034

a

47,551

Phoenix

Aviation

Capital,

Ltd.

151,000

9.250%, 

7/15/2030

a

160,862

PNC

Bank

NA

130,000

2.700%, 

10/22/2029

122,756

PNC

Financial

Services

Group,

Inc.

196,000

6.200%, 

9/15/2027

b,g

199,225

145,000

5.582%, 

6/12/2029

b

150,382

241,000

6.250%, 

3/15/2030

b,g

248,805

134,000

6.875%, 

10/20/2034

b

151,638

PRA

Group,

Inc.

188,000

8.375%, 

2/1/2028

a

192,086

Prologis

Targeted

US

Logistics

Fund,

LP

196,000

5.250%, 

4/1/2029

a

201,807

128,000

5.250%, 

1/15/2035

a

130,262

Prologis,

LP

165,000

5.250%, 

3/15/2054

156,781

Protective

Life

Corporation

310,000

4.700%, 

1/15/2031

a

310,977

Provident

Financing

Trust

I

120,000

7.405%, 

3/15/2038

e

129,701

Prudential

Financial,

Inc.

142,000

5.125%, 

3/1/2052

b

140,702

198,000

6.750%, 

3/1/2053

b

211,571

340,000

6.500%, 

3/15/2054

b

359,356

160,000

3.700%, 

10/1/2050

b

148,822

Regency

Centers,

LP

206,000

5.250%, 

1/15/2034

211,789

Reinsurance

Group

of

America,

Inc.

134,000

6.000%, 

9/15/2033

142,727

107,000

5.750%, 

9/15/2034

111,588

Rexford

Industrial

Realty,

LP,

Convertible

98,000

4.375%, 

3/15/2027

a

97,461

133,000

4.125%, 

3/15/2029

a

132,561

RGA

Global

Funding

130,000

5.500%, 

1/11/2031

a

135,212

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Financials  7.2%

-

continued

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

$

60,000

4.750%, 

10/15/2027

$

59,751

118,000

4.500%, 

2/15/2029

a

116,825

Rithm

Capital

Corporation

45,000

8.000%, 

4/1/2029

a

46,202

94,000

8.000%, 

7/15/2030

a

96,130

RLJ

Lodging

Trust,

LP

108,000

4.000%, 

9/15/2029

a

102,436

Rocket

Companies,

Inc.

90,000

6.125%, 

8/1/2030

a

93,031

49,000

7.125%, 

2/1/2032

a

51,548

143,000

6.375%, 

8/1/2033

a

149,095

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

129,000

3.625%, 

3/1/2029

a

124,598

123,000

3.875%, 

3/1/2031

a

116,800

65,000

4.000%, 

10/15/2033

a

60,391

Royal

Bank

of

Canada

200,000

6.750%, 

8/24/2085

b

207,556

Ryan

Specialty,

LLC

62,000

4.375%, 

2/1/2030

a

60,849

80,000

5.875%, 

8/1/2032

a

81,741

Santander

Holdings

USA,

Inc.

144,000

2.490%, 

1/6/2028

b,e

141,536

Shift4

Payments,

Inc.,

Convertible

351,000

0.500%, 

8/1/2027

337,311

Simon

Property

Group,

LP

134,000

6.250%, 

1/15/2034

147,045

Sixth

Street

Lending

Partners

164,000

6.125%, 

7/15/2030

168,322

SLM

Corporation

29,000

6.500%, 

1/31/2030

30,017

Societe

Generale

SA

103,000

10.000%, 

11/14/2028

a,b,g

114,484

283,000

5.249%, 

5/22/2029

a,b

288,697

230,000

5.439%, 

10/3/2036

a,b

230,500

Standard

Chartered

plc

206,000

2.608%, 

1/12/2028

a,b

202,753

200,000

5.545%, 

1/21/2029

a,b

205,216

Starwood

Property

Trust,

Inc.

69,000

4.375%, 

1/15/2027

a

68,571

136,000

5.250%, 

10/15/2028

a

136,989

49,000

6.500%, 

10/15/2030

a

51,087

45,000

5.750%, 

1/15/2031

a

45,484

Starwood

Property

Trust,

Inc.,

Convertible

213,000

6.750%, 

7/15/2027

220,029

State

Street

Corporation

137,000

6.700%, 

3/15/2029

b,g

142,936

Stonebriar

ABF

Issuer,

LLC

72,000

8.125%, 

12/15/2030

a

74,102

Stonex

Escrow

Issuer,

LLC

169,000

6.875%, 

7/15/2032

a

175,292

Sumitomo

Life

Insurance

Company

290,000

3.375%, 

4/15/2081

a,b

271,802

Synchrony

Financial

125,000

7.250%, 

2/2/2033

134,276

Synovus

Bank

135,000

5.625%, 

2/15/2028

137,893

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Financials  7.2%

-

continued

Terawulf,

Inc.,

Convertible

$

117,000

2.750%, 

2/1/2030

a

$

190,979

215,000

1.000%, 

9/1/2031

a

253,593

183,000

Zero

Coupon, 

5/1/2032

a

158,295

Toronto-Dominion

Bank

160,000

8.125%, 

10/31/2082

b

168,727

112,000

5.146%, 

9/10/2034

b

113,842

Travelers

Companies,

Inc.

77,000

5.050%, 

7/24/2035

78,204

Truist

Bank

134,000

2.250%, 

3/11/2030

122,748

Truist

Financial

Corporation

282,000

6.047%, 

6/8/2027

b

284,269

132,000

1.887%, 

6/7/2029

b

125,406

345,000

5.100%, 

3/1/2030

b,g

347,370

263,000

5.153%, 

8/5/2032

b

271,508

201,000

5.711%, 

1/24/2035

b

211,436

U.S.

Bancorp

214,000

4.548%, 

7/22/2028

b

215,774

70,000

5.836%, 

6/12/2034

b

74,682

194,000

5.678%, 

1/23/2035

b

204,845

UBS

Group

AG

287,000

3.869%, 

1/12/2029

a,b

285,380

200,000

6.600%, 

8/5/2030

a,b,g

203,113

200,000

5.699%, 

2/8/2035

a,b

210,293

200,000

5.379%, 

9/6/2045

a,b

196,206

United

Wholesale

Mortgage,

LLC

138,000

5.500%, 

4/15/2029

a

137,011

UnitedHealth

Group,

Inc.

408,000

5.375%, 

4/15/2054

384,968

Unum

Group

203,000

5.250%, 

12/15/2035

201,476

Ventas

Realty,

LP,

Convertible

171,000

3.750%, 

6/1/2026

241,452

Wells

Fargo

&

Company

170,000

3.900%, 

3/15/2026

b,g

169,471

145,000

3.526%, 

3/24/2028

b

144,057

309,000

3.584%, 

5/22/2028

b

306,969

214,000

4.808%, 

7/25/2028

b

216,396

277,000

7.625%, 

9/15/2028

b,g

295,450

308,000

4.478%, 

4/4/2031

b

310,035

93,000

5.389%, 

4/24/2034

b

96,760

187,000

5.557%, 

7/25/2034

b

196,053

132,000

6.491%, 

10/23/2034

b

146,117

552,000

5.499%, 

1/23/2035

b

575,940

Welltower

OP,

LLC,

Convertible

170,000

2.750%, 

5/15/2028

a

332,945

207,000

3.125%, 

7/15/2029

a

312,570

Western

Alliance

Bank

125,000

6.537%, 

11/15/2035

b

125,274

Westpac

Banking

Corporation

196,000

4.110%, 

7/24/2034

b

192,852

Willis

North

America,

Inc.

136,000

5.900%, 

3/5/2054

135,757

Wynnton

Funding

Trust

II

150,000

5.991%, 

8/15/2055

a

150,916

XHR,

LP

82,000

4.875%, 

6/1/2029

a

80,847

51,000

6.625%, 

5/15/2030

a

52,636

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Financials  7.2%

-

continued

Zions

Bancorp

NA

$

250,000

4.704%, 

8/18/2028

b

$

250,000

Total

65,726,117

Foreign

Government  0.1%

Mexico

Government

International

Bond

234,000

5.625%, 

9/22/2035

230,724

NBN

Company,

Ltd.

200,000

4.150%, 

9/16/2030

a

199,014

Saudi

Arabian

Oil

Company

201,000

5.750%, 

7/17/2054

a

196,079

Teine

Energy,

Ltd.

174,000

6.875%, 

4/15/2029

a

173,968

Total

799,785

Mortgage-Backed

Securities  20.6%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

637,964

2.000%, 

1/1/2052

523,636

3,410,182

6.000%, 

1/1/2055

3,578,988

6,944,639

2.500%, 

5/1/2051

5,952,374

5,155,334

3.500%, 

5/1/2052

4,802,920

3,818,663

4.000%, 

5/1/2052

3,659,564

5,386,429

5.000%, 

7/1/2053

5,420,719

7,351,852

5.500%, 

7/1/2053

7,536,153

412,415

5.000%, 

8/1/2053

416,200

1,590,998

5.500%, 

9/1/2053

1,637,821

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

2,734,505

2.500%, 

7/1/2030

2,661,428

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

3,814,675

3.500%, 

5/1/2040

3,650,531

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

8,606,630

3.000%, 

1/1/2052

7,680,142

1,327,436

2.000%, 

2/1/2051

1,089,553

865,585

2.000%, 

2/1/2051

710,470

4,028,140

2.500%, 

2/1/2051

3,475,077

5,474,360

2.500%, 

2/1/2051

4,644,183

6,535,305

2.000%, 

3/1/2051

5,325,931

5,121,257

4.000%, 

3/1/2051

4,940,230

9,727,442

3.000%, 

3/1/2052

8,686,303

7,953,845

2.000%, 

4/1/2051

6,454,228

3,619,186

5.500%, 

4/1/2054

3,719,779

1,591,881

2.000%, 

5/1/2051

1,299,879

3,358,728

3.000%, 

5/1/2051

3,042,797

3,555,225

3.000%, 

6/1/2050

3,229,771

1,499,734

4.000%, 

6/1/2052

1,431,161

2,816,291

5.000%, 

6/1/2053

2,838,086

7,783,091

2.500%, 

7/1/2051

6,712,936

3,249,878

3.500%, 

7/1/2051

3,039,368

4,292,050

4.000%, 

7/1/2052

4,095,812

1,488,932

2.500%, 

8/1/2050

1,287,994

6,542,965

3.500%, 

8/1/2050

6,142,608

3,520,426

4.500%, 

8/1/2052

3,455,238

552,736

5.000%, 

8/1/2053

556,842

1,856,316

3.500%, 

9/1/2052

1,729,272

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Mortgage-Backed

Securities  20.6%

-

continued

$

4,552,044

3.500%, 

9/1/2052

$

4,254,247

443,076

5.000%, 

9/1/2052

446,781

1,078,430

4.500%, 

9/1/2053

1,063,414

6,384,640

4.000%, 

10/1/2052

6,119,206

1,571,091

2.000%, 

11/1/2051

1,289,512

2,409,624

3.500%, 

11/1/2052

2,255,335

6,419,386

2.000%, 

12/1/2050

5,270,322

14,538,899

4.500%, 

12/1/2052

14,331,595

9,625,000

5.000%, 

1/1/2049

j

9,597,930

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

9,099,721

2.500%, 

3/1/2062

7,492,739

2,895,692

3.500%, 

7/1/2061

2,631,089

3,314,432

4.000%, 

12/1/2061

3,122,252

PRPM,

LLC

900,000

3.250%, 

4/25/2055,

Ser.

2025-RPL3,

Class

A3

a,c

849,478

1,350,000

5.413%, 

12/25/2055,

Ser.

2025-RCF6,

Class

A2

a,c

1,338,852

1,260,021

6.255%, 

5/25/2030,

Ser.

2025-3,

Class

A1

a,c

1,262,403

Sequoia

Mortgage

Trust

1,000,000

5.000%, 

12/25/2055,

Ser.

2025-12,

Class

A8

a,b

965,998

Total

187,719,147

Technology  2.4%

Accenture

Capital,

Inc.

223,000

4.500%, 

10/4/2034

219,826

Akamai

Technologies,

Inc.,

Convertible

190,000

0.375%, 

9/1/2027

190,475

244,000

1.125%, 

2/15/2029

241,072

283,000

0.250%, 

5/15/2033

a

312,856

Alphabet,

Inc.

153,000

5.250%, 

5/15/2055

146,541

285,000

4.375%, 

11/15/2032

285,967

136,000

4.700%, 

11/15/2035

136,033

APLD

ComputeCo,

LLC

89,000

9.250%, 

12/15/2030

a

87,300

Apple,

Inc.

686,000

3.750%, 

9/12/2047

541,895

Applied

Digital

Corporation,

Convertible

266,000

2.750%, 

6/1/2030

717,203

Avnet,

Inc.,

Convertible

123,000

1.750%, 

9/1/2030

a,e

121,217

Block,

Inc.

92,000

5.625%, 

8/15/2030

a

93,870

328,000

6.500%, 

5/15/2032

341,074

92,000

6.000%, 

8/15/2033

a

94,448

Block,

Inc.,

Convertible

70,000

0.250%, 

11/1/2027

64,715

Boost

Newco

Borrower,

LLC

103,000

7.500%, 

1/15/2031

a

109,474

Broadcom,

Inc.

516,000

4.900%, 

7/15/2032

526,837

130,000

4.800%, 

10/15/2034

130,250

258,000

4.900%, 

2/15/2038

252,924

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Technology  2.4%

-

continued

CACI

International,

Inc.

$

63,000

6.375%, 

6/15/2033

a

$

65,185

Central

Parent,

Inc./CDK

Global,

Inc.

74,000

7.250%, 

6/15/2029

a

62,738

Cipher

Compute,

LLC

139,000

7.125%, 

11/15/2030

a

141,569

Cisco

Systems,

Inc.

272,000

5.350%, 

2/26/2064

256,925

Clarivate

Science

Holdings

Corporation

131,000

3.875%, 

7/1/2028

a

127,175

Cloud

Software

Group,

Inc.

577,000

6.500%, 

3/31/2029

a

584,552

202,000

9.000%, 

9/30/2029

a

210,385

Coherent

Corporation

128,000

5.000%, 

12/15/2029

a

127,567

CommScope

Technologies,

LLC

95,000

5.000%, 

3/15/2027

a

94,787

CommScope,

LLC

99,000

4.750%, 

9/1/2029

a

98,860

CoreWeave,

Inc.

138,000

9.000%, 

2/1/2031

a

126,480

CSG

Systems

International,

Inc.,

Convertible

265,000

3.875%, 

9/15/2028

e

313,230

Dell,

Inc.

182,000

6.500%, 

4/15/2038

195,268

Diebold

Nixdorf,

Inc.

77,000

7.750%, 

3/31/2030

a

81,941

Euronet

Worldwide,

Inc.,

Convertible

175,000

0.625%, 

10/1/2030

a

159,578

Fair

Isaac

Corporation

168,000

6.000%, 

5/15/2033

a

172,561

Fiserv,

Inc.

266,000

5.350%, 

3/15/2031

272,945

65,000

5.600%, 

3/2/2033

67,092

266,000

5.450%, 

3/15/2034

269,702

213,000

5.150%, 

8/12/2034

211,353

Flash

Compute,

LLC

41,000

7.250%, 

12/31/2030

a

40,621

Foundry

JV

Holdco,

LLC

200,000

5.900%, 

1/25/2033

a

209,269

250,000

6.400%, 

1/25/2038

a

266,669

Gen

Digital,

Inc.

149,000

7.125%, 

9/30/2030

a

153,863

50,000

6.250%, 

4/1/2033

a

51,562

Global

Payments,

Inc.

208,000

4.950%, 

8/15/2027

210,244

Global

Payments,

Inc.,

Convertible

344,000

1.500%, 

3/1/2031

308,568

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

120,000

3.500%, 

3/1/2029

a

115,066

Hewlett

Packard

Enterprise

Company

187,000

4.850%, 

10/15/2031

188,874

IBM

International

Capital,

Private

Ltd.

213,000

5.300%, 

2/5/2054

198,516

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Technology  2.4%

-

continued

Intel

Corporation

$

378,000

4.900%, 

7/29/2045

$

325,993

InterDigital,

Inc.,

Convertible

80,000

3.500%, 

6/1/2027

329,640

ION

Platform

Finance

US,

Inc.

200,000

7.875%, 

9/30/2032

a

189,771

ION

Platform

Finance

US,

Inc./ION

Platform

Finance

SARL

144,000

9.500%, 

5/30/2029

a

145,829

Iron

Mountain,

Inc.

339,000

4.875%, 

9/15/2027

a

338,656

88,000

4.875%, 

9/15/2029

a

86,816

57,000

5.250%, 

7/15/2030

a

56,311

230,000

4.500%, 

2/15/2031

a

219,249

Jabil,

Inc.

133,000

5.450%, 

2/1/2029

137,296

Kioxia

Holdings

Corporation

137,000

6.625%, 

7/24/2033

a

142,463

Marvell

Technology,

Inc.

132,000

2.950%, 

4/15/2031

122,256

Mastercard,

Inc.

136,000

4.875%, 

5/9/2034

139,396

Microchip

Technology,

Inc.

84,000

5.050%, 

3/15/2029

85,643

Microchip

Technology,

Inc.,

Convertible

370,000

0.750%, 

6/1/2030

e

362,637

Micron

Technology,

Inc.

70,000

5.650%, 

11/1/2032

73,580

MKS,

Inc.,

Convertible

615,000

1.250%, 

6/1/2030

784,433

Moody's

Corporation

140,000

4.250%, 

8/8/2032

138,135

NCR

Atleos

Corporation

99,000

9.500%, 

4/1/2029

a

107,452

NCR

Voyix

Corporation

88,000

5.000%, 

10/1/2028

a

87,373

132,000

5.125%, 

4/15/2029

a

131,071

Neptune

Bidco

US,

Inc.

193,000

9.290%, 

4/15/2029

a

193,330

67,000

10.375%, 

5/15/2031

a

68,698

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

131,000

4.300%, 

6/18/2029

131,213

ON

Semiconductor

Corporation,

Convertible

273,000

Zero

Coupon, 

5/1/2027

325,007

504,000

0.500%, 

3/1/2029

476,784

Open

Text

Corporation

226,000

3.875%, 

12/1/2029

a

214,481

Oracle

Corporation

255,000

5.375%, 

9/27/2054

206,237

482,000

6.900%, 

11/9/2052

476,276

140,000

6.150%, 

11/9/2029

146,161

192,000

5.250%, 

2/3/2032

191,974

163,000

4.800%, 

9/26/2032

157,364

175,000

5.875%, 

9/26/2045

158,047

Paychex,

Inc.

76,000

5.600%, 

4/15/2035

79,594

PayPal

Holdings,

Inc.

272,000

5.500%, 

6/1/2054

e

263,902

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Technology  2.4%

-

continued

Pitney

Bowes,

Inc.

$

62,000

6.875%, 

3/15/2027

a

$

62,040

RingCentral,

Inc.

261,000

8.500%, 

8/15/2030

a

276,682

Rocket

Software,

Inc.

148,000

9.000%, 

11/28/2028

a

152,611

Sabre

GLBL,

Inc.

95,000

11.125%, 

7/15/2030

a

78,762

Seagate

Data

Storage

Technology,

Private

Ltd.

83,480

9.625%, 

12/1/2032

a

94,773

66,000

5.750%, 

12/1/2034

a

67,642

Semtech

Corporation,

Convertible

67,000

1.625%, 

11/1/2027

136,278

266,000

Zero

Coupon, 

10/15/2030

a

281,827

Sensata

Technologies

BV

116,000

4.000%, 

4/15/2029

a

113,180

Sensata

Technologies,

Inc.

52,000

4.375%, 

2/15/2030

a

50,788

69,000

3.750%, 

2/15/2031

a

64,755

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

201,000

6.750%, 

8/15/2032

a

207,531

SS&C

Technologies,

Inc.

85,000

5.500%, 

9/30/2027

a

85,077

51,000

6.500%, 

6/1/2032

a

53,061

Synaptics,

Inc.,

Convertible

282,000

0.750%, 

12/1/2031

e

296,946

Synopsys,

Inc.

190,000

5.700%, 

4/1/2055

188,478

Texas

Instruments,

Inc.

136,000

5.150%, 

2/8/2054

128,161

UKG,

Inc.

132,000

6.875%, 

2/1/2031

a

135,592

Verisk

Analytics,

Inc.

114,000

5.250%, 

3/15/2035

116,012

Viavi

Solutions,

Inc.

98,000

3.750%, 

10/1/2029

a

93,798

Viavi

Solutions,

Inc.,

Convertible

105,000

1.625%, 

3/15/2026

e

141,435

196,000

0.625%, 

3/1/2031

a

280,770

Vishay

Intertechnology,

Inc.,

Convertible

481,000

2.250%, 

9/15/2030

431,698

VMware,

LLC

370,000

4.700%, 

5/15/2030

375,880

192,000

2.200%, 

8/15/2031

170,602

Western

Digital

Corporation,

Convertible

178,000

3.000%, 

11/15/2028

e

815,916

WULF

Compute,

LLC

90,000

7.750%, 

10/15/2030

a

92,722

Xerox

Corporation

74,000

10.250%, 

10/15/2030

a,e

70,799

Ziff

Davis,

Inc.,

Convertible

33,000

1.750%, 

11/1/2026

e

32,175

118,000

3.625%, 

3/1/2028

a,e

115,286

Total

22,301,467

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Transportation  0.5%

Air

Canada

$

103,000

3.875%, 

8/15/2026

a

$

102,509

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

88,000

5.500%, 

4/20/2026

a

88,125

186,560

5.750%, 

4/20/2029

a

189,981

Avianca

Midco

2

plc

87,000

9.000%, 

12/1/2028

a

87,580

200,000

9.625%, 

2/14/2030

a

200,680

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

156,000

5.375%, 

3/1/2029

a,e

152,202

Burlington

Northern

Santa

Fe,

LLC

136,000

5.500%, 

3/15/2055

133,741

230,000

5.550%, 

3/15/2056

226,721

DCLI

Bidco,

LLC

130,000

7.750%, 

11/15/2029

a

133,629

Delta

Air

Lines,

Inc.

288,000

4.375%, 

4/19/2028

288,876

230,000

5.250%, 

7/10/2030

236,340

ERAC

USA

Finance,

LLC

277,000

5.200%, 

10/30/2034

a

284,333

Norfolk

Southern

Corporation

195,000

4.450%, 

3/1/2033

194,472

OneSky

Flight,

LLC

172,000

8.875%, 

12/15/2029

a

184,063

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

128,000

1.700%, 

6/15/2026

a

126,527

Rand

Parent,

LLC

256,000

8.500%, 

2/15/2030

a

266,714

RXO,

Inc.

95,000

7.500%, 

11/15/2027

a

97,097

Ryder

System,

Inc.

161,000

2.850%, 

3/1/2027

158,907

Southwest

Airlines

Company

133,000

5.125%, 

6/15/2027

134,675

Star

Leasing

Company,

LLC

99,000

7.625%, 

2/15/2030

a

92,092

Stena

International

SA

198,000

7.250%, 

1/15/2031

a

201,842

Union

Pacific

Corporation

125,000

5.600%, 

12/1/2054

124,596

United

Airlines,

Inc.

304,000

4.625%, 

4/15/2029

a

302,682

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

81,000

7.875%, 

5/1/2027

a

81,596

101,000

9.500%, 

6/1/2028

a

104,462

Watco

Companies,

LLC/Watco

Finance

Corporation

91,000

7.125%, 

8/1/2032

a

95,305

Total

4,289,747

U.S.

Government

&

Agencies  6.1%

U.S.

Treasury

Bonds

1,600,000

3.625%, 

5/15/2053

1,294,312

1,200,000

4.750%, 

11/15/2053

1,178,016

7,000,000

4.625%, 

2/15/2035

7,266,055

U.S.

Treasury

Notes

26,600,000

4.375%, 

7/31/2026

26,724,070

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

U.S.

Government

&

Agencies  6.1%

-

continued

$

1,800,000

3.625%, 

8/31/2027

$

1,804,008

10,400,000

4.125%, 

7/31/2028

10,555,187

3,500,000

4.000%, 

2/28/2030

3,544,570

3,800,000

3.625%, 

9/30/2030

3,785,305

Total

56,151,523

Utilities  2.3%

AEP

Texas,

Inc.

152,000

5.850%, 

10/15/2055

149,167

AES

Corporation

284,000

7.600%, 

1/15/2055

b

289,228

254,000

3.950%, 

7/15/2030

a

247,913

Algonquin

Power

&

Utilities

Corporation

451,000

4.750%, 

1/18/2082

b

444,762

Alliant

Energy

Corporation,

Convertible

92,000

3.875%, 

3/15/2026

95,588

93,000

3.250%, 

5/30/2028

a

94,897

Ameren

Corporation

9,000

1.750%, 

3/15/2028

8,555

American

Electric

Power

Company,

Inc.

237,000

6.050%, 

3/15/2056

b

232,860

158,000

6.950%, 

12/15/2054

b

169,113

131,000

2.300%, 

3/1/2030

121,049

American

Water

Capital

Corporation

105,000

5.700%, 

9/1/2055

105,137

American

Water

Capital

Corporation,

Convertible

71,000

3.625%, 

6/15/2026

70,702

Arizona

Public

Service

Company

138,000

5.550%, 

8/1/2033

144,054

Atmos

Energy

Corporation

177,000

5.450%, 

1/15/2056

171,236

129,000

5.000%, 

12/15/2054

117,328

Calpine

Corporation

203,000

4.500%, 

2/15/2028

a

203,134

CenterPoint

Energy,

Inc.

124,000

7.000%, 

2/15/2055

b

129,315

83,000

6.700%, 

5/15/2055

b

85,110

CenterPoint

Energy,

Inc.,

Convertible

166,000

4.250%, 

8/15/2026

181,521

165,000

3.000%, 

8/1/2028

a

167,013

CMS

Energy

Corporation,

Convertible

170,000

3.375%, 

5/1/2028

181,815

125,000

3.125%, 

5/1/2031

a

123,537

Consolidated

Edison

Company

of

New

York,

Inc.

408,000

5.700%, 

5/15/2054

406,682

Constellation

Energy

Generation,

LLC

204,000

5.750%, 

3/15/2054

202,421

133,000

5.800%, 

3/1/2033

141,934

Dominion

Energy,

Inc.

217,000

6.875%, 

2/1/2055

b

225,556

217,000

7.000%, 

6/1/2054

b

234,957

161,000

3.375%, 

4/1/2030

155,339

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Utilities  2.3%

-

continued

DTE

Energy

Company

$

140,000

4.875%, 

6/1/2028

$

142,425

Duke

Energy

Carolinas,

LLC

420,000

5.400%, 

1/15/2054

406,552

Duke

Energy

Corporation

240,000

3.250%, 

1/15/2082

b

232,977

187,000

5.800%, 

6/15/2054

184,903

157,000

6.450%, 

9/1/2054

b

164,784

139,000

4.500%, 

8/15/2032

138,541

125,000

5.750%, 

9/15/2033

132,366

Duke

Energy

Corporation,

Convertible

295,000

4.125%, 

4/15/2026

303,850

Duke

Energy

Ohio,

Inc.

136,000

5.550%, 

3/15/2054

132,907

Edison

International

220,000

5.000%, 

12/15/2026

b,g

219,209

Enel

Finance

International

NV

226,000

5.125%, 

6/26/2029

a

231,764

Entergy

Corporation

71,000

5.875%, 

6/15/2056

b

70,956

145,000

6.100%, 

6/15/2056

b

144,775

Entergy

Louisiana,

LLC

178,000

5.800%, 

3/15/2055

178,883

Evergy,

Inc.,

Convertible

188,000

4.500%, 

12/15/2027

228,796

Exelon

Corporation

540,000

5.600%, 

3/15/2053

523,348

130,000

4.050%, 

4/15/2030

128,713

Fells

Point

Funding

Trust

266,000

3.046%, 

1/31/2027

a

262,786

FirstEnergy

Corporation,

Convertible

59,000

4.000%, 

5/1/2026

e

60,268

208,000

3.625%, 

1/15/2029

a

220,584

211,000

3.875%, 

1/15/2031

a

227,036

Georgia

Power

Company

82,000

4.950%, 

5/17/2033

83,604

Hawaiian

Electric

Company,

Inc.

45,000

6.000%, 

10/1/2033

a

45,627

ITC

Holdings

Corporation

140,000

4.950%, 

9/22/2027

a

141,862

Jersey

Central

Power

&

Light

Company

280,000

2.750%, 

3/1/2032

a

251,515

Lightning

Power,

LLC

177,000

7.250%, 

8/15/2032

a

188,213

Long

Ridge

Energy,

LLC

180,000

8.750%, 

2/15/2032

a

191,599

MidAmerican

Energy

Company

553,000

5.300%, 

2/1/2055

523,950

NextEra

Energy

Capital

Holdings,

Inc.

258,000

5.900%, 

3/15/2055

260,836

150,000

3.800%, 

3/15/2082

b

146,651

331,000

6.750%, 

6/15/2054

b

353,371

130,000

2.250%, 

6/1/2030

119,554

113,000

5.300%, 

3/15/2032

117,689

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

163,000

3.000%, 

3/1/2027

202,283

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Utilities  2.3%

-

continued

NiSource,

Inc.

$

81,000

6.375%, 

3/31/2055

b

$

83,889

261,000

5.850%, 

4/1/2055

260,177

225,000

5.750%, 

7/15/2056

b

226,457

160,000

6.950%, 

11/30/2054

b

166,528

130,000

2.950%, 

9/1/2029

124,741

Northern

States

Power

Company/

MN

136,000

5.400%, 

3/15/2054

131,840

NRG

Energy,

Inc.

189,000

10.250%, 

3/15/2028

a,b,g

206,358

120,000

3.375%, 

2/15/2029

a

114,815

185,000

5.250%, 

6/15/2029

a

185,498

45,000

5.750%, 

7/15/2029

a

44,780

83,000

6.000%, 

2/1/2033

a

84,643

270,000

5.750%, 

1/15/2034

a

272,746

83,000

6.250%, 

11/1/2034

a

85,242

Oncor

Electric

Delivery

Company,

LLC

178,000

5.550%, 

6/15/2054

172,766

Pacific

Gas

and

Electric

Company

136,000

6.750%, 

1/15/2053

144,640

266,000

5.550%, 

5/15/2029

274,451

PG&E

Corporation

72,000

5.000%, 

7/1/2028

71,801

PG&E

Corporation,

Convertible

723,000

4.250%, 

12/1/2027

742,955

Pinnacle

West

Capital

Corporation,

Convertible

110,000

4.750%, 

6/15/2027

117,425

PPL

Capital

Funding,

Inc.

197,000

5.250%, 

9/1/2034

201,747

PPL

Capital

Funding,

Inc.,

Convertible

203,000

2.875%, 

3/15/2028

222,792

107,000

3.000%, 

12/1/2030

a

107,273

San

Diego

Gas

&

Electric

Company

136,000

5.550%, 

4/15/2054

132,184

Sempra

162,000

6.550%, 

4/1/2055

b

165,133

162,000

6.625%, 

4/1/2055

b

163,447

121,000

6.400%, 

10/1/2054

b

123,073

162,000

6.875%, 

10/1/2054

b

166,663

Southern

California

Edison

Company

272,000

5.450%, 

6/1/2031

281,266

Southern

Company

170,000

5.700%, 

10/15/2032

179,925

300,000

4.850%, 

3/15/2035

296,311

149,000

4.000%, 

1/15/2051

b

148,911

342,000

3.750%, 

9/15/2051

b

337,158

Southern

Company,

Convertible

123,000

4.500%, 

6/15/2027

131,241

282,000

3.250%, 

6/15/2028

a

281,436

Talen

Energy

Supply,

LLC

45,000

6.250%, 

2/1/2034

a

45,896

45,000

6.500%, 

2/1/2036

a

46,534

TerraForm

Power

Operating,

LLC

246,000

5.000%, 

1/31/2028

a

245,774

TransAlta

Corporation

124,000

5.875%, 

2/1/2034

124,857

Principal

Amount

Long-Term

Fixed

Income  66.0%

Value

Utilities  2.3%

-

continued

Virginia

Electric

and

Power

Company

$

184,000

5.350%, 

1/15/2054

$

172,501

Vistra

Corporation

118,000

8.000%, 

10/15/2026

a,b,g

120,967

129,000

7.000%, 

12/15/2026

a,b,g

131,253

Vistra

Operations

Company,

LLC

85,000

5.000%, 

7/31/2027

a

85,196

278,000

5.250%, 

10/15/2035

a

277,108

VoltaGrid,

LLC

67,000

7.375%, 

11/1/2030

a

66,380

WEC

Energy

Group,

Inc.

145,000

5.625%, 

5/15/2056

b

145,913

WEC

Energy

Group,

Inc.,

Convertible

151,000

4.375%, 

6/1/2027

170,554

113,000

3.375%, 

6/1/2028

a

114,469

163,000

4.375%, 

6/1/2029

190,139

Xcel

Energy,

Inc.

213,000

4.600%, 

6/1/2032

211,833

143,000

5.600%, 

4/15/2035

148,086

Total

20,610,872

Total

Long-Term

Fixed

Income

(cost

$604,583,141)

602,844,427

Shares

Common

Stock

17.6%

Value

Communications

Services  1.7%

10,343

Alphabet,

Inc.,

Class

A

3,237,359

12,571

Alphabet,

Inc.,

Class

C

3,944,780

10,494

AT&T,

Inc.

260,671

15,374

Comcast

Corporation

459,529

2,091

Match

Group,

Inc.

67,518

5,627

Meta

Platforms,

Inc.

3,714,326

13,047

Netflix,

Inc.

k

1,223,287

147

New

York

Times

Company

10,205

2,551

News

Corporation,

Class

A

66,632

564

Reddit,

Inc.

k

129,647

1,218

ROBLOX

Corporation

k

98,694

529

Spotify

Technology

SA

k

307,196

610

T-Mobile

US,

Inc.

123,854

544

Tripadvisor,

Inc.

k

7,921

10,774

Universal

Music

Group

NV

280,876

4,653

Verizon

Communications,

Inc.

189,517

2,728

Walt

Disney

Company

310,364

18,852

Warner

Brothers

Discovery,

Inc.

k

543,315

17,203

Warner

Music

Group

Corporation

527,616

Total

15,503,307

Consumer

Discretionary  1.6%

20,353

ADT,

Inc.

164,249

1,212

Advance

Auto

Parts,

Inc.

47,632

20,332

Amazon.com,

Inc.

k

4,693,032

6,834

Aptiv

plc

k

519,999

583

Asbury

Automotive

Group,

Inc.

k

135,565

113

Booking

Holdings,

Inc.

605,152

540

Boot

Barn

Holdings,

Inc.

k

95,294

1,439

Build-A-Bear

Workshop,

Inc.

88,168

28

Carnival

Corporation

k

855

460

Churchill

Downs,

Inc.

52,339

2,375

Columbia

Sportswear

Company

130,839

3,008

D.R.

Horton,

Inc.

433,242

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

27

Shares

Common

Stock  17.6%

Value

Consumer

Discretionary  1.6%

-

continued

1,271

DoorDash,

Inc.

k

$

287,856

742

Frontdoor,

Inc.

k

42,806

1,169

Garmin,

Ltd.

237,132

2,854

General

Motors

Company

232,087

1,477

Hilton

Worldwide

Holdings,

Inc.

424,268

1,099

Home

Depot,

Inc.

378,166

1,174

Laureate

Education,

Inc.

k

39,529

2,759

Life

Time

Group

Holdings,

Inc.

k

73,334

3,157

Lowe's

Companies,

Inc.

761,342

406

McDonald's

Corporation

124,086

23

NVR,

Inc.

k

167,734

3,412

O'Reilly

Automotive,

Inc.

k

311,208

2,264

Ross

Stores,

Inc.

407,837

1,300

SharkNinja,

Inc.

k

145,470

19,650

Sony

Group

Corporation

ADR

503,040

1,051

Tapestry,

Inc.

134,286

4,862

Tesla,

Inc.

k

2,186,539

515

Texas

Roadhouse,

Inc.

85,490

676

TJX

Companies,

Inc.

103,840

318

Ulta

Beauty,

Inc.

k

192,393

1,975

Universal

Technical

Institute,

Inc.

k

51,607

2,701

Viking

Holdings,

Ltd.

k

192,878

286

Wingstop,

Inc.

68,208

4,717

Wyndham

Hotels

&

Resorts,

Inc.

356,416

1,585

Wynn

Resorts,

Ltd.

190,723

Total

14,664,641

Consumer

Staples  0.6%

3,115

Altria

Group,

Inc.

179,611

253

Casey's

General

Stores,

Inc.

139,836

1,872

Church

&

Dwight

Company,

Inc.

156,967

825

Colgate-Palmolive

Company

65,191

750

Costco

Wholesale

Corporation

646,755

14,025

Coty,

Inc.

k

43,197

1,413

John

B.

Sanfilippo

&

Son,

Inc.

99,758

23,754

Keurig

Dr

Pepper,

Inc.

665,349

2,915

Maplebear,

Inc.

k

131,117

327

Marzetti

Company

53,765

946

Monster

Beverage

Corporation

k

72,530

2,641

PepsiCo,

Inc.

379,036

1,148

Philip

Morris

International,

Inc.

184,139

3,147

Procter

&

Gamble

Company

450,997

9,568

Sysco

Corporation

705,066

1,162

Turning

Point

Brands,

Inc.

125,961

14,485

Unilever

plc

ADR

e

947,319

6,185

Walmart,

Inc.

689,071

Total

5,735,665

Energy  0.7%

6,533

Antero

Midstream

Corporation

116,222

1,454

Baker

Hughes

Company

66,215

450

Cheniere

Energy,

Inc.

87,476

10,940

ConocoPhillips

1,024,093

19,059

Devon

Energy

Corporation

698,131

1,926

DHT

Holdings,

Inc.

23,517

25,081

Enterprise

Products

Partners,

LP

804,097

1,093

EOG

Resources,

Inc.

114,776

3,053

Expand

Energy

Corporation

336,929

13,839

Exxon

Mobil

Corporation

1,665,385

16,478

Halliburton

Company

465,668

6,030

Kinder

Morgan,

Inc.

165,765

2,358

Marathon

Petroleum

Corporation

383,482

1,678

Matador

Resources

Company

71,214

1,977

TechnipFMC

plc

88,095

Shares

Common

Stock  17.6%

Value

Energy  0.7%

-

continued

3,131

Williams

Companies,

Inc.

$

188,204

Total

6,299,269

Financials  2.8%

305

Affiliated

Managers

Group,

Inc.

87,925

2,311

Allstate

Corporation

481,035

7,281

Ally

Financial,

Inc.

329,757

1,605

Amalgamated

Financial

Corporation

51,408

951

American

Express

Company

351,822

6,003

American

International

Group,

Inc.

513,557

1,118

Ameriprise

Financial,

Inc.

548,200

3,114

Arch

Capital

Group,

Ltd.

k

298,695

2,244

Associated

Banc-Corp

57,805

2,139

Atlantic

Union

Bankshares

Corporation

75,507

33,892

Bank

of

America

Corporation

1,864,060

6,268

Bank

of

New

York

Mellon

Corporation

727,652

1,010

Beacon

Financial

Corporation

26,634

2,267

Berkshire

Hathaway,

Inc.

k

1,139,508

264

BlackRock,

Inc.

282,570

210

Blackstone

Mortgage

Trust,

Inc.

4,017

52

Block,

Inc.

k

3,385

3,842

Bridgewater

Bancshares,

Inc.

k

67,350

833

Byline

Bancorp,

Inc.

24,282

5,704

Capital

One

Financial

Corporation

1,382,421

203

Central

Pacific

Financial

Corporation

6,326

15,543

Charles

Schwab

Corporation

1,552,901

2,334

Chubb,

Ltd.

728,488

1,104

Citigroup,

Inc.

128,826

694

Community

Trust

Bancorp,

Inc.

39,211

374

ConnectOne

Bancorp,

Inc.

9,806

596

Customers

Bancorp,

Inc.

k

43,580

2,159

Donnelley

Financial

Solutions,

Inc.

k

100,804

18

Encore

Capital

Group,

Inc.

k

978

1,361

Enterprise

Financial

Services

Corporation

73,494

650

Federal

Agricultural

Mortgage

Corporation

114,121

3,518

Fifth

Third

Bancorp

164,678

451

Financial

Institutions,

Inc.

14,058

2,890

First

Bancorp/Puerto

Rico

59,910

256

First

Citizens

BancShares,

Inc./NC

549,422

82

First

Financial

Corporation

4,954

146

First

Mid-Illinois

Bancshares,

Inc.

5,694

924

Fiserv,

Inc.

k

62,065

1,485

Glacier

Bancorp,

Inc.

65,414

623

Great

Southern

Bancorp,

Inc.

38,352

434

Hanmi

Financial

Corporation

11,731

311

Hartford

Insurance

Group,

Inc.

42,856

465

Hilltop

Holdings,

Inc.

15,782

609

Hometrust

Bancshares,

Inc.

26,151

1,368

Houlihan

Lokey,

Inc.

238,292

180

Independent

Bank

Corporation/MI

5,855

6,170

Intercontinental

Exchange,

Inc.

999,293

794

Invesco,

Ltd.

20,858

7,848

JPMorgan

Chase

&

Company

2,528,783

1,219

M&T

Bank

Corporation

245,604

1,048

Marsh

&

McLennan

Companies,

Inc.

194,425

1,285

Mastercard,

Inc.

733,581

6,788

MetLife,

Inc.

535,845

3,391

MGIC

Investment

Corporation

99,085

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

28

Shares

Common

Stock  17.6%

Value

Financials  2.8%

-

continued

565

Moody's

Corporation

$

288,630

4,910

Morgan

Stanley

871,672

136

Morningstar,

Inc.

29,554

3,229

Nasdaq,

Inc.

313,633

247

NBT

Bancorp,

Inc.

10,255

349

NMI

Holdings,

Inc.

k

14,236

38

Northeast

Bank

3,949

1,660

Northern

Trust

Corporation

226,739

2,501

Northwest

Bancshares,

Inc.

30,012

728

OFG

Bancorp

29,833

3,588

Old

National

Bancorp

80,048

6,514

Old

Republic

International

Corporation

297,299

1,793

Old

Second

Bancorp,

Inc.

34,964

397

Orrstown

Financial

Services,

Inc.

14,062

170

Pinnacle

Financial

Partners,

Inc.

16,220

65

PNC

Financial

Services

Group,

Inc.

13,567

486

Popular,

Inc.

60,517

839

Progressive

Corporation

191,057

1,585

RLI

Corporation

101,408

3,494

Robinhood

Markets,

Inc.

k

395,171

287

S&P

Global,

Inc.

149,983

3,415

SEI

Investments

Company

280,098

741

SouthState

Bank

Corporation

69,736

370

Stifel

Financial

Corporation

46,331

1,968

Triumph

Financial,

Inc.

k

123,256

377

U.S.

Bancorp

20,117

3,951

Visa,

Inc.

1,385,655

24,337

Wells

Fargo

&

Company

2,268,208

1,216

WesBanco,

Inc.

40,420

739

Wintrust

Financial

Corporation

103,327

3,153

Zions

Bancorp

NA

184,577

Total

25,473,347

Health

Care  2.1%

2,551

AbbVie,

Inc.

582,878

5,819

ADMA

Biologics,

Inc.

k

106,139

3,259

Agilent

Technologies,

Inc.

443,452

1,445

Amgen,

Inc.

472,963

4,192

BioMarin

Pharmaceutical,

Inc.

k

249,131

6,057

Boston

Scientific

Corporation

k

577,535

1,229

Cencora,

Inc.

415,095

2,510

Cigna

Group

690,827

4,632

Concentra

Group

Holdings

Parent,

Inc.

91,158

507

CorVel

Corporation

k

34,309

3,247

Danaher

Corporation

743,303

1,063

Dexcom,

Inc.

k

70,551

1,662

Eli

Lilly

&

Company

1,786,118

1,873

Encompass

Health

Corporation

198,800

2,448

Exelixis,

Inc.

k

107,296

5,982

Gilead

Sciences,

Inc.

734,231

1,629

ICON

plc

k

296,836

500

ICU

Medical,

Inc.

k

71,335

414

IDEXX

Laboratories,

Inc.

k

280,083

1,152

Illumina,

Inc.

k

151,096

650

Incyte

Corporation

k

64,201

485

Indivior

plc

k

17,402

334

Insulet

Corporation

k

94,936

1,158

Intuitive

Surgical,

Inc.

k

655,845

7,871

Johnson

&

Johnson

1,628,903

2,743

Labcorp

Holdings,

Inc.

688,164

455

Medpace

Holdings,

Inc.

k

255,551

7,026

Medtronic

plc

674,918

Shares

Common

Stock  17.6%

Value

Health

Care  2.1%

-

continued

12,703

Merck

&

Company,

Inc.

$

1,337,118

895

Merit

Medical

Systems,

Inc.

k

78,885

165

Mettler-Toledo

International,

Inc.

k

230,041

408

Neurocrine

Biosciences,

Inc.

k

57,867

396

Penumbra,

Inc.

k

123,120

3,585

Pfizer,

Inc.

89,267

3,252

Progyny,

Inc.

k

83,511

559

Repligen

Corporation

k

91,598

1,449

Royalty

Pharma

plc

55,989

12,288

Sanofi

SA

ADR

595,476

2,183

STERIS

plc

553,434

3,730

Stevanato

Group

SPA

75,048

959

Stryker

Corporation

337,060

1,590

Teleflex,

Inc.

194,044

81

Tenet

Healthcare

Corporation

k

16,096

423

Thermo

Fisher

Scientific,

Inc.

245,107

2,013

Twist

Bioscience

Corporation

k

63,852

325

UFP

Technologies,

Inc.

k

72,160

220

United

Therapeutics

Corporation

k

107,195

1,766

UnitedHealth

Group,

Inc.

582,974

709

Veeva

Systems,

Inc.

k

158,270

774

Vertex

Pharmaceuticals,

Inc.

k

350,901

1,953

Waystar

Holding

Corporation

k

63,961

94

West

Pharmaceutical

Services,

Inc.

25,863

7,145

Zimmer

Biomet

Holdings,

Inc.

642,478

1,406

Zoetis,

Inc.

176,903

Total

18,591,274

Industrials  1.8%

211

Acuity,

Inc.

75,968

32

Allegion

plc

5,095

11,460

Amentum

Holdings,

Inc.

k

332,340

2,562

AMETEK,

Inc.

526,004

277

Applied

Industrial

Technologies,

Inc.

71,125

67

Armstrong

World

Industries,

Inc.

12,804

1,815

Automatic

Data

Processing,

Inc.

466,872

1,738

Badger

Infrastructure

Solutions,

Ltd.

92,601

3,010

Barrett

Business

Services,

Inc.

108,992

769

BWX

Technologies,

Inc.

132,914

1,973

Caterpillar,

Inc.

1,130,273

324

CECO

Environmental

Corporation

k

19,391

456

Cintas

Corporation

85,760

47,074

CNH

Industrial

NV

434,022

1,180

Copart,

Inc.

k

46,197

250

CRA

International,

Inc.

50,174

260

CSW

Industrials,

Inc.

76,318

34,895

CSX

Corporation

1,264,944

165

Curtiss-Wright

Corporation

90,960

14,604

Delta

Air

Lines,

Inc.

1,013,518

196

EMCOR

Group,

Inc.

119,911

1,431

Enerpac

Tool

Group

Corporation

54,721

1,246

Expeditors

International

of

Washington,

Inc.

185,666

15,167

Fastenal

Company

608,652

480

Ferguson

Enterprises,

Inc.

106,862

10,637

Flowserve

Corporation

737,995

2,037

General

Dynamics

Corporation

685,776

999

General

Electric

Company

307,722

285

Graco,

Inc.

23,361

1,583

Helios

Technologies,

Inc.

84,675

7,871

Hexcel

Corporation

581,667

4,183

Honeywell

International,

Inc.

816,062

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

29

Shares

Common

Stock  17.6%

Value

Industrials  1.8%

-

continued

1,063

Howmet

Aerospace,

Inc.

$

217,936

974

ICF

International,

Inc.

83,082

216

IES

Holdings,

Inc.

k

84,028

3,322

Jacobs

Solutions,

Inc.

440,032

2,440

JB

Hunt

Transport

Services,

Inc.

474,190

2

Johnson

Controls

International

plc

240

1,334

Korn

Ferry

88,071

2,411

L3Harris

Technologies,

Inc.

707,797

912

Leidos

Holdings,

Inc.

164,525

895

Limbach

Holdings,

Inc.

k

69,676

737

Lincoln

Electric

Holdings,

Inc.

176,615

2,146

Masco

Corporation

136,185

334

Modine

Manufacturing

Company

k

44,592

504

Moog,

Inc.

122,749

1,193

Old

Dominion

Freight

Line,

Inc.

187,062

873

Oshkosh

Corporation

109,675

636

Otis

Worldwide

Corporation

55,555

836

Parker-Hannifin

Corporation

734,811

336

Quanta

Services,

Inc.

141,812

556

Republic

Services,

Inc.

117,833

816

Rockwell

Automation,

Inc.

317,481

3,213

Southwest

Airlines

Company

132,793

2,423

Timken

Company

203,847

192

Trane

Technologies

plc

74,726

3,976

Uber

Technologies,

Inc.

k

324,879

694

UL

Solutions,

Inc.

54,729

826

Union

Pacific

Corporation

191,070

174

United

Rentals,

Inc.

140,822

1,429

Veralto

Corporation

142,586

740

Verisk

Analytics,

Inc.

165,531

406

Waste

Management,

Inc.

89,202

206

WESCO

International,

Inc.

50,396

Total

16,393,870

Information

Technology  4.7%

636

Adobe,

Inc.

k

222,594

1,504

Advanced

Micro

Devices,

Inc.

k

322,097

5,281

Amphenol

Corporation

713,674

969

Analog

Devices,

Inc.

262,793

21,640

Apple,

Inc.

5,883,050

1,096

Applied

Materials,

Inc.

281,661

490

AppLovin

Corporation

k

330,172

2,892

Arista

Networks,

Inc.

k

378,939

2,007

Autodesk,

Inc.

k

594,092

7,130

Broadcom,

Inc.

2,467,693

533

Cadence

Design

Systems,

Inc.

k

166,605

15,439

Cisco

Systems,

Inc.

1,189,266

2,858

CompoSecure,

Inc.

k

55,102

1,529

Crane

NXT

Company

71,970

1,375

Datadog,

Inc.

k

186,986

2,440

DocuSign,

Inc.

k

166,896

509

Dropbox,

Inc.

k

14,150

268

Fabrinet

k

122,015

498

Flex,

Ltd.

k

30,089

5,226

Fortinet,

Inc.

k

414,997

316

GoDaddy,

Inc.

k

39,209

2,094

International

Business

Machines

Corporation

620,264

1,754

JFrog,

Ltd.

k

109,555

466

Keysight

Technologies,

Inc.

k

94,687

155

KLA

Corporation

188,337

2,801

Lam

Research

Corporation

479,475

413

Littelfuse,

Inc.

104,456

4,308

Micron

Technology,

Inc.

1,229,546

16,333

Microsoft

Corporation

7,898,966

Shares

Common

Stock  17.6%

Value

Information

Technology  4.7%

-

continued

738

Monday.com,

Ltd.

k

$

108,899

236

Monolithic

Power

Systems,

Inc.

213,901

940

Motorola

Solutions,

Inc.

360,321

446

Napco

Security

Technologies,

Inc.

18,598

531

NetApp,

Inc.

56,865

31,233

Nokia

Oyj

ADR

202,078

43,554

NVIDIA

Corporation

8,122,821

343

NXP

Semiconductors

NV

74,452

1,787

Onto

Innovation,

Inc.

k

282,096

2,594

Oracle

Corporation

505,597

2,799

Palantir

Technologies,

Inc.

k

497,522

2,729

Pegasystems,

Inc.

162,976

461

Plexus

Corporation

k

67,767

188

PTC,

Inc.

k

32,752

7,829

Qualcomm,

Inc.

1,339,150

138

RingCentral,

Inc.

k

3,985

662

Salesforce,

Inc.

175,370

16,457

Samsung

Electronics

Company,

Ltd.

1,379,342

4,800

ServiceNow,

Inc.

k

735,312

2,531

Shopify,

Inc.

k

407,415

708

Silicon

Laboratories,

Inc.

k

92,536

4,499

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

1,367,201

5,566

TD

SYNNEX

Corporation

836,180

863

TE

Connectivity

plc

196,341

650

Teradyne,

Inc.

125,814

1,376

Texas

Instruments,

Inc.

238,722

3,741

Trimble,

Inc.

k

293,107

1,452

TTM

Technologies,

Inc.

k

100,188

572

VeriSign,

Inc.

138,967

2,617

Vontier

Corporation

97,300

858

Western

Digital

Corporation

147,808

707

Zebra

Technologies

Corporation

k

171,674

Total

43,192,393

Materials  0.6%

1,053

Albemarle

Corporation

148,936

14,154

Amcor

plc

118,044

1,678

Ashland,

Inc.

98,448

10,127

Axalta

Coating

Systems,

Ltd.

k

327,203

11,332

CF

Industries

Holdings,

Inc.

876,417

5,054

Crown

Holdings,

Inc.

520,410

3,003

Eastman

Chemical

Company

191,682

1,677

Ecolab,

Inc.

440,246

2,952

Element

Solutions,

Inc.

73,771

2,368

Freeport-McMoRan,

Inc.

120,271

1,449

Greif,

Inc.

98,097

11,660

Ivanhoe

Mines,

Ltd.

k

132,609

1,116

Linde

plc

475,851

648

Louisiana-Pacific

Corporation

52,333

2,125

Newmont

Corporation

212,181

5,645

Nucor

Corporation

920,756

454

Packaging

Corporation

of

America

93,628

5,803

Solstice

Advanced

Materials,

Inc.

k

281,910

1,930

Steel

Dynamics,

Inc.

327,039

Total

5,509,832

Real

Estate  0.4%

484

Agree

Realty

Corporation

34,863

1,069

AvalonBay

Communities,

Inc.

193,820

3,475

CBRE

Group,

Inc.

k

558,745

7,753

Crown

Castle,

Inc.

689,009

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

30

Shares

Common

Stock  17.6%

Value

Real

Estate  0.4%

-

continued

988

EPR

Properties

$

49,301

1,018

Equity

Lifestyle

Properties,

Inc.

61,701

10,609

Essential

Properties

Realty

Trust,

Inc.

314,663

983

Extra

Space

Storage,

Inc.

128,006

4,273

First

Industrial

Realty

Trust,

Inc.

244,715

27,817

Healthcare

Realty

Trust,

Inc.

471,498

6,534

Host

Hotels

&

Resorts,

Inc.

115,848

848

Innovative

Industrial

Properties,

Inc.

40,161

161

Jones

Lang

LaSalle,

Inc.

k

54,172

619

Kite

Realty

Group

Trust

14,838

5,872

Millrose

Properties,

Inc.

175,397

674

Outfront

Media,

Inc.

16,243

4,391

Sabra

Health

Care

REIT,

Inc.

83,166

745

SBA

Communications

Corporation

144,105

2,543

Sila

Realty

Trust,

Inc.

59,277

7,809

Tanger,

Inc.

260,586

1,757

Terreno

Realty

Corporation

103,154

Total

3,813,268

Utilities  0.6%

3,712

AES

Corporation

53,230

2,348

Alliant

Energy

Corporation

152,644

4,039

CenterPoint

Energy,

Inc.

154,855

27

Clearway

Energy,

Inc.,

Class

C

898

2,048

Constellation

Energy

Corporation

723,497

7,376

Duke

Energy

Corporation

864,541

6,230

Edison

International

373,925

11,873

Entergy

Corporation

1,097,421

5,608

Evergy,

Inc.

406,524

88

Eversource

Energy

5,925

3,683

NiSource,

Inc.

153,802

839

Northwestern

Energy

Group,

Inc.

54,149

7,652

PG&E

Corporation

122,968

7,152

Portland

General

Electric

Company

343,224

1,130

Spire,

Inc.

93,451

12,430

UGI

Corporation

465,255

2,660

Vistra

Energy

Corporation

429,138

Total

5,495,447

Total

Common

Stock

(cost

$107,239,894)

160,672,313

Shares

Registered

Investment

Companies  

9.6%

Value

U.S.

Affiliated  

8.8%  

7,554,527

Thrivent

Core

Emerging

Markets

Debt

Fund

66,857,561

1,109,681

Thrivent

Core

International

Equity

Fund

13,604,691

Total

80,462,252

U.S.

Unaffiliated  

0.8%  

14,380

abrdn

Asia-Pacific

Income

Fund,

Inc.

220,589

47,514

abrdn

Income

Credit

Strategies

Fund

257,051

13,509

abrdn

Total

Dynamic

Dividend

Fund

e

131,713

27,364

AllianceBernstein

Global

High

Income

Fund,

Inc.

292,521

Shares

Registered

Investment

Companies  9.6%

Value

U.S.

Unaffiliated  

0.8%  -

continued

39,038

Allspring

Income

Opportunities

Fund

$

264,678

10,604

BlackRock

Capital

Allocation

Term

Trust

e

150,153

6,554

BlackRock

Core

Bond

Trust

e

62,853

29,271

BlackRock

Corporate

High

Yield

Fund,

Inc.

260,512

28,154

BlackRock

Credit

Allocation

Income

Trust

304,908

2,772

BlackRock

Debt

Strategies

Fund,

Inc.

28,219

4,227

BlackRock

Enhanced

Equity

Dividend

Trust

40,072

21,332

BlackRock

Enhanced

Global

Dividend

Trust

249,798

11,668

BlackRock

Enhanced

International

Dividend

Trust

68,608

12,224

BlackRock

Income

Trust,

Inc.

134,953

24,461

BlackRock

Multi-Sector

Income

Trust

319,461

22,091

Blackstone

Strategic

Credit

2027

Term

Fund

260,232

21,815

Cornerstone

Strategic

Investment

Fund,

Inc.

e

182,373

26,988

Eaton

Vance

Limited

Duration

Income

Fund

267,451

12,368

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

117,867

6,300

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

235,588

367

iShares

Semiconductor

ETF

110,522

54,726

Nuveen

Credit

Strategies

Income

Fund

274,725

19,794

Nuveen

Preferred

Income

Opportunities

Fund

160,529

21,682

PGIM

Global

High

Yield

Fund,

Inc.

267,556

19,196

PGIM

High

Yield

Bond

Fund,

Inc.

277,766

12,370

Pimco

Dynamic

Income

Fund

219,073

16,611

PIMCO

High

Income

Fund

80,729

16,869

PIMCO

Income

Strategy

Fund

II

e

126,517

3,074

Tri-Continental

Corporation

100,397

8,602

Vanguard

Short-Term

Corporate

Bond

ETF

e

685,837

5,408

Virtus

Convertible

&

Income

Fund

81,931

19,867

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

256,085

4,526

Virtus

Equity

&

Convertible

Income

Fund

112,788

41,728

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

238,684

6,692

Western

Asset

Diversified

Income

Fund

92,417

67,749

Western

Asset

High

Income

Opportunity

Fund,

Inc.

251,349

Total

7,186,505

Total

Registered

Investment

Companies

(cost

$87,094,662)

87,648,757

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

31

Shares

Preferred

Stock

1.4%

Value

Basic

Materials  0.1%

8,068

Albemarle

Corporation,

Convertible,

7.250%

$

479,159

Total

479,159

Capital

Goods  0.1%

16,321

Boeing

Company,

Convertible,

6.000%

1,127,128

Total

1,127,128

Communications

Services  0.1%

24,275

AT&T,

Inc.,

4.750%

g

461,710

4,250

Telephone

and

Data

Systems,

Inc.,

6.000%

g

80,963

Total

542,673

Financials  0.9%

5,100

AEGON

Funding

Company,

LLC,

5.100%

100,317

7,000

Allstate

Corporation,

5.100%

g

146,580

5,011

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

378,431

5,216

Ares

Management

Corporation,

Convertible,

6.750%

262,886

7,800

Athene

Holding,

Ltd.,

5.625%

g

156,780

15,275

Bank

of

America

Corporation,

4.250%

g

269,451

16,050

Bank

of

America

Corporation,

4.375%

g

291,147

8,025

Bank

of

America

Corporation,

4.750%

g

158,012

11,550

Bank

of

America

Corporation,

5.000%

g

239,778

555

Bank

of

America

Corporation,

Convertible,

7.250%

g

694,860

3,900

Capital

One

Financial

Corporation,

4.800%

g

70,551

8,225

Capital

One

Financial

Corporation,

5.000%

g

156,357

3,900

Charles

Schwab

Corporation,

4.450%

g

73,086

2,750

Citizens

Financial

Group,

Inc.,

7.375%

g

72,462

6,425

Corebridge

Financial,

Inc.,

6.375%

e

149,381

7,800

Fifth

Third

Bancorp,

4.950%

g

150,852

7,800

Huntington

Bancshares,

Inc./OH,

4.500%

g

133,302

16,000

JPMorgan

Chase

&

Company,

4.200%

g

292,320

12,050

JPMorgan

Chase

&

Company,

4.625%

g

236,662

10,750

JPMorgan

Chase

&

Company,

4.750%

g

217,580

3,900

KeyCorp,

5.650%

g

82,758

9,950

KeyCorp,

6.200%

b,g

252,531

8,925

KKR

&

Company,

Inc.,

Convertible,

6.250%

462,672

3,900

MetLife,

Inc.,

4.750%

g

76,947

7,050

Morgan

Stanley,

4.250%

g

124,362

10,400

Morgan

Stanley,

5.850%

g

255,008

13,084

Morgan

Stanley,

7.125%

g

330,371

13,025

Public

Storage,

4.125%

g

213,480

5,025

Public

Storage,

4.625%

g

92,963

1,275

Public

Storage,

4.700%

g

23,792

Shares

Preferred

Stock  1.4%

Value

Financials  0.9%

-

continued

7,800

Regions

Financial

Corporation,

4.450%

g

$

134,550

3,900

Regions

Financial

Corporation,

5.700%

b,g

91,611

3,500

Synovus

Financial

Corporation,

8.397%

b,g

90,475

7,800

Truist

Financial

Corporation,

4.750%

g

149,760

10,000

U.S.

Bancorp,

4.000%

g

163,400

6,500

Wells

Fargo

&

Company,

4.250%

g

115,505

12,850

Wells

Fargo

&

Company,

4.375%

g

232,842

7,800

Wells

Fargo

&

Company,

4.700%

g

150,930

11,800

Wells

Fargo

&

Company,

4.750%

g

229,982

743

Wells

Fargo

&

Company,

Convertible,

7.500%

g

900,516

Total

8,425,250

Technology  0.1%

5,057

Hewlett

Packard

Enterprise

Company,

Convertible,

7.625%

337,251

8,249

Microchip

Technology,

Inc.,

Convertible,

7.500%

480,752

Total

818,003

Utilities  0.1%

15,500

CMS

Energy

Corporation,

4.200%

g

270,475

4,246

Nextera

Energy,

Inc.,

Convertible,

7.234%

206,993

5,633

NextEra

Energy,

Inc.,

Convertible,

7.299%

291,620

13,600

Southern

Company,

4.950%

275,264

Total

1,044,352

Total

Preferred

Stock

(cost

$13,192,493)

12,436,565

Shares

Collateral

Held

for

Securities

Loaned

1.0%

Value

9,559,428

Thrivent

Cash

Management

Trust

9,559,428

Total

Collateral

Held

for

Securities

Loaned

(cost

$9,559,428)

9,559,428

Shares

or

Principal

Amount

Short-Term

Investments

5.9%

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

3.855%,

1/2/2026

l,m

99,980

100,000

3.790%,

2/11/2026

l,m

99,589

100,000

3.755%,

2/20/2026

l,m

99,501

1,000,000

3.570%,

3/20/2026

l,m

992,276

Federal

Home

Loan

Mortgage

Corporation

Discount

Notes

800,000

3.790%,

1/26/2026

l,m

797,972

400,000

3.565%,

3/23/2026

l,m

396,793

Federal

National

Mortgage

Association

Discount

Notes

700,000

3.614%,

3/2/2026

l,m

695,825

400,000

3.538%,

3/18/2026

l,m

396,988

State

Street

Institutional

U.S.

Government

Money

Market

Fund

26,594,739

3.740%

l

26,594,739

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

32

,,

Shares

or

Principal

Amount

Short-Term

Investments  5.9%

Value

Thrivent

Core

Short-Term

Reserve

Fund

2,291,648

4.050%

$

22,916,479

U.S.

Treasury

Bills

100,000

3.854%,

1/8/2026

l,n

99,942

400,000

3.605%,

3/5/2026

l,n

397,565

200,000

3.545%,

3/26/2026

l,n

198,378

Total

Short-Term

Investments

(cost

$53,785,749)

53,786,027

Total

Investments

(cost

$875,455,367)

101.5%

$926,947,517

Other

Assets

and

Liabilities,

Net

(1.5%)

(13,776,332)

Total

Net

Assets

100.0%

$913,171,185

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

December

31,

2025,

the

value

of

these

investments

was

$202,712,774

or

22.2%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

December

31,

2025.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

December

31,

2025.

d

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

e

All

or

a

portion

of

the

security

is

on

loan.

f

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

g

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

h

Denotes

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

December

31,

2025.

i

Defaulted

security.  Interest

is

not

being

accrued.

j

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

k

Non-income

producing

security.

l

The

interest

rate

shown

reflects

the

yield.

m

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

n

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Conservative

Allocation

Fund

as

of

December

31,

2025

was

$72,800

or

0.01%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

December

31,

2025.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

12/4/2013

$

150,000

Credit

Suisse

Group

AG 

5/17/2021

144,113

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

December

31,

2025:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

6,780,677

Common

Stock

2,264,003

Total

lending

$9,044,680

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$9,559,428

Net

amounts

due

to

counterparty

$514,748

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

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

33

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

$68,729,974

Gross

unrealized

depreciation

(21,250,994)

Net

unrealized

appreciation

(depreciation)

$47,478,980

Cost

for

federal

income

tax

purposes

$879,439,764

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

34

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

December

31,

2025,

in

valuing

Conservative

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

63,112,125

–

63,112,125

–

Basic

Materials

6,010,941

–

6,010,941

–

Capital

Goods

15,982,227

–

15,982,227

–

Collateralized

Mortgage

Obligations

66,846,272

–

66,846,272

–

Commercial

Mortgage-Backed

Securities

6,408,740

–

6,408,740

–

Communications

Services

17,740,445

–

17,740,445

–

Consumer

Cyclical

24,112,466

–

24,112,466

–

Consumer

Non-Cyclical

24,664,282

–

24,664,282

–

Energy

20,368,271

–

20,368,271

–

Financials

65,726,117

–

65,726,117

–

Foreign

Government

799,785

–

799,785

–

Mortgage-Backed

Securities

187,719,147

–

187,719,147

–

Technology

22,301,467

–

22,301,467

–

Transportation

4,289,747

–

4,289,747

–

U.S.

Government

&

Agencies

56,151,523

–

56,151,523

–

Utilities

20,610,872

–

20,610,872

–

Common

Stock

Communications

Services

15,503,307

15,222,431

280,876

–

Consumer

Discretionary

14,664,641

14,664,641

–

–

Consumer

Staples

5,735,665

5,735,665

–

–

Energy

6,299,269

6,299,269

–

–

Financials

25,473,347

25,473,347

–

–

Health

Care

18,591,274

18,591,274

–

–

Industrials

16,393,870

16,301,269

92,601

–

Information

Technology

43,192,393

41,813,051

1,379,342

–

Materials

5,509,832

5,377,223

132,609

–

Real

Estate

3,813,268

3,813,268

–

–

Utilities

5,495,447

5,495,447

–

–

Preferred

Stock

Basic

Materials

479,159

479,159

–

–

Capital

Goods

1,127,128

1,127,128

–

–

Communications

Services

542,673

542,673

–

–

Financials

8,425,250

8,425,250

–

–

Technology

818,003

818,003

–

–

Utilities

1,044,352

1,044,352

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

7,186,505

7,186,505

–

–

Short-Term

Investments

30,869,548

26,594,739

4,274,809

–

Subtotal

Investments

in

Securities

$814,009,358

$205,004,694

$609,004,664

$–

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

80,462,252

Affiliated

Short-Term

Investments

22,916,479

Collateral

Held

for

Securities

Loaned

9,559,428

Subtotal

Other

Investments

$112,938,159

Total

Investments

at

Value

$926,947,517

*

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

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

35

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

December

31,

2025,

in

valuing

Conservative

Allocation

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

622,290

622,290

–

–

Total

Asset

Derivatives

$622,290

$622,290

$–

$–

Liability

Derivatives

Futures

Contracts

613,880

407,752

206,128

–

Credit

Default

Swaps

37,183

–

37,183

–

Total

Liability

Derivatives

$651,063

$407,752

$243,311

$–

The

following

table

presents

Conservative

Allocation

Fund's

futures

contracts

held

as

of

December

31,

2025.

Investments

and/or

cash

totaling

$3,578,924

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

13

March

2026

$

2,715,917

(

$

1,659)

CME

E-mini

S&P

500

Index

86

March

2026

29,956,154

(

318,404)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

4

March

2026

480,605

(

8,605)

ICE

mini

MSCI

EAFE

Index

94

March

2026

13,496,267

143,603

ICE

US

mini

MSCI

Emerging

Markets

Index

30

March

2026

2,074,876

42,224

Total

Futures

Long

Contracts

$

48,723,819

(

$

142,841)

CBOT

U.S.

Long

Bond

(21)

March

2026

(

$

2,453,513)

$

26,044

CME

E-mini

Russell

2000

Index

(60)

March

2026

(

7,781,531)

287,531

CME

E-mini

S&P

Mid-Cap

400

Index

(16)

March

2026

(

5,443,208)

122,888

CME

Euro

Foreign

Exchange

Currency

(65)

March

2026

(

9,492,166)

(

79,084)

Eurex

Euro

STOXX

50

Index

(231)

March

2026

(

15,607,051)

(

206,128)

Total

Futures

Short

Contracts

(

$

40,777,469)

$151,251

Total

Futures

Contracts

$

7,946,350

$8,410

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

36

The

following

table

presents

Conservative

Allocation

Fund's

credit

default

swap

contracts

held

as

of

December

31,

2025.

Investments

totaling

$695,885

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

45,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2030

$

11,735,000

$

–

(

$

37,183)

(

$

37,183)

Total

Credit

Default

Swaps

$–

($37,183)

($37,183)

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

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

December

31,

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)

$

596,246

Total

Equity

Contracts

596,246

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

26,044

Total

Interest

Rate

Contracts

26,044

Total

Asset

Derivatives

$622,290

Liability

Derivatives

Foreign

Exchange

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

79,084

Total

Foreign

Exchange

Contracts

79,084

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

524,532

Total

Equity

Contracts

524,532

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

10,264

Total

Interest

Rate

Contracts

10,264

Credit

Contracts

Credit

Default

Swaps

Net

Assets

-

Distributable

earnings/(accumulated

loss)

37,183

Total

Credit

Contracts

37,183

Total

Liability

Derivatives

$651,063

*

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.

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

37

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

December

31,

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

(416,211)

Total

Interest

Rate

Contracts

(416,211)

Equity

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

7,676,635

Total

Return

Swaps

Net

realized

gains/(losses)

on

Swap

agreements

(5,918)

Total

Equity

Contracts

7,670,717

Foreign

Exchange

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(1,177,117)

Total

Foreign

Exchange

Contracts

(1,177,117)

Credit

Contracts

Credit

Default

Swaps

Net

realized

gains/(losses)

on

Swap

agreements

(727,164)

Total

Credit

Contracts

(727,164)

Total

$5,350,225

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

December

31,

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

(293,865)

Total

Foreign

Exchange

Contracts

(293,865)

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

643,321

Total

Return

Swaps

Change

in

net

unrealized

appreciation/(depreciation)

on

Swap

agreements

7,294

Total

Equity

Contracts

650,615

Interest

Rate

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(60,123)

Total

Interest

Rate

Contracts

(60,123)

Credit

Contracts

Credit

Default

Swaps

Change

in

net

unrealized

appreciation/(depreciation)

on

Swap

agreements

89,584

Total

Credit

Contracts

89,584

Total

386,211

The

following

table

presents

Conservative

Allocation

Fund's

average

volume

of

derivative

activity

during

the

period

ended

December

31,

2025.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$73,784,450

Futures

-

Short

(31,647,096)

Total

Return

Swaps

-

Short

(4,306)

Interest

Rate

Contracts

Futures

-

Long

4,644,276

Futures

-

Short

(3,404,176)

Foreign

Exchange

Contracts

Futures

-

Short

(11,319,739)

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

(800,915)

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

December

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

38

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

12/31/2025

Shares

Held

at

12/31/2025

%

of

Net

Assets

12/31/2025

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$76,878

$4,276

$20,360

$66,858

7,555

7.3%

Core

International

Equity

10,415

1,132

5

13,605

1,110

1.5

Total

Affiliated

Registered

Investment

Companies

87,293

80,463

8.8

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.050%

42,696

75,672

95,452

22,916

2,292

2.5

Total

Affiliated

Short-Term

Investments

42,696

22,916

2.5

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

9,942

147,661

148,044

9,559

9,559

1.0

Total

Collateral

Held

for

Securities

Loaned

9,942

9,559

1.0

Total

Value

$139,931

$112,938

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2025

-

12/31/2025

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($3,343)

$9,407

$–

$4,275

Core

International

Equity

0

2,063

680

452

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.050%

1

(1)

–

1,379

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$6,106

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

62

Total

Affiliated

Income

from

Securities

Loaned,

Net

$62

Total

($3,342)

$11,469

$680

Thrivent

Mutual

Funds

Statement

of

Assets

and

Liabilities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

39

As

of

December

31,

2025

Conservative

Allocation

Fund

1

Assets

Investments

in

unaffiliated

securities

at

cost

$763,478,690

Investments

in

affiliated

securities

at

cost

$111,976,677

Investments

in

unaffiliated

securities

at

value

(#)

$814,009,358

Investments

in

affiliated

securities

at

value

112,938,159

Cash

308,175

Dividends

and

interest

receivable

5,838,719

Prepaid

expenses

27,025

Receivable

for:

Investments

sold

62,711

Investments

sold

on

a

delayed

delivery

basis

51,647,525

Fund

shares

sold

414,575

Variation

margin

on

open

future

contracts

130,760

Variation

margin

on

open

swap

contracts

5,738

Total

Assets

985,382,745

Liabilities

Distributions

payable

204,475

Accrued

expenses

111,602

Payable

for:

Investments

purchased

56,339

Investments

purchased

on

a

delayed

delivery

basis

61,135,731

Return

of

collateral

for

securities

loaned

9,559,428

Fund

shares

redeemed

631,519

Variation

margin

on

open

future

contracts

262,480

Investment

advisory

fees

105,837

Administrative

fees

3,412

Distribution

fees

23,700

Transfer

agent

fees

47,381

Trustee

fees

987

Trustee

deferred

compensation

68,669

Total

Liabilities

72,211,560

Net

Assets

Capital

stock

(beneficial

interest)

895,695,688

Distributable

earnings/(accumulated

loss)

17,475,497

Total

Net

Assets

$913,171,185

Class

S

Share

Capital

$482,257,757

Shares

of

beneficial

interest

outstanding

(Class

S)

32,763,453

Net

asset

value

per

share

$14.72

Class

A

Share

Capital

$430,913,428

Shares

of

beneficial

interest

outstanding

(Class

A)

28,892,150

Net

asset

value

per

share

$14.91

Maximum

public

offering

price

$15.61

(#)

Includes

securities

on

loan

of

9,044,680

1

Effective

February

28,

2025,

Diversified

Income

Plus

Fund

changed

its

name

to

Conservative

Allocation

Fund.

Thrivent

Mutual

Funds

Statement

of

Operations

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

40

For

the

year

ended

12/31/2025

Conservative

Allocation

Fund

1

Investment

Income

Dividends

$4,777,623

Taxable

interest

34,972,710

Affiliated

income

from

securities

loaned,

net

62,286

Income

from

affiliated

investments

1,379,188

Non

cash

income

from

affiliated

investments

4,726,956

Foreign

tax

withholding

(10,423)

Total

Investment

Income

45,908,340

Expenses

Adviser

fees

5,144,855

Administrative

service

fees

246,440

Audit

and

legal

fees

45,868

Custody

fees

66,050

Distribution

expenses

Class

A

1,079,928

Insurance

expenses

5,380

Printing

and

postage

expenses

Class

A

73,155

Printing

and

postage

expenses

Class

S

80,852

SEC

and

state

registration

expenses

61,463

Transfer

agent

fees

Class

A

304,748

Transfer

agent

fees

Class

S

506,133

Trustees'

fees

37,771

Other

expenses

139,625

Total

Expenses

Before

Reimbursement

7,792,268

Less:

Total

Net

Expenses

7,792,268

Net

Investment

Income/(Loss)

38,116,072

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

12,549,990

Affiliated

investments

(3,341,654)

Distributions

of

realized

capital

gains

from

affiliated

investments

679,638

Futures

contracts

6,083,307

Foreign

currency

transactions

127

Swap

agreements

(733,082)

Change

in

net

unrealized

appreciation/(depreciation)

on:

Investments

26,652,030

Affiliated

investments

11,469,361

Futures

contracts

289,333

Foreign

currency

transactions

(261,342)

Swap

agreements

96,878

Net

Realized

and

Unrealized

Gains/(Losses)

53,484,586

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$91,600,658

1

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

1

For

the

periods

ended

12/31/2025

12/31/2024

Operations

Net

investment

income/(loss)

$38,116,072

$38,823,037

Net

realized

gains/(losses)

15,238,326

21,257,081

Change

in

net

unrealized

appreciation/(depreciation)

38,246,260

5,200,144

Net

Change

in

Net

Assets

Resulting

From

Operations

91,600,658

65,280,262

Distributions

to

Shareholders

From

income/realized

gains

Class

S

(22,396,461)

(22,431,407)

From

income/realized

gains

Class

A

(16,550,968)

(17,439,485)

Total

from

income/realized

gains

(38,947,429)

(39,870,892)

Total

Distributions

to

Shareholders

(38,947,429)

(39,870,892)

Capital

Stock

Transactions

Class

S  

Sold

121,032,743

81,138,220

Distributions

reinvested

21,617,736

21,622,664

Redeemed

(225,297,163)

(130,075,278)

Total

Class

S

Capital

Stock

Transactions

(82,646,684)

(27,314,394)

Class

A  

Sold

23,162,908

17,860,530

Distributions

reinvested

15,209,510

15,989,735

Redeemed

(71,015,158)

(75,690,553)

Total

Class

A

Capital

Stock

Transactions

(32,642,740)

(41,840,288)

Capital

Stock

Transactions

(115,289,424)

(69,154,682)

Net

Increase/(Decrease)

in

Net

Assets

(62,636,195)

(43,745,312)

Net

Assets,

Beginning

of

Period

975,807,380

1,019,552,692

Net

Assets,

End

of

Period

$913,171,185

$975,807,380

Capital

Stock

Share

Transactions

Class

S

shares

Sold

16,155,446

11,692,871

Distributions

reinvested

2,894,650

3,124,189

Redeemed

(23,657,891)

(18,813,842)

Shares

reduced

due

to

reverse

share

split

2

(39,386,586)

–

Total

Class

S

shares

(43,994,381)

(3,996,782)

Class

A

shares

Sold

3,049,171

2,540,426

Distributions

reinvested

1,998,278

2,281,782

Redeemed

(9,542,538)

(10,832,172)

Shares

reduced

due

to

reverse

share

split

2

(28,933,938)

–

Total

Class

A

shares

(33,429,027)

(6,009,964)

1

2

Effective

February

28,

2025,

Diversified

Income

Plus

Fund

changed

its

name

to

Conservative

Allocation

Fund.

Share

transaction

reflects

1:2

reverse

share

split

completed

after

the

close

of

business

on

December

4,

2025.

Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2025

43

(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 22

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, eight

equity

Funds, seven

fixed-income

Funds,

and

one

money

market

Fund.

This

report

includes Conservative

Allocation, one of

the

Trust’s

22

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, 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

or

fair

valued

pursuant

to

our

valuation

procedures

if

net

asset

value

at

the

close

of

business

day

is

not

readily

available.

The

Board

has

chosen

the

Fund's

investment

Adviser

as

the

valuation

designee,

responsible

for

daily

valuation

of

the

Fund's

securities.

The

Adviser

has

formed

a Valuation

Committee

(the

“Committee”)

that

is

responsible

for

overseeing

the

Fund's

valuation

policies in

accordance

with

Valuation

Policies

and

Procedures. 

The

Committee

meets

on

a

monthly

and

on

an

as-needed

basis

to

review

price

challenges,

price

overrides,

stale

prices,

shadow

prices,

manual

prices,

money

market

pricing,

international

fair

valuation,

and

other

securities

requiring

fair

valuation.

The

Committee

monitors

for

significant

events

occurring

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

that

could

have

a

material

impact

on

the

value

of

any

securities

that

are

held

by

the

Fund.

Examples

of

such

events

include

trading

halts,

national

news/events,

and

issuer-specific

developments.

If

the

Committee

decides

that

such

events

warrant

using

fair

value

estimates,

the

Committee

will

take

such

events

into

consideration

in

determining

the

fair

value

of

such

securities.

If

market

quotations

or

prices

are

not

readily

available

or

determined

to

be

unreliable,

the

securities

will

be

valued

at

fair

value

using

an

appropriate

methodology

as

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

Original

Fund

Name

Updated

Fund

Name

Diversified

Income

Plus

Fund

-->

Conservative

Allocation

Fund

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2025

44

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

Fund

values

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 the

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

Fund

does

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

Fund

treats

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

December

31,

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.

In

December

2023,

the

FASB

issued

Accounting

Standards

Update

("ASU")

2023-09

-

Improvements

to

Income

Tax

Disclosures,

which

amends

quantitative

and

qualitative

income

tax

disclosure

requirements

in

order

to

increase

disclosure

consistency,

bifurcate

income

tax

information

by

jurisdiction

and

remove

information

that

is

no

longer

beneficial.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

and

early

adoption

is

permitted. There

were

no

material

income

taxes

paid

for

the

year

ended

December

31,

2025. 

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

December

31,

2025

45

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

Fund

is charged

for

those

expenses

that

are

directly

attributable

to

it.

Expenses

that

are

not

directly

attributable

to the

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

Fund. 

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 Fund

records

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 Fund

adjusts

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. 

Derivatives 

— 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

margining

in

excess

of

the

minimum requirements in

certain

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2025

46

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

year

ended December

31,

2025,

the

Fund

did

not

engage

in options.

Futures

Contracts 

— The

Fund

may

use

futures

contracts

to

manage

the

exposure

to

interest

rate

and

market

or

currency

fluctuations.

Gains

or

losses

on

futures

contracts

can

offset

changes

in

the

yield

of

securities.

When

a

futures

contract

is

opened,

cash

or

other

investments

equal

to

the

required

“initial

margin

deposit”

are

held

on

deposit

with

and

pledged

to

the

broker.

Additional

securities

held

by

the

Fund

may

be

earmarked

to

cover

open

futures

contracts. A

futures

contract’s

daily

change

in

value

(“variation

margin”)

is

either

paid

to

or

received

from

the

broker,

and

is

recorded

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

realized

gain

or

loss

is

recorded

equal

to

the

difference

between

the

value

of

the

contract

when

opened

and

the

value

of

the

contract

when

closed.

Futures

contracts

involve,

to

varying

degrees,

risk

of

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Exchange-traded

futures

have

no

significant

counterparty

risk

as

the

exchange

guarantees

the

contracts

against

default.

During

the year

ended

December

31,

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

agreements

are

over-the-counter.

In

these

types

of

transactions,

the

Fund

is

exposed

to

counterparty

risk,

which

is

the

discounted

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2025

47

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 year

ended

December

31,

2025,

Conservative

Allocation

used

CDX

Indices

(comprised

of

CDSs)

to

help

manage

credit

risk

exposures

within

the

Fund.

Total Return

Swaps

—

A

total return

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

total

return

of

a

particular

reference

asset.

A

total

return

swap

involves

commitments

to

pay

interest

in

exchange

for

a

market

linked

return

based

on

a

notional

amount.

To

the

extent

that

the

total

return

of

the

security,

group

of

securities,

or

index

underlying

the

transactions

exceeds

or

fall

short

of

the

offsetting

interest

obligation,

the

Fund

will

receive

a

payment

from

or

make

a

payment

to

the

counterparty.

The

Fund

may

take

a

"long"

or

"short"

position

with

respect

to

the

underlying

referenced

asset.

During

the

year

ended December

31,

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.

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

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2025

48

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 

—

The

Fund

may

purchase

or

sell

securities

on

a

when-issued

or

delayed-

delivery

basis.

These

transactions

involve

a

commitment

by the

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, the

Fund

will

designate

liquid

assets

in

an

amount

sufficient

to

meet

the

purchase

price.

When

purchasing

a

security

on

a

delayed-delivery

basis, the

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.  The

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 the

Fund

has

sold

a

security

on

a

delayed-delivery

basis, the

Fund

does

not

participate

in

future

gains

and

losses

with

respect

to

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 year

ended

December

31,

2025, the

Funds

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. 

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

15,

2026

unless

extended

by

mutual

agreement

of

State

Street

Bank

and

Trust

Company

and

the

Funds. 

The

Fund

had

no

borrowings

during

the year

ended

December

31,

2025.

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2025

49

Other 

—

For

financial

statement

purposes,

investment

security

transactions

are

accounted

for

on

the

trade

date.

Realized

gains

and

losses

from

investment

transactions

are

determined

on

a

specific

cost

identification

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

(3)

FEES

AND

COMPENSATION

PAID

TO

AFFILIATES

Investment

Advisory

Fees 

—

The

Trust

has

entered

into

an

Investment

Advisory

Agreement

with

Thrivent

Asset

Mgt.

Under

the

Investment

Advisory

Agreement, 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 year

ended

December

31,

2025,

Thrivent

Investment

Management

Inc. ("Thrivent

Investment

Mgt.")

and

Thrivent

Distributors,

LLC

received

$20,562

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 year

ended

December

31,

2025,

Thrivent

Asset

Mgt.

received

aggregate

fees

for

accounting

and

administrative

personnel

and

services

of $246,440

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 year

ended

December

31,

2025,

Thrivent

Investor

Services

received

$818,770 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 $28,784

in

fees

from

the

Fund

covered

in

this

shareholder

report

for

the

year

ended

December

31,

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

ratio

of

the

underlying

funds

in

which

they

invest. 

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

December

31,

2025

50

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 year

ended December

31,

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

an

investment

company,

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. 

The

differences

between

book-basis

and

tax-basis

distributable

earnings

are

primarily

attributable

to

the

timing

differences

recognizing

certain

gains

and

losses

on

investment

transactions,

such

as

wash

sales. 

At

the

end

of

the

fiscal

year,

reclassifications

between

net

asset

amounts

are

made

for

differences

that

are

permanent

in

nature. 

These

permanent

differences

primarily

relate

to

tax

treatment

of

swaps.

On

the

Statement

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

made

as

follows

[Increase/(Decrease)]: 

At

December

31,

2025,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows: 

At

December

31,

2025,

the Fund

had

accumulated

the

following

capital

loss

carryover: 

To

the

extent

that

the

Fund

realizes

future

net

capital

gains,

taxable

distributions

will

be

reduced

by

any

unused

capital

loss

carryovers

as

permitted

by

the

Internal

Revenue

Code.

During

the

fiscal

year

2025,

capital

loss

carryovers

utilized

by

the

Fund

were

as

follows:

Fund

Distributable

earnings/

(accumulated

loss)

Capital

Stock

Conservative

Allocation

$85

(

$

85)

Fund

Undistributed

Ordinary

Income

a

Undistributed

Long-Term

Capital

Gain

Conservative

Allocation

$1,677,565

$

–

a

Undistributed

Ordinary

Income

includes

income

derived

from

short-term

capital

gains,

if

any.

Fund

Capital

Loss

Carryover

Conservative

Allocation

$

31,253,289

Fund

Capital

Loss

Carryover

Conservative

Allocation

$16,104,907

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2025

51

The

tax

character

of

distributions

paid

during

the

years

ended December

31,

2025

and 2024

was

as

follows: 

(a)

 Ordinary

income

includes

income

derived

from

short-term

capital

gains,

if

any.

(6)

SECURITY

TRANSACTIONS 

Purchases

and

Sales

of

Investment

Securities 

—

For

the

year

ended

December

31,

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

December

31,

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

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 year

ended

December

31,

2025, the

Fund

did

not

engage

in

these

types

of

transactions. 

(8)

RELATED

PARTY

TRANSACTIONS

As

of

December

31,

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)

REVERSE

SHARE SPLIT  

During

the year ended

December

31,

2025,

the

Board

approved

a

reverse

share

split

(the

“Reverse

Share

Split”)

of

the

issued

and

outstanding

Class

A

and

Class

S

shares

(the

“Shares”)

of

Conservative

Allocation

Fund.

The

Reverse

Share

Split

was

completed

after

the

close

of

business

on

December

4,

2025

(the

“Effective

Date”).

The

table

below

provides

the

ratio

for

the

Reverse

Share

Split:

As

a

result

of

the

Reverse

Stock

Split,

for

each

Share

held

by

the

shareholder

at

the

close

of

business

on

the

Effective

Date,

the

shareholder

will

receive

a

proportional

number

of

shares

of

the

Fund

based

on

the

split

ratio

with

the

same

aggregate

dollar

value.

The

effect

of

the

Reverse

Share

Split

is

to

reduce

the

number

of

outstanding

Shares

of

the

Fund

and

increase

the

Fund’s

per

share

net

asset

value.

Thus,

the

total

dollar

value

of

a

shareholder’s

investment

in

Shares

of

the

Fund

will

not

change

due

to

the

Reverse

Share

Split,

and

each

shareholder

will

continue

to

own

the

same

percentage

(by

value)

of

Shares

of

the

Fund

immediately

following

the

Reverse

Share

Split. 

The

Reverse

Share

Split

was

not

a

taxable

event,

nor

did

it

impact

net

assets,

operational

results

or

the

total

return

of

the

Fund.

The

Reverse

Share

Split

was

carried

out

in

accordance

with

the

share

split

ratio

provided

in

the

table

above,

calculated

to

result

in

a

net

asset

value

per

share

that

better

aligns

the

share

class

prices

of

the

Fund.

The

shares

outstanding,

NAV

per

share

and

other

per

share

information

have

been

updated

in

the

accompanying

financial

statements

and

the

financial

highlights

to

reflect

the

effect

of

the

Reverse

Share

Split. 

(10)

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.

Ordinary

Income

(a)

Fund

12/31/2025

12/31/2024

Conservative

Allocation

$38,947,429

$39,870,892

In

thousands

Fund

Purchases

Sales/

Paydowns

Conservative

Allocation

$310,914

$383,678

In

thousands

Fund

Purchases

Sales/

Paydowns

Conservative

Allocation

$335,594

$377,891

Fund

Number

of

Securities

Percent

of

Fund's

Net

Assets

Conservative

Allocation

2

0.01%

Fund

Share

Split

Ratio

Conservative

Allocation

 1:2

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2025

52

(11) 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 December

31,

2025,

the

Fund

had

no

portfolio

concentration

greater

than

25%

in any

market

sector. 

(12) PRINCIPAL

RISKS

Investing

in

the

Fund

involves

risks. 

The

following

is

an

alphabetical

list

of principal

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

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.

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2025

53

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

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,

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2025

54

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.

Poor

investments

by

the

Adviser

may

cause

a

Fund

to

underperform

relative

to

its

benchmark

or

similar

funds.

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

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

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2025

55

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.

Regulatory

Risk

—

Legal,

tax,

and

regulatory

developments

may

adversely

affect a

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

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 a

Fund's

interpretation

of

the

application

of

certain

regulations,

may

adversely

affect

the

ability

of the

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

Year

Ended

12/31/2025

$

13.96

$

0.56

$

0.79

$

1.35

$

(0.59)

$

–

Year

Ended

12/31/2024

13.60

0.56

0.38

0.94

(0.58)

–

Year

Ended

12/31/2023

12.90

0.54

0.72

1.26

(0.56)

–

Year

Ended

12/31/2022

15.24

0.42

(2.32)

(1.90)

(0.44)

–

Year

Ended

12/31/2021

15.26

0.36

0.64

1.00

(0.36)

(0.66)

Class

A

Shares

Year

Ended

12/31/2025

14.14

0.60

0.73

1.33

(0.56)

–

Year

Ended

12/31/2024

13.76

0.54

0.38

0.92

(0.54)

–

Year

Ended

12/31/2023

13.06

0.54

0.70

1.24

(0.54)

–

Year

Ended

12/31/2022

15.40

0.40

(2.34)

(1.94)

(0.40)

–

Year

Ended

12/31/2021

15.42

0.32

0.64

0.96

(0.32)

(0.66)

(a)

The

amount

shown

may

not

correlate

with

the

change

in

aggregate

gains

and

losses

of

portfolio

securities

due

to

the

timing

of

sales

and

redemptions

of

fund

shares.

(b)

Total

return

assumes

dividend

reinvestment

and

does

not

reflect

any

deduction

for

applicable

sales

charges.  Not

annualized

for

periods

less

than

one

year.

(c)

(d)

*

Portfolio

turnover

rate

may

include

mortgage

dollar

roll

purchase

and

sale

transactions

which

may

increase

portfolio

turnover

rates.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.

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.

After

the

close

of

business

on

December

4,

2025,

the

Fund

completed

a

1:2

reverse

share

split.

All

per

share

data

prior

to

December

5,

2025

has

been

adjusted

to

reflect

the

reverse

share

split.

Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.

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)

$

(0.59)

$

14.72

9.88%

$

482.3

0.69%

3.99%

0.69%

3.99%

70%

(0.58)

13.96

7.01%

535.5

0.68%

4.02%

0.68%

4.02%

50%

(0.56)

13.60

10.05%

549.2

0.68%

4.15%

0.68%

4.15%

80%

(0.44)

12.90

(12.55)%

571.1

0.69%

3.07%

0.69%

3.07%

278%

(1.02)

15.24

6.55%

679.1

0.68%

2.28%

0.68%

2.28%

268%

(0.56)

14.91

9.57%

430.9

0.92%

3.77%

0.92%

3.77%

70%

(0.54)

14.14

6.81%

440.3

0.93%

3.78%

0.93%

3.78%

50%

(0.54)

13.76

9.65%

470.4

0.93%

3.90%

0.93%

3.90%

80%

(0.40)

13.06

(12.64)%

495.4

0.94%

2.82%

0.94%

2.82%

278%

(0.98)

15.40

6.22%

623.5

0.93%

2.01%

0.93%

2.01%

268%

58

Federal

Tax

Information

(unaudited)

Shareholder

Notification

of

Federal

Tax

Information

The

following

information

is

provided

solely

to

satisfy

the

requirements

set

forth

by

the

Internal

Revenue

Code.

Shareholders

will

be

provided

information

regarding

their

distribution

in

February

2026.

The

Funds

designate

the

percentage

of

dividends

declared

from

net

investment

income

as

(1)

for

corporations,

dividends

qualifying

for

the

70%

dividends

received,

and

(2)

for

individuals,

as

qualified

dividend

income

under

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003

as

follows:

Fund

Dividends

Received

Deduction

for

Corporations

Qualified

Dividend

Income

for

Individuals

Conservative

Allocation

7%

8%

59

Changes

in

and

Disagreements

with

Accountants

None

during

the

reporting

period.

60

Proxy

Disclosures

None

during

the

reporting

period.

61

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.

62

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

Board

Approval

of

Advisory

Agreement

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

a

fund’s

investment

advisory

agreement

be

approved

initially

by

the

fund’s

board

of

trustees.

Section

15(c)

also

requires

that

the

continuation

of

the

agreement,

after

an

initial

term

of

up

to

two

years,

be

annually

reviewed

and

approved

by

the

board.

Any

such

agreement

must

be

approved

by

a

vote

of

a

majority

of

the

trustees

who

are

not

parties

to

the

agreement

or

“interested

persons”

(as

defined

in

the

1940

Act)

of

a

party

to

the

agreement

at

a

meeting

of

the

board

called

for

the

purpose

of

voting

on

such

approval.

At

its

meeting

on

November

18,

2025

(the

“Meeting”),

the

Board

of

Trustees

(the

“Board”)

of

the

Thrivent

Mutual

Funds

(the

“Trust”),

including

the

trustees

who

are

not

parties

to

the

agreement

or

“interested

persons”

as

defined

in

the

1940

Act

(the

“Independent

Trustees”),

considered

and

voted

unanimously

to

renew

the

existing

advisory

agreement,

as

amended

(the

“Advisory

Agreement”)

between

the

Trust

and

Thrivent

Asset

Management,

LLC

(the

“Adviser”)

for

each

series

of

the

Trust

(each,

a

“Fund”).

In

advance

of

the

Meeting,

the

Adviser

provided

information

to

the

Board

in

response

to

requests

for

information

by

independent

legal

counsel

on

behalf

of

the

Independent

Trustees

to

facilitate

the

Board’s

evaluation

of

the

Advisory

Agreement.

In

connection

with

its

evaluation

of

Advisory

Agreement,

the

Board

reviewed

a

broad

range

of

information

requested

for

this

purpose

and

considered

a

variety

of

factors,

including

the

following

:

1.

The

nature,

extent,

and

quality

of

the

services

provided

by

the

Adviser;

2.

The

performance

of

each

Fund;

3.

The

advisory

fee

and

net

operating

expense

ratio

of

each

Fund

compared

to

a

peer

group;

4.

The

cost

of

services

provided

and

any

profit

realized

by

the

Adviser;

5.

The

extent

to

which

economies

of

scale

may

be

realized

as

the

Funds

grow;

6.

Whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

the

Funds’

shareholders;

7.

Other

benefits

realized

by

the

Adviser

and

its

affiliates

from

their

relationship

with

the

Trust;

and

8.

Any

other

factors

that

the

Board

deemed

relevant

to

its

consideration.

The

Contracts

Committee

of

the

Board

(consisting

of

all

of

the

Independent

Trustees)

met

six

times

in

2025

–

February

25,

May

20,

July

10,

August

19,

October

9

and

November

18

–

to

consider

information

relevant

to

the

annual

contract

renewal

process

furnished

by

the

Adviser

in

advance

of

the

meetings.

During

the

annual

contract

renewal

process,

the

Independent

Trustees

requested,

and

the

Adviser

furnished,

supplemental

information

for

the

Board’s

consideration.

The

Independent

Trustees

also

retained

the

services

of

Management

Practice

LLC

(“MPI”)

as

an

independent

consultant

to

assist

in

the

compilation,

organization,

and

evaluation

of

relevant

information.

This

information

included

Fund-by-Fund

statistical

comparisons

of

the

advisory

fees,

other

fees,

net

operating

expenses

and

performance

of

each

of

the

Funds

in

comparison

to

peer

groups

of

comparable

funds;

performance

volatility

based

on

standard

deviation;

overall

Morningstar

ratings

of

the

Funds;

information

with

respect

to

services

provided

to

the

Funds

and

fees

charged,

including

effective

advisory

fees

that

take

into

account

breakpoints

and

fee

waivers

by

the

Adviser;

asset

and

flow

trends

for

the

Funds;

and

estimates

of

the

cost

of

services

and

profit

realized

by

the

Adviser

and

its

affiliates

that

provide

services

to

the

Funds

.

The

Board

received

information

from

the

Adviser

regarding

the

personnel

providing

services

to

the

Funds,

including

investment

management,

compliance

and

administrative

personnel.

The

Board

also

received

monthly

reports

from

the

Adviser’s

investment

management

staff

with

respect

to

the

performance

of

the

Funds.

In

addition

to

its

review

of

the

information

presented

to

the

Board

during

the

annual

contract

renewal

process,

the

Board

considered

information

obtained

63

(Unaudited)

from

the

Adviser

throughout

the

course

of

the

year.

The

Board

also

reviewed

information

from

MPI,

including

Fund-by-

Fund

analyses

and

an

independent

assessment

of

information

relating

to

the

Funds

and

the

Advisory

Agreement

.

The

Independent

Trustees

were

represented

by

independent

counsel

throughout

the

review

process

and

during

executive

sessions

without

the

Adviser

present

to

consider

the

reapproval

of

the

Advisory

Agreement

for

the

Funds.

Each

Independent

Trustee

relied

on

his

or

her

own

business

judgment

in

determining

the

weight

to

be

given

to

each

factor

considered

in

evaluating

the

materials

that

were

presented

to

them.

The

Contracts

Committee’s

and

Board’s

review

and

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

presented

to

them

and

were

not

the

result

of

any

single

controlling

factor.

In

addition,

each

Trustee

may

have

weighed

individual

factors

differently.

The

key

factors

considered

and

the

conclusions

reached

are

described

below

.

Nature,

Extent

and

Quality

of

Services

At

each

of

the

Board’s

regular

quarterly

meetings,

the

Adviser

presented

information

describing

the

services

furnished

to

the

Funds

by

the

Adviser,

transfer

agent

and

administrator.

During

these

meetings,

the

Adviser

reported

on

the

investment

management,

portfolio

trading

and

compliance

services

provided

to

the

Funds.

The

Board

considered

information

relating

to

the

investment

experience

and

qualifications

of

the

portfolio

managers

of

the

Adviser

overseeing

investments

for

the

Funds.

During

the

annual

contract

renewal

process,

the

Board

considered

the

specific

services

provided

under

the

Advisory

Agreement

.

The

Board

received

reports

and

presentations

about

the

Funds

at

each

of

its

quarterly

meetings

from

the

Adviser’s

representatives. 

These

reports

and

presentations

gave

the

Board

or

one

of

its

Committees

the

opportunity

to

evaluate

the

abilities

of

the

portfolio

managers

and

other

investment

professionals

and

the

quality

of

services

they

provide

to

the

Funds.

The

Adviser

reviewed

with

the

Board

the

services

provided

by

the

Adviser. 

The

Independent

Trustees

also

met,

including

in

executive

session,

with

and

received

periodic

reports

from

the

Trust’s

Chief

Compliance

Officer,

the

Trust’s

independent

accounting

firm,

and

representatives

from

the

internal

audit

department

of

the

Adviser

(Business

Risk

Management). 

The

Board

noted

that

the

Chief

Compliance

Officer

met

regularly

between

quarterly

meetings

with

the

Chair

of

the

Ethics

and

Compliance

Committee

and

that

the

Chairs

of

other

Committees

communicated

with

Adviser

representatives

between

quarterly

meetings.

The

Board

noted

that

investment

management

staff

of

the

Adviser

and

the

Trust’s

Chief

Compliance

Officer

follow

up

as

needed

on

additional

questions

or

concerns

that

arise

during

quarterly

meetings

.

The

Board

considered

the

adequacy

of

the

Adviser’s

resources

used

to

provide

services

to

the

Trust

pursuant

to

the

Advisory

Agreement.

The

Adviser

reviewed

with

the

Board

the

Adviser’s

process

for

overseeing

the

portfolio

management

teams

of

each

Fund.

In

addition,

the

Adviser

reviewed

with

the

Board

the

Adviser’s

continued

investments

in

technology,

personnel,

compliance,

and

operations,

and

the

Adviser’s

oversight

of

other

service

providers

to

the

Funds.

The

Board

viewed

these

actions

as

a

positive

factor

in

reapproving

the

existing

Advisory

Agreement,

as

they

demonstrated

the

Adviser’s

commitment

to

provide

the

Funds

with

quality

service

and

competitive

investment

performance

.

The

Board

concluded

that,

within

the

context

of

its

full

deliberations,

the

nature,

extent

and

quality

of

the

investment

advisory

services

provided

to

the

Funds

by

the

Adviser

supported

renewal

of

the

Advisory

Agreement

.

Investment

Performance

In

connection

with

each

of

its

regular

quarterly

meetings,

the

Board

received

information

on

the

performance

of

each

Fund,

including

net

performance,

relative

performance

rankings

within

each

Fund’s

Morningstar

peer

universe,

Morningstar

ratings,

64

(Unaudited)

comparisons

to

benchmark

index

returns,

and

risk

metrics.

At

each

quarterly

Board

meeting,

members

of

the

Adviser’s

senior

investment

team

reviewed

with

the

Board

information

on

the

economic

and

market

environment

and

risk

management

.

The

Board

considered

investment

performance

for

each

Fund,

to

the

extent

applicable,

over

the

one-,

three-,

five-,

and

ten-year

periods.

When

evaluating

investment

performance,

the

Board

considered

longer-term

performance

and

the

trend

of

performance.

Although

the

Board

conducted

its

review

on

a

Fund-by-Fund

basis,

it

noted

that

the

three-year

average

performance

ranking

of

the

Class

A

and

Class

S

shares

(with

equal

weighting

for

each

Fund

and

for

the

period

ended

June

30,

2025)

was

52%

and

48%,

respectively

(with

1%

being

the

best

performance).

To

account

for

changes

by

Morningstar

in

asset

allocation

peer

universes

as

of

April

30,

2025,

the

Board

compared

the

performance

of

the

asset

allocation

Funds

to

the

combined

domestic

and

global

peer

universes

as

they

existed

prior

to

April

30,

2025,

based

on

recommendations

from

MPI

and

the

Adviser.

The

Board

also

considered

risk

metrics,

including

standard

deviations

of

return,

and

various

factors

affecting

performance.

The

Board

concluded

that

the

performance

of

each

individual

Fund

was

either

satisfactory

or

that

the

Adviser

had

taken

appropriate

actions

in

an

effort

to

improve

performance

.

Advisory

Fees

and

Fund

Expenses

The

Board

received

information

from

MPI

and

the

Adviser

comparing

advisory

fees

and

overall

expense

ratios

of

the

Funds

to

peer

groups

selected

by

MPI

and

peer

universes

published

by

Morningstar.

The

information

was

as

of

April

30,

2025.

As

with

performance,

the

comparisons

for

the

asset

allocation

Funds

were

based

on

combined

domestic

and

global

peer

universes

as

they

existed

prior

to

April

30,

2025,

consistent

with

recommendations

from

MPI

and

the

Adviser

.

For

advisory

fees,

the

Board

reviewed

information

prepared

by

MPI

comparing

each

Fund’s

advisory

fee

with

the

advisory

fees

of

a

peer

group

selected

by

MPI

based

on

similar

investment

objective

and

size.

The

Board

also

reviewed

information

provided

by

the

Adviser

comparing

each

Fund’s

advisory

fee

with

the

median

advisory

fee

for

the

relevant

Morningstar

peer

universe.

The

Board

conducted

its

review

on

a

Fund-by-Fund

basis.

It

noted

that

the

advisory

fees

for

84%

of

Funds

(Class

A)

and

70%

of

Funds

(Class

S)

were

at

or

below

the

median

of

the

relevant

MPI

peer

group

and

that

the

advisory

fees

for

89%

of

Funds

(Class

A)

and

74%

of

Funds

(Class

S)

were

at

or

below

the

median

of

the

relevant

Morningstar

peer

universe.

The

Board

reviewed

information

and

explanations

provided

by

the

Adviser

and

MPI

regarding

the

Fund

advisory

fees

that

were

greater

than

the

median

of

the

relevant

MPI

peer

group

or

Morningstar

peer

universe

.

For

overall

expenses,

the

Board

reviewed

information

prepared

by

MPI

comparing

each

Fund’s

overall

expense

ratio

with

the

expense

ratio

of

a

peer

group

selected

by

MPI

based

on

similar

investment

objective

and

size.

The

Board

also

reviewed

information

provided

by

the

Adviser

comparing

each

Fund’s

overall

expense

ratio

with

the

median

overall

expense

ratio

for

the

relevant

Morningstar

peer

universe.

With

respect

to

each

asset

allocation

Fund,

the

Board

reviewed

information

prepared

by

the

Adviser

and

MPI

showing

the

overall

expense

ratio

both

with

and

without

the

expenses

related

to

the

Fund’s

investment

in

underlying

private

equity

investment

funds.

The

Board

considered

the

fee

waivers

and

expense

limitations

which

are

reviewed

by

the

Board

and

the

Adviser

on

an

annual

basis.

The

Board

conducted

its

review

on

a

Fund-by-Fund

basis.

It

noted

that

the

overall

expense

ratios

for

74%

of

Funds

(Class

A)

and

87%

of

Funds

(Class

S)

were

at

or

below

the

median

of

the

relevant

MPI

peer

group

and

that

the

overall

expense

ratios

for

89%

of

Funds

(Class

A)

and

96%

of

Funds

(Class

S)

were

at

or

below

the

median

of

the

relevant

Morningstar

peer

universe

(using

expense

ratios

without

private

equity).

The

Board

reviewed

information

and

explanations

provided

by

the

Adviser

and

MPI

regarding

Funds

with

overall

expense

ratios

greater

than

the

median

of

the

relevant

MPI

peer

group

or

Morningstar

peer

universe.

For

the

asset

allocation

Funds,

the

Board

reviewed

information

and

explanations

provided

by

the

Adviser

and

MPI

regarding

private

equity

expenses,

year-over-year

changes

in

peer

groups,

peer

universes

and

Fund

expense

ratios,

and

services

provided

by

the

Adviser

in

its

management

of

the

asset

allocation

Funds.

65

(Unaudited)

On

the

basis

of

its

review,

the

Board

concluded

that

the

advisory

fees

charged

under

the

Advisory

Agreement

were

reasonable.

Cost

of

Services,

Profitability

and

Economies

of

Scale

The

Board

considered

the

Adviser’s

estimates

of

its

profitability,

which

included

allocations

by

the

Adviser

of

its

costs

in

providing

advisory

services

to

the

Funds.

The

internal

audit

department

of

the

Adviser

(Business

Risk

Management)

conducted

a

review

of

the

allocations

and

provided

a

report

to

the

Board,

which

included

an

assessment

of

the

reasonableness

and

consistency

of

the

allocations.

The

Board

also

received

a

report

from

an

independent

accountant

confirming

certain

calculations.

The

Board

considered

the

profitability

of

the

Adviser

both

overall

and

on

a

Fund-by-Fund

basis.

Based

on

its

review

of

the

data

prepared

by

MPI

and

expense

and

profit

information

provided

by

the

Adviser,

the

Board

concluded

that

the

profits

earned

by

the

Adviser

from

the

Advisory

Agreement

were

not

excessive

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Funds

.

The

Board

considered

information

regarding

the

extent

to

which

economies

of

scale

may

be

realized

as

a

Fund’s

assets

increase

and

whether

the

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

shareholders.

The

Adviser

explained

its

general

goal

with

respect

to

the

employment

of

fee

waivers,

expense

reimbursements

and

breakpoints.

The

Board

considered

information

provided

by

the

Adviser

related

to

advisory

fees,

breakpoints

in

the

advisory

fee

rates

and

fee

waivers

provided

by

the

Adviser.

The

Board

also

considered

the

Adviser’s

views

on

whether,

or

to

what

extent,

economies

in

the

advisory

function

may

be

realized

as

a

Fund’s

assets

increase.

The

Board

noted

that

expected

economies

of

scale,

where

they

exist,

may

be

shared

through

the

use

of

fee

breakpoints,

fee

waivers

and

expense

limitations

by

the

Adviser,

and/or

a

lower

overall

fee

.

Other

Benefits

to

the

Adviser

and

its

Affiliates

The

Board

considered

information

regarding

“fall-out”

or

ancillary

benefits

that

the

Adviser

and

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Trust,

both

tangible

and

intangible.

Such

benefits

may

include

the

ability

to

leverage

investment

professionals

who

manage

other

portfolios,

an

enhanced

reputation

as

an

investment

adviser

which

may

help

in

attracting

other

clients

and

investment

personnel,

relationships

with

issuers

or

other

market

participants,

including

private

equity

sponsors,

the

engagement

of

affiliates

as

service

providers

to

the

Funds,

research

received

by

the

Adviser

generated

from

soft

dollar

commissions

for

portfolio

trading,

and

fees

collected

by

affiliates

for

services

provided

to

the

Funds.

The

Board

noted

that

such

benefits

were

difficult

to

quantify

but

were

consistent

with

benefits

received

by

other

fund

advisers

.

Based

on

the

factors

discussed

above,

the

Contracts

Committee

unanimously

recommended

approval

of

the

Advisory

Agreement,

and

the

Board,

including

all

of

the

Independent

Trustees

voting

separately,

approved

the

Advisory

Agreement

.

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.

Information is included in the financial statements filed under Item 7 of this Form N-CSR.

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: See EX-99.CODE filed herewith.

(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:  February 25, 2026                                                               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:  February 25, 2026                                                               By: /s/ Michael W. Kremenak                             

Michael W. Kremenak 

President  

(principal executive officer) 

Date:  February 25, 2026                                                               By: /s/ Sarah L. Bergstrom                                

Sarah L. Bergstrom 

Treasurer and Principal Accounting Officer 

(principal financial officer)